3.884, and we'll show you oil and let's also show you cryptocurrencies if we could, but oil, wti crude will cost you $72.10 by the barrel, down about 2%. we've got the big jobs number coming up on friday. a lot of data in between, joe. >> day tomorrow. >> join us then. "squawk on the street" begins now. good tuesday morning. i'm carl quintanilla with jim cramer. braces for a busy week with jobs friday. eyes on the historically treacherous month of september. our road. begins with this first trading day of the month. the dow touching its 26th record close of the year. elliott now holds 10% of southwest common allowing the company to call a special meeting at the carrier, and then

there's intel looking to trim down. what pat gelsinger has in store for the chip maker. let's begin with stocks kicking off september in the red. that friday session, jim, was something else in the last hour. >> look. when you have that happen ahead of september, you think that somebody knows something. so when you come in, and obviously don't know anything, you're, like, who did that, and why would they be underwater? friday before labor day? i mean, i guess you could move it -- maybe someone has the -- somebody has the s&p in a draft and decided to move up. i mean, honestly, i thought that was just meaningless, and sure enough, they come back with a vengeance. it wasn't so negative last night, and it happens overnight and that friday move was wrong. >> you're going to hear all of the annual warnings about the seasonality in this month except for when you're up 15 into august dent. >> and look. i don't want to go bet against the fed.

you're betting against the fed cutting. that historically has been terrific. we do have a challenged political environment, but i don't think that that necessarilytranslates into doing anything. people wanted to do something. they said, if trump does well in the debate, you should buy apps. it's not that simple because i don't think that unless you do the house or senate, you've got to have everybody in order for it to really make a change and i don't see that happening. so i think that you buy the dips. i know that that's cliched. i don't care. it works. >> there are a couple of positive pieces in the journal today. one is about americans and their 401ks. >> that was a fabulous piece. it said to me, are these people going to cash out? that wasn't the thrust, but to me that's the thing. we're up by millions and all the millionaires that have been created, or are they -- >> the accounts of fidelity.

over 100. >> i don't think they should let them ride. >> there's also a journal piece looking at percentage of americans who think the country's headed in the right direction. that number has been low for years, but it's almost to 30. >> i know. >> which would be the highest since late '21. >> i thought again, that that was a piece that just said, you have to buy when it comes in. now is this enough? i mean, give me an example. someone downgraded jpmorgan, and deutsche had this list when they're telling to you buy certain banks. there's the opportunity to by jpm. i want to own that stock. so i feel like if anyone downgrades a stock other than if it's intel, because i just can't go there when they're in restructuring, i'm a buyer. >> interesting. >> yeah, i am. >> the bit about the deutsche move, they don't change numbers on any of these names. >> nothing. it's all emotion.

what happens is let's say buffett knocked it down, and as soon as you want to buy, i hear, buffett was the seller, you can't buy it. no. no. that doesn't work. wells fargo down. i didn't understand why it went down. i know it wasn't the greatest quarter, but i think it was overly punished. i'm looking at a couple of companies. i thought marvale reported a good quarter. it's all a.i. and now trading in nvidia this morning. it's not gamestop for heaven's sake. it's a real company. i feel like next year will be peak in spending for a.i. >> there are some stories on the tape today looking at, for example, one argues that a third of all gen a.i. projects will eventually be shuttered. >> well, i think that you could argue that it could be two-thirds and we're back to

where you have yahoo and you have aol which then, of course, wasn't only aol, and you have google. look. i'm very concerned that a lot of companies haven't figured out what to do with it, but have it, and you see it every day. you hear a company that says they have it, generative a.i. and you say, no. it's not really -- or so far, all it really is, is call-centered. we were playing with it last night to see exactly the extent of how tit's changed and we clocked different gpts. meta, the slowest. perplexing, the fastest with footnotes. gemini just left out of the conversation, and i think everybody who is buying these stocks needs to do that. you've got to find out whether you think that they have enough juice because we had a lot of hallucinations from chatgpt so it's, like, wow. i really have to be comfortable with the -- anything that involves gpt before i buy some of these stocks. >> you kind of remind me of what

mike wilson wrote over the weekend, and that is, if the a.i. trade is a lot cloudier now, what other sectors can absorb that much market cap? he doesn't think there are that many. >> i think health care could be big. i do think that there's going to be -- that small cap stock trade will come back too because people feel if the fed cuts -- >> which you have never been a fan of. >> if you break a fee index, it's a lot to like. you have so many people putting together pabaskets and hedge fus that say, i don't really want that. i like health care because there was a piece today that was really suspicious because -- i mean suspect. i don't mean to say anything wrong with it. >> the number stuff? >> jeffries downgrade. after a 20% gain. no. after a 20% gain, i'm interested. i'm not negative. i'm interested because money goes to the winners starting of september. not to the losers. you do not buy losers. >> there is the novo kcommentar

that ozempic will remain challenged. >> i think that china is using it. we don't know -- anything china has been a curse. i don't think it's a curse this time when it comes to those, but we're still -- it's still realizing that those stocks and that had a very, very big run. i'm waiting for somebody to buy viking therapeutic because it's too expensive for them to get into the run now because the plants are foundries. think of them like foundries. think of them like intel's problem with foundries. these were very expensive to build, so it's really a company like viking needs to be bought. a company like pfizer feels i think doesn't need a buy because they've got -- they bought the genetic c-gen, and i'm not seeing the results yet. a lot of times when pfizer buys something, you don't want to see the results immediately. you want to know why. >> we're going to talk more about the individual names in a minute. on the macro, jim, we'll get a another number on friday. collecting estimates.

ms-185, city 125. >> i love ed. he's more on the little hotter, and when i read ed, i felt like oh. i think that what people are saying now is how many this year, and you have a number and feel like you get 220. maybe we get one. if we get the low end, maybe we get two, maybe we get three, and people are going to play that game. so we have to recognize that you're not going to get away from the fed being a major player in the fourth quarter because people are set up to guess how many cuts we have, and i find that -- i hate that game because think about how much -- think about the game we had in the s&p during this whole period where we second guessed. it's been a way to buy stocks, second guess, and not sell. >> right. what is your take on the recent price action in say two-year yields? >> much stronger than i expected. i also kept thinking the government was -- remember the

government was supposed to flood the whole market with supply. the supply has been lapped up. by the way, i mean, can the japan carry trade come back and cause some volatility? yes, because the same clouwns wo put it on the first time are against that. i think they're still interesting. we gt a lot of pieces. supply chain all good. i don't want alphabet. it'll be on the a small position for trust. i'm very interested in meta, on anyone worried about meta a.i. i think mark zuckerberg is b behind and he needs a lot of video chips. once you book them, you're done, and yet when you listen to jensen wang, who's the ceo, you're never done, and you can say, he talked to his own book. he's look at his own book. there are times when he said, look. i don't have it.

remember, this man is not -- i mean, we all tend to think that he just started. it's been 31 years since he started, and the only time that he has ever shown any hubris i think was had he -- i remember him talking about it. he moved up from dish wash tore waiter at denny's, and he was, like, puffing his chest. not since then. >> so you think the cycle has legs? >> i do. i'm not betting against it. there are powerful people who think it's over, but -- >> some have suggested that the -- the outcome of the election being uncertain is putting the brakes on some of it. yeah? >> i don't think they can brake on it. i think there are going to be so few, the new generation blackwell, but you want the blackwell. they can ship in volume. i think that you've got to get some. i think that you want video -- i mean, when you fool around with h these sites, video is week, and when you ask them to do paintings, painting's weak weak. they have to get those to video being rapid.

we're just not there yet, and i think there's a lot of people in their 40s, 50s, 60s who don't understand how the younger people are completely raiding these sites, changing back and forth, no loyalty, and when you talk to young people, you're, like, i'm using perplexity. i'm really deep into meta a.i., and people just switch back and forth and the reason i'm worried about google is i don't hear anyone using google. >> morgan stanley today does cut to 190. >> i thought that was -- >> they look at -- they reiterate overweight, but different scenarios where the impact could be up 20% or more, right? >> wow. that's trouble. >> yep. they're not calling for a breakup by the way. >> nop. >> they don't see that. >> no. >> but down to 190. it's going to be a trim. >> i think that all the stories about losing -- the monopolies -- look.

i think that could go on forever. i was surprised these pieces presume something happens within a year or two. it's not like that. apple is not worried. you would think they're worried, but it's got a long tail, and the main thing i think about the justice department is that's where you worry about what's going to happen in the company because both candidates don't seem to be real fans of big cap tech, but believe it or not, i think that the bigger friend is vice president harris. >> she's certainly -- there's been a bit of a mind meld on u.s. steel. >> i go back to lorenzo this morning. lorenzo gonzalez, and he's going back and forth with me saying he predicted all of this. david faber has been a skeptic, but one of the things that's absolutely definitely true that people don't understand is that cleveland cliffs will make changes to suit the justice department. now a lot of people will come out and say, no. there's such an overlap in auto,

and they don't own certain steel, but what if he says, i won't buy that part? i'll buy what the justice department wants, and this is a deal that the union likes. i have seaid and reiterate thati think cleveland cliffs gets x. not x brazil. but i do think that lorenzo gonzalez is being underestimated. i think he's brilliant, and i think he understands the scenario, and he will say to justice, go ahead. i don't want the buy this, or i'm willing to buy this contingent, and he gets it. i don't know. people should not underestimate that man. >> that's going to be interesting. >> i do think that we're going to have to stay on that because when biden is against it and harris is against it, i'm looking for someone in favor of that. i have not found that person. maybe someone in japan. >> yes. well, the debate's a week from today. maybe it will come up then. when we come back, evercore

getting bullish on southwest as management stake goes to 10%. what investors need to know. plus, next hour, do not miss, four-time nba champ steph curry will be with us live on set here. take a look at the premarket. we'll get to some calls on boeing, get set for apple next week, some news on autos, with futures in the red. stay with us. (♪♪) what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like? of course! you're the man! i wish. the future isn't scary. not investing in it is. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com i can't believe you corporate types are still calling each other rock stars. you're a rock star. we're all rock stars. oooo look look at my data driven insights, i'm a rock star. great job putting finance and hr

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and don's paying so much for at&t, he's been waiting to update his equipment! there's a smarter way to save. comcast business mobile. you could save up to 70% on your wireless bill. so you don't have to compromise. powering smarter savings. powering possibilities. there's a southwest hire as evercore upgrades to buy. they add to the tactical outperform list. plus some reports this morning that activist investor elliott management now owns 10% of common crossing the threshold that allows the hedge fund to call a special meeting at the carrier. jim reportedly going to meet on monday. >> good luck there. i do believe that the way it might go is that without major changes, meaning that there has to be a change to the ceo. i don't think -- i think the whole board has changed. i don't see any eye-to-eye here.

there is a kind of exciting road map. you have a september 26th investor day. you've got those changes going on which is described as capacity iscipline, and those were all really good. it may be win-win. i'm not particularly in love with the autos here. >> or the airline sfls. >> the airlines. my worry is there's overall reach, but i think most definitely there's kind of an interesting opportunity here to buy it. >> interesting. at the same time, we have this downgrade of boeing over in wells. we go to underweight. they trimmed a 119, jim. they were at 185. >> boy, that's a devastating piece. talking about cash flow, and i have been waiting for that piece. everyone's been kind of saying, don't wor try. don't worry. there's only two carriers. there's two planemakers. no. they need money, and i don't understand why people are so bullish about boeing. they think they can ride this without it. >> the argument out of wells is that free cash flow will peak in

'27. they're going into a new aircraft cycle. they'll need 30 billion, 40 billion for that. >> i thought that was a very good piece. people should respect the negatives. it's one of the weakest stocks out there, and i just don't think -- i think we have to be able to shore it up. i know this is a new ceo, and the ceo can do what he wants. the new ceo has an opportunity to say and look, i have been heard in the mess and i'm going to mix the mess, and the way to fix the mess is get this balance sheet better. kelly knows what to do, and he knows we can't sustain these losses without more capital. >> the carrier, southwest, is potentially interesting, but you would not be getting knear boeing. >> i think boeing is problematic. you have to unwind their feeling about what it is. i'm glad he says he'll spend a lot of time on the fabt factory

floor, but i think this is a crisis of management and building planes. >> i'll tell you one thing, jim. one thing that at least is working not against them is that crude is negative on the year. >> that is such a good thing, and by the way, you posted the gasoline numbers at $3 this morning. that should spare a lot of different people from thinking that maybe travel has another leg. people have been saying that it's over. the dollar general commenter, you know, the dollar general commenter, quote, that was one of the more devastating quarters, and i kept going through it and looking for anything positive, and i said, we're two countries and the country that we have is the spending. when i think about what's happening at walmart, i think they're doing quite well. this weekend at costco, and people are going to caostco too much. will you stop? i mean, there is just kind of a sense that there's really only

costco and there's walmart, and i felt that way after reading dollar gen. dollar tree maybe will look better. those places are squeezed. >> you see goldman removes dollar general from conviction buy today. >> thank you for that. thank you. some of those are just to refresh so i don't want to dump on goldman, but i feel that -- maybe this seems overly punished, but they did it to themselves. the barclays, one for the quarter, this is a company that said, what we're doing is not working because the consumer is so weak. maybe it's not that. maybe it's because their lineup is so weak, or maybe because walmart has taken prices down twice, and when gyou go the walmart, they have a lot of $5 things that you would expect to see at $10. otherwise, look. i have to tell you. people don't realize. i think you got to really shop around to realize how bad these are. i had the -- wow, i had the muffin yesterday and it's like now look. i remember when it was $3.17 so

my memory is jaded. but i paid 7 bucks for it. i paid 7 bucks, and i said, what is that? 7 bucks? no! you get -- i'm not paying that. what are you going to do, negotiate the price? i'm paying you $6 and not a penny more. it's not -- it's not a pflea market. >> there's pno pit. trs not an open call. >> give me the carrier. it's interesting. it's a punishing thing to go to mcdonald's. punishing. >> we will get to cramer's mad dash and the opening bell after a short break. take lk t aooathe premarket on this. return from a long weekend. don't go anywhere. t to slow dow. but did you know prevagen can help keep your memory sharp? the secret is the powerful ingredient, apoaequorin, originally discovered in jellyfish and found only in prevagen. in a clinical study, prevagen was shown to improve memory in subgroups of individuals who were cognitively normal or mildly impaired. stay sharp and improve your memory with prevagen.

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time for the mad dash as we count down to the bell. >> the only company that has growth in wine and spirits, to speak of is stz, but this morning, what we saw was a

really kind of interesting update of what they're saying which is that they do believe that they could raise the low end, but take a $1.5 billion to $2.5 billion impairment charge on wine and spirits. now this is what's really interesting. wine and spirits are declining even fapster than people think. beer, still good. there's a sense that wine and spirits might be down 16% to 18%. all the companies deny there's any gop desk one, but there's a considerable number of people that want it. some people say $12 million. others deny it has anything to do with cannabis. some people say that the younger people gravitate toward beer and less toward wine and spirits, but it's trucoubling if you aren that industry. i don't want to be in an industry that has whiskey or vodka or gin. whiskey and vodka are very weak

and no one seems to want to own that. it's like the way i'm not owning boeing. there's a lot of denial going on, but light travel trust, and let them come in, and let them realize that the beer business is very, very good. >> let's get the opening bell here at the big boy. the oil and gas company vista celebrating its fifth listing anniversary at the nasdaq, and specializing in antibody therapeutics. i can't get over that impairment, jim. in legacy tv and now spirits. >> there is a change. now again, i think that like with what i mentioned at meta, slower and perplexing, younger people are not -- other than a teen and these are not teen because it's drinking, younger people are not surveyed enough, and i think that the next generation, when you look at -- look. when you look at casaimigocasam.

that's always been immune from a downturn. >> it's been a half hour. the show you've talked about young people being very nimble in a.i. and gen a.i. use. >> no loyalty. >> right. >> i think the younger people are -- let's just say that some of it is healthy. if it's healthy, they're not going to backtrack when they get to 26 and start drinking. there's denial all over the place in the liquor business. they just keep thinking it's a cyclical thing. no one wants to talk about the fact that it was jacked up huge during covid and have to come back down. like, they're somehow immune to what happened with everybody else. they had to cut the price, but wine and spirits, that good will charge, oh my, and they own high west which is pretty good. >> right. >> second tier vodka, but they have a fabulous tequila. >> we'll watch that, jim. you have been all over it for a while. as for the open here, very defensive crowd.

staples, the only sector green at the moment. >> this is -- i forget who you said that didn't have -- was it mike wilson? there's not enough of other areas money can go? >> yes. >> there's always room for money to go to the staples. i don't know why there's a staple that no one's talking about. they're never on. if you want to see the best chart in the book, the best chart in the book right now is noah wallace's chart. i have to look at his name. that is colgate's chart. they shouldn't be selling that well, but what a chart. almost no yield protection. look at that. that's the one you want to be in. every dip has been right. i just think dish washing liquid, and finish when it comes to that. toothpaste. you're beginning up against crest. shampoo, i mean, you're going up against procter & gamble. but that's a narrow -- well, i don't know. younger people, where are they on deodorant?

anybody know? i don't know where they are these days. >> are changes afoot generationally in deodorant? >> they're sometimes a little more free-thinking about what deodorant implies. >> i was going to say, that's a classic recession chart. >> right. that's what i worry about. >> then you look at, like, a hershey when would be another. it looks nothing like that. >> they got squeezed on cocoa. colgate is this perfect world because they have high-end pet food, nutrition, and these kinds of things that people dispend. dishwasher. you don't think to yourself, i got to cut that out. i don't know. i washed the dishes last night. >> it was your turn. >> no. i despise it. i'm on the record -- i make the bed and i wash the dishes, and i hate them. now i've got upgraded about how to put the dishes in the dishwasher the other day. don't just, like, slam the plate down. i'll wash it myself. dishwasher liquid.

that's okay. better than getting yelled at. >> a couple of comments today about apple next week. one of them comes out of bernstein who is looking for 13% iphone revenue. >> i thought that, again, he's going to be on board, and that piece was very thoughtful. it's going to surprise, and we have to see what exactly the 16 has. we have to worry about glo fest, and i do think that a lot of people want it. a lot of people want to trial it, and a lot of that is because the phone company is going to be offering a lot of deals. >> huawei will do some counterprogramming. >> please. yeah. that's just great. i'm -- huawei fell a little late rounds. you draft them maybe 12th or tenth. >> that's a tried and true tactic from samsung. >> quarterbacks. they're right up there with kickers and defense. you just kind of wait until the last round and you grab them. >> one thing we didn't get to in the area is intel, and what the pitch to the board sounds like.

there's a piece out of reuters today arguing that their dow status may be in jeopardy soon. >> they're nowhere. that's nowhere. i mean, intel is so challenged, i know so many people who want to buy it. they're selling it to marvell. have they asked the ceo of marvell who had a great quarter, and dawes he need that? it's trashed beyond recognition. amd bought a company that i think would run into the ground like mobile eye which is back to where they bought it. i continue to believe that you're going to end up with a balance sheet problem. the debt is humongous, and someone better wake up these -- the pe partners here. brookfield, apollo. i don't know if they know how to do foundries because they're going to learn it. >> so you do not think that enough bad news is priced? >> no. i think when you have a balance sheet problem, and you have a

ceo who's naturally upbeat in a time of crisis, it's very worrisome. i mean, he's a relaxed guy. relax. now i worked for rogers. he's back. i don't know. i don't want to relax. i don't want to even be shown. i think people have to look at the balance sheet and figure out what's going to happen, and that includes the commerce secretary. everyone should be looking at that balance sheet because you do not have a turnaround until the balance sheet is fixed. fix it. walgreens. >> are you arguing they don't deserve any chips act subsidies or assistance? >> i think that -- that's a really interesting question. they were very open to do it, and then it was canceled. do they deserve it? no, they don't deserve it. >> you think it's throwing good money out to bat? >> it's difficult to be in the foundry business. that's why it's in thigaiwan. we can't afford pit. when you look at what intel is trying to do, i think it's just too much. i just think it's too much, and

they're not really an a.i. -- amd is just killing them in pcs. >> the share gain as you think, they're well known. >> i know it's for invid yarks a -- nvidia, but what intel has is -- they have -- carl, they've got a two, four, five, six, seven. they can't even pull a three. i don't know what they're going to do, and i don't -- i'm trying to get people to focus, that this company has real problems, and you've got to find some way to get the money so that they can pay the money that they owe, and i have always felt that pat gelsinger has not recognized the crisis that sbintel is in, or t despair that people have. i actually think it's very negative for the industry for intel to be here. it's just negative. >> i would think so. >> it's not worth it -- i mean, i feel badly about this because he's -- yes, he's a nice guy, but i want to talk to pat just

listen to the upbeat rattle. you want to hear someone say, you know what? we're going to fix the balance shiite, and that would be encouraging if tim wentworth did that for walgreens, or kelly did that for boeing. the plans sheet is not fixed first. do you know who's turning things around? mary dillard at footloggcker. she'll say, we have to fix the balance sheet and we have to get things more liquid, and it's piercing to my ears because this is a ceo who's a seasoned turnaround artist and knows the balance sheet has to be fixed before anything else happens. >> you mentioned walgreens, boeing, intel. are you going to start to assemble a list of balance sheet problem children? >> that wouldn't be a bad idea. now the good thing is, is that all these companies -- well, now boeing doesn't have anything to sell, but there's easy to sell for walgreens. i know intel thinks there's things to sell. they've got to move. what i'm most challenged by is

alterra, and that's because people have been shying away from that for years now, ever since they bought them. it's been -- it's been, like, a slow burn. so when i see that they pumped that out, and okay. what? matt murphy, you had great quarter. it's going to go by a company that's losing to silence. i don't want to do that if i'm matt murphy. i've got a good situation. i've got a lot of a.i. and a big turn by the way, and cell phone. i've got a big turn in p.c., and anything that is -- all the subjects that have hurt, that have hurt matt murphy at marvell are now helping. why screw it up with alterra? >> we'll see. intel remains the worst dow stock of the year. >> i think intel is -- to call it problematic is to be too positive. >> there's a lot of news in media today, jim. we've got the directv/disney dispute, the carriage dispute.

11 million customers see some darkness -- sunday afternoon. >> i don't trust disney. don't ask me why. it's obviously been wrong. i said that under 90 you should buy it. there's great opportunity under that. i still believe that, but this is a dow stock that has -- this one has the worst chart in the book. the chart here looks very much like grand tee time, and the north face are very dangerous. if you look at that. i mean, look at that. now they have to find someone soon to run it and i know that bob iger's there, but you need a starbucks. >> you mean shoot for the moon ceo hunt? >> wow. great game, but yeah. they've got to shoot from the moon, and i just think that right now people -- jimmy's on it. patarro is fabulous and fresh thinking, and i'm, like, why

don't they name him? i think what happens is anyone who's met him is going to say, give him the job. that's how it is. i think he is electric. >> of course. but jim, as you and david both know, a lot of it comes down to experiences, parks. >> right. >> we do have some of these striking workers at hilton, hyatt, marriott. >> i know. there are just strikes -- there are a lot of strikes going on, and we tend to ignore that there are strikes and you can't. i mean, one of the things that brian -- that nichols is going to solve, is you have to solve the labor problem. that's another thing. balance sheet and labor. you have to have these things because one of the things i don't -- why do people come back to mag 7? do you ever hear about balance sheet problems? ever hear about labor problems? the labor problems are -- they have to pay a.i. people $25 million. it's better to just go buy -- if you're amd, go buy some company that has a lot of engineers. i look at -- i look at this group and i think, microsoft.

what's the problem with microsoft? well, nothing. like, i want to own something where nothing's the problem. >> except maybe regulatory friction, yeah? >> i think people -- i think the regulars always want to give them a pass and we crush them in 2000. it's, like, 24 years ago. that's the kind of thing that happens when you get older. you say, you know what? i went to that restaurant. when did you go last? 1985. >> it's like the cop that pull us over and gives you a warning and lets you take off? >> i do think it's like that. that's always a lucky thing. >> yeah. >> i'm going 78 of 78. i thought that was the speed limit. that was done by someone i know whom i love, but don't get me wrong. i do think that yeah. i don't know. i don't know, carl. i think that there's a lot of companies that are getting past us right now. a lot of companies are being waved on. >> on the media front, at least we get some nfl starting thursday. >> i know. peacock game on friday. >> that's an important game.

>> i always see it's on nbc and peacock. that does not make me feel that peacock will get more subs because i have nbc. i have peacock too, but i guess i could watch them. >> you're not a cord cutter. >> no. i'm an idiot. it was like a file, idiot. we were trying to watch the u.s. open and my wife couldn't get it. i said, why don't you try youtube? that's, like -- $75 a month. well, how do i just pay $75? because that's what everyone's doing. >> different times. as for upgrades, we did get unity software. >> how do you like that? we should ask patarro about unity software because that would allow you to isolate your fantasy players if you just had the cameras. he knows this. you can just have it so you have isos. the new youtube does have -- you can isolate your fantasy players, but if pitaro were to say, listen. we're going to make another

commitment to fantasy and we're going to have cameras on all your skill players and you can put your lineup in, oh my because if 55 million people play fantasy, and the world is blanketed -- our country is blanketed. they want to do brazil and frankfurt, and london, but pitaro knows the power of fantasy and fourth quarter. if he got with unity which is now a pathetic parody of the human mind, they could do this stuff where they iso, and it would be so good. >> sounds like pitaro is the name you would bring to gorman's search committee. >> i think pitaro's brilliant, but even more than brilliant, he's an incredibly nice man. anyone who's been with him -- i mean, in the old days i wanted to switch and work -- just work at abc and this man's a visionary. john walsh before he did a lot of stuff with espn was the first person who lent me money. just kidding. i had a losing streak, but i do think thatpitaro is someone who

should go and run a network somewhere because he's that good. he's that steady. he's that open-minded and he knows fantasy which really does matter. now iger knows the green bay packers. they're going to lose on friday, the eagles. i do think that pitaro is a guy we've got to take seriously because he's got a vision. >> the last bucket i want to hit is autos. one is vw. maybe thinking about closing their first ever german factory. >> that was incredible. >> as they struggled with this transition to evs. the other was morgan stanley who trims their ev penetration rate by three points. >> this is -- tesla comes out smelling like a rose in this. that vw, i don't think people realize, that's a national treasure. we never talk about these german elections because they're hard to grip and be able to overlay stocks, be yout wow. vw. that's interesting for every

auto company because they're so smart and the last thing they want to do is that. a national treasure. vo volkswagen, a national treasure. they have 55,000 people in pueblo, a eye gantic plant in mexico. it's probably the best-run plant in the world. >> the german unions will have something to say about a closure. >> oh, my. they're going to have to go back and, like, they're going to ask for the moon, and they may get it. i don't know -- i was just -- look. we sold the ford. we gave up. >> you did. >> that was on warranty issues and anyone who's bought a ford in the last few years, you're always afraid of a notice. i got it for my maverick and my wife took it in, and it cost a tremendous amount for her family. that was enough, but i do think that ford is challenged because they didn't buy back stock, and that -- even though i guess bill ford doesn't want that, i'm taking the general over ford. >> we'll keep an eye on that has

we await auto sales today. speaking of manufacturing, manufacturing pmi out a couple of moments ago. the final read for august, 47.9. that compares with 48. >> that's unbelievable for bonds. i don't want the short equities when yields are going -- are plummeting on that. just plummeting. i think you get a big comeback rate with yields. anyone who looks at bonds goes and buys right now. they buy equities. >> based on this pmi? >> i think people are now going to sea, d say, did i just get m chance or are they going to bay coca-cola or pepsi co. you can buy this because it says maybe the fed has to cut twice. that's nirvana for people now if they want to play that game. i think they should be able to look at individual companies because there's companies other than walgreens, intel, and boeing that are doing quite well. we have very contained area of companies doing poorly.

>> it is the first contraction in several months, and to jim's point, as we go to break, check out bonds. you will see that ten-year yield. >> united proxy the coming off on that. >> we'll watch that. we get fed speak this week. already on the tape, but friday cents last day before the clakout. we're back in a minute. ♪(voya)♪ there are some things that work better together. like your workplace benefits and retirement savings. voya helps you choose the right amounts without over or under investing. across all your benefits and savings options. so you can feel confident in your financial choices.

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nba superstar now olympic gold medalist steph curry says he's enjoying life in this viral instagram post over the weekend. already has 1.5 million likes. >> he's such a delight. he's just a delight. >> including fellow olympian lebron james. steph will join us at post 9 next hour. in the meantime it's stop trading with jim in a minute.

at pgim, finding opportunity in fixed income today, helps secure tomorrow. our time-tested fixed income suite, backed by over 145 years of risk experience, helps investors meet their goals. pgim investments. shaping tomorrow today. as your host, i have some rules. two flush maximum per bathroom visit. no games. no fun. there's a great barbeque outside. but don't touch that. [bell dings] meanwhile, at a vrbo... meanwhile, at a vrbo... when other vacation rentals make you share your turf with a host, try one that's all yours. i can't believe you corporate types are still at it. just stop calling each other rock stars. and using workday to put

finance and h.r. on one platform. tim, you are a rock star. using responsible ai doesn't make you a rock star. it kinda does. you are not rock stars. (clears throat) okay. most of you are not rock stars. oooh. data driven insights, and large language models. oh, that's so rock roll. it is, right. he gets it. yeah.

pete g. writes, “my tween wants a new phone. how do i not break the bank?" we gotcha, pete. xfinity mobile was designed to save you money and gives you access to wifi speeds up to a gig. so you get high speeds for low prices. better than getting low speeds for high prices. right, bruce? jealous? yeah, look at that. honestly, someone get a helmet on this guy. get a free unlimited line for a year when you buy one unlimited line. plus, get up to $800 off google pixel 9 phones. switch today! let's get to jim and stop trading. >> he was talking to about ai spending. he compares the spending to fiver in the '90s. >> wow. >> but i have to do more

reading. i'm sorry. it just came out and michael is the best. this piece -- there's a strategy piece on commodities from goldman. the copper rally delayed. i think the copper rally derailed. this was a super cycle call that they made. remember copper for ev and for data center, well, data center, people were worried about that and this is crushing freeport, and i think you have to let this play out. there were too many super cycle bulls on copper at the top and it's miserable. don't forget, copper, the largest country is china on copper. you have three bad markets. ev is bad. data center, maybe people think in the out years and that's why i want to read semibellist. i don't want copper, for heaven's sake. >> china cuts gdp for the year to 4.8 and they were at 5. >> china is so problematic. i continue to believe if you're in any chinese stock, even

alibaba right now -- wow. that temu pdd, that was awful, and i continue to worry that china is just going to disappoint, disappoint, disappoint. i read a piece this morning about the watch industry being bad. watch is the way you show your wealth you can't have mangssion in china. pdd, very bad. really bad. tonight, i am doing a look at sphere. >> sphere, the vegas venue? >> yeah. it got downgraded today and a lot of people are excited about sphere. i don't know. we have to see where they come out. >> they've got the eagles. >> all right. yes. that's why we're going. the eagles are not really the eagles that we saw. the eagles on friday are better than the eagles at sphere, although, you have to run scare because green bay is an exciting team. >> not competitive in any sense.

>> no. jim, we'll see you tonight on "mad money" at 6:00 p.m. eastern. when we come back, nba champ steph curry enwh we come back at post 9. don't go anywhere 37 growing your business is easy once you know the moves. with godaddy websites plus marketing, you can quickly create a website, and ai will customize it for you. get your business out there and get more customers in here. no sweat... for you anyway. create a beautiful website in minutes with godaddy.

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♪ ♪ good tuesday morning. welcome to another hour of "squawk on the street." i'm sara eisen live with carl quintanilla live from the new york stock exchange. faber has the morning off. the week, the month and september which is typically a bumpy one historically. the s&p is down a full percentage point right now and the nasdaq down.5% and tech is lagging and the dow is down 300 or so points and we just dropped to the lows of the session that half hour into trading. take a look at treasurys. we have a data-heavy week coming up ahead of us. the ten-year yield down 3.8%

after a rally for treasurys in the month of august. it looks like the rally continues. if you look at where the green spots are in the market. consumer staples, health care and real estate, energy is at the bottom as oil continues to fall lower. we'll talk about that in a moment. 30 minutes here into the trading session, here are three big movers we're watching and southwest air upgrades it to buy and reports that elliott management now owns 10% of shares crossing the threshold that allows the hedge fund to call a special meeting at the carrier. speaking of, boeing is also under pressure. wells fargo shares could plum tote 30% and downgrade the name to underweight. second straight month of losses and wti and brent crude both down double digits in two months. i also want to hit shares of super micro. they are rallying right now. the company ceo issuing a letter

to customers and partners about the delay of its annual report and reports of hindenburg short position. remember this drama. super micro saying its liquid cool solutions continue to ramp and it will address hindenburg allegations giving the stock a bump of 3.5%. what's coming, though, carl is a lot of economic date at and it will be capped off on friday by the biggest of them all which is the jobs report. this one is even bigger. why? because there's still some probability in the market that the fed at its first move in september cuts 50 basis points. it's not a base case, but what will determine that? if there's more weakness in the jobs report or in the labor economy then the fed is expecting. we'll get more consumer earnings like dick's and the jolts which is job openings which is always a good picture of supply and

demand in the labor market. the ism manufacturing number and as far as jolt, one thing it will be looking for is the ratio of the job openings to unemployed workers. the last one was at 1.2 and it's still come down, but it's a healthy level and the fed doesn't want to see that go down even further. so some important indications coming up. >> we were going through some of the estimates through jobs friday with jim in the last hour. citi at 125 is a call for a 50 basis-point cut. b of a still at 200. america an stanley 185 and we do have fresh data crossing the tape right now and that's manufacturing. versus 47.5, anything above 42.5 while monthly construction spending came down above 0.3 versus expectations of .1. i was looking at internals and the ism beat and we're look at 44. >> yeah, but the overall

manufacturing number is weaker than expecteded a and it follow some of the manufacturing like oil prices and copper and we're seeing a sell-off there and silver, as well. the 49.1 pmi was weaker than the july number. the other thing that's happening abroad worth mentioning playing in is that the japanese yen is stronger and that's always a worry signal after the bank of japan governor weighed in overnight that despite the market turmoil, they'll continue to raise rates if they feel like they have to do that if inflation continues to come in firm, and it's hard to know what's left of that carry trade and how much more damage it can cause after we saw that happen in august, but it's never a good sign for risk appetite if you're seeing a 1% move higher on the japanese yen and that's what we're seeing now. >> mike wilson had a great chart looking at, in his words how the

s&p is trading on its own relative to yen, cyclicals, defensives. the two-year, commodities and one of the worst days of the years today as we continue to look at growth prospects. the dow is down 450 points on some of these data points. >> what's rallying is health care and staples which is the more recessionary-type playbook as the growth scare continues. the upside of a growth scare, carl is the market talks itself into more rate cuts and we still have a hundred priced in and the risk is too much given that the growth numbers are not coming in all that bad relative to fed expectations. how about some of the -- there were a lot of consumer companies that reported last week and so we aggregated some of the quotes just to figure out what's goinging on and there's a feeling that what we're getting from companies and the micronarrative is worse than the economy and i picked out a few and just to give a snapshot, and

high price point products when you need to and there is new, compelling technology. birkenstock, a let of this speaks to the execution. birkenstock has not seen any consumer spending softness or anything like it. burlington, lower-income shoppers have somewhat improved and all of these are actually a little bit better and dollar general from the monthly cadence perspective and the same-store sales growth was strongest in the june before turning negative in july and the three weeks of the quarter were the last week of each calendar month. that pattern suggests that our customers are less able to stretch their budgets through the end of the month and finally ulta beauty coming back to earth in terms of beauty trend saying while the beauty category remains resilient, growth is normalizing after three years of unprecedented gains and consumer behavior is starting to shift as

consumers focus on value and becoming more cautious on their spending. so there's that value word again. it's kind of the word of the consumer companies, but it's not all bad news in terms was any falloff in consumer spending. >> we were talking with jim last hour about the story in the journal about 401(k)s. >> feeling good. >> the transport stocks feeling good and the countries are heading in the right direction highest since 2021 and then you look at inflation-adjusted personal income has been positive for, what? 13 of 16 months? >> core pce, i think, very importantly importantly was in line and under 0.2%. the market is coming off of another strong run in august. so it's vulnerable to shocks around the election risk or fed funds and what's priced in. >> speaking of which, you can see 1% declines at the open as we do kick off a new trading

month in september, historically, the worst month of the year for the major averages and s&p is down of the past four september seases. chief investment strategist john is with us and his firm has a s&p target of 59 which remains, john, the second highest on the street. any misgivings at this point? >> none whatsoever at this point. we are watchful most certainly, but just as sara was saying, when you look at it, while there are concerns like today, the declines that we're seeing are reflective of what happens with these numbers, but most of them are short-term trading oriented and natural before a number is released because of the vulnerability for short-term traders with options positions, but for intermediate to longer term investors, this looks like if we get any kind of a pullback this month if the softness comes through there will be opportunity to catch babies that are thrown out with the

bathwater. >> five to ten down in the next couple of months you'd be ready for it. >> you always have to be prepared for that and there's never an all-clear signal. in the old days barton biggs used to call it a sock to the jaw, but we're not seeing that and it looks to us when we look at it that the economy is showing resilience across the consumer, across business and across job postings on a healthier basis rather than expecting numbers that are too large. >> again, how much of that is already factored into this market which is up 17% year to date and the nasdaq up 16% year to date. does that make us more vulnerable to some of these other risks out there? >> not quite as much as so vulnerable and certainly likable to get a haircut. a trim or haircut is always possible, but from these levels we have to say it still looks to us very similar to what we've seen this year to where we see the periods of pullback and it's

taking the market down from perhaps a tough in certain areas and diversifying now across the sectors and the rally from october lows last year has been very broad. the rally from the start of the year is narrow and it's broadened the base. the trades are move mg and out of positionses and so are enter media to longer term investors moving to greater diversification. we look at it, and we think the economy is in a very stern stred. >> what's happening on expectation from here in earnings? >> i would expect we would likely see similar to first quarter and second positive surprises. just what you were mentioning in terms of the comments from different companies. all of of a sudden consumer discretionary has been realized

and we've said that all along. don't bet again of the american consumer. the american consumer when times are flush spends like a sailor at the end of a long term of duty with money in their pockets. on the other hand, when times are tough they'll take the vacuum cleaner out and vacuum the back of the sofa and the backseat of the car and keep shopping. >> it does feel like for those who want to push back against a bearish narrative they pull out financials first. the xlf shot does not connote concern. what's going on there, do you think? >> i think what it's really saying is we're moving toward normalization in terms of interest rates and we're in an environment now even with interest rates likely to come down with the fed likely to cut 25 bips on september 18th, what you're looking at is you've got a situation where bond issuers have to pay once again for the privilege of borrowing money and it helps diversification especially with seniors who like

a fixed-income-type product and the cfos call for greater responsibility in working their business plans through because money costs more. it's not a bad thing. it's actually healthier. as long as we're not in an emergency we don't need rock bottom, free money. >> i'm just looking at the ten-year at 3.8. sometimes a lower ten-year is good for the market because signals more fed cuts are coming and actually it's going to stimulate places like housing and sometimes it marks a growth concern and the market is selling off which is what we're seeing today. how do we know which one we're in? >> i think we're with the market on a day-to-day basis. it's a flare's market and this just happens to be the initial jobless coming up on tuesday and then friday is the big numbers. so it's very natural for the

market to turn money off the table and turn defensive. we've seen repeatedly this year in the beginning of the new month and looking back at the month just completed. >> we have jolts and two of my favorites. >> i love the jolts. it all says if anything, it looks particularly about what one would expect at this time. it's not just easy going. there's concern and nervousness. we've got an election on both sides of the aisle and policy and what it does with the government debt and what it does to taxation and all kinds of stuff ahead, but that's very natural and the markets reflect life, but it doesn't look like this is a particularly troubled period. if anything, it is a process of greater normalization which really, you know, we got spoiled with the free money and now it's

getting real for the last year. >> thanks, we'll talk soon. thank you. >> thank you. good seeing you. >> coming up this hour, four-time nba champion steph curry joining us on post 9 at the new york stock exchange along with the ceo and co-fonder of his media output, unanimous media, carl, fresh off the sitcom he's done from peacock and winning the one-year extension and we have a lot of business to cover with steph. >> cannot wait. as we go to break, take a look at the road map for the rest of the hour and nvidia still flying high in august and the chip sector overall with a loss last month and we'll talk about what investors need to watch. plus other credit unions are going on a controversial buying spree and find out why and what they're buying this hour and an interview you do not want to miss. four-time nba champ steph curry joining us at post 9.

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pete g. writes, “my tween wants a new phone. how do i not break the bank?" we gotcha, pete. xfinity mobile was designed to save you money and gives you access to wifi speeds up to a gig. so you get high speeds for low prices. better than getting low speeds for high prices. right, bruce? jealous? yeah, look at that. honestly, someone get a helmet on this guy. get a free unlimited line for a year when you buy one unlimited line. plus, get up to $800 off google pixel 9 phones. switch today! despite gains for nvidia and the ai craze the chipping underperformed this summer as you might know and the first day of trading for september. smh on pace for the first day since the beginning of august.

here to talk is matt bryce. always good to check with you. thanks for the time this morning. >> thanks so much for having me. >> where do you think sentiment sits right now overall? >> i think it's -- it's mixed. i say that in that i think that we're coming off reports that were relatively strong. you saw, of course, marvel had a very good earnings number. at the same time you have nvidia give us what i thought were very good numbers and the stock traded off so i think it's been a decent earnings season, but expectations were high. >> are you getting clients asking whether or not some of the issues that, for example, at intel are contagious? >> no. i don't think so. i think with intel everyone views intel's problems as very

intel-specific. so it's not telling you much about the market. rather it's telling you about intel's struggles with manufacturing, chip design. some of the execution issues that they've had and part of the problem that intel has is a lot of these issues are expected to get resolved in the late 2025-2026 timeframe as some of their new processes come out. so it's not even something that they can fix any time in the near future. >> so are you saying, matt, nothing about the narrative, the very bullish narrative that's been driving these stocks alliary long has really changed? >> i don't think so. so, i mean, i think there's -- there's been an ai trade that's been driving all these stocks. we just had nvidia come off a quarter where they grew by $4

billi billion sequentially. they drive for another 2.5 billion in growth all tied to ai. each quarter they left themselves a proxy for ai. no. i think at this point there's not a whole lot of evidence that we're not continuing to see investment in ai, and i think you have next year there is a real potential that we start seeing ai devices which for the semis that drives content pcs and content in hand sets and it's good for everyone. >> yeah. that's going to be one of the stories we'll be on the lookout for certainly next week once we start getting a peek at optionality of ai in consumer devices. matt, i'm sure we'll talk by then if not before. thanks so much. matt bryson. >> thank you for having me. ed> when we come back tax-exempt crit unions are goingi on a bank buying spree and still an interview you do not want to

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today as the banksremain in the red. leslie picker has more on that. i thought of you this morning when i read the deutsch note calling the sector a no-man's-land and they moved ratings around without changing a number on a single one. >> that's right, carl. this is essentially an inflexion point for banks, and a lot of people have been very excited about the sector for the last few months or so. the prospect of a soft landing coming into a much clearer view for them. the flattening of the yield curve and all of that bodes well for banks especially for investors who are on the sidelines wondering if that would be a very big headwind for the bank. when a soft landing came into clear view the prospect of rate cuts without a hard landing and all of that, you know, brought more investors into the fold here. now you've got some analysts who are saying with all of this bidding up, things are starting to look a little bit rich at

these levels and so j.p. morgan down a little bit today. last i checked it was 1.7% there we go, 1.7% for j.p. morgan as investors are reassessing in september their positions and what it all means given the backdrop of rate cuts. >> is there election risk in this group, leslie, or is it just noise? >> that's a great point, sara. i don't know if you saw there was a journal article about a week or two ago when they talked about why ceos remain on the side lines and bank ceos in particular as it pertains to election to not endorse anybody or really put forth a lot of money to, you know, help support any particular candidate of any party because they really do need to work very closely with the government. that said, obviously, there are certain regulations as it pertains to the cfpb, the consumer financial protection bureau, that is punitive to

banks. so if there were some sort of a divided government or some sort of a republican if president trump was re-elected into the white house that would be a boon for bank because it would potentially signal to investors that there would be a rollback in some of those regulations that we've seen in the biden administration. on the flipside, a lot of it has to do with what happens to the deficit. that is something that bank executives have also been focused on and there have been independent studies which show that the republican platform at least in the trump presidency would provide a bigger headwind to the deficit than say some of the proposals that the harris camp has put forward. so it kind of is a mixed picture in terms of what it means for banks, but once president trump was elected in 2016 there was a significant rally in bank stocks thereafter, sara. >> it certainly is a busy day for banks in the corporate credit decks because i'm hearing

one of the busiest days ever as everyone comes back and yields are at lows so we'll see how that shakes out. a good test of demand. leslie, thank you. leslie picker. after the break, olympic gold medalist and four-time nba champ steph curry joins us. the s&p is down a little more than 1%. healthcare and staples stay green and technology as a sector down 2 and merlslsatia ao down 2 with yields falling 3.8 on the ten year as investors scoop up the bonds for safety. we'll be right back. a deep level of insight. at ice we have extensive data sets, especially around three pillars. the property, the mortgage and mortgage performance. this trifecta of data and its history is a bit of a data scientist's holy grail. ♪♪

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welcome back. i'm julia boorstin with your c nbz nbc news update. it's one of the deadliest single attacks in ukraine since the start of russia's invasion since

2022. according to zelenskyy two ballistic missiles hit a training facility and the a nearby hospital in central ukraine. he says another 180 people were hurt. russia has not yet commented on the attack. pope francis arrived in indonesia to start the longest trip his papacy. he's the first to visit the country since 1989. he'll also visit papua new guinea and singapore. >> traveling to new zealand is getting more expensive. the country is tripling the entry fees for tourists. the government issued a statement today saying the fee will increase from $35 new zealand dollars to $100. that's about $62. carl, back over to you. >> julia, thank you very much. major averages trading lower to start this month of september. our bob pisani has more on today's movers and maybe a

comment, bob, on what happened on friday afternoon. >> yeah. we had a nice little rally towards the close and we're giving up that and more right now. we said weak economic data, ism manufacturing and a little bit below expectations and 47.2 versus 47.5 for the manufacturing number and then the new order numbers was notably weak 44.6 versus 47.4 expected and i'm concerned about economic weakness. on top of that you have the start of the worst month of the year and it's not surprising that people want to start shorting and look at the last four septembers with 4.9, 9.3, 4.8, 3.9. this is unusual and it's not down this much. given the economic news this morning, the ism number and the start of the seasonally weak september it's not surprising that we have a weak start

because we look at oil and the big base metals, copper down 3% and one quick way to look at this is invesco fund is a base mix of copper and aluminum. you see everything is down about 3% in the commodities space. so if you look at the sector laggards today, not surprisingly, it's -- of course, it's the commodity. so energy and material stocks notably weak today and on top of that you have a bit of a sell-off in the technology sector and particularly vanex semiconductor which is the big semiconductor names and there's nvidia and micron. your typical semiconductor stocks are down 4%, 5% or 6% and you have the remainder stocks, alphabet, apple all down. the defensive names and you have

consumer staples on the upside and they have been leadership groups and consumer staples in the month of august and also interest rate sensitive. remember, when yield goes down, ten-year yield goes down which is what we're seeing again today, there is competition there from interest-bearing sectors there. real estate and utilities were among the market leaders in august, as well. so right now what you've got here is you've got a seasonally weak month starting with people saying not a bad idea to lighten up and then you have some economic weak data in the form of the ism and carl, you have the whole concern about how ongoing the ai saga is going to be at this point and all of this is coming together today and sara, you see the results there. back to you. >> a good round-up of explanations there as we look at the s&p making new lows for the morning. thank you very much, bob pisani. after the break, four-time nba champ steph curry. a lot to talk to him about

including the new contract. don't go anywhere. the marke

historically choppy trading month on a rather sour note, but one trader is looking at an under the radar consumer display. tune into our market navigator segment today on "power lunch" at 2:00 p.m. eastern time. great

history. stephan curry join us at post 9 after leading team usa to gold signing a contract which will keep him a war your through 2027 and the star of peacock's new show "mr. throwback" set to premier august 8th alongside co-fonder of unanimous media eric payton. thank you. >> thank you for having us. great to see you, too. >> you're in this new show on

peacock. a lot of people don't know that you have your own production company and now you're an actor. how did this come to be? >> we've been on this venture for almost six years now, and obviously, unanimous media is all about family, friends and sports putting content together in a lot of ways, and the acting thing, my wife is an actress and i got good training at home and it was a cool experience for me and the show turned out great and i'm super proud of it for sure. >> when did you have time to film it? >> we missed the playoffs so i had a little extra time right before i went to the olympics, but i had a great week. we filmed a little bit in chicago and a little bit in the bay area, and it was a quick production to try to get it ready and everything panned out well for the olympics right before we played serbia. the show premiered and obviously

we've got a gold medal now, too. >> does that help, eric? because there was overlap with viewers. >> it absolutely helped and peacock did a great job pushing viewers to the show and it was s.c. giving us the time to shoot the show. my job is to protect his peace and keep the same thing the same thing and we got it done. >> what are you seeing in terms of doing content deals and how much these streamers are willing to spend right now? >> yeah. i mean, honestly, it's been amazing for us. we've had some successes and between "mr. throwback" and golf channel and black pop on e! we're killing it. so i'm extremely excited for the future and unanimous is a company that sort of was born from a little bit of this volatility in the market. so it's like we're built for it. >> what white space did you see

developing within media? >> i think for us it's about connecting authentically with the audience and also connecting authentically with the people that we're doing the show with. that's what we saw. we saw being able to develop authentically with the viewers, being able to do it from a to z, so, yeah. >> we watched you play with lebron in the olympics and the chemistry there. i'm sure you guys trade notes on basketball. do you trade notes on owning production companies? >> for sure. pretty much everything. i know it's such a great opportunity to leverage the platform that basketball and the doors that have opened in a lot of different ways and amplifying who we're about in our own unique ways and like e.p. said and our authentic way what's true to me and true to him. there is crossover in the strategy to do certain things and how to get the most bang for your buck. for him, like, he's been a

master at it for a very long time, and you know, being in a space where this is setting up post-career for us to be able to continue to stay in the space whether it's doing some broadcasting, whether it's going deeper into shows like "mr. throwback." i'm excited about it pull. >> do you have a vision for yourself in that period? >> you want to get everything you can out of basketball, so i know however many years left it try to play at this level, but everything that we're doing now is setting up a foundation whether it's through tv, through film, through podcasting, through publishing so that we have, you know, kind of roots in expressing this content in a way that brings families together and brings people together and inspires the next generation and amplifies everything that i'm trying to do in the community through our foundation out in the open. i'm excited that i've had the opportunity to do it now so that i can go even deeper once

basketball is done. >> when is basketball done? you'll be 39 by the end of this contract? >> i'm not breaking no news -- i've got at least three years left, and i know, like, it's all about not just how many years you play, but the level that you're playing. i feel like i have a lot left in the tank. i want to keep winning. it's been great to represent one franchise for my entire career. i'm going into year 16 now. so at least these three and then we'll take it from there. >> you brought your medal. >> i did. >> i have to ask you because the planet watching you drain those final threes that night, did you feel like you were in some kind of special zone? because it was the olympics or was it to you just another competitive fight? >> no, it takes an energy of its own in the olympics because it's a one and done -- or when you get to the medal or the knockout rounds and it's a one and done environment. it's kind of like march madness and you know that serbia game we had in the semifinals i got hot

earlier and we had the big comeback in the fourth quarter. there's just a rush that, you know, a seven-game series is a long buildup. this was one game, 40 minutes and can you get it done and the france gold medal game in france the last three minutes was storybook stuff and it still hadn't sunk in. winning the gold, we knew it would be hard, but how it happened. i still watch some highlights. >> this is your first olympics. >> my first olympics. yeah. >> new experience for you. you've done a lot of other things. >> draymond, klay, k.d., they've all won gold before and i was the odd man out. >> not anymore. >> not anymore. >> i also want to talk to you about golf, steph, because you have a lot of people that don't realize that you have a golf tournament. >> yeah. >> that you started and the curry cup is actually happening this week. >> it's happening this week on the east coast. this is part of the underrated golf tour and that's the tour we

started three years ago to serve the underrepresented community in golf, trying to get more black and brown boys and girls with golf clubs in their hand and support their journey through the competitive ranks and so we have an all-expense paid tour where we have kids come to four different tour stops around the country and it leads up into the curry cup. we had it in the bay area last year and we are having it paramus country club in new jersey this year. they're playing championship golf courses and hopefully inspiring the kids to get in the pga, lpga and other professional tours and getting representation in the game and it's about allowing access and opportunity through creating amazing experiences for these kids. >> i was going to say what does success look like, with what metric? you want to see these kids in professional -- >> eventually make it to the professional ranks. golf is a vehicle to expose them to the world in a different way,

networking and bringing people. we have a lot of mentors and c suite executives and people from different industries coming and being on panels talking to the kids and giving them an understanding of oh, this is how i got to this profession. this is how i got to this position and whether they play professional golf or not, all the while we're developing life and workforce skill sets is they can take into wherever they end up and that's the door that golf's opened for me. it's a passion, but it provides resources, as well. >> are you involved in this piece, as well? >> he's a horrible golfer. >> i'm working on it. i just broke a hundred. i know it's national news and it's probably going to -- but no. i'm not. i'm not part of it. >> when you're dealing with a talent, a singular talent like his is the road map for his portfolio, his career, his post-career career, right? is it unique or are there other

templates that you would use? >> i would say it's a little unique. it starts with him, right? it starts with what he really wants to do. my job is to create that space, protect his joy and make the main thing the main thing at that time, but i'll ultimately set up for the legacy, right? that's what unian house and hopefully it will be around for 10, 20, 30 years. >> you're doing it at a time when live sports has never been more essential. >> we talk about the impact here all of the time. >> right. eventually we can't announce anything right now, but that is the goal to get into live broadcasting, as well. >> i have to ask you about underarmour. i see you wearing the jacket and it's been almost eight years when we went to asia together on one of your world tours. i know you had high hopes for this collaboration and partnership and you are now the president of the curry brand. underarmour has been a bit of a rocky road in the market and you know, plank was out and now he's back in and what's your sense of

what's going on out there right now? >> it's an inflexion point for sure. i've been a part of the partnership since 2013. it was a meteoric rise, you know, and had rough patches. like you said, we've had three different ceos in the last seven years and having kevin back is great, and i understand his passion for the brand, obviously, but his history in understanding where we've been and where we're trying to go. having the curry brand is a huge deal for us. being able to sign the athletes and we signed fox from the sacramento kings and trying to cross into different sports and the product's in a good space. we're just trying to hit -- it's about being able to sell hope and inspiration around not only a great product, but you have to shall in what we're about and making that authentic is my whole vision for curry brand and underarmour. we're going back to china for the first time since 2013 so

we'll troy to grow our brand, and i know the curry brand has been in existence for the last three years. >> you're trying to build the jorm jordan of it. in my version. market conditions are different and i'm different from jordan, and he was a guy that obviously created a sustainable brand underneath his brand and he's still doing it to this day and the fact that they have believing in me and what cur stands for making the change for good and make it something of their own on top of providing great product for him, i think we have a good recipe for it. >> what about the -- you made a surprise appearance at the dnc they wanted to ask you about endorsing kamala harris. i think we have a clip of it that we can just play. >> what's up, everybody?

stephan curry here. you all know i lay for the golden state warriors and man, what a great honor it was to represent team usa to go out there and win the gold medal for the olympics this summer. that uniet off and on the court back and continue to move our country forward. this is about preserving hope and belief in our country, making sure families can be taken care of during the most precious times. >> what was the reaction to that? why was that so important for you to do? >> the reaction was great. also obviously a lot of noise in terms of any time you step into this lane, you know it's going to be received, you know, in a lot of different ways. for me, it's all about creating conversations that are about being decent human beings, first and foremost. i think we've lost that a little bit to before, obviously, endorsing kamala is important for me, for my family. >> why? what are the issues you care about most? >> say what?

>> what are the issues you care about most? >> i just know especially for women's rights and thinking about what's at stake with this election, and understanding, like, we need to be in a position where women have the right to choose what's right for them. that's at the top of the list for me. i have amazing women in my life who have been a huge inspiration to me, but knowing kamala and having been around her, and i understand she's qualified for this job. i think she's representing what it means to be a great leader and being a decent human being in terms of representing our country the right way, so it's easy choice for me, but to be able to be in a situation where you can be a part of the dnc, do a video like that, let people know where i felt like fostered positive conversations through it all, i think that's what our country needs. >> is the conversation about the business plan regarding a move like that to agree to appear, is it a tough one? were there folks trying to say, man, maybe that's not such a

good idea? >> even if there were conversations like -- you have to, again, be what i believe is, what i want to do. like he said, you follow my lead. i'm not worried about -- i come with love and i come with hopefully being educated and talking about the whole deal, but just the fact you want to be able to leverage the platform in all the different ways that you can, to me i'm going to be as consistent as possible with that. and whether you agree with me or not, that's -- not sh is supposed to have the same belief. not everybody is supposed to see the world in the same way. that's fine. but it doesn't -- i don't hesitate to do stuff like that. >> we talked media, golf, under armour, is there anything else you're looking to add to your portfolio? you don't have enough on your plate. >> the only thing down the road eventually being interested in team ownership and the nba, i know i've seen jordan do it.

you have guys in the league now that are taking the necessary steps to be, you know, legitimate players when it comes to the league and possibly expanding in a couple years. so, for me, that's definitely on the table, but obviously i know i have a lot more left to accomplish on the court before you move into any other role within the league. definitely want to be a part of the ownership landscape. i think i could do a pretty good job of helping sustain how great the nba is right now and, you know, the things that i've learned over my moo career and what it takes to run a championship organization. >> like what? what do you think can you do better? >> better? i mean, obviously the chairman of the warriors organization, you see how you treat the players first class and the investment it takes to create that first-class experience so we feel taken care of and that

allows us to hoop at a very high level, and representing not just the franchise but the community. like, i'm -- oakland/san francisco is my adopted home. i've been out there for 16 years. you have to be authentic to the community as well and the fan base that you represent that fills the seats and creating that connection is a huge -- is as important as putting the ball in the basket. so, you can't have one without the other. >> steph curry, future owner of the warriors. >> hopefully. not the warriors. joe ain't giving that up. >> future nba team. we're excited to watch you this season. steph, thank you for spending some time with us. eric, good to meet you, too. >> nice meeting you, too. >> steph curry. check out steph's new show "mr. throwback." it's funny. and you got some good reviewses. >> i did. >> it's streaming on peacock right now. a quick programming note on the cnbc front, don't miss cnbc's official nfl team valuations this thursday.

and join cnbc and boardroom's game plan conference on september 10th in l.a. where athletes where kevin durant, owners, investors, they'll be discussing where they see opportunity. you can scan that qr code on the screen or visit cnbcevents.com/gameplan to register. meantime, we have lost a little ground. dow's down a little, 5560 and the vix is back. dom chu is watching some of this. >> carl, sara, we'll start with seeing what's happening with the bank stocks that's driving some of the downside on the dow right now. we'll look at the team at duitch bank out with a couple of upgrades on mega cap names. specifically wells fargo and bank of america. both of those stocks right now getting up to a buy rating from a prior hold by those analysts at deutsche bank. for wells fargo, the target price stands at 65 bucks. they're citing recent weakness

in that stock. they also see better long-term benefits from wells investing in key businesses like trading, investment banking and credit card business as well. now, for bank of america, the target price remains at 45 bucks. they like the recent underperformance also creating that good entry point with the overhang of berkshire hathaway's share sales overshadowing what they expect to be better net interest margins. b of af shares, pay attention t those. jpmorgan chase right now down nearly 1.5%, getting downgraded by deutsche from a hold to prior buy. they maintain $235 price target after a span of outperformance so far this year. those shares are left with fewer upside catalysts in near-to-medium term given that much of the good news on things like net interest income, sales and trading results and investment banking have now been priced into that stock. over the last year, up 51%. we'll cap things off, though, with deutsche bank itself. the german lender is getting

upgraded by analysts at barclay's to an overweight to prior equal weight. the target goes up. they think there's potential for earnings power and net reliant on interest income as they are lower in coming months. shares down 2.5%. for other top calls on the day, head over to cnbc.com/pro for the detail and analyses of those reports. back over to you guys. >> appreciate that, dom chu. "money movers" begins after this. amian clark. and if you have both medicare and medicaid, i have some really encouraging news that you'll definitely want to hear. depending on the plans available in your area, you may be eligible to get extra benefits with a humana medicare advantage dual-eligible special needs plan. all these plans include a healthy options allowance. a monthly allowance to help pay for eligible groceries, utilities, rent, and over-the-counter

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good tuesday morning. welcome to "money movers." i'm carl quintanilla with sara eisen on the floor of the new york stock exchange. today the street awaits key economic data as investors continue to debate the size of a september rate cut. truist's cio is with us on how to trade this market. disney's channels including espn and disney going dark ahead of the nfl first season. jimmy pitaro on how the negotiations are