is it indian summer? i don't even think you can say that. final check on the markets, a quick look, up 125 now. they've added gains. nasdaq up 114, s&p up 24. ten year which has become more noteworthy is around 4.2. join us next week. it will be tuesday the fifth some day. sidewalk on thesquawk on the street is next. >> good friday morning. welcome. futures are in the green as squeals stabilize a bit, dollar index below 104. we'll get set up for next week where we will get earnings, jobs numbers, gdp and more. boosting elon musk's position

as the world's wealthiest person. m & a, holdings are plunging, tapestry up double digits. a federal judge blocked the purchase of capri. nvidia closing in on apple as the world's most valuable company. iphone maker got a downgrade this morning. >> s&p breaking a loss yesterday thanks to the massive rally. it didn't quite get back to levels of october 1. we have this barn burner of a story in the journal. >> tesla, obviously on oil platform yesterday, all anyone could talk about. this is about the self driving car or vehicle and how high, they have numbers that are incredible. you interviewed musk.

he did this whole day of self driving. then he does a conference call and it's like it's here. it will be in california. >> also the fact that he said 20% to 30% higher in terms of sales of evs next year certainly didn't hurt. you do have a number of investors frustrated in part because they were positioned for robo tax day and there was no response to that. here we are a couple weeks later and the stock absolutely soars some 20% plus yesterday after earnings. >> i think there wasco hearn layout of the plan but he said things are happening so fast, we are much better than a couple months ago. no doubt about it, there is a shot at waymo that it doesn't have the network necessary. when i finished i said he is so far ahead of everyone else. i didn't feel that way after that day. >> so you don't agree with

yesterday said this is about record sales and credits? >> no, not at all. they're mistaken. this is a new story about technology in the car at an inexpensive price that everybody where use because it is much better. those who don't like it don't understand that this was the show. it was a brilliant show. the fact that he speaks to a lot of world leaders and is maybe the most powerful. >> it is not a maybe. >> he is a police force within a police force. >> most consequential businessman on the planet and at this point i think you almost have to elevate that. the power that he has, not just being the world's wealthiest man, i will get into that more in a moment, but what star link and spacex give him in terms of importance gio politically and

war zones for example and even far beyond that. >> which is why the line in the journal piece that putin reportedly asked him to limit star link's service to taiwan as a personal favor to president xi was a key line in the story, points to his influence. >> it does seem. >> xi can come back and say really? remember you are the only person who has 100% ownership of your manufacturing in china, an incredibly important market for you. sorry, she could ask directly, doesn't need putin to do it. >> you've got north korea soldiers and there is a whole axis of evil coordinated and it looks like they're out of sync. you are on an oil platform 140 miles away from actual louisiana and you say are you sure this is going to work?

star link. are you sure? yeah. star link. >> it worked. >> you made us start wearing hard hats with your disparaging comments. >> i am glad because you never know. >> like the helicopter, mr. whirly bird. >> there i am going careful upstairs. you are running around like a crazy man. >> they didn't destroy alaska like your guys. >> they didn't make you wear a jump suit. i mean, what i had to go through. >> thank you. >> a speaker in case there is trouble. fire retardant. it's exxon, man. you can't do that on exxon's campus. they will yell at you. >> is it like a college? >> in houston going down the

stairs, i was not holding the rails and somebody yelled at me. >> i come to play, so i am doing this and they know i am serious. >> i have was younger back then and still going up like i am 80. >> are you older than that now? >> i am older than that now. i am younger than that now. back to star link and the importance since that was the point we were making. i made the point many times that when star ship is ready to go and now you have the chop sticks everywhere and they're starting to launch these all over the place. he is launching all sorts of satellites. do you know what people are talking about? data centers and space. ever hear that? do you know why? >> it's really cold up there. it is really cold. you don't need to we arey about tower to worry there. >> it will send it back down via star link. >> there you go. >> why can't tesla get past 260

all year. >> it just hasn't had a chance. it hasn't had enough people who genuinely believe he will make money on self drive. a lot of people talk about moving detections. from chevron. the government in california. >> do you sell it if harris wins? >> sell it? >> yeah. >> no. >> no political risk in the name if we get say a dem sweep. >> no. too powerful. >> it's a nation state, a very powerful nation state. >> his net worth will go up by 72 billion additional. remember the compensation, 2018 compensation which of course was rejected by chancellor mccormick in delaware and then put back to a vote of tesla

shareholders who early in the summer by 72% said yes, he should be awarded that. it still has not been awarded because chancellor mccormick has to accept it as remedy for her decision. that the can happen by the way any day now. that's what i am being told. any day you can have that. we did the math as you should of course. we are talking 303.96 million unexercised options, 2334 is the exercise price. it's worth about 72 billion additional to mr. musk which would take his net worth far above that of any of his other competitors in terms of the world's richest man title. that should be any day now. if chancellor mccormick says that is not enough to have remedied my problems with and why i ruled against compensation originally, i would go to delaware supreme

court where again the likelihood is given 72% that they will prevail. so there is also the plaintiffs attorneys involved here and potentially would have taken a big hunk of it. >> we talk about political risk. there is one candidate who apparently talks to putin, has not bad mouthed putin during the run and you have another guy who talks to putin a lot. i think that there will be a strange of tension it would seem. because we have trump and musk. >> i think there is a lot of question as to what the posture will be towards russia if in fact donald trump regains the presidency. without a doubt. >> not to mention if musk were to have influence on say government efficiency as

they're calling it, what he would do to sec, faa, to justice which apparent will i is warning him us voter sweepstakes could be illegal. >> yeah, could be. the election is about to happen. i will have to go to david on this. i think david knows the power of musk. would handbag companies be able to merge? do they keep ftc? do we need ftc and justice department? >> very efficient. >> keep justice. >> right now the ftc is feeling good as you know. >> they're in charge. >> after a number of not particularly great rulings. look at that. >> this is a ruling that says -- i don't want to denigrate the judge. oh you want to save it? >> no. i want to talk about it now.

i will let you go through what you have annotated there. a very long decision. if you haven't heard of course this happened after the bell yesterday. the federal judge in new york blocking the deal which tapestry would have caught capri. you may recall that business is not in the best of places of late. there was question as to whether in fact if tapestry were to prevail whether they would want some price cut based on perhaps exchange. none of that would seem to be in play. yes they're going to appeal. they're contractually obligated to do so. it appears unlikely at least from what i am hearing that an appeal would succeed. her decision jim has written all over here firmly established supreme court precedent on market definition

per factors previously such as brown case, hypothetical test, philadelphia national bank case. then she talks about the voluminous course documents and fact that they seem to really make the tim from management seem lacking in credibility. let me read, if i can, from her decision, guys. this is the key part of this, saying yeah i believe there is an accessible luxury handbag market. >> three categories. >> she seas during the hearing, some tried to down play significance of the term accessible luxury by suggesting it is used mostly in speaking with investors. court didn't find that testimony credible. some witnesses employed are called by defendants claim that the term has no commonly understood meaning at all even

within tapestry and capri. this was found even less credible. but also on the substantial body of compelling evidence including reams of ordinary course documents showing terms like accessible luxury are used frequently and consistently. the record is repleat with references to accessible luxury, affordable luxury and similar terms not only by tapestry and capri but by other industry participants to describe good quality hand bags at affordable prices. >> right. she went against theor of macy's who said there will be no price increase if this happens. they did talk about how internally at tapestry there is no real competition. so they added this to try to present kate spade tries to compete with coach. the whyed that this matters, w

we -- how can a court care? they say items consumers can choose not to buy ignores that handbags are important to women to express themselves through fashion and to aid in daily lives, supporting career aspirations by transporting work materials home or inspiring confidence. in other words, this is more than just about handbags. this is about how people lead their lives. i found that part very compelling. if you have to buy a handbag and you have to pay 100 instead of 500 because of this, you are threatening. >> it's a decision written by someone who uses handbags. >> what do you say? >> i liked it. i think you make the points and

it's going to be difficult on appeal. she's covered the grounds to make clear why her decision will most likely be held. you have the proceeding at the actual ftc that's unlikely to go the way of tapestry or capri. they will appeal for all intents and purposes and reflect it, this deal is dead. >> citi says even though they attend to appeal we believe tpr may be breathing a secret sigh of relief that allows them to focus on strong free throw cash generation. >> i think the decline in capri maybe a little bit more ex ten shall. it seems this was this this moment michael kors could be not so great. if you merge, suddenly you have the power. >> a decent debt load. >> i understand michael kors needed it in order to be able to raise prices. this makes it sound like a

nephew arius conspiracy to raise the price of a handbag. they go to canal street in new york and i get them for like $20. there is no way you can tell my kate spade verses another. >> hopefully they make it in a different factory. >> they say the affordable is made in southeast asia but true luxury is made in europe. >> big win for the ftc. >> huge. >> they've had serious losses in high profile cases, a big win here. what happens on kroger albertson's, different with d.o.j. >> what's amazing is you can now say wait a second, you define the market. if the market is just supermarkets then kroger loses. it's just like handbags. they defined it as accessible luxury which was a term used

standly on wall street. >> fascinating. a ton of other movers. we'll get to the apple downgrade, colgate palmolive. futures still in the green. stay with us. i can't believe you corporate types are still at it. just stop calling each other rock stars. and using workday to put finance and h.r. on one platform. tim, you are a rock star. using responsible ai doesn't make you a rock star. it kinda does. you are not rock stars. (clears throat) okay. most of you are not rock stars. oooh. data driven insights, and large language models. oh, that's so rock roll. it is, right. he gets it. yeah. ♪ (alarm sound) ♪ amelia, turn off alarm. amelia, weather. 70 degrees and sunny today. amelia, unlock the door. i'm afraid i can't do that, jen. ♪ (suspenseful music) ♪

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♪ dad: you can talk to me. son: it's been really, really hard for me. take a look at s&p. we mentioned tapst re. we'll get to deckers as well and look at what hokas and ugg has been doing. longest daily streak since june. more after a short break.

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smucker. remember they bought hostess twinkies. this would imply 20% reduction in calories around low to mid single digit. it does matter and the ones that will be hurricane statements is smucker and kraft heinz. >> they spent a lot on hostess. i believe they have been saying they've seen no impact on sales. >> this says you just wait. this is ground breaking. it says i know what you have hurt but these are really going to impact the snacking. sweet snacking. >> an interesting story in the journal today about how food companies are already creating different products and/or emphasizing certain products they have to play into this, need for more protein.

remember you lose a lot of muscle mass when on these drugs as well. there may be beneficiaries in the food industry. >> absolutely. if you talk to coca-cola, he will tell you they have that protein drink that can last through nuclear war. >> a lot of chemicals. >> . >> we have an opening bell gave minutes away. don't go anywhere.

watch apple today, cuts from under weight to sector weight, target of 200 this morning, race tighter now for the title of the world's most valuable company. these figures on iphone china are not encouraging. >> it's not a great cycle.

it's elongated cycle and don't have the ai in here. i don't think there is anybody i know -- people say i guess apple is done. they all know. i guess i should sell apple. pretty much had to sit out the rally. i think we can sit here and say i checked with people in brazil. not selling the way you think. enough! okay. it's not selling. >> been making this point all week. one week apple chart is probably down for the week. >> do you know how many times you had to deal with this. >> 2.34% coming into today. >> how have you done if you have traded apple? >> not well. >> worse than nvidia. >> not well. >> see if you jump off the rig and see what happens. good luck swimming.

we'll get earnings thursday and of course apple intelligence meeting on monday, jim which will give us color. >> i think you have to accept the fact that this cycle is not like any other cycle. >> people like it a little bit more, little bit more, little bit more. i know they're doing a lot of stimulus. i know own it, don't trade it. china is killing everybody. if you are selling china, you are not selling. >> let's get the opening bell here. parent of oriental bank of san juan celebrating 30 years, at the nasdaq celebrating ipo today as we did get ten year back below 4.2, dollar index below 1.04. >> i think that's going to help. one of the segments that's hurting a lot of people, not a

lot of equity, deals, smaller cap companies. not a lot of smaller cap companies buying equipment. that's been a theme for companies that were depending on an ipo market and money coming from the ipo. ipo market is talked about constantly. it's just bad. you can't get money. i don't know, you probably have guys and you can't bring a deal. >> i think we talked about it a lot. the expectation this year particularly given an incredibly strong market, you would have anticipated a flood of initial public offerings particularly because there are a few companies that are at a period in their development that's fairly far along. so you are not going to be throwing up crap frankly. you will be giving people a decent company to ipo invest

in. >> why don't they just do deals at a lower price and get this done? >> why? when private markets are sorrow bust? >> that's the thing. >> when you speak to the ceo of chevron, reverence. it is extraordinary. i think it is very common because wasn't it fink that said the world is coming to an end. >> he is very much focused on the private markets. he made that clear. >> not true. he is focused on the dodgers. will he buy a private credit company? i would be surprised if they didn't. >> i agree with that. >> to carl's point and the one larry made to a certain extent, the companies that are not coming public, and i made this point, have access to capitol in a way that wasn't previously available ten years ago. so they can stay private.

>> they're banks, private creditor banks and purpose of the infrastructure company is something a lot of people talked about. this is important for chevron. it is money to do giant infrastructure projects. you get a great return. >> larry with others will find more ways to get those products in the hands of high net worth investors, not just institutions. >> you can't now. i tried to. >> to what? >> get into the infrastructure fund. it's fantastic. everybody is talking about how good it is. maybe we can grow ourselves out of the jam we are in. already speaking of some of that, i don't know if you saw this piece regarding this taiwan semi arizona plant that's already performing four points above its counterpart in taiwan when it comes to

efficiency on ship making which is a big step. >> i wonder how many people are in those plants? when you are israeli intel factory, there is no one there. i showed up on the sabbath and there is no one there. >> but they're working. >> 24/7. >> i didn't realize that. that's interesting. they're still building plenty out there in the spot in arizona. >> they have to keep the engineers. we struggle to find any. >> the gratified workforce. that's why this is a bit of a surprise. >> there are 12 billion in grants subsidies and loans they're in line for. >> it's an amazing story. i no longer want people to get out of intel. >> you don't? >> no. >> what? did you hear what he said? if it goes okay, i will buy it. that's how i read it.

>> it is interesting. there was a long story i think in the journal or times, i forget, the administration, how she was asking people in sun valley for example, buy intel chips. will you please buy intel chips? meanwhile none of the money is available to intel because they have to meet certain hurdles, certain milestones in order to get the money. >> but they have partners. >> they do. >> that's why i can't short them any more because they'll put up the money. >> you have talked about floors, intel at 20, boeing at 145, nike at 70, it's hard to push them below. >> it is. they wanted starbucks at 96. footwear, hokas, there was a report that hoka sales could be weaker and that's why decker is

up because they weren't. they were great. our partner, ill advised. >> i wear a tie and i wear my hokas on friday. i feel very comfortable. >> does that shirt have cotton? >> yes. >> it looks fire retardant. >> very nice. >> oh my hair is a little messy. there we go. >> oh shut up. >> now wait a second. let's get back to the fact that you said stop selling intel. >> when he came. >> nobody has been more critical. one of your better calls i would add. >> what a bone he throws me. >> now it's over? >> i am saying he may be over. >> buys it, i don't think he will keep pat around. >> i have heard nothing to indicate that this has moved forward in a significant way

but they don't want the fabs. they're going to need a partner or something. >> after arm holdings lawsuit, remember they just changed it. they will make it so if they lose the lawsuit. >> 60 day whatever it is. >> think about if you are arm. they basically can go everywhere, take over apple's ip. the risks are really big. they're rolling the dice. >> we never did talk yesterday about trans ocean sea drill and couple that with cigna, humana, frontier spirit. >> i think there is too much competition. you want to lessen it. maybe they're betting on trump administration. all these i think can be blocked. trans ocean is the driller for

chevron at the gulf of mexico. people love them. the spirit, i don't know. humana is interesting. >> we talked about this. how do you negotiate a price given the huge discrepancy in what humana's earnings can be in '26 with the stars. >> not ourselves. wait until you are at the level where you have to check the stars. like when we were young and you looked at your aaa rating. >> it says speed trap. >> we're getting some news. good morning. good morning gentlemen. alphabet owned waymo closed a $5.6 billion round of funding

to expand its services. it was over subscribed. they set out to raise 5 billion, was led by alphabet, participation from fidelity. waymo operates in san francisco, l.a., phoenix. it will expand to austin and atlanta next year through uber. this is part of alphabet's other bets category which does lose billions annually. promises investors more cost discipline in recent years, raising outside money for waymo. this can make waymo easier to spin off in the future which some people asked for. in the announcement the coceos say they're now delivering over 100,000 rides a week. that is a ten fold increase from last year. i know you have had a few chances to try it in san francisco, most exclusively

take it in uber because when in the city, people love it. you don't have to tip or talk to the drivers. people safe safer, especially women. >> did you know they can put more people in waymo than in what musk has. you know that musk belittled waymo and basically talked about a niche company with few cars. made them sound like fools. what do you think? they don't sound like fools. >> if this leads to about 700,000 vehicles delivering now 100,000 rides a week, not really something to shrug at. tesla is in a different position. it is taking a different approach technologically as well. they don't have a fleet as of now. musk promises but has been promising for a long time as you know well that his robo taxis will be on the roads. we are not near that yet. waymo is certainly the leader. the way tesla is developing

technology if it does work can allow it to catch up quickly. you have taken a waymo. they're pretty impressive. >> i loved it. >> you can't be in the trunk. >> no. is this the first time waymo has raised outside capital? if so, you have to get a valuation for this if you are putting money in. what is the value? do we know? >> we don't know. there are some guesses. this isn't the first time waymo has taken outside money. it's a little complicated, was led by google but wasn't sort of google proper. they've taken outside money. we don't know what the valuation is but if you look at the uber which is worth more than 150 billion, some say waymo can be worth somewhere around 150 or 110 is one guess

billion dollars. but it is losing a lot for the parent company. this is a way of maybe making finances look better and that's why you have heard investors ask for a spin out, so operate sort of its own unit and losses aren't part of the parental if a bet. >> they've taken in 5.6 billion this time. do we know how much previously again since the inception of the company, capital, not just alphabet. sorry. >> over $11 billion and that does include google but not alphabet proper. so over $11 billion. >> thank you. >> i spokesperson ecto an executive who says they're absolutely making stride to becoming more profitable. that's part of the fleet they're building, ones you have taken, jim, as sort of the first version. they're working with a few others to create other vehicles that can be more efficient and hopefully operate where you are in new york just not outside of the sun belt. >> it's huge. thank you. it's really huge.

i think everybody has to recognize that if you listen to musk, you will. it's just better. you can't put as many people in one. you don't have this giant thing on top of it. >> that's the whole sticking point. we'll see whether or not texas leads given some of the regulatory friction in california. mercedes is stepping up cost cuts again and cutting profit margin target again. >> these are german companies that don't have to do this. musk talks about how interest rates are too high. >> it was unforgiving. i think that what's happening in germany tells me that's japan -- sorry, that's china.

china's big importer and china is frozen. china is just such a problem. we all seem to think that because went up because they might do a deal, china is bad. >> the whole tone of the imf this week was about how the stimulus measures have not impressed though there will be national people's conference meetings next week. we'll see if they put muscle. >> chinese government. >> there is a reluctance to really truly do stimulus in a way that would be notable. other than a lot of jaw boning. >> why would you? what's the point of that. >> you wouldn't. >> no. we do not emphasize enough about how india is the country you want to invest in.

forget china. >> japan also had renaissance as well. >> japan is doing well. they came through it. >> it took 30 years. >> better late than never. you haven't talked about the jobe. >> 40 million shares at 505. >> gotta love it. a huge market. >> 47 trillion. >> that's called the tam, total adjustable market. we're all going to be flying. better story might be capital one. that's going to be the highs of the year at least up 8% as we get some discussion, nycb today looking at retail deposits flat. >> richard fair bank, i doubted it about 15 years ago and kind of got taken to school by

richard. thank goodness i have was at a doctor's office. you want to pair capital one with a firm. a firm also doing lending to people in a democratic way. the way capital one does work is they charge really high interest and these are the people that default and in the end they make money. what's in your wallet has been one of the great campaigns. affirm is hitting a high. you want credit, you will get credit. on my seventh card i had a credit line that was huge and i was able to buy a huge boom box. one of the moments in my life. >> really? >> a huge boom box. so you carried it on your shoulder. >> i was king. >> it's when you had an afro, that curly hair. >> yeah. >> fight the powers that be. >> i went from 42nd and lex to

my studio apartment with the murphy bed. marshals was doing a special. they made me leave, gave me 500. >> is this before or after kohl's wouldn't give you credit. >> they said i wasn't credit worthy. do you know who is not credit worthy? i am more credit worthy than kohl's. >> did you want to hit colgate? >> king of toothpaste. >> organic sales up 6.8%, net sales 2.4%, no glp risk. >> pet food. >> do you think animals gorge and we have to put them on a die? >> watch bonds, getting a little bit of relief in yields.

durables came in better than expected. we'll get collins at 11:00, s&p back to 5850. don't go anywhere. municipal bonds don't usually get the media coverage the stock market does.

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. we continue to monitor the developments at mcdonald's, and quick service. now it's yum and rbi pulling onions from some u.s. stores of course, onions now the likely source of that e. coli outbreak that has sickened 49 and killed one. we'll get stock trading with m. dow up 182 i can't believe you corporate types are still at it. just stop calling each other rock stars. and using workday to put finance and h.r. on one platform.

tim, you are a rock star. using responsible ai doesn't make you a rock star. it kinda does. you are not rock stars. (clears throat) okay. most of you are not rock stars. oooh. data driven insights, and large language models. oh, that's so rock roll. it is, right. he gets it. yeah. (vo) memory and thinking issues keep piling up? it may seem like normal aging it is, right. but could be due to a buildup of amyloid plaques in the brain.

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it's time for jim and stock trading. >> one company that has ip, maybe the most for semiconductor, they had an amazing quarter and they talked about nand and how good it is. they were asked about asml who brought the group down this morning, western digital, that is nand and lam research, you have to buy lam. i don't think anything is ever a lay-up, but western digital

explains the demand now is incredible, that's why western digital is up. next, you'll see lam explode. >> jpm points out this week taught us how much people are willing to defend names like netflix and they say that might be a good setup for meta and apple next week. >> look, i'm still reeling from the bernstein piece, they say set it and forget it that's almost a jinx i think that's going to tell a very good story. >> they go to $675. >> incredible. >> on the flip side, they say maybe people are not as willing to defend some app software like adobe or octa. >> adobe right now, there's more competition. octa itself, i think they're okay, but that's not where you want to be you have to be in crowdstrike because it's cloud native for the best stuff in terms of the

banks all use them and palo alto networks, they're unsalable. by the way, i think something that is not known about crowdstrike, he won sebring, he won le mans, daytona, he may be one of the greatest car drivers in the world, and he also wins crowdstrike. >> you have pointed that out about le mans a number of times. >> yeah, okay. >> meantime, jim, what a week you've had how do you finish up tonight >> by burning your shirt but look out, i saw the hazards of the fire. >> it doesn't burn. >> one of my absolute favorite companies -- >> it's fire retardant >> you had to take courses. >> i did, helicopter ditching. i had to wear helmets. >> i had advanced placement. i've got tractor supply, another company you denigrated

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good friday morning. welcome to another hour of "squawk on the street. i'm sara eisen with carl quintanilla and david faber. live at the new york stock exchange stocks looking to end on a high note, up three-quarters of a percent in the s&p 500 if you look beneath the surface at what's working today, technology is right up there, so that's helping communication services, consumer

discretionary. we've got a broad-based rally. only materials and consumer staples are nagging. nasdaq is the only one of the big three that's positive for the week, but the s&p is trimming its losses for the week, only down right now 0.2 of a percent as this rally gets going. and, again, fueled by tech, but broad-based cyclicles are playing as well. take a look at treasuries, they've been a story this week got some yield stabilization just in the last two days or so. the ten-year yield sits around 4.2%, so elevated on the week. looks like it's not climbing further this morning we're 30 minutes here into the trading session. here are our three big movers. shares of capri and tapestry moving in opposite directions after a judge blocked their merger shares are nearly cut in half right now. also on the retail front, shares of hoka and deckers outdoor on

the move, along with skechers, both companies reporting sales gains. decker is up another 10% and then watching tesla coming off its best day in a decade, second best daily performance ever, and adding another 3%. but important to note, even after yesterday's gains, stock is on pace for a round trip month-to-date. we'll talk about what it means for investors and elon musk and his fortunes later this hour. consumer sentiment is down a couple moments ago let's get to rick santoli. >> good morning. these are important, because we had an october mid-month read. these are the october final reads, and they've all improved. we had 68.9 for the headline and it jumps up to 78.5. current conditions, 64.9, best since june if we look at what lies ahead, expectations, 74.1, best since september, and mou let's go to the inflation numbers.

there's a surprise here as well. 2.7 on the one-year, that was 2.9. now, 2.7 equals our september read, to find a lower one you have to go back to december of 2020 and on the five to ten-year it remains a 3.0. by the way, that's the sixth 3.0 reading for 2024 if you had to summarize, good news on the one-year inflation coming back to equal a month this year, but still on the low side based on history. but all three metrics a little bit better than expected so we're going to watch the markets try to grapple with this a bit. it doesn't look like it's dinging on the equity side there's a lot of green and, of course, on the rate side we see rates are a bit lower on the day. but on the week, take a step back, we're currently at 4.03% on a two-year up eight on the week, and currently at 4.18% on a ten. that is up ten on the week now, if we look at one more thing, of course, the dollar

index has been on a nice run based on interest rates. many are going to continue to look at the close to see if it remains near term on a daily basis, but still rather lofty when you look at it based on the last month and a half. back to you. >> okay, thank you, rick summarizing the action this week in treasurys as well, which has been a big story on what's mostly been better news on the economy. you know, the imf world bank meetings got under way this week where all the finance ministers and central bankers from around the world gather in washington to talk about the world's issues i'm hearing there was a lot of talk about tariffs and nervousness around the election. and also just generally a global economy that is doing better than expected, thanks to the u.s. primarily, but still feels a little lousy here is how the head of the imf summed up what they're talking about. >> for most of the world, soft landing is in sight, but people

are not feeling good about their economic prospects everybody i ask, how is your economy, the answer is good. how is the mood of your people, the answer is not so good. families are still hurting from high prices and global growth is anemic >> we talk about this every day. we talk about it relative to some of the election polls, but also the confidence reading, it's why it's good that rick reported confidence was higher on the final read of michigan. but this sort of gap between the solid fundamentals, the plus 3% growth, 4.1% unemployment, real wages rising, inflation rates coming down, stock market at record high, and yet people feeling so lousy. >> if you were to tell that to a prospective presidential candidate into the future and say this is what you've got, they would say, oh, you're a shoe in to win re-election that is certainly not going to

be the case here. >> because the higher inflation rates have clearly weighed on people and they've been going on now for a few years. and you remember what we paid in 2019 for things at the grocery store and they're significantly higher even coca-cola right now, who we spoke to this week, it's at least 25% higher prices relative to where they were pre-pandemic. and i don't mean to pick on them because it's across the staple space, it's across a lot of different sectors. and that clearly weighs on people there's mixed commentary we've had from earnings, especially consumer discretionary companies and how they characterize the state of the consumer right now. so let's go through some of them we've got today, because i love to listen and take all the anecdotal information from companies. capital one, consumer, consumers on the whole are in good shape compared to most historical benchmarks, but i do think there are pockets of pressure that will persist until we fully work through this cycle of inflation and elevated interest rates. so there's the caution

coggate ceo, the consumer may be challenged, particularly in north america. mohawk, in all regions it was slower than anticipated. we know they're exposed to housing. and then skechers, we've generally been pleased with the early stage bookings we've seen and conversations we're having with consumers i would characterize most of the conversations as very healthy and encouraging. so there's your mixed bag of today. >> there it is >> if you're buying hokas and uggs, right on trend another 10% move in that stock guys, one chart that is wonky that i just want to leave you with for the week that people have started to pay attention to, so this move in the ten-year yield up to 4.2%, that's been a story. how about the term premium remember when we talked abou that, the compensation you get to hold long-term treasurys instead of rolling over

short-term debt. people are paying attention to it, again, because it has started moving higher. it's a hard to calculate thing new york fed puts it out here is the chart. it can give important information about the perception of future risk, whether it's worries about higher inflation, supply, debt and deficits. anything that goes beyond the expected path of short-term rates. so it is just something we are watching as the tight election race heats up. there's worries about the deficit and spending and potential inflation from some of the policies of the various candidates it's definitely something to watch. it's something that the fed pays attention to as well and the only other chart, how about gold year-to-date, march higher what is that telling us? again, not super obvious, but some people think future worries about inflation, future worries about the u.s. dollar and diversification there, policy uncertainty, both fiscal and monetary

it's just something to watch that we have gold on the steady march higher, even sometimes when we have a stronger dollar, which doesn't usually happen stocks are rebounding this morning but the s&p is coming off a three-day negative streak. the nasdaq is positive for the week, as i mentioned, but not the s&p and dow. joining us is jeffries chief market strategist. david, do you pay attention to these things, term premium >> absolutely. >> what does that tell you >> i think it's normalizing. i'm excited about it i think we went through a period where disinflation risks were a big part of particularly managers exercises about what was going to happen if you stayed at low yields for too long, something we did pre-covid. now we're more balanced. we've had a big inflation shock in the last few years, and so it's more balanced, so term premiums to me are more balanced that's still a low term premium by 20 to 30-year standards

premiums used to be much higher. we got to negative term premiums after a decade plus of missing inflation targets. >> it's not a deficit supply story? >> i don't think so. >> last time it rose, that was sort of the concern around treasurys. >> i really -- i think people have really overplayed this debt deficit story. every ceo, every big trader on wall street, that's all they want to talk about we're overextended, our kids can never pay this back. the reality is, our debt-to-gdp ratio has come down from 133% at the peak in 2021 when we jumped it up to deal with 15 million people being unemployed very quickly because of covid it's all the way back to 120 and headed lower because growth has been so strong so i know it's not back to 105%, where we started in 2019. >> we're in a high growth period -- >> high nominal growth we've been bleeding a lot of that away. after we went to war with covid,

you look at the amount our debt-to-gdp went up, it went from 105 to 133, that looks like world war ii or i. we're back to 120. i feel good about that at the end of the day, if we were going to have debt and deficit problems, the whole years of the post gfc, we took debt-to-gdp from 60% to 105% we almost doubled our debt-to-gdp ratio, particularly under the obama administration, both of them when did we have problems with yields and have discussions? >> we had incredibly low rates and the interest cost did not bubble up as a huge issue. now you hear a trillion dollars and it gets your attention. >> a trillion dollars relative to a $29 trillion economy, which back between was a $16 trillion economy. i think you've got to put that in percentage of gdp, which is always important >> you sound like janet yellen a little bit. >> you and janet yellen are the only ones not worried about the deficit right now. >> i think it's overblown. i don't worry about it as much

i think there's lots of other things to worry about. >> what are you primarily worried about? >> what am i primarily worried about? i'm primarily worried about -- i think from the fiscal side, i just worry about the government crowding out the private sector. i don't like big government coming in and doing effectively what japan has done for 30 years, which is push the private sector out, have a big debt-to-gdp ratio and basically make it harder for businesses to be productive and entrepreneurial. that i don't like. so i would like to see smaller government, that's why i would prefer smaller deficits and debt but i don't really worry about, like, a debt crisis. i just think it creates lower growth i think it creates a more government-run economy. >> you think our corporates are not dominant enough on a global basis? >> i would love to see less regulation, less government involvement in business. >> this is a political statement you're making. >> i just think that's a better economy for us

i think -- you know, yeah, i am making a statement about regulations. >> crushing the global competitors. >> and we should keep doing that there's nothing wrong with that. that's fantastic we are still the best place to put capital to work in the world, and we should be even better i think we could be better. >> do you think the market rallies whoever wins the election >> i think the resolution of uncertainty is key to the extent bwe get a quick verdict, it's good for the market anything extended i worry about. that's another thing i was going to bring up. i don't like what happened in august with liquidity, with vix and a small macro story like 100,000 payroll and a boj meeting that wasn't that eventful and the nikkei has the worst day since 1987 and the vix shoots up to march of 2020 i think the plumbing of the market has some problems and i'm not sure what they are, but i

didn't like what i saw in august and i don't want to see a period coming out of this election where we're all, you know, waiting days or weeks or months for resolution i think we could see people put their hands up liquidity-wise and maybe get air pockets. >> that's a real possibility >> it is a real possibility. >> don't you think the fed would just look to ease two times instead of maybe one, or maybe another bigger ease if that happens? >> i think it would certainly tip the scales that way, and the markets would think that way but, again, i just think that drawn-out period of uncertainty, especially if it's, you know, constitutional crisis kind of stuff, just gets everybody's risk-off juices flowing and i'm not sure the fed solves that with an extra 25 here or there that's my worry. i don't think it's as high a probability event as i would have worried about it maybe two or three weeks or months ago but that's probably one of my biggest short-term worries

it's why i took the late shift with you guys after midnight after the eclipse. i think there's probably more to talk about later rather than earlier. i don't think there's a lot to talk about, like, from 8:00 to 12:00 at night i know you guys are -- i'm going to go to new jersey. maybe we'll have some more fun once the west coast closes. >> i think they called about 26 races right away, but the important ones, it will be a while. >> it will be good to have you on board either way. thank you. as we head to break, here is our roadmap for the rest of the hour many headlines elon musk this morning, his scoring wealth, after tesla records its strongest day in a decade we're going to have the staggering stats for you speaking of shares moving, tapestry is up, capri down sharply. that deal under which tapestry would have bought capri blocked

by a federal judge we'll talk about what's next. and yum brands and burger king the latest to pull onions from their restaurants due to the e. coli outbreak we'll talk about food system vulnerabilities. we've got nasdaq, l-mealti high, taking out the july 11th high stay with us custom ink helps us motivate our students

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shares of capri holdings and pap tapestry the judge blocked the deal which would have combined coach and kate spade brands with michael kors, jimmy chu and versace. downplaying the importance of handbags as nonessential discretionary items that consumers can simply choose not to buy if the price is too high, ignores that handbags are important to many women, not only to express themselves through fashion, but to aid in their daily lives, from supporting their career aspirations, transporting their work materials home or inspiring confidence in professional settings, to holding personal items such as medications, or carrying a young child's snack or toys. tapestry plans to appeal the order, responding to the decision, saying in part, quote, today's decision is disappointing and we believe incorrect on the law and the

facts. tapestry and capri operate in an industry that is intensely competitive and dynamic, constantly expanding, highly fragmented among established players and nentrants we believe this transaction is pro-competitive and pro consumer this was a big surprise, david, inside the company, especially after that hearing and also, speaking to some of the analysts and investors that followed that hearing, they were surprised, too, at the way this went i think you see that in the reflection of the capri stock price, cut 50% i think what the stock price reflects, it's going to be hard, even if they're going to appeal, to get this done before the february date of closing >> the drop-dead date. >> unrealistic. >> i happen to be speaking to people, actually, who believe that the government had done a decent job making their case, so we're more in the camp that this would be blocked my reporting was more reflective

of that as a strong possibility, despite what you might have been hearing from the companies themselves you're right, many investors as well were positioned for the ftc not to emerge victorious here. it's highly unlikely an appeal is going to be successful, at least the handful of people i've tried to consult with. the judge here kept it on a very sort of even area in terms of her decision, firmly established supreme court precedent in terms of market definition, various cases, whether it be the philadelphia national bank case. and, also, the voluminous ordinary course documents that she said completely undermined many of the executives' testimony. i shared that on the last hour it's a long excerpt we had ba basically she didn't find their testimony credible because in so many documents they talk about

the luxury market for handbags. >> this came down to how do you define the market for handbags and it seems like the judge agreed with the ftc, the way to define it is -- i think she said handbags of at least $100 that rely on discounting and that both coach and kors fit into that, you know, the company would say, highly competitive market consumers, they choose. >> what happens to capri >> not good. the process spects aren't there. this is a kors brand capri has been struggling and they've been relying on discounts, which is hurting margins after they tried to hold the line on prices they just don't have it. tapestry, the market is telling you and analysts will agree, they're final. >> there was concern about them buying what was already a weakened company from the time they agreed to the deal. >> it was part of the rationale, this is a struggling brand, we

can reinvigorate it, it will be good for consumers. bombshell report on elon musk, and we'll get into details on what vladimir putin has to do with it after a break. when you're looking for answers, it's good to have help. because the right information, at the right time, may make all the difference. at humana, we know that's especially true when you're looking for a medicare supplement insurance plan. that's why we're offering "seven things every medicare supplement should have". it's your free, just for calling the number on your screen. and when you call, a knowledgeable, licensed agent-producer can answer any questions you have and help you choose the plan that's right for you. the call is free. and there's no obligation. you see,

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big week for the autos earnings at mercedes down more than 60% this morning as the chinese consumer cuts back mercedes says results were hit by a tough market, especially for new versions of its g-class. tesla shares actually adding to the historic gains on the week, coming off their best day in more than a decade after the strong quarter and giving elon musk's wealth a boost. more on that later this hour. >> speaking of elon musk's wealth, it's not the only thing that is making headlines this morning. the "wall street journal" reporting the world's richest man has been in, quote, regular contact with the man who rules russia with an iron fist, vladimir putin eamon javers joins us from washington. >> kremlin press secretary peskov is denying the report this morning, calling that story fake and insisting that putin

has only had one contact with elon musk, and it was before 2022 now, the "wall street journal" is citing several current and former u.s., european and russian officials in its reporting this morning cnbc has not been able to independently verify the details here the journal says musk has been in regular contact with vladimir putin since late 2022. they reportedly discussed personal topics, business and geopolitical tensions, and the journal says putin asked musk not to activate starlink satellite service over taiwan as a favor to chinese leader xi i've been talking to sources about this story since last night and they make a couple of points one is, it's unclear if musk disclosed these putin contacts to the u.s. government, as would be required of him as a holder of a top secret security clearance. failure to report can be grounds for suspension of a security clearance, and i'm told that in extreme cases the deliberate

failure to report can result in criminal charges maybe the case that musk handled this appropriately he's been very active on social media over the past 12 hours, but no comment from him on the story yet. one thing he's going to have to consider, guys, is that it is at least possible that u.s. intelligence knows more about the contents of these conversations than is indicated in this story. if they're technically able to obtain putin's communications, the nsa would be allowed to record conversations with musk, even though musk is a u.s. person, so long as the intended target of that surveillance is putin and not musk so there could be transcripts or copies of texts or what have you that have been collected by u.s. intelligence we don't know what their capabilities are in terms of surveilling putin. that's one thing that would be on elon musk's mind as he reads this story this morning, guys. back over to you >> yeah, well, and you would assume perhaps that the journal is relying on sources who have actually firsthand knowledge, to your point, perhaps from

intelligence and eavesdropping and things of that nature. >> what we don't know is whether musk has disclosed this. it could be the case that musk disclosed this appropriately to u.s. intelligence and someone leaked that. we just don't know. >> right of course, it all goes back as well to just his importance as one of the largest contractors to the u.s. government, to his importance in war zones, of course, ukraine most prominently in terms of starlink and how vital that has been to the ukrainian effort originally, of course, in terms of being able to communicate in that area. there's no single -- i used to call him the most consequential businessman in the world, but in some ways you have to elevate that statement. >> i think you do. you pointed out he's the richest man in the world i'm scratching my head trying to think of a historical parallel here when have we had an american industrialist this powerful over this many industries and over the u.s. government, having

contacts with a hostile foreign leader like this you know, were u.s. leaders in contact with stalin and mau over the years? were those contacts reported to the u.s. government? i can't think of an instance you are better steeped in the history than i am. but this is an incredible situation, incredible reporting, by the way, by the "wall street journal. and there's a lot more that we need to know about these contacts what was the content of these conversations? what was the intent of elon musk in having these conversations, and was it all disclosed appropriately to the u.s. government >> yeah, not to mention, of course, back to domestic politics, i mean, he's been intimately involved in trying to make donald trump president again as well. >> right presumably if donald trump is elected, however elon musk handled these conversations won't be a problem for him you look at musk's increasing involvement in twitter, now x, his increasing involvement in

american politics with both huge, massive campaign contributions and, also, campaign appearances as a celebrity himself. i mean, this is somebody who is weighing in in american society in a big, big way, who has also been secretly in contact with vladimir putin >> but is there any implication he's done anything wrong >> no. no indication that he's done anything wrong here that we know of as a holder of u.s. security clearance, he would have to disclose contacts with foreign nationals to the u.s. government it may be the case he did that appropriately. we don't know that answer right now. >> thank you eamon javers more restaurants pulling onions from their menu following the e. coli outbreak from mcdonald's we'll talk about an official next. and a big interview you will not want to miss next week, ray dalio after the bridgewater

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welcome back i'm silvana hanao with your update ukrainian president volodymyr zelenskyy said today russia plans to deploy north korean troops to the battlefields as early as sunday. he called the impending move a clear escalation ukrainian military intelligence officials say around 12,000 north korean troops are already in russia and training is taking place on five bases. three journalists reportedly died in an israeli strike in southeast lebanon overnight. networks say israel hit a compound that was housing them, injuring three others. the israeli military did not immediately comment. and nasa's crew eight mission members are back on

earth. the four-member crew splashed down just before 3:30 this morning following their nearly eight-month mission on the international space station. they were supposed to return in mid august, when nasa extended their mission after the capsule brought two to the u.s. and were delayed has the hurricane approached florida. burger king parent restaurants brands international and yum brands known for taco bell, kfc brands, are pulling onions are select restaurants following the e. coli outbreak at mcdonald's. they say it's out of an abundance of caution burger king says 5% resourced onions from taylor farms, it sickened 49 and killed one our next guest is usda former deputy secretary for food safety and joins us this morning.

appreciate the time. on an important story, i wonder whether you think this episode is an indictment of the food system, or if the early safety notices here are a good sign about our reaction >> the best way to approach this is to always think that the food supply is vulnerable so when you take that approach, you recognize that threats are constantly evolving and you really have to stay vigilant that means everyone, industry, regulators, consumers, because the thing about these threats is they're constantly -- new ones are emerging, new strains of pathogens are always emerging. so you need to have an infrastructure in place that can adequately stay on top of these problems before they become a crisis >> what would you tell view -- in this case it's about onions, we've had past episodes about lettuce. is there something about produce versus beef that is maybe more nefarious than the other

>> that's absolutely right over the past 10, 15 years, we've seen a shift of e. coli threat away from beef products and more toward produce, and that speaks to just kind of the variables that are involved with growing produce. because there are things that growers can't control. is the water contaminated because there's a large cattle field nearby or there are wild animals that are dropping feces in the fields. things like that seep into the ground and end up in the product. that's why you see a lot of these produce safety issues arise, especially within the last five years. that's why there needs to be a policy to address produce now to eliminate and reduce this risk, because it's really becoming a problem. >> is there any suggestion from what you've seen so far, brian, that mcdonald's or the supplier, taylor farms, which i understand is a very big supplier, was lax all in their safety checks, that they missed this >> clearly there's a problem with taylor farms, because if

you look at their history, there have been several recalls involving taylor farms over the past ten years or so so when you see a situation like that, it's very easy for consumers to be skeptical of their products, particularly the onions, because i think they've been an issue before so, with mcdonald's, the positive thing for consumers is there's a solid traceability system in place with these large companies that allows them to identify these suppliers quickly and allows them to react and try to contain the outbreak as quickly as possible, so that they can limit the risk as well. so that's certainly a benefit to consumers. >> how do you see this playing out over the next, say, two or three months >> we're going to see this investigation continue there's going to be a root cause analysis of what is going on, if, in fact, it can be directly linked to taylor farms, which all indications seems to be it is

what is going on at taylor farms that allowed this outbreak to continue, what are some of the practices they're doing that is increasing the risk for consumers, and the customers they're supplying to like mcdonald's so large companies like mcdonald's and burger king are going to have to reassess their relationship with their suppliers like taylor farms, making sure they're meeting sanitation standards and that they're doing the right type of testing and making sure that the water is not contaminated, so that they can reduce this risk because if this continues, we really have to question whether we can really trust produce again, which is unfortunate, because fresh produce is something that we need to consume on a regular basis because it's healthy. >> yeah. and the chains are so large, having to source from so many suppliers, it is a challenge brian, appreciate the insight on an eventful week in the restaurant space thank you so much. >> thanks, carl. meantime, less than two weeks to go until the election

and cnbc's your money, your vote road trip has the latest from another battleground state where we find brian sullivan. >> see if you can take a wild guess over my shoulder of where we might be. it says kenosha, wisconsin, if you're listening on the radio. coming up after the break, we're going to talk about one of the key economic issues that may sway business owners around here, which is tariffs we're going to meet a local steel business owner and what he thinks and what he wants to hear, and we'll talk about the huge ad blitz and big bucks ndt right after this short break on "squawk on the street."

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tariffs, foreign competition, protecting u.s. jobs, these are big issues in the election we know what economists think, but what about the public? let's get to steve liesman with new results from the cnbc all america economic survey. economists don't like tariffs. what about everybody else? >> no, they generally condemn them, as you know. but the american voter is more mixed and that is an important change in public opinion that we're picking up in the economic survey asked if tariffs are a good idea because they protect u.s. jobs and companies, 38% say yeah, they're a good idea. but 27% say they're bad, which means that there's more support for tariffs. but look at this number over here, we're not quite decided yet, 36% don't know enough to have an opinion or they're not sure support comes substantially, you can see here, from republicans, plus 52% on the issue, democrats, minus 29% high school education, minus

29%. post grad, minus 9%. those are core voters right now in the republican and, of course, independent es, plus 6. we asked a question about tariffs in 2019 when there was a proposal to put 25% tariffs on chinese goods. not directly comparable, but an indication we have of the change in favor of tariffs by the public take a look at the screen and you can see they were 40% opposed to tariffs in 2019, 27% right now. so there's a big change. i want to focus on union households they have a lot to gain from protectionism, but also to lose from exports you can see they're very mixed 35% of union say it's a good idea but you have longshoremen or truckers, they may be saying it's a bad idea. steelworkers and auto workers

could benefit. the conversation has changed since president trump imposed tariffs in office. now the former president talking about much more sweeping tariffs, the proposal not yet embraced by vice president harris and i can tell you, listen to this guy brian is going to talk to it's pretty interesting when it comes to this tariff issue >> steve, appreciate that. steve liesman with interesting numbers. let's get to the one battleground state of the day we're talking about, wisconsin brian sullivan, as he said, live in kenosha the last stop, brian, on your money, your vote road trip >> yeah, 700 miles in a chrysler pacific mini-van later, we are here in kenosha, wisconsin i appreciate that nice tease and intro from steve liesman, because, yes, we are going to talk about tariffs we got here yesterday afternoon, ran around and met some businesspeople we talk about the economic issues that may sway voters. that's what we do on cnbc.

by the way, early voting is pretty busy here in kenosha. we are meeting with ken moore, they make metal sheeting or warehouses and retail roofs. he's a big buyer of steel. most of it is domestic steel, some is imported steel tariffs are a critical issue to ken and some of his 70 plus employees. you can see the big rolls there. so we talked about the tariffs, and even though he buys more domestically, he's still seeing his prices go up he's not a fanof the trump, i guess trump/biden, to steve's points, tariffs, but he also wants more clarity from the harris campaign on what they might do with those same tariffs. listen >> i think we need to better understand what the effects are of the steel tariffs, because in the past it seems to be a negative effect, when they impose steel tariffs, it ends up

hurting us downstream. the steel mills here domestically raise their prices almost proportionate to the steel tariff. >> he said something really interesting even about domestic steel, which is not tariffed he said that his prices were going up i said, why would your prices go up on domestic steel when it's not tariffed because it's not imported he said, because they can raise prices basically, if the tariff steel goes up in price, some of the domestic manufacturers would may not want to give away profit margin are able to also raise their own prices i thought that was fascinating just a quick note as we look at the very busy in-person, what they call in-person absentee balloting before official election day, i want to talk about the media blitz. carl, you're from michigan, so you know the area. we drove from grand rapids to chicago, basically the indiana border through gary and up, i'm not exaggerating when i say that every billboard or every other

billboard from grand rapids all the way to the indiana border were kamala harris billboards. they were yellow, kind of newish you could tell they had been recently papered over. but harris raised over a billion dollars in the third quarter, one bill with a b in the third quarter,quarter, outspending donald trump by three and a halftimes, a lot of that going into the billboard market and a lot of tv ads as well the spending blitz is on tariffs, a big issue voting, civic duty, it's active and it is very busy here in kenosha. >> fantastic work all week long. what a great picture of the middle of the country, especially that wall that we're going to be watching on november 5th. coming up, a quick reminder, you can tune in to cnbc's special coverage on election night beginning at 7:00 p.m. eastern time on november 5th the ceo of -- breaking down the

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shares of tesla are on pace for what would be their best week in over a decade. let's go over to robert frank. he's got more on what it means for the richest man in the world, elon musk >> richest man and even richer, david. elon musk adding $34 billion to his wealth yesterday so, in one day, he added more than charles schwab and ray dalio combined way ahead of bezos at number two. three quarters of musk's wealth comes from tesla, coming from tech, from spacex. musk is still below his peak in 2021, he became the first person ever to reach $300 billion then he became the first person to lose $100 billion in a year until yesterday, he was almost flat for the year. but his current pay package

could add even more. david, your math earlier this morning was spot on. that 2018 pay package allows him to buy about 300 million shares at about $23 a share at today's price, that pay package is worth another $72 billion, which would bring his total net worth to over $340 billion at today's share price. those options will also give him close to 25% of the company's equity that's something he's been wanting for a long time. and some time before 2028, he will also owe a lot of taxes that $72 billion gain would be taxed as ordinary income so, he could owe over $25 billion just in federal taxes. now, remember he lives in texas, so he no longer pays state remember back in 2021, he paid about $11 billion. so, look, who knows what the tax law will look like in 2028 but he could once again be a very large taxpayer at the

expiration of that next pay package, guys. >> yeah. as i reported earlier, we're waiting on chancellor mccormick, of course the delaware judge who ruled against the compensation package originally for whether, in fact, that shareholder vote, 74% in favor that took place earlier in the summer, will remedy her decision. there she is so, we'll see if he gets that 72 billion. could be any day, by the way, to your point and sometimes i'm just struck by -- you can take $100 billion and put it in 10-year treasuries and pull off 4.2 billion a year. >> it's amazing. there's some projections he will be the world's first trillionaire sometime by 2030 or shortly after that when i read that, at the time, i was doubtful but given with this pay package he's up to 340, 350, a trillion

is certainly within sight if tesla shares and spacex especially continue to grow in valuation. >> yeah. i mean, spacex, again, could be even more valuable over time he has said most recently tesla could be worth 30 trillion that would definitely make him worth a lot more than that never get tired of talking musk. robert, thank you. robert frank as for our market, we never get tired of talking about that here either and a lot more market coverage straight ahead have a great weekend, everybody. at least, not the way it could work. your people are buried in busy work. and you might be thinking... can ai make it all work? it can. on the servicenow platform, ai transforms your entire business. because when your people work better, everything works better. so, let's get to work. idris elba works here? mm-hmm. ya, he's super nice. tamra, izzy and emma...

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♪ good friday morning. welcome to "money movers." i'm sarah eisen live from the new york stock exchange. the dow and s&p set to snap six-week winning streaks can the rest of the mag 7 follow tesla's surge? we're going to discuss that. >> we'll get to this explosive report in the journal last night detailing elon musk's secret conversations with russia's vladimir putin, talk about the national security implications this hour. plus the owner of brands like sharpie