>> door dash jumping from new york stock exchange to nasdaq. it is friday, september 15th, 2023. "squawk box" begins right now. good morning. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick with joe kernen and andrew ross sorkin. it is friday. we made it to the end of the week. you will take a look at the u.s. equities and how sthey are shoring up. this comes after the dow's best day. s&p futures up 4. nasdaq indicated off 13 points. we are talking about all three being up for the week to ate.

nasdaq indicated up by 1.2% for the week to date for what we have seen. look at the treasury market. you see treasuries here with 10-year treasury at 2.3%. wti climbing above $90 a barrel. right now, $90.43. of course, we have seen big news in other places. new overnight, positive data on china recovery overnight. retail sales raising 4.6% in august. the unemployment rate ticking down by .10%. china's central bank cut a short-term lending rate one day after it lowered the reserves the commercial banks need to hold against deposits. that will free up funding to

lend to houses and businesses sdpbusinesses. i'm happy we have this guy around. phil lebeau. it he iis interesting, the phil. you are in detroit. i saw you talking to one of the guys earlier. this is very interesting today. especially where we have you perched. >> reporter: joe, it will be interesting to see how long the strike goes. maybe a week or two weeks or looking at something extended out over seven or eight weeks. that remains to be seen. the longer it goes, the more painful for the automakers and the economy. we talked about that. let me give you a back drop with the strikes which have been called by the uaw. first time we are seeing strikes at all three of the detroit automakers. ford, gm and stellantis. one in michigan, one in ohio and one in missouri. those employ 2,700 workers now

walking the picket line instead of the assembly line. we heard from them about how long they are prepared to stay off the job. >> everything. my livelihood, my family's well being. everything on the line for me. i was raised in the uaw. >> we deserve our raise. we deserve it. i think everybody out here does. we come to work every day and work hard and make sure quality is right. >> people have been underpaid for a while. benefits have been crazy. this is something that's going to help everyone. >> reporter: let me clarify that. 12,700 workers now on strike for the uaw. what happens next? there will be no negotiations today. shawn fain from the uaw said they will not have negotiations today, but will hold a rally in it downtown detroit. assembly continues for ford, gm

and stellantis. the question is when will we see more strikes? the uaw says this is different. if there is no progress made, they will call for more plants to be shutdown? will it be final assembly plants or strikes at plants for engines and transmissions? they are not doing it that way this year. there is a rally in downtown detroit. you don't want to miss next hour. we will talk with gm ceo mary b barra about the strike and negotiations. executives arefrustrated with how this has come together or not come together with the uaw. we're going to talk with mary next hour. guys, back to you. >> phil, they have the element of surprise. you don't know where they will strike next. i think that is their idea to

keep them unsettled. over the last decade or so, phil, it has become popular to talk about big business and billions of dollars that the ceo compensation. you hear ford made $25 billion or take your pick of the big three, that narrative resonates with a lot of people. can we draw parallel to how long the hollywood strikes have lasted to this staying power of the auto workers in this case? phil, they may dig their heels in. >> reporter: they may dig their heels in. joe, look, this is the time the uaw believes it has massive leverage on a number of fronts. generally speaking, although these workers believe they are not getting full pay of what they should get in a new contract, but generally speaking, people are in a better financial position now than they were in previous strikes. in previous strikes, people off

the job are saying i'm not crazy. i believe in the union, but not crazy about the personal financial standpoint. people are not rolling in cash, but in better financial position. does that mean it lasts longer? it remains to be seen. we know the uaw has leverage. it believes it can push this much further than what we have seen in the past when it came to strikes with the big three. >> phil, that is part of the strategy. doing targeted plants with 9% of the membership out. the strike fund will last longer. they can keep this up. if they hit a plant that produces engines that shuts down, will they continue to pay the workers if they are not willing to do the work? >> reporter: that is part of the st strategy. other plants are going and building. if they hit an engine and

transmission plant, you would not see final assembly. as a result, the automaker would say you're laid off and go to the state unemployment roles. these people will get $500 a week from the uaw and assistance from health insurance. otherwise, other workers continue to work not under the old contract, but pay remains the same as the negotiations continue. >> phil, as they move around, i guess the question is how much movement or moving around of the strike do you imagine there will be and does that prove to be more disruptive and threatening to the business, if you will, or to the automakers than if there was an outright strike across the board? >> reporter: far more challenging for the automakers because they don't know where the next strike may take place and if they are completely

shutdown, it is damaging to the auto workers. you layoff the workers and do the negotiations and at some point we'll fire back up. if the uaw, it is almost death by 1,000 cuts. you don't know what is hit next or production you have to shutdown all of a sudden. it is tricky and challenging for the automakers to deal with. >> phil, the big three are already behind in evs. we know that. it is not going well. ford, we heard about ford's projected losses. now i've seen jim farley say it this will push it out some time in 2024. if they weren't striking, would they be catching up? i don't see any path to near-term success for the big three in evs. this doesn't help. >> reporter: this doesn't help at all. in terms of the path to success

for the big three with electric vehicles, it has taken far too long and it keeps getting extended out. guys, this is weighing on shares of ford, gm and stellantis right now with the implications of the strike. you know why the stocks are not moving at all? people are looking for when will they do something with evs. by do something, i'm talking about market share and come up with a model that is a hot se seller. get momentum. there is a question of when we will see it. for a long time is wait until 2023. that is here. now they are saying wait for 2024. a lot of people are saying it is not there. >> do you speak the language of the horn? the horns beeping, it is not get back to work. that's i'm with you. that's i'm with you. hang in there. this is a just cause. that's what those horns are

saying to me. >> reporter: joe, the people who are on strike here are 3,300. this is the bronco and ranger. this entire plant is not shutdown. final we're seeing trucks that are doing work in here. those trucks which suppliers to ford, non-stop honking. there is support not just from locals driving by, but the suppliers and people driving the trucks and bringing things in and out of the plant. >> they should be careful. it is possible to break a horn. >> you know from experience? >> i have done it a couple of times. i had to have a horn replaced. prefer the horn to the breake. >> the horn breaking.

>> phil, we look forward to what is coming up in the 7:00 hour with gm ceo mary barra. we have update on the writers strike in hollywood. from one strike to the other. the studios say it is working to schedule a meeting for next week. the writers guild reached out to it asking to move negotiations forward. writers have been on strike since may 2nd. we should mention nbc universal is a member of the amptp. by the way, the writers reached out, but last time they had a meeting, the writers walked away saying they got a lecture from the studios about how great their offer was. we will see what happens. this is a long strike. longer than the last strike of 100 days. >> they are not asking for 40%. >> by the way, when you talk to the uaw, they will say the teamsters got it for u.p.s. all of the negotiations tend to

influence other negotiations taking place in all industries. >> we think hollywood is an a lot of a.i. related. >> this is ev. >> these guys. >> this is robotics. >> robots don't go on strike. >> we will talk to mary barra. i don't know how much of this is robots. >> there are more similaritiies than you think. >> ending the tier system. >> this goes to the writers' room. meantime, when we come back, we dig into the a.r.m. holding i ipo. first traded at $56.10 and > osed at $57.10. >>and later, we talk tech with former microsoft ceo steve ballmer. you are watching "squawk box" on cnbc. >> announcer: this cnbc program is sponsored by baird.

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daniel -- >> newman. >> what did you say? >> newman. >> this ipo did move. it is not a rocket ship, but given where things have been it is an inspiration. do you think this is idiosyncratic to the company or is something broader going on? >> i think that was the first question, andrew, how much appetite does the market have for a tech ipo. is this a rocket ship associated to a.i. or is thissing something that is broader associated to the semiconductor space? i think the initial market pop it did see is everyone is super excited about the tale of two cities for semis. it is a.i. and everything else. nvidia had the huge rip. a.r.m. is a big part of the ho

hopper. w we need more cpu cores inside the device. this valuation is eye watering and rip forward. i think it was a pretty big bump on the first day given the lack of ipos in the market. the a.i. play is really early because for a.r.m., that is not where most of the money is made. it is made in mobile devices. that's where they are making their money. >> where do you think fair value is for the company? straight valuation? >> i think the valuation that the initial listing came out is a good indicator of where it should have been. the $47 to $51 price was about right. the time thereline you see in t pre-market doesn't mean anything. i think the idea is over the next five years as microsoft and aws and qualcomm's pc business and they move and shift from the

mobile chip company to doing systems and enabling a.i. and entering new markets and raising margins so they can show decent profit which is going to be required. you look at nvidia's success and it is tied to massive margins and revenue acceleration and leading an entire market. a.r.m. is an association to the a.i. market, but not driving the market itself. >> dan, you remember when you could name the company in whatever was en vogue at the time and you would see people rush in at time. do we have a magnificent eight now instead of magnificent seven? people would like to add to the magnificent seven. is a.r.m. cheaper than the magnificent seven? are you getting a better deal there or are you already paying the same valuation for a.r.m. as you are for what are the

established big tech stalwwstal? >> that is a good one, joe. stalwarts have something that a.r.m. doesn't have yet. that is the ability to drive significant earnings and cash. a.r.m. is still in the early days. revenue declined coming into the ipo. the amount of compute required for the a.i. revolution is substantial. over a three-to-five year period. i like what a.r.m. is going to do. you see the partnerships and backing from the industry and customers into the ipo. when you look at 25 plus times revenue right now and the declines year on year coming into the ipo, i just think everyone was really excited. we haven't seen an ipi like this in some time. everybody is getting out and participates. i would be patient before i say

this is going to rip forward. pcs are still down. mobile devices are down. that is where a.r.m.'s business is today. the growth is in data center and server is where i get excited and potentially into automotive. that is where you need to watch. this you see acceleration there, this could be a great play. >> we will leave the conversation there. daniel, thank you. i appreciate it. >> thanks. >> have a great weekend. sticking with ipos, instacart is preparing to raise the target price for the ipo after the successful debut of a.r.m. the target share price is expected to be $28 to $30. that is according to a wall street journal report which said it could disclose the higher target it in the s.e.c. filing today. at the high end of the new range, it would be valued at $10 billion. that is coming up next week. coming up, doordash is leaving the nyse for the nasdaq,

where we were. i don't want to be a homer. i'm a homer. i make fun of the new york stock exchange. >> and you like doughnuts. >> and i like doughnuts. good job, doordash. the water's fine. welcome to the nasdaq. we don't work for the nasdaq. the nasdaq is the future. rewriting tomorrow. that's the story ahead. that's the slogan. it's upstairs. do you go upstairs? >> yesterday. >> it is that all over. we talk to the creators of "dumb money." the maker of the gamestop mania in theaters this weekend. "squawk box" will be right back.

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food delivery company door dash will transfer listing from the new york stock exchange to nasdaq. the company expecting to begin trading on the nasdaq under the ticker symbol, dash, at the open on september 27th. in a statement, the ceo said we are delighted to join the community of the leading companies in the nasdaq. did not provide any other rat rationale for the move. >> maybe it was the bacon. when we come back, new york real estate giant bill rudin will join us on the real estate issues out there in the commercial real estate and how many people are back to work and how many people are coming back. that and more. coming up in the 7:00 hour, an interview you don't want to

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good morning. welcome back to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. let's show you friday morning. the dow would open higher at 110 points. nasdaq is off 13 points. we are looking at the s&p up about 5 points. we are monitoring the news of the day or nation. a auto workers strike. they began overnight after the contract deadline passed with no new deal. we will talk to harry wilson who

served on president obama's auto task force and in the next hour, gm ceo mary barra will join us live from detroit. we heard from the union 48 hours ago. we are watching shares of lennar as well. beating estimates. fell sharply from the same quarter a year ago. revenue fell because of lower home prices. the company's co-ceo said rising interest rates were continuing to aid home builders with more expensive mortgages making people reluctant to sell. we are sitting on things boosting the demand. new york city rents could reach peak prices, but residential leases are low. joining us with more is bill rudin. he is the chairman of rudin management company. he oversees the portfolio of 15,000 square feet of

residential and commercial property. >> good morning. >> it is back to business. traffic has been horrific. you see people everywhere. my daughter was in a building wednesday here on 42nd street and every office was dark as she walked through the building. people are not back in all buildings. i know in some buildings, it is strong in that "a" class. what is happening? >> in the midtown class in class c building has occupancy back up. average around 70%. that's a positive thing. you walk around the streets. i went from a launch meeting back to my office. walked ten blocks. >> crowded streets. >> we're packed. there is an energy back in the city. we came from the u.s. open. fashion week. i was down at the pearlman.

it was an incredible experience for the city. we are finding people are coming back. it is a positive sign for the city. the traffic with more people in the subways and commuter route lines. we are getting back to not quite pre-pandemic, but close to it. >> we had the head of the mta on and he talked about subway traffic being up, but not where it was before 2019. jeff greene was talking broadly around the nation. i know new york city is in a better position than seattle or chicago. he said he thinks we're in the first inning with the correction on commercial real estate. he is not talking about the "a" buildings, but "b" and "c" buildings. >> there is significant headwinds with defaults or

buildings taken back by the lenders. that creates opportunities. you are seeing people create funds. investors are coming into the city. people who could not afford to own a property in new york are looking for opportunities. we just sold a building at 55 broad street in manhattan. we are converting it with larry si silverstein to a 600-unit a apartment building. it was the original building for goldman sachs in the '60s. we need more supply to come on the market. we need the governor and mayor who have been vocal about the ability to convert other buildings in new york city and midtown. we need the state legislature to work with the mayor and governor to pass reforms in terms of tax ab abat abatements. >> you need money to make this happen. this is not something that will

happen on its own as real estate prices come down? >> the problem is the cost of construction and cost of land. it is a high entry point. in order to create afford ablg ho -- affordable housing, you need sub subsidies. >> are the apartments going to be -- >> market rate. it was done under the original downtown plan. we need to have a similar plan with an affordability component if possible. we have to have balance and work with labor and government to create housing or we will have a problem in the city with affordability. the market is very strong right now. we signed 50 leases this august. the report said less leases were signed in the city. the prices are very strong. that's not sustainable for the long term. we need to have people of all

levels, affordable, work force, market rate, to come back into the city and find appropriate housing. >> commercial real estate market. i like what you said. there is private money on the sidelines. money willing to come in. is that the type of thing that means people who were long in those buildings will take a beating on this and we will get through or other funders will come in and say this is the time? >> if the right programs put in place, yes. there are always two sides to the trade. people losing properties, but there is opportunity because prices will start to come down. that will incentivize people for investing in the city. >> let me throw a monkeywrench in the story. people are uniquely concerned

about the immigration crisis that the city is experiencing. where do you think that genuinely stands? have you seen any movement? is there any activity there? a back and forth fight with the governor and now the president of the united states about what should happen and who is responsible and who is doing it right and who is doing it wrong? the mayor has his own plan. where are we? >> there is a significant problem not just in new york city, but across the country. how do you control the border? that is a big national issue. people are coming in. they want to work. these people are seeking economic and religious freedoms. this is what our city is about. creating opportunities for people. we need to be able to work with the president and the leadership in washington. the mayor and governor have been vocal. we need to allow the qualified people to get temporary work visas. they are working in the

underground economy. why not let them get jobs? we are at a 3% or 4% unemployment rate. they are not taking jobs. they will fill thousands of job openings across the state. there was an article the other day about farmers and other industries looking for qualified workers. let's give them a chance to be productive and pay their taxes. i think that is part of the solution, but we need government at all levels to work together to solve this problem. it is a huge issue. it is not just new york city, but across the country. >> bill, the interestrate picture has been an interesting one to watch. we have seen interest rates rise rapidly. it sounds like the fed will take a pause at the next meeting. the bigger question is will they lower rates next year? the fed doesn't seem to think so. >> the ten-year is ticking up a bi bit.

it is a huge issue. inflation is an important component in driving this interest rate increase. we need to start seeing interest rates start coming down which will help some of the troubled buildings. it will help incentivize people further. >> how big is a problem for commercial real estate if the fed does not lower rates? >> it will ex-acerbate the issu and more people will struggle the. we have been dealing with the issue for several years. >> i'm not sure the fed carecar. >> i understand that. somewhere they will see the ripple effect with the banks having issues. several trillion dollars of debt coming due in the next couple years. we need to see rates move in the lower direction. >> bill, thank you for coming in today. >> always a pleasure. very excited to be here in times

square. we have a great building across the street filling up. with we moved in remy and another tenant moving in. toro. an indication of the vitality and people coming back. >> i love to meet that guy. remy. >> i'll take you up. they have a bar up there, joe. it's 5:00 somewhere. >> unofficial mayor of new york. bill rudin, thank you. coming up, adobe hour with the update and adding a.i. to the suite of products. we will have that later. and later, we will have steve ballmer with his assessment of the rapid rise of a.i. and instacart making it official. raising the target price mof $2 to $30 a share. that is on the successful ipo of

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we are watching shares of adobe this morning. beat estimates of $3.98. revenue in the current quarter coming in above expectations. the company has been pushing to add generative a.i. to the marketing tools. here is what the ceo said

yesterday on "closing bell" yesterday about the offering. >> overwhelming response from the community has been excitement about what it does and how it helps with creativity and productivity and the fact it is ready to go right now. that has dominated the feedback we have seen. >> adode cfo said customers have produced 2 billion images with the a.i. tools at no cost to customers. the company will ramp up the mon monitization of the features. photoshop is amazing. it is outrageous. you could have a picture of you, joe or becky, and you could tell it to put a picture of an elephant or bull or bear behind you. it would do it. it would look totally realistic. >> because it gets the lighting

right? >> it gets everything right. >> dangerous. >> scary. >> amazing. amazing. >> amazing and scary. you don't know what to believe. nothing of what you hear and some of what you see. you don't know what's real and what's not. >> it could be a lot of dastardly linkthings done with . coming up, harry wilson who served on the obama task force. he will join us next to weigh in on the auto rks woerstrike. in the next hour, gm ceo mary barra joins us live from detroit. "squawk box" is coming right back. rich, velvety coffee. café quality espresso. one high-pressure system that can do both.

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let's get back to the uaw strike with harry wilson. previously the senior member of president obama's task for. h force. harry, welcome. good to see you. >> nice to be with you. >> we keep hearing and we heard shawn fain say the other day of minimize the effect of labor costs in relation to the automaker's income statement or whatever you want to look at with 7% or 8% or 9%. i forget what it was. you point out that was misleading because of the way things were. a low-margin business and a raise like this, free cash flow could be decimated so the company could never have

investment or innovation. >> the companies need to have a sustainable framework for success for what we created in 2009. that led to the failures of general motors and chrysler in 2009 was because they had uncompetitive deals, not just on labor but across the board and made bad product decisions and it ultimately failed. so, to me the real focus needs to be on that same shared sacrifice, shared success we established in 2009 that held for more than a decade and because of record inflation we went through, increases in auto prices and profits and the old collective bargaining agreement was violated and now we're playing catch-up. creating a deal that allows for addressing that with significant wage increases and ratification bonuses but keeping the sustainable framework to allow

for long-term success is the balance that needs to be struck. >> i sounded -- i was only giving you one side of the coin and was going to get to what you just highlighted. you did reach an agreement that was necessary which was a long time ago now, even though it doesn't seem that long ago, a shared sacrifice and shared profits but i don't know if the agreement has been breached but certainly the workers got the short end of the stick because their wage increases didn't keep up with -- nobody knew we would have inflation this high but they've got a legitimate beef, so as you point out, there's got to be a middle ground here. i don't know if it's 40%. that is your solution? what would bring them into -- what would make it fair, and i hate using the term fair, it's in the eye of the beholder but what would make it fair to rectify that their wages have not kept up in the last two or three years?

>> that is not even intentional. the last one was negotiated prepandemic and no one anticipated the inflation we've been through. given what's happened and the outlook over the next five years, which is what was agreed before, what is fair to address that. look at just the compounding of inflation from the last 2019, when it last began that today and normalize it going forward, that ends up being 30% before where they were and fair and allows workers to keep up with inflation. it ends up being a significant increase. you know, the numbers we're talking about whether 20% being offered by the big three or 40 plus% asked by the uaw are over five years and reflect a catch-up period. the way to address that, have something more significant that's being offered today. have a significant ratification

bonus effectively a catch-up payment and focus on that, great for workers but doesn't hamstring the companies going forward and to say a hard no to the things that basically repeat the lessons of the past like the job bank and 32-hour workweek and retiring medical. that's going into 2009 and don't help workers today and don't -- then hurt their productivity and long-term success and viability of the automakers. >> harry, has anybody called you and asked you to get involved because what you just laid out sounds like it makes an awful lot of sense. the idea you think a 30% pay raise is fair because of what they've given up in the past but these other issues are legacy issues that would drag the companies down. has anybody called you from either side of the table? >> i've had a number of calls from folks involved one way or another but i'm not involved in any capacity, i have my day job.

i think it's really important to think about things in a principled framework than quick bargaining. shawn fain has totally outsmarted the big leaders and have a deliberate thoughtful strategy. he's done a great job marshaling his rhetoric and support even though it came through in a narrow win in his election a few months ago and got out ahead of it and leadership of the big three made a massive mistake and started at 7%, 8% over five years. that doesn't match inflation prepandemic much less address for the issues. that was inflammatory and i think frankly played into his hands a bit and can't blame him for that trying to get the best deal. if they started off in a much more meaningful place and something that addresses the issues they have faced but preserves long-term competitiveness, i don't think we'd be in this place. i don't know if we'd avoid a strike but i don't think we'd be in this place and worried -- on

the one hand, the leadership of the big three has to be realistic on these issues and mr. fain can't overplay his hand. that could be a bad problem for both sides. >> speaking of that, this is what shawn fain was telling the uaw last night. he said, this is our generation's defining moment. the money is there, the cause is righteous, the world is watching. after you've now got those offers of about 20% for pay increases to be saying stuff like that, by the way, that's after gm raised it to 20%, that's pretty fiery rhetoric and i'm not sure the uaw would be happy with the terps you laid out at a fair deal with 30% without the accoutrements that go with it. >> if you look at mr. fain's facebook live talk the night before he spent more time talking about biblical language and this being kind of an

opportunity to restore the kingdom of god, his words, not mine, those are high, lofty goals and it's a business deal between a management team and labor team that both have to work together to succeed and has to be done in a, frankly, much more collaborative way. this is the first time mr. fain has negotiated a major deal as head of the uaw. he's done a masterful job in outsmarting the big three but has to create an off-ramp for a deal to succeed. the goal has to be not let's get to get the best possible deal for uaw, remember, from his perspective it can't be i'm going to create a holy war where there are no winners. >> long term would you want to be a shareholder in one of these companies in that could it ever be as competitive as some of the n nonunionized automakers? >> yes, they can be, but it has

to be done the right way. i know exactly why you're asking that question. i'm a shareholder of general motors in a small way and the question is, can you create that collaboration? a unionized workforce can be an asset meaning you work collaboratively for long-term success. that is the dynamic we set up back in 2009 and lasted for more than a decade so it is possible and i think you saw them succeed. the stocks have lagged but the companies themselves from a product market share -- >> that's the question. you want to be a competitive company and so my question is from an investor perspective, is it possible you think that long term gm would be competitive as tesla? >> tesla is a unique animal. >> take that one out, bmw, mercedes. >> yes and over the last 15 years i think they have been as competitive and bmw mercedes are outside the united states as you know but i think they have been

as competitive with them. you've seen that -- gm lost market share from 1954 to 200 and for 15 years it stabilized. why? they had a different approach to business from the previous half century. >> you're getting soft, man. you were in the obama administration. it's like the stockholm syndrome. i can't believe what i'm hearing. we t g-term success. >>goto go. i got an anniversary coming up. i'll need a diamond necklace from you, harry wilson, so set aside some things. i want to talk to you about that too. i was told my small business wouldn't qualify for an erc tax refund.

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good morning, and welcome back to "squawk box" on cnbc live from the marketsite in times square. our story, thousands of uaw autoworker members on strike at three key plants after the detroit automakers failed to reach deals by a thursday night deadline. the big three facilities that are being impacted are gm's midsize truck and full size plant in missouri, ford's ranger midsize pickup and bronco plant in wayne, michigan and stellantis' jeep plant in toledo, ohio. mary barra will join us live with the talks fronts and what it could mean for the industry a few minutes away. coming up in the next hour, lawmakers respond to the strikes. michigan congresswoman debbie dingell and representative tim

walberg will be our guest. we've got a bit of a mixed picture. we'll flip the board. we have the dow about 106 points higher. nasdaq off about 5. s&p 500 up about 5. joining us is bob diamond, ceo of atlas merchant capital. we're trying to figure out which way is the wind blowing. which way? >> i think the biggest -- >> you're a sailor. >> the biggest thing about the markets, i think they've adjusted to higher rates. we went through this long period where the debate every time was, you know, what's the rate increase? how long will they go and, you know, you saw the collapse of svb which was about higher rates and i think people are relaxed that they know where rates are. >> should they be? ken griffin was on our air yesterday and made the comment that it was nerve-racking to see that actually rates had moved as

high as they had and stocks had held up and that was sort of such an unusual situation that he was a little bit anxious about where that goes next. >> i don't think it's unusual, andrew. i think from 2008 when we had the financial crisis to 2019 fed funds actually averaged less than 1%. that's not normal. i think this is far more normal. the period before that, fed funds averaged something like 4%, now they're 5 1/2%. i just think this is more normal than zero interest rates for 12, 14 years. >> we heard from bill talking about commercial real estate and some areas of the market where there is this big assumption rates will come down significantly next year, maybe 100 basis points. his point is if that doesn't happen you're going to see more problems with commercial real estate as you have all of these loans come due and won't be able to be refinanced that can make

it work for them. is that just a problem for those that own the buildings and plenty of other money to takeit over. >> what i feel confident about, becky, there's little chance that rates will come down. i think if you go back through history with fed decisions to pause is kind of a normal process and i think the fed is in the process of pausing. maybe there's another 25 basis points somewhere. but to actually reverse course is a very, very high bar and i think for this fed having gone through what they went through with 9% raging inflation, they were part of the cause of that in recognizing they had to do something. they're going to -- i mean, for choice they'll stay too long, not exit too quickly and i think applause is here but if we have expectations for cutting rates next year the bar is very, very high. >> you got china, right? although maybe they're getting a little better. maybe there's some light at the end of the tunnel. a question about oil prices globally above $90. what if they stay above $90

globally, does that make the fed's job easier because it's a global tax and it is a damper on global growth, or does it spread into prices where they have to be even tougher? now i'm starting to think that it's going to do the work for the fed by damping -- you're a hawk. you're very hawkish and you think we'll stay -- 2024, no cuts whatsoever. >> i wouldn't say i'm hawkish. i think the economy is adjusting to high rates. >> you think 8, 10% -- farce. >> that's what leigh jan cooperman -- >> businesses can do fine at 8%. you know what i mean? there needs to be a cost of money and zero is not what the cost of money was. somewhere between 0% and 8% is probably right and figure we're right there. >> i'm not in the camp they have

to. >>. >> listen, i think we'll still see more problems going forward because we had 12 years of free money and that just creates issues and go back to theissues at svb all around asset liability match. they didn't adjust quickly enough. now that it's adjusted, i believe we're in a more normal -- >> that's on the fed's radar screen as more hike, not that it -- >> a lot of the oil prices as you know are a geopolitical issue and that's really -- >> still going to hit us and be $4 a gallon gas and people aren't going to do as much as they wanted to. people need to buy food. >> bob, you keep mentioning svb. i remember when that happened, one thing we talked about on this broadcast what was going to happen to the regional banks and all the real estate, both mu multifamily and but more particularly, you know, corporate real estate office and the like and given that you're in the business of trying to buy

things on the cheap. are you seeing or thinking -- i think at the time you thought, come the end of this year it's '24, '25 when things tart to roll there might be opportunity in your world. do you still see that being the case, because opportunity for you is, by the way, a problem for others? >> sure, i mean, we're in the business of putting private capital into financial services primarily and do see regional banks as a great opportunity over time. i think getting private capital in there but what i'd like to see a little bit of a higher deposit guarantee. i'd like to see it. i'm not sure it's coming soon but i do believe that one of the strengths of our economy is the depth of our financial markets. it's incredible, the capital markets. look what's done with the a.r.m. listing. ever been a better advertising for the depth and liquidity in the u.s. capital markets than, you know, a british chipmaker coming to the nasdaq and the success of it. >> saying, maybe someday it will

do the lse, note today but maybe someday. >> a lot of -- i mean, we have a huge competitive advantage in the u.s. and it's not just the nasdaq and the new york stock exchange, it's think of the investors that took part in that. think of the pricing. i mean, it's at the high end of the range and trades up 20 odd percent and the depth of the capital markets here relative to the uk. i don't think it's something they can match. >> jamie dimon went on a bit of a tear talking about the high capital requirements for banks and how much they'll be able to loan out. how do you feel about this? >> becky, i think i have a little bit of a different perspective than the average person on that. i was the ceo of one of the largest banks, and, of course, jamie is going to not want higher capital levels. he'll want better returns on the capital. but, you know, andrew was right there at the time in 2008 with too big to fail. we saw the government come in

and bail out a number of the largest u.s. banks. and what did we say at the time? we'll never have too big to fail again and today they're far bigger. too concentrated. too bigger to fail. whatever the phrase is and so -- >> bigly. >> we have to say the regulators do need to protect the too big to fail issue and i really understand -- >> the ceo of ubs on. too big to fail. credit suisse -- i was going to ask about citi. you saw the news this week. that's a bank that's been challenged, maybe a polite worth. >> that's a rather polite word. >> would you invest in citi? >> i have to give you the context. i'm not investing in large banks. we're really investing privately so it's a little bit unfair. watching how jane -- i think how we have to watch how this works

for her and made a pretty dramatic change in how they're running the bank and stepping back i think she's making the right decisions. let's see. >> thank you. >> people still drive cars in california, right? put a lot of traffic -- the average price is today? $5.52. $5.52. coming up, thousands of uaw members on strike at three key auto plants, ceo mary barra joins us live to discuss negotiations, where the big three stand. first, media entrepreneur byron allen -- i never thought i'd say that, making a 10 billion bid to buy abc and its assets. "squawk box" will be right back. >> announcer: this cnbc brahms is spoj sored by truist securities. nsored by truist

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all right, the bidders are reporting lining up. bloomberg reported that nextstar group and byron allen have expressed interest in the disney asset. one valued at $10 billion. disney has not made decisions on any sale of its properties and joining us right now is ben smith. ben, first of all, how real do

you think these offers are and, second of all, how real do you think iger's desire is to sell any of those properties at this point once you start thinking about how to unravel it all? >> the offers are likely the beginning of a situation where they could sell the stations, the networks, they could sell both. there are big regulatory earthquakes for nextstar and how many stations they could take but i think iger is serious. disney's stock closed up a bit on the announcement. i think he is sort of committed to this path quite publicly at this point. >> it's a little bit of a mess for anybody working at abc or any of those places to kind of watch this play out in realtime. there wasn't the secret that usually these conversations would be taking place with. iger was pretty up front and said it right out loud. >> yeah, i mean, i think there's a lot of discomfort particularly at abc news.

nextstar operates a thread bare fourth place broadcast network that includes abc at the very top and i'm sure they are kind of eyeing, you know, what have people talked about for years, the inevitable decline of broadcast news feels like maybe would accelerate. >> andrew brought up a good point off camera. just the questions of what you're really buying. what you might be able to buy given some of the programming deals that have been tied up with hulu and other places, streaming has made this a lot more complicated and the back and forth synergies would be a big mess to unravel. how do you think they handle that? >> yeah, i mean, it is an incredible mess. it could lower the value of hulu to disney in a way that could be actually useful to disney in negotiating over what's next for hulu. and then i mean i think ultimately they're buying a

bunch of stations that continue to generate a lot of cash. it would transform nextstar into one of the biggest mean ya companies, bigger than fox, bigger than snap but a source of revenue selling advertising to an aging audience on a legacy platform so i think that's -- you know, it's complicated on both sides of the deal. >> explain what you think about hulu's valuation because i'd read an opposite take yesterday that suggested hulu's valuation was going to be worth more. obviously iger is not going to want an instant valuation that puts hulu at more because it means he'd have to pay more to comcast our parent network -- >> the newsletter i read on this point and it basically -- either way, basically the relationship between the programming that is currently, you know, going from disney to hulu suddenly there is a third party involved is --

>> they get a knockoff of some of that. byron allen's deal reading quickly from bloomberg looks like it's $10 billion. doing that number based on 1.25 -- an assumption of $1.25 billion ebitda those properties generated last year and he's willing to pay eight times ebitda and says he'd pay less or more depending if that's accurate and has banks and private equity to finance this. how solid do you think that is? how realistic and is disney going to want a slightly different offer than the one that this is structured? >> one of the interesting things about that deal is ad agencies, advertisers have talked for a lot over the years but particularly for the last couple of years of wanting to buy black owned media of which there isn't a lot. not a lot of black ownership on the cap table and byron along -- there's another separate outfit

called group black have been looking at this kind of deal in which they could then -- they think raise the value of the asset by turning around to advertisers and saying, okay, now we're black owned. you know, you fulfill your promise by advertising with us. i don't know if that will work but that's certainly been a part of the core logic. >> we good to -- mary barra is ready so -- thank you and we will see you very soon, very soon. the uaw launching strikes at three plants after failing to reach a deal with gm, ford and stellantis and phil lebeau joins us with mary barra. >> hey, joe. chair and ceo of general motors. strike was called at midnight. what's your reaction initially? you knew this was coming but what's your reaction? >> you know, phil, our team has been working since july 18th to bargain in good faith and had over a thousand demands. i'm extremely frustrated and disappointed. we don't need to be in strike.

we put a historic offer on the table that not only has very significant gross wage increases, total through the contract over 20% that compounded is 21% but we have job security, we maintain world class health care. there's so many aspects of this -- of the offer we have on the table that i think really is going to resonate with our employees so we didn't need to be here. >> i sense there is a disconnect between the automakers and their negotiations with the uaw that we haven't seen in the past. there's always contentious discussions during these things and sometimes there's a strike but something seems to be different this time around. what changed here? >> every negotiation takes on, you know, the personality of the leader who is running from a uaw perspective as well as what the situational issues are at the time. i think the key in any of this is to get to the table, talk through the issues and that's what we've been working to do since this began. you know, again, we had over a

thousand demands. you've got to work through each one of those. that's part of the process. we've been working hard and to problem solve and we're going to continue to do that and we're there now. >> you made four offers. how many do you think. at 20% how much higher can you go? >> well, i think we have a very generous offer on the table. it's historic from a wage increase perspective it's the most significant table we've had on the table in our 115-year history. i'm not going to -- we need to get there fast. this is not good for our employees or the communities, their families and for every gm job there's six others in the economy that dependenous running so we got to get back to work. >> if they start striking at other gm facilities how quickly will it hit the bottom line? >> we're in the business of making cars, trucks and crossovers so depending on the length, it could have an immediate effect but we've been through this before. we've been through covid and the

semiconductor. we have an incredible team preparing. we're ready. we'll do what's right, but this is not going to be positive from an industry perspective or for gm. >> all of your plants to a certain extent are interconnected. wentzville, what happens there doesn't happen in a silo. if other plants are hit separate from an engine and transmission that feeds all the plants, is there a ripple effect in terms of it adds to the complexity of managing the situation? >> absolutely. absolutely. because, you know, a lot of our assembly plants have contiguous stamping plants that may serve other plants, so, you know, we've worked to have a very efficient manufacturing network and even one plant will start to have impact. >> they chance we see a change in production. wentzville is not in production but any sense while production continues at other plants will change. >> we'll evaluate that and we'll continue to do that and be responsive. our team knows how to manage

this. >> four years ago you went through this but as i mentioned earlier this does seem a little different. what is your sense in terms of how long the scope. obviously you'd love to resolve it tomorrow but you've done this before. you know the rhythm and cadence. what's your sense? >> i think the strike can get resolved very quickly. we have a historic offer on the table. from a job security perspective, we have work and products for every single one of our facilities. more than two years ago as we started to really plan the ev transformation we made sure we had work forrive. one of the reasons we designed in-house power units and already started to allocate power units to our internal combustion engine plants and something we've been working on for a long time to make sure we can bring everyone along. i think our gm team members represented told me time and time again job security is important to them. how you get job security is making sure you have beautifully designed cars, trucks and crossovers that people want to

buy and we have those right now. all of our vehicles are in strong demand so we got to get back to work so we don't lose ground. >> i know you've been in touch with the white house and taking an active interest in what's happening here. what do you say to them or they say to you about the situation. >> i've been clear and talked to many members of the administration as well as members of congress, and, you know, we're at the table. we're problem solving. we want to get this done. this will not be good for the economy overall and, again, for all the communities that are impacted, you know, from when a plant is in their city. >> mary barra, chair and ceo of general motors. thanks for talking with us on a day where we're going to see what happens. no negotiations today. but we'll keep you guys updated in terms of what we see and hear today. >> phil, thank you for bringing us that interview, of course, in the middle of what is an historic strike right now. coming up when we return we'll have more on the uaw's

strikes and president biden will deliver remarks on it today. if they happen during our program we will bring them to you. plus, arthur brooks is going to be here, co-authoring a new book on happiness with oprah. we'll talk to him for the biggest takeaway next on, frankly, how to be happy or how to be happier. here are the futures right now. hopefully it will make you a little happy, dow up 95 points. nasdaq make you les happy, off 19 points. >> aflac's trivia question. name the company founded by david cook in dallas, texas, which walked away from a deal withetix a nflnd later filed for bankruptcy. the answer when cnbc "squawk box" continues. st say gap?! he's talking about expenses health insurance doesn't cover. good thing coach prime knows about...say it one time! aflac! because aflac gets you money to help close that gap!

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starting targeted strikes and president biden will deliver remarks on it today. if they happen during the program we'll bring them to you. plus, the gamestop sag gachl the topic of a new movie out today. the teameh bind that film joins us. arthur brooks on happiness right after this when we come back. taylormade, titleist and ping. tour balls from your favorite brands. and the most dapper styles from travismathew and walter hagen to calia and lady hagen. you handsome devil. select the best golf shoes like footjoy, nike and more. and get back on the course with one-hour pick up. look good and play great with gear from dick's sporting goods.

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i'm extremely frustrated and disappointed. we don't need to be in strike right now. we put a historic offer on the table that not only has very significant gross wage increases total through the contract, over 20% that compounded is 21%, but we also have job security, we maintain world class health care. there's so many aspects of the offer we have on the table that i think really is going to resonate with our employees so we didn't need to be here. >> gm's ceo mary barra talking to us moments ago about the uaw strike against the big three automakers. the union at this point targeting three plants impacting nearly 13,000 workers and no negotiations are expected today. i'm going to segue in arthur

brooks, i guess, somehow. i don't know what that has to do with it but joining us on set to talk about the leadership on both sides of this labor dispute? you're here to talk about happiness. >> i'm always here to talk about -- >> president emeritus of the enterprise institute and professor at harvard university with a new book, "build the life you want: the art and science of getting happier" and not like will smith. spelled correctly with oprah winfrey. what i want to talk about, i guess, is whether after all these years, has your notion of what makes for a happy life changed? isn't it about earned success and to bring it back to gm and ford and the uaw, isn't that what these workers are trying to do, be -- earn their own success to fit in with this world in the best way they can. >> it's what everybody wants. >> is that still what happiness is to you. >> no, not at all. we want to be happier as people.

that means progress, moral progress, better relationships, we want to create value with our lives and with our work, these are the things we want. we talk about the science in this book but a lot comes down to common sense. when you see something like what's going on with the uaw strike, i mean, it's perfectly easy to understand. these workers are -- their next-door neighbor got a raise last year and they can't afford groceries so they're doing the natural thing and this is what we'll see until we have decent policy that gets inflation under control, frankly. >> my other question that i was going to ask you was, can we get happier with the proliferation of social media and the way it is right now? has that helped -- for my son it has definitely helped. i don't know what he would have done if you didn't have this to do all the time and you can enrich -- you can find out everything. you have an encyclopedia

britannica on your phone basically but is it bottom line, is it making us happier or less happy. >> for most of us, no. that's the answer. we talk about it in the book looking at the neuroscience of happiness and it's basically this book is an owner's manual for your emotions. and the interesting thing, the reason we wrote it, i teach this class at the harvard business school on happiness and my students say i can manage money and a company but i can't manage my feelings and the reason is because we don't understand the way our emotions work and until we can treat our emotions with the same seriousness that people do in their business lives, every ceo is watching us today and feel very much in control of their companies and not their own emotions and trying to turn that around, same kind of business. >> is the tribalism? we can't get away from the political and cultural tribalism, i guess that's exacerbated by social media. >> exactly. >> but the players involved aren't helping. i mean, we had -- we know how

donald trump, like, i don't know, didn't they -- i don't know, media organizations that calculated 14,200 lies or something. joe biden is no slouch -- at least distorting or maybe he doesn't even know but our politicians are making things worse. >> we have a culture, polarization because we're rewarding what psychologists call dark try ad personalities. dark triad personalities, people combine narcissism, machiavellianism and traits of psychopathy, it's all about me, i'm willing to hurt you and traits of psychopathy, i have no empathy and no conscious and we're rewarding people like this. you get what you pay for and when we basically would fire up a lot of elms in the media and all of the elements of the political structure all around us and reward bullies and people who don't have conscience --

>> this is all making me unhappy. >> we can turn this around. the reason i'm working right now to create a happiness movement in this country is not because you need better whiz bang ideas about policy but because you need people to realize that happiness is under their control in their lives and they need to demand it. >> we talked about this earlier and this idea that everybody increasingly especially in a social media world craves external validation, right? people talk about can you get validation from yourself or need it from every -- >> a lot of likes on our discussion. >> from everybody else. do you need that validation from everybody else? you talked about friends and family and that being a huge component of actually your own happiness. >> yeah. >> is there anything -- is there even a thing called internal validation or is all validation ultimately external and if that's true, what does that mean? >> the truth is -- >> that goes to all of these things you're talking about. >> the problem that we have, you

talked about social media, our world is full of mirrors at this point and if you can actually get away from it, one thing we recommend in the book and students at harvard is that they go through days -- at least hours without the mirrors in their lives so they can observe the outside world. you want to be happier, be in the iself looking at the world without judgment of yourself. notifications are a mirror. it's interesting. talking to a guy when i was preparing this book writing this book, he was a fitness influencer, a fitness influencer, like had his shirt off on instagram. >> i do that. >> yeah, i know you do. you go under an assumed name. i know what's going on. >> i'm what you don't want to do. >> and he said he was so -- he didn't eat anything he wanted for ten years. he was completely miserable so here's what he decided to do. he took every mirror out of his house and showered in the dark for a year so he couldn't see his own abs and finally got happy. he finally actually found the secret to happiness by not looking at himself anymore.

that's the secret is look out at the world in a sense of awe. >> it's also where you point out in the book that we are trained to really -- you know, all the way back to cavemen times we are trained to look at negativity. that's been a survival technique. i think it still is it to a certain extent in some pretty mean industries, but being grateful can take you out of that and working really hard on that. universal a really good actual -- i've been working hard on trying to be more grateful but you have a good exercise for how people -- >> we have an exercise we put in the book based on psychological research and the research isn't that important because just the habits work on this. you're right. we have a negativity bias. we go through life saying this is bad. this is bad. not because we're negative people but because in the place to sierra if you didn't pay attention to the negative something bad would happen so we have literally more brain space dedicated to negative than positive events but that's maladapted. look at us. look at the people. the people watching us, we're

so -- we live in the greatest country, most charitable upward mobile place and we're like, look at the news, it's so -- >> a lot of people watching us get in industries where you will get knifed in the back by -- >> i get it. their lives are so much better than they are bad and so your point is this and what we talk about in the book, literally write down, bring to your prefrontal cortex the things you're grateful, emotional substitution, choose gratitude and it works. we have an exercise where you write down the five things you're most grateful on sunday, review the list, update it every week, after ten weeks you'll be 25% happeneier. >> how are you doing with your own? >> i'm on a book tour. i'm a very lucky guy. >> you've been happy for years. >> i've gotten happier and happier the more i've studied it. 9 secret to it is teaching it

and dedicated my career as a social scientist because i wanted to get happier. i've gotten 60% happier. >> how do you know you've gotten -- >> i test it. we have a saldated test -- the book website has tests people can take. on their own moods and i have to take them every semester and i look at my own progress. 60% happier and it's amazing. >> and what -- >> from 2019 when i stepped down from the american enterprise institute. >> was a.i. making you unhappy. >> i wasn't working as assiduously as i should have. >> i'm very happy. but then i think about people that aren't happy. it's neurotrafnsmitter mediated and has to do with things you can't control. >> you can control them in a big way and the best way is -- number one, well, it's responsible use of social media.

one of the biggest things people do, they hit it again and again and again. it's basically we're like methamphetamine addicts working on the same -- >> how do lonely people -- i'm not lonely and if i was -- you could be at any time. never. there are times and i hate to admit it but there are times where the family unit was so cohesive we think back on those days and think those were pretty good days. >> sen mentality. loneliness is horrible and is an epidemic and became much worse since work became proper prominent. 7% are happier because they're introverted but for the rest of us it's terrible. with the efficiency, it's really going -- it's a mental health snowball, you know, avalanche coming toward us and we don't quite see the problems yet that we're going to be seeing in a couple of years. >> i think we're all pretty

happy and i think we need to be happy and grateful about being happy. >> yeah, well, for sure. this is one of the things. >> i never understand -- you know, depression is easy -- you have everything going for you because it's -- there's nothing you can do. it needs to be chemically mediated for people that have that horrible affliction, right? >> there's a problem too. >> it can be drug, it can be therapy but it's out of your control so no matter what you do, some people are going to have -- >> arthur, you got happier when you left your ceo position. >> right, right. >> can you do a top position like that, a ceo position and still be happy? >> you have to be unbelievably self-aware of what you're doing. i work a lot now. "from strength to strength" was my last book and how strivers tend to beat themselves up and do negative things mostly because they self-objectify and have a success addiction. work aalcoholism is downstreamed from success addict. when you see yourself as a card. board cutout and we go much

further about how not to objectify yourself anybody and see yourself as a full human being. a problem for a lot of people that watch "squawk box." >> say it loud and proud. >> you went on a lot of shows -- >> i love this show. this is the show i have done the most for the past 15 years consistently because i love it. here's the big problem with a lot of people watching this show. after i do it i get tons of email from strivers, from ceos, from top leaders, here's the biggest problem that they have and i've seen it again and again, i was interviewing a woman who rungs a big financial firm, lot of money. super successful. she says i'm not happy. people talk to me like i'm a psychiatrist, why are you not happy? she said my husband and i, it's like we're roommates and my adult kid -- she's my age, we're cordial, you know. my health isn't as good as it used to be, my decision-making isn't as crisp. i'm burned out and all i do is

work. what do i do, professor? you don't need a harvard professor, go away with your husband. get to know your kids, take a souvenir in your famous firm -- what's wrong with you? and she said, i know what's wrong with me. i know exactly what i have to do but i've always made the decision to be special rather than happy. boom. but that was like a knife to the heart for me because, you know, i did that for years, you know, i worked that 14th hour instead of going home for the first hour with my kids and you know what they did, they grew up. they didn't wait for me is the problem. >> i think -- >> i won't make that mistake again. >> i think we should have couches when you come on. >> yeah. >> because i felt like leaning back a couple of times. >> this is like a cat stevens song. >> for happiness, i have two words. >> tell me your two rules. >> roads. taco bell. >> happiness is love, full stop. >> love is the answer to

everything. why we're here, what's worth living for, what is god. love is the answer. >> external validation in love. that's the conundrum. >> i love you and i love you, and, god, i love you. >> i love you too. >> we're happier just having you here. >> his new book, "build the life you want: the art and science of getting happier" co-authored with oprah winfrey and it's selling a lot. that's another reason why he's happy. lawmakers respond to the strikes joined by michigan representatives bbdeie dingell and tim walberg. coming up, we'll be right back. that can do both. brew to your heart's desire with the l'or barista system. a masterpiece in taste. every day, businesses everywhere are asking: with tis it possible? system. with comcast business... it is. is it possible to use predictive monitoring to address operations issues? we can help with that. can we provide health care virtually anywhere? we can help with that, too.

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coming up, gamestop dominated the headlines and rocked the stock market in 2020. the highly anticipated film that dives into the wall street drama being released today and we'll speak to the directors and producers right after the break. at 87 years old, we still see the world with the wonder of new eyes, helping you discover untapped possibilities and relentlessly working with you to make them real.

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welcome back to "squawk box." the gamestop we talked about is back in a movie. and challenging wall street and the big banks in support of a stock that he loved. joining us is craig gillespie. kwor good morning to all you guys. it's great to see you on the film. i think at some point they came to you, was this something you had followed? how did you get interested in this? >> honestly, it wasn't necessarily on my radar except

we were living through covid and my 24-year-old son was on wall street bets early on following this and sort of tracking along with what was happening. and then as it started to escalate, he was heavily involved and very much like a couple of our characters in the film, dealing in the options and he timed it just right to get out when it really spiked up around 400. after that with the freeze that happened on the buy option with robinhood and the stock cratering and the reaction that was happening online and the accountability that people wanted and i was livedid and th emotion and intensity was what i got to translate into the film with the script that rebecca and lauren wrote. >> what's so fascinating about

that moment, i wonder if you think it's reflective something even broader, but the power of collective in this digital world we saw and we later saw it when people left silicon valley bank en masse using apps and there's so many moments now where collectively that seems to take place. when we go back and look back at this moment, what do you think it represents? >> you know, i think it's really easy to look around and feel hopeless right now and feel like our country is broken and divided. this is really a story about people who kind of came together and by joining forces and speaking as one voice were able to not change everything but to start a conversation that is still ongoing. >> rebecca -- go ahead. >> i was going to say lauren and i are here in our capacity of

producers and we're writers and we're on strike. you cannot have fairness without transparency. >> craig and you, lawyer i don't k rebecca, you have some great actors so far. >> we were very fortunate in the actors. it's something a lot of our actors were aware of. paul dano is a brilliant actor and to be able to capture that performance of keith gill that 8 million people rallied around, i needed somebody that could carry the film in that sense and seth rogan and i have worked to the in the past and he is such a

beautiful of the tone and dance between human and drama and to be able to play him against type and have him be one of the hedge fund guys, that was really exciting. pete davidson dieved in, again excited to be involved in and i think we got very lucky with our cast. >> what has been the response from wall street? i asssaw a headline "ken griffi freaking out ahead of movie." >> ken griffin is a fascinating guy. he's done so much, and he's also having a very busy week, he's suing the irs and he did a great in-depth interview with you guys yesterday and now of course here comes this film.

>> and like many other fund managers, ken has paid fines over the years without having to admit fault. so a person who is in control of so much, we're thinking it must be frustrating to not be in control of this film. but the thing about a hollywood movie is you can't buy your way ou out of it. >> in the end, who do you think was the dumb money? historically wall street thought the dumb money was the, quote, retail investors. but when you look at how it shakes out at the end, it might be a little less clear but you may have a different view. >> a vast majority of the time is traders outperform the

market. we're telling the story of keith gill. many retail traders were left holding the bags, many hedge funds made money. so it's not a neat story. >> if you really looked deeply at this movement, it was about something more than money. it was about value and about something bigger than themselves and making a larger point. >> rebecca, angelo and craig, we got to run. i've sooneen the film and it's lot of fun. thanks. >> coming up, the uaw officially on strike today. we'll talk to two representatives impacted by the move and former microsoft ceo

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with mary barr and the stock behind the biggest ipo of the year taking a victory lap. we'll bring you arm's lucrative debut. and former microsoft ceo steve ballmer will join us to talk about the technology transition and what he's telling the american people what it means. "squawk box" starts right now. good morning and welcome to "squawk box" here on cnbc live from the nasdaq market site in times squiare. i'm joe kernen along with becky

quick and andrew ross sorkin. we have pretty hot inflation numbers and an interest rate hike and yet it was taken by positively by the markets, almost as if it may not be the absolute end but we're getting close to the end of increases. >> don't expect a hike at this next fed meeting, maybe november. they think 25 basis points,what difference is that going to be? >> and it needs to be interintimated that that might be it. and that's with crude. like everything, it's nuance. treasury this morning, you can see the 10-year 4.322%.

>> about 13 employees of gm, ford as their contract expired without new wages and benefits. >> i'm extremely frustrated and disappointed. we don't need to be on strike right now. we put an historic offer on the table that has very significant gross wage increases, compounded at 21%, but we have job security, we maintain world class health care. there are so many offers that we on the table that i think really

is going to resonate with our employees so we didn't need to be here. >> coming up, we'll speak with a republican and democrat, both of who represent districts in michigan. >> and basically flat in the premarket after a very strong de debut yesterday. things have flattened out a little bit but also giving a boost to instacart, which is expected to go public shortly. leslie picker joins us with more. >> a 25% yesterday for arm. those gains kept getting stronger during the four hours or so it was trading. it's really a seminal moment for the ipo market, though. arm is the first u.s. ipo of the year, the largest in two years and one of the top five u.s. listings in the last decade. and they really came to play.

i'm told there were more than 50 investors and then of course there were those 735 million worth of indications such as an md, apple, nvidia and others. instacart raised its ipo range this morning by $2 a share. you usually only do that if you feel confident you can prior at or above that new range. and then marketing automation platform with klaviyo i'm told is doing well. and as a source i chatted with last night said, i think we can now say there is more than just

green chutes out there, andrew. >> thank you very much. we were talking about what this is going to mean to the rest of the ipo market. do you think this is a specific thing? >> i think people, if you didn't buy those seven, you want to -- >> you're catching me standing down. >> stand down! >> i worry about it. what's it up, 30%? was the valuation fair in. >> with today's move it's only 25? >> there are questions about it. but, hey, it has got the and ma'am spirits kind of flowing again on wall street. >> oh, it's backed off today. it had been 67 all morning long. let's talk about the broader markets with the major averages all on pace for positive weeks.

our next guest says depending on whom you ask, august unflags data out this week was either a positive sign or a worrying sign. joining us is liz young, head of investment strategy at sofi. i had asked the response. we had had the cpi, which didn't allay anyone's fears really. the ppi didn't either and then the ecb raised and all that taken into account ended up 350 points high. what did the market sniff out? >> i think there's a couple things going on. we're obviously closer to the end of this hiking cycle than to the beginning so the market is seeing that as a positive sign. since last night even the probability of a hike was possible and the market doesn't

expect any changes out of powell. and there's an increase in emb expectation that we can sustain inflation without breaking the labor market. some of the negatives with the cpi report and everything that came out is, number one, the measurements that came out, we talk about moving food and energy from the equation and then shelter. the reality is that consumers cannot remove all of those items from their daily lives. i would expect it to show up in spending as the months stream on. >> we haven't seen oil at 90 in a while. good ol' california, $5.52 a

gallon. a lot of people, that becomes a pretty large part of their budget where we have inflation up about 6% off of already the higher levels over the past couple of years. it's tough. >> we've got gas prices at a one-year high and transportation costs up again, airline fares up quite a bit and tabing a bigger bite out and this auto worker strike is not going to help supply issues on the car side of things. consumers are facing an uphill battle and one of the things we celebrate is that the growth rate has slowed a bit, down from 9.9% last summer to 3.6 today is a big slowing but it still growing. so cop assumers are still having to pay that and as inflation comes down, companies don't have

as much pricing power. they can't pass it all through and can't justify it, you start to see that it's taken much longer than many, many people expected, you are starting to see some of that and i would expect it to accelerate end of the year and into next year as we see margins come down even further. >> i don't know whether hollywood could slow grohwth bu certainly a big three strike could affect it. we never get a recession when everyone is predicting one so people started predicting one and now no one's predicting one. i saw jeff say definitely next year. this makes me think maybe we,

you know, it could be the calm before the storm. haven't enough things been sort of added on to where we do get a slowdown at some point, we start to see the lag effect of all the fed hikes? >> yeah. the reality is there's a lot of chatter about this time being ditch and why is it taking so long and maybe it just will neff come. but if you look at the time between when this cycle started, we're in the 17th to 18th month. if you look at when the yields inverted, we're 14, 15 months into that. this is exactly the time when you start to see some of those issues start to rear their ugly head and i think it will show up in credit deterioration. the ecb raising and getting more

restrictive isn't necessarily a bad thing. the bank of england is experiencing more insolvencies. so there are natural effects that occurs as you restrict capital in the economy. the fed is going to get what they want, restrict capital enough to bring inflation down. we're just shot sure how much and when it will actually show up. >> all right. liz, it was first half of 2024. definitely. >> what you just laid out is exactly what i worry about. >> thanks, liz. . oh, yeah, in the back of my mind -- >> think back what happened to 2007 and 2008 and we thought we were through with that stuff and it came back with a vengeance. >>. >> i think they're hoping they

achieve a stoft landing. but i think they're prepared. >> nothing breaks the back of unflags. there's on. >> coming up, a conversation with former microsoft ceo steve ballmer. and before that we'll talk about the auto workers strike that is under way right now. what will it take to stop it and to get some resolution? after a break we'll speak to members of congress from oppositesides of the aisle, both representing michigan. they got a lot at stake with their constituents. let's check out the big three. ford and general motors off of the lows right now. stellantis up by 0.18%.

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is it possible to survey foot traffic across all of our locations? yeah! absolutely. with the advanced connectivity and intelligence of global secure networking from comcast business. it's not just possible. it's happening. the power goes out and we still have wifi to do our homework. and that's a good thing? great in my book! who are you? no power? no problem. introducing storm-ready wifi. now you can stay reliably connected through power outages with unlimited cellular data and up to 4 hours of battery back-up to keep you online. only from xfinity. home of the xfinity 10g network.

the power goes out and we still have wifi to do our homework. and that's a good thing? great in my book! who are you? no power? no problem. introducing storm-ready wifi. now you can stay reliably connected through power outages with unlimited cellular data and up to 4 hours of battery back-up to keep you online. only from xfinity. home of the xfinity 10g network. take a quick look at wti this morning. crude oil actually at this point at $90.40. a little earlier it touched 91.15. that's the highest level since november 8th. so again $90 and continuing to

put pressure on other things around the globe. wti was back within the expected range of 0.2%, with energy up by 0.6%. members of the united auto workers hitting the picket lines for the first time in years. after talks broke down, the union began with targeted strikes at three plants across the midwest. here's what gm ceo mary barra toll us on "squawk box" about resolving the strike. sfw we need >> we need to get there fast. for every gm job, there are six jobs in the economy that rely on us running. we got to get back to work.

>> debbie dingle and republican wahlberg, they're obviously constituents hit hard by what happened here. i'd like to speak with both of you about what it would take to get something settled here just in terms of trying to find some common agreement and get workers back to work. congresswoman dingle, i read through an interview recently where you pointed out the cost of living increases when the auto companies were in so much trouble several years ago and that's been a big part of the idea of this, the idea they weren't getting cost of living adjustments. it eroded their pay pow that doesn't do anything compared to what you may be able to make at mcdonald's or target or walmart. that has to be part of the real

frustration that's built up ear. >> so good morning. it's great to be with my friend ken, too. the auto makers are looking for four things, the first is cost of living, cola, which they gave up in 2008 and 2009 and it cost in real terps their salaries, or their wages from 2008 and twine are actually 10% behind where they were because of inflation. so cola's been very important to them. tiers is another issue. you'll be on the the same lane and, quite frankly, will you have temporary workers who are working 40 hours but they're temporary workers for eight to ten years and that job security

is how are you going to transition to this new economy electric vehicles? this is where the rubber hits the road. we're not at a talking point moment anymore. this industry is going through a transition to new technologies, evs are one, there will be others from an internal combustion engine. most of those batteries are being made by joint ventures. how they can't is what meant to this contract dispute. >> let go through some specifics on this. they said they will offer a 20% raise over the course of the contract. i think 10% wb the immediate raise they would put forth in terms of that. and they said they would cut time in half from eight years to four years where you could get

through that platform and to the top wages. >> good morning. good morning, debbie, good to see you since we last i don't think it's for members of congress to decide a lot my constituents look at a 20% pay increase offered by general motors as being unbelievable. they don't experience that. tier issues. they don't experience that as well. and yet they as consumers are going to so oum and the car manufacturers will understand beyond just simply their

situation, ma will be. to be in congress and pushing in a micromanaging way an industry to move in ve when the government hasn't cold to 6%. 60 thud so all of this is really a result in many ways of inflation and of government mandates. we need to get out. of the way and understood, producing amazing vehicles and enjoy and others in the whole involvement system out there that pro due and it will be

freer we don't want to you see these cars and components and batteries, et cetera, build in other countries. would want toy this cars and battle components build in or what do you think cried beb. i know did i think we ought to be setting a framework in place that allows if and, oh, by the way, the consumers will exrest and the auto workers are looking at a situation right now where they could lose 2/3rd of their

job with us but then the rest of the sector what has to but the end woo get ready by having the sfrm and get the police ld from it will tell you very clearly they cannot provide the system in place right now, the infrastructure that the dpft is pushing on and happened day. . if -- i wish the motor car companies as well but we could be a great benefit to them by

pushing in directions we can't cooperate right now. >> thank you both for your but in particular your for from. all right, coming up, usa facts found are and former facts found are and former microsoft and coming never enough truffles. benefit from using a.i. it's like a priceless piece of art. enjoy. or when they sell you what they want? yeah. the more we understand you, the better we can help you. that's what u.s. bank is for. huge relief. yeah... ♪

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breaking news. unrevised minus 19. minus 19 was the third worst number of the year. however, if we look at what's going on with 1.9, the best number since june's 6.6. month over month, a half of 1%. that's a bigger jump than we were expecting and believe it or not that is the biggest upward jump month over month since march of last year when it was 2.9. remember, many were expecting

import prices to be a little lower, think diesel fuel, gasoline, shipping costs and all that benchmarked against potentially slowing demand. wasn't meant to be. if you strip out petroleum, it drops down to zero unchanged and that is exactly as expected and considering the last positive number that we had was up 0.3 in january. this is the second best number of the year, at least with respect to not being negative. if you look at the year-over-year numbers always enlightening, import prices down 3% year over year and just to put a face on it, we are down 6.1% in june. so we see that we've had some significant progress there with respect to prices stabilizing and if we look at month over month, up 1.3, that's three times higher than expected. three times higher than expected and the last time we had a number near 1.3, we have to go way back there as well.

we're going back to may of last year. so these are a bit surprising. finally, let's look at what we have year over year on export prices minus 5.5%. that's eased back from the expectations that were much closer to 7%. in the rear vview mirror, downgraded to minus 8%. and there's been only one positive number on the year-over-year export prices this year and that number of course was in january. if we look at the response in the marketplace, we're hovering right around 4.32. that means the 10-year is up 3 on the day, up 5 on the week and it's only about a basis a point and a half away from what could be a fresh high yield close for this entire cycle. so keep an eye on 4.34%.

it will be very significant. back to you. >> ooh, we're just a hair away from that right now. rick, thank you. have a great weekend. >> thank you. >> all right, a can't-miss interview with former microsoft ceo steve ballmer. we'll ask how he sees a.i. benefiting the u.s. citizens and the u.s. government. steve i believe is still the largest shareholder of microsoft. we'll talk about a lot of things coming up with him. as we head to a break, you can get the best of "squawk box" in oudar ily podcast. we'll be right back. ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy?

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welcome back to "squawk." former microsoft chief executive steve ballmer is here. he is a former ceo of microsoft. good morning to you, steve. as you made your way around washington with officials and other politicians and your fact, your latest, what were you trying to impress upon them and

what were the facts that you were pointing out this time in. >> we spent some time, we just finished our annual report for government in america, state, local, federal, and i think the number one thing we were trying to get people to understand is it's good to use the history of what happened as recorded by our government as part of policy making and at least in my opinion every new bill that passes should have some key metrics that people are going to use and maintain and deliver in realtime. you know, how are we going to assess the ira or infrastructure bill or what happened with harp or chips unless we're getting data back in realtime the way people would in business. i don't know how people make decisions and we're trying to push that point by highlighting what we have for data and in some cases how old it is. >> i know you like to stay apolitical with the data but i'm curious, of the new pieces of

information, was there any piece that you think that is vastly misunderstood either by the public or initials in washington and maybe even yourself prior to looking at it going, you know what, i never really thought of that the case. >> i'm going to focus on one. at least on budget we have this surge. we're at about 5.1 trillion prp pre the pandemic, we came back down to 6.4 trillion. if you actually look at all of the things that are now going away, the stepped up snap benefit, the child tax credit, when we reported in 2022 fiscal year, we still had 500 billion for college debt forgiveness. but there will be almost $800 billion that come back. now new things have been approved but we're getting back

to within 600 or 700 billion to prepandemic. whoo! i'm very glad. i am partisan that we not get into more and more debt. >> you could write a check for that, steve. >> we had tim scott on the broadcast earlier this week and we talked about in his view the need to lower taxes and his view that would raise revenues, arguably offsetting any of those tax cuts or the lost revenue that would come from that. is that the case? you've looked at these numbers over the years. a lot of people say we need to raise taxes, others say we need to lower taxes. what do you think the real outcome of all this has been? >> i won't give any particular forecast. that's not our game. we're not economists. we try to stick to what happened. but if you look at what has happened in the past, our tax revenues have by and large with

the exception of a few big tax cuts have been on a long, gradual, upward slope. who cares what tax rates are. it's all about taxes collected. no matter who is in office, how people are dealing with things, there's generally been over time a slow, upward trend. >> in collected revenues. >> exactly. not tax rates but collected revenues. and is there elasticity, would revenue really pop back? i don't know. the gradual trend is that things keep going up and up and up. if i was a businessman and i looked at that line, i would say don't screw with it because anything we do isn't likely to move that very much but i'm a businessman, i'm not a politician, i'm not an eco

economist. so just one man's opinion. >> isn't the percentage, how much we spend is a percentage of gdp. it's been 18, 19%, we're back to 23% or something right now. >> yeah. >> do you think on a nonpartisan way that the entire world could agree that there is a number that would hurt private sector growth? for example, don't you think 30% is too much as far as what the government is spending in terms of total gdp and probably 18 or 19, we should probably strive for that. that doesn't seem like it would be that hard to shoot for? >> i'll make three quick points. number one, are we going to talk about the expenses or the deficit deficit? people latch on to expenses.

i ten i happen to be a deficit hound. number two, there is a built-in shrinkage in government spending related to things to do with covid. >> will it get us back to 18, 19%? >> it will get us much closer. if you really wanted to get to 18 to 19%, we're going to have to touch social security, medicare. those are the two biggest spend categories out there and our population only grew 1.3 million people last year and one million of that came from immigration. depending on what immigration policy is and how that affects gdp, this government spend because of social security and medicare will increase as a

percentage of gdp unless we have more people in the country. >> steve, i want to switch gears on you and talk about a.i., which of course is the other big topic in washington this week. it's become i think the big topic everywhere in the world for at least the last world given its partnership with a.i. and your former partner. your sense of lawmakers' understanding of a.i., the issues involved and perhaps the dangers, are you on the optimistic side, the negative side? what are you telling them in. >> i am excited that lawmakers want to learn. i am glad that there was the conference that happened a couple days ago. we happened to see amongst both democrats and republicans, we saw senator schumer yesterday, salute him for pulling thuings together. do people really understand? i'm not even sure in full cases

the full breadth of this and i think the tech ceos will hadmit this, where will all of this to go? i would say super tough to regulate. super tough to regulate. what kind of responsibility do you force on to the companies in terms of how they think things through and, you know, we were talking -- i was talking to one senator yesterday and he said we're just going to get more -- people are going to get more tribalized, they're going to just see things that are interesting on their feed. i pointed to him on tv news channels people pick what's interesting to them, too. it's just an inevitability and we're going to have to try to deal with that as best we can. now, that said, man, i'm totally just jumping up and down out of my chair about what's possible with a.i. every one of the cool scenarios we were talking about when i was

ceo at microsoft, those things can happen now. get me ready for my trip to europe, pull it all together. i'm pumped beyond belief. >> steve, are you in the category, though, that open source or a closed system is the better path given what appear to be the significant challenges and risk that potentially the technology poses? this is something that obviously sam altman has spoken about and says at least he's seeking regulation. of course he also has one of the largest and most successful regen generative a.i. mod els at the moment. >> the fact that you can see into the source code gives greater confident. the fact that you protect the

source code so people can't screw around with it provides a different kind of confidence. i'm not sure which will be best for regenerative a.i. my suspicion is it will be just like what you'll see and it's proceeding quite well. i think it's a little bit of a no-op debate. >> you're still microsoft's biggest shareholder, right? >> yeah. other than index funds i think that's right. just looking online at holding. >> oh, god. except for index -- that's a good one. a couple index funds might have a little more. that's what i was kidding about, steve. you can help with that whole deficit thing. i wish i were you but i'm not.

>> i've been very fortunate. turns out a thousand is a thousand billions. takes a lot to catch that up. >> i think you're a pretty happy guy. could be better in the nba for you. >> until we win an nba championship with the clippers, i won't be fully happy, dude! >> exactly. >> you've been happy for a long time, steve. >> steve, on the microsoft front and on open a.i. and that partnership, how much do you have think that that is going to take from amazon and aws? i think there's been a big question in terms of who's ahead, who's behind? do you need to have the technology itself to gain market share? how does that work in your mind? >> i have a bit of a bias as a microsoft shareholder but

getting that being in a place where people can write the best applications that use generative a.i., i think it gives moves the edge with microsoft assure. microsoft knows, i know as an independent shareholder, they're tough competitors and microsoft is really going to have to work the advantage. >> a different one for you. you also lived through the anti-trust trials when you were at microsoft. the other thing that happened this week in washington, the d.o.j. began its case against google. do you think that's a strong case? if the google folks called you up, what would you tell them? >> do i think it's a strong case? let me say it this way and i'm not the expert. i think it's a stronger case than the case the d.o.j. brought

against us by putting browser and operating system together. temperature years august when i left microsoft, i it thought there was a case then for the issue. i would tell them drag out, not helpful, i think, for company culture, for distraction, and you won't necessarily do much better by fighting these things than settling them. >> would you say the same thing to amazon with the ftc and the charges that have been brought against it? when i first saw that they had offered no remedies or anything to the lawyers at the ftc, that kind of surprised me, given how open microsoft was to saying, yes, we will do anything the government needs in order to get the activision blizzard deal done. that didn't seem to work either, so you're caught in a tough place when you're trying to figure out how to negotiate and get to the other side. >> i think over time, certainly

from microsoft's experience, the company seems to have really embraced this idea of collaboration with government, which i think is an important and right way to go. i think when you first have your encounter with these antitrust issues, it's to say, hey, we got here through our own industriness and cleverness. in terms of the activision blizzard thing, it's still in process. it's still in process, and i'm cheering and hoping that resolves in a good way because i think it would be great for microsoft to be able to really add a lot of value by owning activision blizzard. >> finally, i wanted to ask you, steve, about, well, x, formerly known as twitter, because the other big news of the week, walter isaacson out with that big biography of elon musk. you are an x user these days.

what's your prognosis? >> in the old days, i was a large twitter shareholder, kpilted that position well before musk bought the company. i am a regular user of twitter. it becomes the tool i use to screen inputs from the world. you know, i will watch "the new york times" and the "wall street journal" online to see what are the most important things they tweet out, the economists, people who i believe in and trust, or if i don't believe in and trust, at least i'm curious what they're saying, direct in their voice. there's also a bunch of random stuff that i see as well unless i switch to the mode where i'm just seeing the people that i follow. i think it's a very helpful tool. i hope it remains a very helpful tool. and i have maybe, you know, i have some faith that ultimately, serving customers will be the driving force behind x or any of

the other products, either in the elon musk companies or other great companies around the world. >> steve, always great to see you. glad that we got to touch so many different topics this morning, and hope to see you in-person very, very soon. >> thanks, all three of you, really appreciate it. >> good luck. thanks, steve. coming up, top stocks to watch ahead of the opening bell. dom chu will join us on wall street. the fudow is right around the ft line. you're watching "squawk box" on cnbc. and deliver solutions that meet complex needs. massmutual. partnering with financial professionals, benefits brokers, and institutions. (sirens) [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!

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♪ an update on our top story this morning. american auto workers going on strike over wages and much more. so far, about 13,000 employees have walked off the job at three facilities across the midwest. this is the first time ever that workers are striking at all three of the nation's big three automakers at the same time. ford, gm, and stellantis. we spoke with gm's ceo last hour on "squawk box." >> i've talked to many members of the administration as well as members of congress, and we're

at the table. we're problem solving. we want to get this done. this will not be good for the economy overall, and again, for all the communities that are impacted when a plant is in their city. >> the white house says that president biden will address the strike publicly today. uaw president shawn fain said there would be no negotiations today, but that the auto workers are planning to rally in downtown detroit this afternoon. you can see ford shares off right now by about 1.2%. gm down by 0.3% and stellantis shares up by 0.5%. meantime, disney is saying it has not decided whether or not to sell the abc television network. in a statement, the media giant said, "while we're opening to considering a variety of strategic options for our linear businesses, at this time, the walt disney company has made no decision with respect to the divestiture of abc or any other property and any report to that is unfounded."

this follows a bid from byron allen. reports say yesterday that disney held exploratory talks. shares of disney this morning, take a look, up but just marginally. in a little more than half an hour until the opening bell on wall street, a little more than -- no, exactly two weeks until rome, dom chu, who joins us now with a look at some of the morning's top premarket movers. >> i'm excited about marco simone just like you are. joe, to your point, let's check out some of the big stock stories of the day so far. the big ipo of yesterday, arm holdings. was up a lot more than that in the premarket, 6% at one point. the ipo, 51 bucks a share, opened at $56.10, got as high as $66 and change before closing at $63.59. the ipo at the offer price,

$54.5 billion valuation. 67 bucks means it's worth roughly $72 billion, so keep an eye on arm holdings. also watch shares of doordash, down around 3%, around 25,000 shares of volume. a slate of different catalysts here. you got analysts at moffett nathanson downgrading the stock. it was outperform before. earlier this week, we saw executive stock sales that made some of these kind of headlines here. also, the company will move its listing to the nasdaq. it will end with an analyst call on deere. thin volume after hsbc initiated it with a buy rating and a $486 price target. they cited, amongst other things, tailwinds for crop prices due to things like growth and renewable diesel fuel and sustainable aviation fuel as well, so joe, a few of the movers, checking things out this morning. back over to you. >> all right, dom, get a final

check on the markets. thank you. enjoy the weekend. the futures right now are -- you'd call them mixed. not a lot happening. we had a pretty good day earlier this week, which was surprising, giving back a little of that this morning. rutgers, virginia tech. >> tomorrow. >> tomorrow. >> yeah, 3:30. >> colorado-colorado state. we're going to see coach neon, coach prime. >> coach deion sanders. >> make sure you join us next week. "squawk on the street" is next. good friday morning, welcome to "squawk on the street," i'm carl quintanilla with david faber, sara eisen. cramer has the morning off. futures steady as the uaw initiates this unprecedented strike at select factories. yields a bit higher as china data comes in hot for once. oil, 91$91.15. our road mapeg