and clean drinking water. it's monday, september 30th, 2024 and "squawk box" begins right now. good morning, everybody. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. we are getting to the end of the quarter here. if you want to look at the u.s. equities picture right now. you will see red arrows. dow futures off 36. s&p down 5. the nasdaq down by 26. if you are looking at what is happening in the treasury market, it looks like the two-year is 3.6%. the ten-year at 3.77. the big storey is what is

happening over seas. the csi 300 jumping 8.5% marking the best day in 16 years. the purchasing managers for september indicated the fifth straight month of contraction for the manufacturing sector, but came in above economists expectations in the past week since the measures. the shanghai is up 21% and the hang seng up 16%. this is the only trading day of the week for markets on the mainland before closing for the golden week holiday for the rest of the week. mr. tepper is having a good day or a good week. both. >> definitely. we'll see how long it lasts. this is part of the ththesi. the nikkei 225 is plunge in the first trading session after it elected the new prime minister. nikkei futuresplunged on friday

after the market close when election results came in. separately, industrial production data for august dropped 4.9% from a year ago period. a much steeper decline than economists had expected. japan's august retail sales came in above expectation. as far as stellantis, shares, as you can see are down 13% this morning. automaker trimming its full-year guidance citing a deteriorates global industry dynamic and increased competition in china. the company makes chrysler and dodge and jeep. it is warning regions in the second half of the year. i don't know if it is ev related necessarily, but the problems there have been well documented. gm and ford are both down in sympathy this morning. in the meantime, glenview capital, a major cvs holder, is

expected to meet today to fix the struggling business there. people familiar with the matter telling cnbc it is a precursor, perhaps, to an activist push. a cvs spokesperson says they maintain a regular dialogue, but decline to comment with engagement with specific individuals. cvs shares down 26% year to date. yesterday, california governor gavin newsom vetoed a safety a.i. bill before a.i. becomes uncontrollable. some in the tech dindustry say t could drive them from the veto case it doesn't take in consideration the high-risk environment or the use of sensitive data. he used experts to help the state develop quote workable guardrails. later this hour, we will talk to

the ceo of appian who says we need a.i. legislation at the federal level. the game is not over yet. >> what do you think of this as somebody who follows a.i. so closely and there have been calls for guardrails all along. i know it is tough at the state level to do these things, but nobody else is stepping up at this point. >> i think if you do it in california -- i don't think it sends people out of california, nextl necessarily, it means every state, like everything else, you have to do a hodgepodge of things. >> usually federal stuff can be spurred by state. >> right. when people say, quote-unquote, what does it mean? a lot of this is fill philosoph.

what would it do and how would you implement it? >> to force you to turn your plan to the state ag and the state ag to go through it and say it makes sense. >> the chinese do it. >> to be held liable. if something goes wrong down the road. >> we talked to the author who wrote the book "nexus." he called for a section 230, but for a.i. whatever a.i. spits back out at you, you would be libel for it. it's an interesting question because -- >> section 230 means you're not. the opposite. >> the opposite of section 230. i don't know. some people say it's a tool and depending on how the person uses a tool, how are we supposed to think about that, right? if i give you a hammer and you use the hammer --

>> the direct models they created. >> what historical precedent do we have with the break neck technology? look at crypto. they're so far behind. it's already there. you think how much success have we had if you regulate anything for our kids, it would be social media. how can we possibly expect a.i.? talk about how quickly it's growing. this is exponential. >> this isexponential. >> you should be libel for what you create. >> it's the wild, wild west. >> section 230 should never exist. i understand at the time they were looking to try to promote and make the industry vibrant and young when you were looking at technology. the idea it's protected today seems insane. >> if you have section 230 today, talking about free

speech, would you have a lot less. >> my inclination is just roll the dice, i guess. if you are not regulating bio-tech, you get covid. we don't regulate life and death things. >> elon musk pointed to a.i. being the potential of the nuclear bomb. >> that will probably get us first. you know, highly transmissible ebola. they are still working on that with no oversight. >> the question of, joe, we don't normally agree on things. i'm agreeing with you. >> i don't want to do tiktok. >> i don't want to do tiktok. i don't know who you would hire that would actually be able to do this -- by the way, every regulator who seems to touch everything doesn't understand the dynamics of the technology. we will hear later today about this directv-dish deal.

that deal should have been done years ago. nobody showed elon musk would show up with starlink and amazon invest in kyper and take all of these businesses out. >> to say i'm signing off on your plans, but the idea you are held liable for things you unleash, maybe there is sense to that. >> we have seen plenty of humphrey hawkins testimony. pick. house or senate. andrew said this. we have breaking news from at&t. selling its 70% stake in directv to private equity firm tpg. tpg holds a minority stake in at&t. at&t will receive $7.6 billion in cash payments through 2029. after that sale, at&t will have no financial interest in directv. this was a purchase made years

ago. they spun it out and held the interest with tpg, but this will officially end that. they have trying to simplify to hold for investors. the company will say here's what they made out of that. they expect a report of total $27 billion of cash payments from directv and tpg. they had $7.6 billion in cash they got when that joint venture was initially formed in 2021. about $7.6 billion of additional cash payments they expect to receive from today through the end of 2029 as part of this. as you mentioned, this is a deal that years ago regulators quashed. it could be interesting. >> directv and eqistar have been trying to merge for years. on the at&t side, do we have a lighter and actually burn money in front of people? that is what is happening here. when they bought the company,

they bought it for $49 million. for the market cap. forget about the cash piece. they collected more cash out of this. they paid $50 billion for it and today, if do you the math, it is worth on the market cap basis in terms of cash on cash, $12 billion. >> that's as strtroastronomical. >> they should get credit for that. >> i don't think john stankey would argue with that. >> this is like watching arsonists at a bank light money on fire. having said that, you know, this next part of the deal actually, to me, gets more interesting in terms of what happens with ecostar and what they are able to pull off relative to kyper and starlink going forward.

>> does this help? >> i don't know. you talk about ecostar in a moment. ecostar is merging with this business if you believe the regulators will allow it. they made their own mistakes and going down the path of trying to buy up a lot of 5g bandwidth. they spent a lot of money on it in the hopes of the bundle product to get them to the next place. that has been very difficult. >> in a related story on these lines, sources tell cnbc that e ecostar is in advanced talks to sell dish network to adirectv. it has $521 million in cash and cash equivalent as of june 30th. both sides hope to complete a deal by today. it is hard to imagine regulators blocking this. >> my understanding from the sources i talked to earlier, we will hear about this within the

next hour or so. >> yeah. >> i think that at this point, the regulators, i assume, have to allow this. >> it'svery troubled business. >> very troubled business. the question is do you take two troubled businesses and put them together, does it make them less troubled? there is a lot of synergy. a lot of saving money going on. longer term, when you think about starlink is out there and you think about the fact that amazon is going to be putting kyper or satellites into the sky and the low earth orbit satellites are much faster than the satellites that directv and e echostar has. they made this argument over and over again. rural america which doesn't have

access to broadband need competition and there wasn't. the question, of course, is how this will all play. starlink and others don't provide any television service or other things like that on top of their platform. you can buy youtube tv or other kinds of television service. you can buy netflix and things like that over the service. there was no bundle at the time. maybe that changes things. okay. when we come back, we will talk more and get an update on hurricane helene and the incredible damage that was done throughout the country and the southeast over the weekend. a number of people have died. 88 at this point. there are more expected to come. we will talk about the final trading day of the quarter. we will talk with stephanie link after this. check out futures this morning. dow futures off 44. the nasdaq off 22. the s&p off 5. later this morning, commerce secretary gina raimondo will

join us in her personal capacity to talk about the race for the white house. "squawk box" will be right back. just stop calling each other rock stars. and using workday to put >> announcer: this cnbc program is sponsored by baird. visit bairddifference.com. ock s. 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. (♪♪) ♪ well i was raised by careful hands ♪ ♪ yeah, they made me who i am ♪ ♪ so i'm off to see... ♪ we invent them. we design them. we build them. and one day, we have to let them soar. ♪ i'm always coming home ♪

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likely to rise. very hard to track people down and get a hold of them. officials say there are more than 2 million people without electric aity across several states. you are talking millions of people without cell phone or phone service to get communication out. there are lots of roads still closed hampering the delivery of supplies. for some cut off communities, that meant air drops yesterday. we will have more on the recovery efforts later this hour. if you have been seeing the pictures, the damage and video of what took place, this was completely unexpected in areas hundreds of miles inland. you saw huge mudslides and damage everywhere and dams threatened on these usissues an things they have not seen in our lifetimes in these areas.

we'll talk more about that. right now, let's get to the markets. the futures are pointing to a slightly higher open. we have stephanie link from hightower with us. stephanie, the massive gain in chinese stocks up 8% after the gains last week. you were adding to some of your positions that have exposure to china last week. which ones are those and what do you think of things we're seeing this morning? >> i mean the chinese stimulus is the most since covid. it's big. they sound like they want to do more. we got different news over the weekend as well of additional stimulus. the usuaissue here in my mind, is such an under -owned space, becky. the outflows were $30 billion. the stocks trade on average at ten times forward estimates. the emerging markets waiting

from portfolio managers has gone from 35% to 21%. so, there's a lot that can happen here in terms of just playing catch up. by the way, i would say that if money comes out of india because india has been the beneficiary of the problems in china, if money comes out of india, i would buy india as a long-term buy, but china as the short-term trade. i have owned freeport-mcmoran. las vegas sands is still down 2% on the year and exxonmobil. >> wow. exxonmobil. explain the china exposure there. >> i think the energy prices are down, becky, because china demand has been very soft. so, you have to keep in mind with the big major oil companies, they mint money at

$30 oil. at $70 oil, the free cash flow is substantial. exxon has done well relative to other names in the sector. it is up 15% year to date. i think 14 times forward estimates, a diverse revenue mix and i like the pioneer acquisition. i think there is a catalyst here. december 11th is an analyst day and we will hear about pioneer. it is something about $2 billion per year after the first year of the closing through the decade. i like the tailwinds there. >> and las vegas sands is the exposure to the chinese gambling markets. you don't buy directly chinese stocks. david tepper has said buy everything in china he. he has been buying alibaba. you like the exposexposure? >> i like the transparency.

i like the fundamental analysis in chinese equities and you could wake up and the government pull a jack ma. i don't want to say safer, but a more transparent and liquid way to get the exposure. freeport is the poster child for china, for sure. so is las vegas sands. 60% of the revenue is tied to m macao. they are renovating properties in macao. they are losing market spend. that mark share ends in the first quarter of 2025. i want to be ahead of the ending of the spend because i do think you will see better free cash flow mash begimargins and they that back. in the meantime, 37% -- yeah, in the meantime, 37% of the revenue is in singapore and they see double digit growth there. i like it.

very cheap stock, too. >> steph, thank you. great to see you. >> thank you. great to see you. coming up in just a moment, brian williams now in talks for an election night special. what it may mean for the tv business. and later, longshoremen preparing to strike on the east coast and gulf coast with no end in sight. all this ahead as "squawk box" rolls on after this.

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election night special on amazon. it would be the first time this is the news related program. the aim of the program is a non-partisan discussion of the evening's news. netflix and others have tried to avoid news programming in large part because, you know, i don't know if you remember, netflix had issues in the middle east and other places and always worried about the kinds of issues that would create on top of all of the other issues that politics in the united states creates with former president trump and others who criticize news channels and owners. disney suffered this with the last debate and others and what that means. >> bezos owns washington post. >> by the way, amazon has taken a hit for that as well. it will be interesting, my understanding is and i talked to a bunch of people about it over the weekend, can they get into the event-izing business? this is an event!

news events. one-off news events. >> hosting. >> no. the question is whether a night like this -- people are not used to watching election koccoveragn a streamer yet. there are lots of people who don't have access anymore to networks. are there people who will just click on this instead? the other thing that's fascinating is everybody who is an amazon customer will hit that app likely that day and just like where you get amazon prime or now sometimes announce football -- if you look on thursday nights, they have massive ads. that is super powerful. the last piece of it which is fascinating is the global nature of it. if you are not in the united states and want to follow what's going on in the u.s. elections that evening, this is an interesting one to watch. i'm fascinated by it all. >> i don't know.

don't just -- he disappeared again. his show at 11:00. he's a funny guy. he could do standup. >> very funny guy. coming up, boeing facing a liquidity deadline among the strike by machinists. phil lebeau will have that for us. as we head to break, check out bitcoin. right now down almost 3.5%. we'll be right back. knock, knock. #1 broker here for the #1 hit maker. thanks for swingin' by, carl. no problem. so, what are all of those for? ah, this one lets me adjust the bass. add more guitar. maybe some drums. wow, so many choices. yeah. like schwab. i can get full-service wealth management, advice, invest on my own, and trade on thinkorswim. you know carl is the only frontman you need... oh i gotta take this carl, it's schwab. ♪ schwaaaab! ♪ have a choice in how you invest with schwab.

good morning. welcome back to "squawk box" here on cnbc. we're live at the nasdaq market site in times square. take a look at futures. dow jones off 35 points. the nasdaq off 26. >> we know how quickly the weeks pass. it's three already. entering the third week for boeing and do the math.

the machinist strike at the aerospace giant facing a potential liquidity deadline now. phil, i mean, people were hoping it wouldn't go this long. what are the prospects it goes much longer? >> i think they're strong. there's no indication. joe, we say a liquidity deadline. it is not as through there is a hard and fast boom or else they do an equity raise and credit rating for the company. we are at that point. october 1st is when many said if we don't see meaningful progress, as a deal on the table and voted on, then we are getting to the point where we have to reconsider to do an equity raise. we'll plexplain that in a bit. here we are in the third week. they had a mediation, but no indication they will be back at table soon. striker health insurance does end today.

those are the picket line will not have health insurance from the company after today. this brings up the question where boeing stands with liquidity. at the end of the second quarter, they had $12.6 billion cash on hand. $10 billion is the threshold that most believe they do not want to drop below. that raises the question would there be a possible equity raise of 10 to 12 billion? that is the figure a number on wall street throw around. speaking of the analysts, because the strike will go at least until mid-october, i don't think it will end in the next five days. let's say mid-october or in november? they are lowering the estimates in deliveries and earnings per share. the losses for this year will be widened and there's a small profit that many are expecting next year. that profit idea is getting shrunk as long as this

continues. what we are showing you are shares of boeing since the strike began. you would say it is only down 5%. wo w wouldn't it be done more? next week, we get september delivery numbers. they will not be horrific because the first half of the month were still manufacturing and delivering 737 max. a few ticketed and delivered after the strike began. it's october where you will really see the drop off in terms of deliveries. again, we know where we are in terms of production. nowhere close to 38 a month. probably will not get there by the end of the year even if the strike were to end. a lot of things up in the air putting pressure on shares of boeing, guys. >> yup. phil, we talked about it. it seems like buyers market or sell irreers market. it's a labor market right now. you know, there's muscle memory of what happened with the

automakers. >> joe, their last paycheck was september 19th. you don't know how everybody's personal finances are, but you got to go a little bit before people start to say wait a second. strike pay is not covering. i need something more. i need that signing bonus of $6,000 or $7,000 or whatever it ends up being. i don't think we're there yet. >> boeing's not in a great position. of course, it cuts both ways. they don't have a lot of money that's going to impact future cash flow projections and how much they put out. >> yeah. and that's why we're seeing the estimates come down. look, there will be a definite impact here and let's say you raise 10 billion to 12 billion. analysts are saying what is the free cash flow impact that we expect here? there have been estimates as this strike goes, it's about 1.2 or 1.3 billion in terms of free cash flow impact immediately.

now, over time, theoretically, you can make some of that up as you increase the production rates, but that is not happening right away. >> yeah. boeing is not in a great position to either pay out a lot or to hold out for a long time. it's kind of like between a rock and a hard place right now. you're right. people that haven't had a paycheck, they might eventually come around. it seems like -- >> sure. >> it seems like a situation that could be protracted for a while. i don't know. thanks, phil. coming up, from one strike 'rju h ath. wee stouris away from a strike on the ports and gulf coast. we'll talk about the impact of the strike on the economy straight ahead. the bootmaker. yeehaw [narrator] but many do have something in common. we all trust schwab with our wealth. [narrator] thanks to our award-winning service, low costs and transparent advice.

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♪ ♪ the strike by the international longshoreman

association is set to hit ports on the east coast and gulf of mexico tomorrow. joining us to discuss the disruption to the supply chain is david keistling at ken co group. you expect this to happen, david, at this point? it's tough to avert. >> yes, i don't think there's been anything in the last 24 hours that says either side is ready to negotiate. i think at the end of the day today, you will see activity tomorrow morning. >> what's the total percentage of goods that are covered by the ports that are going to see strikers across the u.s.? can the slack be taken up by -- by other ports? >> you know, i think one of the things we've seen and we're focused on leading and lagging indicators is that volume has already shifted to the west

coast. our lead indicators show over the last four or five weeks, we have seen container volume and vessel volume similar to the peak in 2022 and 2023 which is almost 20,000 units handled by the west coast port. 45% of the volume imported in the united states comes through ports affected by a work stoppage along the east coast. >> is that one of the down sides for the ports affected? does any of that shift become permanent and does that take into the calculus of the strikers? >> i think that's an interesting thing when you look at the industries affected. clearly, automotive is affected and components in particular. there's apparel that's affected. the panama canal has widened and deepened so the large ships can

get from the far west to the east coast to eliminate that leg of internal movement inside the united states or through the united states. so, you know, automotive and apparel and lastly pharmaceutical. the normal actions taken for the automotive assembly plants because we moved to the global just in time production model is they made air freight in the short-term and may pull forward some of the scheduled shutdowns. from the apparel standpoint, it is more retail rather than general merchandise like t-shirts and socks and underwear, right? pharmaceuticals, there is a big impact there because we need to monitor how that impacts patient care. let's not forget about exports. pork and beef. ranchers in the united states rely on a consistent volume of

vessels available for export. >> i can see how this is inflationary and deflationary depending on what's more aff affected. >> correct. if you read anything, everybody is talking about the price of abo bananas because that's exported. there could be an issue with items including pork and beef that may not be exported like they are today. you also said what's the long-term impact. i think what we learned from covid is that, you know, near shoring continues to be an option. i think moving manufacturing internally domestic to the united states becomes an option as well. i think what we've seen is there's less friction and complexity from the trade standpoint when we move from mexico or central america where goods are manufactured outside the u.s., but consumed here

inside. >> david, thank you. seems like you have a very bird's eye view of what exactly might happen. hope hopefully, nobody likes to have it last too long, but people got to do what they got to do. thank you. when we come barck, we will talk about the aftermath of hurricane helene as the eastern united states deals with the widespread power outages and lack of communication. "squawk box" will be right back. o f helping investors capitalize on growth opportunities. pgim investments. shaping tomorrow, today.

now to the aftermath of

hurricane helene. contessa brewer joins us right now with the closer look at the damage. contessa, what we have seen is unbelievable. >> the pictureses alone are jaw dropping and this is so wide spreads. this could end up as a top five or top three hurricane in terms of extent and scope. accuweather is out with an estimate of $95 billion and $110 billion. the impact on infrastructure is severe. hundreds of roads, including interstate highways washed away or buried in landslides. dams over topping on the brink of failure. millions of people lost electricity. georgia power calls it the worst hurricane in the company's history. most of the damage is the result of flooding. we saw record-breaking storm surge around tampa and elsewhere on florida's gulf coast and drenching rain that inundated mountain towns and inland cities

that don't brace for impact. property coverage will not cover. the institute for insurance told me in most places, fewer than 1% of properties have flood insurance. generated this map from from th national flood insurance program to illustrate how few flood insurance policies in effect. let me explain it. everything that you're looking at in the center that is tan, only the coastal areas which are blue, everything that's tan is less than 2% coverage with flood insurance. the exception, of course, about what gets covered is in auto insurance. if you have a comprehensive policy, it covers the flood damage. i reached out to allstate that says it's just too early to have a handle on the scope of the impact but their mobile units are interviewing expert claims. the sheer impact of helene's

damage illustrates how damage is keeping underwriters guessing. and a conversation with the second largest flood insurer after the flood insurance program. he said to me, look, this is the worst damage i've ever seen. he said, you're about to see home values, real estate values in florida plummet. why? because they're not insured. people are living on fixed incomes. but their homes were paid off. they opted not to have insurance. and so what happens is, they're going to need the cash. they'll sell the land for whatever they can get for it. and then go find something else. my expectation is that this is going to be make the housing prices that we already are seeing much, much worse. because if you look at a place like asheville which has been listed as a place to go retire. an amazing place. you can get a lot for your money. you have people going there and

losing their homes and not having insurance for it. and then what. so the pressure on labor. pressure on materials, right now, you're going to have a mad dash for crews to go in and repair plus the structure. >> just the idea, if you've ever been in a flood area after a hurricane, you know it could take a year, year and a half. this is such a widespread area, you're looking at asheville in particular, all of the major interstates in and out, all of them shut down. they can't get keep because of the roads there, there's no gasoline no electricity. even if people come tohelp, they can't. >> by the way, you're seeing that rain effect. you're seeing that swath of storms back over parts of northern virginia. so you might see, so, because of the inundated rainfall. and forecasters looking toward a very active goal that there may

be other storms forming there. i have to just say, this is -- we're really looking at the port strike and all of that to come, all of this along the east coast, and up through the south, is about to be a huge mess. interstate highways. they're shut down. they're working rapidly to try and get the roads back open. until that happens, people are real in dire straits. >> you hear some horrible stories. we're going to continue to talk about this today. contessa, thank you. we are speaking with the mayor of asheville, north carolina in the 8:00 hour. we're also speaking with the fema administrator to try to find out is being done, and what you might be able to do to help. and governor gavin newsom vetoing that controversial a.i. bill yesterday. we're talking about, we're going to dig into a.i. regulation, the potential dangers ahead and so much more. don't go anywhere, "squawk box" returns after this.

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welcome back to "squawk box." california governor gavin newsom has vetoing the first potential a.i. bill in the u.s. in california as a home to the leading a.i. company. joining us, matt calkins, the ceo. good morning. you think the regulation is needed. what do you think of the bill in particular? >> yeah, i do think we need regulation, but i don't think we need this bill. it's a good thing. regulating this is major inputs into regulation and having an uneven playing field for companies try to innovate a.i. i would like to see it at the

national level or international level. t this bill targeted the making of a.i. >> when you talk about regulating a.i. two pieces. one i want to get into the details of how we would actually do it, because we were debating whether the government is incapable of generating a.i. and whether they would have the technical to monitor and oversee the viability of this. the other pieces, we haven't managed to get regulation around social media. obviously, there's a debate whether we should or shouldn't. people are on both sides of that. is there an argument that the state should go first, because it's hard to get the federal government to regulate these things if you leaf regulation is needed? >> look, i think the government can move, the federal government can move on this just as easily as california can. we don't want a patchwork of legislation. and if california started it would be hard to keep things

consistent. i think regulation should be effective. whatever we do. you're right, it doesn't make sense to create something that doesn't work. we have to be concerned about that, and it's hard to regulate what we as a society do not understand. a.i. is still a black box. you can see is this in regulation, people are worried about catastrophic outcomes. while that is one thing to be concerned about it is not the totality of what regulation on a.i. should address. we should think about other issues like privacy. and it shows we don't understand a.i. that we're not addressing that. we should probably start with a transparency bill. we need a safety bill, but let's begin with transparency. >> when you say transparency, would mean what openai or anthropic or open them up to the government? >> again, by disclosing the data they're using to build their models. i applaud the way a.i. is opening their safety information. let's begin with how they're built. if we understood that, we would

be pressuring our regulators for a different regulation. we would want to know why a.i. is using our private data to train our models, our personal identifiable information and personal information. it's flung into regulation because it doesn't require a.i. to disclose it. >> what do you think would happen if we found out exactly how these things are being trained? >> i think we would all realize that we were training a.i. and we would wish to get our privacy back. we would ask for a.i. to have our permission or compensate before it used our copyright information and personally identifiable date. and private data. >> are you priced, this is a philosophical question, about how much data we're just willing to give up, not in the context of a.i. or context of social media, but the context of everything, we complain about it all the time and do in fact next

to nothing about it. oftentimes, when there's a privacy breach or something happens, we say, oh, my goodness, this is terrible. and the site is using my data and we know it, we go back to the same site the next day. we think this is bad, yet, we seem to have no problem from a plaque perspective. >> it's incredible how much privacy people are willing to give away over the last decade or two. i agree with eyou, we would dra a line if we realized we were using a.i. to train us. for the work we're do to be able to rewrite our books or retake our photographses or emulate what we do that makes our livelihood. i think we might draw the line when we realized that a.i. was intermediate yating between us and our purpose. >> that sounds, though, that you think that a.i. ultimately is going to be a bad thing. there's a lot of people, those who think a.i. would be fully

progressed and say, you know what, read all of my emails because one day i want you to write all of the emails for me. read all of these documents because i want you to do the research with me. that's really the fundamental question. >> 3that's right, and the day w do that is the day we trust a.i. the foundation is one of trust. trust a.i. to the point we would let them study our own correspondence to write our email. in order to do that, we need to have transparency of how our data is used. and fuel protection that a.i. is not going to use our information to train somebody else's model or emulate what we do. transparency is a precursor to trust. and trust is going to truly move the industry forward. >> matt, it's a debate that's not going anywhere. and if social media is any lesson for us, we might be talking about it for a decade or

more. thank you for joining us. meantime, it's now just past 7:00 a.m. on the east coast. 7:02. you're watching "squawk box," i'm andrew ross sorkin with becky quick and joe kernen. directv buying sling as part of a bigger transaction with tpg as well. it's a trantransaction that bot these companies have been trying to pursue for two decades. and the truth is, regulators have not allowed it. given the growth of satellites with elon musk and amazon, we will see. the price of echostar is down on the release of that news. at&t cleaning up its balance sheet a little bit on the back

of that news. and tpg unchanged. let's take a look at the broader futures, you're going to see red arrows. the dow futures down 56 points, s&p off by 11. nas daq down by 40. let's go to dom chu, he's got a look at the premarket movers. hey, dom. on the atlantic side of thing, stellantis shares plunging by roughly 13%. citing other things increasing slowing demand, china competition. stellantis buying up jeep and lower sales in the section half of the radioingen. stellantis is down, by the way, many european automakers are down as well. shares of jpmorgan chase down

0.75%. and the market digests the faster pace of cuts. for more than on that and other top calls head over to cnbc.com/pro. for more of those calls, becky. i'll send things back over to you guys. >> dom, thank you. coming up, we have eduard yardeni from yardeni research. and we have a jobs result going to be released this friday. the penultimate jobs report before the election. and president nelson griggs join us for a capital marketup da

update. we'll look owe ipo. "squawk box" will be right back.

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welcome back to "squawk box." i want to talk markets as we get ready for the september jobs report this friday. joining us, a. ed yardeni, yard research. good morning. >> good morning. >> do you want to talk jobs? it's going to have minimum impact on the feds adjusting a bit this month, probably not, but maybe also an impacton politics, this election cycle? what are we going to see? >> well, i think the consensus is we'll see 40,000 increase in payroll employment which would be better than what we have seen in a three-month average. i think the three-month average is 116,000. but wages have been rising

faster than prices. realwages are up. that's why sentiment continues to increase. on the margin, that's one thing, but if we have a real wage increase than prices that affects everybody in a positive way. >> so how do you think the fed thinks about that piece? there's the inflation component, there's the employment component, but if we're really talking about the waig wages component, that's a different overlay? >> it is a different overlay. you know, i've been this a while, one of the adages that doesn't work is don't fight the fed. particularly, the fed, jerome powell, he's been very liberal on the mandate. he's concluded that the mission has been accomplished in terms of bringing inflation down.

and now the fight is to make sure unemployment doesn't go up. it's well meant. but the reality is layoffs are extremely low. the economy is doing quite well. it's just that the number of job openings has declined. so people are staying unemployed launch. the fed perceives with lower interest rates they'll create more jobs. they could. but there's also a skills mismatch in the labor market. and if that's the case, then a lot of the liquidity that's being poured into the financial markets but just by the u.s., but now by china, is going to continue to drive stock prices higher. >> what's the mismatched piece of it? that just here in the u.s., do you think, or do you think it's everywhere? >> i think it's probably everywhere. i think clearly, our economy on a worldwide basis has become much more high-tech. that's where growth is coming from.

and production is highly automated and now we're probably going to have robots increasing the productivity in the manufacturing sector. so what we really need is a lot of very skilled workers, particularly in the area of technology. or at least with a technology background. and if that's the case, we have a lot of work to do to augment the productivity of workers with technology. >> okay. so what is your betting line for the federal reserve through the end of the calendar year 2024 and speak to what we may see or not see, before or after the election. >> well, i think, i am in there with the consensus, again, i'm not going to fight the fed here. and the fed is very much committed to keeping the economies growing, which is a good thing. so, i would say 25 basis points in november. and maybe not in december.

>> why not in december? >> maybe not. i think the economic indicators are going to remain strong. and we all saw last week, the economy is revised upwards. gdp subpoena stronger. gross domestic income is stronger. more importantly, personal income turned out to be revised up and people are seeing it more. and yet, consumption has done awfully well. i think economy is 3% in the third quarter, it will do that in the fourth quarter. and i think the feds -- you know, it's already done quite a enough, but it's going to do more based on what they're saying. and 25 may be it. >> ed yardeni, it's grade to see you, sir. thank you. >> thank you. a big day for the nasdaq market site in times square. this is the home of "squawk box," of course. and the nasdaq is set to celebrate 25 years in this location and what they like to call the new wall street. president of the nasdaq nelson

griggs is grows is growoing to the ipo and much more. and ways and means chair jais going to join us, "squawk box" will be right back. ♪ ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life

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welcome back to "squawk box," everybody. today marks 25 years of the nasdaq market site lighting up times square. joining us right now is nasdaq's president nell son griggs. nelson, good morning. >> thank you. >> and nasdaq back to 1971. >> yeah. >> but this has become a mainstay in times square. obviously, it's our home, too. i always -- i look pretty routinely on the way of the pictures coming in here. you've got nasdaq, including

jeff bezos and starbucks, ebail. >> jamie dimon. >> jamie dimon. >> starbucks one. >> yeah, yeah. >> we've looked at these pictures pretty frequently. we've come a long way. what is new, what is difference? >> gosh, yeah, what is new, every day, excitement happens in this building. i've been doing it now for 23 years, a lot of that time, as we watched nasdaq grow, with the companies growing with us, we do 500 bells a year, 200 events here. you host your shows, "fast money" does, the activity level is awesome. we get to mention the new names, and new companies going public, and what they can do to change the world. it's a fascinating place to work and be every day. >> there were some highs with the early bell ringings but that

was before the collapse, 2001 bubble bursting. been through a lot since that time. the ipo market has been pretty dry. >> yes. >> below the average. but we're seeing signs that things are picking up and the fed cutting rates. what does that mean? >> yes, becky. very active years in 2020, and 2021. and '22, '23, pretty big slowdown. now, we're doubling last year off a pretty low base. 110 ipos on nasdaq. we've seen the biotech market kind of heat up a little bit before the election. half the capital raised is private equity, that's not real normal. it's the tech market with the 225 story, but right now, all of the signs point to green in terms of indicators as we watch. and we anticipate a much better year next year. >> what's been holding things back, why is it going to be

different? >> yeah, again, you had so many coming public in 2020 and 2021. you see the performance, the broad market in the second half of the year. it's concentrated a while in the top stocks. so, a new ipo is a harder thing for the buy side to digest. we're seeing that as a factor. but also, it has moved in terms of buys and expects. they're looking for larger companies. looking to come to a clear path of profitability or very close to profitability. the bye is pretty fickle, they change quickly. >> that's what's made it more complicated, the buy side wants to see companies that can actually make a profit? >> well, it's all about 2021 and growth, more growth, and more growth, we want to see growth, but a path of profitability. it's really that combination that we're looking for and larger size companies and some doing pretty well. >> do you remember who was here, made the decision in times square -- >> yeah.

>> think of it, look at it now, it's a perfect fit. >> yeah in that. >> in '91, it wasn't quite the deuce, you know -- it had already cleaned out. it was okay. >> this is part of remaking times square. >> part of it. but look at how the knee yon -- you g n neon, you got the new york stock exchange and the big pillars and the nasdaq, and tech. >> yeah. >> it made perfect sense. >> it did. >> a dlittle bit of a stretch. >> it is new york city, but at the same time, there's 20 trillion aum in times square alone. it's kind of the new wall street, but also the excitement here, the buzz when things are -- >> what was the anxiety about doing it? remember, this then became the hope to scatham, the big law

firm, and moved here, you guys moved here. reuters moved across the street originally. >> yeah. >> taco bell -- >> but, no, 25 years ago, this was a completely different place. >> absolutely. >> by the way, "the new york times" used to be just down there. >> yeah. >> showing all copy of the pictures of us, i keep thinking -- >> we were ahead of our time a little bit. >> yeah. >> were there people inside the company that were saying, this is crazy? >> i think we looked at where it was, as you said, a lot of changes in times square over the last two decades. >> it's a big bet. >> it was a very big bet. as i go around the globe and see this tower everywhere, imagery of times square. and assets. as you mentioned, it's become an area -- >> can i ask a question -- >> yeah. >> -- real estate here used to be actually cheap.

the reasons i know that scatham and condi moved here because real estate was offering a deal here. do you own this property? >> no, long-term lease. >> has that changed? >> obviously, they left and what about you? >> we recently did a relook of what our best location was going to look like for nasdaq and determined this was our home. in new york, we were here as a company, but now the entire headquarters is here. second floor where "fast money" is, and second space, and headquarters on 26, 27, 28. >> so, you got a good deal, i assume? >> we feel comfortable with long-term lease. >> long-term like hong kong -- or what are we talk -- >> i don't know the exact numbers, becky. you look at that iconic tower, i know you see it every day, you get used to it.

as i go out and people put their pictures up there, it's a thing that makes you smile. >> this is already like this. you didn't do this for us? right? >> did it for them. >> it's a mutual partnership. the excitement of having you here is awesome. >> and you knew elmo would walk by naked. >> we didn't have a vision of that. >> but he's naked, by definition. it's not a big deal. >> but we're excited for the future here. we're excited for what the market's going to be in '25. pretty decent end of the year, some ipos. >> nelson, thank you. great to see you. >> great to see you. >> look forward to the opening bell later on. >> excited to you have. >> thanks so much. still to come, former fema administrator craig fugate on the cleanup efforts of helene.

and then jason smith, house ways and means committee chair, on the repeal. "squawk box" will be right back.

♪ welcome back to "squawk box." news breaking at the top the hour, directv buying dish and sling from echostar as part of a two-step transaction. directv is paying one dollar to buy dish dbs. agreeing to assume $9.7 billion of dish's debt. in addition, directv offering an exchange offer to extend the maturities. for the deal to go through, dish dbs have to agree to take a haircut on that exchange offer. i know it's complicated, folks. dish is attempting to convince its bondholder, to become holders in the merged entity.

echostar said the deal will help cut the total consolidated deadly $11.7 billion. and the deal provides an exit for at&t trying to shore up its own balance sheet. it's going to be taking a 70% stake -- or tpg is getting a 70% take in directv. that's a $7.6 billion transaction that's separate from this. the ceo of echostar is going on phone "squawk on the street" at 10:00 eastern time. all of this is going to happen largely depending on whether the regulators allow it. echostar, we showed you that stock earlier, had been down, what was that 2.5%, 3.5% now, on the back of that news with that margin. >> stankey has been working his tuckis off to get that stock up, how long now -- two or three

years to try to reverse a lot of things. it was $14. it's now $22. it's $157 billion company, still yielding 5%. remember, the dividend was at -- was that going to be maintained. >> right. >> with the time warner deal -- or warner brothers. >> what do we got, 22. >> 22 up from 14. >> five years ago. >> five years ago. >> four years ago it was 22 -- >> 28 -- >> no, it's back to it was four years ago. >> four years ago. >> made a round trip to 14 on the way. but it's been slow going in trying to get to repair the debt. focus -- you know, it's no longer a big multifaceted media concern. >> yeah. >> it does what it does. and got to givethem some credit for getting it back to at least $160 billion company from 100, for at&t, which was --

>> ma bell. >> michelle my belle -- >> what is that? ♪ michel ♪ barclays is downgrading procter & gamble from overweight to equal weight. with the organic sales and citing china and other impacts on sales. shares are up 18% since the beginning of the year. they report quarterly results, that stock 172.50 today. >> the big winner in all of this. probably t-mobile -- >> tpg. >> tpg, actually bought it for stock. it does throw off a lot of cash. coming up was the, expiration of the trump 2020 tax

cuts means for the company. and later, bradley tusk will join us with his new book. vote with your phone. why mobile voting is the final shot at saving democracy. it's an interesting read. and a provocative idea. we'll talk about it after this.

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the past several months the house ways and means coms commi has been traveling around washington to gaet ahead of the tax implications. jason smith is chairman of the ways and means committee. nice to see you. the new youtcome is getting rid of the s.a.l.t. tax. >> we've set up the ten tax teams that you were referring to last april, to travel the country to listen to stakeholders to do site visits. we've been to 19 different states, over 100 different visits to look at the entire tax code. not just the expiring provisions of the tax cut and jobs act, but

everything. to see what kind of tax package works for 2025. and that includes s.a.l.t., which as you know, s.a.l.t. is expiring at the end of 2025, where there will no longer about a $10,000 cap. it's going to be front and center in all of the discussions. so, it makes sense that he's talking about. >> the appealing part, across the board, 2017, said it did simplify taxing in terms of deductions, putting a cap on those things. what does it look like? and can we even project what it looks like when we have no idea about the make-up of the white house or congress next year? >> in 37 days we'll have a better understanding of all of the players on the field to see what direction do you go with the expiring tax provisions. we did simplify the code back in 2017. one of the biggest -- biggest impacts of simplifying the code was increasing the guaranteed

deduction. 91% of all americans used the guaranteed deduction when they filed their taxes. only 9% of americans actually itemize which use all of the deductions. unfortunately, that provision gets cut in half. >> what you hear when you see -- on one side characterize what happened with the tax cuts is that it -- i think they conflate ko ko corporations with the wealthy. at the same time, if you think we're in a great economy right now, i've seen that said a lot that bidenomics is working, 3% gdp. unemployment is very well. i don't give any credit given to the 2017 cut in corporate taxes, down to 21%. and i think that -- i don't know, is a good economy because of the inflation reduction act.

what did biden pass to accommodate nfor the economy? >> rural wage real wages increa $5,000 which is more than the eight years of obama administration. we saw record low poverty in history. inflation was normal. these are things that really helped real americans. every american, every american, joe, will face a tax increase if we do nothing in 2025. so that tells me, that it wasn't just the wealthy. it was the poor that also received the cut in taxes. >> but how would you pay for extending the tax cuts and getting rid of the s.a.l.t. tax? >> we're going to have to get rid of everything. >> that's a big number, though. what would the number be if you

got rid of the s.a.l.t. cap -- it's trillions of dollars? >> it's about 9 trillion. you're looking at $6.4 trillion unpaid for tax considerations that we have to address. so, we have to look at everything. everything's on the table. >> do you think that tariffs can pay for that? >> we'll have to look at absolutely everything. there's not one thing that will pay for $4.6 trillion. >> for what, though, republicans are willing to raise taxes? >> i think there's a plan out there to use for student loans. i think if you codify the varies aspects that can raise money in hundreds of millions of dollars. there's multiple things that can be looking at. there are a number of things to get rid of. >> what kind of deduction could we get rid of? >> for one, s.a.l.t. is in the middle of the road. the president has called for us

to address s.a.l.t. there will be a cap on s.a.l.t. there will be a cap on s.a.l.t. there's no way in a republican house of representatives that you can pass an unlimited s.a.l.t. deduction. >> so what -- >> higher cap or lower cap? >> i would say definitely a higher ap. there's going to have to be some wiggle room. if you look at the s.a.l.t. cap passed in 2017, it had a marriage penalty. republicans are supposed to be the party of families. there should not be a marriage penalty. inflation has gone up over 20% in the last three years. how much has it gone up since 2017? a lot of things need to be addressed looking at the s.a.l.t. deduction. >> when you look at the highest tax rate at the highest end what do you think it turns to? >> individual? every rate will go up, if we do nothing, 4.3% would be the highest end.

my goal is to make sure we extend what the 2017 tax cuts did with the individual rate. but we've got a lot of work to do and it also depends what happens in the next 36 days. >> if you make your corporate tax rate 15% which is what former president trump wants if he becomes president. what does that do in your mind overall to revenue? and i'm curious, just recognizing the brt, if you remember back in the day, 2016, willing to have wanted what they felt was 25%? >> so, i'll just say, i believe joint tax -- i don't believe -- i know joint tax was completely off when they scored the 2017 trump tax cuts. in fact, they were off by $900 billion. almost $1 trillion in just revenues two years ago. that's a big number to be off. so, we see that those trump tax cuts definitely were pro-growth and created a great fuel to the economy.

the 15% tax rate, that president trump had suggested, is for companies who do their manufacturing in the united states. it's not across the board 15%. >> you don't see that as industrial policy? that sounds like a democrat initiative to me? >> it's an incentive to me to make sure that we support american-made and american-manufactured goods. that's why you see a lot of the trade policies. >> there's somecertain things t should be -- i wish everything should be done here. >> what about deere tractors what do you tell farmers who have to buy deere tractors? >> someone who owns a john deere tractor on my farm -- >> nothing runs like a deere. >> nothing runs like a deere. they've made it clear that they're going to continue to manufacture in the united states which i hope they do. because when you look at our exports throughout the world,

it's farm machinery. it's aircraft. that's what most of our products are going. we have a little bit of agriculture, unfortunately, we're at a $32 billion trade definite kit on agriculture which is the worst it's been in over half a century. >> so, you think strategically, we'd be better off focusing on ab agriculture manufacturing devices like a tractor, than agriculture itself? as a business -- excuse me? >> andrew, there's three things we have to make sure our country is focused on. when it comes to food supply, that would be agriculture manufacturing. health care supply, pharmaceuticals and health care supplies. and when it comes to our energy. if our country is not independent with food, health care and energy, that means we're relying on another country. it needs to be our friend. >> are you a free trader -- when

we asked mcconnell about tariffs he punted and said i'm a free trader. are you a free trader or cap? >> i'm a free trader but i believe in fair trade. for example, the country of thailand expose imposes a 50% tn beef. tariffs are a tool to make sure that american manufacturers, american farmers, are treated fairly. and all businesses. and as long as everyone is free, then it will be fair, but not all countries are being fair. >> jason smith, thanks. do you like coming into -- it's 25 years ago old, the nasdaq. big party, anniversary. >> pretty neat. it's a lot different with the lights. >> a lot dfentifre. you get to show people in the show me state. >> in the show me state. you're showing me today. >> i am. "squawk box" will be right back.

a new poll out today showing a major shift of latino voters supporting out economy. what did you find, steve? >> a shift of latino voters towards republicans. what they did, they cut in half the democratic lead to a critical voting group. to a poll conducted with nbc news and nationwide, democratic candidate kamala harris leading donald trump 54 to 40. that's considerably less than the lead enjoyed by president biden before president trump dropped out. biden's lead, almost half again, the 50-point lead that hillary

clinton held over trump in 2016. and the diversity of the latino vote, men, 18 to 49, they break for trump. 51 to 42. women, the other way around, in florida, they break for trump, 52-43, california, the other way around. college men break for trump, 52-48 -- i'm sorry, that was harris. break for trump, noncollege, 51-38. harris has the strong and substantial lead on key character issues by 53 to 23, latinos say harris would be better addressing the concerns of the hispanic community. harris enjoys 58% positive favorability rating over 42 for president trump. and an advantage who would be more competentive and effective as president. harris leads on treating immigrants by 49 points abortion by 32.

even crime by five points. what's going on? well, trump has a 13-point advantage on securing the border. and now, look at the most important issues for the latino community. take a look there. by far, it's the cost of living, 34%. jobs and the economy, lower, tht is for the border population. okay. trump leads on these two top issues by 9 percentage points on the cost of living and's by 4% on jobs and the economy. survey shows latinos mirroring the population on importance of the economy to this election and how former president trump makes further in-roads into a critical and growing voter group. guys, 14 points is a good lead but not when you may need 36 to win. >> goes back to james cavil. "it's the economy, stupid." >> i think so. they look -- their views on the economy are the same as the rest of the population. that's a problem for democrats,

because there's y're supposed ta democrat-leaning group. they're not. 43% good or excellent. this year, just 23%. look like the rest of the population. >> you said 5440? do you know -- >> 5440. >> is the border wrong? it said 52-40. >> a 14-point lead. >> and on that first board you were comparing it to how the latino group actually voted last time? >> no. the polling. >> how did that match up to the actual vote? >> pretty close. 44 in the exit poll. the only way you can figure out how they voted through the exit polls, which are not reliable. anyway, i think rather than the exact numbers, i think that the magnitude we're talking about. diminished. big moves in overall, in manner now even with -- trump and

harris even amon latino men. big lead last time. women, the lead is strong. >> this confirms a lot of the polls leading up to this, and in the black community as well in terms of narrowing the previous lead, but i don't know if it was that narrow as what you just showed. pretty amazing . >> it is pretty amazing. the question is where are the votes distributeds? >> 80,000 votes that matter. >> right. by the way, it's interesting. i did the math. if you doubled the latino vote, then that decline in the lead wouldn't matter as much. li right? more votes. it's growing. not anywhere near. one of the youngest demographic groups out there. one more point. i don't know anybody around this table shares this belief, but if you look at this poll. i want to say businesses and

politicians treat the latino community monolithically at their peril. there are soble differences. we have a story we're going to do late other in the day. by the way, all of this is online. you have evangelical latinos and catholic latinos. very different. saw differences between florida and california. >> maybe that's just like every other population? >> every other population. now -- >> you don't see businesses catering necessarily to italian-americans or irish-americans. you've just americans. >> as each goes by look more and more line the american population. coming up after this, investors bradley tusk. interesting idea about voting. we're going to talk about it. later, gina raimondo weighing in on the election and mayor of asheville, north carolina, on the devastation left behind omfr hurricane helene. we're going to talk about that.

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bradley kuvg. new book "vote with your phone." it is out now. it's a provocative idea. a lot of people talking a very long time how this could one day be the way we do this. of course, "this," has also been one of the great worries about whether people would believe in a democracy and whether they'd that believe in the vote. what say you? >> i say think. we all agree politicians basically make decisions based on the next election. right? and we would agree because of jerry air jegerrymandering, far far right, special interests, nra or whoever. they dictate not only who wins ultimately what they do once in office because all they want to do make sure they win the next primary. keep the base happy and special interests happy. always going to be in a world either a total dysfunction and

case chaos in d.c. or whether texas on the right and others on the legitimate. the solution, change the underlying incentives and inputs significantly increasing turnout to move politicians to the middle. >> the question, with russia and iran and china. >> yep. >> apparently all very interested in the outcome of our election and willing to do things that are completely and utterly untoward, how much would you worry all voting, great news everybody's voting and all of a sudden even if the iranians or chinese or russians don't really get in, but the speculation gets out there that they have, that people don't believe in the vote? which is what we have even right now. >> first of all, i'm not sure it would be much worse than the status quo. putting that aside, a few things. one, we've been building technology according to the recommendation of the u.s. foundation that is end to end encrypted, very final, milty

authentication, open source, and anthropic, paid for myself out of my foundation. make it free and open source, number one. and far more secure than technologies, mail trucks lost and polling places shut down. beyond that, my argument, start small. school board elections. city council. pretty sure vladimir putin is not that interested in the qu queensboro election. >> how does it work? >> use new york. stiting here. download the app. board of elections. is becky a registereds voter? determine that. is becky really becky. multifactor authentication from google or amazon, anybody else. >> show my driver's licence? >> show you're even from your device, and the way any website texts you a number. then driver's licence, biometric

screeni ing fingerprints, iris the airport. >> more than just -- >> back to the idea people don't want to i.d. anybody? >> look -- >> make the -- >> difference having an app people have confidence in to get more turnout and rules around that. i prefer biometric screening. we know you're you. ballot on-screen, make choices. digital don't have to worry about chahanging chads. >> i don't want you to have my b biometrics. you wait in line? >> fly united and -- >> a lot of people, for example, i dropped my daughter off at college. never doing this. if she were awake now check her phone five times. >> worry about biometrics hacked? >> no.

using it to get into your phone all day every day. same thing. you might not be but vast majority of people are. the point, meet people where they are. deployed military, voting, disabilities lard to vote. able to vote on their phone. >> ask you this -- an argument that some people don't have a phone. >> 97% -- according to pew, 97% of adults under age 50 have a smartphone. keep all the forms we have. no one's argarguing to get rid it. get as many people voting as possible. >> let me ask you this. >> yeah. >> two other issues. one is whether the government or somebody will track your vote. so one of the things happens now, very, very difficult. go into the voting booth. supposed to be between you and your vote. that's it.

because it's on paper, you walk out, it's very hard for people to realize what's going on. >> right. >> electronically, scares people. >> the way we've built it exactly like a mail-in ballot. once it hits the election office encrypted. don't decrypt it until taken offlife. not accessible to the internet print out a paper copy. copy encrypted no idea. mailed in a ballot have your return address. >> and i.d. issue, a huge debate in this country about i.d.'ing people whether that actually prevent people from actually voting? your argument is because more people have phones we should -- overcomes that issue? >> a false argument. the argument now would be, hey, either have no security requirement. a lot of people vote, or restrictive requirements to make it hard to vote. make it really easy to vote and make sure you're you. what we should be doing. >> can i try out an idea on you?

>> please. >> playing with probably 15 years. a little like yours but a little ditch. i always felt we should use the atm network as a potential voting booth. they exist. a massive infrastructure across the country. run trillions of dollars over it virtually every single day. there are cameras on virtually every atm machine to have a security if you thought people were double voting doing other weird things. lastly, what you could do, i think very interesting. actually offer every single person a paper receipt, because the paper receipt would have a number on it, then you go check your own vote on the system afterwards if you thought that the russians were hacking the system. you can go see that your vote actually -- >> i mentioned the system we're building has a tracking number every voter gets. look. that would be better than we have right now but still worry -- not worried about the

presidential election. probably doesn't ever need mobile voting. they turner out. 60% turnout. >> not uses for the president? >> no. city council primary turnout last year? take a guess. >> next to nothing. >> 7.2%. any of you could have won a city council seat with 7,000 votes in a primary. why our government is so screwed up. people are indebted to the extremes who bother to show up. more people vote and atm than polling place? perhaps. might be better if secure. a lot more people, if, waiting for coffee, sitting on a bus, whatever it is, take out there phone and do it. just told me, mobile voting for state and local primaries, given how out of whack our state and local governments are held hostage extremely to one side or the other. >> more people voting, good for democracy you would argue. the cost, i believe in our election system, so corrupted by

money. cost of running an election or city councilman, for example, i assume the number would become astronomical because all of a suddeny have to really reach -- look, you wanted to reach everybody. not saying you don't. all of a sudden it changes the complete dynamic of cost of the elections. >> sure. again -- >> maybe a good thing? >> you could have, cost of administering the election goes way down. put that in matching funds for campaign finance or put spending caps on the race itself. also the cost, reaching people digitally, is a fraction what it is -- advertising the show now it's expensive. reaching the whole world. want to target one voter, one city council district, fractions of a penny. not sure that expensive. for governments, we built this technology. i pay for it out of my own pocket. it's free. mick it completely open sourced and available. >> ow viewers are very valuable. >> why people pay the big bucks.

>> so high. >> absolutely. every viewer i bet has a smartphone. 98% don't vote in state and local primaries and i bet half of them probably would if they could do it easily and securely. >> bradley tusk. thank you. appreciate it. 8:00 on the east coast. you're watching "squawk box" right here on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. today's big corporate story directv buying dish and sling from echostar part of a two-step transaction direct vsh pays $1 to buy the tv business called dish dvs including dish and sling tv agreeing to a sale $9.57 billion of dish's debt. dish and direct vsh offering exchange discounted rate to extent the maturity. with this offer dish is attempting to convince bond holders to become holders in that newly merged entity. echostar cut debt by $1.7

billion and reduce refinancing needs by $6.7 billion. and provides an exit to at&t selling 70% stake to gpd for $7.7 billion. ceo of echostar on "squawk on the street" coming up 10:30 eastern in an exclusive interview. mike santoli down at the new york stock exchange. >> maybe rethink the response to the fed's big rate cut. didn't really do so. since then if anything economic numbers have been a little better than expected. so we have a picture of the s&p 500 of a market where the fed is cutting rates into an earnings upswing and an economy not quite at all stalled. making 43 this year. last day of the quarter today. down side pressure. action has been overseas in china as well as japan. look it's a the equal weighted

russell 1000. 1 feature -- one feature inclusive rally. finally making a new high after it hadn't done so since late 2021. about 70% of s&p stocks outperforming s&p index over the last two months. got broadening out, magnificent seven taking a rest. see if that's enough to stain this rally which is facing valuation still and, of course, the month of october. look at ten year treasury yields. quick note. been rising in yield since the fed meeting. see it on the far end. that's probably not a bad thing. obviously solidifying inflation expectations around current levels but also no longer the bond market saying fed is making a mistake and the economy is much more vulnerable. obviously not a threatening level. 3.75, 3.8, keep an eye on the other, joe. >> we do. wonder if those are the highs, mike? nobody knows. we will see. friday might make a difference.

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the devastation in the western part of north carolina caused by hurricane helene is described as catastrophic. joining us right now on the phone is esther mannheimer mayor of asheville, north carolina. asheville has a population a little under 100,000 people and known for its art scene. the county the city is in reported at least 30 deaths related to helene, and, mayor, thank you for being here in this difficult time. the pictures that have come out, video that's come out, has been horrifying. you've seen it firsthand. can you tell us where things stand right now? >> well, and i will say that the

pictures don't wholly capture the catastrophic damage that we've experienced here in asheville. it's unprecedented. it's exceeded any historic storm on record. but we've had the combination of incredible flooding and also damage due to winds, downed trees. no neighborhood has been spared. the power 56r7bd water is out and we're entering a desperate situation. >> have you even been able to locate all the people in need or find out exactly who's missing at this point jrchlt so, no. there are still areas of our count they cannot be accessed because roads were washed out. and making matters even more complicated is that we do not have communication. so people can't just pull out a cell phone and contact one

another. you see all kinds of folks that are putting out messages who do have the ability to do so saying, you know, i haven't heard from my mother, haven't heard from my brother. i need to make contact with them, and that is still an ongoing situation. the only reason i'm even able to talk to you is because i'm in downtown where there is power and some wi-fi service. but otherwise, you know, just -- if you can think about a challenge, we are experiencing it right now. >> every major road, interstate, highway, into asheville has been damaged and is considered impassable by the authorities. how is help getting to you? what could you most use? >> so we do have i-26 that runs down out of asheville into south carolina has been opened. so we can receive assistance that way also. we are receiving some assistance

that's being flown into the airport. so we do -- we do have the ability, not the best, because three out of four major highways into the city are blocked due to landslides or washouts. and so it is challenging to get assistance in here. we are still waiting for, for the majority of what would be water and food, and what we need. that is a challenge to get those resources in here and we're desperately in need of that and waiting for that. we are going to have the governor of the state of north carolina here today. according to what he's been able to tell me, he will be here with lis team at around mid-afternoon. >> mayor, i'm not sure for anybody who hasn't been following closely and realize this is not just asheville. this is north carolina, western north carolina, a huge area that

spans probably 11,750 square miles. millions of people. an area the size of massachusetts and surrounding states like tennessee and atlanta. what would help? people out there want to help. what would you suggest they do? are there organizations you would suggest they give to? i take it you don't want people driving straight into town? >> right. we do need to coordinate with any major organization that's coming in to help. of course, we have the red cross here and there are other large organizations that are coordinating to provide assistance. that's obviously taking some time. the governor has asked for folks to donate to the north carolina disaster relief fund. and that's an nc.gov, back slash, donate. a way to help with resources that we're in dire need of. so if folks want to help them that way, locally i want to tell you, i have seen amazing things

from people here in our community helping one another. a cooling resources in resources making sure to check on neighbors. trying to make sure that elderly neighbors are checked on. that they are, someone's bringing them water to be able to do basic things like flush their toilets, and have drinking water. it's truly amazing, and over and above that our first responders are doing an incredible job. they are several days into this now, and they are nonstop. and we have support from outside organizations, other fire departments sending us resources. the federal government as well. so it's all hands-on-deck, and it is a well coordinated effort, but it is so enormous. i can't even describe to you, and as the rivers recede and you can see all of the debris, people's homes in the river just decimated, cars overturned.

it's hard to understand the scope of what it will take to go through and check every part of our community and make sure, you know, unfortunately, what can be recovered, that folks who are alive but cut off have resources and re-established with contact. >> mayor manheimer, we are so sorry to see what you are all dealting with there. the fallout from all of this, but we wish you well and continuing with efforts at this point and, again, for anyone looking to help as she mentioned the governor there asked people to donate to nc.gov back slash donate. mayor manheimer from north carolina. thank you. >> thank you very much. more on recovery efforts from helene, former fema administrator craig fugate. right now what are the most important things that we should be doing, craig? >> well, right now is still

response. i think that's, hard for people to start talking about recovery when you still haven't even gotten to some areas. but all this is based upon getting in, the mayor pointed out. get that critical infwra structinfwra -- infrastructure up. hard to get to other steps without that. other key thing. if you're not part of an organization, the governor and everyone else would tell you, just give them time. give generously to those organizations. pointed out, north carolina recovery. money is your best way to help right now, and if you aren't able to make contact with family, there's a lot of things north carolina has information on their website. how to find out or get information about what's going on. communications is going to be very spotty. but i would caution people. there's a lot of people missing. that's not unusual. with communications out. it doesn't mean that everybody lost that many people.

unfortunately, they're going to find more fatalitying going into these areas but communications will be a huge piece of letting people make contact, letting people know they're okay. >> we've been hearing about sort of the intersection of private insurance and then federal flood insurance. do we have a solution in sight? i think the property and casualty insurance market had been stabilizing until this event. now all bets are off again. >> i think this will be, as we get into the next couple of weeks to the next month, a huge issue. how many people did not have flood insurance and have damp and find out their homeowners policy did not cover that. seeing more and more reeain eves flooding well outside the flood area. an insurance rate map. a lot of people don't think they're in a flood zone but in

extreme rainfalls there are areas that had never seen water there are flooding. because they don't have insurance it's going to slow down recovery and also mean the federal government has to spend more money to help these communities recover. fema's programs will not make these folks whole. that emergency response. i think we're going to have to have congress look at the needs in all of the states that have been hit. particularly hud, community disaster grant dollars. to help these communities rebuild. houses losses will be staggering. without insurance to rebuild it's going to be very difficult for folks to get back to where they were without significant federal assistance. >> the whole idea of insurance, spread the risk around? seeing insurance companies r reinsurance they write. a way to do this. who needs to get involved if the private companies don't? seems something congress would have to do? >> that was the origin of

federal flood insurance, the program. because the insurance industry after major floods in the '60s began to back out of that market and left it open. so the federal government stepped in. i think there are other ways to do this. perhaps looking at federal reinsurance. whether the insurance markets cannot be affordable. the other problem is, as i'm in florida, you know, our insurance rates are sky high, but even if you can get insurance. the market's reacting to the increasing number of disasters. and we have not quite found the balance between how and where we build to what's insurable risk and what the markets can afford. if we don't change how we build i'm afraid the federal taxpayer has to assume more of this burden. >> plenty of federal -- there's a way to do it. we were know what our weak, or our yearly expenses are that as a percentage of gdp.

definitely enough there, if it's handled properly, to cover this, i think, craig. appreciate your time this morning. thank you. >> thanks for having me. coming up, commerce secretary gina raimondo joins us and as we near one year since hamas attack on israel a new report finding social media programs failing to act on anti-semitic hate reported by users. jonathan greenblatt joins us to aylk about the data. st tuned. you're watching "squawk" and this is cnbc. (man) these men of means with their silver spoons. what will become of them when they discover robinhood gold allows others to earn their very liberal rates on idle cash. they would descend into chaos.

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welcome back to "squawk box." checking bitcoin now at 63,839

dollars. crypto represented stocks under pressure ahead of the opening bell this morning. show you some of the rest of them as you look at ethereum and solana and others. i don't know if we have solana. microstrategy, of course, a leveraged bet, if you will, on bitcoin down about 5% this morning. it is the final day of the third quarter. that means the final day of september. you can figure that out if you go january, february, march -- >> april. >> double count. >> double count on the last -- only 30 days in september. i always ask you this. never get it right. >> never get it right. >> you never get it right. >> so -- >> what's the only month of the year to have 28 days? >> no. how many months have 28 days? >> all of them. >> all of them. >> what could be ahead. >> why we have symbols here. >> could be -- with us, head of

investment strategy at sofi. i knew that. how are you? good morning. >> i'm good. hi, joe. >> had a great run-up to the easing cycle. does it continue, or is it like so many things, where we've already anticipated it and already traded on it and now the going gets a little tougher. what do you think? >> i think the biggest gains leading up to the easing cycle have probably been had. but that doesn't mean is slows down necessarily in the immediate term. usually after that first cut when you look out 30 to 60 days the market is flat-ish to up. then about three months out the market decides whether or not these cuts were needed, because things were cooling too quickly. or if they were cuts because we could do it, not because we had to do it. in which case a market ends up being much more positive. a few other things going on that are obviously a tailwind for the rally. we've seen tech give a little back oh slow down gains not leading the market as much.

which you think is a negative but we've seen also is that a lot of other stocks are coming up and really pulling their weight. with 80% of the s&p still trading above its 200-day moving average there's a lot of internal strength behind the rally. not to mention optimism over china stimulus. near term a lot of good things going for the market. >> seems like valuation concerns, never helps you, really, with the timing of when to lighten up. although watching what warren buffett does can help sometimes. already seen maybe him lightening up a little, but the reason you like rates to come down is because multiples can expand, but in this, the united states, aren't we at about 21 or 22 already? why should even -- unless it's, it spawns higher earnings, seems like multiples are already pretty rich? >> i agree. multiples are definitely rich. compare it back to what we do

most often right now in the early 2000s, not nearly as rich as then. today above the five year and ten year average. not quite at over-bought conditions on the s&p. but up there. when you talk about warren buffett. the longest of long-term investors. he's obviously not trying to time the multiples on markets, but what you do want to see from this point forward, if we are able to secure a soft landing. you want to see the market start to trade more on fundamentals and not on multiple expansion, which mightactually mean mathematically that multiples don't expand that much more from here, but earnings get more steady and stable. you see some of the other sectors besides tech come in and show some more earning strength. we've seen little glimmers of that. a lot of strength in the industrial stocks right now. not so much strength in financials. there's still conflicting signals from the market, but we don't necessarily need it to be multiple expansion. you do want to see fundamental

expansion as well. >> that's it. seems like you really got to do homework and research, because it's not like a tops-down move in the markets. you're going to have to look for the companies that are benefiting and posting better earnings gains over this. who does that include? you think about the election? do you have to think what goes into deciding what sectors will have faster earnings growth? >> yeah. the other thing you want to keep in mind, if stocks expand just on multiples they can give it back quickly. frequently if it's mostly multiple expansion, when you do have low bouts of volatility the ones that run fastest go down the fastest as well. leads to more volatility in the short term. so who can benefit? if tech continues to give some of this back and not lead the pack, i think investors will start to do is look for growth in other places. especially as u.s. gdp growth

slowed. stable but slowed down a bit. where can you find that and what kind of environment are we in and what sectors do well in that environment? bubbling to the top for me is health care. find growth in biotech and pharma. health care traditionally is a defensive sector but tends to do well in environments where the yield curve is steepening, particularly a bull steepening environment, which we've been in a while. you want to look at health care. the other thing i would say, when every is so certain of an outcome you want to make sure you're still considering the possibility that it doesn't happen and right now seems like the market, the fed are very certain that we've hit soft landing. so what would you want to hold just in case that doesn't come to fruition? i think you can take advantage of some of the rising yields in the ten year but still want to look across the treasury curve from the ten year down and look at the short end of the curve and find opportunity there just in case the fed has to cut faster than we expect. >> liz, thank you.

very good. tomorrow's oct 1st. don't effect that. how can you go wrong? talked about this, sorkin. how can you go wrong with health care? did you see who died over the weekend? >> kris kristofferson. >> unbelievable. number one. "beverly hills cop." the tiger. remember the guy? >> yeah. >> also in the most recent "beverly hills cop" just on fx. >> also. and "midnight run." he was 76 years old. sounds old to you, i know. it's not. >> not at all. >> so how can you not go into health care? everybody's a geezer? headed there. >> all right. when we come back commerce secretary gina raimondo joins us. first heading to break, let's look at what you could hear from our squawk pod on your favorite podcast app. listen anytime. we'll be right back.

welcome back, everybody. joining us right now gina

raimondo. the current commerce secretary but joining us this morning in her personal capacity as a surrogate for the vice president kamala harris' campaign and commerce secretary, thank you very much for being here this morning. i realize you're here as a surrogate for the vice president's campaign, but there's so much news of the day i feel we have to ask you about. i wanted to start with this potential strike at the ports expected to take place tonight at midnight. obviously, this is the first time since the 1970s that you would see strikes all up and down the east coast and the gulf ports. what would this mean for commerce in this country? what would this mean for businesses if we go into the strike and what do you know about it? >> yeah. good morning. so as you said. i'm here in my personal capacity, and the i would say, look. it's not a secret that this would be, depending on how long it lasts, could be incredibly disruptive to commerce.

as you well know. you know that so much commerce moves through the ports, and if it goes a few days, i think, i'm sure, companies probably have their plans set. but especially we're in peak season getting ready for the christmas season. if a strike were to drag on i think it could be really very, very disruptive to commerce. so i do hope that the parties stay at the table and resolve it as quickly as possible. hopefully averting a strike but certainly, you know, keeping the length of the strike as short as possible. the knock-on effects through the supply chain become quite extensive. >> where are the issues most prominent? where have you been focused if the strike goes, say, longer than a week? >> again, i -- i have not been very focused on that. i would refer you to the white

house or the transportation secretary. >> i know the administration and the president himself happen said that he is not going to push the two sides together. he's urged them to talk, and i just wonder. if you heard from business leaders? you probably are the person in the administration who has business laiders, you more than just about anybody else, in terms what this might mean for them? >> i'm smiling, because, again, i want to stay in the bounds of the hat check here. wanted to have me back at commerce secretary later in the week make we could talk about that. as i said, i haven't been particularly involved. >> okay. we would love to have you back later this week. anything you can tell us just about what's happening in the southeastern part of the united states? obviously, this is huge, and we are still trying to figure out exactly what's taken place there for recovery of people and trying to get things back and up

and running, but i imagine that's going to have a huge impact on the country, too? >> yes. i would say it seems to be quite devastating, and just -- my heart goes out to the people there. i was the governor of rhode island, which is the ocean state, and i know firsthand from dealing the aftermath of hurricanes nothing like what they're seeing in north carolina. unless you're on the ground and see it it's impossible to know just how disruptive, deserve stating and life-threatening this is. forget about commerce. so i have total confidence that the president will be on top of his team to deal with this and roy cooper, the governor, put i just think rye ouight now we ne do everything we can to help them. >> thank you. why you're here today. again, here in your personal capacity today to talk about what you see in the economy and

as a surrogate of the harris campaign. what do you see as the potential impact after the election on this front? >> i see huge -- you were just asking me about disruption associated with storms and ports and i think that's what you'll see with a president trump. i mean, he is erratic. his plans on tariffs, i think, will be very, very negative for this economy. not only will they raise prices on everything, he's talking about a tariff on all imports. i mean, that's insane. right? that will raise prices of everything for everyone. it will also hurt our manufacturing industry. people don't talk about this, but a lot of things made in america rely upon imports of, you know, components and such. it's going to cost manufacturing jobs. it's going to raise prices on

everything. it could kick us into a trade war with certainly china, which we don't need. you know, every business leader i've ever spoken with, i used to be a governor, used to run a business myself. you want predictability. right? you want somebody in the oval office who will engage with you, who will listen to you, who will be predictable, smart and thoughtful. that's what you'll get in kamala harris. right? you will be able to talk to her and her team reason with her, lay out your issues and you will have somebody who is not erratic, who's practical, focused on solving problems. i am so deeply worried about the effect on the economy of president trump. i think it's quite stunning, actually, that you have 400 economists coming out backing her plan and saying his plan will cause economic disruption. i don't think it is at all an exaggeration to think that trump as president would tip us into a recession.

i mean, we've talked -- >> because of the tariffs alone? >> yes. i do. because of the tariffs alone. i think he's talking about a, depending on the day, of course, but he has talked about a 60% or 100% tariff on goods coming in from china. that alone. i don't think we realize the disruption that that will cause. a tariff on all imports. first of all, that's anti-american. that would disrupt our economy, global economy. so i think that alone could kick us into a recession for sure. but also i just think, look, we have had a soft landing. okay? inflation, we haven't slated it totally. it is on the way down. we just need -- we need stability, predictability, and what you will have in him is unpredictable, chaotic, based on how he feels on a particular day, and i do worry that the

tariffs -- but last week he said 200% tariff on john deere. where does that come from? that will only raise prices and put people out of work at john deere. >> we've had surrogates on -- >> it is way too risk. >> had surrogates on for the trump campaign, they have said that he doesn't really mean any of these things. they would be tools for negotiation. >> then why does he say them? why would i believe that? he said it, he's doubled down on it. he repeats it. by the way, he was president. we know what that resulted in massive -- >> seems like you kind of forgot that earlier and tariffs he did put on continued by the biden administration. there was no recession real wages were actually up, stock market did well. a lot of very positive things happened. record low unemployment until the pandemic. weird to act like a complete wild card what kind of president he would be when you have a

blueprint what kind of president he would be and kamala harris, has been vice president four years and seen exactly what kind of vice president she would be. >> right. what have you seen? you've seen more manufacturing in this country. >> open border. seeing real wages go down. i've seen -- you know, crime -- >> that's not true. >> what's not true? >> i disagree. >> real weekly wages have gone down. average weekly wages still down from where biden came into office. >> when biden came into office, we saw sky-high unemployment. sky-high unemployment. >> a pandemic, but prior to that but before the pandemic 3. -- >> you can't discount. i can't discount -- you can't say the economy was great during the trump administration and somehow exclude the pandemic. >> okay. >> then turn around and -- >> if you want to do the pandemic, fine, but prior to that, the economic policies

resulted in a very good economy. >> then you can't -- then say well the economy was somehow terrible under the biden administration and pretend the pandemic didn't happen. >> part of the inflation caused real wages to be down from the pandemic. piling on stimulus and spending exacerbated that situation. >> and related to the pandemic. >> you can't just say it's going to immediately be a recession when that didn't happen the first time. >> secretary? madam secretary? >> i just say four years ago we were saying, could there be a soft landing? it's been a featherbed landing. inflation on its way down. manufacturing is up. by the way, you know, deficits exploded on -- >> manufacturing's didn't plat fplat -- flat for two years. >> more new manufacturing in this country now than at anytime since world war ii. it's a fact. manufacturing jobs are on the rise, wages are on the rise, prices are coming down. deficits are high but headed in

the right direction and tariffs will hurt this economy, hurt working people, raise prices, and i worry tip us into recession. >> gina raimondo, thank you for your time today. appreciate it and love to have you back. >> bye, guys. coming up, anti-defamation league, jonathan greenblatt. failing to act on anti-semitic hate. that story and more when "squawk box" returns after this. she switched careers to make money for your weddings. ooh! penny stocks are blowing up. sweetie, grab your piggy bank, we're going all in. let me ask you. for your wedding, do you want a gazebo and a river? uh, i don't... what's a gazebo? something that your mother always wanted and never got. or...you could give these different investment options a shot. the right money moves aren't as aggressive as you think.

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welcome back to squaks -- squawk box, major social media companies failing to take action against anti-semitic hate on their platforms.

adl looked at facebook, instagram, you tube and x. x failed with a grade of f. tiktok and facebook both earned c's. earlier research showed nearly half of the jews have seen anti-semitic content or conspiracy theories related to the war. national director of the ael, half of the jews, i see the stuff all the time. when you say x gets an f, and you say facebook gets a c, let's rank them, go down the list, and talk about what we're seeing here. >> sure. so facebook and tiktok on this test earned c's. instagram and you tube earned d's. and x got an f. now, what we did is we took the five most popular social media platforms and we look at, andrew, what happens when an ordinary user reports violent

c content, in this case, anti-semitism. as you highlighted at the top, there has been a tsunami of anti jewish state. we have seen it on college campuses, in political spaces, public places and online. it has literally been a torrent. and what i'm talking about are conspiracy theories that say, you know, israelis are stealing palestinian organs or the jews did 9/11 or using zionist as a slur. we simply ran tests to see how did a platform respond when an ordinary user reported problematic content versus through their trusted flagger programs. these are the established channels they have with organizations like adl. so in brief, it took over a week but when using the regular channels that someone like you would do, if you flagged bad content, nothing happened over a week. when we used the trusted flagger model, about 60% dealt with the content. content was dealt with, but, andrew, that isn't nearly

enough. hundreds of millions of people use these platforms and they need to be safe from hate. very simple. >> you're measuring how long it takes for this stuff, once it gets flagged, to be eliminated or how much of this stuff people are seeing before it even gets flagged? >> well, we do both. our center for technology this time looked at what gets dealt with when it is flagged. that's what this was about. if you or your friend or a college student or an ordinary person flagged clearly voltive content, what happens, and unfortunately, andrew, the answer is nothing. for the ordinary person, nearly not enough is done. i should be clear about one thing. the platforms, nearly all of them have strong policies in place, but they don't enforce them. it is the lack on consequences that needs to change, and it needs to change now. >> can you answer the first part of the question, i don't know if you've looked at this before, just about what people are

seeing before tla rhey report i. if you were to flag the platforms, how does it look? >> it would be very very bad. especially since 10/7. we have seen state actors, nonstate actors, ordinary people flood these platforms with misinformation and abuse. now, i will share that that tidal wave, andrew, there are some good examples. this weekend, instagram took down a post that was published by the sjp, students for justice and policy at the university of michigan that literally called for death to israel, burn the colony to the ground. i mean, that is clearly an incitement to violence, and wasn't appropriate. the vast majority of the time, andrew, the platforms simply do nothing. >> if you're giving an x an f and facebook and tiktok a c, which is the best rating for getting rid of the stuff, would the grades be similar for what people are seeing initially? i ask because there's been a

huge question mark about, for example, tiktok, and you talked about government state actors, and whether the algorithm is somehow being misused to show more people on tiktok, you know, content that is trying to persuade them of things that the chinese government wants, and i'm curious if you think that they would be -- you know, they seem to come out well on this on a relative basis. none of these are great grades. come out the same way if you're looking at what people are seeing. >> none of these are great grades and would get you into the schools where anti-semitism flourishes. i can't comment on the chinese government, tiktok, but what i can say is that company has policies in place, and is doing p more on enforcement than many of the others. the reason x performed badly is they no longer take down misinformation. they took down the trusted

flagger program. now, i have been in touch with x management. i know they want to do better. and we want all the companies to do better. nobody wins when your social media feed is awash with anti-semitism and hate. >> jonathan, we got to leave it there. we appreciate you joining us. thank you. >> always. thank you, andrew. >> we're coming right back after this. nking... can ai make it all work? it can. on the servicenow platform, ai transforms your entire business. your people work better, your customers are happier, and todd... well... he's practically euphoric. practically. so, let's get to work. (♪♪)

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♪ let's get a final check on the markets this morning. we are uncharacteristically seeing red this morning, down 90 points on the dow, nasdaq indicated down 63 or so. s&p off 16. the ten-year stubbornly up near 3.8%, even though we are in an easing cycle, but we also have that scary month that includes halloween starting tomorrow. a lot of times we've seen maybe stock market activity not so great in october, but september turned out fine when it was all said and done.

let's look at oil, which has not been an issue in terms of inflation fears. able to get a lot more clarity on friday about whether we have anything, 140,000 jobs. 140,000 jobs. we can look at the dollar in gold, though, no, we can't. make sure you join us, "squawk on the street" is next. good monday morning, welcome to "squawk on the street," i'm carl quintanilla, jim faber is back. final trading day of september, q3, as we get set with a big week, jobs number, a potential strike tonight, futures lower. powell speaks this afternoon. ends with a china stock surge, notching