target. . final check on the markets. dow up 40 points, reversing things here. nasdaq up four points. the s&p 500 up about five. not a lot to talk about tomorrow. make sure you join us then. "squawk on the street" begins right now. good wednesday morning. welcome to "squawk on the street." post 9 at the new york stock exchange. futures holding gains here after the first red s&p day in six. cpi in line pretty much across the board, although year over year ticks up to 26. the october inflation coming in as expected ending that cooling streak. what could the latest meeting mean for the fed rate cut path. liberty broadband and the

ceo will step down. john malone returning as ceo. we will break it down. softbank set to become nvidia's first blackwell chip customer with plans to build japan's most powerful a.i. super computer. let's begin with the markets and cpi this morning. core, jim, 33 on year. december cut odds went up a little bit this morning. >> it's really housing. housing is responsible for a big chunk. 65% of the total increase. i point that apparel had been really bad. apparel is now really good. medical care bad. motor vehicle insurance, 14%. david, we should go in that business. we have become way to day to day when it comes to bond. for example, home depot. october is accelerating. the stock goes from 412, 420,

plummets, then finishes at 403. if we play that game every day, we will just become traders. i may suggest that maybe things are with tax rates lower, more optimism, you buy stocks like home depot. >> so you prefer to think about things rather than tariffs, labor supply shrinking, anything like that? >> i just think -- >> higher deficit spending? >> right. i think things involving, say, housing, where i think rates are still coming down. we talk about that. the percentage of people think there is a cut, obviously. but i just think we should be looking back and saying we are going to pay more for a lot of companies that we felt we shouldn't pay more under vice president harris, you want to pay 26 times earnings for home depot even though it's not really growing? >> they did add some stores. >> all right. >> you know they -- >> i am just trying -- not a lot

of growth, jim, in the last quarter. >> david, this is the inflection quarter, when things -- >> great company. but i am saying -- >> we talk about it tomorrow at the meeting, this is the quarter that we begin to think maybe there could be a turn. now, the, just so you know, one of the things that ted decker, the ceo, he is not anybody who would come out and say this is the bottom. it allows other guys to do it. but i felt this was a great opportunity if you felt the cpi -- because we get basis that's so good. i feel like this could be back up ten again. >> interesting. we got more mortgage eps down half a point and 30-year fixed back up you to 686. >> when i look at the cpi, i come back and say housing is the worst. and i think that one of the things that we realize is that they cut, then rates can go down. ted geker on the conference call said if we get to 6% we could

have a giant amount of business being done. that's why, david, i don't think the multiple is so high. if you think we can drop to 6% on the mortgage, you must be long home depot. >> bought back a lot of stock the last 15 years. does that continue? we could have had this conversation yesterday when they reported earnings. >> no, it's fine. they have been a traditional buyer. during 2008 hts 20089, they are a smart company. someone with us, not with us, frank blank, ceo, how is the european expansion going? they don't have it in europe. it's pure american. the biggest thing to worry about are tariffs. maybe such it scale, they can negotiate tariffs better than everybody else. >> do you have confidence that mortgage rates are going to decline to a 6% level? >> one of the things we have seen, when rates come down, it's a possibilities that the loan rates come down. they need that to come down. shockingly, in order to get the

price to go down, we need more activity. it's also what -- i bet there will be much more housing activity. you are either stuck in your house, renovate, do rehab. we finally get the -- a little bit of more traffic because rates are 6%. it's a wish list that i have. i just don't think that the price to earnings ratio that david talks about maybe we look back and say that was really cheap. it turned out the earnings were much better. >> some things are working in the consumer's favor, jim. gasoline down 12. used cars down 3.5. that's year over year. apparel, we got numbers out of adobe yesterday. online apparel's been negative year on year for 14 months. >> i hope they are not including -- that's the kind of apparel we have to worry about in terms of oil and gas. >> inflammable materials. >> yes. i think medical care index is still a pain. physician services. health care's coming back as a

problem. these are all very small. and i think that you're at the cusp of inflation still going down. this is a good number, 0.2. price earnings multiples expanding. maybe that's happening with so many stocks, they have doubled. we don't want to see too much froth. we have froth not. doubt about it. but when you look at -- look at a firm, an upstart, you see them. they go up in the morning. now, david -- >> yes, sir? >> you think you would ever meet alex karp? >> i met him many times, and he met me. >> ceo. >> i haven't seen alex in some time. >> i know. >> i knew him when he was a younger man. >> i checked in with the cfo. they are always happy with my coverage. >> you have been positive on it. >> i think it's going -- >> yeah. >> i think that they have a blueprint to take over the -- it's in flux. >> well, it's going to -- >> my dad would have -- >> yeah, going to have a new

secretary of defense. >> my dad didn't have a fox show. >> he has done what we do. it paves the way to take over treasury at this point. >> david won't stop with that. >> you better hurry because the word is we will have a narrower list by the end of the week. >> a short list. >> we didn't have a treasury secretary that janet yellen was a no show. if it was a chance for me to get in there, boom, john malone. 25 more years? >> john malone is going strong. i know that because i did sit down with him a couple of weeks ago. we will have the excerpts from that interview tomorrow when it's liberty investor day, every year, of course, i get an opportunity to interview malone, ma fay, chris win friday, who runs charter. that leads us to the news this morning. we shared it on "squawk box." a series of moves including the

planned departture of gregmy fay after a 19 had-year tenure. many deals have been done and not undone, but are done as well in terms of monetizing them. and that in part is one of the reasons why maffei is departing after 19 years. he will remain on the boards of liberty-related companies. let's get to the news. you see charter and liberty broadband, which they have been negotiating for some time. liberty broadband owns 45.6 chairs of charter. they have been negotiating a deal, charter would do a huge share buyback but use its own shares to do it. of course, it would be tax efficient, which is number one on the list of priorities of john malone. they reached a deal. it's 0.236 of charter for liberty broadband. that's where they have got it. it will take quite some time to get all of this done.

they are talking about not completing it all until june of 2027. that said, might be sooner. you may to the math and say, wait a second, i thought it traded at a discount. when i do the math, i actually get a higher price or a lower price, i should say, than liberty broadband. they are not including gci. that's the broadband business in alaska. it's not insignificant. they have it worth 8 to $9 a share. add that back in, and then you get your spread and then you conceivably can understand exactly sort of some of the math behind the transaction. but it will do a charter. it will essentially mean that charter buys in, 11.5 million shares over time. a net decrease, 11.5 million shares. >> can i ask you about -- i had live nation on yesterday. amazing transaction. >> the live nation deal has to do with the tracking stocks of

liberty, liberty live. they are now making the live nation stake an asset-backed stock, which then leads to the possibility, jim, the strong possibility based on my reporting that they will do a similar transaction the likes of charter and liberty broadband. it will take time. first you have to sem rate it. you have to have it be the asset-backed liberty live book has to become basically what is 69.6 million shares of live nation entertainment. then you can move towards this kind of a deal where live nation would do a deal to buy that company in essentially -- >> does this take often the table the idea they would blow out their stake? >> yes. >> clearly not. >> no. >> fantastic. >> so that's happening as well. that impacts live nation. it also impacts liberty, which will now again, when all this is said and done d, become a pure

play f-1 and be run to the 83, soon to be 84-year-old john malone, who likes being a ceo. he told me, you will hear more about that tomorrow, and will have a chance at least as an interim ceo. really this is about simplification of a company that of course has had enormous complexity for any of us following it through the years and any number of investors. it also, if you stayed through it all, still even with the decline in many media assets over the last few years, has had a generated a significant return. i believe one still far in excess of the s&p over, let's call it, 19 years that maffei has been there. they sent me a chart of the things that he has done. it looks like something that would have been in that movie "a beautiful mind" mind. reminds me -- take a look at this thing. >> oh, my. >> it's kind of a work of art. you are not going to be able to make any sense of it whatsoever, but you can see everything

that's moved around, everything that was bought. remember, they bought siri and put it in '09 out of bankruptcy. charter in '13. live nation in 2010. the braves in '07. formula one in '17. did so then splitoffs and tracking stocks and everything else. >> i think that was musk's brain. >> i know. >> do you have musk's brain? >> it's getting simplified. as for maffei, tomorrow we will see what his plans are. he can't sit still. there is no way he is going to sit home and be semi-retired. >> one of the good guys. he came out unscathed during the period when a lot of people felt things were frothy. >> he was cfo of microsoft. he was 36 years old or something. remember that? that's a long time ago. i remember it. then he moved on. got involved in the internet craze at 360. >> right. he managed to survive. >> one of the most financially

sophisticated individuals you will ever meet. >> go ahead, say it. nicest people i ever met. >> really? >> absolutely. used to send me a christmas card. >> now we know that he is not nice. >> sent me a christmas card. i said is that really from you? >> now we know he is not nice. >> not that kind of nice. anyway, geltzner is back. >> yeah, i don't know what you are doing over there. >> people can change. i felt the actions, you get the -- >> from a playboy to a serious guy. gelsinger went from nice to not good. >> things change. >> telling me maffei is nice. >> he is. dig in your heels and aintel which you hated at 58 you will hate at 23. i think you have a missed opportunity. i am done with the hatred.

>> i give you credit. intel, you were negative, negative, negative, now you decided not to be negative. >> i have to deal with the fact there is a guy who runs qualcomm who got the green light, which is a trump administration -- >> to do what? >> buy intel. >> yeah, what are the chinese going to say about that? >> by the way, when it comes to the m&a wave, let's not forget while regulatory here in the united states will most likely be a lot easier, you still have europe and china. if you are big -- >> pompeo. navarro is not coming in. instead, rubio. he could be a man -- >> he is going to be the czar. >> things are, obviously, better. we have to get to china because they did not appoint the -- >> we are talking about that next. maybe he should be a czar. forget treasury secretary. >> you don't have to be approved to be a czar. >> they used to be called brew ribbon commissions.

now they are czars. >> what was he, the ebola sfwlar? >> do you know what that is? >> yeah, the drug czars take you back to the '80s. we will get an update on the trump transition. elon musk expect today join the president-elect at the house gamestop conference. the president-elect going to the oval to meet the president. not too late to join the delivering alpha. it includes a panel discussion on finding alpha for the next four years. you can scan the qr code on your screen, go to cnbc.com/deliveringalpha. futures are looking solid. we will get to sav a and skyworks and spirit and occi after a break. boring. think about it. boring is the unsung catalyst for bold. what straps bold to a rocket and hurtles it into space? boring does. boring makes vacations happen, early retirements possible, and startups start up. because it's smart, dependable, and steady. all words you want from your bank. for nearly 160 years, pnc bank has been brilliantly boring so you can be happily fulfilled...

which is pretty un-boring if you think about it.

drop everything and get some magic of your own during the xfinity black friday sale. xfinity internet customers, our best deals of the year are back! switch to xfinity mobile and get your choice of a free 5g phone, plus your next unlimited line free for a year. get amazing savings and connect to wifi speeds up to a gig on the go with xfinity mobile. fly don't walk to get our best deals of the year. connect to the world of wicked this holiday, only in theaters november 22nd. the president-elect and president set to meet in the oval later this morning as the trump transition plows ahead. meagan is outside the white house with the latest. hi, meagan. >> reporter: good morning, carl. a number of new names becoming official overnight for folks heading into the second trump administration. i know you have tossing some of

these around, but trump officially announced pete hegseth is his pick for defense secretary. that's the second position of the so-called big four coming out after senator marco rubio for secretary of state. although we are waiting for trump to make that one official. trump also announced officially that south dakota governor thomas homan will lead the -- kristi noem will lead the department of homeland security. trump made it official late last night that elon musk and vivek ramaswamy will co-lead what he is calling the department of government efficiency with the acronym oge. a nod to the cryptocurrency. trump said their goal will be to dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures and restructure federal agencies. many questions how that would work, starting with the president-elect cannot just create a new agency without

congress which approves all spending. trump said a little bit in his statement announcing it that musk and ramaswamy will work from outside of government in partnership with the office of management and budget. that setup will not require either to divest anything, to pass a background check or get senate confirmation. a little bit more clarity there. obviously, guys, moving ahead loads of positions still unfilled, especially the entire economic team and while things have moved at rapid speed, especially compared to the first trump administration, it's not clear that we will get too many new more names today, guys, since the president-elect will be spending his day in washington. he will be right here at the white house in just a couple of hours to meet with president biden. so we will bring you that as we have it. we hear his plane just landed. so much more to come. guys. >> appreciate that. jim, this morning some comparisons to things like simpsons in 2010. how much authority do they have, do they report to omb.

>> i think we look back, that was a house time versus now. i don't know unless david found a way to be able to actually cut the bonds, do a refinancing of the bonds, which i once suggested to suggested steve mnuchin. >> that was wrong. kicking around the 50-year, right? >> yeah. that's when he was a pseudo treasury secretary. >> that was when i was solving the ppp. >> they were doing this remotely from our living room. >> every morning, it was a delight. come on. >> i remember that. >> but, no. david, we know that the big issue is interest. >> interest expense. >> right. >> which is now equivalent to if not exceeding defense, around a $1 trillion. >> interest in '23, 660 billion. >> what's this year? >> we will see. >> a lot more. >> yeah. >> a lot more.

>> and that pales to discretionary of 1.7. >> i know. >> we had higher rates as well. >> ferguson has written about that. 2 trillion, 6 trillion? >> there is not a lot there. >> interest and, i mean, dare i say you have to find a way -- >> how do you cut interest? >> i don't know. i suggested -- >> go to the fed. >> i can't. >> you've got to grow out of it. >> devalue -- >> that's that -- >> the currency? >> fewer people? >> what's your plan? >> i don't know. >> treasury czar? >> i am not -- david, i am not the treasury secretary. >> i beat him down. >> you did. you beat me down. i had many options. i suggested to secretary ruben -- >> sit tight. that's all you do. day after day after day. with me. >> we have to go. >> all right. now you want to go? >> yeah, i think? a great time to go. >> when we return, nvidia and

softbank collaborating on a.i. jensen wong sharing a lighthearted moment at nvidia's a.i. summit in tokyo earlier today. >> many of you probably don't know this, but at one point masa was the largest shareholder of nvidia. >> yes. [ applause ] >> it's okay. we can cry together. >> yes. we always had dogs, they're like my best buddies. yep, had them my whole life. c'mon bo! so we got him and he is a, an absolute joy. daddy's puppy. once we got on the farmer's dog he just attacks it, it's incredible. they're so tuned into you and they have such, such personality. being without a dog, i don't know,

can't imagine it. [laughter] (intercom) t minus 10... (janet) so much space! that open kitchen! can't imagine it. (tanya) ...definitely the one! (ethan) but how can you sell your house when we're stuck on a space station for months???!!! (brian) opendoor gives you the flexibility to sell and buy on your timeline. (janet) nice! (intercom) flightdeck, see you at the house warming.

♪♪ [inner monologue] this is going to sound crazy. but i know these attack vectors. oh, had a little upgrade have we? ♪♪ okay, so that's how you want to play. ♪♪

♪ take a look at the market here, hanging on to some gains after about a 1% dow drop, not quite. the s&p going to red for the first day in six sessions. a lot still to come as we will get fed spk, wchheeaat t president-elect in d.c. when we return.

into the opening bell is brought to you by nuveen. a leader in income, alternatives and responsible investing. live shot of joint base andrews. the president-elect arrives in washington, d.c., for meetings with the president in the oval. a tradition that trump broke in 2020.

he will also get a meeting with the house gamestop leadership. both houses of congress today. the senate looking for their first new leader in about 18 years. >> i think they surprised people. i don't know. that plus the people who they are picking. i'm seeing some signs of olive branches all over the place versus what we thought. >> the opening bell. the big board, mastercard got some guidance this morning. we will talk about it in a second. the nasdaq it's a nonprofit keep america beautiful and iheartmedia celebrating america recycles day. it's interesting, jim. you talk about olive branches. there are headlines on the tape asking why beijing is relieved at some china hawk would-be nominees. >> you have peter navarro and

mike pompeo. a lot of times the issue is taiwan. and when you -- a hot button with president xi, taiwan should be recognized, that's what he hates. taiwan is the one that, jansen huang. there might be some talk between, say, jensen and someone at the white house. they did not talk with biden. biden did not talk to the semiconductor people. that was left to the commerce secretary. the reason why nvidia is flying isn't necessarily that it's going to be china. it's this amazing masayoshi son deal with japan. >> we mentioned this move from semis to software and the jpmorgan long software short semi basket up 20% in a month. >> you have service now. you have salesforce.

david, there has been a move for enterprise software, which was so hated. a lot of people are talking about salesforce adding people. the agent force so strong. >> a lot of people as in you? >> yeah. >> you were talking about it yesterday saying they are adding a thousand people. >> what can i do? i have the salesforce deck here. of this is the salesforce deck, which, by the way, had some things that said they took business from shopify, took country roll, play on -- >> the top pick, 390. >> i thought that was remarkable because had been a company that reported two quarters ago a terrible number and everyone gave up at 230. when you use asian force -- >> i use it all the time, as you know. >> stock's up 35% from dreamforce. >> it's an incredible force. maybe even woody harrelson, do some ads. >> remember mcconaughey? >> i questioned mcconaughey. look what happened. >> mccon nay has the action.

>> he is a wonderful actor. he went on and on about him being the smartest man, you know. like he is programming agentforce. >> you love him. >> i will say, you know, the end of the 10:00 yesterday i talked about value act and mason, who took $1 billion position in meta in part because he thinks their ad business is going to continue to soar on the strength of a.i. >> yes. >> their largest position at value act is salesforce. he is on the board there. >> yeah, when five hit -- five activists call him and he told me, these guys are the greatest. and i thought it was all for show. like honeywell yesterday, we talked to the shareholders. mark did not say that. he said i am going to sit down with these guys, and he bothered them for ideas. what do we do? one said, how do i get rid of this guy? all he does is call us. we didn't want this much engagement. come on. that was funny and true.

>> i like both when they are together, funny and true, a nice combination. you know -- >> carl. >> $500 billion company. >> i don't now what to make of it. we continue to get reports about a slowdown in the progress of generative a.i. i am sure you have seen it. it's not just chatgpt. now endrop i anthropic. it's not as powerful as they thought it would be versus the last model. >> what's that base added on? >> this morning a piece in bloomberg. three of the leading a.i. companies are now seeing diminishing returns from their costly efforts to build newer models. >> okay. so they are about to get video. the guy who is the frontrunner is mark zuckerberg. his ads -- i mean, he is crushing it. you are seeing the latest and greatest. these are people who basically like to see prices lower.

it's bargaining. it's "the art of the deal." >> right. >> it's the art of the deal. >> there is the story that carl is referencing. this may be a short, you know, a short-term snafu of some kind on -- >> have you looked at a.i.? >> maybe it means something. >> meta a.i. is going to be the largest by the end of the year. >> with llama, their largest language model? >> i have been oing to meta for anything remotely cultural. when i hear there are live nation, they have like a list of people coming to the paramount in brooklyn -- >> you get up-to-the-minute-minute information? >> depends. >> chatgpt 4.0, it's october of '23. past then, you are out of luck. >> i asked them to summarize a call last night because i didn't want to read it. it said the call hadn't happened yet. that's suboptimal. >> i haven't incorporated it

into my workflow, but that's on me. >> this can download "moby dick" in a second. >> you remember when jensen said that to you. >> well, because he said it doesn't count? we have to look at other stories? >> no. >> maybe reuters says it's a tinker toy. jensen said it's like fifth are grade, then eighth grade, then high school, then forget it. advanced degree. you didn't go for it. >> it's moving perhaps as you see the president-elect descending the stairs there. >> i think we should tape him walking down the stairs, just be quiet. >> out of what? reverence? >> i don't know. sounded like some other station -- >> perhaps takes questions when he gets -- i am sure there will be reporters to greet him. well, maybe not. maybe he is just going to get in his car. >> maybe you are talking about flutter is up a lot and spotify. >> we are going to get to a bunch of tickers. >> the maus were good.

the paid maus were terrific. a lot of people felt what mattered is the earnings. daniel talks about how good the numbers are. >> mau up 11. they guide q4 revenue below. >> right. but the fact is, is that podcasts -- this is the podcast play. we don't have any other podcasts. podcasts remain the hottest. and i like the numbers. i think the street, obviously, is geared towards mau and premium mau. >> premium subscribers spotify up 12% year over year. >> that may have been better than anticipated. >> here we go. back to us. and that seems to be powering the stock price. we are near all-time highs, i believe. 52 certainly on spotify. >> i like spotify. >> and it's been a very, very strong performer over the last year, like so many others. up 166% the last 12 months. >> people are making money.

we are focused on the ten-year. no one is making any money in the ten-year. they are making money with spotify. we talk about the ten-year endlessly. that's ridiculous. that's like talking about the giants. wow, you know, like malik, he is good. you i may have to buy that, take the over. no. the over is american securities and they are incredible. but, no, ten-year, ten-year, ten-year. >> when it was coming down, you were all over the ten-year. >> well, that was when -- that was then. that was then. >> now the ten-year, you have to suspend the ten-year and just buy. that's what happens. that's what happens. >> tlrm some -- i don't know. notable downgrades of illinois tool, eden, cat -- >> downgrade of eden, i will give youen upgrade from ubs. i think that eden is an industrial and you have to own

the industrials because their price goes up in the era. >> kind words for the new cpi, order fill rates -- >> leaner supply chain complexity. >> by the way, better supply chain and headwind, tailwind on/on, which, by the way, found out how to put it so you don't get stones. >> squeaky. my squeaky sneakers. >> you don't go spirit air. you ever flown spirit air? >> get a replacement pair. >> i was promised a replacement pair. >> go get a boat and use the boating shoes and then you will really be happy. >> where are you on the list? how far down are you? >> i haven't done the truckers yet. robert o'brien. trade advisor. >> we didn't do skyworks off the quarter. >> people say, oh, there is a bad read through to apple. ben rice talks about the devices, the home devices, the

total adjustment market big for the apple home device, which, david, i don't think can happen, but i like the kind of -- it takes it out of the realm of a expensive talk that you talk about. >> which? >> apple. >> yes. >> the ecosystem is about to generate huge numbers of apple home appliances. >> apple home appliance sales? >> apple home appliance sales. >> not the vision pro? >> own it, don't trade it. kind of like masayoshi son. hold on there. >> that was cold, what jensen, what we showed there, jensen did to masa was cold, man. >> i think we have another bite. this is talking about the softbank a.i. partnership. am i right, booth? take a listen. >> we are announcing that we're partnering with softbank to bring and to build an a.i. infrastructure for japan.

together we are going to build japan's largest a.i. factory. the nvidia, it will be built out of nvidia dgx. it is the -- when it's built early this year, early this coming year, it will have 25 a.i. xo flops. just remember, the arj exist super commuter in the world recently was one exoflops. this is 25 for an a.i. factory. to produce the a.i. -- >> this ties into jensen's longstanding view that every sovereign will want their own basket. >> i think that's driven. people have to recognize when he talked last night for this talk, he is talking about the idea of a digital a.i. and then also a physical a.i., and the physical a.i. is really interesting because what jensen is saying that they have the best chance of developing robotics. now, why this is interesting is their man was six jobs just got

a seventh, doge, who -- >> elon musk. >> who wants to do robots. this seems to say japan's got the lead on robots. you could a argue everybody has something cooking. >> we know about japan's demographic issues, probably worse than our own. >> they need robots to make their country hum. i think robots maybe the solution -- i think david will like this, i will provoke him. a more aggressive policy in terms of shutting down immigrants under, say, the next president, they need these robots. >> there is going to be a more aggressive policy. we don't know how aggressive in terms of the deportations. we have to see. that could eliminate jobs being done now, to your point, i don't know if the robots are yet rod to replace people who are putting roofs on homes or -- >> but you also have -- >> picking -- >> agricultural jobs. >> anything they can do physical, anything we can do physical, they can do better. >> doesn't to make you wonder what kind of weaker job prints

the president-elect is willing to tolerate? someone as market focused as he, we believe is? >> that's interesting. i don't think he is thinking if the ten-year goes lower in yield the market will go up. i think he is thinking about productivity. the productivity from robots is incredible. david is quite wrong. the robots according to jensen can do things that shock you. dangerous things. that's because the advancement of these, like, unlike what these cry babies are talking about in terms of the how slow the advancement is with -- jensen -- >> you mean beyond factory manufacturing? physical labor? what are you talking about? >> i think almost all physical labor could be done by robots in ten years. >> how many years? >> ten years. >> ten years? okay. it /- that is going to have a huge ramification -- >> on the working class. >> when jensen told me they

could do anything. what do you say? you are dead wrong, partner. >> i was promised ana ton mouse vehicle four years ago. stupidly talking about 2020. i will be driving around in -- >> if i have one more thing about how the quid pro quo, doge comes in and slams, gets 2 billion out -- >> 2 trillion. >> 2 billion is easy. >> write a check for that. but there are many stories that say, look, this is a -- now that he is close to the president, he is going to get a.i. and he is going to be able to do self- -- you know. >> the dogecoin, not the department of government efficiency. >> wow. >> good one. >> easy mistake. >> maybe they should invest in that. >> put the ten-year versus dogecoin. >> i will get back to stocks for a second. i noticed rivian shares are having a strong day. it is on the volkswagen partnership.

they increased the size of the joint venture to 5.8 billion. said volkswagen models use rivian architecture as early as 2027. that integration of the software could start with the volkswagen brand followed by audi. name of the joint venture is rivian and vw group technology, and -- >> that's very catchy. >> already made an initial investment of a billion. look what's that doing. >> people don't think that's enough. >> the billion was in the form of a convertible, 3 to.5 billion expected to come by 2027. jim, we talk about how much capital you consume. they are going to continue to have access to it. >> let's say if you are in germany and you have been laid off first time they do layoffs, do you not think, you know what? they are building here. something by the way the president-elect will love.

>> will they build them in -- >> they are going to do build them. it's in normal, illinois. you want the georgia plant. that was the good one tied up in csx. that's the plant we want restarted. maybe we can do that. right now, no. when you kick the tires on rivian, i think the biggest -- it's so cool. the biggest factor is will -- >> will they be around? >> it takes them out. the delorean question. >> they don't want that. i think the rivian is come. my wife was thinking about buying it. she says non-stop, you think they will be around? i say vw. >> so, yeah. well funded backer. >> exactly. >> deep pocket. not in germany where they don't have enough money for the workers there. >> yeah, they said trump tariffs could knock a whole point often the gdp next year. >> well, look, i think europe's strong and getting stronger. i wore which about germany, which is going backwards. their government, too, going

backwards. >> yeah. bayer, lowest prior in 20 years. >> century? >> yeah, that was a -- what do you like to use the word? >> suboptimal. >> for the monsanto transaction. it's up there. worst deals of all time. >> there is a movie about it. i don't know if you know. >> no. >> we talked about this. >> one of the great movies. >> i like the culture references periodically. >> what great movie. unbelievable. they don't make them like that anymore. >> no, they don't. michael clayton was so thoughtful. >> we didn't get to cava. up 18. crushes the 12 -- >> look, you get a cava, and you just think it's doing incredibly well and then it starts doing much, much better. fine. take it -- i want to match it against brinker, which put up

incredible numbers. and i got this texas roadhouse long-term, one of the greatest of all time. >> you had them on the other night. >> i went there this weekend. it was like 2,800 calories. >> you nailed cava, too. >> i absolutely love cava. i doubled down at 33. >> and sweetgreen. >> love sweetgreen. i know that business. i was in the restaurant business. i know a good restaurant when i see one. >> remember that i gave you praise. >> i think you are delightful. how is your mother doing? >> great. >> she is okay. >> and, yeah, that's the same way -- >> nice. >> delightful. >> he was nice to me. >> no, he is fine. he is going to cancel his interview. >> i tried to get gelsinger for delivering alpha because he is so nice. >> right. i know. watch bonds as well. we did get to 44 on the

ten-year. almost taking out the november six high. and got headlines on logan as well. upside risk to inflation, tighter financial conditions from this recent rise in yields. won't rule out any more damaging declines to employment. we will also get the three fed speakers today. stay with us. ♪♪ data science can help address some of the biggest challenges in financial markets. if we focus on the mortgage market and follow the life of a loan from origination right through its pricing in the capital markets, our data science capabilities can provide a deep level of insight. at ice we have extensive data sets, especially around three pillars. the property, the mortgage and mortgage performance. this trifecta of data and its history

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all three on us. that's up to $2,000 in value. only on verizon. ♪ don't forget later today, only a few hours from now, our delivering alpha conference. not far from here, actually. and of course, i will be doing a number of sitdowns, including the end of the day with ben affleck and going to talk about the new business of hollywood. affleck, of course, is a great actor and director. he is also a very important businessman at this point when it comes to producing. >> going to be great.

fascinating. >> yeah. we'll be right back. licy you now you can sell your policy - even a term policy - for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. our friend sold their policy to help pay their medical bills, and that got me thinking. maybe selling our policy could help with our retirement. i'm skeptical, so i did some research and called coventry direct. they explained life insurance is a valuable asset that can be sold. we learned we could sell all of our policy, or keep part of it with no future payments. who knew? we sold our policy. now we can relax and enjoy our retirement as we had planned. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance.

jim, what's on "mad" tonight? >> mastercard, and this has been

$500 billion company. michael miebach a remarkable job. then chuck robbins fresh off of earnings. chuck is from atlanta. so the question is -- >> i was going to say, that's interesting, that photo. >> wow. >> really changed his look. >> yeah. to probably changed his name, too. >> witness protection. >> what's going on there? >> i had a wrap -- chuck is bijan robinson or kirk cousins. i think he is a bijan. >> your monthly meeting. >> tomorrow. we will say which of our portfolio stocks do best under trump and which ones do worse. there are some surprises on the list. i urge everybody to join the meeting tomorrow at 12. i think it will be worthwhile. >> look forward to that, jim. >> i was going to do rocket lab, like rocketman. homel holy cow. let's see chuck again. >> who is that? >> the appointments to the ftc, doj. that's a little while. that will be interesting to watch as well. >> i don't know.

>> if j.d. vance has a lot of influence there, could change the tenor of this discussion about a wave of m&a. >> yeah if you read "hillbilly elegy," the big m&a deal with, you know, with -- involving the steel companies. >> yeah, said the ag job is the big most important pick. >> i am not moving away from thinking it's going to be better than the current people, which would be hard not to. >> jim, look forward to seeing you tonight. "mad money" 6:00 p.m. dow's up 25. russell holding on to an almost 1% gain. vix at a 4-month low. don't go anywhere.

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the stocks are giving up some early gains with the s&p 500 going negative masking some of the strength and the surface with gains in groups like real estate and consumer discretionary, industrial and financials up again in six school -- cyclical groups are higher today and technology is waiting on the index which is why you have the nasdaq down 2/10 of 1% with tech of an under performer but nothing extreme. look at the treasury's digestion that we did get this morning on inflation which we will talk about but we do see some buying today with yields going lower going down to 4.27. we are 30 minutes here into the trading session. shares surging of the restaurant chain and the company raising its sales forecast this year with the stock on a tear and a big winner in the restaurant space and they say the size of its

joint venture has increased to $5.8 billion for rivian and then shares of liberty media are higher in a lot of news out of that company including ceo changes in spinoffs and we will have more for you on that one coming up and i think we should talk about the big number was inflation with the overall cpi number with good and bad news. it was a consensus number and doesn't throw off the trend of lower inflation but the bad news is there is evidence of the sticky inflation under the hood. if you're looking at the overall number, we are looking at and some of the core numbers and it was pretty much in line and .2% gain in october and progress stuck around these levels and not at 2%.

those two are correlated and i wanted to point out the core index because and i will round on this but 0.28% monthly gain compared to .3% in september so better. but the year-over-year number with 3.3% is basically where it was in june so if you're looking for evidence of stickier inflation that the fed should be worried about it is in the service sector in housing so if you look at where the inflation was and wasn't, we broke it down by category and used cars and trucks had a weird surge at 2.7% of electricity a big component, shelter, food is still rising and where subtractions of inflation are are the disinflation coming from in fuel gasoline and apparel with 1.5% decline on the month. again interestingly the market

took it as increased odds of a rate cut and they went up to the 70%. i am not sure there is anything in there that makes me more confident of a rate cut in december because if you're worried about stickier prices, you see that in these core numbers with the fed paying attention to services like housing and it is still elevated above 4%. >> you mentioned auto insurance the 50% gain in a few years and food away from home up year- over-year in the bright spot is of inflation is running 2.6 wages running above it for an 18th consecutive. >> real wage growth we like to see it higher than inflation keeping consumer spending up but the overall inflation numbers are they coming down fast enough? that will be the question that they don't have to worry about it and another bright spot if we look at those, remember the angst about grocery prices and paying more? food at home has been running

cheaper than food away from home and if you look there is a chart where you can see much progress we have made only gaining 1.1% from last year and as you can see it's a very steep decline from where we were at the high levels as recently as last year for the year before so the grocery prices are showing some good signs and i think on the not so good sign people are watching these breakeven rates which is the market telling you expectations about inflation especially the five-year breakeven rate has perked up over the last two days of the combination of tariffs, better growth is making people in the market rethink the inflation trajectory and it may cause the fed to pause or do less. >> here is the president elect at the hyatt this morning meeting with the house gop and we will look at this conference this morning and interesting that there is so much happening

the expected nominees that we get in the appointments that we get from the transition in both houses of congress will vote for leadership today in the senate is looking for the first new leader in about 18 years looking like he is going to speak. >> it is nice to win. it is always nice to win. a lot of good friends in this room. so you do know we had historic kind of numbers especially for the president but we won't get into that. but the house did very well and i think we are responsible for 31 helping you with 31 meaning we could've lost by quite a bit winded up i guess you will be five up or are you looking at five or four? it doesn't matter. we get used to one for a while and when you get used to one you can get used to anything. so i just want to thank everybody in your been incredible and we worked with a lot of you to get you in and you did help me and you help me to in my numbers were so they

say 129 years the most important election in 129 years and that is pretty good and i said who is the 129 years and what was that and i never looked and it started being 100 and then they upped it to that but it's a great complement and we did get the majority by 7.1 million and that is great because republicans are not supposed to be winning the majority, marjorie, you know that, right and we did get that and we got all seven swing states by a lot and then the michigan was great and couldn't be better. i tell you, michigan was great and we had a few people, almost new jersey is right in a few points and they say, next time if we go up even a fraction of what we went up we will get new york and you will get new jersey in places that weren't

winnable. california. i think without one speech or campaigning at all in california if you think we lost by nine points and nine points in california. it is very doable and it would really be doable if they changed the election process. >> we will see what is going on with the av department at the hyatt but if we do that the president back we will bring his remarks back. it is interesting talking about the margin of victory which i think on the popular vote will end up being about 1.4% to put that into perspective and i think reagan's margin was 18 points or something like that but also i think yesterday they looked at a house gop majority and it will be one of the smallest in the history and we haven't officially called it yet but it does look likely.

but some argue it will be a guardrail if you are worried about the trump white house policy being erratic. >> he still has the house and senate and he still has i think the popular vote and the electoral vote in ways that are much stronger than everybody predicted so clearly feeling good about that so the presidency was a good outcome obviously and he likes winning and gave complements to the house and i saw some of people up there on the stage elise stefanik the congress woman whom he nominated to be the u.n. ambassador in his administration and is one of the key foreign-policy roles but he has been picking some members of the house. to your point they do have a slim majority. he can't take too many members of congress because they will have to have special elections in those districts and try to maintain the majority. >> he said he probably has taken as much from the house as he can without disrupting the calculus on the hill. >> it does make sense. so we are still waiting for that treasury pick

>> that will be important for the markets. the s&p nasdaq breaking their winning streak yesterday as the postelection rally took a pause in the latest points come in is expected as sarah said in joining us now and set the chief u.s. economist and research affiliate chairman. good morning and good to see you both. >> how much change since last tuesday do you think and is the cc being rewritten, or is this a continuation of the things that were already in place to some degree? >> i think it changed less than a lot of people would have liked to believe or would fear may happen and things are never as good as one hopes or bad as one fears and one of the things that we have written about is there is a tendency for stocks to rally in the aftermath of an election. and regardless of who wins. why?

very simple. in a contentious election, both sides are terrified that the other side will win. some are terrified enough to take chips off the table and go risk off in the election happens and one side is relieved and i am coming back into the market and the other side of those scared enough to be out are already out and you get net buying and it happened in 2020 and 2016 and 2012 and you go back to the last 100 years in a contentious election happens 80% of the time and people are surprised. >> as for yields, do they go up for the right reason? is there growth or is there worries about deficits and tariffs and labor force? >> revised are forecast for inflation slightly higher because of the tariffs and also restrictions on immigration. we aren't convinced that growth is going to pick up and if anything we revise the book --

growth forecast for that. in light of higher inflation expectations and realizing potentially that next year we think that they won't be able to cut as much as was expected before so it does make sense to see these near-term deals move up. >> you're looking for a cut in december? >> yes. we think these cpi came in around expectations so no surprise and we are still looking for some slowing and inflation in the next month and we expect sizable rebound in payroll but we think the trajectory of payroll gain is downward. with that we think the fed will still likely cut the december meeting. >> why wouldn't they take a pause? inflation shows there are sticky elements in core and services in the economy is doing fine. >> that is true and we have been on resiliency in view of the economy for a long time i

think that policy is not restrictive at this point but the fed sees policy is still quite restrictive. i think they want to bring the policy rate to a level they view closer to control. we think they will likely cut it again at the december meeting and after that i think it will be more difficult and we don't expect a cut in january and i think march is a possibility to the extent the economy continues to slow and we don't see it pick up but for the second half of next year it will be very difficult. >> dc the trump policies as inflationary and adding to this dilemma? >> so far i am not incorporating anything in our forecast about increasing deficits beyond the extension of the existing tax cuts from 2017 so we will see what the house and senate and all of that coming up with the new packages on the fiscal side

are. but the restrictions they put it on immigration and the increase in tariffs likely to come we think will be inflationary in the restriction and emigration in particular will lead in our view to a tighter labor market leading to renewed wage pressures and if anything will bring the unemployment rate down even if the economy is slowing. >> you talked about the history of behavior of investors prior to an election and anything to share in terms of when you get a bit deeper and including when the president-elect gets inaugurated? not to mention full control by one party of all the houses of government? >> marginal control. >> one of the things i think is interesting is when you get divided government, the more extreme policies of an incoming administration get rained in. so trump will be operating with governors and that is to say

extreme policies, look. a majority of 53 in the senate is not 53 maga republicans. so the same thing in the house. he will be operating with constraints in the same thing that happened with biden. and let me push back a little bit on the inflationary aspects and they are the same he was pursuing in the previous administration and we didn't have a lot then. in your comments about perhaps the new data points suggesting the shouldn't come down, those issues that you raised were already issues in the last few meetings and they did cut. i would argue that they should cut but for a totally different reason. the natural slope of the yield curve is positive and it makes sense for the said that is data

dependent to pay attention to one data point which is what they don't pay attention to, which is the market price of long-term interest rates which is set by the market. if the 10 year is in the 4.3 range, the three month and said funds should be in the 3.5 range. i think that, not the reasons that are constantly cited should be the key driver. >> but for reasons why the long and has shown higher yield? >> the economy is afraid of renewed inflation and it has been stickier for the entire last few years and has come down very slowly. history tells us and i wrote a white paper three years back looking closely at inflation. what we find is sticky inflation is normal and when

you get a burst of serious inflation, it takes time to dissipate and never transitory. >> does this mean you are still loving financials in small caps? >> relative to large-cap growth absolutely and i like non-us markets relative the u.s. absolutely and u.s. growth stocks of the most expensive investments in the world for good reason. they are great companies. but that is in the price. i think trump has inherited a poisoned chalice as would harris if she had won because you have a stock market high and economic headwinds being masked by a wealth effect from a booming stock market and by spending that hasn't dissipated spending engendered during the pandemic with people spending like there was no tomorrow because they thought there me bay -- may be no tomorrow and

once we start it's hard to stop. >> sometimes it only goes one way. >> we have a lot to discuss over the coming months. great to see you. thank you for coming in. let's move on to a corporate story we have been falling -- following involving liberty media and its key personnel and he being one of these people having run the company will be departing as the ceo and being replaced on the interim basis by the chairman john malone who will take over a vastly simpler structure or one moving toward a great deal of simplicity and those who follow closely may be aware that the tracking stocks and the like or the atlanta braves and all of the structures have been collapsed and charter also been collapsed which is the ownership of the steak that liberty has in the form of liberty broadband will be brought in by charter one of

the deals announcing he will be issuing shares to do that and take quite some time and in fact they are talking about not closing until as late as june of 2027 and may close sooner than that but it will have the effect of decreasing the share by 11.5 million shares in a .236 ratio and you have this sale of the alaskan broadband business gci sold separately by liberty broadband but then you have it going away and liberty live where they own these shares of live entertainment they are making an active trade or business is what you call it which it will become that and the likelihood is you will see a similar transaction sometime down the road where live nation perhaps also does something along the lines of what charter has agreed to do with liberty broadband namely buying it in a

tax efficient manner. liberty itself is going to be purely f1 in a sense and run no longer by mr. mcveigh but john malone and we will hear from everybody tomorrow and i taped my interview with malone as we often do so we could be together in denver but given the timeliness maybe an opportunity to speak to him and we will see. >> and you will talk to greg. >> yes and chris winfrey from charter as well as part of these announcements and so many deals and they sent a chart and i don't know if you have that but you can't make it out but it shows the scramble of different companies and everything that happened during his tenure and where they end up is a lot more simple with the purchase of these other companies and the brazen 07 in

formula one a number of years ago. >> there is a great documentary on peacock about what he did in the vision that he had and buying f1 and growing it to what it is now and i think a lot of people say it's a strong thing. >> yes. it is on peacock called inside track but in all seriousness, greg loves formula one and i think he is a special advisor that but if that is all the company is, it does feel like he has done the deals and it is in a good place and that company is operating out of london and stefan oh goes to 24 races every year but i think on this y seems weird comment i have been getting especially from the f1 folks and it really isn't and they have all the pieces in place and greg may be off to do something bigger? >> i don't know but different and he remains a member of

member of the liberty related companies in a number of others but we will see what his next chapter involves. given how he doesn't like to sit still and i can't imagine he will be doing something. thank you for saying that and you don't say that enough. >> i do like to tease you about it. >> many years ahead of you and you can say whatever you want. here is the map for the rest of the hour. one sector that could be at risk with all the changes as president elect trump's team takes shape? we will tell you about it. >> bitcoin is trading over 90,000 and so is d oge. what is going on? >> counting down to our investor summit and not too late to sign up. they will help you deliver meaningful returns and talk about ideas and we will get a preview when squawk on the street continues after this.

we are delivering alpha conference kicking off in new york city in a few hours and leslie have a look at what we can expect and another big one coming up? >> yes looking forward to seeing all three of you. it is a jampacked agenda with unique timing taking place right after the election all kicking off with the one on one with a conversation that will detail some of the latest

active and views supposed election and he has publicly backed trump and there will be panels that you have come to know and love and david will do a fireside with an endowment chief and karl speaking with a panel of investment minds who will share their view of the world impacting portfolios and then there are newer unique aspects of this event like an a.i. immersion with david and our wealth editor robert frank digging into the tax implications with the election of donald trump and then here fireside with david einhorn outspoken about the pricing is of the market in the risk of inflation and the latest pick and he will round things out the panel comprising redbird capitals and actor ben affleck about the investment opportunities in the entertainment space happening this afternoon and i am told there are a few tickets available in the register click on the qr code and there it is

on your screen and we hope to see you there. >> what are the times for this? what is the landscape changing? >> that is my take. at enough that was necessarily is expected when this was planned a year ago because normally this event takes place in september so if we had held it in september we probably would've missed all of the newness of the market dynamic in the changing world order we can dig into with some of the brightest minds who have yet to speak out on this dynamic so publicly at least since the election took place a week ago. >> coming from perspectives all around the world i will talk to ontario for example about how is u.s. assets reviewed. >> it is nice it is taking place after so you do sit there for four hours i believe and you get this enormous amount of information and this diversity of asset classes and geography to really get a sense of how

some of the most important names in the world of finance and investments view the world. >> are you going over now? >> i am. >> getting the trays of food set up? >> yes. i hear good snacks. >> pre-gaming the big game. >> still to come this morning elon musk landing a role in the white house of trump and hearing the name not tesla but a big spike in a big meeting ahead in washington is the kehiwaent-elect mas s y to the oval to meet with potus. we are back right after this.

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doge coin is surge during the victory of trump and we are breaking that down. >> we sought surge more than 20% tuesday night right after donald trump formally announced the department of government efficiency which he called doge. they have been spending a lot of time together at mar lago -- 24 in posting quite a bit about

this so this is been a big out performer up more than 150% since election day and the tesla ceo is the one who put this on the map and 2021 tweeting about it calling himself the doge father and the only crypto currency that tesla excepts on its website and in terms of what it means for the wider crypto market rally in the bank of america said it's tracking the 20 largest and 50 smallest liquid tokens up more than 31% since trump was elected but unlike the bull runs we had in 2017 and 2021, they expect this surge to the need for 99% of tokens and circulation but instead it is cash generating tokens that will power networks which will ultimately outperform these in bitcoin topping $91,000 for the first time ever as they start to price tailwinds for the industry like we have an incoming president poised to make it easier for banks to invest in digital assets and work with those companies for

crypto and regulators have stymied for years. >> thank you for that and an important thing to watch in the president-elect victory may have a major impact on the countries clean energy boom and we are watching that as well. >> one of the most immediate energy related changes we could see from president elect trump is the loan programs office going dormant and they are part of the doe providing financing for projects cutting the missions almost like a green bank and it has been supercharged and president biden growing tenfold thanks to the ira and become a go to for companies looking to scale who may struggle to get funding and private markets and it could lend $30 billion equaled all of its loans in the last decade and currently there are 210 active applications seeking more than $300 billion in funding as well as 17 conditional loans for companies including these and the clock is ticking to get as much

funding out the door as possible ahead of the inauguration because while the lpo said the federal programs continue across administrations the office of power can be cut by a director who doesn't approve loans which is essentially what happened under trump's first white house or is peter davidson said we could see a shift toward projects that oil and gas companies are investing including hydrogen and carbon capture but it will depend on who ultimately leads the office. >> thank you. time now for a news update and let's get to solana. >> a source tells us that special counsel jack smith and his team plan to resign before president-elect trump takes office in his office has been evaluating the best path to wind down work on outstanding cases against him and the justice department have a long- standing position that it can't charge a sitting president with

a crime. and amanda works for the us government has been charged with leaking classified information on israel's plans for a retaliatory strike against iran in the documents appeared last month on the telegram app and the fbi arrested a suspected leaker this week days after he was indicted on two counts of willful transmission of national defense information. and facebook owner meta will go on trial over antitrust allegations with them suing the company for allegedly overpaying for instagram and whatsapp to crush emerging competition and today a judge rejected their attempts to end the case but the company got the dismissal of some claims from the suit expected to schedule a trial date later this month. >> we will be covering that for sure. and still to come it will take you live to beijing is companies there have proposed tariffs and then don't forget you can catch the 10:00 a.m.

our of us and listen to the podcast available now on spotify and apple music and we spotify and apple music and we are back in a moment ♪♪ data science can help address some of the biggest challenges in financial markets. if we focus on the mortgage market and follow the life of a loan from origination right through its pricing in the capital markets, our data science capabilities can provide a deep level of insight. at ice we have extensive data sets, especially around three pillars. the property, the mortgage and mortgage performance. this trifecta of data and its history is a bit of a data scientist's holy grail. ♪♪

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president elect trump and his proposed tariffs have american companies bracing themselves as potential targets of chinese retaliation and we are in beijing with that. >> reporter: the chinese government has now an expanded toolbox to target american businesses both in the united states as well as here in china and first of all the authorities can impose counterterrorist as well as cut off agricultural purchases as they did during the trump

tariff threat in his first term in china has also significantly changed the export control so it could curb the sale of key minerals to u.s. industry in beijing could also broaden its retribution methods to include squeezing the operations of u.s. companies here in this country with enhanced laws like antiforeign sanctions law that triggers probes and fines as well as restrictions in the country and pbh for example which the owner of calvin klein in the middle of one of those investigations under this law and china has an upgraded anti- espionage law which the american chamber of commerce describes as ambiguous and described in uptick of executive as well as staff detentions and exit bands and then there are folks who have been describing a day-to-day grind of the regulatory issues

that people have to deal with because the business climate has changed a lot over the past several years since president trump was in power in the last time the president of china has consolidated power even more so what people have been telling me is that he has to give a nod and signal that the united states is oppressing us or suppressing us in the local officials will make their lives that much more difficult. >> where do we stand on the results of the trump 1.0 trade deal with the original terrace in the deal that china was supposed to make all of these concessions in exchange for that the biden ministration kept in place? >> a lot of people are here talking about how the chinese didn't hold up to their end of the bargain and didn't get the mass purchases of agricultural products they were supposed to

do and there is concern that because of that, if president trump sees this and considers it and gets upset about it that it means there could be harsher action on the chinese. so companies are planning for all of this and it is a little bit dark and people are kind of wondering where they are in the lineup for the chinese saying that and thinking about how important is my business to china's development and if i am important, then maybe i am safer and how many people do i employ here because if i am a big employer sometimes the economy has been little bit of a stress situation that could give me a benefit and one big wildcard is the potential for boycotts. and that is if nationalism rises up even more.

>> the corporation was in the process of migrating some of their supply chains to india or vietnam. what is the thinking right now? do you continue with that, or do you freeze in place? >> i would think most of them would be continuing with that and i have been talking to folks saying they have looked at their own suppliers and the chinese suppliers to see if there is any way they could be able to start to source from them in other countries because there are a lot of chinese suppliers in the run up to this bracing for this type of tensions and they have been diversifying themselves to southeast asia and india and other places so you is companies here are thinking are there other ways that i wouldn't have to tip my source here in china. >> after the break a deep dive >> after the break a deep dive into swift we help advisors movd by building agile

swift's economic boost making her way through canada and the author behind a new book about taylor swift joins us next on the superstars rise and we are back in just a moment. better questions can lead to better solutions. t. rowe price. invest with confidence. custom ink helps us motivate our students with custom gear. we love how custom ink takes care of everything we need so we can focus on the kids. we make it easy to wow all your groups with high quality custom apparel, accessories, and promo products, all backed by our guarantee at customink.com. we really don't want people to think of feeding food

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[ screeching ] [ chuckling ] ta[ vocalizing ]m. that's a choice. [ vocalizing ] think of what we could do together.

let's dive into what i think is one of the best economic stories of the year the taylor swift economy and the increasing consumer spending when the tour hit cities and abroad we have seen that with economists at morgan stanley estimating the tour could add $9 billion to you sgp consumption growth in the third quarter and our next guest is a new book detailing the cultural impact of taylor swift and joining us here on the set is the author of heartbreak and the national anthem how taylor swift reinvented pop music and also a rolling stone contributing editor. it is such a pleasure to have you here. >> thank you and a pleasure to be here. >> for those who don't know rob he wrote the encyclopedia on taylor swift with all of her songs which i do disagree with many of them as far as your ranking but as far as the tour for eras you have been writing about this for a long time and

arguably it is the most successful economic tour and how does it reset the idea of live entertainment? >> there is nothing else you can compare it to. last year it was the biggest grossing tour. however, it was the bigger than two and three together which were beyonce and bruce springsteen and taylor swift out grossed the combination of those. >> what is it for people who don't get it? >> it has become a phenomenon and not just the show itself but the whole phenomenon going from town to town and she takes over a town and i loved when she went to dublin and youtube said leave some of it standing and that is what happens. this small nation invades and spends money and time in that town. >> one of my questions is what is she do next and how does she

top this? >> nobody knows but the question is how do other artists on tour how will they rise to this challenge or can they? >> it is hard to say when bruce springsteen started in the 70s people thought we all going to have to do three-hour shows now? and she has raised the bar for everybody. >> one thing i appreciate about your work is that you have been writing about taylor and her music well before it was even critically acclaimed as it is now so what did you see? >> for taylor in the very beginning you can tell she was somebody who was really thinking long term in terms of music history and she wanted to be one of the all-time great artists, and she wanted to be up there with prince or springsteen and she wanted not to be a pop store -- start where people talked about what she did last year the year before but all-time. >> is she?

>> is there anybody as culturally relevant and reached her celebrity status? >> she could've retired before she was old enough to rent a car and she would still be an all-time legend of the songwriter and performer. >> i wonder how you balance or influence on live music versus recording and royalty and masters and scooter and whether or not she empowered other artists to be as assertive about ownership over time? >> absolutely. she got people thinking about things like that and young songwriters come in nao■e about concepts like that and they don't the business and particularly publishing they come in unaware of. she has encouraged younger artists to think in terms of protecting their work and vision in terms of stuff like that. >> are labels making it easier in that respect? >> there making it harder introducing items and contracts that prevent them from saying we recording all of their songs. and taylor has raised the idea for what artists can push and ask for an labels are

definitely pushing back. >> i wonder how many would be able to do what she has done because as you say nobody even comes close when it comes to the level of those fans in the amount of music. >> something key in both of those things whether it is the tour or re-recording her albums that she envisions things that nobody is done before because they are impossible and she finds a way to do it and then every but he wants to do it after she shows it can be done. >> are there runners-up from her influence and maybe from countries that artists may not have heard of or viewers have not heard of and you mentioned springs staying and a lot of people get that. >> bob marley is a great example and like she aims to be on his level and prince the way she makes a different album every time and i was one of those kids that thought purple rain is the best and he changed

every album and he always said i don't want my albums to sound like last year's in my want people -- i want people to put on my albums and not get bored and she does that the same way and has a drastic change each album. >> sometimes you can look at leadership lessons for ceos and how they rolled out this tour and how she rolls out her music and how she connects with their fans and how much of it is she controlling versus people around her? >> she controls it all and she takes ownership seriously and in terms of protecting her work and vision by controlling everything that she can control and she does everything in house that she can and we saw when she had ticketmaster do the tickets for this tour and it turned out to be a major quagmire and made people wonder will she take over the ticketing next for instance like the grateful dead did in the grateful dead got to a point where they were big enough as a live act they could do the ticketing. >> we like to say in our

household that everybody is either a taylor swift fan or you don't know yet that you are. the new york times asked recently if she is the greatest pop artist ever? is she? >> i think she has a claim on that and she is up there with the beatles, prince, david bowie as people who are determined to be in forward motion and they won't get trapped they don't want people talking about what they did last year and she doesn't want people thinking about the old taylor she used to be in something that hits home i think for this eras tour and she is going through all of these different eras and personalities. so they are artists determined to be in forward motion. >> i could talk to you all day but we will leave it there and congratulations on the new book and heartbreak is the national anthem and thank you for being here. and taylor swift is a change maker in 2024 and this week we do extend the deadline denominate a leader for the 2025 changemakers list and

changemakers recognizes women transforming business and philanthropy each of whom is accomplished signature achievements in the past year and you could nominate a change maker through november 18 so click on the qr's code and taylor is well deserving of that distinction. >> we continue to await with the president-elect at the top of the hour and we are at the white house ahead of that meeting and hello again. >> good morning. president elect trump is wrapped up a meeting with house republicans on capitol hill, meetings that elon musk was a part of the now he has made it and on his way to the white house and we are moments away from that meeting with president biden and just before we get to that i want to mention that we just got four new names from the president- elect of staff who are close aides and allies joining him next year and the deputy chief of staff dance gavino, james blair for legislative affairs

and personnel and stephen miller also is a homeland security advisor and deputy chief of staff and many of those met here in washington for these meetings. today's meeting between the president is a tradition but not a requirement and it marks the formal transition from one president to the next and meant to highlight the peaceful transfer of power and i will note that this didn't happen in 2020 and president trump at the time didn't extend the invite to president biden but it did happen in 2016 and that meeting with president obama went on more than 90 minutes much longer than had been scheduled and in comments after both presidents were complementary of each other and seemed in good spirits and those of the sort of tea leaves we will watch for and what is the tone set by the leaders of these parties as the country moves on from last week's election? will keep an eye on that and that should be starting any minute? >> thank you. we will see megan in a bit.

as we do and here it is funny that the incoming trump administration and the expectation is there will be more generous things when it comes to allowing deals to take place but one deal that they most likely won't have to weigh in on is the linkup of directv and dish and you may recall not that many weeks ago they had ceos announcing the deal in which essentially directv would take on a good deal of the indebtedness of dish and that was it. and then take on the entire service as well and it won't happen in part because bondholders of eco-star are saying no. and the deal that they agreed to as well they did get a $2.45 billion loan that satisfied their debt maturities for the remainder of this year and they also closed the spectrum back debt to fund a network build

but the good deal is bondholders have said no so far and here's a statement from direct tv with a successful exchange conditioned for acquiring the business and directv will have no choice but to terminate the acquisition of dish by midnight on november 22 so unless in the unlikely case that somehow this pot is sweetened for debtholders that deal not going to happen. and the live market coverage continues right after this.

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♪ good wednesday morning. welcome to monday movers. i'm carl quintanilla on the new york stock exchange. watching the markets, dow up 124 after wobbling a bit at the open south of s&p 6k. treasuries didn't get to 444 where we topped out november 6. we will watch that. >> buying after that cpi report comes in line. we will start in washington. this hour president biden meeting with president-elect trump in the oval office. our meagan casella outside