they were up 60, 70, 80 before and the numbers we saw at 8:30, and then we moved up to about to where they are right now taking out the ten-year two. that did come down a little bit. the yield did on the 4.6 we saw for the core pce next tuesday, i guess. got that going for us. a lot going on politically, but we cover money make sure you join us next week. "squawk on the street" is next good friday morning. welcome to "squawk on the street." i'm carl and jim david faber has the morning off. the best march quarter in over a decade futures getting a bump here from lower expected inflation data both in europe and here at home. bank lending stabilizing as

well stocks closing out the month and the quarter, on the best quarter since 2020 this inflation gauge rising less than expected in february, and senator warren is with us joining us live here in just a few moments. we'll talk some banks, crypto, and the fed. let's begin though with the markets going into this final trading day of the quarter and the month -- i was just thinking about the journey we have been on in the last 90 days, jim. we have been all over the map. > >> we went from being in an and i that was way too hot to thinking we were in crisis, and now no more banks are done, and we're starting to worry about inflation again, and we have to go to work maybe another hike, but i think this was the quarter that reputuated the yield curve isk i have been investing for 40 years, and i say the yield curve matters. what matters is innovation, and

franchise value. what mattered were companies that were doing better than we thought, whether it be s salesforce, or meta because they laid people off, or people who did something different like the k cell phone we can lose target here. the economists were zero help in helping our viewers. they were people like don't get me wrong one of the finest guys, but nobel prize winner, made you no money whatsoever i was trying to make money we have to step back and say, what's our role? our role is trying to help people make money, and if you focus on a two-year treasury and you focus on a ten, you focus on the wrong thing. >> right. >> and that's okay maybe you were focused on defense and you should have been focused on offense >> you have been obviously critical of the curve, trying to

tell people it wasn't an exact historical rhyme. >> no. >> now that false tell has been discovered, is there a chase what do you do at 4,100? >> at 4,100, you begin to realize that the analysts who are going to be driven, kicking a and screaming into scores that grow into the economy, strong or weak if we're worried about inflation or deflation, that means they kind of cancel each other out, and what we should be looking for are possible growth stories. let's use salesforce for a moment, and firing a lot of people and buying a lot of stock. that's possible growth, and one of the fastest growing enterprises for a company ever, and this stock has not taken out its high you look at meta and there's a piece today saying what you should be looking at is revenue growth you're going to have revenue growth, so meta is an expensive story. you look at alpha, and it's not

their time because of what nviddia is doing it's microsoft's time, and it's really for a lot of people, it's d dismaying and we say, do i have to look at apple again i don't care baseball season starts now i got to go back and watch baseball again no what matters is what's making people money, and it's terrific that you can make some money in the two- year, but nobody wants us to make money in the two-year they watch us to find nvidia so why not hunt for the next one? >> you're pointing to the numbers we got this morning on just the dash for cash as we called it. half a trillion dollars going in the money markets. that's since the pandemic began. >> those people were -- they were wrong, okay now unless they were big investors in regional banks, down 29%, they failed to see what the prize was, and the

prize was the pivot to profitable growth, whether it be by the way in industrials, whether it be in health care, whether it be in tech. >> media. >> whether it be in media that's kind of a bounceback situation, but it's -- there's nothing wrong with saying, maybe something changed for the positive i mean, we were doing our show last night and i was doing a -- i talked about crunch bars, looking in a credit crunch bag, and i came back and realized that maybe it was because of something that's so huge which is artificial intelligence finally kicking in, that the focus on where the two-year is obscured the notion that maybe we are in a new golden age of what to look for >> a new structural growth story, at least in tech. >> absolutely. >> it will create more jobs, fewer jobs is it good for the retailer? is it great for the banker that's what people need to be thinking about

>> wealth has a piece, a note this morning that mentioned micron, and you were talking about it a moment ago regarding china, but their view is the way the stock acted in light of the quarter, this enormous loss, you know, sort of guidance that was mixed, but their argument is that the street is more 2024 estimates. >> that'swrong the way we've traded, you have to look into when things move into eequilibrium. you have major moments where you have to buy and it we're in the major moments because we're two points away from equilibrium we don't care about that that's way too late. 2024, you've already missed the move and that's why you saw so many people pile into micron in what was definitely a suboptimal quarter. we're not going to tell you how to buy it because he's busy making chips because he's the ceo and he's sensational, but

you have to look at anyone who looks at micron since 2000 it's a hoot to see where it finishes, and any time it's two over, you have to buy. >> it's written in stone. >> speaking of two-quarters, tom lee, our good friend who's often bullish, points out last night that we're going to have two consecutive quarters of s&p gains and you don't see that over the last 50 years in a bear market, and it solidifies that october was six months in a new bull. >> i'm with tom. >> you are >> look. it didn't start with the traditionals i mean, when you go back to when it started at the beginning with the industrial moves, and also in health care which is odd at the same time because merck is the bellwether there, and next thing you know we had technology one after another. usually all the technologies bottom at the same time. you see the data center, and

these are the ones that just roll, and they're almost all done, and so therefore you have to buy now people -- they're still focused on the unprofitable, growing stories, and those don't have any interest to me. they just don't cut it there was some note today about okta which a lot of people feel you put on the table okta no it's a very good cybersecurity thing, and they pivoted. if you pivoted, i'm in they realized, we've got to pivot, and his company will be added to the s&p very soon, and there will be a short one, and it'll go to $224.50. >> we should make a list of the companies that were first to get religion. >> i got them. it was really great to see what happened as they got together and said, you know what? let's stop losing money. let's make money, and it was classic. when we come back, senator elizabeth warren is with us.

her push for tighter banking regulation after the collapse of svb and signature bank. >> coming out of the 2008 crisis, congress put tough banking rules in place now big banks hated them, and their ceos lobbied hard to weaken those rules ultimately congress signed off, and then it got bad, really bad. regulators burned down dozens of safeguards that were meant to stop banks from making risky bets >> a lot to talk about with the senator. she's going to join us here after the break, and take a look at the pre-market. the number of the week was really core pce. three-tenths lighter than the four-tenths we were looking for, and with, that you saw the two-year yield come in just a touch. back in a moment that we had the same birthday. yes. it's really unbelievable when you think about it, because it's been, like, really over 20 years that you were my mother and father's banker, you became my banker and now

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our next guest is adamant about changing in banking regulation, and is calling upon the sec chair to investigate trades made at svb before it failed here at post 9, senator warren, democrat from massachusetts. it's good to have you. >> morning good to be here. >> we've talked about this several times since the crisis began. what is really motivation and the point of what you are trying to introduce >> look. what i want to do is get banking where it ought to be, and that is boring. banking is supposed to be there for putting your money in, and you can count it's going to be there, and that's true if you are a family it's true if you are a small

business trying to make payroll and pay the utilities and the problem we've got right now is that ceos have lobbied congress to weaken regulations. donald trump ran on weakening banking regulations for the multibillion dollar banks. i'm not talking about the comm community banks. when donald trump got elected, he put in weaker regulators and went to congress then and said, we could give more authority to weaken the regulations, and now here's where the ceo is. they lobbied to get it and then what happens jerome powell mows down dozens of banking regulations ra ra ra ra ra randy quarrel as you remember says, we're going to change the banking regulation the ceos said, we heard you. they load up on ricsk, boost

their short-term profits svb's profits went up 4% in three years. they paid themselves huge salaries, huge bonuses and then exactly what we would anticipate the banks explode and the taxpayers have to come in. >> senator warren, if you are running a charity in massachusetts and you've got $700,000 in one bank, do you have to reduce that to $250,000 because of what happened with silicon valley >> so this is why we need to make the fdic insurance caps come on. we should not be asking a non-profit -- we should not be asking a small business or a medium-sized business. go check out the financials of your bank before you deposit the money you're going to count on in order to be able to make payroll. so we need to raise it, but i want to make two points. >> okay. >> if we are going to raise that fdic insurance, we've got to make sure first, that we've got steady regulation over those banks.

more regulation over the banks, and second, those who take advantage of the bigger numbers are the ones who have to pay for it you're a community bank, you're happy at $250,000, everybody is there, then you shouldn't be paying for the higher risks associated with a higher deposit level. >> so there's a perception in this country that as long as you don't steal from a bank and you're a ceo, that you're fine, but it's okay to turn our whole system upside down and get paid mightily and also sell stock. >> yeah. >> now if you made executives give that money back, would their behavior not be a little bit more aalluring >> my whole idea to is to say to these ceos, hey.

few load t if you load up this bank on risks and that bank explodes, you're going to lose those fancy bonuses and those stock options because we want to say to bank ceos, if you are the kind of guy or gal who wants to roll those dice and take the big risks, don't go into banking. banking is not the place for you. banking is about steady profits. they should absolutely be able to make profit, but when banks load up on risks, they put depositors and small businesses at risk, and what we've learned, they put our whole economy at risk so we've got to make a change there. i've got a bipartisan deal to do it. >> who would disagree with that? >> your mouth to god let's make it happen can we call a few of our friends in congress right now and say, jim kramer said, who disagrees >> you almost bring down the

system and you were able to sell stock right ahead, it might be something that says, maybe you shouldn't be in banking. maybe you should be in another company. >> let those who want to take on risk i'm all for it just not in the banking system, but it's also important. you've got to look at everything that broke here. it's also that we've permitted the regulators to take their eye off the ball banking is a regulated industry for a reason, because of its impact on the rest of the economy. we need the regulators right now, just as joe biden said yesterday. they need to start tightening those regulations down right now. jerome powell needs to do 180 degrees and all those regulations that he mowed down, he needs to stand back up, and congress needs to toughen the laws so that the regulators never get a chance to do this

again. >> have you ever been in a position where you looked at banking and thought, parking lot of it was overregulated? because there's a school of thought that we, unlike a lot of countries, benefit from having so many banks, especially at the community level. >> i think that getting it right for the community banks is powerfully important, but the community banks are the ones who are doing the on the ground lending to very small businesses, and that is a crucial part of our economy, and they know those businesses you know, they are in the business, or they are in the local restaurant business. they know the scene. >> that's what svb would have said about tech. >> i'm sorry when you talk about being from, i don't know, a $50 billion bank to a $200 billion bank, i think you're bigger than that community bank, but you remember that is exactly the argument that the ceo of svb made back in 2016, came to washington,

knocked on doors, and said, weaken the regulations because we're just like that little community bank down the street, and the answer is, no, you're not. you have the capacity to bring down our whole economy. >> senator, warren, you and i don't see things eye to eye. i like to bring things to the party, but one of the things that happened here was the speed with which the money was taken out with rich cabal. i met with the ceo of nvidia he said, they should be flagged money immediately when the money is coming out, and he offers technology would do that literally you could do it with this new ai. why not go a step forward and say, you know what all banks have to have realtime, instant withdrawals to prevent this from bring down the banking system. >> that's an interesting idea, and you'll never find me arguing against faster information,

better information, more acc accurate information, but i want to say the time to fix this problem was not the morning the r run started. it's measured in years that we should have got there, and the fact these dang regulators knew there were problems and said, hey. there are problems and you should fix them, and then when the problems didn't get fixed, continued to cover their ears and their eyes, no that falls on the regulators shame on them. >> really? because barr would argue we can't do their jobs for them wel we can alert them and alert our own staff to the programs. >> that's not what i hear barr saying when we talk about managerial failures and there are clearly managerial failures here that's what we have been talking about. that's why we regulate them. the regulators are not there to stand by and say, you're not hedging your interest rate risk.

no it is the job of the regulators and supervisors to step in and say, you either fix this now or we're going to come in and fix it for you so the regulators fell down in their supervision of the management, and they don't get to back off and say, oh, that's a management problem it's a regulatory problem. >> let's talk about something else where the fraud is rife which is in crypto. >> mm-hmm. >> i had tim masset on he said there's something called finance. it's a rogue app it's not based in the united states, and it's committing fraud left and right how can you protect us from app thaapps that do that or say, they're over there >> we have two kinds of approximate. there's the problem of all kinds of fraud, and you name it. this is what we have been dealing with for woeell over 100

years. how do you manage those kinds of frauds the second question is the question about money laundering, and this is about using crypto as a way to pay off drug traffickers, human traffickers, terrorists, ransomware and fade international sanctions. here's what we've got right now. there's a set of rules that applies to all transactions for banks, for credit unions, for stock traders, for gold traders, for credit card companies, for paypal, for western union, but does not apply in the same ways for crypto where i want to start, i'll go back to your idea, jim who could be opposed to this let's get the same set of rules on money laundering and know your customer that apply completely across the financial system let's make it apply in crypto. >> are they securities

is crypto a security >> i don't have to answer that question that's the beauty of this because the idea, it applies to gold traders it applies to stockbrokers it applies to banks. it should apply to crypto. >> i think it's rather remarkable it hasn't extended to that, but i think -- >> i'm working on it. >> i know you are. >> it's the bipartisan bill. >> let's go back to the regulators they're faceless. >> mm-hmm. >> when they go to the supermarket, no one looks at them and says, that's why i can't get my loan. they go about their business as if they did before a concept that i always recognize that you believe in is shame. >> yeah. >> how do we introduce shame back into the system >> i think that's a very powerful point apparently we've got to call them out, right now. when you are in the middle of a crisis, one of the reasons it is important to shame the

regulators who took their eye off the ball is that's sending a message through time to every regulator tomorrow and next month, and next year you will be called out on this, and i think that is one of the best ways we can do this also, we got to hold those at the top accountable. you know, i get it jerome powell did not actually go supervise an individual bank. >> right. >> but if the person who is ultimately in charge for the regulation of these multibillion dollar banks is ashamed of what he has done to weaken the system overall, and that his regulators took their eye off the ball, that means the next person who sits in that chair will take a tougher look at the people under them. >> and the resources are there >> you have to have good resources or you don't have good regulation. >> we have to talk to you about the former president's indictment how do you think this is going

to play out? >> this is a very serious moment in history for us, and -- but i see this as, we are showing one of the fundamental tenets of a democracy that the law applies to everyone equally. no one is above the law, not even a former president of the united states. >> well, look. i think that you always speak common sense i think there is a sense in america right now that we were deeply let down by regulators, and everyone is upset, but it was three back you know what? you're absolutely right that the system failed americans, and we have to expose that, and you're doing a great job. >> and make changes. and we can do that >> totally great. >> we'll do some debt ceiling next time. >> you bet i'm ready. >> thank you senator elizabeth warren. >> thank you, senator warren. >> thank you. let's look at the premarket as we wrap up one final opening bell of q1 back in a moment

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a little reaction to our interview with senator warren a moment ago, jim. >> i believe that people believe senator warren represents a radical fringe, but she's really fighting for the idea that you can get a loan from a community bank, but a bank out west that had billions may have made it so that's hard for you, and that's much more of a heart consideration than an ideological inflation. >> kind of like how powell says i'm trying to fight inflation so that we can work over the longer term. >> we have responsible people to make sure who the disenfranchised people in this country, which 85% of the country doesn't make a lot of money, and somebody has to represent them, and what she's trying to do is having equality in the system, but also protect people from -- from those who get away with anything and they get away with anything because the law doesn't say you should get your money. it's the silicon valley people

who sold stocks who say, you have to pay it back. she's against the shareholders paying and very in favor of getting that pay i think that's terrific. >> we're wrapping up the bell. celebrating its idea as nasdaq, the world woman foundation celebrating women's history month. speaking of wealth, let's look this here as we hold 46 feet >> did people who bought the last four say we had to have a recession, and it's still backed up by the ten-year, and refused to look at the companies that are actually in the s&p 500 and see how they're doing, and the vast majority of them are doing quite well

there are very few that have actual credit issues that could, of course, extend. you have commercial real estate and car credit issues, but for the most part our technology companies have fantastic balance sheets and are not affected by this. >> by the way it's not just the lighter than expected inflation, but pmi, china, 52 you have to go back to 2011 or something like that? >> the consumer spend in china, we keep reading these articles what just a revolutionary position than they were from six months ago, and if you listen to one of the students of china, he says it's going to bounce back they're going to travel. they're going to go out and do this, and a lot of people felt like somehow the chinese people would be chastened i'm looking for the prc. the chinese people themselves, i think if they were here, they would say, this place is fabulous this place, i like this place.

>> yes we've seen that in the past, right? >> yes >> we've shown the tape of the ipo day. >> they have to bring back, and needed a solid cap i think they're stuck. they don't know what to do if you are that, you have to -- you really have to -- that distracts you, but maybe they think that tiktok is a stretch in our country because micron -- cybersecurity and micron, they beat the chinese in 2020 in a lawsuit where micron accused them of stealing, and they won micron is just a political football the fact that the stocks are down $2 is a tremendous opportunity because it really doesn't matter that company's fortune is not made by china. >> you think the review is toothless or -- >> i think it's -- let's put it this way i think it's mean-spirited and i think it's pointed, but what matters is that pce was down

37%, and won't be down that much this quarter. >> speaking of china, reuters has a piece today. elon musk plans to visit and wants wo meetto meet with the pr he argues chinese rivals now are offering competitors to the three and the y that are forcing tesla to lose share. >> i enjoy it very much, the strategist that put up a piece that made me feel like as great as i think elon musk is, the actual basic structure, minerals, work force, for chinese evs is so powerful that it would be good for musk to go over there and actually say, okay, look what can we do to expand our business we do not have a low-cost -- the lowest cost, but we want to be the premier chinese power company. >> as youlook into april, jim, what can go wrong? >> well, look. i mean, first republic can

certainly go wrong can people stop taking on schwab already? schwab is a product. it's a great piece of research today about how schwab makes a lot of money >> i got you >> one of the things i see people recognize is the banks people going after were not making a lot of money. they used to be the example, where they made a lot of money, and it was a georgia bank and they are making a lot of money, but a lot of things can go wrong. we know that they came out today and said the banks are going to come in, and they're going to be very, very interesting it's going to bwork i thought that was, you know, first of all, we're far from when they print, but i don't like -- the banks are not the strong suit here that you want to start earning season, and i do think this is the first season that we will see raw costs down and up, that will be saying gross expansion we'll see some better revenue m numbers. i like costco here, emblematic

of what i see happening. looking for a better bargain, lower costs, trading upward into the kirkland brand, trading every five years right about exactly monday, and that's the stock. >> really? so that is from a consumer standpoint, that's a defensive posture, right >> yes you don't have -- there is a -- in people's heads, they're worried about layoffs, but the layoffs are concentrated on netflix and roku and -- i use those two because they're current, but they're in silicon valley according to paychecks which is the largest process in the south, it's the easiest ever to get a job. can i just say, you know, i appreciate what senator warren was saying, but j. powell came under attack from her, but if you look at what he's doing right now, he's taking himself

out of the equation. if you are a stockbuyer, i think he's saying, listen. we'll do it if we have to, but we're at the end of a cycle and at the end of a cycle, it's fire in the hole for the bear. >> for the bears, yeah that's what the wells points out today. if you look at the last four tightening cycles, the last hike, three months later, average gain of 3%. >> that's what happens, and so look we're in one thoof those moments where i saw a drawer, and it's, like, buy microsoft. the rigorous way that money is won in this country, and microsoft and nvidia still works and i think apple could say, the cell phone market is just okays but there's a lot of companies that could do something tomorrow amazon can do something tomorrow

to make it so that the company is more valuable alpha could too. i don't think they will because they're deer in the headlights b you there are a lot of companies that are doing very, very well there was an amazing piece out by morgan stanley about ge versus boeing aiming for the skies and i don't think people are even talking about ge is doing. i mean, this thing is a horse. ge health care by the way too. you can get ge because aerospace is going to be good. there's a lot to like. >> boeing by the way also reiterated bernstein today >> very solid piece. makes a lot of sense. >> isn't that assuming we -- services hold up travel holds up? some of those -- some of those names got doubted the last couple of weeks. >> the query has a better handle on travel. he's very bullish. gen whatever letter is coming

next, brian chesky is very bullish. these are the pieces that i have that say we're on money and short time people want to go out and do things and travel because we went for a period where we realized that all of us could have died, and there's a lot of habits that have changed >> yeah. >> and the strategists are so sbiz s busy looking at the tenure, that honestly -- they should really rethink how they analyze what we do for a living because there have been major changes in consumption, and you can catch those and make money there have been major changes in what's going to happen with the work force >> and money supply, all kinds of weird wild cards. >> yes i think you have to back away from the -- what got you here which is very close to what the 20 and 30 are saying and instead focus on what holmes is saying

and lalar nard, and how the hom builders are doing fabulously. if you break it down, carl, you realize that people have to take the quarters home and read them. it's not enough to book it to ten. >> we've talked about how there are too many companies not enough of us >> so i go home and my daughter's home. she goes, what are you doing i'm studying petco that's just you. i said, yeah you see? that's what i do >> you need me on that wall. >> that's kind of my job, and but -- these people, instead of taking home a quarterly report, and i remember i used to trade with kramer. she would say the 30-year. how did you find out how that's doing? wow. i bet you looked at the screen they're looking at the screen.

i mean, go study go study the sl green. go study bernado go study them, for heaven's sakes. >> i'm so glad you brought up the office companies deutch has lifted. we don't have them for a long-term hole. >> i looked at federal realty, which is the largest one doing incredibly tanger outlets doing really well then yes, we have sl green, and i'm not going to let those determine my thinking. commercial real estate i mean, the fact is you read the amazing interview we gave recently, there's a building, and it's a salesforce tower, the largest west of the mississippi, and you figure it's a ghost tower because thit's cleared out there are many people who want to lease in that building. >> really?

>> yes this is crazy. >> they concede almost 19% >> i didn't want to -- i wanted to just say i didn't read it it was too good a story to check out, but the fact is the boston property said, listen. we can lease that. they they have a lot of older buildings and they're doing well do you know who else is doing really well? timeshares timeshares we know they're not bought you sell timeshares and they need financing, and marimarriot and their timeshare and the wyndham, they're doing incredibly well. how is that possible it's better than expected. when you take the mosaic of companies, it's hard to find -- i didn't like it, i didn't care for the big company's quarter or carmax autofinancing is very tough, and it's something yesterday you go and you realize that's a very high rate i'll just go buy my car

that is what i'm worried about the price of ford and the price of gm stock both worry me. they're indicating to be too bullish about that industry. auto is a worrisome sign right now. so if you ask me what could go wrong, i'll say auto. >> gm will be available tuesday and present next week. >> what's not playing a role is self-driving, and electric vehicles not playing a role, not big enough, but what is playing a role is the american consumers kind of right now are starting to take down more debt >> savings rate. look at that this morning. >> i know. >> we're get, you know, balance sheets are going to get a second look at the kitchen table. >> i think that's right. i think that's absolutely right, but if you are traveling, i mean, life is too short to worry about your capital one card. >> chips today, jim. i don't know if it's the micron

headline, but it is micron >> they were up huge yesterday so the way the cycles work is that what micron says that things are bad, you need that both supply and down supply has to come down and demand has to go up, but the way you have supplies go down is they stop getting as many orders that was wrong it's just not -- history says you don't buy lam research materials. you can't repudiate these. this is the quarter where they make i think the semis are being logged by analog devices, and it's doing quite well. that's what i would focus on against my -- that's my two.

>> some of the intel for example, the biggest dow, and it's been the biggest winner >> intel, you can just say it's just not active. it's just not that bad i mean, that's not why i got in the business was to say, that's not that bad when you look at broadcom they're doing quite well when nvidia goes down, you buy them >> there's a 78-talk that jensen gave you which explains everything including what i said to you when i mentioned to senator warren, how do we talk the bank crush? all you have to do is we can do it -- the moment a big transaction comes to take that money, we can flag that to the regulators, but right now the regulators get this the next day and that's an example of what he is thinking about. the other day michelle joined

the board, and i bumped into her here to congratulate her and i said, it's time for wendy's to put in someone who understands 28 languages and never gets the order wrong. that's jensen again, and if you can buy microsoft, you can buy through alphabet, and through oracle or go right to jensen i mean -- not really right to jensen there's some people there. >> you got to get you first. >> when you look back at this quarter, it's going to be the quarter where chat gpt changed the world. jensen delivered to people 17 years ago. that's what it's about, and i remember in 1989 -- i remember when intel closed down its business and went heavy into microprocessors, and i said, what are you guys doing? they said, we're going to make a personal computer, and i said, with the power of ibm, and i

said, who is going to pay $2 million for personal computers? no, no it's going to cost $99, and we're there. we're there. people who are focused on everything else, carl, are missing maybe one of the greatest moments in history. this changed everything with steve jobs what they're doing is changing em everything, and if you are going to sit there and say, i'm worried about which bank is next, you'll lose sight that this the the quarter the revolution began. >> no wonder you're so skept. >> caller: ab-- skeptical to wat six months. >> i can't >> you don't think that's tenable? >> no. i'm busy trying to figure out whether there are more or few jobs to be caused by it. i'm not as threatened by it. elon musk is worried about it. always good to talk about it jensen is talking about it he says the first thing about guidelines and making sure we have bumpers, but to matters to

me is there isn't a business right now in this country that isn't sitting down and saying, what do we do about chatgpt? what do we do about artificial intelligence we're going to be overrun by our competitors and that's going to the top of the queue not the so-called credit crunch, and when i get off with ceos, what do you want about credits we're worried about the other guys are going to use the nvidia by solution. by name by the way this is not some private label >> it explains the performance of the quarter historic. >> it's on amazon. >> i have to worry >> i think that amazon, and it's something about the challenge that might cost $15 million in cost revenue everyone has to come to terms with how we're going to use this, and jensen was saying, nobody care. three months ago, and 150

million people looked at that, and then the world changed and we cannot be as a network the same as we were three months ago. >> clearly not. >> we can't. remember, the great thing about it, it's not an avatar it's you. >> yes >> you know what i was thinking. i want me to interview me because jensen developed the philadelphia -- he said he had to work the whole weekend on the philadelphia accent. people can -- i know i mean, look i guess maybe i'm lucky enough to have spent enough time with him, but i'm unbridled in that when walter isaacson has finished whatever he's working on, next is jensen huang >> chicago pmi hitting the table as we have been talking a couple of moments ago 438 is the number for march, compared with 43.6, and we were looking at 43 even

looking at the market, the dow is up 170 as well as we got not just chicago pmi, but all spending and all numbers point to core pce as the headline today. a tenth lighter. >> it's fine it's fine. look see those treasuries i would rather see ripple. i mean, honestly just put off what's working and what's working is the revolution in this country right now about how to deal with the work force and productivity, and artificial intelligence >> dow up 170. we'll be right back.

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housing and energy is another one the fed is watching, increasing 3% in february and that was also a deceleration from the prior months. so it's moving in the right direction. the question, is it enough for the fed? we had three fed speakers out yesterday all kind of hitting the same note, which is there's more work to do on the inflation front. i think we have boston fed president susan collins. here's what she said >> i currently anticipate some

modest additional policy tightening and then holding through the end of the year. of course i'll be carefully watching a range of indicators, including data on inflation, spending, labor markets, and financial conditions i do remain optimistic that there's a path to bringing down inflation without a significant economic down turn >> more messages from cash carry, from barkin yesterday, the market ignoring it the market and fed different perspectives when it comes to how much they have to do on inflation. maybe we'll get one more hike. we're not fully pricing that in right now at this point, but the whole staying at restrictive levels to keep inflation down, the market is still assuming cuts and i think it depends what happens with banks the banking is only 3% from the march lows so we haven't seen a huge bounce there. >> it's interesting. yesterday mike mayo said the fed

liquidity, sort of resolving th weakest players, we'll get new regulars but probably no capital raises immediately, and they think the bank discount will come off of it crossing the tape, we were looking for 63, and it's 62, one-year inflation expectations low nest almost two years. >> that's a good sign at least for fed. we know they were watching expectations and the pushback, if they raise rates again, if they do keep speaking hawkishly, is going to be -- are they watching inflation expectations they said this was more important to them by a lot of metrics including in the market, 10-year break even, all of that. inflation expectations are coming down. and that should be good news for the fed and should give them some time if they want to pause and see how the hikes are getting through to the economy, then they can do that. we're showing -- we've got this great

priced in already. what happens if it doesn't happen >> there's that, but i think the upside case would be if they do move swiftly to start cutting it avoids the worse of an economic downturn >> yeah. so here's my problem, right. my problem is on the way up, right, the bull case was the economy is no longer interest rate sensitive, we don't have to sell off stocks because these don't matter as much because balance sheets of corporations and households are so much more insulated from interest rate risk well, if that's the case, why would it suddenly reverse if interest rates are cut that's the point here. i think that this is a market that is very, very stuck in the glass is always half full and needs to have a ka pitch la tif event for there to be a true new bull market begun. >> yeah.

you're certainly not alone on the street on that front, lisa that's widely shared view among some very large strategists. thanks good to see you. >> good to see you here's our roadmap for the rest of the hour elizabeth warren taking aim at banking regulators around fed president mary dailey. and march seeing a jump in the number of chinese ipos and more on the biggest winners and selors this quarter. nvidia and meta surging. regional banks under pressure. what does it mean to be ever better? its your customers getting what they ordered when they expect it. discover how ryder ecommerce makes your customer's experience ever better.

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banking is a regulated industry for a reason, because of its impact on the rest of the economy. we need the regulators right now just as joe biden said yesterday, they need to tighten those regulations down right now. jerome powell needs to do 180 degrees, and all those regulations he moved down, he needs to stand back up, and congress needs to toughen the laws so that the regulators never get a chance to do this again. >> senator elizabeth warren joining us in the last hour to talk about the banking crisis and the need in her view to tighten regulations. she pointed financial kwer ed f chair as well, arked for a more

robust stance than the regulators certainly by vice chair barr in his testimony this week >> she's gone after them for undoing in 2018 some of the do dodd/frank legislation i don't fully understand she's arguing that the deregulation leads banks to do risky thing, buy treasuries, but that's not risky they had all the deposit inflows coming in during covid there was massive stimulus flowing, and they put it in treasuries the problem is, and you can criticize the bank for mismanaging that treasury risk and automatic sorts of cheap loans to venture capital, you know, but the regulation piece is unclear, first of all, what keeping stress tests on those banks would have done, because stress tests go for lower rates, not higher rates that's already been disproven. the fact it would have been more in the radar on the top, there have been reports already that

the fed has flagged risks in the notebook and that the banks either didn't pay attention or didn't follow up so, sure, there might be regulation, and that's what certainly a lot of the bank analysts are expecting and seeing in the valuations of these stocks, but we have to figure out what type of -- it can't be blanket regulation because it's not clear that there was that big lapse in terms of risky behavior if this case. >> that's why i think there's been sort of a benign view at least on the sell side about what the regulation is going to demand of these banks in the near term and why we're going to pay such close attention to this review of the fed. we're going to find out a lot about what they knew and what people were saying about the bank and what people were doing at the bank. >> do the review before you talk about what regulations you're putting in place speaking of the banks and the growing criticism around the regulators continues to grow around in particular fed president mary dailey.

silicon valley bank happened in her district earlier this month. steve liesman has new and surprising reporting on how involved she may have or have not actually been here in supervising the bank what have you learned? >> san francisco president -- >> oh. d steve, are you there no we heard his voice for a moment. we'll have him when we can get it sorry about that >> we'll fix the audio issues and get back to steve. biggest laggards on the s&p today, chips, micron not helping the space on the wake of this headline that the chinese are going to review micron on a cybersecurity basis. but the dow is on pace for best week since november. stay with us

now let's get to steve liesman. we've fixed his audio. concerns around the

san francisco fed and mary dailey watch you learned? >> herdistrict is the second - saw the seconde elargest bank failure in u.s. history. she's become a target of criticism. she would not have been involved as a key player in the bank's supervision according to several fed officials. you have a highly centralize dead sign to the fed's oversight of large banks like svb. it protects supervision under the fed board of governors in washington regional fed presidents can be more orless involved in monitoring a situation, but the key decisions and policy enforcement would have been taken by washington, not by the regional bank president. a former bank president told me she was not in the chain command. supervisory action taken by the staff would have been cleared by washington daly and the board of governors in washington declined to comment. regional bank presidents do

directly supervise the smaller community banks, those under $100 billion in assets while the big bank examiners work in those regional offices and they can be hired and fired by the regional bank president, the bulk of their reporting for big bank goes to the board in washington so, when it comes to these things, they call them large bank organizations of greater than $100 billion but less than $250 billion assets, supervisory policy is made in washington only the board can decide on enforcement actions. in the case of svb, the strictest enforcement actions were not taken none of this explains the supervisory failures surrounding svb. it does suggest the review and what went wrong points more heavily to democracy on the board leadership than perhaps san francisco. it does raise questions about the fed's structure. should more authority be delegated or responsibility given to regional presidents and does the fed put enough priority on supervision compared

to monetary policy one former official told me daly is not going to emerge blameless in this ongoing review, but there's no way to say she was making the most important decisions surrounding the bank's failure. guys >> it's really helpful context because i have heard people point their finger at her and at the san francisco bank in particular i think it's why you hear senator elizabeth warren, steve, blaming jerome powell. i don't know if that is deserving or not, but -- and she's aimed at him before far number of reasons, but she puts it on him. >> you know, it's interesting to point that out because remember from the testimony that we got, barr, the vice chair for supervision, says he's not presented with this until february 14th, i guess it was valentine's day, that they learned about the problem of interest rates simply as silicon valley bank. and that apparently is also the time since the fed chair would learn about it and the board, and of course a month late ter

bank goes under. a couple questions there why does it take that long for a problem with a top-20 bank to filter up to the vice chair? and then should the fed chair himself be more involved in it then we just don't know what daly knew and when she knew it, to ask that famous question, but in general, the reporting lines go from the bank examiner to washington and not up through the regional bank president. >> as we said, we're going to learn, that's for sure, in time. steve, thanks. this grand jury in manhattan voting to indict donald trump, the first time a sitting or former u.s. president will face criminal charges an arraignment is expected next week eamon javers is in washington with the latest. >> the latest guidance we're getting is that the indictment won't be unsealed today, so that means we won't know the charges or the evidence until later, maybe as late as the former president is expected to appear in court on tuesday.

we might learn it then two sources tell nbc news that there are about 30 counts of document-related fraud charges in this indictment we'll wait to see what those are when it's unsealed the former president issued a blistering statement about all this last night saying, this is political persecution and election interference at the highest level in history now, we don't have, as i say, those specific charges in the indictment yet, but we do have word from trump's attorney confirming that he has been indicted we do know that the manhattan district attorney alvin bragg has been examining the circumstances surrounding a $130,000 hush-money payment to former porn star stormy daniels back during the 2016 presidential campaign. so, there could be charges in here around falsification of business records there could be charges around campaign finance violations. we'll wait to see all of it. this all raises the specter of a former president of the united states being arraigned in a new york city courthouse, fingerprinted, photographed for a mug shot, even as he continues

to receive protection by the secret service, who will be there with him in manhattan. in a statement about it, manhattan district attorney alvin bragg said, we contacted mr. trump's attorney to coordinate his surrender to the manhattan d.a.'s office for arraignment on a supreme court indictment, which remains under seal the question that no one can answer is how is this indictment going to play out politically? how will it affect his political support? will his base rally around him or will supporters start to say this is one thing too many, we're going to look for another republican alternative we just don't know how that's going to play out yet, carl. all to be determined we'll see what happens in manhattan next week. >> all right eamon, thank you digital world acquisition corp. is surging today more attention, i guess, on that micron shares are falling amid some fresh news from china's regulators this morning. let's get to kristina partsinevelos for more what do we know about it

>> chinese regulators are targeting the u.s. company and actually the timing may be suspect. so, today chinese regulators said they plan to look into micron's chip sales with network security risk caused by, quote, hidden product quality i bring up timing because t taiwan's president is in the u.s. visiting our country, and japan also announced it's blocking sales of advanced semiconductor equipment into china following europe the u.s. export controls have been pretty stringent on tools going to china but a warning, it does not say if micron exports will be halted now, which shouldn't have an immediate impact to revenue, although you can see it is affecting the stock, down 3% as of fiscal 2022, china and hong kong represented 16% of micron's total revenue with redbush saying if china cuts off micron, micron should be able to

find other regions to fill gap, but expect a short-term cut. as for china, they can get memory chips from samsung and others from micron, if they want to, which could drive up memory pricing so eliminate one of the three main exporters out there more headlines like this should happen in the next several months or so given all the u.s. aggression to limit china's ability to grow its domestic chip supply. so, micron could be the target because of taiwan's president here, and of course the aggression coming from the u.s. to limit exports to china. >> i was going to ask you if there was anything micron specific here, versus some of the others, and would make it more sensitive to this type of review >> the specific thing is china can work around micron, whereas china can't work around nvidia, amd, and intel, so should they go after those company, you'll

have a bigger impact to their revenue lines and china would be cut off. go after the smaller player right now, threaten the united states, show they mean business, and then see what happens. but i waouldn't guess they'd go after the big guys anytime soon, but who knows with the aggression between the two countries. >> kristina partsinevelos, thank you. kpmg's chief economist diane swonk out with a warning for the fed -- take a breath she joins us next to what extent plain why as she says, quote, the hardest mile has yet to be crossed when it comes to inflation. we planned well for retirement, but i wish we had more cash. you think those two have any idea? that they can sell their life insurance policy for cash? so they're basically sitting on a goldmine? i don't think they have a clue. that's crazy! well, not everyone knows coventry's helped thousands of people sell their policies for cash. even term policies. i can't believe they're just sitting up there! sitting on all this cash. if you own a

life insurance policy of $100,000 or more, you can sell, or a combination of cash and coverage, with no future premiums. someone needs to tell them, that they're sitting on a goldmine, and you have no idea! hey, guys! you're sitting on a goldmine! come on, guys! do you hear that? i don't hear anything anymore. find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com.

inflation is moving in the right direction. let me show you the sectors today. true tech started and ending the quarter in the leadership position, but it's changing. all this week, we've seen moves up off the bottom from reets, from consumer discretionary, hotels are move, industrial stocks are move, so the leadership is changing as we end the quarter. i don't want to take anything away from big tech this is breathtaking the you look at the big five or six tech names for the quarter, look at the moves up these are the biggest market movers when they move double digits, you'll move the entire s&p 500 how much let me show you how much these have moved the s&p 500 we're up 6% for the quarter, but the equal-kwweighted s&p is up only 1.5%. that's very important. that means those big five, six, seven tech names are pushing the whole index up and everything else is sortover underperforming. things are changing. look at the leadership this week not banks. look at this

schlumberger, delta, boeing, ford, so you have nj, boston pr properties, really those are moving forward what's happened suddenly to account for these leadership changes? the bank crying sis is creating hope for a top in the whole federal rate hike program here the yields are higher. the banks are back to normal is this the whole goldilocks case is it too good to be true? this modest recession will bring down interest rates and help with the fight against inflation, around corporate earnings are going to flatten out but no longer keep dropping. there's the goldilocks who knows if it will keep going, but we're 150 points off the bottom just three weeks ago. back to you. >> very different picture, though tech is going the opposite way

of these sectors, especially bank stocks. thank you. let's get back to the macro outlook. kpmg chief economist diane swonk joins us how do you read the spillover effect from what happened in banking this past month for the economy? >> well, it's very important because, first of all, the financial fragilities that were revealed were global in scope. psalm, we know that the bulk of the credit tightening not only related to the events of the last several weeks but related to the lags on monetary ol pol si tightening are still ahead of us at this point in time, to think that you can calibrate it even by moving a quarter of a point at each meeting by the federal reserve, which is what we've heard in unison, even from those most dovish on the federal open market committee yesterday, susan collins, and she said there's more work to be done we heard it from tom barkin as well all of this echoes of we're still going to raise rates at a

time when, i don't think they need to cut rates yet, but we don't have a lot of view on the finish line. i said, you know, inflation is like a marathon, not a sprint. we haven't yet hit the hardest mile and we now can't get a real focus on the finish line in order to get over the finish line without causing a much deeper and more scarring recession, i think the fed needs to take a breath and get focused and get some view on what the terrain ahead is going to look like i think there's a lot of potholes in the rest of this marathon that they don't want to get tripped up in that could cause a much deeper recession and much more cooling of the economy, a chilling to a freezing point is not what you want to have at this stage you want to cool the economy >> right >> and i think that's a very difficult high wire act. >> yeah. i was going to say i think the market is with you i think that's what the market is telling us, right it's time for a pause and then for cuts and don't make a

mistake here but that's not what the fed is telling us do you ultimately think there is going fob a mistake made >> i do think the risk of a mistake just went up quite dramatically, and i think it's poornt too, the goldilocks scenario is not really out there. this is not a mild situation it is -- nonlinearity is the word we're hearing from central bankers over and over again. the effects of this compound once you get a rise in employment, it doesn't necessarily go up but only a little bit there is no garden-variety recession out there. it can get out of control very rapidly. and that doesn't mean the fed is going to be cutting to zero unless we have a full credit market seizure, which of course they want to avoid as well i think the financial markets have gotten a little bit too much into the idea that somehow there's no pain with this. it's not a goldilocks scenario. i think the risk of a misstep is much higher, which will hit profits as well. it's not just the fed going back

to zero interest rates unless they really mess up the financial stability situation. and i don't think that's where they're at either. but i think the bottom line is we're talking about a scenario where the fed is still hedging against averting mistakes of the 1970s, not snucsnuffing out inflation soon enough and being harder on inflation, when a second risk has come up, and that's that the credit tightening already in the pipeline is going to add to cooling inflation in a much more disorderly way, and that's not what their goal is >> right diane, a few weeks ago when we were in the depths of the banking worries, we were getting some ecodata that still looked fairly robust. people were saying don't worry that's going to cool off with a lagged effect. do we now need to look at those robust numbers more as safe value? >> you know, it's really a good question the measuring of the data, we know that there are skews of how

we can measure the data coming out of a pandemic so rapidly we're not good at seasonally adjusting the data with climate change the overall data suggests that react sacceleration in growth with the highest in january on record, that's important to look at too the fed being data dependent means it's backward looking instead of moving forward. >> how about -- we're going to have the markets closed next friday for jobs friday, but what's your outlook for the print? >> i think we're still going to see a good job number in march it takes a while for this kind of -- this is more of a

slow-moving kind of train wreck, sadly enough we're still going to see fairly robust jobs numbers. our analysis suggests the backbone of the job market, particularly in the postpandemic period, has been from smaller, younger firms, and that is where credit tightening is going to be the most dramatic. so, as we get into the summer, you're going to see those job numbers i think on the other side and go negative that's something that the fed has a goal in achieving in raising the unemployment rate, but it's very hard to calibrate, this idea that you can finally calibrate an economy where you're fighting inflation and you've got credit tightening i the pipeline is really not very a good sort of benchmark people keep looking back to 1994 when the fed was preempting inflation, not combatting inflation. so the risk of an overshot here is quite high. >> diane swonk, thank you very much appreciate it.

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we planned well for retirement, but i wish we had more cash. you think those two have any idea? that they can sell their life insurance policy for cash? so they're basically sitting on a goldmine? i don't think they have a clue. that's crazy! well, not everyone knows coventry's helped thousands of people sell their policies for cash. even term policies. i

can't believe they're just sitting up there! sitting on all this cash. if you own a life insurance policy of $100,000 or more, you can sell all or part of it to coventry. even a term policy. for cash, or a combination of cash and coverage, with no future premiums. someone needs to tell them, that they're sitting on a goldmine, and you have no idea! hey, guys! you're sitting on a goldmine! come on, guys! do you hear that? i don't hear anything anymore. find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com.

despite a rise in regulatory scrutiny for names like micron, march saw a rise in the number of chinese ipos with jd.com the latest name in the space this morning to announce plans for a spin-off eunice yoon has the latest busy week, eunice. working on audio yet again today. that i understand a little more than steve on the air. halfway around the world >> all the way to beijing. we'll work on getting you nice back in the u.s., lawmakers continue to criticize chinese-owned tiktok over

security concerns despite tiktok lobbying efforts spending now we know more than $13 million since 2019 joining us is "wall street journal" senior personal tech columnist, gee wa giana sturm is there enough of a legal case for a ban? >> it's been a fun game of the chick on the watch it's both sides, which one was willing to go as far as they're willing to go, right i think there was big momentum last week on the hill. we had the congressional hearings i think a lot of people did not feel optimistic about the tiktok ceo testimony, feeling as though enough is being done to protect that data. i've been thinking if the ban goes through, still an if, who are the big winners? in the u.s., certainty tech companies, meta, just wondering how is mark zuckerberg sitting around just, you know, kind of with a big party waiting to happen if this happens >> on the ad share, capturing ad

share, engagement. >> all of it you have people's time, you have users, you have creators, and you have advertisers this could be huge for snap, meta, anyone in the -- i would say even twitter, even elon musk >> there's been so much modeling out on the sell side this week of how much ep earnings per sha it's worth, how much is the stock worth? are there incremental moves meta needs to make or sit and wait and absorb the extra time spent? >> they do really have everything in place. every company has tried to create their version of tiktok certainly, there would need to be some sort of i would think they would see many opportunities in building different products here. that could capitalize on bringing in that tiktok audience, bringing in that tiktok advertising the big question is if tiktok continues, is that a good investment for meta. >> right when it could literally be --

>> right like they've got to be sort of balancing that road right now. >> we'll continue to watch the back-and-forth there europe latest columnist on the google ai chat bot, which you say is boring on purpose i think one thing wall street is trying to figure out, is google an ai winner or loser? >> we don't know yet google is the most powerful search company, the most powerful information company is this their first step and is it boring? yes. what is coming down the line, what are they hiding, what are they able to do, that was a big part of the conversation i had with the google executive who led bard they right now are trying to position themselves as responsible versus the rest of the ai marketplace right now where you've got oppenai, microsoft, putting ai into stuff right now. it remains to be seen on google but out of the gate, not a good first step for them. >> have you been impressed with bing traffic or not?

we were looking for it to be sustained or be a blip is it one or the other >> i think we don't know yet i think microsoft is certainly happy with the number of people coming to bing, trying it out, now trying out could be -- they launched the image creator last week, a competitor to openai it's easier to use if quality is better i think they'll see more in these tools versus bing, basically trying to pull people away from not only using bing or focusing on bing but also the microsoft office integration, image creator. there's a lot of opportunity for microsoft to take that openai partnership and put it into their other products >> we're throwing all the topics at you you're working on you're eager to talk about apple and the delay of the headset this is the next big thing, right? >> are we making a bet here? there's a big question in the industry will apple release the headset at its worldwide developers conference in june that's set this week for june 5th.

okay now, we have one of the top apple analysts saying he doesn't know, things could be pushed off. there are production issues. then mark german at bloomberg saying it looks like the state should we wager? should we bet? >> they're famous for that >> now a question of if -- it's when, not if they're going to do this headset there's enough momentum. we know apple is interested in this space the question is when do they make this announcement at the developers conference, which would make sense they could talk about all this software they want their developers to make for this headset, they could make an early look at this and not release it until 2024. now the question is, will they actually show it there >> what's your bet >> i'll put $3 on yes. >> okay. i'll take that just for one. >> $3 for no, great. >> joanna stern of "the wall

street journal." let's get back to eunice yoon, the week chinese tech has had. hi, eunice. >> reporter: hey, guys china has instituted new rules that are meant to make it easier for chinese companies to list overseas these rules are targeted at variable interest entities, or vies, and this is the structure chinese companies have used for years going public by registering offshore but still maintaining control of operations in china. in the past, the chinese regulators didn't actually have to -- these companies weren't subject to chinese regulatory approval however, in 2021 after the drama we saw after the -- of the ride-hailing giant didi, the chinese security regulator came in now chinese companies have to seek approval if 50% of operating revenue, profit, assets or net assets are derived by a domestic company, the

chinese part of the company, in the most recent fiscal year, and if the main part of the business is in china or the most senior executives are chinese nationals or live in china so, the commission would review then and potentially reject companies if they were deemed -- if the listing was deemed harmful to chinese national security or if the listing exposes chinese data or statistics unnecessarily so, the regulator had clarified that companies that are already listed, companies like alibaba or baidu do not have to file for these regulations unless they decide they're going to list and -- in a secondary listing or raise more capital so, that is the reason why we saw this rush of chinese companies trying to sort out their ipos before today. seven chinese companies listed in the u.s., and it doesn't

sound like a whole lot, except there were six companies in all of 2022, guys, that listed in the u.s. because of all the geopolitical problems. >> wow as good a month as the s&p has had, both the fxi and kweb have done well. a shift in politics. eunice yoon in beijing. dan niles is warning of more bank failures ahead but he says it's time to buy nesam like meta and nvidia we'll discuss with dan who has had some pointed views on the market in recent quarters. stay with us

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let's get to dom chu with some of march's biggest movers >> sara, on this final day of the first quarter, technology is the key sector and focus leading the way among all s&p sectors up 20% since the start of the year. the nasdaq qqq etf up today, led by cyber and software related names. crowdstrike, zscaler among some leaders so far today and on the quarter as well. it's been a giant quarter for the semiconductors, the popular

smh etf is up over the course of the last three months as well. one more big stock for our radar is canoe health, two other board members are resigning amid the performance of the ceo watch those shares, ones to keep an eye on. keep it right here because we've got a lot more "squawk on the street" coming up after this commercial break you don't want to go anywhere. a lot more stock, a lot more stories on the move. we'll be right back. we planned well for retirement, but i wish we had more cash. you think those two have any idea? that they can sell their life insurance policy for cash? so they're basically sitting on a goldmine? i don't think they have a clue. that's crazy! well, not everyone knows coventry's helped thousands of people sell their policies for cash. even term policies. i can't believe they're just sitting up there! sitting on all this cash. if you own a

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good friday morning and welcome to another hour of "squawk on the street. i'm sara eisen with carl quintanilla live on the floor of the new york stock exchange. setting the agenda for us today, dan niles, not believing in the bounce he says he's starting to short name financial services sector after the recent rally he joins us in a few minutes with stocks in the green after lower than expected data. plus, is commercial real estate the next victim of th