good monday morning. i'm carl quintanilla with leslie picker u.s. steel, as you may know by now, rejected unsolicited takeover from cleveland-cliffs transitioning on wall street former goldman sachs exec is here at post 9. ceo of wheaton precious

metals on his outlook on what is turning into a very interesting commodity space. so far this morning, we've seen all three major indexes in the green. staging a bit of a rebound from earlier when all three were in the red. when we started the show last hour so, you know, some kind of mixed commentary today the overbought theme is still out there. you've got some concerns about china and potential contagion risks over there now some additional headlines. >> the ten-year back to 4.2 and breaking news out of the fed let's get to steve liesman. >> good morning, carl. new york fed household expectation showing one-year expectations falling from 3.5% to 3.8%. a fairly large decline in inflation among the population one-year inflation expectations are at their lowest level since april 2021 this follows a similar decline from michigan.

one-year expectations are down 3.3 percentage points from 6.8 in june 2022 they've come a long way in a year three-year down to 2.9 but it has been there in the past and also falling from 3% expectations overall fell for food, medical care and rent along with commodities as well for home prices and earnings expectations declined, but concern about unemployment actually declined to the lowest level since april '22. carl, some greater positive feelings about the job market while inflation is coming down carl >> kind of rhymes with what we got from yumish last week, steve? >> yeah, pretty much in line this is just going to be another data point for the fed to show that one of the things they really care about, actual inflation, but also inflation expectations are going the right way. >> steve liesman, important market stuff there, thank you, steve. our next guest says this week's

retail sales data and minutes from the fmoc could reinforce the soft landing narrative and support stocks joining us, icapital chief investment strategist, amoroso welcome back you're looking for momentum this week >> we are. we have had a bit of consolidation in s&p but we've had a pullback in tech stocks. we just heard this from the new york fed results and i think we're going to hear from retail sales and fmoc that soft landing is the narrative of the land i expect retail sales to come in pretty strong because, look, consumers have a paycheck that is greater than it was last year and in real terms, yooefrear ovr year wage growth is running up we have the fmoc minutes on wednesday, which i think will reinforce, the committee is likely wanting to pause. i think that's the message we'll

hear you put two and together together, that should soothe the market's nerves around a soft landing. unless we get a spike meaningfully higher in rates, which we've come a long way in a short period of time so i don't think we'll do that. i think the main narrative this week will be the soft landing. >> any good explanations as to why we can't get some suppression on yields despite the inflows back to 4.2? bill gross on friday saying fair value is 4.5 on the ten-year why do you think that is >> there is so many explanations, to be honest it's a perfect storm for rates to move higher here. first of all, you have better than expected growth that continues to support deals, move themhigher. then you have worries about bank of japan then you've got inflation. i know we just heard inflation expectations are working their way back down, but actually if you start to look at inflation potentially further out in the

year, the headline number may head higher. we're concerned about that and then you've got this widening gap, which is our budget deficit that we have to finance. and the issuance from 2.3 trillion to $3 trillion next year you put all that together with market technicals, meaning a lot of investors piled into bonds, and now they're having to unwind some of that i think that's why we get these knee-jerk reactions of deals going higher again, having said that, we have come a long way in a short period of time and, you know, it's natural to have some sort of pause and consolidation. i expect we can have that today. >> you mentioned the knee-jerk reactions we've seen this summer, especially in yields now we're in the last two weeks of august. notably less liquidity than during the month of august as people take their vacations and so forth are you expecting to see additional volatility at least in the near term

>> look, i think if i'm wrong on the rates move, and if rates do continue to move higher, then absolutely we're going into a very illiquid time period. we're teetering in this very key 50-day moving average threshold on the s&p as well as some of the key cta short-term thresholds below that, 44 on the s&p, i certainly can't see more of a risk on. i would say if that happens, i would use that to your advantage if you're a longer term investor for example, if you look at semiconductor stock, the s&p has pulled back, yes, but semiconductors have pulled back more they're down 9% from their recent peaks i would use any sort of weakness to be accumulating names that a lot of investors wished they owned all year, which is a.i. related stocks including semiconductors. >> are you in the camp that it's safe to go early cycle here, start looking at value, start looking at small caps?

we've got some pretty interesting upgrades of the u.s. consumer we talked about real wages inflecting positive. that's leading some to believe you can pretend even without a recession maybe we're poised to start a new cycle here. >> i think the cycle is extended i don't think we need to pretrade an imminent recession but there are several ways to, you know, kind of play that. and the way that i like to approach that is through financials so, if we don't think the recession is imminent, if we think consumer is stronger than expected, then delinquencies should stay in check and net chargeoffs we should have a super yield curve and all of that benefits financials also if this is not the end of the cycle but maybe the extension of it, and, carl, i don't think i would call that the beginning, but the extension of it, i think, bodes well for capital market activity to open up in the second half of the year the more we get m&a execution, that bodes well for financials

that's how i would approach it financials but also energy because, you know, oil prices are clearly moving higher. global oil demand is as strong as it's ever been. if i want to hedge the risk that inflation may actually still may not be over, you've got energy >> yeah, kind of sounding like cramer this morning, saying buy jpmorgan thanks good to see you. >> take care. speaking of deal activity, let's get to the deal news of the day. u.s. steel rejecting a $7.3 billion takeover offer from rival cleveland-cliffs that would have created one of the world's biggest steel maker saying the proposal was, quote, unreasonable and lacks sufficient time to do proper due diligence. first with his reaction, cleveland-cliffs' ceo lourenco goncalves. they said you refused to sign a

customary mda to look at the stock in your offer and regulatory risks associated with your deal. is that true and if so, why deny them an mda, which is customary? >> not true. actually, i was working diligently with my legal advisers to get to language that i could sign but they were hard to move and they were working on their position of delay tactics. they start with 18 months. a provision that would be absurd we were narrowing down the time for something more manageable. but then they were basically demanding that i would not talk to the u.s talking to them is mandatory because they have a provision in their labor agreement that gives

them opportunity to counter offer, any offer so, i was able to clear that pre-emptive. that and i if full support and they will not support anyone else other than cleveland-cliffs that's not something i can change that's why i did not sigh the nda. >> because you were still seeking government approval. what was their rationale for not wanting you to go forward with that >> we believe we have a compelling case that the government should be not only enthusiastically supporting this deal we will finally have after a few decades a steelmaker that is in the top ten in the world our main competitor is imports and a lot of subsidies in our

market we are finally having one that will be at the same level. by the way, all these companies in the top ten, they were based on years of acquisition. the number one is shanghai from wuhan city even in china. they have merger so, i mean, i am extracting the synergies and creating jobs. new jobs that's a good thing for the country. that's a good thing for cleveland-cliffs. >> i want to follow up on the jobs aspect in a minute, but in terms of the regulatory approval, this regulatory environment is notoriously difficult, relative to what's happened in the past the combined share of exposed automotive steel would be over 50% of the market if this deal

were to go through, acourt cording to keybank analyst and 50% of the carbon sheet consumption. that would pose regulatory issues, wouldn't you >> you are using the wrong source if you narrow down a geographical area you'll see cleveland has 100% because there's only one steel mill and i own that mill. the market is not just the united states. we compete against steel coming from south korea we compete against steel coming from japan plants from south korea like this same with the germans. even companies that -- detroit

three gets imports from europe it's a much bigger geography in that regard we are much smaller even after the merger. not just steel, a lot of the materials used in car, for door, for roof, for ceiling, for everything that you see in a car on the outside, the exposed, are aluminum i drive a car that the outside is aluminum, not steel so, we have to compete against how to make materials and now carmaker is shy to replace steel with other materials if they can. we need to be at scale, we need to compete, we need to continue to create jobs in the united states >> the street looked scant at the free cash flow profile of u.s. steel versus you, and some wonder why -- what they have to offer you. are you characterizing them as

beach front property or a gut check you would have to reorganize. >> they are a good company this deal will close we are going to buy. we are going to be able to finish the deal. now you'll have an american champion, in the top ten in the world. as far as cash flow, we provide them with more than cash flow. we have cash flow. they have cash expenditures to finish construction. and use our cash to help their -- derisk their program. but most importantly, we are going to have the ability to support the deal with our scrap company. they don't have that that will support with our hdi they don't have that we have that

so, it's a really sisynergic de. we'll surpass that number. >> what gives you the confidence this deal with close now u.s. steel has a for sale sign up saying they're assessing strategic alternatives would you consider an all-cash deal what has to take place to get this deal closed >> leslie, anyway, certain it will close because the union has a labor agreement with u.s. steel that gives the union the ability to counter any offer if they don't like it the company that's trying to acquire a portion or the entire company. and they put it in writing and

they will exercise the right, if u.s. comes up with another deal. we have a premium, 4 3%. my offer is more than reasonable i believe the company is worth what i offered it's for people that understand money, not people that behind behind consultants, and they don't have a clue. my track record, i have approved two deals in the last three years. both in 2020 and i could not find one person that would say that that deal that got approved. we understand the process. we have experience our employees are well prepared.

we have someone on retainer that has done that for us several times. we are fully confident that we will continue to generate jobs that's a very important portion that people neglect. our track record is we acquire true companies and instead of shrinking the workforce, we increase the size of the workforce by 1,700 employees revenues went from $2 billion in 2019 to $23 billion in 2022. performance will be $44 billion. we are -- i don't think we'll be done at number ten, but being number ten in the world is a good start for the united states of america. >> one more quick question for you -- >> lorenzo. >> it's on the table is that your final offer, are you willing to go back to the table to negotiate from here

>> i negotiate with other parties. i don't negotiate through the press. but i appreciate the opportunity to explain the deal and also to say loud and clear that our partnership with the union is iron clad. there is no daylight between myself and my partner and we are going to do this together. this is a deal for the shareholders of cleveland-cliffs, the bondholders of cleveland-cliffs, the workforce of cleveland-cliffs, and the unions represented by cleveland-cliffs, and all my partners. >> the market seems to hear your compelling rationale loud and clear. cleveland-cliffs shares up more than 5%. largely over the course of this interview. we appreciate it thank you for being here thank you for sharing your perspective. we'll be following this one closely from here on out. >> thank you very much still to come, the ceo of

wheaton precious metals on the back of those results. that stock is about in line with the s&p this year but falling today as gold drops to a five-week low. continuing to watch the markets. s&p and nasdaq looking to bounce back after a two-week losing streak s&p up about 13.

been a strong year for gold prices but can it get to 2500?

wheaton precious metals says it's possible on the heels of a strong q2 that saw the company beat estimates on the top and bottom line and reaffirm guidance for the fiscal year let's get a closer look at that quarter with wheaton ceo randy smallwood. thanks for the time. you were asked about 2500. you said it makes sense in the next couple of years talk about why >> it just feels like we're building up a good mras form, a good basement. continues to be bouncing between 1900 and 2,000 every time it gets to the record numbers it seems to peel back a bit. i see constant upward pressure so, it's going to have a breakout at some point here. >> we just got some inflation expectations data out of the new york fed this morning, but i assume part of this would fit with a scenario in which the fed does take their foot off the brake without mission accomplished, so to speak?

>> yeah, if you start peeling back rates you'll see more interest in gold there's so many factors that feed towards goal. it's hard to find something that's against it. and so just the increased demand by central banks around the world, good, strong demand on a consistent basis and i think it's only a matter of time before we see a breakout. >> how are you feeling about the industrial metals complex, nonprecious, some of these chinese concerns regarding aluminum and zinc and so forth does that feel real to you, those concerns >> yes, it does. i do think we're running into some challenges on a global basis here of course, you know, getting back, gold always shines in a challenging environment. that's usually when gold stands out more so, when you sit and look at a worldwide basis, some of the challenges in china, it seems like every morning there's another group of companies that are running into stress there and china has impact on a global basis here so, you know, it's just --

there's a lot of factors around the world. >> what about competitive factors and the outlook for streaming acquisitions at this point today? i know the last one -- i believe the last one you did was a few months ago you know, what is the outlook for those acquisitions look like at this point this is. >> it's strong right now the industry itself isn't getting a lot of support from the equity markets if you look at the mining industry as a whole, some pretty healthy margins, healthy profits by these companies but they're not getting support. especially the smaller companies. so, we're seeing strong demand for streaming agreements and it's allowed us to build up a 50% growth profile over the next four, five years we will be increasing our production 50% just by organic growth within the company itself these are deals we already have. that's not counting new deals. we are so busy on that front that a lot of companies that are looking for capital, looking for support to help get these projects not

so, voe busy on that front we expect to be announcing a few more deals before the end of the year. >> a lot of investor attention for reasons you detailed good to check in with you. thank you. from wheaton to wheat, wheat futures at their lowest level in a couple of months concerns about a jump in price yesterday this russian warship fired warning ships at a cargo ship in the black sea. obviously, a hot spot of activity. later this hour, alan ratner will help us look ahead to key housing data with mortgage rates still hovering nr ea7% we'll be right back.

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and schedule your free, no obligation hearing evaluation today. welcome back to "squawk on the street." i'm bertha coombs and here's your cnbc news update. maui officials and scientists are warning of yet another complication for the island's recovery they say it could take weeks or months to clean up pollutants

left behind by the fires in the air and drinking waters. people on effected parts of the island are being advised only to drink and prepare food with bottled water until further notice the military leader behind the coup say they will prosecute ousted president for high treason and undermining state security if found guilty, he could face the death penalty. that announcement coming just hours after the coup leaders had said they were open to dialogue to end the crisis. clarence who earned the unofficial title of black entertainment has died his list of mricaccomplishmentss so long and varied but he's perhaps best known for az role as a mentor in the music industry working with the likes of quincy jones, pharrell williams, whitney houston and so much more. his family says he passed

peacefully at home sunday. 92 years old. >> quite a legacy indeed. after the break, former goldman sachs managing director is with us on her new memoir era. icoore outn rpat amic we're back in two. nthia suarez, cfo of go-go foodco., an online food delivery service. business was steady, until... gogo-foodco. go check it out. whaatt?! overnight, users tripled. which meant hiring 20 new employees - and buying 20 new laptops. so she used her american express business card, which gives her more membership rewards points on her business purchases. somebody ordered some laptops? cynthia suarez. cfo. mvp. built for cynthia's business. built for your business. amex business.

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coming out as trans during her time at goldman. congratulations on the memoir. thank you for being here maybe we could kick off what that experience is like coming out at trans at goldman sachs. you wrote in the book, do i want people to fuss over me, compliment me or pretend like nothing changed since friday, even though it had explain what happened when you came out at goldman. >> thank you for having me here. i'm very excited to be here. very excited about the book coming out i had a really good experience coming out at goldman sachs. i didn't know what to expect but you only come out once in your life and goldman sachs was very supportive they assigned someone from the human resources department to give me kind of customized service and to help me with any issues that came up, you know, and issues did come up but my experience was very, very good. >> of course, it followed with

"the new york times" profile which shared more about your journey. as you describe in the memoir, you say you were cheered your senior executives and trainers in the security division whom you worked with closely for many years took time to reach out to you. you mentioned somewhat curious to you was the immense silence on the people from investment banking. >> yes. >> just silence? >> it wasn't really silence but i thought i had more friends in investment banking you never know why people don't reach out to you i didn't take a survey after the fact but you realize who is close to you when you go through something like that but a lot of my friends in trading were very, very supportive. the head of commodities at goldman sachs. you think of commodities being really tough guys, sent me a beautiful bouquet. that just melted my heart. >> how long was it where you were considering telling corporate? how long does that process take and do you confide in coworkers

up to that point >> sure. i realized i was transgender in october of 2018. i immediately came out in my social life but i wasn't quite comfortable with the idea of coming out at work i didn't come out till seven or eight months later people don't come out because they're fearful of being accepted early on i told people in our human resources department that i am transgender and i probably would be coming out at some point, but i wasn't comfortable yet. and so they were there helping me behind the scenes and ready to help me once i decided that i wanted to come out. >> it sounds like they had protocols ready to go. >> yes. >> it wasn't just ad hoc or improvised. >> that's one of the biggest things i would tell companies is first of all have a plan in place so that you're ready to help people once they're ready to come out. >> and that was going to be my next question. obviously, goldman is a large company with a lot of resources that can help their employees.

what about smaller ones that may not have those resources, may not have that know-how, what advice - >> sure. i think it's still possible because the advice i would give is common sense. it's to have a plan in place, to execute that plan. if you do have the resources, assign somebody from the human resources department to help that person in a customized way because every coming out experience is different. and then thirdly, learn. and fourthly what i would say is don't only focus on transgender employees, also focus on the parents who have transgender children because the health care needs of transgender children are very different than the health care needs of adults like myself >> was there any difference in the level of acceptance internally versus clients or peers on the street? >> so, it's interesting. i was in corporate communications, as you well know, so i was in a nonrevenue

producing area the most important constituency for me externally were people like you guys. and reporters were very accepting. but i will tell you, it's a different experience for someone in revenue producing if you think of an investment banker, they would have to be concerned about their experience internally, but also what are their clients going to think each client is going to be different. so the experience of a revenue producing person and a nonrevenue producing person is probably going to be a little different. >> given the -- it seemslike overwhelmingly positive experience you had coming out at goldman, given that experience you left after 18 years in june of 2022. why was that >> it was a good time for me to leave. i'll tell you, i stayed at goldman for about three, four years after i came out and i had a very good experience there. but this experience has taught me i really want to give back to our community, the lgbtq

community and trans gender in particular i'm trying to spend time doing things of service to that community. i had a great career, 20 years in corporate communications, 15 years as a journalist. it was a good time for me to move on. >> you worked very closely with david solomon, the ceo there's been a lot of news and noise over the weekend, some deep dives into his tenure there. what do you make of all the attention and media scrutiny he's got >> number one, i don't miss the internal at goldman sachs. i haven't been there for two years so i'm not up to speed with everything going on i worked with david a lot when he was head of investment banking. he's a really smart guy. he has a lot of smart guys around him advising him, so i think he'll figure it out. >> thank you very much really appreciate you being here congratulations on your memoir it's a great read.

i read it over the weekend. >> thank you. >> really appreciate it. >> still to come this morning, paypal naming a new ceo today. stock likes the news get details after the break. plus, a programming note don't miss florida governor and republican presidential candidate ron desantis tonight on "last call. the full interviintoghat 00.mewg nit or moments that matter, but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. t. rowe price, invest with confidence. my cpa told me i wouldn't qualify for the erc tax refund, so i called innovation refunds. their team of independent tax attorneys will work with your cpa to determine if your company is eligible. [whip sound] take the first step to see if your small business qualifies. (fan #1) there ya go! that's what i'm talkin' about! (josh allen) is this your plan to watch the game today? (hero fan) uh, yea. i have to watch my neighbors' nfl sunday ticket. (josh allen) it's not your best plan. but you know what is? myplan from verizon. switch now

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paypal announcing a new ceo

after this six-month search after replacing dan shulman. kate has more in "techcheck. >> the ceo uncertainty has been a weight on pal pypal's stock the new paypal ceo runs a self-employment group at intuit and takes over from dan shulman. david faber breaking that news early this morning chris leads a division at intuit, overseeing $12 billion acquisition. that search included ceos from both think tank and consumer companies. they narrowed that down to four companies before choosing chriss who takes over in late september. they met with 20 members including elliott management when took a $2 billion stake in paypal last year even though they say they had no role in that search.

shulman announced his depaprtur in may he is known for brain tree venmo but paypal has struggled to make money off venmo and its $45 billion pinterest deal is seen as a smudge. paypal has a lot of competition from apple and others. wolf research says it could be a driver for shares to stabilize chriss' experience in small business space and acquiring assets is key to paypal's strategic objectives they're hopeful for him to drive monetization some are cautious about his experience in software as opposed to payments and e-commerce still a show-me story, guys. >> absolutely. kate, thanks. al lan ratner joins us on why he says new home prices are likely close to bottoming. we'll get into whether now is a

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here, you can try. get way more into what your into when you stream on the xfinity 10g network. welcome back data for home builder sentiment, housing starts, building permits coming in the days ahead, our next guest says we're looking at a tale of two housing markets with the new market gaining share while supply and demand remain frozen in existing.

joining us alan ratner we keep waiting for this thing to shake loose but it doesn't sound like you think that's happening any time soon? >> hey, carl, thanks for having me it's been a stronger year and with record levels we saw that everybody came into this year expecting a big correction on home prices and tight inventories. at the same time, we're not seeing a whole lot of activity overall. >> we keep talking about these velvet handcuffs of people who have low -- or relatively low 30-year fixed. are you of the mind that if we got somewhere back into the 5.5 range that would unleash some existing supply? >> you know, i think a lot of it will depend on what causes that rate decline to come to

fruition the bond market is expecting that but if it's a company with job losses and a generally softening economy, that's obviously going to have an impact on the demand side as well so, it might cause some increase in inventory, but given the fact it's a large chunk of these buyers today are sitting at rates well below even that level, i'm not so sure that's going to be enough to free up. >> we talked about rents coming down and the role. i wonder about your dynamic between choosing to buy or rent. >> living in a single-family home is dictated by your lifestyle. the whole idea of people moving out of apartment it is into single family, that's dictated by whether they need the space, whether they're looking to live in a certain school district or area we have seen rents -- rent growth start to slow but we haven't seen rents necessarily decline. i think we do expect to see a

lot of supply coming on the multifamily side, which could cause more competitiveness there. but for the time being, i think right now just given the lack of inventory on the single family side, you are seeing people stay in their rental longer than they would like to, given they don't have the available supply to choose on the for sale side. >> what are you seeing in regard to the individual pricing for building supplies? we spoke last hour with charter holding ceo, who said the overall material for new builds is increasing even, you know, as the credit is also tight what are you seeing on that front? >> yeah, that was an area where home builders were optimistic coming into this year that they would be able to drive their costs lower as the supply chain normalized you saw that for the time being with lumber coming down well off the highs from a year or year and a half ago but generally speaking, the cost have has been sticky labor is tight and constrained on the construction side

now you're starting to see how the start activity is accelerating given the stronger than expected demand we've seen this year. we're seeing construction costs tick a little higher that ultimately could put pressure either on home builder gross margins or try to push home prices a bit higher which counters the inflationary concerns we're seeing. >> on the most distressed metro market, i've seen the last few days some people trying to wave the flag in areas like san francisco, ikea is coming back to market street, some of the conference calls from boston properties and so forth weren't all that terrible. are you getting a sense that commercial has stabilized for now in the worst hit areas >> you know, my area of focus is primarily in the residential side more specifically on the suburban front we are continuing to see that push towards more suburban i think in most of the urban centers here we are starting to

see return to work but commercial is definitely a concern of ours, want necessarily from the standpoint -- what impact it can have on bank lending and ultimately availability of residential land but the banks tighten up their lending with concerns over cre and commercial, that could have an unforeseen impact on the residential side and availability of land coming through the pipeline in the future >> yeah, that does remain one of the worries going into the first half of next year. thank you. great stuff. good to see you. >> thanks for having me. wall street is talking about mm'seconomic impact from this suer wildfires details after the break. don't go aaway

where there is fire there is smoke but this summer that smoke has traveled hundreds of miles suffocating major u.s. cities from coast to coast. not only hitting our health but the health of the economy. our senior correspondent diana olick with her continuing series on rising risks from climate change >> reporter: from las vegas to new york city to midwest metros in between, smoke from wildfires in canada and the u.s. is disrupting lives and impacting

livelihoods. we won't know the full financial impact of this summer's smoke until it clears, but we do know that wildfire smoke reduced earnings in the u.s. by an average of $125 billion a year between 2007 and 2019. or nearly 2% of annual labor income according to a study by researchers at the universities of illinois and michigan coauthor says those numbers are rising with the effects of climate change >> the events we've seen are two to ten times as large as the events we have in our study. >> reporter: even one or two days with smoke, he says, can also trigger lasting employment losses and hourly workers without paid leave are particularly at risk >> substantial share of workers, if they don't show up for a job, they're going to lose that job declines in their firm's productivity or their ability to come to work can then be passed onto those workers in the form of lower earnings.

that aren't possible to make up. >> reporter: that risk is not lost on major public companies employing thousands of workers globally amazon already had air quality protocols in place on the west coast like air scrubbers in warehouses, but this summer in chicago, they were sending n-95 masks to drivers, cutting routes short and issuing alerts to employees to return home if they felt unwell. >> we are going to have to change the way we think. what we are learning is that data is power. we are finding the more data we have, the better we can react and the quicker we can respond. >> reporter: minnesota-based eco lab, which ironically helps large companies reduce their environmental impacts, saw four times the number of smoke warnings this summer than usual. jeff burt, senior vp at environment and safety said they

may use strategies they learned when covid hit. >> we had to develop precautions, processes, methods. we will do the impact same if the wildfire smokes continue throughout the u.s. and other areas as well. >> reporter: employee safety is of utmost importance but companies will now have to focus on their financial safety from smoke as well. the more smoke, the more financial losses will ensue. and like smoke, they could inevitably drift into corporate earnings and investor profits. back to you guys >> i'm curious the way the economy has absorbed the insurance in all of this has that been changed, you know, as we see these become more ubiquitous >> when you're talking about smoke, there's not much insurance that goes into it. nothing has been destroyed just our worker productivity if that gets worse, who knows how insurance will play into it. but for now it's more about corporations looking how to help those workers and workers need

to be aware they could see losses when they have smoke. >> you have to remind yourself the smoke doesn't respect trade borders. you have to imagine that some of these countries are going to have to find be a way to address this issue as a group, not individually >> absolutely. and that's why we look to cops28 and climate summits talking about this it's not just the u.s. it was canadian wildfires affecting the u.s. you see it in greece you see it everywhere. even in the u.s., the wildfire season started very early in canada that's why we got the smoke, but it was actually late in the u.s. because of all the rain we got in spring and winter so now for small everything could be tried out. >> and hurricane season, and hawaii is a signal it will heat up getting into september. diana, thank you diana olick talking about the risk of smoke. 90 seconds to the top the hour whale watching, as you said.

>> those after the close today another thing to watch today is the fdic we have marty gromberg, giving a speech at brookings institute at 2:00 p.m. about how the government should be handling various bank failures in the future there was a big piece in the journal about how governments worked and created all these laws and regulations to try to prevent bank failures from occurring, at least from needing to step in that wasn't the case credit suisse and some bank failures we saw earlier, so it will be interesting to tune in and see what he has to say on this important topic. >> meantime, the consumer will start to come into focus tomorrow with retail sales we'll get home depot later in the week target, tjx, walmart stock has been behaving great. inventories are clean, margin comps are easy we'll see how that comes together through the course of the week. >> it's interesting. very busy week in terms of earnings and economic data

of course, you mentioned those 13 apz, which we've already started to see some trickle in really liking evs and having some discussionary plays regarding chipmakers and chinese tech. meantime, guess who is back at post 9. it's good to have the judge back in his chair let's get to "the half." >> welcome to "the halftime report." the rocky august for tech. nasdaq now down two weeks in a row. first time this year that that has happened we'll discuss where the trade goes from here it's getting a bounce today. joining me for the hour today, stephanie, jim we are green across the board. nasdaq, as we said, coming off back-to-back weekly losses we are getting a little bounce stocks were on track for the first negative day in five we'll ask ourselves is the pullback we've seen in the nasdaq enough? is it done >> first of all, welcome back. i'm glad you're back because