i'm rebecca quick along with joe kernen and andrew ross sorkin. if you want to look at what is happening on this election day, check out the equities you will see there are green arrows these are modest advances. in the green dow up 16 points s&p up 2 points. nasdaq up by 25. by the way, this comes after gains yesterday. the dow up 424 points. we saw gains ofnearly 1% for the s&p and nasdaq this morning, treasury yields have been higher some calm there yesterday. this morning, look at the 10-year treasury just above 4.2%. 2-year treasury is above 4.7%. thomas barkin said yesterday the central bank will persist in the efforts to tame inflation and not halt rate hikes prematurely. no matter what disruption occur, that sounds like come hell or high water, this is their plan

investors are anticipating a fifth straight interest rate hike for december. the question is 50 or 75 we have seen four in a row very steady. >> i think it is 75. >> i'm a segiel man. >> jeremy? >> yes >> talking about it. let's see what happens i was in for another $10 i went to the bodega i had to get cash first. one of the interesting things is you cannot buy a lottery ticket with a credit card >> why >> state law very good decision they don't want people racking up credit and debt having to payoff the credit card bills $1.9 billion powerball drawing delayed after the lottery association said one state needed additional time to process sales. the association says it had strict security protocols completed before a drawing can occur.

told players to hold on to the tickets. the drawing would remain delayed until this morning we all await the big number. i've got a picture of my card right here i don't want it to get lost. i can look during the program. i will walk off the set if i've won just to be clear >> you understand, you talk about odds, right? >> you know, i'm not talking about odds i'm talking about dreams >> let's dream about a shark attack thousand more times likely you will die and arm ripped off by a great white. you are more likely to get killed by a vending machine. going to the bodega, 1,000 times more likely to be murdered and left on the side of the road in the bodega than win the lottery? some horrible 1 in 10 million disease that people get?

do you know how -- you are tempting fate. i would feel horrible if any of those things happened to you. >> think how happy you would be? you would be so happy. >> you would still be here. >> i would be here i would. that's the point >> if you are really going to hope on 1 out of 240 million, you are opening up the possibility of horrible things that are 1 of 20 million glioblastoma >> a boy can dream that's what the lottery is about. >> robert frank. who is smarter about wealth? never bought one never buy one. where was the bodega i want to do the odds on this. where was the bodega in the bronx >> no. there is the overtone of crime

going on it's terrible. >> that's what i mean. there is the chances -- winning lottery or going to the bodega. >> getting injured or killed >> not with the lottery. 1 in 240 million >> compared to t the lottery, sure. >> what point do you think i'm making >> get killed in the streets of new york city. by the way, there are ten states. >> i said a shark attack >> shark attack, vending machines, lightning strikes, horrible brain cancer. all of those things. they are althougl thousands more times than the tax on the stupid >> tax on dreaming >> by the way, he is spending the same amount you spent on a

couple of games you did last night. >> villanvillanova. 15.5 points. can't cover. michigan did cover now you know what is back? college hoops. >> i know. very excited >> you must be you will watch a lot >> i did i did. i lost $20 on that i would have won $140. a three-pointer in the last five seconds, i would have won. businesses on the ballot polls open in eastern states including connecticut, kentucky, maine, new york, new jersey and virginia candidates made closing arguments last night and now up to the voter to determine the balance of power in the house. republicans are expected to take the house and republicans are the odds on favorite tie the senate we will talk to former white house chief of staff mick

mulvaney and political strategist frank luntz don't miss "business on the ballot" tonight at 7:00 p.m. interesting predicted poll where you can check to see what people are betting on for the actual numbers in the senate. it is like, i don't know, 12 or 13 cents for 50 to 1 for 53, it is 26 cents of the for senate i don't know what a half a seat. it was joe manchin he may be a short timer at this point. i don't know what happens in 2024 or whenever he's out. things didn't go well for either side he is a man without a country.

man without a state. shares of lyft plummeting. 23.5 million active riders which is the highest number since the pandemic it did fall short of the 22.1 million. the forecast is $49.40 the average right. the fourth quarter guidance was within expectations. john zimmer will join us at 8:50 a.m. we are looking forward to that discussion. shares of take-two are plunging this morning. the company missed expectations. it expects a bigger loss than previously forecast. take-two is known for grand theft auto and nba2k series. that slashed outlook comes as sales slows.

we have the ceo strauss zelnick coming up at 7:10 a.m. eastern time an hour from now shares of tripvisor. falling after missing estimates of 39 cents. revenue beat expectations. coming up, the futures right now indicated up 29 points on the dow. not a lot of action. we will talk strategy after the rally yesterday straight ahead and what the options markets are doing. not a lot going on that could be significant in and of itself. backlash in china over the zero covid policy. we will take you live to beijing. you are watching "squawk box" live on cnbc

>> announcer: this cnbc program is sponsored by baird. visit bairddifference.com.

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futures at this hour are in the green after a big day yesterday. down week last week, but big day on friday as you recall. the dow is up more than 14%, but nasdaq is flat let's talk about the markets now

with amy wu silverman at rbc capital markets. amy, good to have you on would you say that gridlock is sort of being indicated by what we're seeing in the options market it's very quiet right now which would possibly indicate that's the -- what the market would think the outcome is going to be >> good morning, joe i would say definitely the options market, i would characterize as behaving nonchalantly and ahead of the cpi soon you have mixed selling after reporting information last week. i would say gridlock means it is a blue sweep which is not priced in the derivative markets. >> it's tough to go beyond that other than using a predict of using the web site over the

options. whether it is a full sweep of the house and senate or a split. you can't tell >> i know. the way the options market think bs thinkabout it, if you don't have a blue sweep, we will have gridlock in the white house. as long as uncertainty of regulatory change passed is there, they view it one in the same and how the hedging patterns shake out we can dive down to the sector level. different sectors are impacted industrials and energy you are not seeing noticeably people buying calls or puts one way or the other to indicate we thought republicans would win both or not. it is just, you know, really marginal in terms of midterms this year compared to a lot of

different years. people are more focused on priority of cpi rather than the outcome of the elections right now. >> it is amazing the cpi is more important than the midterms. you mentioned a couple of trades the put spread if the democrats were to sweep on the industrials. that could be affected a call spread on energy if the republicans sweep. >> that's right. one way i talk to investors about options is you have to think about things being low probability or high pieayout. it is no different than playing the lottery at $1.9 billion. the payouts are attractive rather than the probability. if we see a blue sweep, we will see a huge payout compared to history and it may be compelling industrials an area where we think are over-bought because of

the rotation we saw in cyclicals. if you want to play maybe overdue selloff on xli, that payout looks attractive on that put spread if we get a complete republican win, you believe there is regulatory changes that woecn'to through. you have the positivity and you can leverage that back >> interesting point in the notes about mega cap tech and how the selloff in recent weeks really changes the makeup of etfs and other things. the whole emphasis on the big cap tech had has been lessened what should we do with that information? >> you know, two years ago, joe, during the pandemic, if you owned it, you are taking a view

on seven stocks because of the heavywe weights one steady like to look at is a facebook it went from 7 to 12 think about the market cap loss. what does that mean? on the s&p level, that means you are changing dramatically because you are getting large cap weights. maybe it is johnson & johnson or industrial it means the correlation with the s&p will start to be less than otherwise would be if it was all tech which dampens volatility that has options >> interesting the volatility is affected by -- the future volatility affected by the past performance of the mega cap tech. interesting. amy, thank you i appreciate it. amy wu silverman when we come back,

frustrations boiling over in china as residents clash with authorities enforcing covid restrictions a number of cases up significantly, too we will take you live to beijing for the latest after thfris later, we talk to the ceos of lyft and take-two interactive. "squawk box" will be right back. actively managing investments in the world's public and private markets. outscale, with the resources to serve 1,500 clients in 52 countries. and outlast, with long-term conviction th beyond today's volatility. join the pursuit of outperformance at pgim. the investment management business of prudential. another busy day? of course - you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business.

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time now for the executive edge this morning, we are headed to china where reports are emerging of clashes with residents and authorities trying to enforce the zero covid policies.

eunice yoon is joining from us beijing. eunice, what's happened? >> reporter: becky, police in northeastern china confirmed 7 people arrested after video surs surfaced online which appeared to show haz-mat suited pandemic workers dragging and beating up two residents. it looked as though police had joined in on that beating. now the video has been heavily censored and it is not clear who has been arrested. obviously it say is a sensitive topic. this comes as the leadership continues to defend the zero covid policy despite the social and economic fallout what has been interesting is a development around the area of iphone city in the central part of the country where officials

have now look to be in hyper drive to get the iphone city plant back up and running. official media have said that the search for experienced foxconn workers has gone beyond the city and is now province wide where province authorities are enlisted to track down trained workers and convince them to go back to the factory and offering special bonuses that can run as high as $420 all together as well as a 20% wage increase that they announced previously this shows that there is an intensifying conflict between the government's priorities of zero covid and then economic growth and what we have seen so far is zero covid for the most part winning out it is still unclear as how the foxconn situation will play itself out because there is a seven-day lockdown in the industrial zone that houses

foxconn. that is supposed to lift on wednesday. the daily case count has more than doubled to 733. that has been raising a lot of concerns locally that the lockdown around the foxconn factory could be extended which would delay recruitment effort for all of those workers who are needed in order to get the plant up and running to normal guys >> eunice, 733 cases on a daily basis doesn't sound like much here those are quite larger than what we are used to hearing reported in china what does that match up to have there been similar situations where that led to big shutdowns? >> reporter: well, the fact it is actually exponentially higher than the day before is indicating the local authorities, despite all of the controls have not been able to control the situation. similarly, we hear a lot of concern from guangzhou which is

a big i.t. and manufacturing hub. a lot of products head to the united states around christmas in guang szhou had many cases there which is raising concern and we saw the district lockdown to later in the week and they announced they will have mass testing nine districts in all to get on top of the covid outbreaks over there >> you say officials are searching for calqualified work at foxconn are these foxconn workers or the government >> reporter: no, the government officials. interesting. there are several layers of government the leadership is somebody like xi jinping the seat of power in beijing there are various lower levels of local officials and everybody has different priorities what is interesting the city

officials were first trying to get a handle of this now it looks as the province, the larger province, has gotten involved to find workers for foxconn. what is interesting here is we repeatedly heard surveys for international businesses and companies are worried about manufacturing here in china. a lot of discussion on our network over the past two days of apple deciding they might look to india or other places to try to diversify supply chain. it is as if you are seeing signaling going from the lower level officials that they still want companies as apple to be able to invest here to make sure that china keeps the supply chains which china needs on various levels and all of the jobs so it is a very interesting development. >> wow eunice, thank you.

eunice yoon. coming up, more on "sid"sidewalk "squawk box" ahead we talk to former white house chief of staff mick mulvaney about the midterms as we look ahead to the break, look at the s&p 500 winners and losers from yesterday. >> announcer: executive edge is sponsored by at&t business at&t 5g is fast, reliable and secure 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 i labra-dore you round of a-paws at&t 5g is fast, reliable and secure for your business.

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good morning well come back to "squawk box" live from the nasdaq market site in times inqsquare nasdaq has been weaker on the relative basis than the other averages it is election day among the key races to watch to decide the control of senate

pennsylvania republican mehmet oz is facing off against john fetterman fetterman is the former mayor of braddock he is maintaining a slim lead in the polls after a stroke in may took him off the campaign trail for months in georgia, warnock is in a tight race with herschel walker. the former football player and business owner backed by former president trump. in ohio, we have j.d. vance in a race with tim ryan they are competing with the teseat vacated by rob portman predicted markets are pricing in a 70% chance that republicans will win the senate. former president trump speaking at the campaign rally in itdaytn ohio hinting that an announcement may

come next week. >> i'm making a very big announcement on tuesday, november 15th, at mar-a-lago, in palm beach, florida. >> there it is reports were that trump were considering the statement would happen at the rally. he was urged to hold off to alienate independent voters. he told vance he did not want to detract from the importance of election day joining us is mick mulvaney. former white house chief of staff and omb director good morning to you. that was a lot. >> it is a lot >> a big day >> i don't think the ohio race is a lock. it is 92 cents on prediction the others are close tim ryan is not. >> when you look at those and

the polls, if we were to wake up t tomorrow morning, what will we see? >> i think joe is right. it hurts me to say that. i don't think it is close about ohio >> why are you picking on me you want him to be right about things who are you? >> in general agreement. pennsylvania will be rough georgia, you will not know who the georgia winner is tonight. it goes over probably to a runoff on that i think the republicans aring doing better than you are hearing in arizona and nevada. i have been watching new hampshire race closely this is one of the strange races, andrew, where the democrats got involved in the republican primary to get the maga republican they want to run against and it worked. a maga republican. they figure to cruise and win by ten points i do not think ohio is one of them. >> when will we find out >> i think tonight if the republicans put 51 votes in the senate in the bag tonight

and georgia goes to a runoff, will anybody care? that will be fun to watch. they already spent $250 billion on the race in georgia they figure that is the swing raise. race >> what happens from the policy perspective and you find out the republicans have 51 seats? >> same in 2018. we lost control of the house in 2018 when i was in the trump administration we did sit back and say okay we lost the ability to do what we want to do through legislation. we want to do what we want to do how do we do that through executive branch how do we go to the agency as and secretaries and say this is what we want to do we can't get the votes what can we do on our own? that is the conversation that should have been happening in the white house. if not, it may start tonight. >> mick, what is the changing

relationship with the republican party and business chamber of commerce? the multinationals in america. there is a huge swing in what we see in terms of the rhetoric and we'll see about the policy >> you have talked about it here and done a better job than everybody else put together. i think corporate america is in a tight spot the chamber is in a tight spot the business round table these are the losers of the midterms they abandoned the republicans they got involved of the issues out outside of the core. the all-star game in georgia >> if republicans win that, they will let them come home. >> that is what corporate america is banking on. i'm not sure that's going to be the case i think republicans are trying to figure out are they pro-business which is where they have been for the last 40 years or pro-market? that is something very, very

different. >> explain what you mean >> i think the natural an ffini between big business and the government is over when they turn on the money for the campaign contributions and so forth i doshtn't see it if you are a republican running for office, the endorsement of the chamber of commerce is the kiss of death. >> you are trying to change. >> things can change you can always fix relationships. >> that is coming from mccarthy. >> the republicans right now aren't sure they are in love with corporate america they love small business they love entrepreneurs and all that stuff >> is this a two-way street? you are right. parts of the republican party are anti-elite and anti-business. that's clear on the other side, as a result of that, but more so as a result of what you describe as the maga

portion of gop, business has been thought of itself as character when it comes to barry diller and truth and everything else one of the reasons that advertisers have been pulling back from twitter the last week with elon musk now on the platform and owning the platform they are anxious about lies and truth and being associated with things it is the reason why nike abandoned kyrie. there are things happening in the maga side of the party that i think for business which historically has tried to make the call brand safe. they get anxious >> andrew, i get that. i can see part of that i don't think this is a maga thing. it is something bigger than that go back to georgia big business got involved when they changed voting laws they called it jim crow 2.0. big business turned on georgia

and caused the all-star game to leave the state. that is what the republican said sai it could be. it was never jim crow 2.0. big business turned its back on the republicans on something that is outside of the area. it's not corporate america's business is what the local voting laws. that's politics. that's not business. when they got outside the realm and picked sides, politicians remember that. it is human nature if i did something nasty to you last week, will it change my relationship with you going forward? sure the big loser tonight is corporate america. >> i don't see any situation where the organizations end up with the fringe side of the left they will be without any one of them maybe they have always been with republicans and never will be. >> they never will be. >> they would be nowhere >> i think they may be one of

the few groups in d.c. who don't have many friends right now. >> do we believe predicted new hampshire still looks like 60/40. georgia is 60/40 herschel walker. that is shocking. >> i talked to zeldin. >> that is 80/20 for hoechul >> it should be 55/45. >> i don't think we will have predicted after february >> the new york race will be close. >> really? you don't think it is 80/20? >> i think it is a coin toss lee is a down to earth guy i have known him for years he has really good polling if he does win, that's an indication of a red wave to the likes we have not seen since 2010 what it means is that traditional democrat voters are willing to change over crime and the economy. when you are in the business,

you are always looking for the independent to vote for me. >> the argument that new york moved too far left the question is if new york is the idiosyncratic state. if you look at the other states that have not struggled with the criminal situation that new york has. >> oregon's race is weird. they have a third party in the governor race. >> that's a long time. it is still a republican governor of oregon. >>kevin mccarthy says they hav a chance to take out katie porter a solid d. can c the second largest fund-raiser in the party after nancy pelosi. c she is at real risk. if that happens, it is more than new york. >> and mccarthy is a shoe-in >> mccarthy needs 20 seats to be clear. >> there will be -- >> no.

if he wins ten p sseats, you wi have a difficulty issue forming a coalition. >> my maga guys? >> when john boehner left, we had two people to get the votes for speaker. paul ryan and trey gowdy if mccarthy cannot get elected speaker, and i think he will, because margins are wide enough, nobody else has the votes. >> he needs 20 seats what is the faction against him? >> the loose cannons where you don't know where they are. the crazies in my party and crazies in their party if he has 12, he needs 230 votes. he can lose 12 and still get 218. he has to pick up 20 i think everything in the last week says he is well above 20. you will not have any republican fight for leadership

>> tell us what happens. diller said if this is the pre-game, what happens in 2024 do you think your former boss who you had misgivings about since you left >> i watched that announcement and thought he is the master one of might have favorite announcements is i'll make an announcement quickly and make a lot of people happy. okay that didn't tell us anything if he runs -- >> pick up the mannerisms. >> the likes of which we have never seen >> it rubs off do i think he runs probably do i think he wins a republican primary? probably a few people could beat him. desantis could beat him. >> would you >> tim scott would make a great president. mike pompeo and mike pence all in my generation. >> if he is the nominee?

>> i think he is the only republican could lose, joe >> i know. if it was biden and trump, you vote for biden >> listen, let's cross that bridge when we get to it >> that's the rubicon. it's not a bridge. >> it's tough. if trump runs and wins and he's in the general against biden, it won't make a difference it is biden. it is trump versus trump it is a referendum on donald trump. one of the few people to beat donald trump is donald trump that's what happened in 2020 everybody voted for or against trump. if trump is on the ticket, it is about him. >> if it is hillary? >> if it is bernie sanders i don't know, joe. everybody else on the republican ticket strolls in the white house in 2024. trump will have a tough time >> you do?

>> yeah. >> did you see 70 trump and 30 for desantis >> democrats will talk about abortion and won't pivot fast enough >> the 2020 midterms election endangers democrats, not democracy. i love that. >> mick -- >> read the wall street yjourna. >> i watch this show and read the journal every morning. >> mick mulvaney, thank you. >> thank you when we come back, elizabeth holmes was denied a new trial. we will tell you what happens next with the fraud conviction. don't miss our interview with take-two ceo strauss zelnick. you can seereflected in the price today we'll be right back. et event

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a federal judge denying elizabeth holmes' bid for a new trial. the theranos founder was co convicted in january she faces up to 20 years in prison and fines on each guilty count. lawyers have said she almost certainly will not receive the

max penalty. coming up, layoffs ramping up in tech tech world raising the question should you go back to the office to protect your job? we'll talk about that next you can get the best of "squawk box" with the daily podcast. follow squawk pod on your favorite podcast app we're coming right back. ♪ i was having challenges with my old bank. lots of red flags. yellow ones, too. fees, penalties... referee: unnecessary fees! ...playing dirty. so i broke up with bad banking and moved on with sofi checking and savings. now, i earn higher interest on all my money,

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no matter what you're up against, we have your back. we are united way. we are neighbors helping neighbors in communities around the when disaster strikes we get you back on your feet. we help children build brighter. we've been here for over 135 s but now our work is more . join us. join your neighbors. join united way. it's been a big year for layoffs, especially in technology according to the crunch layoff

tracker, there has been 52 layoffs this year. should you return to the office to protect your job? joining us is jason greer, greer consulting's president, and we know these numbers are starting to add up. what does the overall picture look like right now? >> the overall picture does not look good for remote workers, and i will say this to remote workers right now, and five or six months ago i said it was the year of the employee, and now it's the year of the employer. >> we talked about this for months and months if not years during the pandemic, things were different and this was going to be a revolution and remote work was a way of the future, and was that just a worker's market and

now it has swung back? >> 100%. it comes down to dollars and cents. during the pandemic, everybody was working from home and now people came out of the pandemic, and corporations are forcing their people to come back to the office, and i think it's an element that workers want all of the benefits, all of the things that come from working at home, but the reality is work takes place in the office, and that's what we are seeing >> are there -- i mean, are there exceptions to the rule are there performers that will be allowed to work at home and they should rest lightly on this >> 100%. i have been behind closed doors where people talk behind doors where they say who are superstars and who can we let go and if you are a superstar, your

employer knows that, and there are superstar talents coming out of the graduate school every day, and you be careful, you know you are a talent and also that your employer is looking for somebody else. >> what do you tell remote workers? >> enjoy working from home and the benefits are great, and a recession is here, and five or six months ago i would not have said this, the recession is here and if you are scared that potentially you are going to be laid off, get back in the office rbs and managers tend to protect those people that they know and see, and more importantly, they know their favorite football team >> is this a broader shift for the workplace over all >> i am seeing this happening over multiple industries, and it's not just a tech thing tech tends to get more of the

media, and i am seeing it appear in manufacturing and in health care employers were already at a point -- during the pandemic, they made the concession we needed remote work and now that's not what they want to do, and the reality is a lot of employees don't want to come back to the office, but they are making themselves incredibly easy targets >> do you think the sentiment has changed, though? i see it around me, people who wanted to stay home months ago are not so vocal about it anymore? >> i think it breaks down in terms of generations when you look at the millennials and gen zs you have the other side of that saying if i can do everything from home, why would i come in what i am seeing in people among

my age, and i am 48, and they are not comfortable doing work remotely, and they are getting tired of their kids being behind them every day they are on the zoom call. >> probably matters what the boss says a little more, too >> 100%. thanks for having me >> thank you coming up, business on the ballot we are going to talk about some of today's competitive races and how soon we might have answers and tonight, you don't want to miss our special election coverage beginning at 7:00 p.m. eastern time becky, joe and i will be back here at 7:00 p.m. for a big show this evening as well our show, "squawk box," rolls on

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salute to veterans veterans day ahead, in terry bradshaw: hi, i'm terry bradshaw protect and retire. rocky bleier: and i'm rocky bleier. col. gy prtg n i'gadson. terry bradshaw: on this veterans day, our heartfelt thanks, to all of our military veterans for their service. col. greg gadson: we honor our veterans, and those who are no longer with us. rocky bleier: to all of our military serving around the world, thank you for defending the many freedoms we enjoy. terry bradshaw: tune in to salute to veterans for discussions about the issues our military veterans face daily. salute to veterans presented by sap, navy federal credit union, verizon, visit us online at www.salutetoveterans.org

>>. good morning wall street and washington collide. futures pointing to a higher open as the polls open across the country. we will walk you through what investors should be watching in today's trading session and the issues that matter most to your money. plus, shares of ttwo

inter interactives the chairman and ceo joins us for an exclusive interview the second hour of "squawk box" begins right now good morning, and welcome back to "squawk box" here on cnbc on election day live, and i am andrew ross sorkin along with becky quick and joe kernen right now now the dow looks like it's opening 119 points higher, and the s&p up about 15 points higher and treasury yields all important, especially as we think about the importance, and

we talk about the price of oil and energy these days. wti crew, 91 if you buy it by the barrel and then crypto down under 20,000, we're sitting at 19,600 -- >> there was weird news last night. some seasoning -- >> there was some weird. >> weird stuff >> it was down like almost 21,000, and it was at 19.5 in the blank of an eye, so all that volatility returned pretty quickly. >> i was having trouble. >> yeah, and let's get to frank holland with a look at the pre-market movers.

>> happy election day. we will start off with tesla, and 40,000 vehicles may experience a loss of power, and tesla near a 52-week low investors may have concerns about elon musk. now to earnings. dupont moving higher, and up about 3.5% profit, 3 cents above estimates. shares up more than 20% in q4. turning to lyft, down double digits after reporting earnings. airport rides recover, but lyft attracted fewer customers in the quarter, and it's quarter analyst is below expectations,

and john zimmer will be there with you on "squawk box" at 8:50 a.m. eastern and then tripadviser is plunging forecasts were below estimates, although revenue beat estimates. currency headwinds impacted revenue by $30 million, and demand continues for travel and dining reporting shows >> you got that green tie on because the elections are red and blue, and you know what they are about, frank they are about money becky is wearing green >> it's about elon -- >> i went with purple because, you know -- >> because you are so bipartisan >> yes, sir. yes, sir >> yeah, i know. i see that but tonight you have another chance to make a statement, whatever it is -- i am going to wear a blue tie tonight and

don't read anything into that. or this. what is this burgundy yeah, not red, far be it from me >> burgundy. state houses across the country, will this be a change in election or will the democrats maintain power this is the first of many times we will be seeing you through the day? >> i wore green today, too, on purpose, and i didn't want to wear red or blue because voters will cast their ballots today and some of the most critical races are so close, we may not know the winners for several days or weeks. and pennsylvania, some polls

sho show oz and fetterman in a tie in georgia, gop candidate, herschel walker, is running neck and neck with incumbent democratic senator raphael warnock. if neither candidate wins at least 50% of the vote they will have to hold a runoff election in december, and arizona, new hampshire and nevada, and if democrats lose pennsylvania they have to hold on to all of these to maintain their majority and the bulk of the races are held by democrats, including the democratic seat held by maloney. there are two races in virginia that could give us an indication of how this is going to go, and

abigail spanberger is in a fight with vega, and both of these democrats are moderate that helped flip the house in 2018 over to democrats, and they are called front liners for a reason >> the polls show? >> they are very tight the virginia 2 and virginia 7 are considered tossup elections. spanberger had a slight lead, but well within the margin of error. >> people say virginia is one to watch. we already heard glenn youngkin, so there's precedent there >> youngkin is actually campaigning today for keegan in virginia >> you mean in maryland. >> yeah, i think he looks good

great guy. a war hero >> yeah, the governor races are interesting as well, what happens in arizona, and it's not about the control of congress but what happens in state houses as well. >> thank you very much business on the ballot starts tonight at 7:00 p.m. eastern time we are going to be hitting the business topics at play in the midterms and how those results could impapbgtct your money. join us at 7:00 p.m. and then investors, sales for 2023 will be lower and we will talk with strauss

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join xfinity rewards for free on the xfinity app today. our thanks, your rewards. interactive are plunging this morning after the company reported revenue that missed estimates and take-two expect a much bigger loss for the fiscal year than previously forecasted,

and that comes as gaining slows particularly on mobile devices after two years of elevated sales and engagement during the pandemic, and joining us to break that down is strauss zelnick, and he's the chairman and ceo of take-two interactive. we appreciate you coming here during good times and also during bad times to explain to people what is going on. thank you for coming in, first of all >> pleasure. >> and i think last night the cfo said 70% of the downward revision, let's walk through those numbers first. what is happening with mobile gaming and peoples' interactions with it? >> the good news is engagement remains strong and we have hit titles in the mobile space, and so engagement is great spending is under pressure in game, and that's from 90% of our

consumers don't spend money on our titles, of course, and those that spend remain a small percentage, and you can enjoy our titles without spending, which is the intent, but when the cost of fuel and food has gone up, they may choose to spend a little less. interesting our advertising net bookings are way up, and up in the mid-teens year over year we are seeing that and we are seeing lots of great news in terms of ongoing engagement. that speaks to our console and pc business which is strong in terms of engagement as well. >> is mobile spend down relative to these heights that we have seen is it down relative to what we have seen prepandemic? is that a one-off where we had a lot of people will time on their hands and extra cash on their hands? >> during the pandemic, i was here and we talked about it, and i said, look, we expect demand to be high post pandemic, and people were stuck at home and

digital entertainment was one of the things you could do. on an apples to apples comparison, it's bigger than prepandemic and smaller than it was a bit during the pandemic. >> what are the shifts how much of it is because of the shifts and how much is because of mobile spending >> the changes were relatively modest, but we had titled that moved out this year, and we have more coming between fiscal year 2023 and 2025. >> are you surprised >> i am surprised. it seems severe, and a lot of securities are under pressure particularly in the entertainment space, and i never argue with the market, and the market ends up being right we will trade on fundamentals over time. this is a challenging moment from a stock price point of view but not a challenging moment

from a company point of view, and we are looking at 5.4 to $5.5 million in bookings, and it's a really solid company that is in a good position and the number two or three pure play active play company. >> what do you think will happen with microsoft activision and how does that change your plans? >> doesn't change our plans. we don't think the meaningful competition -- i would say i thought it was a 90% chance it would be approved. >> the regulators called you, i am sure? >> they did call the company >> you told them what? >> we have no concerns >> do you think some of your peers said the same thing? do you think there's a group of people that are complaining to

washington that this deal should not happen >> there's one big company that is, but apart from that, no. >> who are you referring to? >> i will not say that here, and generally people are concerned because it's a fragmented business and we did a merger and that was approved and we think that was a big thing >> how are things going with that >> great 50% of our net bookings come from mobile, which is the fastest part of the interactive entertainment business, and that's the fastest growing part of the entertainment business. it's human nature to be concerned with what happens today, and furthermore human nature to believe that what is happening today will always happen in the future, and the opposite is true, things will always change. >> will we live in the metaverse, and will i be playing gaming all day long? will you wish you would not have

worked so hard on your physical body because of your avenatar >> you could live in the digital world right now, and you can pursue missions -- >> i think mark wants to move out of the metaverse i don't think he likes living there. when will it be worth living in? is it all about gaming >> i am a long term bull on the idea of this i think it's crazy that you are going to live inside your goggles for eight or ten hours a day. i think you will live inside your goggles two or three hours a day the same way -- >> it's gaming, though >> instead of being on a zoom call, you might do that instead and live there i played with this thing it's pretty great, and actually -- >> i would argue to you -- >> to be ia conversation with

the three of you, it would be better to do it with our goggles on >> i am not sure i agree with you, and even though we are using a computer screen to play a game or have a zoom meeting, we still can interact with people around us physically, and you can't do that when you have a head set on. i think the manifestation of what people call the metaverse, we do not, is interactive entertainment. will it be the way we communicate all day long every day in the future? i don't believe so >> there have been a wave of layoffs at technology firms and their stocks hit hard and your stock hit hard by 50%, but you are not looking at layoffs >> the integration has gone remarkable well and we were looking for 100 million for annual cost savings and we have been able to achieve that, and those will roll out in the

numbers in the next two years, and we are looking at annual revenue, and we feel good about that opportunity as well we have had modest reductions in force and we are not looking at anything major one part of our strategy is to be the most efficient company and the most innovative and creative, and we think we are efficiently managed and we don't believe in hiring freezes. >> when you look at the cost you played for zenga -- >> it was a unique moment in time, and on the metrics it makes sense, and the math says it's still a good deal you would love to pick the perfect moment in time, but who knows if there's a transition to be done at that moment in time there was a unique opportunity to become one of the largest

pure play companies and more importantly to be exposed properly to the business, and address those who prefer the consoles >> two questions we are seeing layoffs at technology companies across the spectrum how are you thinking about that? is that an opportunity for you are you going to be hiring people can you do more with less? >> we always try to do more with less and we try to be hugely efficient. there are opportunities as some competitive companies layoff to bring talent to take-two and our affiliates and we are seeing some opportunities >> secondly, and this goes back to the chessboard of acquisitions we have long talked to you and you have talked about wanting to be an independent company, and forever, as long as i can remember, there was speculation you would be a takeover target

by one of the big media companies. when you look at what is happening now between the streamers who want maybe some growth, and you look at where netflix is trying to get into mobile gaming right now, and there was talk at one point that comcast was looking at ea, and where do you think you will be in all that in a couple years from now what does that look like to you? >> even with our stock under pressure, it's a good long term story, and we took over when it was $11 a share. and i think -- >> you could exit as a winner. i am just trying to think through what you think that chessboard looks like? >> i think there's a great opportunity for a small group of really capable creative independent companies in our space, and so far it has not appeared the aggregation of interactive companies is a great

thing for shareholders or consumers. >> the idea that you are seeing ad spend up is amazing when you look at the tech and social media landscape out there. >> there's a lot of carnage out there. >> what happened >> we found a way to put units entitles that didn't have them before, and because of the consumer engagement we are doing a good job, and we have had titles that didn't have add units -- >> is that mobile? >> yeah, almost entirely mobile. basically we are saying, look, there's an advertising opportunity if you don't want to spend money. >> it's free, you just have to deal with ads along the way. >> yeah. >> makes sense engagement is up in mobile, or is flat and down by maybe less than -- >> it's either flat or up for us pretty much across the board and that's because we have good titles, and engagement is strong and in-game spending can be

under pressure if it was something going on with the titles, you would see that, and with the launch of k23 for example, currencies are up >> true or false, breakfast is the most important meal of the day? >> false, definitely false >> didn't you hear -- >> wait, this is one of the great, most fit ceos in america. >> yeah, and a lot of people -- people have to fast. he fast. i had one hard boiled egg -- >> that's totally fine there's nothing wrong with that. >> what? >> two eggs are fine breakfast was the most important of the day and it was on the back of the cereal box, and it was all sugar, and that's not the most important meal of the

day. >> thank you very much for coming in. again, strauss zelnick >> thank you coming up on the other side of the break, if it's not the economy, it's inflation from fuel prices to food prices it's one of the top issues for voters as they head to the polls today. we will hear from strategists

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the ceo of tyson foods arrested over the weekend over criminal trespass and public intoxication he was found drunk and asleep inside a stranger's home at fayetteville arkansas. the woman said she believed she left the front door unlocked and returned to find a male she did not know asleep in her bed the company is aware of the incident and had no comment on what is called a personal matter tyson is due to appear in court december 1st

told you it was a wild story >> it is >> i think it's beyond meat. >> and i was saying he's young i remember college, and there are a couple times -- >> what? >> i was not sure where i was a coupletimes. still to come, frank luntz looks at the issues voters care about heading into the midterms. and then our interview with john zimmer, lyft president you have been to boulder, colorado, in the '70s? >> was not there in the '70s >> i think i was

>> i think i was stay

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welcome back to "squawk box. former president trump speaking at a rally in dayton, ohio, hinting at an announcement coming next week >> i am going to be making a very big announcement on tuesday, november 15th, at

mar-a-lago in palm beach, florida. >> trump was considering whether or not to launch his campaign at the republican nomination. cnbc's final poll ahead of the midterms, 80% of the voters are dissatisfied with the state. we are joined by frank luntz good morning to you. we have been speaking to you throughout this campaign and here we are on election day. what are you expecting we are going to know this evening what do you think we are going to know tomorrow morning >> i think we are going to know what issues matter, and i think we are going to know the turnout, and frankly, there are a number of states where we are not going to get the results tonight or even tomorrow morning, and i think we are not

going to know who controls the senate for at least 48 hours the house will be clear about the time you come on tomorrow morning, and it's a very divided, ugly, angry, anxelectoe going to the polls this morning. >> and what are the issues that matter to them >> it's easy if it doesn't matter to you you are not an average, everyday, ordinary american. gasoline, groceries. the things you pay for every day. electricity. buying a new car, buying a new house. the fact is it's not inflation, it's affordability that matters to people, the cost of every day life, and that has trumped everything in the campaign, the president, the former president.

it trumps abortion and all the social issues and even trumps crime that has been creeping up as a priority. by the way, why i think republicans will do well today, not just because of the costs but the nagging fear people have on crime and how it's not being punished in this country, and it's the border and immigration and it's a level of fear we have not seen in maybe 20 years that you cannot feel safe on your street or in your neighborhood, and that's something that bothers americans tremendously, and that hurts the party, the incumbent party, the party in power. >> we were talking to mulvaney in the 6:00 hour about what is clearly now a rift between the business community and the gop we were trying to understand what has happened here he made the argument on one side

that effectively corporation -- that republicans don't like business big i don't know if they ever did, but they specifically don't like elites now and that that's what is happening the other side of it is that big business has left the gop, which is to say that when it came to what happened in georgia and other places, businesses have been upset about the big lie, and they don't want to be associated with some of this stuff, and that's the reason for it what do you think is happening here >> first off, it may be happening but doesn't seem to be hurting the republicans at all, and they may not have the ceos anymore but they have the employees, and they may not have members that sit on these boards in their 60s and 70s, but they have people that work on the line, and republicans have been quite effective and quite successful in the manufacturing communities across the country it's one of the reasons why pennsylvania and michigan are in play, why republicans have done

well in places like north carolina the elites have turned to the left, and the republican grass-root support has counter balanced that. it's the strangest thing as you look at the elections, and the millionaires are supporting the democrats, people that have to work day by day to pay their bills, they are supporting the republicans, and as we analyze the data tonight, you will see a greater percentage of working class blue collar voters voting republican, and there's one group that has shifted more than any other, and it's latinos, and they live from day-to-day and work hard and play by the rules and want their children educated, and they are committed to their communities and they see chaos around them and don't

see a better future under the democrats. it's changing the demographics of politics as we know it. >> elon musk took to twitter yesterday and now he is reminding independent voters, therefore i recommend voting for a republican congress given that the presidency is democratic how influential do you think somebody like elon musk is in this instance? >> here is what is remarkable. i think he's the number one business person with voters under the age of 30. they love his reverence and his willingness to take on the parties and the politics and the politicians, and they appreciate the fact that he shoots straight if i was advising him i would say don't do this, don't get involved in politics because everything and everybody that touches it gets mud kwdied, and

he's not listening to his advisors there are younger voters that do appreciate him and do what he says, and the voting bloc, the 18-year-olds will vote likely 70/30 today for democratic candidates over republican candidates >> we showed that video at the beginning of this, former president trump effectively hinting that he is going to run for re-election next week. how do you think he's going to fair do you think he made the right decision to postpone that announcement if he was going to do it prior? >> if he made the announcement and republicans failed to win the senate with the anxiety and the anger its he would have been blamed for that loss as it is, there are few candidates that are not as strong as the republicans could have launched forward, and it's

one of the reasons why on the house side kevin mccarthy is looking at a 20 to 30-seat gain, a significant number and perhaps more because his candidates are so diverse and strong and so atypical of republicans. on the senate side, they are not as good. that said, donald trump launches his campaign, and we assume he will, as clearly a frontrunner among the republicans, and i have to tell you, and i would have said something differently six months ago if it is trump versus biden, most americans don't want that head to head they want somebody new, they want somebody fresh, but if it's trump versus biden trump has at least a 50/50 shot of beating him on election day two years from now let's focus on what is happening right now. the public is saying enough to the people in power, and it's not a pro-republican vote, andrew, not a pro-republican vote, but is it an anti-democratic vote, and it's sending a message to joe biden

that what he's doing up to this point is not what the american people want. >> when you look at what is going on in georgia, herschel walker, what kind of vote is that to you? >> it's a vote -- i don't believe it's a vote for herschel walker i believe it's a vote against democratic control of the senate i look at georgia and pennsylvania, and -- now, georgia has got an awesome secretary of state who knows exactly how to count votes, and knows how to run a clean capable, fair and honest election i am more nervous about a state like arizona or pennsylvania, one republican, one democrat georgia will count the votes and there will probably be a runoff with the senate so we will go with this a few weeks, and i am nervous for arizona and pennsylvania and what they could bring to the process and the doubts that our elections are free and fair. arizona does not know how to count votes, and pennsylvania

does not know how to count votes, and georgia does. >> barry diller was with us, and he said character is what is on the ballot do you think character is on the ballot >> i think he's a brilliant business person, and character is on the ballot in presidential races and it clearly matters, but this is an off-year mid-term election, and i can't raefrp i - reach into my pocket to show you, it's the receipts of when they go to the grocery store or gas station, and what is on the ballot is a lack of affordability in day-to-day life, and it's a public outcry, enough inflation and enough rising costs and enough of the lack of affordability in the things people need in their day-to-day life. >> frank luntz, we will see you, i am sure, a lot more very soon. tune in to cnbc's election night special "business on the ballot." we will hit the business topics at play in the midterms, and

other results that could impapbgt impact your money >> i agree that character is on the ballot frustrations boiling over in china as residents clash with authorities enforcing covid restrictions we will take you live to beijing next and then lyft, rider levels remain below prepandemic levels. the mpy'coans co founder will be joining us next.

follow squawkpod on your favorite podcast stay tuned so good to have you both here with us bruno, let's start with you. talk to me about some of the challenges companies are facing and realizing their carbon ambitions? >> well, some challenges include collecting the data needed to manage and road maps >> how can companies turn that ambition into action >> one is engage your finance teams early. two is really to commit to rigorous transparency and disclosure to accountability in your organization, and three, prioritize solutions that deliver the best carbon roi. >> mary, what is working for you

at cisco >> we are embracing the work, and we are setting company-wide goals like 100% of all new products will incorporate circular design principles by 2025, and as we move to net zero by 2040, sourcing long-term contracts that will add new renewable capacity to the grid >> we appreciate it. >> thank you >> thank you so much reports in china are merging of clashes between residents and

authorities trying to enforce the zero covid policies, and leaders are facing growing backlash over the strict measures eunice joins us from beijing and has more on this good to see you again. fill us in on what has been happening. >> reporter: becky chinese police confirmed seven have been arrested, and it has workers kicking and punching residents and having the police join in the beating. it's unclear who was arrested, but the video has been heavily censored the government, though, here continues to defend its zero covid policy as well as the social and economic costs, and one development is that officials in the area around china's iphone city appear to be in hyperdrive to try and help revive the factory there

official media have said that the search to try and find workers to staff the facility has gone beyond the facility and now is province wide officials have been enlisted to look for experienced foxconn workers that left the facility and convince them to head back, and they are offering special bonuses, and some go as high as $420, and this is in addition to a 20% wage hike that had been offered previously this shows the intensifying conflict is there between the chinese government's priorities, and one, of course, is zero covid, and the other is economic growth for the most part, zero covid has been winning out and it's still unclear what exactly is going to happen with the foxconn facility, because there's a 7-day lockdown that is supposed

to lift on wednesday, but the daily case count is now double what it was the previous day at 733, so there's a lot of question and concern that the lockdown around that foxconn facility could be extended and it's going to be that much harder for workers to be staffed in the facility. >> in this situation, i mean, we have heard of these numbers going up, as you pointed out in the last hit, this was unusual to see a doubling of numbers in a sequential day like this, and i guess the big question comes, what happens next? we heard of some of the pushback before how different is this and should we be paying more closer attention this time around >> reporter: the pushback is not so unusual, it's that it has become so regular that we don't talk about it as much. generally we see a lot of pushback for these covid restrictions, and some of the

ones that make the biggest headlines, of course, were when shanghai went into lockdown, and there have been other incidents as well as terrible videos and incidents of people seeing other ways in which the covid curves have affected their lives, with suicide attempts and those types of things. we see this stuff every day and it's heavily sensors and there's a lot of concern and that's one of the reasons why, if you remember, there was a protest banner here in beijing that has at least one individual, who was very much against going on, around the party congress, and those signs have appeared in other places and around the cities -- around this city as well as around the country to try and voice out their opinion with how upset they are about

the zero covid policy. >> definitely concerning eunice, thank you. a lot more coming up on "squawk box. we are going to talk tech and the issues facing investors and companies in this economy. take a look at the nasdaq composite index, and it gained 89 points in yesterday's session, the second positive session, the second positive sessio a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm n in. i'm okay. lily! welcome to our third bark-ery. oh, i can tell business is going through the “woof”. but seriously we need a reliable way

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welcome back to "squawk box. news at the intersection of sports and business this morning. actor matthew mcconaughey will team up with jeff bezos and jay z to try and buy the washington commanders from dan snyder snyder is embroiled in controversy. there aremultiple suitors for the commanders are expected. one big question if jeff bezos were to emerge as the buyer is whether the nfl would give him some kind of conflict free pass or whether he might even have to sell his ownership stake in amazon. >> amazon? >> no, no -- >> you would think that would be a -- >> i don't know, maybe they've already gotten into wavers and whatnot. if you've -- >> broadcaster. we just had this situation as we watched michael reuben with the 76ers. >> gambling. >> that's gambling

there have been a whole number of instances where you have very -- where you probably have to get a waiver from the nfl and the nfl -- the other owners to allow this kind of purchase. we'll see. >> super interesting >> hold their feet to the fire they're better this year if they have losing seasons, you know, the washington post say, yeah, everything is great. coach is wonderful. >> i've got to tell you, if you read the washington post -- >> not very kind -- >> unlike a lot of other media companies that are in the pocket of their owner they have not operated that way. they have operated -- >> chagrin. >> chagrin and frustration by the way, i give him credit for that for allowing that to happen and i give them credit. >> unlike the journal? >> i'm not making any comments. >> i know. big tech is facing massive

layoffs after rapid growth during the pandemic. layoffs as soon as tomorrow. joining us the picks in tech is daniel flax, senior research analyst. what do we think, dann we've got a cpi number coming? the stocks are all at much more reasonable prices than in any time in recent memory. does that mean that investors can start nibbling at these now or do we have to wait and see what happens for the next three months >> joe, good morning i think they're select opportunities at current levels. certainly the list of concerns be it inflation, cyclical headwinds in parts of the consumer, they're real i think as we get into 2023 and as the year ahead progresses people will see and the market will begin to price in visibility on a return to growth so if you look at a company like amazon, certainly the holiday

season is going to be a little bit softer than people had thought a few months ago i think they're vilg value in key areas, like prime, aws and their cloud platform remains healthy and strategic. if we look at google or alphabet, even though there are concerns about spending in the near term, the results demonstrates core search is durable. they have a cloud platform that's doing well. we like that name. i'll round it out with microsoft. it's not that they're not immune from cyclical headwinds, but they're executing well our discussions with their customers in key areas like cloud with microsoft azure suggest that they're doing a good job helping customers really build out this digital infrastructure so we see opportunity here at current levels, joe. >> so what -- what was the average multiple for big cap tech, dan? what is in this environment we're in right now, rising

rates? i don't know what the terminal rate is. what should a reasonable multiple be? and then what type of growth over the next couple of years, annual growth are we looking for? i'm just trying to assign a -- what a reasonable multiple will be for these companies to try to decide whether they're cheap now. >> we look at vai right of metrics, joe ultimately our focus is on the free cash flow generation of these businesses and the growth rate of that free cash flow over the next few years so multiples for some of them have come down from above average, above the s&p 500 in the 20s down into the teens in some cases i think the valuation is reasonable at current levels our bigger focus is on the innovation and growth drivers. i think the market will decide what multiple it wants to assign but if companies like amazon and

alphabet, microsoft can return to do you believe digit growth in the out year, late '23 and '24 and '25. i expect earnings and free cash flow to be higher and the multiples will be higher i think these can be good investments even if the multiples stay relatively low, assuming they grow >> what does the world look like what's after social media? we've been trying to figure that out. is it the meta verse is it mobility is it ai who's in the best position over the next five years to take advantage of the way the world changes? >> joe, i think it's a continuation of the secular trends we've seen around cloud, mobile, ecommerce. i think there will be more social commerce in terms of people being able to byproducts directly after they see an ad on a social media platform and you have artificial intelligence really infusing a lot of it.

so what we see is that companies like alphabet that are able to harness ai to make search even better, amazon to do it with commerce and bring in more advertising, empower their sellers, provide a great user experience and value to customers, those are the ones that are going to be able to generate more free cash over the next three to five years and i think that will translate into larger market caps others that are in transition, for example, meta, we look at it closely, they're important to users and advertisers, we're watching carefully to see how they're able to evolve certainly their core business which is facing some competitive pressures and of course in the meta verse to see how they can evolve, but that shift into the meta verse requires a different business model and more of a focus on products in addition to perhaps digital advertising. so we're watching that and then i'll round it out with apple which has really continued across devices to integrate

hardware, software, services with ai. >> great dan flax, thanks see you later. coming up, everything you need to know ahead of today's opening bell, from earnings to mid-terms. take a look at futures dow up by 66 s&p 500 up about 10. later, you don't want to miss our interview with lyft co-founder john zimmer we'll talk to him in the 8:00

hour don't go anywhere, "squawk" returns after this.y y

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good morning and welcome to election day 2022. voters heading to the polls as a hard-fought campaign comes to a close. we're going to talk this hour what the results could mean to businesses big and small speak with none other than morning joe host joe scarborough. meantime, two closely followed stocks are plunging. lyft and game maker take 2 interactive. we'll bring you comments and powerball, yeah, more like wait a few more hours ball. drawing delayed for america's new national obsession, playing

the lottery. just ahead as the final hour of "squawk box" begins right now. good morning and welcome to "squawk box" here on cnbc. live from the nasdaq market site in times square. i'm joe kernen along with becky quick and andrew ross sorkin u.s. equity futures have been in the green for most of the morning after a solid session yesterday which followed a pretty solid session on friday treasury yields have had some effect or non-effect because they've been relatively quiet in terms of the 10-year 4.2% we were at 4 for a while got used to that move up to 4.2 got a little bit worrisome, but it stayed there for a while. we'll see whether we go back to a three handle at some point or whether we are headed to 4 1/2 or even higher if the 2-year is

any indication it could be the latter at 4.7%. >> put the frogs in boiling hot water. >> but it's still early. i think it's comfortable for the frog. >> so far. so far slowly ratcheted up. let's tell you about a few of the stories that investors are likely to be focused on. shares of ride hailing company lyft plunging in the market. they beat on the bottom line with the third quarter results but the numbers showed slowing revenue growth and ridership levels that remain below pre-pandemic levels. active riders started just over 20 million that was shorter than 21 million expected by the street 7.2% increase was lyft's worst performance. that stock down by 16.5% we are pea going to be asking the lyft president, john zimmer, about all of the numbers that's coming up later on this hour our first on "squawk box" interview. don't miss that.

separately we are watching shares of video game maker take-two interactive down by 17%. the company cut the booking's outlook and saying it's being impacted by weaker game sales. we spoke with straws zelnick in the last hour. >> engagement is great spending is under some pressure in game. i think that's a reflection of the fact that 90% of consumers don't spend on mobile titles the people that spend remain a relatively low amount. when people are under pressure, when the cost of fuel and food has gone up, then they may choose to spend a little bit less >> interesting part of the interview. strauss said ad spending is actually up in mobile. it's flat to up in areas and in mobile together it's up. they started putting ads in places that they've never had

before engagement is there, spending is not. they're making for that. the ad spending. still the stock is under pressure today. twitter says user growth hit all-time highs in the first week elon musk used the platform. that is according to a tweet from elon musk himself they sightcite an internal docu. last night musk tweeted twitter usage is at an all-time high lol. he followed that up, i just hope the servers don't melt. >> let's get over to frank holland. he joins us with some more on the top pre-market movers. good morning to you, frank >> good morning to you, andrew another earnings mover dupont shares of dupont moving. top and bottom line beats. shares up 3 1/2% mixed guidance for the industrial but launching a $5 billion to repurchase and retire

stocks shares are up more than 25% in q4 now over to the cloud. five nine. revenue rose 30% but the revenue guides, that was short of expectations shares down 11% and down 70% this year. c coty moving higher up 2%. forecasting eps growth as part of the plan to reduce debt and then solar edge up more than 11% and giving boost to the broader solar stock area solar energy up 11%. sunpower up 7% array and enphase up 2%. >> we'll talk with barbara

reinhart, the head of asset allocation and mimi dob. barbara, if you had to pick one event that matters most to the markets at least in the near term, would it be election day or the cpi number that we're expecting this week? >> by far and away, it's the cpi report everyone is focusing to see if the cresting of inflation improves you should see some improvement simply because you have two things working towards the down side the medical services care line item in cpi goes through the annual adjustments we think that probably knocks 1/10 of 1% on a month-over-month event used car prices are continuing to come down which, indeed, should prove to be helpful to the cpi for the down side. we think the market is going to be focused on that on thursday >> yeah. mimi, i take it you would agree with that. what do you think the longer term implications will be?

whether it comes in hot or cooler >> yeah, i completely agree. look, the numbers, even if we come in at expectations, they're way too high for the fed's liking and anybody else's. with the headline expected at 7.9% and core just below 6%, it's just too high so i think that we'll continue to see the fed raising rates potentially slowing. now if we did see that come up materially, that would be -- that would definitely breathe a sigh of relief to markets, we think. >> having said that, mimi, you have to be looking at what happens on election day as an indicator of policy that is to come and how are you playing that how are you telling investors to play that? >> yeah. we're long term long only investors. we are looking for the results of the election and, you know, over time what policy shifts might we see so that's -- we're not really -- we're not day traders or anything like that

we're in it for the long term. so i think we'll need to look at the composition of the election results afterwards and then ascertain. but globally speaking, like we're more concerned with overall entry points than who won or lost a specific election. >> and just what do you think in terms of the pullback we've seen, where earnings have come in it was better than expected. >> yeah, that's right. a little better than expected off of greatly revised doubt so we think it was sort of not scary. you know, better than feared but worse than it would have been expected, say, three, four months ago but in terms of the overall market levels, we're actually really excited we're the most neutral we've been in ten years. we've got positive real yields again. we're excited about that equity valuations are much more palatable here

on the real asset side we're largely neutral. we see over a longer term horizon entry point is pretty good. >> barbara, would you describe yourself as excited about this market right now >> the part of the market we like the best is the fixed income markets you have yield yields at the highest they've been for better or worse, the fa market is acting like it's in a bear market. you've seen 1% reversals from highs and lows over 152 trading days you haven't seen that since 2008 and 2009 this tells us that the bear market probably continues and it probably won't be able to make its final bottom until the u.s. is at least at the start of its recession or until the fed makes a significant pivot. we still think -- >> go ahead. >> -- that there's still more to go. >> when do you see that happening, either us entering a recession or the fed pivoting? >> you probably don't have a recession starting in the u.s.

until the second or third quarter in 2023. likely you're going to get the fed to say something a bit more accommodative as you start to get to the turn of the year in 2023 or the first quarter of 2023 remember, once the fed stops raising interest rates, they're likely to hold them there for at least a nine-month time frame. that's the playbook they use during high inflationary periods. they won't start cutting them until the end of 2023 or early 2024. >> if you like bonds, barbara, where are you focused? >> the very end of the curve the further out you can go the better yield you get if the u.s. is going to go through a significant period of slowing which we think is likely it means the easiest financial conditions were a year ago the tightest are now which means

the impulse from financial conditions are indeed the heaviest at this point you're likely to see significant slowing into the end of this quarter and into the first quarter of next year so we think long bonds are going to be the big beneficiary of that you have the highest real yields in over a decade and we think this probably was going to be one of the best asset classes having produced the worst returns in at least the modern era that i can think of over the course of 2022 so you've been battered down in bonds, they're unloved, they're under owned. they're under appreciated. we think they're the place to be and the economy starts to show some signs of weakness over the course of the next six months. >> mimi, i think you agree with that that this has been an awful, no good, terrible, rotten year but that could spell some good things to come next year. >> we definitely agree with that in terms of placement on the curve, we're not wholly focused on the back end of the curve

we are going through quantitative tightening now. that's the first time we've seen that in a long time. the very long end securities need to be taken down at fair market levels. i do agree with all of the points on the real yields. i think 20-year real yields are approaching 2%, for instance, so -- and front end, in the very front end you can earn more than 4 1/2% on cash like treasury bill instruments so we're trying to not, you know, steer a bit away from credit because we think it's more exposed to inflation risks. i mean, we do have some in our portfolios but we're not overweight anything like that. we look for better entries on any credit related i can't agree more like bonds are definitely this whole -- there is no alternative. that's in the back burner. there is an alternative and people should be having bonds in their portfolio here >> mimi, barbara, thank you

both >> thank you. coming up, an ominous sign in the auto market phil lebeau will bring it to us. much more on the election and what it means to business. don't miss the cnbc special business on the ballot tonight at 7 p.m. eastern. we're going to hit the business topics at play in the mid-terms and how the results cod paulimct and how the results cod paulimct your money in the future stock ♪♪ markets, ♪♪ be ready for any market with a liquid etf. get in and out with dia.

everything else. stay tuned, we'll be right backr

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welcome back to "squawk box. take a look at futures we are in the green. little bit higher. dow up 70 points nasdaq up 50 points and s&p 500 up 8 points. on the story i've been focused on along with the rest of america i think. anyone hoping to find out if they won the record $1.9 billion powerball drawing will have to wait a bit longer. there was no drawing as scheduled last night the multi-state lottery situation said the delay was thanks to sales processing issues with one of the 48

participating lottery issues it won't be known until later today. the jackpot started at $20 million way back on august 6th >> i'm still focused on what we heard from frank yesterday about this, the reason the headline numbers are up is the interest rates and the annuity numbers are up as of yesterday it was not the biggest lottery. it's not a record. it seems like this fever the numbers get bigger and bigger but it's rates. >> inflation adjusted. i'll take it if i win. auto loan delinquencies are rising fewer are sounding the alarm bell phil lebeau joins us >> reporter: few are sounding the alarm bills in part because of the employment market here's the latest data from transunion and for the third quarter the 60-day delinquency rate jumped up to 1.65% well

above a year ago and the highest since 2010 according to transunion for a refresher, we see auto loans and the amount being paid at near record highs right now the third quarter the average amount borrowed just under 42,000 the average monthly payment $701 at this point, those who track delinquencies say they're not worried in part because of the relatively strong job market >> if we get into a position where employment starts to be a challenge in the united states and unemployment increases, that is, i think, when the industry will really, really start to be concerned about a consumer's ability to pay their auto loans. >> reporter: and remember what we saw back in the recession a lot of people, they'll give up their apartment or their home before they give up their vehicle. a tale of two types of auto retailers right now, the online retailers like carvana have completely fallen out of bed in part because carvana continues

to see just a dire situation, at least near term. it will take them a while to get out of this. as for the traditional auto retailers, look, they're not at 52-week highs but they're not feeling the same pain that the online auto retailers are seeing as you take a look at autonation, group one and penske we're going to keep tracking this in terms of the delinquencies. those who say this is one of those where you have to say, watch out. they're not at that point yet in part because of the strong job market >> the supply, phil, i think that has a lot to do with things, just the overall auto market, too. every time i talk to anyone about it, you know, it skews everything i don't know if the demand is as tight as the -- >> reporter: yes. >> -- or as big a factor as the continuing supply, used, pre-owned, whatever you want to call them.

>> reporter: right. >> or new. >> reporter: you're seeing greater inventory at dealerships. not where we were pre-pandemic that, in turn, sort of gives a little bit of a cushion to the used market because when it was so tight that there were no new vehicles, when i say no, very few new vehicles, a lot of people said, you know what, i'm going to go buy used that pushed up that market that has eased a little bit. >> very good thanks, phil keep us updated. >> reporter: you bet. >> it's important. actually just saying, near term, what's more important, the election or the cpi. >> near term every person has been cpi longer term it takes longer to play out policy wise not that it doesn't matter. >> then the election could influence the cpi. >> that's true, longer term depending on what happens. anyway, we're watching. >> could get inflation from tax cuts or inflation from more spending. >> more pressure from the fed

depending on -- there have been calls from the fed -- calls from politicians for the fed to slow down up to this point. when we come back though, we're going to talk about what wins for the gop in the mid-terms could mean for the cryptocurrency industry and the biggest regulators that story is next. then later a first on "squawk box" interview with looiflt co-founder john zimmer the stock is off by 16.5%. the stock is off by 16.5%. a reminder, you can get tht. so you call in ibm and red hat to create an open hybrid cloud platform. now data is available anywhere, securely. and your digital transformation is helping best of "squawk box" in our

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crypto also in focus on election day investors trying to figure out what a divided government, if we get one, would mean. kate joins us with more. good morning, kate >> reporter: hey, joe. good morning the crypto industry is focused on committee leadership, the sec's position going forward and younger congressmen. if republicans with win, patrick mchenry would chair the house finances committee on the senate side if

republicans win tim scott would chair senate banking replacing sherod brown who has been outspoken about fraud and risks in the crypto markets. while there's no leadership change at the sec gary gensler will likely face a lot more opposition from the republican led congress many in the gop have challenged his agenda on crypto it's included 100 enforcement actions and doubling the size of the crypto task movement they could pull back on him. the blockchain association says it isn't necessarily a loss. most of the crypto bills have been bipartisan and gridlock could still make for, joe, a lower priority the bigger division for crypto and politics tends to do with age than party lines kristin smith at the blockchain association says a younger crop of congress members turns out to be a bit more nowledgeable

blake masters calls himself a crypto enthusiast. there are a handful of other candidates who are accepting crypto donations bitcoin is tracking the longer markets but more regulatory clarity is seen as a good thing. >> very strange bed fellows crypto makes, kate you really do need to sort of keep a scorecard exactly it's not always the way that -- it doesn't pan out the way you would think for crypto it's weird. >> reporter: yeah, absolutely. there's not a lot of single issue crypto voters out there. it tends to sort of blend ideologies, what you said wall street it's an interesting group of voters. >> libertarian bent but we just had frank lunt say 18 to 29. libertarians combined with -- i don't know it's tough to figure out, kate we'll see you. thanks >> absolutely. coming up, more of the key

issues that are driving voters in today's election. morning joe host joe scarborough will be with us. then we'll talk ttohe co-founder of lyft with job cuts and the larger tech industry stay a kohler home generator never misses a beat.

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welcome back to "squawk box" here on cnbc watching the futures, they're in the green on the board we've seen gains over the board. dow futures up by 82 the nasdaq up by 54. the s&p up close to 10 this follows gains close to yesterday. in the mid-term election, wait a second, it's today republicans expected to win the house. senate seats more competitive. joining us, joe scarborough, host of "morning joe" on msnbc i guess mj 1, i want to be mj 2. what about michael jordan? what about michael jackson >> exactly.

>> can we be 1 and 2 >> i think you can be 1. you were the original morning joe. >> stop. don't stop joe, do we assume, mj 1, do we assume there will be gridlock? i'm talking about for business viewers. that's what we're interested in here can we assume that's the most likely outcome and is that a positive for people as far as their money and their investments go >> i think we can safely assume unless something really strange happens todnight. you're going to have gridlock. democrats still have a shot at tying the senate 50-50 it's not likely but they believe they can pull out pennsylvania they believe they may be able to pull out one or two other states waiting until december to see how the senate turns out even if they pull an inside straight and still control the senate, the house just historically, the weight of history suggests that there's no way that democrats can hold onto

the house of representatives you remember back in 2018 when donald trump was president democrats didn't have a great night but they picked up 40 seats. that's pretty massive. they have to pick up far fewer than that. if you look at redistricting, the weight of history, expect there to be checks and balances as we move forward is that good news for investors? i would -- i would think so. madison ian democracy, checks an balance anss has worked pretty good for us for 240 years. >> everything works quicker. we're seeing recriminations from democrats. i'm wondering whether you think, was it really a messaging issue on what the democrats focused on

if things don't turn out great was it messaging or the status quo in the state of where most people are in their personal financial lives right now going to the grocery store is it messaging or just things suck >> i think it's a couple of things there are a lot of different issues that are out there. again, you've seen suburban voters, lifelong voters break democratic over the past couple of years i think the democrats have a problem with inflation they have a problem with crime and most importantly is how they handle bolth of those issues, which you know very well, the biden administration and some officials said inflation is transitory people didn't worry about it it took them too long to get connected on that issue. except for josh shapiro and a couple of other talented political athletes, there haven't been a lot of democrats

who have had a good message. glenn youngkin, he had the tax cut on groceries man, that's perfect when you're starting to have a spike in inflation. even if it doesn't make a big difference in somebody's pocketbook, you're like, at least the guy's focusing on it that and schools being closed made a huge difference there josh shapiro is going to win big tonight. josh shapiro is the one democrat, what's he talking about, helping small business owners, helping people at the pump, tax rebates. most democrats have been tone deaf on inflation. more importantly, they've been tone deaf on crime we have a close new york governor's race because you have a new york governor who's still denying that there's a problem with crime you keep having democrats coming back during the cycle saying if you look at the data, crime is much lower if you take out murders, right that's what marion barry said in washington, d.c., in the 1990s

when they lived there. crime's going down if you don't count the murders. we're actually hearing a lot of democrats saying that. they're trying to push data on people who all have stories of how crime has impacted them, someone close to them, their businesses, someone they love. that's going to have a real impact, joe, in i think three races. new york governor's race maybe hochul holds on against zeldin that's probably smart money that she will because it's such a democratic state the l.a. mayor's race, rycka russo, former republican they have a problem with crime, homelessness you have a lot of liberal democrats that have never voted for a republican or former republican talking about how they're going to pull the lever for caruso there finally, i think most importantly for democrats, the

pennsylvania race. and the pennsylvania race is going to be very telling on the issue of crime because democrats make massive gains in the philly suburbs because a lot of people in the philly suburbs were repulsed by donald trump they didn't like him they didn't like his style of politics so, man, the philly suburbs which have been a bellwether, they grow hard for democrats. now, guess what? in the philly suburbs. it's like people who lived out in long island in '89, '90, '91, '92. do we want to go into the city because it's so dangerous? that represented rudy giuliani democrats can have the debate about the dea, lacks laws on guns but shootings are way up. it's going to have an impact on that race as well. >> in the narrative i saw former president clinton and others saying they talk crime but they don't want to do anything about

it that doesn't ring true in new york the cashless -- no cash bail. >> right. >> the prosecutors the das we have in some of these cities ignoring the broken window crimes where -- >> right. >> -- if that's not done, it just seems to seep into the overall environment and it seems different. i come in early in the morning and look around and it does seem different. i think it is different. and i think that resonates with people >> by the way, somebody who works for me who loves new york and said last night, she thought hochul was going to lose because she said walking around new york, i don't care what the data says, feels different. going to the subway, it feels different. it feels different because it is different. you look, again, at like for instance eric adams. personally, i was excited that eric adams got elected mayor because he was going to get tough on crime he was going to clean up new

york well, look who's gotten in his way. he's got a very progressive da hochul pushed back on him on no cash bail. and it has a -- these things have real impacts. you still can get a debate, i've got tons of issues you go back to giuliani as a mayor. look at what he did. don't ever tell a progressive. don't talk about the broke windows. drives them crazy. guess what, it worked in new york and i think we can -- all of us that were around back then can talk about how new york changed more quickly i think than any major city i think the problem now is democrats need to get tougher on crime. biden needs to send that message from the top because i still think it's going to impact the most important races. >> still ending early.

which is like, what? >> hey, joe, before we go. i'm curious what you thought about elon musk's comments yesterday now that he's the owner of the platform. i looked at it and thought to myself, if mark zuckerberg had said this or rather ri page had said this when he was running google, the republicans would have a heart attack. >> we've talked about this before i don't understand why the guy who may be the thomas edison of our time, at least the steve jobs of our time, i don't understand why he's mired in the muck and sludge of twitter instead of being focused on doing extraordinary things that he did through most of his career he's incapable of handling twitter in the way it needs to be handled it's very messy. it's very dirty. here we're seeing this guy getting, again, caught in the muck of it all why did he that i yesterday?

well, you know, why is he getting in fights with stephen king why is he on twitter all the time none of us, none of us would allow people who work with us or people that we love, none of us would allow us to do it. you get the sense that he's really unfortunately isolated. my god, you start off by the original sin of paying $44 billion for a platform that i've always thought is a pile of junk it may be worth $10 billion but with advertisers fleeing, it works. it's twitter we're going to be fine i hope he fixes twitter, right mainly if you care about elon, you're worried about elon right now because my grandmother said never get in a fight with a pig in the mud because you'll get muddy and the pig likes it he doesn't need -- >> i just texted that to someone. >> did you >> yeah, that you both get dirty

when you fight with a pig. >> right >> i follow you on twitter what's your handle you have "morning joe,"don't you? you've got that locked in? you're joe @nbc. >> you went bigger. >> morning joe was too small for you. >> no, no. i couldn't do that because i know, my friend, that you are the original. >> joe comcast is a good one i might do that @joecomcast. >> that sounds great comcast, thanks, joe >> thank you so much >> what are you doing tonight? anyway, and another reminder, don't miss our cnbc special business on the ballot tonight at 7 p.m. eastern. the big lineup of special guests. when we come back, we'll get jim cramer's first take on the day ahead and a first interview with lyft's co-founder john zimmer

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a news alert for you, kohl's ceo michelle gas is stepping down at the beginning of next month and leaving the board. the company says she's accepting another opportunity. tom kingsbury will step in as the interim ceo and the board will form a committee to oversee

a search for a new ceo it sees earnings per share of 82 cents and that's well above what they were expecting. kohl's ceo michelle gass saying she's going to be stepping down and a new ceo coming in. preannouncing numbers that are better than expected >> it's up 3%. you hate to leave, announce your departure and the stock goes up 11%. >> yeah. >> let's get down to the new york stock exchange. you've followed kohl's >> i think michelle was under par for a very long time the numbers were really subpar but i love todd kingsbury. i know he's interim.

when he was at burlington he did such an amazing job. he may be the person that can turn kohl's around, which is why the stock is really jumping. the actual numbers weren't that bad. those who know kingsbury are always impressed what he can do. i know kohl's is going to be -- obviously has too much of the wrong inventory but michelle gass was simply not doing a good job and the board recognized that and i think the board took action and i think it's very positive very positive. >> market agrees with you, for sure, jim. we've been asking people all morning, jim, what's more important for the markets, is it going to be election day today, the cpi? or is this a long term versus short term >> i think it's election day it's possible that people who watch will think therefore if republicans do take the house and they take the senate, then it will be gridlock. you will be worried, obviously, whether they will have a big

fight about the debt ceiling in general, people i think feel that the republicans are better off. the one thing that will definitely happen, it will take the windfall tax profit off the table. i think that's happening in democrats stay in. >> that's a good point the energy sector has been a great performer. >> oh, yeah. by the way, speaker -- it would be speaker mccarthy. he's from kern county.% that would be the end. kern county is a big oil producer. >> very interesting point. jim, thank you we're going to check in with you in a couple of minutes in a couple of minutes "squawk box" will be back righ our clients come to us with complicated situations that occur in their lives. for them it's the biggest milestone, afte

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zimmer.y

welcome back to "squawk box" shares of lyft are feeling after they released third quarter results. slowing revenue and ridership levels that remain blow prepandemic levels the company said it was cutting 13% of its workforce joining us first on "squawk box", the president john zimmer. i appreciate you coming on after what has proven to be a tough

quarter. walk us through what you think is happening >> yeah. obviously, we got questions around continued growth as we are going into what some consider will be or already is a recession. i just want to talk about what -- we put up record revenue numbers, guided to record revenue in q4, adjusted ebitda in q4. the questions are around drivers and riders we talked about it on the call we saw we are on path for october that we hit record all-time bookings. from a rides perspective, which is where there were a lot of questions, we saw month-over-month 6% growth, higher than what we saw in 2019. so for us we're seeing market conditions, our marketplace conditions improve we're just going to have to continue to put up numbers that demonstrate that to our investors. >> do you think the investors are misunderstanding you're hearing these questions coming from them

it sounds to me like there's two issues they're thinking both on the revenue side but cost control on the other end. >> yeah. we're confident with the moves we're making and the dynamic we're seeing about the driver and rider side. quarter over quarter it was the best increase in active drivers in a year. and so, yes, we think there's some misunderstanding, but we're listening to the feedback. and we're continue to go work to put up those record numbers. >> how much do you think this is an issue of how people compare you now to uber, which in many ways is a different business >> yeah. that could be part of it i think it's -- it's just a broadly tough market environment, as we all know. we have had that comparison over the last decade. as you know, we have worked to outexecute any narrative that's what we're focused on now, let's build the best

business focused on north american rideshare which we think over the long term is the right strategy and will reflect itself in the stock. >> what are you seeing in terms of what you imagine comes in '23 vis-a-vis just the way this economy is playing itself out. what are you hearing from drivers? it's funny because we keep hearing everything -- the actual business is good but everybody is worried about next quarter. >> yeah. so what we said for 2024, we put out and reiterated even greater confidence in our 2024 adjusted ebitda $20 billion target. we have two main cases as well as cases in between. one is the growth case where we see continued growth on the ride side and that has us getting around low 20% bookings year-over-year growth and the other case is that we do see some slowdown. but one of the big costs in our business is driver engagement.

and we see more and more drivers coming organically to the platform over the last quarter and i expect that to continue as more and more people are looking for supplemental income. that will also help on the bottom line as well. >> how do you think about price something i mean, that's been one of the big prices post pandemic world the price of lyft and uber have been higher than they have been historically quarter over overwe saw on a per-mile basis, they came down for the last two, three years coming out of the pandemic, still catching up on service levels we have gotten the closest we ever were to the prepandemic levels the improving driver's side situation does help bring down the price in those times when there is a lot of demand like nights and weekends. >> i saw the average drive was a

$49 or $50 drive is that right? >> no. >> what's the average drive? >> upper teens in terms of dollars. >> upper teens in terms of total dollars. i think i might have been looking at airport rides >> yeah. >> in terms of fuel cost, how is that creating a pinch across the board in terms of what the drivers are now looking for. >> so on fuel costs, obviously if fuel is higher, that touches the driver's net earnings. we have seen fuel costs from their peak come down we added driver benefits to -- we have a debit card for drivers that has a large percent cash back for fuel benefits so we are working to help alleviate any of the pressure on fuel >> when you think about membership programs and trying to keep customers loyal, what do you think is really happening in terms of what the dynamic is

between uber, lyft and, by the way, even public transport >> yeah. if we go back to the beginning of the pandemic. there was a lot of conversation around everyone is moving to personal vehicles. we are seeing that shift back to rideshare use case we hit an all-tie high as a percent of total rides at 10.4%. we released our loyalty program. we are seeing that 9.99 where we are getting greater loyalty and greater frequency. we hit all-tie high per active rider. it's actually good for the entire industry. >> john, we will ask you, what happens if the administration puts in new rules that would

require you to recognize people you consider contractors as full-time employees. >> the department of labor you may be refer to. it put out guidance, the same guidance that the obama or quite similar to what the obama administration had it was expected they would put it out from day one of their administration and drivers were still independent contractors. we expect them to remain independent contractors. what's most important, that's what drivers want. the far majority want to be independent contractors and have benefits that's exactly the type of policy we're trying to enact across the country in partnership with drivers, groups and other companies in washington state we were able to do that in partnership with labor and i hope we can do that in more places. >> john zimmer, i want to thank you for joining us this morning. >> thank you hope everybody goes out and votes. maybe they will jump in a lyft to get to their voting booth

today. >> thanks. let's get a final check on the markets this morning we have been green but in wait and see mode are we waiting for the elections or the cpi probably a little bit of both. near term, long term the futures have been green. as i said, the nasdaq better than it's been most of the morning. up 72. s&p up 12 or so. and the dow jones as you can see. there's the 10-year. 4.193% we'll be talking about interest rates tonight, no doubt. talking about the fed, no doubt. talking about oil. oil about $90. it was weird yesterday i'm going to shut down all the coal plants and i'm not going to drill tphanymore. i'm not sure that's popular with the base maybe it is.

you can catch the three of us on cnbc 7:00 p.m. eastern time. sit business on the ballot jackets on the body. we've got a bunch of special guests are you going with a blue shirt or white shirt tonight >> i'm going to think about that >> with the jacket, white looks pretty good, the contrast. but i'm letting you know i'm going to wear one if you want to distinguish yourself make sure you join us tomorrow -- no join us tonight. you can't even get that right. "squawk on the street" is next good tuesday morning welcome to "squawk on the street". bulls will try to extend the bounce to a third day despite disappointments from lyft, take 2, trip adviser. we will watch election day results with disney. co