points. nasdaq futures 200 points lower, the s&p 500 down by 55. that's probably a decline of just over 1% for the dow, which is at 43,000, so earlier this morning, it was just over a half percent. we'll continue to monitor. >> 500, that's the landmark. we hope we see you right back tomorrow. time now for "squawk on the street." ♪ ♪ good tuesday morning. welcome to "squawk on the street." there is some flight to safety this morning on these renewed russia/ukraine tensions. gold is higher, yields are lower, futures drowning out some of walmart's beaten raise. a

russia/u.s. tensions hit the global markets, putin lowering the threshold for a nuclear strike. >> walmart shares look to be up. the retail giant hiked its outlook, and expects to be a strong holiday season. we're also watching tech anti-trust headwinds. the doj is set to ask a judge to force google to sell off its chrome internet browser. let's begin with geopolitical tensions. the kremlin announcing that russian president vladamir putin has updated his country's nuclear doctrine. it says russia could use nuclear arms if attacked by a country backed by a nuclear power. moscow's defense ministry claims ukraine has carried out its first strike using these u.s. long-range missiles days after a report stated that the biden administration lifted restrictions on ukraine's use of such missiles against targets

inside russia. jim, this morning, you wrote something like this oes tend to get yields lower. >> we're in a situation where you were trying to figure out why did they not have long-range missiles before? obviously, there would be a statement about a nuclear response. this has been what everybody feared. at the same time, david, there's a belief this is really it. if you're going to have a negotiation, this is now the negotiation starts. you say okay, look, this is no longer -- this is out of control, and maybe we ought to sit down and figure out what to do. whether it's solved by this administration or the next administration, this is the escalation that everyone had feared, and here it is. >> yeah, i think the expectation is the incoming administration that conceivably will try to settle things, as president-elect trump said he would do in 24 hours. that remains to be seen whether, in fact, that's possible. it's been many years of this war. >> right. >> 1,000 days today.

>> sometimes we forget the human toll. the russians, by the way, losing -- the british estimates, which typically are referred to by many publications. the journal's coverage has been amazing of this war in so many different ways. 1500 people a day getting lost by the russians, just to put that in some perspective again in terms of what's been hot here. we know north korea has provided by as many as 13,000 soldiers. we haven't focused on this war that often since the early days, when we saw commodity prices rise and a lot of different s roiling global markets. >> it's ripe for some sort of negotiation, because it's obvious so many people re being killed. the idea of selling it, selling the market here, you finally

have interest rates down. you finally have a situation where the markets, other than a few stocks, might not be under attack. we really had a stocks fall off last week. we realized wow, trump is not -- he may not be that friendly to the stock market. so maybe you get, i don't know, look, if you say that you should buy something here, and anything bad happens, it will never be forgotten. that tape will be run forever. cramer says buy, meanwhile a city was obliterated. but if you think that it won't be, and you think this is just the escalation you've been waiting for, we finally have a chance to buy some stocks. >> certainly defense names you expect would be an easy pick. >> i think rtf is a terrific stock. it's got aerospace and defense. i don't know if i can buy boeing. boeing has not demonstrated anything to make me feel

confident. you can buy lockheed martin. you have this palantir thrust. you don't want to own by of the big hardware companies. we've been speaking here, that stock is slated to be the number one stock in the s&p here for the people who moved from gamestop buyers to this one. and this one has what i call gravitas. >> palantir has gravitas, a market cap $30 billion more than boeing. >> boeing is having one of the worst years that i've ever seen. >> when you talk about stocks, jim, and you say time to buy them, i find that's a bit quizzical. >> some stocks are down so huge. >> and interest rates, they've been higher. you're just talking about today. >> i'm saying today, you get a chance today. it's a very positive market, it's just there are sections of the market that -- like the drug

and food stocks. we have all decided that bobby, jr., is going to roll over this, i don't know, like stalin rolling over berlin. >> is that what we're calling him, bobby, jr.? >> i kind of like "the sopranos" thing because he's so powerful. >> we do have a downgrade on kfc. they don't say it's more about rfk, jr. but reports on reworking snap eligibility. >> kraft is a terrible company. honestly. you know what? it's okay. and maybe they do -- it's okay.

mccormick doesn't. >> can we get a long-term kraft -- >> this is a buffet holding. >> well, there you go. >> so is ulta. that was a buffet holding. buffet doesn't trade. but ulta was the definition of a trade. is that all right to say that? look at that. >> hasn't worked out the way they planned. some of their hopes have been dashed. >> look, this is the one that he wants. if bobby jr. is serious, he goes after this one. he's a real force. people don't know what he's going to do, right? >> we don't know if he's going to be confirmed by the way. >> you have to presume. do you want to presume nuclear war, rocket man? >> the ceo says he's less concerned about rfk, jr., after

having spoken to members of the president-elect's transition team. >> e needs to be concerned about profits. >> he may not be confirmed. and larry robins yesterday, a big health care investor, he took the position that at least he seemed to think there's a decent chance he will not be confirmed. that's all a big guess, who knows? but it may quickly change the complexion in terms of the marketplace into some of these stocks if, in fact, rfk, jr., is not confirmed. >> yeah, there is going to be an fda head that -- there is a good piece about how the things that bobby, jr. could do. he could make it so that if you were a doctor at pfizer, you would spend a little more money away from that, but let's go over -- i want to go back to

nestly. do they have that much fat? it's like oscar meyer, all we do is spell these names. they're spinning off pellegrino, perrier. >> the morgan stanley table yesterday, looking at big pharma spend. do you want to guess which company has the total highest percentage of pharma spend? it's where we work. comcast, 17%. >> yeah. >> owned by paramount. >> at least we're not doing firing cop shows. there's a network, all they do is firing cop shows. i'm tired of that. cops, fire, hospitals. it hasn't worked for 30 years. let's keep doing it. >> broad cast is down so much

less than linear cable. broadcast is hanging in there. >> can i just say, if you ask me what the worst group is in this entire area, it's that group. >> which group? >> entertainment, cable. >> i thought it was drugs. >> that's bounced back. rob davis has a terrific -- he's got the vaccine -- i don't know, you saw what they're doing? >> i don't know -- oh, ou're talking about merck now. >> merck is pretty good. that's a good company. look, i think the drug companies are doing things, their cybersecurity looked good. i like the banks. but i'm not going to go after lunchables. lunchables is not the future. >> is that kraft heinz? >> yeah. >> cryo genics in order to cool off the data centers --

>> don't be raised on hawaiian punch and pop tarts, because this is what happens. >> mars is buying kellanova. >> they own hostess, and in a nuclear war, you eat the hell out of hostess. >> gl1s are bad for many of these businesses, and now we're arguing rfk could be bad for them. >> do you remember when the piece came out that said people are going to -- planes are going to be lighter, because so many people will be on glps. that was the bottom, and we are approaching that market. >> do they know, looking at how apparel sizes would change? >> that was my favorite.

>> buy the airlines on g lp-1s. people are going to weigh less. >> look, i don't want to offend that person. >> you've offended so many people in the last 11 minutes it's unbelievable. >> oh, go pound sand. coming up, we mentioned this beat in raise, and some solid comps. take a look at the premarket. we'll get to some travel, as well. we have a top pick on ual. many calls on nvidia, wi futures sharply in the red. don't go anywhere. d by building agile etfs designed to outperform the index. that's the power of curiosity. better questions can lead to better solutions. t. rowe price. invest with confidence. (luke) homes-dot-com is a new, t. rowe price. elevated home-shopping experience. it's the only site that always connects you to the listing agent. feels like a work of art! (marci) what about the app? (luke) uh-oh! (marci) wow! went all in on gold.

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walmart is up in the premarket. the retail giant raising full-year guidance going into the holiday season, the company with the quarterly beat, sites strength across merchandise categories. e-commerce up 27, ads up 28. >> they are about to inflect like you wouldn't believe.

here's a stock that you buy. there were no flies in this, and one of the things we have to remember, the stock was up three at one point, down 1.9. but carl, this company, everything they offered was a great value. the people who make more than $100,000 a year are shopping now. so this is the win-win. their e-commerce is so strong, that you have to wonder whether -- there's such a clear number, amazon. you have to wonder when that business is going to start making billions because of the ed a -- because of the advertisement. >> the vendors are paying you to advertise on the websites. >> that's unbelievable. >> the margins are incredible, and walmart has grown that business significantly. >> they have all these groceris $5 or less.

grocery is doing very well for them. i look at this quarter and i say, what a lucky thing. this stock will be up five, six. >> you look at 20 years, but even the last five have been ery strong. it's been very successful. you've been a big fan for some time. >> i've been a huge fan. yes, i am a huge fan, and they have done remarkable things in terms of making it so the prices were rolled back after what happened in this country. and i think we're starting to get a feel now that president-elect trump was elected, that -- there wasn't a walmart for houses or cars. walmart made it so that it became the anti-gouger. but obviously, vice president harris did not figure out who to embrace or hated business so much, they would never call doug mcmillen or costco and say how

do we get prices lower. the antipathy they had toward businesses we don't talk about enough. they never embraced any of these companies. by the way, who else has kept prices down? well, the titans, and the titans are being attacked once again. they're walking out of a building saying listen, grenade to the major titans. amazon has kept prices down. >> that's what you were talking about. >> remember the titans? coach boone, he's thinking about coach boone. >> it's about margins, the kind of thing the harris campaign was targeting. there is an item on the table that a walmart spokesman says that under trump we're concerned that tariffs could lead to increased costs for our customers. >> i think that everybody recognizes that. that's who you voted for. >> we should emphasize, u.s.

comps up 5.3%. >> that's so hard to get. those are big numbers. >> i was just going to agree with you. >> okay, thank you. >> those are unbelievable numbers. >> every so often, just a brief moment of silence. meanwhile, inventory down 0.6, pretty well managed. >> oh, my god, it's a check, check, check. by the way, they think about it every minute. one of the things that's amazing about walmart, i just had such a good experience, he said yeah, that guy is so great. did you like -- i mean, they are what we used to think sam walton was. they know the stores. it's really incredible. they know my one in neptune county like the back of their hand.

you don't know neptune county. >> you've got to be a good merchant. it all starts there. it all starts there. that's what sam taught me. >> he did spend a lot of time over there. >> i did. >> this makes me feel good. i have total faith in america. >> when we come back, we have plenty of names to get to, including lowe's, some news on the chips today and we'll talk about nvidia's print tomorrow when we return.

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(♪♪) okay. seven minutes to go in what has been a fairly wacky show. i want to talk a little robin hood. >> i want to up end an industry right now. if there are people in a brokerage house listening, this is the king. these guys have the next generation. the other guys have the people who watch fire shows and hospital shows and detective shows. these guise have the young. they watch tiktok, youtube, and they watch their trade crypto.

and this morning, they -- robinhood did something, they spent $300 million to buy a company that does ria transfers. you know, you'll see them, they are -- it's an ria custodian. so if you're -- this is one of those butch cassidy and the sundance kid situation. >> who are those guys? >> you're sitting there, saying who are those guys? i would say, they're the guys who are the great wealth transfer about to happen with the baby boomers, they are crushing it and you just missed it. and what's amazing is, i think that all these guys could have been shut down early on. they ended up winning. they won. >> now they have the younger cohort.

and also crypto, obviously, very important. >> crypto's crushing it. this is also the anti-ginsler. ginsler was the fireplace. >> always the fireplace. we finally did get out from the fireplace. >> this thing won. everybody else lost. what can they ever amount to? i mean, you know -- >> you're not buying it at the top here, jim? >> no, i'm saying they won. i'm not saying buy the stock. but they can go down, david, because of moscow. because of fail safe, because of dr. strangelove. i don't know. fluoride. >> we have an opening bell 4 1/2 minutes from now. listen to and follow "squawk on

the street" opening bell podcast.

shares of lowe's moving to the downside, despite posting a quarterly beat and raising guidance. comps were red, down about 1.1. >> marvin nelson is doing a great job, but the do it yourselfer is not spending a lot of money. you should get these home equity loans at this rate, but there is not enough business in do it yourself, there is some in professional, which is why marvin is not going to do as well as home depot. home depot doubled down on the professional, which is the right thing to do. i'm never going to count marvin nelson out, but marvin himself was not as upbeat as i thought, and that makes it so hard for me to be upbeat. >> you liked home depot coming out of the quarter, and that's also down. >> that's an opportunity. [ applause ] [ inaudible ]

[ opening bell ] >> we have the opening bell here. celebrating the one-year anniversary of the etf at the nasdaq. a nasdaq listed company that builds and designs the processing systems used in semiconductor manufacturing. vix above 17. >> look, again, unless you think that -- i remember buying mcdonald's at the time of chernobyl. mcdonald's opened down five, six points because people felt the beef had to be spoiled. it turned out one of the

greatest trades i ever made. chernobyl did turn out to hurt sweeten, it never blew here. that was one that was actually going off. this one is putin saying the stuff that we thought he would say, if you have long-range missiles. but what happen it is this causes people to go to the table? not unlike what happened when richard nixon decided to bomb a children's hospital on christmas day, which set a message to north vietnamese. maybe that president is crazy. well, that sent a message. we did that. so people do send messages in crypted ways that say let's go to the peace table. i don't think it's out of a reason to think that this is the moment for peace if you study what we did with the north vietnamese. >> i certainly hope not. of course, we did lose. >> i'm talking about how the war came to an end. it came to an end, thank heavens

it ended because so many of their soldiers died after trying to do their absolute best, but our leaders put them down. >> i think russia has lost multiples of our losses from vietnam. >> russia was willing to take 28 million casualties in world war ii. >> meanwhile, you have the germans who did not agree to send long-range missiles into ukraine, and of course, sholz just had a phone call with putin. >> i think there has to be talks. everyone realizes this has been cataclysmic. it became a very world war i style war. i have a company on today that does drones and it turned out to be a drone war where it's much easier to kill people than we thought. >> it is a drone war. ukraine is now manufacturing its own drones. by the way, it has changed the

face of sort of warfare going forward to a certain extent. >> yes, it has. >> the asymmetry of incredibly cheap drones. >> versus the millions we spend on our stuff, which isn't talked about enough. that's a palantir -- when you read the palantir pamphlet, basically it has to be up-ended, and the five families of hardware have to be defrocked. that's why palantir is up so much. they did warp speed, and they have a way to be able to make it so we don't spend the fortunes that we're doing. by the way, our drones cost a great deal, and their drones cost very little. >> the future of warfare. also ai to a large extent. >> is this a segue? >> yes, i'm segueing to nvidia, one of the few names up this morning. 33 minutes into our broadcast, we haven't mentioned generative ai or nvidia.

it's sacrosanc to not get to those sooner. >> if you believe what the information says, it would be a master shortfall and you should sell the stock. >> i don't know they said that. >> they said blackwell is late, can't get it to work. >> understood, and they did come out in defense. to the point we made yesterday, even if, in fact, it was true, it doesn't mean that demand isn't being impacted over the long-term. >> absolutely true. >> that would be about it. nvidia still stands alone, it would seem. >> i say don't trade it. there's two things you need to know about nvidia. one is that they have incredible demand, far more than they can handle. and, you know, secondly, there's to competition, because no one is even remotely near them,

including amd, which is a company that i like very much, and they're not. >> they consider the data center now sort of its own super computer. >> you had another good one yesterday. there was an atlanta conference, and once again, you understand that he's just a bigger thinker, he understands it. >> you know where the largest super computer in the world is now, right? >> yeah, it's in tennessee. when you speak to jenson, he'll just say they are amazing to work with. remember, there wasn't a conference call referenced by elon musk, which basically said yeah, they're good at it. this is part of the brain of why we should have self-driving. this man, musk, has thought as far ahead as jensen.

>> jensen has praised and basically sits in we of what they have been able to do in memphis. >> did you notice by the way -- >> post market value of $50 billion for xai. and all of it, going to buy more h-100s to increase the capacity of that already biggest super computer in the world. >> you must realize -- let's say we were going to intel. it's not like that. you have have the h-100, which is not the latest model. you know, this is all one generational, h-100. it doesn't matter. it all works. >> because nvidia, that is what it's all about. >> it's why ruben is -- >> one of the potential

candidates for treasury secretary was speaking broadly about data centers and direct investment in the u.s. in particular, at a conference in hong kong. we were able to get a bit of what he said. take a listen. >> what we're watching is what i'll call this, you know, global renaissance, or industrial renaissance, that is taking place. and the factors are not just the new fangled data centers. what's going on is nothing short of extraordinary. i mean, people forget the last three years in a row the u.s. has been the largest recipient of fdi, likely will be again this year. massive amount of building. three years ago in the u.s., we allocated money for infrastructure, all under construction. two years ago, $52 billion of semiconductor subsidies. not a single plant open yet, all under construction. a year ago, the "inflation reduction act," $1.3 trillion, everything under construction.

defense, ramping up. and so what we're watching is this incredible demand for capital happening against a backdrop of a u.s. government that is running significant deficits. and so, the capital raising business, i think that's going to be a good business. >> apollo, one of the giants in private credit. and still, i think, we haven't heard any further reporting, have we, on the treasury? >> no. was he -- is he trying to say that there's a renaissance or we spend too much? >> he's saying it's a renaissance, and pharm directed in particular has been record breaking. money from the infrastructure bill and the like, and just he amount of building that's going on, in particular around data centers. >> we couldn't be more right. it's encouraging to hear him say that. what you're getting here is

nothing more than an inflection of an industrial revolution in our country. the fact that all the companies who are in autos have to build things is a great renaissance. i wish we had the people. that's why we need the computers. that's why we need blackwell, which is the latest iteration of nvidia. just to close the loop on nvidia, what will happen is the question will be pushed back from the january-to-april quarter, but it will still be incredibly lucrative. when you hear these things, how did biden -- how did harris lose? you're -- you have an industrial revolution happening in our country, which is creating jobs. you have unemployment that could go to 3.5%. the reason she lost your house went up 35% and they're building

$47,000 cars and people can't afford them. >> inflation has befelled incumbents around the world. >> why didn't they know that? >> really, i mean, the popular vote margin is less than 2%. it's not a blowout, but it was enough. >> i don't think they had any -- it's either they were progressive, and i don't want to be too self-touting of what our network does. did they ever listen to what the businesses do other than tanner and khan, who knew to take the businesses that are crown jewels and try to destroy them, did they ever listen to what happened like to what costco or walmart did? did they ever listen to whoever knew what the hell they were doing? >> the democratic party has to rethink its broader strategy to appealing to as much of the electorate as possible, perhaps being viewed as anti-business,

or at least the left part of the party. it's not necessarily a great strategy. >> this has turned out to be the greatest source of social change. business is putting a lot of people to work and they didn't like this. they want to take chrome from google. why don't we take prime away from amazon? there's an idea. why don't we take the cell phone away from apple, they're too powerful. >> there is a thought that they are all too powerful. these enormous platforms. that alphabet is too powerful. >> they were against inflation. >> and amazon is, but that doesn't mean -- two things -- >> nobody in america thought these were the enemy. the enemy was, you couldn't get a cheap house or car, food went up a lot. the enemy was not google. wow, let's slam meta. >> most voters going into the voting booth were not thinking about anti-trust policy. >> you have called these companies nation states. >> they are, but they've done

more to help our country. you think about huawei falling behind because we wouldn't let them have american technology. why isn't anyone proud? why aren't they proud of these companies? nvidia is an american company, by a guy whose parents came here from taiwan, who went to oregon state, discovered everything. >> you don't need to -- >> he did a great job. >> i show up every day to talk about this stuff because it's amazing. >> the current administration has gone to event after event, giving money to micron, giving money to intel. in fact, there's a story today on the tape about how many billions are still trying to get through the complexities of government funding. >> he's a great american. >> ceo of micron. >> why didn't they embrace

m.i.t. -- >> these are all great stories, jim. i have no idea whether or not it would have impacted the results in michigan, wisconsin, and pennsylvania. >> do you think it's time to separate prime? do you think they're too powerful? what do you think? >> there is a belief that the anti-trust laws have not been used effectively for 30 years. >> well, it's about time to block spirit, because i want spirit closed. >> that approach is going to change yet again. as i continue to say, we ale have to wait and see who is appointed to run the enforcement at the ftc and the doj. >> right. >> the guy who is running the nominee for the doj, i don't know, they don't -- they sound somewhat optimal. i don't know. >> house ethics will meet tomorrow -- >> we haven't gotten to the doj head of enforcement.

>> the head of -- >> you're talking about matt gaetz. >> they don't -- >> they're the anti-trust enforcer. again, the point is there may still be a populist focus. there is a distrust of some of these tech platforms re-elected in vice president-elect vance's comments. >> i am just pro these companies because they have done a lot to lower the price for the consumer. but if you read khan's work, she was worried about protecting the small business from amazon. and i think the 200 million people are saying amazon is a great brand. >> we said this at the time. every time there was a new enforcement action, we would say public approval of amazon is high. and this will be an uphill battle politically. >> right. i just think they just missed it. they have the progressive wing.

>> in the world of ai, jim, these companies are spending more than frankly most governments would ever hope to spend. $300 billion going to spend in 2025 on building the data centers that we just discussed, on building the compute power. how many governments would spend that? hardly any. >> when i was growing up, the russians beat us into space. we have won everything, game, set, match, space. somewhat are they doing? killing as many ukrainians as possible. there's a real difference in society. they're killing ukrainians, and we're trying to save the world. i luke us ike us in that march. >> the new president-elect is going to go to the launch today. >> are we a great country or what? i would love to go to that launch. >> yes, jim. >> he doesn't really understand.

>> excuse me? >> you should go to a launch. >> i would love to. i've never been to a launch. as i said many times, when it's up and running, it will have realism my cases, including starlink, of course. and what he's going to be able to put up on a regular basis in terms of new satellites that he will be able to unload from the starship. biggest thing that's ever gone into space. >> we just put up a buy list. with the exception of nike. i don't know about lulu. >> you're just watching the tape now. >> what are we supposed to do? >> that's what he does, he watches the tape. >> i want to talk about the way that the sixth army was better than the eighth army when we went island hopping between '43 and '45. there we go, okay?

>> intuit is an interesting story, looking to allow you to pay taxes via a mobile app. some call it a continuation of what has already been worked on, and that is simplifying your returns. >> i would buy intuit. they're for a small business. i don't know. david -- >> yes, jim? >> amazon under $200 is a buy. >> okay. >> i'm sorry to be -- david doesn't understand this is not "meet the press," this is "meet the stock." >> is that what i don't understand? >> i think walmart is another nation state, and they are doing great things. but no, we have to focus on the fact that china is superior in every single way. >> what in the world happened to you overnight?

did you not get any sleep? [ overlapping speakers ] >> all you do is talk about how they need stimulus. >> what are you talking about? >> i like walmart here. >> okay. >> that's great. carl, if you have a takeaway from the last 47 minutes, he likes walmart. >> by the way, they watch, they listen, and they're not unhappy. >> glad to hear that, too. >> as we go to break, watch bonds today. starts were a miss. 1.31. we were looking for 1.34. we'll get a little fed speak today at 1:00 with the kc fed president. dow is down 390. stay with us.

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today. the s&p is down just about 35 points. wan standout is walmart on that beaten raise, and these improved corpses comps for a third straight quarter. you can see the 20-year gain. year-to-date up %.65 we'll get stock trading with jim in just a minute.

time for jim to stop trading. >> carl, i mentioned robinhood. the other is mizuho. it's finally broken out. it had been a stock people were angry at. boom, now it's really flying. that's the other youthful brokerage financial adviser. tonight, i've got air environment, which is drones, and let's ask about whether our drones cost too much. i know lockheed has done a remarkable job. and rockwell, which does digital twin factories, which is a lot of people feel automation is the future. >> busy day for black and decker, delta.

>> i have stanley black and decker in the portfolio. i think it's rock bottom and an interesting opportunity to buy. >> we'll see if any of these opening losses get under wound here, jim. >> i think you have great opportunities here. lowe's is down 11. marvin nelson is a very good operator. i betcha that stock can bounce a week from now. that's a good operator and shouldn't be down this much. >> a lot headed our way later in the week. >> if there are nvidia watch parties, we know we're in trouble. >> we did mention steeple going to 180 from 160. >> that's really great. >> giving up here is like giving up on the iphone 6. >> i know the company feels that way, i feel that way, and if people aren't reading him, i think they're not understanding a lot. it would have been great if the administration had read him.

they would understand somewhat companies are doing good things. >> the election's over. >> i think you have to start examining your playbook immediately. if you're the cowboys right now and your season's over, you're looking at the playbook for next year. that's what the democrats need to do. >> jim, we'll see you tonight. "mad money" 6:00 p.m. eastern time, as the dow is trying to work on these opening losses, down 3. st wh . ayitus 50 ayithi, i'm damian clark. i'm here to help you understand how to get the most from medicare. if you're eligible for medicare, it's a good idea to have original medicare. it gives you coverage for doctor office visits and hospital stays. but if you want even more benefits, you can choose a medicare advantage plan like the ones offered at humana. our plans combine original medicare with extra benefits in a single, convenient plan with $0 or low monthly plan premiums. these plans could even include prescription drug coverage with $0 copays on hundreds of prescriptions. and medicare advantage

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good tuesday morning. welcome to another hour of "squawk on the street." stocks under a little pressure. we're not down quite as much as we saw in the futures this morning, but still down, 368 points on the dow. s&p 500 off about a half a percent, getting some headlines

overseas, which we'll talk about, russia/ukraine tensions ratcheting up. you have every sector lower right now in the s&p 500, leading us down our financials, giving back 1%. industrials, energy at the bottom of the pack. real estate, holding up well. consumer staples holding up better, so more of the defensive groups. the nasdaq is down 0.3%. we do have some strength in names like nvidia, which is helping. also, super microis up again today. so that's offsetting some of the losses. apple is higher again today. take a look at treasuries right now. a safe haven bid for bonds. and that is what we have seen across assets this morning. the ten-year yield, just below 4.4%. we were inching higher than 4.3 yesterday. 30 minutes into the trading session, here are some movers we are watching. walmart hitting new highs after raising its outlook again.

the lows down, more on the retail trade coming up. after hiring a new auditor in an effort to maintain its nasdaq listing, the stock has been cratering since peaking in march, due to growing fears about compliance with nasdaq. and alphabet, the justice department plans to ask a judge to force google to sell chrome. we'll discuss that later this hour. let's start on the safe haven bid that i mentioned, flight to safety, because it's not just in treasuries, you're seeing it in the japanese yen, in gold prices as well. gold hasn't done that well since the election. it ran up into the election, maybe on worries about uncertainty of a result. after we got that, it sold off, now it's up again today on fears overseas. it is all after reports from russia and ukraine about the u.s. long-range missiles that were used in russia. of course, this revision of the

nuclear doctrine from russia, putin sort of lowering the threshold for using nuclear weapons. the putin quote here -- >> and then markets sold off further when we heard from the russian foreign minister lavrov. >> so, escalated talk spooks the market. it's why we saw markets sell off on this idea that things are getting worse. >> yeah. there has been pressure on joe biden for quite sometime from many different corners, certainly zelenskyy, to allow

the use of these missiles for use on russian territory, and only in the last, you know, couple of months of his presidency has he allowed that, sarah. >> yeah. in the final months here, right after, you know, as there's expectations building that president-elect trump would end the war, i find it interesting that investors have been buying ian bonds on this idea that trump comes in and ends it. >> trump will just end the deal, right, right. he says in 24 hours. >> this makes it harder with what's happening now. >> maybe, i don't know. >> that's part of the market story. and then walmart is bucking the trend. i did just get off the phone with the cfo of walmart. really good color on what they're seeing from the consumer right now and across the economy. remember, 50% growth there, raised their outlook again. walmart managed to surpass the high bar. here's some of the color i got

from the cfo. thanksgiving basket down 3% on price from last year. 75% of the share gains, he said, came from households that make $100,000 plus. so higher income shifting into better value and better convenience at walmart. convenience was a big thing we talked about. and here's a stat he gave me. 30% of online orders people paid extra for faster delivery, one to three-hour delivery, which speaks to what consumers want right now. they want to cook, their ingredients delivered and make it now. as far as the expectations for the holiday season, about nine days out from thanksgiving feels similar to where we were at this time last year. of course, carl, you highlighted that it's a shorter period, fewer days, which works against walmart and other retailers, but he does say this feels like a good one, and a leading indicator is halloween and back to school. they were good this year, but not gang busters. the other thing that's helping walmart is they're taking share

in all categories, and they are able to keep prices low, even for brand items, like apple products and headphones and able to keep membership high because of advertising is helping offset some of that margin pressure. >> the digital advertising. >> growing strong, double digits. as far as overall inflation, which we know we all feel. so he said food is basically still seeing low single digit inflation. but general merchandise and consumables, that's good for consumer discretionary. prices are down, and the overall basket of what people are buying at walmart is flat. the hurricane did boost revenue quite a bit. people stocked up into the hurricane, and they offset that by some of the expense impact. for instance, the damage in some of the stores, and they delivered hundreds of truckloads

of supplies to the area. and finally, we have to talk about tariffs, right? because president-elect trump has threatened more tariffs. what is that going to mean for everyday prices? 2/3 of the items at walmart are made, grown, or assembled in the united states. >> yeah. they made a point of that, and it changed the composition of that over the last five to ten years. it is not, as they will make the point over and over again, china stocking their shelves. >> no, but there will be an impact. >> but he says there's an impact. >> we have lived with tariffs from china over last seven years, and they were inflationary for the consumer. any incremental tariff also be inflationary, because there's just stuff we just don't make in this country. electronics, toys are a big category. strollers, that sort of thing. that's made overseas. so they're watching categories

like that to see whether it's all inclusive or more strategic, because the word that i got from walmart, it will be inflation ary. >> let's move on to the broader market. we are dealing with some geopolitical risks for the first time in a bit. some bellicose language we shared from putin and foreign minister lavrov. let's again over to eamon. >> good morning, david. the kremlin said vladamir putin has upgraded a nuclear -- that obviously fits the description of the ukraine and the united states, which is why it raised concerns today. it follows a ukrainian strike using -- ukrainian strike on russian territory using u.s.-supplied long-range weapons

that hit a military facility. russian authorities said their air defenses shot down five attack missiles, but fragments of another fell on the technical territory of a military facility. i reached out to a retired cia operations officer with extensive experience in russia and ukraine. his take is that putin is engaging in theatrics are nuclear saber rattling, nd it's too late to change the ultimate outcome of the war but helpful in the end game of it. he says -- >> that's from the former cia operations officer. and just to note, guys, volodymyr zelenskyy is clearly thinking about the end game of the war this morning, posting on

social media that we must end this war and end it justly. but we must do it in a way that ensures putin, no matter how toothless, never returns to ukraine. so now the question becomes how the new trump administration is going to handle the volatile end game to all of this here, as we have moving parts at the end of the biden administration and the beginning of the trump term. back over to you. >> zelenskyy did say that if there is a winner, so to speak, of to conflict, it's likely to be discovered in 2025. our next guest sees geopolitical risks about to boil over and puts oil at risk in the first half of 2025. joining us is chief equity strategist. barry, good to see you again. >> good to see you. >> you've been talking about correction risks for monltszs -- for months now. >> well, one of the things that

happens in the market is that, over time, it passes through phases. you know, in october, both a year ago and two years ago, the market wases a s at its lows a pessimism reigned. and when there was pessimism over a soft or hard landing, then we transitioned to optimism about ai and geopolitical environment, which was a little under founded. now we're at risk of going into euphoria and overshoot. these always have the purpose of setting up large declines on the back end. it's just the manic/depressive nature of the market to swing from one end to the other. as you get into optimism and euphoria, i'm probably not the best guest to have on, because i'm not the euphoric type. >> right. you did say, though, the train is approaching crazy town.

what does crazy town mean? >> well, one of the things that being on the sell side, you can attempt to be clever in what you write. crazy town would be things like the fact that we're going to have probably a surge in fiscal -- in the trump administration, president-elect trump is a nominal gdp guy, meaning both real gdp and the inflation component. we are a long way from having to worry about what's called stagflation as a major economic risk, so we could use for more nominal gdp policies. that includes fiscal. so therefore, the fed will stop cutting rates. i have no doubt we will stop at 4.0 on january 30th, ten days after the inauguration at the fed meeting. the second thing is china has to resolve its liquidity crisis, otherwise the liquidity trap is going to cause it to spiral. so china stimulating will stimulate the world. and it sends to be inflationary

historically when they do so. one way or the other. and then lastly, you mentioned geopolitical risks. it's been festering for four years. i have my doubts about whether the administration can handle or solve all the problems quickly. but i also have my lack of happiness with how the administration in place now has handled geopolitical politics the past four years. so i would describe the whole thing as a mess. >> so defensive, what's defensive to you? because you sound pretty down beat. >> i'm trying not to. my therapist said, don't be down beat. but no, defensive value can outperform if you have a moderation of u.s. gdp. if inflation is somewhat sticky, closer to 3% on core than to the fed's 2% goal, which has been

our view for a while. it looks like it's very possible. things that people thought would relieve them, like housing, have not relieved them yet. so that includes -- and also the s&p correction. if those happen, moderate gdp, sticky inflation and correction, then you want biotech, pharmaceuticals, waste management companies, health care equipment. that's where we have been, albeit early. >> not to get you more depressed, but pharma is getting crushed again, much on the expectations that rfk, jr., will be taking over hhs. back to the political side of this, how do you view that in terms of recommending that area with that as a potential prospect? >> well, after seeing that he

was in the bros, group, so you have elon musk, you have bobby kennedy, you have these guys just accompanying trump wherever he goes, like an entourage. i think it's much more of a threat to the fast food and some of the processed food and sugary drinks and so forth. so that's where i would focus on the risk, not on -- not so much on the pharmaceutical companies. we've been through these fights for years between whether pharma or biotech would have price controls or face a lot of pressure. but i don't see much political will to do that. i think it's really more of a food issue he's going to focus on initially, because obesity is our number one health risk in the united states. >> very interesting. difficult zzle given some of the places investors are hanging out. good to see you again, barry.

take a look at our road map for the rest of the hour. stocks are down, but walmart at an all-time high. the justice department is targeting google's chrome. we'll discuss what's at stake. rfk, jr., taking aim at food and snack giants. we'll look at which companies are most at risk. who could be winners and what he can do here? big show still ahead. don't go anywhere. (vo) this holiday, verizon will turn your old or broken phone into a gift. anyone can trade in any phone, in any condition and get samsung galaxy s24+, and watch and tab, all three on us. only on verizon.

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walmart hitting new highs after raising guidance again. our next guest names it one of his top picks of the name. michael baker joins us now. he's got a buy rating on the stock, price target of $85. it's been a winner, it surpassed expectations, michael. how do we look at walmart doing so well in this environment, is it a sign of strength or weakness for the consumer? >> walmart is really well positioned right now, where the consumer is spending, and they are being a little choiceful with their spending, but they're also getting good value on discretionary items and those are getting a little better. the october retail sales are really strong, we're seeing the consumer a little more confident, so almart well positioned on both sides, and

they're doing it while growing profits, which have been in line with our core pieces at the beginning of the year, why we call it a top pick. we think they can take share by giving customers value at the same time because of some of the other things out there, and it's working well for them right now. >> good market share growth. so they're taking share in every category, clearly gaining a lot from the high income consumer group. who are they taking share from? who gets hurt by this? >> well, i think a little bit from everybody, to start with. we'll see tomorrow what target reports. pretty sure that walmart is going to have a better sales result than target than they have throughout the past year, so we think target is coming under some pressure from walmart. walmart, one of the areas that they've been investing in is convenience, helping them to drive market share with the higher end customer. households of $100,000 or more

made up 75% of their market share gains this quarter. so really it's amazon, target -- sorry, amazon, walmart and costco taking share from everybody else. >> what about the balance of the general merchandise versus food? obviously, food is bigger and it's more of a draw and how they're getting a lot of people in the store. walmart has made some specific moves to go into brands, for instance. i mentioned apple and beats. how is that paying off? >> it's working. their food units were as strong as they've been all year, but the general merchandise sales accelerated into low single digits. they turned positive, but this is positive in accelerating from last quarter. so that is getting better. units are up much more than that, because there is deflation, so all those investments they're making not only in the stores in terms of brands and remodels but also

this their online business, their marketplace business, they're starting to drive that general merchandise trend. we think that's a really good sign heading into the holidays. >> michael, last quarter they gave some interesting metrics on how ai efficiency was going to save them man hours over the next several years. did you get more color on ai assistance this time around? >> they talked about it all, the coo talked about those investments in ai and how those are continuing. not a lot in terms of metrics, but it's helping in terms of the customer shopping experience and with the employees and the associates and their engagements. so they will continue to invest in that. we think that's one of the advantages of walmart, it's about scale and retail, and they have the ability and the capital to invest in these types of things, and that just perpetuates the shopping experience and the associate experience, being happier customers. so it's a fly wheel that's

working well for them right now. >> i talked to the cfo, i asked him about tariffs, i'm surprised it didn't come up on the conference call, but yes, he said 2/3 of their items are made, grown or assembled in the u.s., but there will be an inflationary impact or any inkremental tariffs. so is that a risk for margins? >> it's a far less risk for walmart because of the percentage of sales that is sourced domesticicly. but a third of sales, again, it's about scale. and that tariff impact is going to be shared among the retailers, suppliers, manufacturers, even customers in some respects with a little bit of inflation. within that ecosystem, walmart because of their size and scale, has the ability to push back on vendors and importers and really have most of those costs absorbed upstream. >> walmart shares doing well. 3.3% higher.

michael, thank you for joining us. >> happy to do it. thank you. when we come back, the justice department reportedly set to ask a judge to force google to sell off chrome. we'll discuss what next steps might happen and what that mht mean for the parent alphabet in a minute.

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chrome itself doesn't make any money, what they're referring to is the fact the use of chrome means much higher gross margins than shared -- i just don't agree with the government's attitude in this area. >> that was google's former ceo and chairman eric schmitt this morning on "squawkbox." google reportedly is being pressured by the doj's anti-trust to sell the search engine and break up its so-called monopoly on internet search. joining us to discuss google is former ftc commissioner mozes thompson. good to have you. >> thank you. >> i would love to understand the change in administration and what that will mean for the various prosecutions underway.

i mean, in this case, the -- they already won, but it's the resolution of that win that is still to be decided. what happens when things change in an administration? >> well, there could be a variety of things. it could be -- one of the things to remember is that under 1.0, a lot of these investigations against big tech were commenced. so although the trump administration says they want to streamline a lot of the burden that they have on companies, it's yet to be seen whether they're going to veer in a different direction or substantially different direction than where the biden administration is now. where you may see some differences is right here, in the types of remedies that they ask for, you know, it's not surprising to me that doj would file and put on the table the vestiture. but that is the most extreme.

their arrangement is anywhere from contractual or forward looking, behavioral remedies. but there are also these structural remedies. so we have to see whether the next administration will want to stick with this kind of structural remedy in this particular case. >> right. okay, so it's being reported that doj is at least asking or it's going to try to convince the judge that divesting chrome, for example, and he's the judge overseeing this, is the appropriate remedy. but your point is that ask could change once you get different lawyers in there at the doj? >> absolutely, absolutely. you're right, you know, there's a trial that's going to take place about what the appropriate remedy is. and the -- one of the things they're going to have to argue is that this particular remedy is the one that's most suited to address the problem that the judge found when they found that

google was a monopoly. so there's a lot of proof that has to take place. it's not necessarily clear that they want to take -- that the next administration is going to be wedded to this particular remedy as the best one to solve the problem. >> all right. before we get onto broader anti-trust, for this case in particular, what are your expectations then, just in terms of timing? i know we have had this conversation previously when the judge issued the ruling. how many years are we talking until we get a potential resolution? >> well, there are a couple of things going on. first, with the main case defining a monopoly. that's going to have to be for the court of appeal to possibly to the supreme court. that's one trend. second is there's going to be findings, a trial that's based on remedy. that could take a year or longer. but once this judge makes a finding, then chances are,

google will appeal that, as well. and it will go up to the same process through to the court of appeals, and then into the supreme court, if they take it. >> all right. now, sort of the broader -- i would love to get your thoughts on the broader anti-trust land scape as, again, we have talked so often. we don't know who is going to be running ftc or head of enforcement at the doj. any expectations in terms of what we may see? >> well, you know, matt gaetz and jd vance have, in previous occasions, expressed their -- their consternation about big tech. they will -- and so their views may allow the next enforcer to take a similar position or the same direction as the current

ftc and doj. but there are going to be a couple of things i think will be different. if there's a goal of reducing corporate burden, some things are going to change. first, i think you're going to see a greater support of mergers. i think the biden administration was very aggressive in shooting down mergers, and i think you might see an increase in that. second is that you'll see a pullback on regulation. i think that the current ftc is -- has a whole battery of potential regulations that they want to pass, and i think that you'll see that tone down a substantial amount, including you might see a retreat or a different position with regard to their position on non-compete clauses. >> interesting. right. and finally, it is worth noting that elon musk, who is obviously

quite influential, at this point at least in the incoming administration and the president-elect himself, both have interest in social media companies. obviously musk with x and president-elect trump with trump media and technology. any -- any thoughts there in terms of how that may or may not impact at all the views when it comes to that particular part of technology landscape? >> well, the president-elect and elon musk have, in a test, expressed concern about dom indianapolis -- they don't like google or meta, they said they're biased. in this case, now you have trump owning a social media company, and you have elon musk defecting policy, and he owns x, i could see they could substantially benefit if the other dominant players in the field are knocked down a few pegs. so we have to see how that plays

out. >> yeah. we've got to see how a lot of things play out. always help your perspective. >> thank you. time now for a news update, over to bertha for that. >> good morning, sarah. federal emergency management agency chief deeian criswall is facing questions over the government's response to hurricanes milton and helene. the storms caused catastrophic damage in the southeast. she is testifying before the house transportation infrastructure subcommittee before moving on to the house joef sight committee this afternoon. a third victim is now dead following yesterday's seemingly unprovoked stabbing spree in manhattan. the suspect has a documented history of mental health issues and an extensive criminal history. he's now facing three counts of first degree murder in the case.

and mail-in ballots in pennsylvania with wrong or missing dates will not be counted. that's the decision from the state's supreme court as pennsylvania tallies the votes in the state's razor thin senate race. it's a big victory for republican dave mccormick, who holds a narrow lead over democratic senator bob casey right now. sarah, back over to you. >> bertha, thank you. as we head to break, a look at the weakest sectors this morning, with the markets down, the weakness is coming from the cyclical spots that have rallied post election like materials, financials. you have utilities and energy down there, as well. staples and technology holding up the next. in fact, information technology just popped into positive territory. we'll be right back.

one group moving higher today is the u.s. aero and defense group. some of the group's top holdst include lockheed and others, moving higher on the geopolitical tensions. we'll watch that as the tape has been very busy today. >> let's bring in mike santoli with some context to today's market moves, spooked by geopolitical headlines but having a little recovery. >> as a bit of a reflex. overnight, markets did react to it. but i couldn't get too excited about this safety bit when it

was four bases points in the ten-year, oil wasn't even up after a 3% pop yesterday. and in general, you were just seeing the indexes move more or less within the range of the last few days. that being said, it's another complication that we didn't necessarily ask for, at a time when the market, in the absence of real specifics in terms of how the policy set up is developing, is just kind of preoccupied with its own thing. what i mean by that is, it's been testing the preelection highs in the s&p 500. we have had this really aggressive rotation, things like banks and brokers. other yclicals have obviously had their move, and it's a now what moment for the rest of the market. there's still this kind of gap down there, if you care about the technical stuff, where we jumped today after election day. it's below 5800 on the s&p. some people wondering if we have to take a touch there and see if that makes a difference. bigger picture, i feel like the starting point has been

challenging for this market. in other words, if you said under the incoming administration, we're going to have lower recession risks. we're going to have kind of maybe less fed, maybe more fiscal. we don't know what the mix is going to be. all of those things were not unanticipated or not priced into the market. so i think you already had people exposed to this market, expecting decent things from the economy. it could still get better from here, but the market is not -- it was not a massive positive shock to the system. >> some things perhaps unexpected, choices for hhs. of course, which has been pressuring one key part of this market. and substantially so, mike. i'm looking at lily's share price, which is down sharply. in part, they reported a quarter that was not particularly well received as well by investors. >> it's true. that was kind of a lot of momentum money in there. i am struck by how much people have been willing to sell down the health care names, the

consumer products, the food names in anticipation of a maybe, because you have to go a few steps down the line to say not just that we have this guy in the job and it's going to have all these implications. but yeah, directionally, people are saying lily is an expensive stock, based on unending demand and willingness to pay for these drugs and maybe you have to take a question. >> it's hard to talk about the market without talking about nvidia and tesla. >> sure. >> it's really helping prop things up as part of the turn around right now. >> 100%. nvidia in particular today, it's interesting, because nvidia is moving in a sea saw with the rest of semis. yesterday, nvidia was down and the other semis lagging was up. i just saw the numbers come through from interactive brokers the prior five days. the number of customer orders in nvidia over the last five days and tesla were like seven to ten times what pple was, right? so the level of turnover and

excitement around them is almost self-sustaining. so it's hard to handy cap it. with nvidia, we'll have a benchmark whether this was justified. so it's a little more tethered to the fundamental story, whereas for tesla, it's a lot of, you know, atmospherics. we think good things might happen. >> the longer he hangs around mar-a-lago, the more the stock goes up. mike, thank you. mike santoli. still to come, president-elect trump nominating rfk, jr., as health and human secretary. icfo gntarwhh odias e at risk and much more? don't go anywhere.

(intercom) t minus 10... (janet) so much space! that open kitchen! (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.

nvidia out with results after the bell today.

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is microsoft's ignite conversation kicks off in chicago. our john is there with a very big interview next hour. >> good morning, carl. he's going to be with us here in chicago on cnbc, and a big theme at ignite this year is the roi, the payoff from ai. of course, microsoft not only got this relationship with openai and their azure cloud overall. we've been talking a lot about co-pilots and how that goes to work within their software like office 365. they're making that case with partners here that there is a payoff, countering some of the rhetoric from spokes like mark

bennyhof who are arguing that it's not paying off. so we're seeing this not just at the silicon valley, as we look forward hearing from qualcomm later today and nvidia tomorrow, and also microsoft. right back with more of that here on cnbc.

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make america healthy again. you've heard the slogan from robert f. kennedy on the campaign trail. so what are his proposals look like, and how might it impact these companies? we know investors are worried. shares of big food companies have sold off as much as 4%. so what is in store? kennedy's call for banning food additives and chemicals. he will oversee the fda if he gets approved, so changes are possible. specifically, he's gone after chemical dyes, red 40, yellow 5, yellow 6, blue 1, these are the ingredients. europe and canada have rules to limit their use or label them, and that's why companies that already use different ingredients overseas like coca cola, pepsi, might be in a

better place to deal. on the flip side, citi says current dr pepper, monster beverage could be more at risk of higher cost, margin pressure on this because of bigger u.s. exposure. foods with dyes include treatos and cheetos from pepsi. lucky charms, kool-aid and jell-o, jolly ranchers, perhaps more consequential, kennedy has called for getting processed foods out of school lunches, and he says he wants to bar food stamps from being used to buy soda or processed foods. 22.5 million households are enrolled in snap. 42 million people. now, important to note the food that's chosen for this program sunldz is under the jurisdiction not of hhs, and it's hard to define processed or ultraprocessed, but if he makes changes here, companies with exposure to snap

benefits include frozen pizza, which kraft makes, bagged snacks from campbell's soup. frozen and single meals, and sweet baked goods from j.m. smucker. one other target to mention here, seed oils. that, he says, contributes to body wide inflammation. we're talking about canola oil, peanut oil and others, used in restaurants like mcdonald's which he likes to call out. kennedy even sells merchandise saying make trying oil tallow again. he has said that it's the subsidies that make these crops cheap, and suggests more subsidies should go to fruits and vegetables instead of corn. this might be each a greater threat to profits on some of these food companies than the food stamps issue, because of how much the industry spends for corn. also, keep in mind in all of

this, it might not be politically smart to force companies to raise prices on food of ingredients at a time when inflation is still weighing on americans. i talked to a lot of ceos about this in the food space, here's what they're concerned about mostly. creating mistrust and disbelief in the food industry. not following the science, as well. that's what keeps them up at night. does -- they feel a lot of them have been moving in the direction of fresher and healthier ingredients, and that's been a big challenge for the food space. it's the idea of consumer psychology, which is most worrisome here. >> the kraft downgrade gets to a lot of this processed food risk, not so much from an rfk lens, but a snap lens, as well. who wins out? >> there are some potential winners here. according to jpmorgan, sprouts

farmer's market, which is a public stock, could be a big winner, because it's not as reliant on food stamps and would be benefitted from cheaper fruits and vegetables if we see more subsidies. another name that s mentioned a lot is mccormick, because a lot of their sauces and spices are natural, and they also have a section of the business where they supply ingredients to other food companies and customers. so if there's a big change in ingredients, they might take bigger orders. but carl, to your point about kraft, it's not necessarily the only head wind facing the sector. it's already dealing with things like fallout from obesity drugs. we tauged about that for moments and what the impact could be there. the fact that they have been slow to innovate and catch up with consumers. the search for value has led private label to continue to gain share here. so there are other issues in the food space right now, and this is just come pounding it.

>> yeah, nutritionists, certainly there have been efforts on a local level. i know new york city schools to remove some of these foods from student's diets. >> california. >> you can remember mayor bloomberg when he wanted to ban large soft drinks. and then the focus on corn, which is subsidized, and the chickens eat the corn and you eat the chicken. all we do is consume corn. >> we consume billions of pounds of corn. but to your point, there are knock-on effects and unintended consequences of some of these things. the food companies that try to remove the dye got a lot of pushback, and sales tanked. consumers love the bright colors. >> talking about diets, and a reminder, to your point about sprouts, eating fresh is expensive. >> it is. and if you make changes to a

food stamp program, for instance, the ultrapackaged foods have been the cheaper an more cost effective foods. so these are all big maybes, not to mention the maybe of whether or not he gets confirmed. >> right. interesting constituencies, because the constituency that would support much of this is not necessarily aligned with him on vaccines. >> right. >> it's going to be interesting to watch. speaking of watching, we'll keep a close eye on these markets when our live market coverage continues. don't go anyerwhe. s been driven to get my money right. as a kid, i watched my mom struggle financially. her sacrifice allowed me to pursue my dreams. to create generational wealth. i'm partnering with sofi because they care about making your money work for your ambitions. just like my mom did for me. recognize a generational player.

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state street invest in your future with dia, the only etf that tracks the dow. (♪♪) good tuesday morning and welcome to money murders escamilla movers. today, microsoft ceo from the companies ignite conference in chicago. the latest on the a.i. roadmap and how he plans to light a fire under the stock which is the worst-performing mag seven stock