and "squawk box" begins right now. good morning ♪(lovely day) (lovely day)♪ good morning gamestop abruptly fires its ceo, welcome to "squawk box" here on cnbc and ryan cohen gets a new title we are live from the nasdaq market site in times square. while the stock slides the trillion dollar i'm becky quick along with joe experiment steve liesman tells us about a kernen and andrew ross sorkin. let's look at u.s. equities. big challenge facing the treasury department following the dow was up and the s&p and the debt ceiling deal. canadian wildfires rage. nasdaq were down yesterday you see green arrows now one sector is on alert for a dow futures up by 5. wildfire season in the west. s&p up 4 and nasdaq up 24. the second hour of "squawk box" begins right now if you have been watching treasury yields, we will watch additional treasuries issued in ♪ ♪ the wake of the deal with the debt ceiling the 10-year treasury at 3.801% 2-year treasury up to 4.056. good morning welcome back to "squawk box" on cnbc the new york city air

pollution is the worst of any take a look at u.s. equity city in the world as of yesterday as wildfire smoke from futures right now. we're looking at a bit of a canada drifts over the area. you can look right now at that mixed picture. shot you can look out the window and feel it through the screen take a look at treasuries. the air quality rating is this is the ten-year note, reaching a level considered sitting about 3.811. hazardous for all residents. the two-year at 4.15 faa halted flights for laguardia due to the smoke poor visibility causing delays oil, you buy the barrel, it will cost you about $73.12. at liberty airport and the new and crypto, we've been talking york governor calling this an emergency crisis and urging about bitcoin, but we have been people to stay indoors if possible some people sent home. talking about finance. bitcoin at $26,480 google told the east coast so sort of staying in range employees to work from home and there. >> it changes at the top of limit outdoor exposure gamestop, and the stock is sliding this morning major league baseball cancelling the company fired ceo matt furlong and appointed chairman games and "hamilton" made it ryan cohen as executive impossible for people to chairman, effective immediately. perform. shows were shutting down cohen's venture firm has a stake "shakes pepeare in the park" was of 11.9% in gamestop and a cryptic tweet posted about

shutting down. a half hour after furlong's >> did you see the orange sun firing was announced, cohen yesterday? >> yeah. >> it was apocalyptic. wrote -- not for long. >> it is weird this coincided with gamestop's it did not get warm. quarterly results. 75 degrees. it was 66. revenue felt to $1.2 billion >> this is close to apocalyptic. think about it if this is where we are headed the net loss, though, narrowed and it will happen a couple to 17 cents a chair from 52 times a year this is a problem. a big problem. cents in the year ago period >> what do you mean? you have to do forest management the company said it would not up there hold a conference call this pre-burns. you need to manage the forest. quarter. a mystery trader netted i achb millions before the fcc andrew, if you think it will happen all the time. announced it was suing the flooding and the droughts at 10:26, this happened on monday morning, a block of more than 4,000 contracts of coinbase >> it is impossible to not put it in the category of some form $50 puts expiring friday hit the of meaningful climate change in tape as the stock was trading at $61. by noon, shares had fallen 12%, the world and the forest should the options trading for as much as $1, a gain of almost 460% if be managed better.

the truth is it is so dry now. that's what leads to this. told at the peak >> it is el niño and normal we'll be talking about all the activity around coinbase this weather patterns week with cathie wood. i'm always told don't conflate weather with climate she just raised her stake in that's what happens all the time coinbase following the fcc when it is in favor of the people lawsuit. so she's taking the other side the bottom line is emissions will continue rising for the of this bet. concerns remain about the next decade because of china and treasury's plans what some india. when the forest fires burn, the estimate could be $1 trillion in emissions come from this and short-term bills, even after officials said they would sell dwarf any mitigation efforts those bills more slowly. in california, 15 years of co2 steve liesman has more on this front. steve, gosod morning mitigation was wiped out in 2020 >> good morning. because of the forest fires. unable to sell debt during the debt ceiling showdown, the government paid its bills by the if you don't manage the forest probably -- that's all you can government's checking account at do we can't change the other stuff. the federal reserve. here's where we now stand. we can't change it. just about $50 billion in the >> okay. let's not have the climate account from just under $1 change discussion. trillion last year, that's as of >> you started it. last wednesday and now the treasury plans to >> you triedto say this is

nothing to do with climate build it back quickly, which is change >> we had forest fires for 4 causing concerns about a billion years on this planet liquidity crunch i talked to rick reeder er forest fires it is lightning. we have droughts we have floods we have adverse weather events yesterday saying this. he was among those breathing a just to knee-jerk tie one to the bit easier when the treasury said it would sell $425 billion of bills by the end of this oth others -- don't do it. month, not the estimated $550 every time every flood? billion out there on the street. every drought? but that's still a lot of change every heat wave? right there, and several banks every cold wave? continue to estimate a trillion if it causes everything, you dollars of short-term issuance can't refute the hypothesis. by the end of september. the key is whether this goes >> i'm not going to say anything about anything smoothly is money market funds, why don't you continue which have parked more than $2 >> you want me to read the news? >> no, talk about whatever you trillion in the fed. they earned 5.05% right there. like go if they use this money to buy >> google said this is our the treasury bill markets, future aoc said that. markets shouldn't feel much pain at all brad lander and others if they don't, and instead it's >> yes funded with bank reserves, it is unfortunate. that's where people get >> people pushing back you realize that concerned about a liquidity >> i see people like you pushing crumple, like the one in 2019

back at it go ahead that forced the fed to reverse google is planning more. course on its quantitative >> la-ti-da. tightening policy. saying this -- >> google is cracking down on people not coming into the office memos viewed by cnbc show >> reeder thinks this is going tracking office badge attendance to work out, because he says and confronting workerss not there's a lot of cash on the sideline treasury surveyed market dealers coming in when they are supposed in april and that market told them there's a lot of capacity to and performance reviews to absorb the issuance they also say they built back i see confetti coming down the account before after most are expected to report previous debt ceiling crisis but markets are seeing if money three days per week since april market funds step up to buy of last year a memo from the hr chief, the these treasuries joe, it's a bit of an company stressed the benefits of experiment >> it is indeed, steve working together in office are thank you for that apparent and those people we'll continue on this, at least approved impofor work from home to some extent the latest in sentiment survey showing the pessimism on long reevaluate if the company individual investors continues to remain above average for the determines it is necessary 15th consecutive week. wow, they are writing it for me

bullish sentiment is known for now. what investors is eyeing as jj going forward, fully remote work will be granted by exception only it is impossible to go backward. vi vicks, it's maybe more important with the selloff in the vix and that is implied. from here on, that's the way to after our 18 months of kind of a do it. house speaker mccarthy trading range, which followed a pretty big decline, we never got canceled the rest of the votes in the house after failing to a capitulation reading on the resolve a standoff with vix. we still have almost gone back republicans. the lawmakers including chip roy into bull market territory of texas and gaetz accused what does that indicate? >> it's amazing you see a vix below 15 here, joe mccarthy of violating the one of the things that we could agreement he made in january that cleared the path for be seeing is the market is speaker ship they made it clear they would smooth sailing, if you will, vote against the procedure step to bring votes to the floor through july fourth. number one, if you think about paralyzing the chamber and forcing mccarthy to scrap plans the two things that kept the vix elevated, it was debt ceiling to vote today. and the fed. the lawmakers were left out of well, debt ceiling passed. the fed right now, there's about a -- just over a 75% probability the debt ceiling battle. that they're going to do nothing the bills held up are related to at this meeting.

earnings season is buy and large gas stove rules and unlikely to over one of the interesting things is become law because of that, as we head to the end of opposition. the quarter, you know, we have days after the s.e.c. filed suit against binance, they are quadruple witching next week accusing gary gensler to serve i think a lot of money managers probably underperformed. so there may be some pressure to as outside viadviser to the start buying things, as we head company. there. so i think that's exactly what i he offered to serve in the role see when i look at the vix in march of 2019 that he had with the company's founder cz it also makes me nervous, if you will, that there is a sense of, and other executives oh, everything is just okay. cz continued to stay in touch i think that reading that came out that introduced the segment with gensler and continued the conversations as part of the with is interesting. when i talk to retail investors, crypto course he was teaches at there is this sense of contra m.i.t. >> this is interesting duck shun, i'll say it that way. i tried to figure this out yesterday. i guess the original invitation great news today, terrible news tomorrow everyone is having trouble committing for lunch came from cz so that's also part of it. having him speak to students at >> and that's complacency in the m.i.t. came from gensler vix, but not a lot of bullishness among investors. gensler said he does not need to >> no, there isn't

and i think this is interesting, recuse himself that is what cz's lawyers were so far this week our clients pushing for. have actually started to sell mystery trader the qqqs netted millions on coinbase buy puts, sell it or get rid of options bet minutes before the s.e.c. announced it wass suing the longs, which is interesting. there has been an incredible binance. rr an monday, hours before the run, but it's the next week or so that people are buying the puts for you know, you talk about the price of $50 which expired friday, hit the tape as it magnificent seven stocks you look beyond that, the rest traded over $61 a share. of the market hasn't done much so because of that, people are saying if we can get the by noon in new york, coinbase support, financials kick in. fell and the options bought at but if we can't get that 61 expiring on friday with the support, the market may have a rough week 50 strike price, they were 18 but longer term, as i said, i cents each and traded for $1 think through july fourth -- >> do you think we go to new which is a gain of 460%. highs in the averages from here without the vix ever having they are still out of the money -- >> but sold at the peak? indicated a bottom or are we still in a trading >> got into the money and would

have been worth a couple of range with some ultimate bottoms dollars there. now it is back out on the money still ahead of us? at $52.78. when people say look, you know, >> raises questions if somebody we had -- these are four-year knew something was coming and more questions if they sold. highs, we had ten years of not at the peak, but the trough. interest rates >> you can sell coinbase based we had a lot of things where we don't get those above average returns for five, ten years. on knowing something about could we be in a five-year binance. you better wait. when we come back, gamestop trading range? >> we could be one of the other interesting shares plunging after the company abruptly fired its ceo things that people don't consider enough is, you know, everyone is like oh, people are and named ryan cohen executive going to go to fixed income, people are going to go to fixed chairman and ceo, too. income think about many people under the age of 40, it's the first that story is next. later, problems at the ports. we get a live update from the asset that they bought that has lost some value in a long time port of los angeles executive so you think about stocks when they bought them, real estate director you are watching "squawk box" and this is cnbc has done well for people so this is the first time i think in many years where people >> announcer: this cnbc program is sponsored by truist wealth. are seeing assets come down. where meaningful relationships so for many people, the equity

matter most. market, although they may not be adding to positions, for many people it's still the best game in town. >> ai is good or bad for the market >> i think the market has done ai so think about all these large trading firms every single day they're taking in every tick, every second, every bit, every offer. in many ways, if you look at trading that many firms do all day long, it's been a form of ahhh! ai if you look at the markets, it's icy hot pro starts working instantly. been an adopter of ai in many with two max-strength pain relievers, sense before the rest of the world. is it good or bad for the markets? i think it's going to be overall so you can rise from pain like a pro. good the bad part about any new icy hot pro. technology is nusinitially, it good night! hey corporate types. would you stop calling each other rock stars? costs people jobs and longer term, it builds jobs you're a rock star. you are a rock star. that makes me nervous, as we no more calling co-workers rock stars. head into a rougher economy look, it's great that you use workday right now any ways to transform your business. and we see layoffs but it still doesn't make you a rock star. in the shorter term, ai becomes so unless you work with an actual rock star. more widespread that it may cost hi, i'm ozwald.

some jobs in the shorter term. hello ozwald. pam, you are a rock- i just went by the mcdonald's down the street, you walk in, i wasn't going to say it. there's two, three people at the ♪♪ counter. everything is electronic no one works there now >> you were just looking in? what about the magnificent seven, is that a positive sign for the market >> if we can get something else going behind it. we need something else you got this. let's go. i think it's financials, to be gobble gobble. i've seen bigger legs on a turkey! honest with you. i think the problem with rude. who are you? financials is until the fed is i'm an investor in a fund that helps advance innovative clear cut that they're done, you'll see this inverted yield sports tech like this smart fitness mirror. curve. it's certainly not as bad as it i'm also mr. leg day...1989! was, but until you get a anyone can become an agent of innovation with invesco qqq, normalized yield curve -- >> at least yesterday, steve a fund that gives you access to nasdaq-100 innovations. liesman said the internet i go through a lot of pants. before investing carefully read and consider fund investment objectives, risks, charges, expenses bubble, it was like 6%, 7% and more in prospectus at invesco.com. so these are not high yet. >> no.

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we'll bring you updates as we get them this morning for our road warriors out there trying to make it elsewhere today back after this. gamestop shares are plunging the company fired ceo matthew furlong and named ryan cohen as executive chairman and ceo on monday cohen's investment firm has a stake of 11.9% in gamestop

in a tweet after the firing, cohen wrote not for long revenue of $1.24 billion fell in the year ago quarter the net loss narrowed to 17 cents from a year ago. the company could not hold the conference call to discuss the quarter and you see the result the stock is off 19% joining us right now in the markets and today's mover is sarat sephi. sarat, there are so many mixed signals here so many worried about recession and the fed and what it will do next week. you have the a.i. resurgence and what it has meant for technology stock. how are you feeling? >> becky, the market is valued we had the surge in a.i. stocks. great company.

valuation matters. you saw what the matter did to gamestop cash flow is important we know rates will stay at these levels if not higher that hasn't been discounted. we have not discounted earnings coming down. we are pretty much at peak earnings we have to look at that. when you look at the savings rate, we are nowhere near peak rates. you have headwinds and you see the overall market which is valued you see 490 stocks trading as they have not done anything all an year you have consumer staples and health care and industrials. you are finding opportunities. it is the headwinds we have in ahhh! icy hot pro starts working instantly. with two max-strength pain relievers, so you can rise from pain like a pro. icy hot pro. ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. front of us and clearing the it still does. what can you do with spy? ♪ ♪ the first time you connected your godaddy website and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com is it possible to protect my business from cyber threats? it is, with comcast business. helping every connected device stay protected. yours. your employees'. even... susan? -hers, too. safe. secure. and powered by the next generation 10g network. with comcast business, advanced security isn't just possible. it's happening. get started with fast speeds and advanced security for $49.99 a month for 12 months. plus ask how to get up to a $750 prepaid card with qualifying internet. we moved out of the city so our little sophie could appreciate nature. but then he got us t-mobile home internet. i was just trying to improve our signal, so some of the trees had to go. i might've taken it a step too far. (chainsaw revs) (tree crashes) (chainsaw continues) (daughter screams) let's pretend for a second that you didn't let down your entire family. what would that reality look like? well i guess i would've gotten us xfinity... and we'd have a better view. do you need mulch? what, we have a ton of mulch. welcome back to "squawk box," everyone canadian wildfires continue to debt ceiling i'm more cautious than i burn out of control. nearly 7 million acres have normally am, but still putting already been burned, and the capital to work under valued smoke has at least a dozen u.s. states issuing air quality

alerts new york city's air pollution >> where are areas you put maony ranked the worst of any major city in the world yesterday. in >> i like morgan stanley and healthcare and bristol myers these are pictures of yesterday those are two high quality compared to the new york skyline companies. if you go into areas like right now. as the northeast deals with the utilities, like aes and edison smoke and haze, contessa brewer down double digits for the year. will tell us how insurers are you can find quality companies bracing for the wildfire season out there that are trading below in the west. >> parts of california set new what we feel are fair value. rainfall records over the spring the mountains are so lush, but >> go ahead. >> also looking at areas that that is fuel for the fire when have done well it's hot and dry later this summer already, california is responsible for eight of the ten this is controversy. we own nvidia and microsoft, but costliest wildfires in the world, and the cost of those we have taken money off the claims are soaring table. we sill own them inflation at a 40-year high last you don't want to fall in love year at 8% but if you're paying to repair when all momentum is behind a or build a home, materials are couple stocks. up 34% labor up 27% >> druckenmiller was speaking plus, california state law yesterday and talked about how forbids insurers to model out all his concerns with what will future risks, as the basis for

happen with the market, he loves rate increases, even though they have the computer modeling to do a company like nvidia because he so thinks that a.i. could be the instead, they have to base it on the past 20 years. and the state regulator has not most important revolution that allowed rate hikes to keep up you have seen in technology with what insurers are paying since the creation of the out in claims. internet >> absolutely. we own p it as a coreholding and has been for years so allstate and state farm announced they're no longer as a fiduciary and money moanagr writing new policies there jim bull tells me, the watching risk, i don't want to individual state regulators have a significant impact on own too much of anything because carrier's decisions to stay or never know you are talking about picks and leave. all coastal areas of the gulf and the atlantic are seeing shovels. this is qualcomm a couple of reduced insurance capacity and higher rates years ago. this is all google and microsoft so it's not just california. and data centers and gaming. across the nation, you have they are in the right space. hail, winter storms, tornadoes, and then of course, hurricanes they have the i.p. it is a question of valuation texas, louisiana, washington and sometimes you don't want to state are particularly fall in love problematic for insurers own it allstate pointed to new york and make sure you understand the new jersey in the most recent volatility associated with the stocks >> sarat, are there other a.i. earnings release in addition to

california these are all state where is stocks that are a good play or they are having trouble turning safe space with the valuation? a profit but a.j. gallagher says this is >> i don't think anything is safe anymore with the bump a 50-state problem you want to look at analytics. the u.s. saw its three costliest years from 2020 to 2022, $275 in that vain, google billion in insuredlosses, and uber has been an a.i. company for years. they are not getting credit for we are just now getting into it you want to look in there. wildfire season. of course, it's starting early then a couple of chip companies in canada. and then you have hurricane season on top of that, plus the like amd as well nothing really safe, becky other storms that happen with everything has been taken hail in the midwest. it's very problematic. higher maybe when the market does pull that's why everyone watching may have noticed that their back and you can look for high insurance bills are going up quality companies. >> contessa, nobody wants to be we're in the second inning we will see winners and losers the insurance commissioner who raises rates by double dij it will be interesting and it will be good for companies because productivity will improve. that will help with margins. perc -- digit percentage increases, but that is also going to help with valuation. >> sarat, thanks you also don't want to be the insurance commissioner that drove all the insurance companies out of the state great to see you what happens when the insurance >> thank you. coming up, we will talk to companies leave the state? >> what happens is they see a

the ceo of oura. big increase, and this happened in florida the company launching the first you had all the big insurers social feature and algorithm to fleeing. those that are left are small. they may not cover as much help track your sleep. you may see deductibles going it popped up on my app this higher and the maximum payout morning. we're all part of it going lower. we saw the state-backed programming note, cathie wood will join us tomorrow about insurers raising her stake in coinbase h citizens is facing the same kind of pressures that the other following the e.s.c. lawsuit insurers are tag naturing de -- fascinating reinsurance costs have soared. and then on top of that, what happens is, let's say this is a massive hurricane, and you've discussion we're back after this. got citizens needing to pay out. start for free at godaddy.com if there's not enough money, it could be that all policy holders ahhh! in the state, even though that icy hot pro starts working instantly. don't use the insurer of last resort, could be assessed for with two max-strength pain relievers, fees so that you can make up the so you can rise from pain like a pro. payout on claims in that state it's all problematic icy hot pro. >> contessa, why is this (dr. aaron king) if you have diabetes, getting on dexcom is the single happening? >> oh, boy most important thing you can do,

and it's covered by medicare. before using the dexcom g7, there's several factors. i was really frustrated. climate risk is real my a1c was stuck. the insurance industry has the (female announcer) dexcom g7 sends your glucose numbers most amazing science and data to your phone or receiver and say look, we are seeing more without painful finger sticks so you can make better decisions in the moment. volatile weather when you have a winter storm in so easy to use, and my a1c has never been lower. texas that costs billions of dollars for the insurers in (female announcer) dexcom g7 is terms of losses and paying out the most accurate cgm. call now to get started. on claims, you know that you're ♪ this is rebecca, who needs a new script. ♪ operating in a new era two, reinsurers are not ♪ and this is fernando, ♪ ♪ searching savings with a click. ♪ regulated. they don't want to cover online or in-store, for your health and your wallet. catastrophes so you are seeing not as much 85% of scripts are under ten dollars. catastrophe reinsurance for the cvs pharmacy. healthier happens together. insurers three, litigation is a huge factor, and it's not just in ♪ (upbeat music) ♪ ( ♪♪ ) florida, which saw the legislators coming together to constant contact's advanced automation lets you send tackle what lawyers and lawsuits cost insurers. the right message at the right time, but we're seeing that in every time. ( ♪♪ ) california, in washington state constant contact. and louisiana. and fourth, fraud. helping the small stand tall. we just saw a conference this week with a survey that said look, 16% of americans think

it's okay to pass along false claims to insurers for insurance, for automobiles, it was 34% of people think it's okay to submit inflated claims for auto insurers. and those fraudulent claims cause everybody's insurance costs to go up >> so it's people everywhere too, versus years ago. and we're talking damage to structures and when you have to rebuild a structure, with what you said about the material cost being 20%, 30% more than they were, you'll see numbers that look 20%, 30% higher based on so many different metrics that everything looks like it's different this time. ♪ ♪ >> you're right, more people living in places where adverse weather happens -- >> on the outer banks, and the hurricane destroys it, and they

build it right back up, and then it gets destroyed again. >> it's like we don't learn. >> no. thanks, contessa next, dom chu will bring us the morning movers "squawk box" will return in a moment >> time now for today's aflac trivia question. at the stock's highest level in 2022, how many countries were larger than apple's market valuation? the aner wswhen c nbc's "squawk box" comes welcome back to "squawk box. smart ring company oura announcing a new social feature. we have tom hale with us

oura is number 33 on the di disruptor list this year we have no endorsement deal, but i have been wearing the ring since 2018 i know you just changed the algorithm. what are you announcing with this >> today is a big day for oura we introduced oura circle. a social feature with a twist. it is sharing your data and scores and readiness and sleep with your close friends and family and trainer and doctor. maybe it is a husband checking on the wife or your team collecting the data and comparing. it is not about competition, but support and empathy. this ability is rolling out live today. secondly, we are launching the new sleep stage al gorithm to al of our users this is the most accurate

wearable in sleep today. if you are thinking about the gold standard, we are right up there with it. >> for viewers who don't know, it is a ring that tracks sleep and activity and tracks all you are doing. it became a very early hot thing in silicon valley of you walk around davos and everyone has one on. a lot of people you see posting data on instagram or texting to each other i get the idea of sharing it clearly a privacy issue here you mentioned the idea that you could share with workers i know hedge fund managers who actually have tried to get their employees to share it with them as a company because they think sleep changes their performance. it may be true talk about tracking people this is tracking at a different level. we talk about -- i don't know if

you saw the story before you came on. we were talking google tracking badging if you come to the office or not through the badge. you can track me wherever i go all the time >> you know, ainnandrew, we woud never track you wherever you go. it is an opt-in system you share with who you want to share. your defense; look at the size of that- gaaaaaaaaaaaap!!! is that a goat?! you talkin' about me? gaaaaaaaaaaaap!!! i think this goat is saying “gap.” must be talking about the expenses health insurance doesn't cover. so who's talking about the money aflac pays to help close that gap? gaaaaaaaaaaaap!!! aflac! aflac! gaaaaaaaaaaaap!!! it's about to go down, baby! aflac! aflac! stop that goat! get help with expenses health insurance doesn't cover at aflac.com new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. what if you could make analyzing a big bank's data... no big deal? go on... well, what if you partner with ibm and red hat, use a hybrid cloud solution to connect data across clouds, then analyze all that data with watson. okay, but this needs to meet our... security standards? yup. compliance standards? mm-hmm. so they get the insights they need... yup. in real time... check. ...to make quick decisions? check. aaaand check. it is not like posting scores to that's the solution ibm and a global bank created. what will you create? ibm. let's create. ♪ this is rebecca, who needs a new script. ♪ ♪ and this is fernando, ♪ ♪ searching savings with a click. ♪ online or in-store, for your health and your wallet. 85% of scripts are under ten dollars. cvs pharmacy. healthier happens together. narrator: the man with the troublesome hemorrhoid enters the room. phil: excuse me? hillary: that wasn't me. narrator: said hillary, who's only taken 347 steps today. hillary: i cycled here. narrator: speaking of cycles, mary's period is due to start in three days. mary: how do they know so much about us? narrator: your all sharing health data without realizing it. that's how i know about kevin's rash. who's next? wait... what's that in your hand? no, no, stop! oh you're no fun. [lock clicks shut] now the answer to today's aflac trivia question. twitter. some people do that. this is about creating a group of empathy and support you only opt-in when you want. the answer -- no one can track your data four only the gdp of the u.s., china, without your consent it is privacy by design. >> maybe you can call my wife. germany, and japan exceeded apple's market capitalization. as you know, we talked about this, tom, sometimes i use the data to say to my wife, i'm really tied. going on in the markets this you shoul-- really tired. morning. the biggest premarket movers you should have empathy for me dom chu, what you got? she doesn't. >> we have a slate of analyst >> at a time when chronic actions driving some of the loneliness is a public health crisis, being able to share your early premarket action

information with your intimates. analysts at wells fargo have your husband or wife, it creates issued coverage on 13 companies a physiological set of data to in the industry. allow you to understand if amazon.com is up about a percent or so, over 00,000 shares of someone is having a bad day, it is not their body telling them volume wells started it with an they are having a low overweight rating at $159 price physiological state or bad day target and named it as the top >> this changed my life. pick in that group they cited things like i change my behavior >> you go to bed earlier expectations for more growth in the second half of the year, as >> i'll go to bed earlier and well as signs that amazon's exercise differently transition to a more fulfillment it is one thing to know how you feel, but when you see the data and the data is clear, it is a model is yielding positive results. then you have the casino nudge. >> does it buy you sympathy? operators. both are down now premarket on >> no sympathy relatively thinner trade let me ask two other questions volumes. wynn resorts about 2.5%. one reason could be analysts of o one pis the accuracy of the have downgraded both stocks from data the argument is oura is the buy to hold. closest to being the most

they cited positivity around the recovery in the gaming market, being already priced into these stocks accurate of whoop and others so those things are now more of among them from what i understand about the a hold rating. data, it is in the category of and then we end with shares of t-mobile u.s., which are higher 80% accurate relative to a sleep by just around maybe a percent just about three quarters of 1%, study at a hospital. on decent sized volume 80% is good, but it is not 90% the company is outgraded to or 95% outperform with $160 price what are people supposed to take target they cited recent away from the numbers? underperformance providing an >> the data set we used for the attractive buying opportunity. and expectations for more algorithm is the largest data wireless subscribers versus set in sleep it covers the largest population competitors. so t-mobile up about 1%. and widest breadth anyone has back to you. still to come, "the new york seen not everyone's sleep is the times'" tom friedman will join us to talk to us about his trip same having the widest group of to saudi arabia and the middle ethnicity and age status and all east we'll talk to him about pga and things that make your sleep and liv golf's merger, and what it distinct to you, we collected means for saudi arabia's that data set. involvement in u.s. sports it is often times challenging to all that coming up next. "squawk box" will be right back.

meet up as a wearable, however, >> the amount of stress that comes with hiding yourself at work is immense. polysonography is on par with the first ten years of my the gold standard. i'm not saying we are a $1,500 a career, i didn't come out, and it just stopped me from night sleep lab. performing to my true skills and we are the most accurate true capabilities. the second thing i would say, wearable for tracking sleep. particularly for folks in hiring why is that important? positions in organizations is to so you understand the quantity go out and see folks in the and quality of sleep lbgtq community, marparticularly you know this, andrew, that makes a difference in doing those in leadership. it is important to look up to any -- those in our community, because it helps us have aspirations, cognition and mood. >> now the algorithm has changed just as all of us have aspirations in life. and i asked what will happen to all of the averages? the average we had hlooking at data and comparing them. now you see the new algorithm is better you can look on the app and see the distinction and how different and better it is it means the numbers weren't as

acc accurate now you are comparing apples to oranges. >> you have to learn your baseline it is changing for a portion of users because we are using the metrics with temperature and hrv and motion all of the sensors we use is the broadest sensors you will learn a new baseline. for some people, it may change you have to learn how that changes for you. it will be more accurate that will help you get more effective sleep. >> final question. we have to go. as the business develops, there are new rings p c coming out. you have a partnership with gucci. you have a gucci version of the ring is there anything else >> we had year we introduced new abilities. we have gone into best buy we introduced a medical advisory board with a world class set of

doctors as we expand in health no new collaborations yet. we will let you know >> tom hale, thank you good luck sleeping >> thank you take care. coming up, if you are worried about a.i. taking your job, you are not alone we have a survey and data on the topic straight ahead. as we go to break, here is yesterday's s&p 500 winners and losers of the -- losers. >> announcer: executive edge is sponsored by at&t business at&t 5g is fast, reliable and secure [due at target in 5!] copy that. make a hard left down the alley. network's got you covered. [please confirm requesting back-up.] -changing route. -go. roadblock ahead. ...back up, back up... reverse! reverse! next level moments, we're 30 seconds out. need the next level network.

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moving forward because we have can tell you that if you haven't a platform that we can rely on. that is gold to us. start been to israel in the last six months, you haven't been to your free trial at shopify israel to see the remarkable today. democracy movement that's emerged there from the center left and center right. and if you haven't been to saudi arabia in the last five years, you haven't been to saudi arabia let me start there, becky. when i left saudi arabia the last time in 2017, the effective ruler announced women would be able to drive beginning in 2018. i came back and discovered saudi arabia has its first woman astronaut who drove a rocket up to the space station and has women uber drivers now and has two formula one drivers. so in 2017, they said women could attend soccer games. there's now a saudi women's premiere soccer team so it's been a radical and rapid

social change. when i left in 2017, women's participation in the workforce in saudi arabia was around 16%, 17%. it's now around 33%, which is a gigantic increase in such a short time these are important trends, they are good trends. >> important trends, good trends, but it goes with the same leader, who has also been linked directly to the killing of jamal khashoggi, and all of these questions coming up in the news front and center because of liv golf and the combination with the pga, people look at it and say it's blood money because good morning welcome back to "squawk box. it comes from the saudi arabian we are live from the nasdaq market site in times square. pit. a look at the futures this >> it all goes back to that morning. s&p futures up 4.5 parable, grotesque, mott just dow up 4 nasdaq up 24. murder but dismemberment of and we talked about this jamal khashoggi. i told you we would talk more for me, becky, when it comes to about it the impact of a.i. in the how do you think about saudi arabia today, how do you write workplace. whether in the office or working

remotely, many people are about it concerned that a.i. could take from my point of vow, is to ignore what was done to their jobs it would be easier to work khashoggi and the continual remote sharon epperson has more with suppression of dissent, political dissent in saudi the results of the cnbc survey arabia would be immoral in my point of view. monkey work force poll to ignore, though, the dramatic >> that's right, joe a lot of people are asking if social changes that are a.i. is a threat to livelihood happening there that are important for saudi arabia, or the middle east, and for or is this an opportunity to american interests, would be boost productivity polling workers, a quarter of irresponsible. and so the only way i can squar workers, 24%, are worried that a.i. will make their job those two is to write about obsolete both as honestly and forthrightly as the majority say they are not worried. they do worry more about how i can. now, where that bleeds into the their jobs could change. liv tour -- that's our 43% of workers say it is likely structural dilemma is at the their job will significantly heart of everything. change in the next five years we talked about liv when it due to disruption from a.i emerged. i thought it was a terrible, 55% say their job is not likely terrible idea. to change. there are big differences among saudi arabia wanted to get into industries half of workers in advertising golf, into sports, in different and marketing and business ways but instead of getting into golf support and logistics are by building golf courses in

worried that a.i. will soon take saudi arabia or maybe starting their jobs fuele small with a woman's golf fewer than 20% in government are academy that is in line with the social trends it's trying to worried. 64% say they don't use a.i. in promote, its sovereign well fund decided to launch an attack on the pga tour by partnering with some of the most dodgy members their job. 26% say a.i. can help them do their job right, but it is not of the pga tour, i would say, necessary. and creating a rival golf 8% say using a.i. is necessary league it's like saying we want to get to do their job. when it comes to getting the into baseball and we're going to job, most workers say 56% are start a rival to the american and national league and try to not comfortable with the use of skim off the players for huge a.i. to assist hr with hiring, amounts of money performance and operations i thought it was a terrible decision, but that was the in fact, if the company assisted decision they took it was bad for golf. it was bad for saudi arabia, hr, 40% said that would make because it took attention away from the social changes, them trust hr less important, vital, and real changes happening there, and -- you can go to cnbc.com for more on the survey results. >> did they win, though, with >> thank you, sharon now partnering with the pga number one, how worried should officially you be >> becky, i have to tell you, and then what can companies do

i've been busy write thing to lessen employee fears when it column comes to the worrying? i've read as many stories as i don't worry about it can about this deal. i don't quite understand it yet, they should be worried >> they should be worried and so i'm reluctant to comment on strategic about how they can use it one way or another. it to make themselves more but i just don't understand exactly the -- how it's all going to work. >> i have trouble figuring out productive moderna is at the forefront how we approach the world in coming out with the covid drugs 2023, tom, i do. and now saying they want to make i don't know how to rank china's sure all workers have a.i. human rights record with saudi arabia's, with iran's, with training it is part of the fundamental north korea. training for upscaling workers i don't know how to say some of if you make it part of the core business and explain to employees that this is something our multinationals in china, our that is not just cost effective, tech companies that go there it seems like you have to have but help you do your job better, it can help you stand out. some type of >> if they are training you on compartmentalization of all the job, itmakes them feel goo these things i don't know if liv is worse than apple and google and about it and the work force is everybody else still important. i don't know how to rank it. >> engagement and helping i don't know how to operate in productivity with the team this world you believed the at moderna, they said we are realities without being hypocritical in one place versus doing hackathon. the other.

it's impossible. >> you're exactly right. we have chatgpt and we are using my criticism of liv is, i think it to redesign systems on the it's just a bad idea for saudi team it would be a way to do it and arabia and a bad idea, obviously for others say if we can be 15% more golf because it took attention away effective, we don't need 100 by the way it was done, joe, from really positive things that people we can deal with 85. are happening there. >> i have seen layoffs at all but on the broad question that you raised, you know, joe, had these places of that will not happen and then the next day you have two people. one working at home. one working here on the team ciao ping passed away in 1990, you have to get rid of the person with a.i. the old "new york times" would which one do you take? have said, the butcher of >> you have to figure that out beijing. he approved the killings in you have to show them the worth. >> i understand why construction tiananmen square workers are not worried. but now he's seen as one of the >> a lot of jobs >> government workers for say greatest economic performers of different reason the 20th and 21st century. they don't think they will be these things are always going to go together. from the point of view of a journalist, you have to talk about both, and you have to hype pu culled. >> same with non-profits >> they feel it is job security. the bad, acknowledge and

>> not-for-profits encourage the good >> no, they are not worried. life is messy and complicated >> oh, i spoke with someone at a and that's what i try to do. >> tom, how much do you think the value -- we're talking about not-for-profit last week the pga, but sports broadly, they do a lot of fund raising. because part of me thinks that part of the job is sending lots the gloves are now off of letters all sports leagues could come up a team of people who send fund raising letters. for grabs. they literally were saying, see what's to say that saudi doesn't say we want to start a ya'. there was a team of five people. basketball league, a three on they said we don't need five three basketball league and call people it lebron james, steph curry, we can write these letters with one person that is sadly true when their contracts are up, if you look at the paint by we're going to buy off the top 20 players in the nba, and two numbers letter that most people get. years later, we'll call up adam >> having to figure out. silver and say we have this competing league over here, we figure out where those jobs go would like to merge, and he now? you don't need them to write the might say well, i'm now in a letters, but other functions position where i might have to do this with you >> the question is do you? how important is the nba -- >> that's where the upscaling comes in wherever you think the soft power for america is, there's >> the bureaucracy comes in. the nba, major league baseball, the nfl, probably harder to do with the nfl just given the size and scale of those teams >> companies can be as but tennis, it would be an easy

empathetic and nice as you want. when you are presented with "a" sports industry to pick off. how concerned should we be, not versus "b" and a 30% difference. be i don't know maybe this is all up for grabs >> it is. >> it will happen. and it's all good. >> it will happen. >> well, obviously you have to it comes down to cost. it is the way they are be wise and not just rich. communicating it with the teams to me, andrew, you have to go to make sure people there are not coming in to work scared back to the original story here, they will lose their job. just do this in 30 seconds >> we have seen this movie before in 1979, the grand mossle in think of agriculture or how many people used to be in whatever mecca was taken over by radicals they attacked the saudi ruling auto automation >> before my lifetime. family as insufficienty pious >> i remember. i was at the buggy plant and many other things. we couldn't imagine. it took them 30 days to get them >> you are trying to make people feel better about it this is not just people working out of the grand mosque. already. i was with a junior at harvard we're talking about the vatican of the muslim world. their response was to turn over all of these kids now say what massive amounts of religious am i supposed to do? what is the skill i'm supposed authority to the religious to learn establishment to protect them selves and they took the entire arab there is an existential question happening. >> the difference among ages in muslim world on a giant right how younger people are aware of turn

it >> concerned about it and saying mbs, his goal when he came in i was told to be an engineer before anything happened to i was told to learn how to code. khashoggi, was to reverse 1979 i was told to do this and that i met with someone who wants to it started in 1979 and ended on be a writer. is that a skill that actually i 9/11 so he was reversing a giant should have? should i go into that? trend in the middle east that >> how do you do your job? was not in our interest, not in >> exactly the world's interest >> they are getting some then in 2018, because he's an experience using chatgpt to autocrat, he kills his -- the write their papers. government kills khashoggi >> they are getting trained on the job. a terrible, terrible thing >> there's that. at the same time, though, he keeps these reforms going. >> thank you, sharon. so anyone writing about this country is in a real dilemma and coming up, the ad now, from a saudi point of view, if you are in that dilemma, if supported tier for amazon. you are putting your partners in and then we have tom friedman the world in that dilemma of having to put khashoggi here and talking about the pga and golf the important social reforms over here and try to encourage combining. you can get the latest on the them to keep going, the last thing you should be doing is squawk podcast and get the trying to force a takeover, a latest on the app. breakup of any sports league, you can point your phone to the whether it's premiere soccer in

the uk, or it's golf or the nba. sc screen wel rhtac 'lbeig bk. it only draws attention away from the hugely important social reforms you're doing, and take >> announcer: currency check is someone like the khashoggi sponsored by interactive murder from the sports page to brokers. the best informed brokers choose the front page it was just a really bad interactive brokers. decision it's not how you get into sports if you want to get into sports, do it in a way that is aligned with the social trends that you have ignited at home they're hugely important for you and in the world i think this decision was a terrible decision, and everything that's flowed from it has been to unravel and try to disentangle that terrible, terrible foolish decision in my view >> tom, we're out of time, but we didn't get to things like oil and the critical relationship between the united states and saudi arabia the changes we have seen there maybe come back soon and tell us more about that. >> any time. thanks, beck coming up, apple unveiling the vision with an eye

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welcome back to "squawk box. look at the latest unch on the dow.

nasdaq up 24 points. look at crypto talking about coinbase and binance. bitcoin at $26,430 ethereum at $18,400. and amazon is launching an ad-tier service. amazon is in talks with warner bro brothers discovery you can sign up and view max through amazon app it is fascinating to watch what amazon prime has done if you look at how successful the service has been in a way so many others have not been yet. i know we talk about all of the premium programming. in many ways, if they are the new cable box or new cable ♪ ♪ connecting to opportunity is just part of the hustle. ♪ ♪ opportunity is using data to create a competitive advantage. ♪ ♪ it's raising capital that helps companies change the world. it's making complicated financial concepts seem simple. opportunity is making the dream of home ownership a reality... ♪ ♪ ...writing new rules and redefining the game... ...and driving the world forward to a greener energy future. (applause) ♪ ♪ opportunity is setting a goal... ...and charting a course to get there. sometimes the only thing standing between you and opportunity... ...is someone who can make the connection. at ice, we connect people to opportunity. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire a third kid. what if she likes playing golf? it's expensive. we're outlawing golf. wait. can i still play? since we work with emower, we don't have to worry about planning for a third kid. you can still play golf... sometimes. take control of your financial future to empower what's next. a news alert the faa upgrading the ground consolidator, that is a pretty

great business. >> it is weird status for flights bound to la an ad-tier, i don't know people guardia to a ground delay. who pay for amazon video as much a delay time now of 54 minutes as they do to get the other it was a lot longer before things that come with amazon that's due to low visibility prime. delivery and everything else because of the smoke from the canadian wildfires it feels like they are the last ones to need an ad tier. it's possible for newark airport and jfk, as well as airports in >> you are able to get it at a philadelphia, washington, d.c., and charlotte, north carolina. we'll continue to bring you cheaper price. >> the rest of the stuff, too? updates as we get them for those road warriors and others making delivery and all of that their way around the country i didn't buy amazon prime -- this morning >> laguardia, you figure would >> some people are buying amazon be the first one video because they want the apple this week up veiled separate video service in the same way people subscribe the vision pro to apple or paramount or a tv that's a $3500 headset show you like. >> i never think of that as being a subscription can it eventually become apple's just the video opposed to the top selling wearable rest >> they have football and a lot >> the vision pro can be apple's of other things for whatever top selling wearable

reason you are not watching. i want to make a distinction >> i get it. i get it because i want my here to illustrate why packages delivered apple doesn't have to move more >> fair enough >> so many other things come units than apple watches with it. this cost ten times as much. >> upgrade speaking of amazon so right now, apple is averaging ubs upgrading stock price about $10 billion a quarter. from 130 to 150. let's say the apple watch is okay they are not upgrading from 100 responsible for $20 billion, that's a big number. to 12120 but that would be less than 6 that is what you see from a million vision pro yunls at the starting price sony ships more than 6 million analysts 130 target and now 150 playstation five consoles in the citing expectations that aws first quarter of this year alone. so can apple's vision pro will re-exaccelerate in the fouh quarter as well as brighter achieve gaming popularity? sure, it can i don't think that will happen, prospects from a.i probably not in 2024 or 2025 fox news has notified tucker but when it comes down to carlson's legal team that he $2,000, totally within the realm violated the contract when he launched his twitter show. of possibility it will be killer apps and that is according to the axios amazing games. report that any legal action by >> but the vision pro is really

fox would violate his first expensive and only one person amendment rights art can use it at a time carlson's first twitter show on the other hand, vision went live friday pro is never going to be apple's >> what do we think? >> read it again >> violation top selling wearable >> fiviolated his contract. it's an extreme luxury it doesn't replace a laptop or you are not allowed to have a show on twitter? phone that you can use that is not a competing show. even if the price gets chopped in half, it will cost as much as >> it is >> welcome to the universe. the standard mack book pro >> i would like that i'll take that side. apple's highest end notebook being on twitter you can't say that is the same that's too much to subsidize as fox news. through a broad band >> you can't do a television subscription i'm not hating on it show >> did you see it? i think it can be a powerful >> that is the other part. catalyst for apple, even if most people never used one. 78million. >> 4 million in the first it can help turn apple's whatever. >> right i don't know if that means ecosystem into an environment people watch it. for the most advanced gaming >> i would say the distinction is the economics of him getting it can blunt meta or google's on twitter are going to be attempts to use game streaming different and not as good. to disrupt the app store so take the pressure off of >> you should argue the other vision pro to be the next apple way. watch. this product will take years to

that should not be mature, and it will probably be we are talking about non competes in general. to the computing world what a whether you are allowed to do motorcycle is to vehicles. most households don't have one, those. >> non competes, if you are paid but it's great for solo runs >> yeah. an appropriate amount of money, no one will challenge. motorcycle, you've got to be >> you think it holds up >> not if he wants to get paid crazy to ride one of those you have to understand, he is things >> you have to be crazy to run still getting paid by fox. >> right. >> if he doesn't want to get down times square with a vision paid, can he go on twitter all day long or get paid and not go pro. >> gaming, you came back with on twitter. gaming >> it is not you are not laud t i can see for entertainment, it go -- allowed to go. might be cool. >> he is paid to not go on >> you're sitting on an airplane, you might want to put twitter effectively. it on. >> is it better to have it right i think another year or two. here than to be able to -- >> past the election >> it might be >> does he make more than -- how >> on a plane, like if it's between looking at your screen like this or having the keyboard much >> a lot of money. >> 25? down here -- >> i don't know. >> it would be pretty great. the question is would you risk >> although it's got to be much your $25 million, joe, so you lighter and less comfortable could go on twitter? >> and the price point is going >> if i felt i was doing to -- >> what do you think the price necessary work and many people point has to be, and what do you think it could get down to,

on both sides of the spectrum given how much hardware is in feel they are doing things and it >> historically, these things saying things that need to be said that would not have been take a lot longer for the price to come down said otherwise. >> i have a different question apple likes margins. for you. you were going to sign a new unlike a lot of companies like contract in the lean economy world. >> yes. >> would you take less money for meta, probably eventually they'll find a way to put lower resolution screens in this thing, maybe fewer cameras and no nolg hun compete? achieve the same effect. >> what is the point of the contract >> the way the world works in tv is it just that the next land and other places, we pay version gets even higher you "x" and a premium for a resolution and using the same certain amount of time or we pay you less technology again you can go off on twitter and do >> possibly a combination. whatever you like. >> i would ask my agent. i think that they call this first version a pro, they have some se version in mind that bombastic bushkin. possibly has a little less technology in it and i got to plug on the other johnny's lawyer. and coming up, we will talk hand, newsletter where you can abt e neouthmoy behind the move read this debate qr code on the screen for it, of messi to miami. that's coming up next. we'll be right back. type in cnbc.com/oth if you with 7 moisturizers and 3 vitamins,

you can pay more but you can't get more. don't want to do the qr thing. it gives you weekly access to gold bond. champion your skin. conventional thinking delivers conventional results. the poll at allspring, we break away with purpose. you can weigh in here are the results from last harnessing data-driven insights week's topic, should government and boundless curiosity. restrict social media access we dissect the market from every angle. like like it does with helping to build portfolios that redefine what's possible. cigarettes 68% said restrict, 32% said don't restrict because investing isn't one size fits all. >> i'm with restrict >> with the government, though allspring. purposefully divergent. >> i have kids >> coming up on the other side of this, rent surging in new this is dr. arnold t. petsworth, york city. what's behind the trend and when he's the owner of petsworth vetworld. business was steady, but then an influx will it break? that's next when "squawk box" of new four-legged friends changed everything. comes right back dr. petsworth welcomed these new patients. the only problem? more appointments meant he needed more space. that's when dr. petsworth turned to his american express business card, which offers flexible spending limits that adapt with his business. he used his card to furnish a new exam room,

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lionel messi's next stop is david beckham's miami fc, after ♪ this is rebecca, who needs a new script. ♪ ♪ and this is fernando, ♪ ♪ searching savings with a click. ♪ online or in-store, for your health and your wallet. 85% of scripts are under ten dollars. cvs pharmacy. healthier happens together. welcome back to "squawk box. one trend not showing any signs turning down $400 million from of slowing, rising rents in new the saudis, messi will york city, despite the weather reportedly be paid by two of the major league's largest as well. >> despite the weather and commercial partners, apple and everything else innew york adidas city the median rent in manhattan under the terms of the deal, he'll receive a percentage of hitting an all-time high of $ all new subscriptions to the league's season pass streaming service on apple tv plus let's bring in our guest, a former north american brand $4,360, which means you're paying about $65,000 in rent per manager for nike you were pretty good too, right? year >> i was pretty decent >> that's for a typical i have always been able to apartment? >> a typical apartment leasing activity up 30% over defend my own space on the soccer field >> this -- was this a foregone april with over 5,000 new leases

conclusion, or are there signed in may. landlords can hold back surprises with where mr. messi concessions. less than 12% of leases had any ended up >> i think there's a ton of concession in may. it has been as high as 66% surprises. most people expected him to be back in barcelona, where he grew during the pandemic so that's came way down. up playing look at the vacancy rate, that and then you saw the offers from saudi arabia and you've seen fell in may to 2.2%. other players that, you know, the low inventory suggests that took the paycheck and went to saudi. prices are not likely to come so it's a bit of a surprise to a down any time soon nationwide rents are rising lot of people, but i think, you throughout the country but new york still outpacing almost of know, i think this decision is other big city right now really going to be great for the mls and for soccer in the united rental prices fof ar a one bedr, states ultimately. >> i think so, too help me with this. how old is lionel, and would you up 6%, 2% in l.a. and flat in say he's in his prime, just on the other side, or great years san francisco. left, or kind of a coming here >> stay where you are. we want to talk what's bringing and this becomes the retirement destination for the great soccer up rental prices across the stars of the world, the united

country. states >> i want to say he's 35, so and i want to bring in our next guest. she overseas more than 2,000 he's not -- he's no spring agents in four states. chicken, but he's coming off the help us with this. rent is going up heels of winning a world cup and sale prices, though, are flat leading argentina, you know, to ultimate glory today -- that's being polite so i think this decision, from about it, down in a significant my understanding, he's looking way. at some point do those things for a slower pace than his start to balance themselves out? >> i think right now what you're seeing in a rental market is years -- the last couple of years in paris partially due to the fact that i think it's more of a personal decision, honestly, looking at interest rates are going up. what miami offers in terms of, >> is it also because the you know, i guess community for sellers don't want to sell >> why would they give up the his family, a large south rate they want to stay where they american population, huge are. i think you're seeing a little bit of that. robert and i were talking about population of argentinans. this part of it is companies want people to come back into the office they thought they could there's rumor he might stick work from home but they can't, around and play the world cup being hosted here in three they have to rent. years. so he's still one of the best players in the world >> how much of this about

following the money? we're. >> thwhere did people go before there's been reports about an >> that's the biggest question arrangement where he will get a 46% of people in the office on cut of the tv revenue of apple an average day yet the rental market, there are tv and the like. no apartments. how would you compare the so how do you square that in. different opportunities that he >> i do think people are would have had beyond miami? starting to come back in we're starting to see that it's incremental >> i think saudi really offered i think -- first of all, the the best deal, right the saudi league is throwing a summer is going to be intense. ton of money, at least in liv you're not going to get any deals this summer because 80% of golf and other players the deals are done in may and september. so right now we're in the meat but he left guaranteed money on of the the market. the table, where now here at, you know, in miami, he's really looking at, you know, the so. >> is there a shift in what people are renting revenue sharing with adidas, all in a sort of hi brid world, the new subscribers at apple tv. only time will tell, but it does seem, you know, he might be people wstill need that space on playing a longer game here going to miami >> the big winner is david monday and friday or not beckham, right >> people are renting the most interesting thing is

the saudi connection once again. everything the inventory is getting sucked i'm just trying to figure out, up and quickly i think people are less inclined for media, sports is probably to work from home, they want to the best thing you can own be in the office, we want them sit all about that, is it all in the office. it a good thing for a market and about reputation from the economy. saudis is it about making money down >> on the sales side people the road what is the endgame for the don't awant to sell their apartments are we seeing prices come down enough to generate more saudis >> sports is about power, that's activities or is this going to what it is be a frozen market where sellers >> but it's live, and you can't and buyers are on a standoff dvr it >> that's the same with housing >> it's cultural power everywhere >> but more so in new york >> it's money power, too new york city is used to that, andrew prices have been flat here for a thank you. long time and the market is thanks for coming on "squawk somewhat fluid but other places box. >> thanks for having me. like connecticut, that is not a >> think about brady, he might come back. lot of inventory so demand is that's a different football. but 35 is not old, bro high and prices are up we're going to have to see what >> no, it's not. happens with rates >> see you they're not going down any time when we come back, game stop

shares plunging after the soon because it gives them the company abruptly fired its ceo opportunity to be flexible we have the details right after but the housing market is the break. later, problems at the decent we'll are saying it doom and gloom but we don't see that yet. ports. we'll get a live update on the >> high-end beach front, it's labor tensions disrupting neff been this expensive operations on the west coast we'll be right back. ucid air. a car that goes as far as it does fast. lk. >> palm beach i've never seen anything like it as sleek as it is... so many people have moved there. spacious. they call it wall street south now. you see goldman's and griffin, as smart... as it is beautiful. all these people have. introducing the lucid air. experience the best. ♪ >> i have a question about measuring in office. and it relates to the residential on the rental and this thing, it's making me get an ice bath again. what do you mean? ownership side these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? maybe you because i remember, i i'm an investor...in invesco qqq, think david toll monday was on a fund that gives me access to... our air talking that the real

nasdaq 100 innovations like... number is only closer to 70% wearable training optimization tech. on any given day uh, how long are you... i'm done. we shouldn't measure 46% against i'm okay. 100%, we should measure it against something, 60%, 65%, 70%. >> 70% was the numbers precovid give or take so those should be the prices >> it's surprising to me the idea that you would work from home in manhattan. that just seems unlikely to me >> it doesn't make sense >> or the issue still is not -- maybe if you're living in manhattan and you've. >> are you trying to -- rents all of a sudden if the commute becomes -- people talk about earning your commute

if the commute is not 20 minutes but it 30 minutes, 40 minutes, 50 minutes, a lot of folks are saying -- the other day i was supposed to do a meeting downtown -- but the other guy, i knew [office sounds] him, it was going to tack had. ♪upbeat music♪ ♪♪ >> but that's more the ♪when the day that lies ahead of me♪ exception. it like the man being and you ♪♪ ♪seems impossible to face♪ know what i mean, andrew ♪a lovely day (lovely day)♪ >> but there's always going to being and if you have enough of those, that creates a whole new dynamic. >> you're right. we're probably seeing a little bit of that. but part of being in new york city is going out and walking the street you're a new yorker. it about been anyway, thank you.

>> thank you guys so much. >> i like a parking applause central park >> great >> we're going to share it >> best back yard of the world, my friend. >> you got to pick up your pop or your dog's pop. >> thank you guys. >> it is just of a 8 a.m. on the east coast among the big stories that we're following this morning, the faa issuing a ground delay for flights that are bound for new york's la guardian airport thanks to not thod thod. the lights were also disrupted yesterday when smoke blanketed the big apple. wear, officials warning residents to stay inside once

again today. google told its northeast workers at home and the company will crack down on workers who haven't been coming to the office and the cdc and including attendance at most employees worker reviews most employees are supposed to be in office at least three days of and gdp fell by 0.1% from january '23 to march that was chiefly because of downward revisions from germany and ireland. >> andrew, the big news on the moment is the absolute plunge in

it 1%. it's been just about there for the last hour or so. it's ousted at ceo matthew furlong and named ryan cohen as executive coleman. it did report a small quarterly loss for those interested on the game stop story, check out cnn's and it available on cnbc.com as well as yup >> let's move across to the pacific in the chinese automakers this on news that the chinese industry of kmrs as well as more programs to help for speak sheek are on the move because of perhaps some of that news and you can see some shows of life

in the premarket trade it will end with wynn resorts and las vegas sands. there's a pickup and trading rahal sue so far couldin. and las vegas hands is down to $60 from 69. as you take a look at andrew, watch wynn resort, las vegas hands and the chinese ev makers. back over to you >> dom, i bet you feel pretty stupid turning down that liv all your principles, professionallies, history and all that >> joe, hindsight is always to 20 i would have taken the liv

money. >> you would have? >> come on many and stood up and chest out and proud as a principled man i say that tongue in cheek. there's been a huge of in a game that hasn't been so controversial. >> a game where people clap like this >> yes, just a tiny. watched that rory interview intently -- >> poor tom friedman just called them the most -- >> here's what i would say, joe. the conversation, i don't know how much, i've obviously been talking to a lot of folks in the

bit rice many. >> the talks had to have they tam smith, though, at any time sneh. >> but if you're conthe wil zalatoris as. when we come back, more data surrounding the labor market with today's jobless claims report that is out in about 22 minutes and 50 seconds time. roy with the we'll be right back

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let's talk the stock market. our next guest says he's confident in his year end s&p target of 4,000, about a 6% decline from yesterday's close joining us is scott croner, head of equity strategy at citiresearch i certainly understand what you're thinking, 38, 42 has beens range. you don't think we go to 45,

46yet? >> so i think we can assume the equities market continue would our i think we're setting up more stng railroad frngs and ending fuchl well, i've been frfrpgs we never had that viks capitulation, which we normally see at the bottom. i'm wondering whether duration can make up for that

do you have what or are we destined to have some type of sharp selloff, which makes a last being kfrmtd last year back when the market was testing 3650 a year ago at the time, we were f we thought we'd feel the effects of it first part of this year just certainly on the manufacturing side we have sole i think your question is spop where are we going to go the questioned in terms of its ultimate goal of getting inflation down, you still sfeechld so to your point, yes, we're looking at a pike being.

i think the confidence for most i ever fchls and room to stretch out your duration discussion but we're probably still looking at a higher rate for longer back drop oaf the next couple of years. that's not a tale winds for frm rates are probably higher and you're still kind of left with what's the they're u pmt. so you better find really good forbes all right, scott thanks appreciate it. when we come back, tackling the critical issue of protecting children in the digital age. after a break, we will speak

with facebook' former keefe cure and check out shares for a tn. check out the forecast is. stay tuned you're woching ""squawk box" and this is cnbc i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com.

metal plastics is creating accounts dedicated to underage sex content and it connects pedophiles and its algorithm recommends the content and joining us right now to talk about this is the head of the stanford university observatory and facebook's former chief security officer he knows about these issues well and i believe you understand how this algorithm works tell us about the challenge and what's happening here.

have they dropped the ball >> yeah, this is a researches about myself and california og there's a huge network of self-generated child section abuse material they are repeatedly selling their own image and videos effectively as a commercial business that they have set up on a variety of platforms. while there are a bunch of companies involved, instagram turns out to be probably the most key one because it is the place where these buyers and sellers find each other. the buyers use hashtags that are not that hard to guess i'm not going to say any on air. but to find a couple of additional buyers and there's hundreds and hundreds of accounts that are who get who

introduces them to more potential sellers of this material >> how long has this been going on >> frp but it really is a huge issue there. >> how long has it been going for at least a year,after half that's about the age of most of these accounts if you it's hard to imagine these exact things have happened on instagram but these specific accounts, sometimes they got many and that's one of the interesting things we found is that this is effectively owe kaying with and if somebody gets kicked off, and

come back in the fall, they will promote them and then the al goric to if given that raised questions at time about meta and the security and their management either at looking away in certain cases. are you suggesting that they knew about this frng and it's almost insurmountable as far as these folks popping up left and right on their own judge this for us. >> it's definitely not an insurmountable problem getting rid of anybody doing anything bad on instagram, that's poup pb but some really, really horrible, taushl

condition tn frp meta has really focused on a.i. and it's what we call trust and safety in the industry they really focused on how can we have on all of these languages on scale across the world and they have people just go and do the gumshe works it should be an education that if there took on the outside of the company, if we were able to do this work on an annual budget that is less than meta pays for post-. -notes, it's probably the only appropriate way forward. that's something we talk about the other thung that turns out

becauses the that were closing accounts if somebody reported one of these accounts were selling those materials, it would be closed automatically by a computer is he interest but really in the end they need to invest on sfrrnls. what we were looking at had about 500 sellers and tens of thousands of buyers. it not easy to tell how many buyers are across this network and a lol had at least on

buyer can't law enforcement actually start zapping those people and making examples of these people who are and i hope that is what happens again, not criminal wraser minds who are here that is wildly working ourselves and then instagram does a good job of recommending other people to follow to us so one of the things woo didand it was chartered by congress to handle these kind of reports. we reported in the same way the technical companies it. >> when you put out this report with the journal, i think elon musk and others on twitter, you are know, promoted it because

they were looking at a competitor when you look at ecompetition and the safety tr how do you measure them given the people you know and other protocols that people have put in mau prm mr. musk -- i appreciate that he went out and frchl temperature n. >> sometimes since he purchased the company, their basic scanning for what's called known e scams, these are images of kids that have been scene and niknik generates a finger prirch

for image frnl we noticed it because our systems automatically check anything being downloaded to our system in stanford to make sure it's not on our list. we took that to twitter and they found that they had technical problems and they fixed it twitter has its own issues here. we found that sfap and tiktok were doing a lot all right s this the are platforms look for all the issues with tiktok, this was in the a war, he'll be taken down pretty quickly. >> look forward to talking to you again soon >> thank you >> "squawk box" is coming right back after this.

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>>up next, breaking jobless claims data. "squawk box" will be right back.

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welcome back to "squawk box. rick santelli here live with breaking news on this thursday morning, like every thursday morning, initial claims for the week of june 3rd, a week in april rares of continuing claims may, which side of 1. 8 million on continuing claims i don't see them crossing the

wires yet. do keep in mind before we get these numbers that the you're i don't zone hadding in that seems like maybe recession heir arefrom 261,000 on initial claims okay, you can hear those yields falling straight down. when is the last time we were up a the 261,000? we have to go back to okay it the p to find a higher level and on continuing claims, the exact opposite that's most likely going to slow some of the drop would o nch so definitely not above that 1.8 significant level.

1.757 is actually the lightest level prime going and the futures are coming back just pgs and you won in the euro zone and everybody continues ffrpgs and most likely a trillion plus of t-bills. where will it cop that could be a donor, we have two-plus trillion of the parking pshs usually when there's a one-off event we're all talking about for weeks, most of the time it falls tlap rewill be the case

here in i'm not sure, tomb will it will. >> thanks, appreciate it steve liesman joins us now he's been taking in those numbers. doing a little math you're in. i'm looking at a surge in california for n i'm not sure what that is but you have to ask yourself the question is this the moment that we'll look back upon where the mosh the continuing claims is a week earlier that's certainly we have to factor in. you don't want to make too much of a single week's number but here we are going into the federal cycle here next week, we have a meeting, and it's pretty

much a pause i'll just double checked that has not changed while i'm talking here but i it and now 75/25. so a little bit of movement right there. it just updated for me and 63% probability that july hike is a little di, remember those are the prng those are the places we're looking for a trillion dollars or so and whether or not that comes down a little bit it looks like it is off in rolled we'll be watching all that stuff with the bug questionthe money m mpg. so we'll see you guys, in this this so far one of the big strengths and one of the big counterpoints to the idea of

this no a. >> this is a notable increase we have to watch. >> this will probably cause distress for frm so ian. this is the day, we're going to remember the 2/6 that it happened i've said that like ten other times, too but i really meant it this time. this is the day -- >> maybe sure he knows that i -- that ian knows that i follow him ap friday jobs number and husband sen and i'm very extighted it hear about this knock but he may end up having

been here money. >> how's that for my crow you said they should skill, take the summer off and they pront haven't fpgt snm they've only been raising rates for 15 months higher by 500 basis points they need to sit back and wait and see the impacts, it could be reversed next week or arrive would be a really cloud and clear warning tig tam ff we've inform seen the economy raise and not have a recession eventually >> you get thrown off because when you're trying to normalize

rates, you why for so even at 5 we're not at normalized rate but why temperature it not the absolute level it where we came from frm at the last press conference he said what height? right at 5%, rate are between 2 and 3. nobody thinks this n we know what they've done is started to break things, somebody ew failed public failed and these are companies are that are small businesses, manufacturing companies, prif emuch f and the

data is on goss well and they can be revived as well >> the chances that there's another -- say you're right and we take the summer off and we go up 25 in the fall again? santelli's been saying the sigh m. and then a hike in july. i can't rule it out. there's a bunch of talks on that committee who i think have something of a hair trigger. independent home and to keep going now to keep look it not just jobs. that your put, hire going to go

places and that your going to fly and the applauses that are aaccommodating these people have to hire people that's not ending and the counsell now, the restaurant numbers are a little bit lower than they were last time this year, airline passenger numbers are a little bit higher they're still very high. the planes are full, the restaurant are full but they're not getting more full and economic growth is all about the margin >> so given what they've already done, does it indicate we get two quarters of negative growth or do we softly come in for a beautiful three-point landing? >> that would be lovely. history tells you that's really rare so my guess is that we are going to get two negative quarters, but there's a lot of noise -- >> now >> yeah, q2 could easily be negative what really matters is what the trajectory looks like in the underlying picture through the rest of the -- i've never seen an economy that can absorb 500

basis points of rate hikes in 14 months and not have some suffering at the end of that process. what's happening in europe i think is a signal as well. policy has tightened there, too, but this is an economy teetering on the edge now. >> so is that a situation where this happens with or without additional rate hikes, doesn't really matter what the fed does from here? >> it matters in the sense that the more they do now will delay the start of the eventual up turn and but the bulk of the damage i think is now being done. >> but you listen to a jamie dimon or yesterday we had the former richmond fed president and they both say something like 6% makes sense to them you need to get to 6%, doesn't it make more sense to do it now while the economy is still stronger you're not going to be able do it later >> if i agreed with their starting point, but i don't

agree. that would be extremely tight. plus remember they're still doing their quantitative tightening and the banking system is in disarray. bank lending is falling. we have a commercial real estate train wreck that's unfolding it's going to be a gradual story that emerges over the next year or so and it's going to be a real drag on those banks and those banks are the life blood to be doing more just looks like overkill and it's reacting to the latest data without thinking about what they've already done. now, i'm kind of amazed that so many commentators are still talking now about how the latest numbers should inform what the fed dos p at the next meeting or the meeting after. it's monetary policy 101 you don't pull a lever today and see the impact tomorrow.

it takes 12, 18 months or even two years. i'm intent on taking a pause and see what happens >> and we see how people with opposing viewpoints are, they totally make sense i mean, andrew, that's the opposite of what we've been hearing, is it not >> sure. >> it's 180 degrees and people are pounding the table that the fed is no where near tight enough, right? >> we had roger ferguson on and he's been right. he's been right. >> he's been right about going up to where we are but not on the the 10-year. >> he's been right about exactly what the fed would do every single month for the last six months meanwhile other people have joined this table, even you have said we should stop. >> and i think we have >> and maybe you're right, maybe you're wrong but my only point

is -- >> i'm sure that way - >> you can be sure that way but the question is it's not about being sure one is being sure about what's right. we won't find out what right until later. what's right in the immediate term is what the fed will actually do. >> they're going to pull us next week for sure. >> you feel pretty ainge win about, you don't think it was because congress and the biden administration went nuts >> no, that was part of the story. >> and the fed stayed at zero for too long >> they did stay at zero for too long >> we can cure that with 500 basis points, all that excess? >> that's a lot. you've got to go back to the vault. the spread of opinion is wider than i've ever known i can't remember a time when

there were people with fashion will from just taking a pause and waiting to see if they need to do more, they can come back and do it. if it turns out they've already done enough, take the summer off, wait and see and then come back in the fall >> ian, thanks >> when we come back, what's causing the latest slow done. >> the port of l.a. executive manager will join us next. you're watching "squawk box" and this is cnbc [office sounds] ♪upbeat music♪

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new in the last half hour, the faa has ordered a ground stop for flights bound for the philadelphia airport due to low visibility it's going to be lasting apparently until at least 9:15 eastern time the faa saying there is a low probability it will be extended after that that could be good news. laguardia airport still operating under a delay of just under an hour. it looks like it's cleared up a bit this morning, though if you talk to some. folks in the weather world, they'll suggest there's a possibility that things could get worse again here in new york later this afternoon in the meantime, vessels are piling up outside of the ports of los angeles and long beach in california, stemming from a

worker slowdown issue amid contract disputes. joining us right now is gene siroka gene, what are we seeing right now? we know there's a slowdown how severe is it >> good morning, becky thanks for having me on. last thursday talks between the dock workers, international longshore warehouse union and mariner association broke down dock workers at the rank and file level voiced their displeasure by not going down. but both sides have gotten back to the table pashl there are no ships at anchor today in los angeles we have 51 vessels coming across the pacific pointed our way and

to long beach, which is a little bit higher than we have normally seen cargo is not moving as quickly or shiftly as we would loo and from some of the issues happening from this, you're starting to see ripple effects that spread out from there what's the worst case scenario >> that's right. the up recycled that advisory so they're back in normal business. and it's interesting, becky, because the amount of kargo that's designate so i think we're in pretty good shape there. i the down side to thoo i don't see that happening right now as both sides of talking under the

construct of this bargaining of the collective agreement but i have not seen any significant moves in dwell times, how long containers are sitting, either waiting to go out by truck or rail yet there is pain being felt by the trucker. two-thirds of all of our products move in and out by truck and we've got to get that service right. >> what's the issue of the negotiating at the pieces, and i don't speak for either the employers or the dock workers, but it's wage and robotics, and we've got to work through these important issues to make sure that the dock workers who are out on the job an average of six days a week during the surge are paid what they're worth, and with technology moving more rapidly than ever before, especially in the area of robotics, that's going to keep coming, but we cannot leave the worker behind >> there has already been a letter that the national association of manufacturers has sent to the president asking him to intervene do you anticipate any action coming from the white house? >> yeah, and others have sent

letters in too i saw jay timmons' letter, national retail federation, matt shea, david french, and others acting labor secretary julie sue has been working with both sides individually and collectively trying to keep these talks moving julie and her staff have been working tirelessly they're not putting out press releases or coming on tv they're talking with both to keep this progress moving, and sometimes it's hit and miss. sometimes we hit some brick walls, but really from the secretary of labor's seat, this continues to be a top priority >> gene, just in terms of what to anticipate, what comes next, i mean, problems like this, even if they get resolved over a matter of weeks or months, do haven impact on where you have cargo winding up i think there's been some market losses you all have seen market share losses to other ports over the last couple of years just because of the issues that you

face there >> oh, you're absolutely correct, and this is not breaking news either, becky. for 20 years now, we've seen declines in west coast market share. back in 2002, 80% of the trans-pacific trade moved over west coast ports for containers. today, that's a 56% share. for a variety of reasons, and right now, about 15% of our normal lift in cargo has moved to the east and gulf coast ports, and that's because importers and exporters were very concerned about possible job action here on the docks and over 13 months of negotiations now, which is the longest i can remember, we have had about three bad days so, some have been super cautious, but realistically, the cargo keeps flowing. we've got to get these talks to a point where we can reach a tentative agreement between both sides. >> gene, thank you gene saroka. coming up, an in-depth look ps the suddenly surging small ca stay tuned you're watching "squawk box" on cnbc

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welcome back to "squawk box. this morning, for our last segment of the day, we want to focus on small caps. russell 2000 far outpacing the dow, s&p 500, and nasdaq over the past few trading sessions.

it's now up 8% since the beginning of the month joining us to talk about what is going on, jo carrie hall from the abate global research. i guess the question is, what is going on >> thanks for having me. yeah, we've seen small caps underperform dramatically this year and really bounce in the last several days, whether it was following the jobs report, you know, whether it was investors on going back to that what if we have no landing, soft landing, i mean, we are still expecting a mild economic recession to start in the second half of this year and last into early next year. we turned actively cautious on small caps in march after svb and we have been kind of watching the credit backdrop and banks and earnings small caps obviously do still have that much larger weight to regional banks, where there is, you know, risk of further regulation, you know, multiple

overhang, but i think you want to be selective in small caps. i do think longer term, if you have a long time horizon, the valuation opportunity here is really attractive and the bounce off these lows from a positioning and sentiment perspective certainly makes sense to some extent since we've seen investors have been just huge sellers of small caps this year and the flows data. but you know -- >> jo -- >> you have a third of the index that's not earners, so we would definitely be selective within small caps at this point >> so, when you say selective, give us some ideas of how you would be selective, and i think you're saying, don't buy the index. >> i think the russell 2000, if you compare it to, in the next -- the s&p 600, the s&p 600 is going to be a much higher quality small cap index, has much fewer stocks with no earnings in it i do think that we've seen a rally within small caps this year in some of the lower quality stocks, parts of biotech

and areas of tech that have lagged significantly, which you do tend to see those risk rallies like this, but they are still lower quality, so we would favor some of the still higher quality parts of the index, areas that have high free cash flow we do think this is a good year for stock picking, rather than indexing our analysts at b of a cover about a thousand small and mid cap stocks, so lots of opportunities, and i would say the sector perspective, some of the cyclical areas, energy, materials, these have looked -- ranked relatively well in our work in both large and small caps we do think we're in a more sustainable capex cycle after companies hadn't been spending for a really long period of time, and you have a lot of drivers for that, reshoring, automation, esg, so some of the more old economy sectors can actually benefit, and many of the domestic small caps are beneficiaries of that. >> okay. we're going to leave it there. jill, thank you. appreciate it very much.

i want to bring an update right now. lot of folks looking out into the skies and breathing the air this morning, trying to understand what is happening we have also some news on flight delays all throughout the northeast. the faa adding a ground delay now at newark airport in new jersey the average delay, just over half an hour that's in addition to the ground delay that's taking place at laguardia airport, and there's another ground delay or, i should say, a ground stop in philadelphia you're looking at a live shot of new york city. you can see the empire state building, but that's about it. there, you're looking at philadelphia, i believe, the philly airport there where the ground stop is taking place. road warriors and families and others trying to make their way around the country are going to be delayed today, and they're going to have to keep an eye on flightaware.com and all sorts of other places here we are, folks wearing their masks all over again, not even inside, but you got to wear it

outside. >> the masks don't work unless they're a certain quality. >> i've got my n95 i've been wearing it again >> it's been a week. >> dow jones off about 24 points nasdaq up about 40 points. s&p 500, up about 4 points and i hope you keep your lungs clean, my friend join us tomorrow "squawk on the street" begins right now. ♪ good thursday morning, welcome to "squawk on the street," i'm carl quintanilla with jim cramer, david faber at post nine of the new york stock exchange premarket continues in a range, although rates did reverse lower as jobless claims popped to the highest level in 20 months market also grappling with the fallout from these wildfires in canada, more faa ground stops today. in fact, our road map begins with the smoke warnings and economic impacts air quality alerts issued for much of the eastern seaboard to

as far west as ohio and kansas millions urged to stay indoors, airline traffic slowed and outdoor events