good tuesday morning welcome to another hour of "squawk on the street. i'm carl quintanilla with sara eisen live at post 9 of new york stock exchange markets rallying on this lower than expected data inflation what that means for the fed and the outlook for rates. former fed official vincent reinhart is with us. how are rates impacting the vc landscape sequoia will help answer that question. and running whipsaws after

q3 results they are with us this hour detailing the outlook for the consumer. speaking of q3, wynn is down more than 5% since its report last week. more on the gaming sector plus the upcoming f1 race in las vegas, of course. >> obviously a big day for the markets today. best day since january second best day of the year as we briefly went above 4500 i know you pointed out, sara, the dollar below 105, vix got below 114. a bunch of key numbers >> the broad strength of this rally with sectors like real estate up 5.7% consumer discretionary, tulgtss, materials, it's all inclusive and the hardest hit names of the year the regional banks, the real estate investment, those are at the top of the market today. >> it's that tamer than expected cpi, the driver behind today's rally. both stocks and bonds, all sectors seeing gains led by real estate and discretionary refintive has no change in

january at 99% the rate cut probability has moved to 27% in march, 65% in may. let's bring in former fed official vincent reinhart. great to see you again did we make a turn today, at least in shelter >> yeah, this was encouraging price print, no question about it at this point you're supposed to say, don't make much of one month's worth of data, it is volatile, however we've gotten four, five months in a row of cpi inflation in terms of a cooling in the overall trend fed has to be happy about this the fed's probably about at the stage where it can say done enough in terms of raising rates. hence, the probability of a rate hike is just evaporated. >> how do they change that language without giving away the store? >> that's the key issue, carl.

it's in the probabilities you cited. the fed strategy because it doesn't know what the equilibreum real rate is, to raise the funds rate to something restrictive and keep it there until they're absolutely sure inflation is back to goal they're encouraged inflation is heading back to goal but they can't be absolutely sure while they're not going to raise the rate any time soon, they're still going to hold it where it is, 5.25%, for a considerable period investors are right in taking out the probability of rate hikes. they're wrong in saying the fed pivot to ease will be so quick that's a real communications challenge for the fed. they have to say, we're not raising rates any time soon. don't worry about that, but don't expect cuts any time soon. >> so, what would lead them to cut, vince >> so the world's uncertain. the world's a risky place.

a lot of bad things can happen a couple more cpi prints like this in a row where things are cool and they could say that they've achieved price stability a lot more painlessly and quickly than they thought. more important than that is the economy rolling over the fact is employment gains have still been pretty robust. it's hard to picture that happening immediately. but the economy can turn on a dime so, if there was a considerable softening in activity, given the inflation progress they've seen, then they'd be willing to change policy >> i mean, it's certainly progress, vince. just for the average american, what we're talking about here is still a 6.8% jump in the owner's equivalent run i know it's down from the high levels primary rent up 7% services, which has been the

problem, is still strong 5.5% taking out energy services 37 food costs have come down they're still rising my point is it doesn't feel -- we're not in disinflation -- we're not in deflation, i guess, for the average american doesn't that mean the fed is going to have to stay vigilant, at least on messaging? >> absolutely. the chair will continue to say what he says at the end of the first paragraph of any of his remarks. we understand the hardship of the american people and we're going to make more progress in achieving our goals. at one level we've moved a lot of abstraction that distances ourselves from the average american inflation is a more abstract concept. the plain fact is, most people go into the grocery store, see higher prices than they used to.

they see higher prices than six months ago, a year ago, two years ago. some prices are out of whack some prices are high, other prices aren't as high. they have to focus more on those relative prices to figure out how to do their budgeting. that is why inflation is discomforting. the plain fact is, when the fed lost control of price stability, it made prices -- people who care about something in a way they hadn't in a while and it will take a while for them to get comfortable again with inflation being low and prices being more predictable. it's the unpredictable chaotic nature of inflation that explains why the american people, i.e., voters, are still unhappy with the current state

of economic policymaking. >> getting to what lisa cook talked about the other day they're not just looking for disinflation they're looking for rollbacks to 2019 we'll see. maybe that explains some of the expectations data we've gotten lately thanks for kicking off the hour. vincent reinhart. >> thanks for having me. boeing reporting orders and delivers for the month of october. let's get to phil lebeau with those numbers. >> sara, we're getting a nice bounce higher, second day in a row. news they might be moving closer to a commitment from china that was the pop yesterday today it continues take a look at the october numbers. no surprises in here we continue to see strength when it comes to orders 117. year-to-date they top 840. the deliveries, remember, we see them adjusting their max de deliveries a little lower. year-to-date deliveries, 405 they have adjusted their full-year guidance to a range of

475 to 500 as you take a look at shares of boeing over the last three months, we're back to those september levels when they were just over 2$200 a share, now at $207 the backlog is 5,239 planes. let's put into this -- boeing at current production rates has seven years backlog. airbus has nine years backlog. that speaks to what we've seen in the last year -- speaks to what we've seen in the last year in terms of orders that continues dubai air show is going on big wide bodies coming in there. the backlog and it continues to grow, guys >> phil, thanks for that quite a week for boeing, ethiopian airlines and emirates. we'll break down the quarter

next. we'll speak to the ceo of wynn after the company's latest earnings sent shares falling we'll get his take on this week's f1 race the s&p bank index hitting its highest level since september. every member of the group is higher western alliance, keycorp, zions. also the most beaten down. rylee! from rylee's realty! hi! this listing sounds incredible. let's check it out. says here it gets plenty of light. and this must be the ocean view? of aruba? huh. this listing is misleading. well, when at&t says we give businesses get our best deal, on the iphone 15 pro made with titanium. we mean it. amazing. all my agents want it. says here...“inviting pool”. come on over! too inviting. only at&t gives businesses our best deals on any iphone.

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take a look at shares of on running, getting a bit tripped up joining us for a closer look at the quarter in a cnbc exclusive, marc mauer and mark hoffman. good to have you back. it's a bit of a repeat of past quarters can you talk about, martin, where the guidance fits in and whether or not holiday is in peril? >> yeah, it's a repeat in the sense that we can deliver another record quarter, second

record quarter in a row. on all metrics, so super strong sales growth 46% -- actually, 58% the strongest profit since the ipo, really trusted ebitda, far beyond what we've seen in recent quarters and a significant positive cash flow, which is the result of close inventory management we are approaching the holiday season there's a lot of confidence. we increased our guidance to $1.79 billion for the full year. and just recently we had investor day where we outlined our goal is to double sales over the next three years >> what's going on in wholesale? i think some are wondering why single high digit guidance in the fourth quarter and what's the strategy there, more broadly? >> they're actually very happy

with the partners we have. we saw strong growth this quarter. this is according to the strategy this is what we will continue to do when we look at the second half of the year, we had 25% growth this is also how we look in the mid to long-term future. i think this is what you can expect for '24 so, we're very, very happy with the fact that we're able to focus on performance wholesale partners and to sell through at full price, which is in the end reflected in our gross margin. >> is there a level of cautiousness you're seeing on the orders being placed for first quarter next year? >> no, absolutely not. we're with -- the preorders we have for 2024 are super positive we saw no change it's very clear that there is some uncertainty on the metric level but we continue to gain

market share and this is also what the partners tell us and also what we see reflected into 2024 >> martin, what does it mean for marketing costs, customer acquisition costs? do you put the pedal to the metal on that? >> absolutely. and the result gives us additional room to invest in building brand awareness, which is then resulting or coming back in in higher sales growth in the future we maintain our guidance on 15%, adjusted ebitda for the year we want to reinvest in the business we're here for the long term but also outline on investor day. you can expect increasing perfectibility over time >> does having the winner of the women's new york city marathon help the brand does it actually translate into bigger sales i think she won new york and boston wearing your shoes. >> absolutely. it's amazing that helen was able

to win both marathons. i think that's a lot of credibility. it shows that the on cloud boom is probably the fastest shoe out there right now. not only helen ran the marathon, many other people. what we see is we continue to gain market share with the runner for example, with the cloud surf and cloud monster are doing really well on the running routes. >> marc, martin, thanks, appreciate the information on the quarter on the heels of the marathon, which was a huge event. >> thanks, guys. continuing to watch the japanese yen nearing multidecade lows we'll break down what is driving it next. the xlk an all-time high going back to the etf's inception in the late '90s, solar and semis, the big leaders. speaking of semis, smh, another

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european stocks rising into the closing. investors with the cooler than expected cpi inflation report coming in below expectations but optimistic on their own data

eurozone gdp falling slightly, and a measure of eurozone economic sentiment blowing past forecasts. we're keeping a close eye on currencies today what a move. the u.s. dollar is falling hard, dipping below $105 on that cpi report that is lifting some beaten down currencies like the japanese yen which this morning was at multidecade lows softer inflation in the u.s. is the medicine for the japanese. probably more powerful than them intervening in their market. hedge funds and other speculators have been very long the u.s. dollar as rates have risen. dollar follows rates higher. that could be part of the snap back we're seeing today as well. >> it's jarring to see it below $105. >> the question is, does the u.s. continue to outperform economically if that's the case, it does keep the dollar relatively attractive to places like europe and china.

>> buy the soft landing, that's for sure. a couple hours into trading, dow up 550 and holding 4500. let's get post to post with bob pisani. >> what a rally. we're at the highs of the day. we'll show you what happens when you have really good economic report the cpi lower than expected, colliding with an earnings report what matters in the case of home depot, it's the cpi report look -- we all know the home depot report was on the mixed side u.s. comp sales were down. the consumer was healthy that was the key story look at pricing here closes at 288 yesterday. this morning before the cpi it's 300 almost 290 or so. it's a little more than that 290 at 827 the cpi comes out, within a few minutes it's 292 at 9:28, before the open, it's $300 what's the point here? it closes at $288. $10 of the $12 gain in home

depot before the open happened after the cpi report came out. so, the mover here was not the earnings report. the mover was the cpi. everybody is now reassessing the macro economic environment and what the implications are. if we get lower rates, maybe the consumer is a little more optimistic maybe loan growth demand goes up that's why you've seen the moves in the regional banks. this is a crazy move 10%. these companies normally have betas of 1.7, 1.8. if the s&p is up 2% like today, on a normal day it would be up 3.5% not 10%. all the regional banks are moving 7%, 8%, 9%. this is way outside normal bounce this is a rather extraordinary economic event for the stock market that's what it's telling us right now. same with the cruise line situation. look at carnival these don't move 10% in a single day. lower inflation implies better consumer confidence. travel stocks have higher betas. not like this. maybe 2.0.

if the s&p is up 2%, they should be up 4% not 10%. again, these are really unusual outside moves. yesterday i was talking about the famous small names that are almost irrelevant. $5 billion, $6 billion market cap for whirlpool. it's been a terrible year all year it's down 25% as of yesterday. look at the move here, up 7% consumer appliances and things like that would move on a better economic situation same with everything else here in the consumer. stanley, black and decker up 7%. so, the important thing here is 78 at the start of the month rates started moving down. this stock started moving to the upside 78 a few weeks ago now it's $89 a lot of that is what's happening today. so, my point here is the data starts to process. the market is telling you with a move like this that the earnings

situation is going to be improving on this data that's the big implication for stocks today back to you. >> thank you, bob. time for cnbc news update. bertha coombs has that for us. bertha >> hi, sara. ohio officials say at least three people died in a fiery bus crash this morning outside of columbus another 15 people were taken to the hospital emergency responders say the crash happened when a semitruck rear-ended a charter bus carrying students from a high school a new filing shows donald trump's truth social platform has lost $73 million since it launched last year securities filing documents show a net loss of more than $50 million in 2022 and a net loss of $23 million in the first half of this year trump created truth social after he was banned from twitter in the days after the january 6th

insurrection. and u.s. health officials say at least 22 toddlers have elevated lead levels after eating tainted fruit pouchs. the illnesses are tied to the recalled cinnamon apple puree and apple sauce. according to the cdc children ages 1 to 3 were affected at least one child showed a blood lead level eight times higher than the acceptable level. that's really disconcerting, carl back to you. >> indeed, bertha, thank you. coming up after the break, sequoia capital's roelof is with us

watching the insurance space this morning, some of those among the laggards as the industry often benefits from higher rates and reacts accordingly. cigna, cardinal, chubb, travelers among the 17 s&p 500 stocks in the red right now. meanwhile, we continue to track the rest of the market strongly in the green with the nasdaq up more than 2% our next guest is investing in the tech sector for more than two decades as part of sequoia capital. joining us to break down what we can expect from the economy, a.i. and more, roelof botha. welcome back >> good morning. >> we're seeing a huge sigh of relief across all markets with the 10-year note yield falling below 4.5% how much is that going to do to your wormd, which has also been hit pretty hard by high rates? >> interest rates don't have a

huge bearing on our business, to be completely candid if you go back in history, our original investment in capital and cisco in the '80s, nvidia, google, paypal in the '90s were in interest rate environments higher than what we have the biggest impact has been on valuations >> so, what happens? first of all, how bad have valuations gotten? >> valuations have come down dramatically if you disaggregate the changes in valuations of companies in the last 12 months, 85% is there abtable from interest rates. as interest rates come down, i think valuations will normalize. >> so how has it affected seq sequoia. are you marking down a lot of the investments? >> all of the public stocks mark to market almost immediately we have valuations -- the companies have to be valued by independent auditors

they use public comparables. the fact they trade down affects our marks as well. >> i wonder how dramatic it's been, you know, the markdowns across the space not just for sequoia. >> i think it's been significant. i don't know if all venture firms follow the same valuation marks we do. there's some on book they haven't taken the medicine and mark the down their portfolios. >> if we are turning the corner on the cost of money, if valuations are bottoming and if you think things are as cheap as they're going to get >> that's hard for me to focus we're involved with companies for so long. we take a decades long view when we partner with companies and we can't trade in and out of stocks we're focused on long-term valuations in these companies. >> will it reflect a turn in deal volume ordeal count

>> that really depends on founders coming up with great ideas, honestly. the deal count was down dramatically in 2022 i think the whole world was in shock. this year activity has picked up dramatically the number of investments we have made has more than doubled over the previous year we're seeing tremendous activity in and around a.i. an area that is so exciting and brims with promise. >> where are we in that cycle? how has it pucked the broader trend around valuations? >> well, i say the first layer you've seen in a.i. is what i call the foundational infrastructure layer you can liken that to what cloud companies provided base infrastructure capabilities now you're seeing the emergence of next layer application companies. some of that is infrastructure layer. if you think about mongodb and application like service now and netflix may have been on the cloud, you see the emergence of those in a.i

we see applications in consumer and enterprise. >> do you think they're underappreciated by the market, which is focused still on the semiconductor stage. >> i think some application layers are still very nas ent. most of our investments in -- of our venture firm activity, 75% of our investments so far this year have been at seed stage this is where we invest $1 million to $3 million in a fledgling company that has two, three people and a bright idea that's where most of the activity is. it's still very nas ent. i don't think it would hit the public market for quite a while. >> you mentioned nvidia investment that was a seed investment, right, '93 >> yes >> are you still in it >> no, unfortunately not if only we had the say capital. >> are you concerned about some reach between china and the u.s. do you think it will implications >> the meeting this week in san francisco? >> yes.

>> i hope so the truth is that there is political tensions between the countries. honestly what's best for both of us is economic intertwinement, economic trade that's to our mutual benefit i hope there's a way to resolve differences. >> we haven't talked to you since you split the business, the china business and the u.s. business i'm curious what led to that decision >> we had five different business units and the leaders of those business units got together this year we reached the conclusion it would be better for us to be completely separate and have separate brands. the truth is we've been operating with separate decision-making, separate ownership, independent ownership out of the gates we met in march. we made a decision we announced it in june. our india and china businesses in particular have already embraced new brands. so, they've moved on then the rest of the separation in terms of back office, finance, take i.t. technology is ahead of schedule and us being fully independent no later than march next year.

>> how a.i.-focused is it, how much of the portfolio? >> sequoia capital, 60% by number of investments we've made so far this year are in and around machine learning and a.i. it was about 40%, 50% of our investments in 2022. it's really taking up a lot of our attention. >> taking share from crypto, maybe? >> i beg your pardon >> taking share from the crypto investments? >> at the end of the day we follow our founders. we continue to see founders making interesting applications in and around crypto what has happened with a.i. is this incredible new capability that's emerged we're seeing founders -- we just made stealth seed investment in a company with one of the founding engineers in paypal and another founding engineer of youtube. people i've worked with for 20 years. and they've emerged build a company because they saw the new tools and it inspired them to build a new company.

this is what you're seeing incredible founders making use of this new technology. >> the street is chattering now about a wave of product announcements that will start to come out from very large players as early as this week, hundreds of new announcements do you think that's going to inflect dramatically higher in the quarter or two >> absolutely. i think the majority of benefits of this new wave of generative a.i. will accrue two incumbents. it's hard to put a precise number they have existing customers and networks they can harness a.i. to improve their products or dramatically reduce their cost. i'm involved with several public companies at block, mongodb. we're harnesses to improve our businesses and we have always an opportunity for startups to ferret out a niche that's forgotten and neglected by some of the bigger companies and we're aggressive in making those investments. >> when do you think the ipo

market opens again >> always. >> feels slow again. >> well, back in 2002 paypal was the so-called dotcom to go public after the crash people made fun of us at the time the window is always open for a great company. i think founders shouldn't always worry about the goldilocks conditions. financing is not a destination. >> should they worry about the post-ipo performance of stocks like instacart or birkenstock we've seen cart you were in, right? >> yes we were the first investor in instacart when the company was worth $29 million. it's come down a bit it's about 250 times what we originally paid for it so it's still a good investment over the last ten years. >> but the performance since going public, does that dissuade the founders >> there's always a risk you can't expect prices to go up once you become a public company. the stock was down about 35% six

months after the ipo another company i'm involved with, natera and both of those companies have flourished. we have to look at the long run. only two share prices that matter are the price on the day you sell and the price on the day you bought the share >> it is interesting the way people think uncertain times are going to suppression entrepreneurial activity what's the old line about the giants that were founded in eras of recession and war and uncertainty, right >> absolutely. founders will always find a great opportunity. you saw this in the double financial crisis that saw the rise of airbnb, square, stripe, back in '99 after the dotcom crash, google and paypal rose up when nvidia was founded in 1993, that was a slump in silicon va valley we always see periods of dislocation but founders have a way of having insight on a customer problem and being able to solve it.

>> what about fund-raising and that environment right now, how tough is that? >> for cvs or -- >> yes, for you and vcs. >> i think for venture capitalists the fund-raising environment is daunting. i've heard it's difficult to raise funding right now. the sources of capital, the lps are in a bit of a liquidity squeeze given what's happened over the last 12 months. >> what about you? are you an exception >> we set up the capital fund just over a year ago in essence we have a permanent pool of capital that enables us to fund our next set of private funds. so, we're somewhat isolated from that >> finally, are you feeling better about the macro in u.s. or europe more >> i'm more optimistic about the u.s. the economy has been absolutely resilient. when i was here back in february, we were talking about how the u.s. economy kept surprising us to the upside. q3 growth was phenomenal

this economy keeps giving. it's marvelous. >> do you think that continues >> the biggest thing i worry about is the overall debt load in the economy and what eventually happens as higher interest rates roll over into government servicing costs and companies that have significant debt outstanding that will be the day of reckoning. that's two, three years away that would be the reason for concern. >> it's great to get your perspective on everything. thank you so much for coming in today. >> thank you so much. >> roelof botha. we've got some details on airbnb making an investment in a.i. watching the communications services etf, ticker xlc, highest level since april. paramount and warner broez adg e arge often hard to know which way to go. it's nice to have options, but too many can be confusing. for

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as promised, some news on airbnb deirdre bosa has that in today's "techcheck." >> airbnb has made a rare acquisition. first as a public company in its third only valued at $100 million. the startup is called gameplanner.ai the deal was valued just under $200 million there's no details online or around pitch books because it's been in so-called stealth mode which some early companies choose to protect intellectual property and avoid distractions. i can tell you it was co-founded by adam cheyer he was one of the founders of siri later co-founded viv labs, the foundation for samsung's voice assistant. airbnb ceo brian chesky has said generative a.i. will radically change its platform and he wants to use it as a travel concierge,

learn about users over time and enhance their travel experience. for example, matching them with the right rooms or homes on the platform now, gameplanner.ai will accelerate certain projects at airbnb and integrate their tools into the platform. it is their first acquisition since 2019 and could peak interest on wall street if chesky's strategy is shifting and airbnb might be more inqui inquisitive. they are profitable on a gaap basis and generating billions in free cash flow and had $11 billion in liquid assets as of the end of september the a.i. startup landscape, as we have talked about, is red hot. just this week reports that google is in talks to invest hundreds of millions into character.ai and the mega caps have been investing billions into other generative a.i. darlings, inflating valuations across the space in public marks the a.i. hype cycle appears to be back

nvidia up 100 bucks in less than a month. semis more broadly leading the tech rally >> we just talked to roelof botha, he's on the board of mongo db they'll be diving into a.i this is a good example i wonder if we're about to see a wave of new deals, especially if we get rate relief we're seeing today on public companies buying these private startups the start of a bigger trend. >> you could argue that rising rates didn't have much of an impact on a.i. because the mega caps know this is a huge shift, they're willing to lose money on this for a time. that's a huge point of conversation here in san francisco that i'm sure roelof botha has and many other vcs i spoke to, are the incumbents going to win these things? look at the deals that google and microsoft and amazon have done and airbnb, not large cap but

pretty large technology. they acquired a company in stealth mode which means it hasn't had a chance to raise money. so this is a $200 million deal, which is large when you look at the a.i. space, it's actually relatively small maybe you'll see more of these companies get in earlier because there's a lot of money looking for a place to go in a.i. >> and everybody will be an a.i. company in the future. thank you, deirdre bosa. when we come back, the ceo of wynn on the company's latest earnings report that sent shares sliding. plus, we'll discuss the upcoming f1 race in las vegas the dow is near session highs, up 574 points. the s&p is up 2% every sector is participating in this rally but it's the nasdaq that's the biggest winner 2.3% higher right now. being driven by the mega caps, amazon, tesla, apple, microsoft. u' sing chis broadbased today.

yoreeete rally across the board.

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take a look at shares of wynn resorts higher this morning, up more than 4% after strong earnings last week despite significant weakness in macao, that sort of soured results here with us on the quarter this weekend's upcoming formula one festivities in vegas, wynn ceo craig billings was it macao weakness? what happened in that report that led shares to slide so much i know it was an earnings miss, but tell us what's happening in macao. >> you've seen a lot of downward

movement in our hong kong equity as well as our peers the hong kong market had expectations of the macao recovery that didn't pan out in this quarter's results i was, candidly, a little bit surprised. when i look at the results here we are a year effectively after being closed and about a billion dollars of ebitda, and we're just in a much, much better position in macao. i think time will prove that the reaction was overdone. >> the recovery is intact in macao. there are other mixed signals to stimulate and whether that's working. >> it is intact, and, generally speaking, macao doesn't correlate with the broader

chinese macro economy and so the recovery is intact, is moving ahead, and we're pleased with our results and, frankly, the gaming >> vegas seems to be doing just fine what are you seeing in terms of demand >> you're right. here in the third quarter knocked the cover off the ball once again casino volumes were up, hotel revenue was up, activity in the property was frenetic during the quarter and there's a lot of plexty out there in the world between inflation rates, g geopolitics. >> the cpi had hotels down 2.9 a lot of economists don't expect that to last because the survey of consumers indicate they have huge pent-up demand for travel i wonder how you think it shapes

up in the months ahead >> our consumer is a little bit unique we focus on the luxury consumers and have seen rates that have continued to be very strong. we saw that in the third quarter and commented on it with respect to october as well we continue to see pricing power in the market. >> is that continuing? is there any sign of softness or slowdown in the high end >> not here. our 2024 group demand, the longest dated demand we have in the book at any given point in time, is incredibly strong, which helps us in the leisure component. we continue to see very, very healthy average rates in the hotel. >> let's talk formula one, the main story here. craig appears for everyone in the documentary that will air on november 16 at 8:00 p.m. i talked to you about how you were early to sign on, craig,

and saw a clear brand match between wynn customers and formula one fans talk to us about what your expectations are this week >> our expectations are pretty strong you touched on it. our view of the event hasn't changed over the past year or since you and i spoke. we knew this would be our customer, a luxury customer, an aspirational customer, and that's for whom we are built we hardly put any up for sale on formula one. i expect demand on the casino segment of our business evidenced by the amount of front money or credit to exceed any event in the history of wynn, las vegas. it's shaping up to look very strong. >> and how do you look at it how are you communicating it to

investors? is it a one-off? liberty wants to make this a permanent fee tour of las vegas. >> it will be a great tail wind to our fourth quarter and in the years ahead. how do we characterize it to investors as an annual one-off it's great for the fourth quarter and it consumes a week that is typically a slow time. >> i don't think that's an accident it was on a slow week >> i think you're right. >> a conversation about any similarities between what formula one is putting together and the playbook the nfl has used for years i wonder if you think they will co-opt parts of that nfl playbook and what overlap there is among the two sports. >> the overlap is not as extensive as you might initially think.

the nfl customer tends to be a domestic customer and oftentimes is a group and corporate customer f1 tends to be more international travelers. throughout the city and certainly the experiences we are programming here at wynn las vegas, they are similar in that they are incredibly unique, and, for us, only at wynn, experiences. it's definitely in the main a different consumer demographic >> well, you put up an audacious $1 million package, craig. how did that sell, and what do you get for a million dollars to come to the grand prix in vegas? >> well, you get a whole bunch of exclusives. we have a number of exclusives only at wynn events here over the course of this week. we kicked off on saturday with a car show event we hold on the golf course, about 280 cars ranging from classic cars to hyper cars to evs.

today we have netflix cup which pits drivers against pro golfers out on our golf course we'll have a sotheby's auction in our awakens theater with $70 million of merchandise up forbid we have the welcoming ceremony red carpet at wynn so a bunch of really unique, exclusive experiences we're offering >> craig, can't wait thank you for joining us today the ceo of wynn resorts. the doc premieres thursday, 8:00 p.m. here on cnbc. i'll be hosting with you tomorrow from las vegas and the rest of the week it's very big and it's very corporate. cnbc regulars will be there. >> we're looking forward to your

coverage as for the tape today, the dow is up south of 500 we are looking, again, as long as this is a 2% move the second best day of the year >> thank you lower rates and weaker inflation >> let's see what holds and get to the judge carl, thanks so much welcome to "the halftime report." i'm scott wapner front and center this hour, surging stocks following that better than expected cpi the investment committee on where your money can go from here josh brown, stephanie link, jim lebenthal, rob sechan. about 400 for the dow, the s&p is above 4100. the nasdaq up better than 2% rates are falling. 445 the ten-year note yield.