look at crypto and then we will hand it off to "squawk on the street" , just over $70. we will keep that. remember where it was because we heard about it good thursday morning. we are here at post nine. on this historic day at the new york stock exchange. in 30 minutes, president-elect donald trump will ring the opening bell. it was ronald reagan who became the first sitting president to ring the bell nearly 40 years ago. >> if tax reform and budget control, the economy will be free to expand to its full potential. driving the bears back to permanent hibernation. that is our economic program for the next four years.

we will turn it loose. >> george w. bush walked the floor back in january of 2007. that was ahead of the great financial crisis. both truman and bill clinton made stops here both out of office at the time trump becomes the first president-elect to make his way to the trading floor. as he gets named to the "time's" person of the year. >> very important. first of all, he is not president yet but second of all, more than any of the people mentioned, he kind of raises the performance ratings. even the dow. i think that by coming here, at a moment when the nasdaq is incredibly high. a high bar to continue. i know this sounds crazy but president biden --

>> we know the numbers. not crazy. we also know that president trump does look to the market more perhaps and perhaps president biden or any president in terms of away to judge his own progress. i can run that from his first term. we would occasionally see tweets at the time that were similar to what we might be discussing on air at that very moment. and so he does pay close attention. perhaps fitting for him to be here in that way. to your point, 20,000 nasdaq. the question of course we keep entertaining with all the various strategists and other people that have various titles is, what will we see this coming year? can we continue the momentum three years in a row? >> what we saw from president reagan in that great quote, it was an amazing time when he came here. just let the bears be. >> president-elect. >> we are going to do a beautiful job for you for the next four years.

and it has really been something very special. i have to say that, time magazine, getting this honor for the second time, i think i like it better this time actually. but we did a good job. we had a great first term. despite a lot of turmoil. caused unnecessarily. but the media has tamed down a little bit. their liking is much better now i think. if they don't, we will have to take them on again and we don't want to do that. but i do want to thank time magazine. i have been on the cover many times. i don't know who has the record. but i could talk about 25% of the covers. 25% are great. the others i sort of hide. it has been an honor and thank you so much for doing it. and we would like to thank the whole group. very professional people. [ applause ] and to jeff and all of the people from the new

york stock exchange, he knows how much i like it because many years ago, i bought a building across the street and i was going to buy it and i said, it is right next to the new york stock exchange. i'm going to buy it. we have had tremendous success. but we have really had success with the new york stock exchange. is an incredible group of people. and jeff, you have done an incredible job. you and your group and what a beautiful speech you made. thank you very much. that was some introduction of all of us. we have gone up since the election. i was just told by scott, everybody said, scott wasn't has to be the one chosen for treasury. scott bessent. he is around here. he told me we picked up $3 trillion since election day and i said that is good. what about before the election day? they said, they picked up money because we thought we would

win. i said i like this guy. he will be my treasury secretary. [ applause ] >> i think we will have a tremendous run. right now some big problems in the world. when we left, we didn't have any ofan disaster. we didn't have inflation. we had no inflation. we had a very strong economy. we will do that again. i think we will even up. now we have experience we didn't have. now i know everybody. when i first came in, we came down, melania and i. very popular by the way. she rang in the bell. she rang in the bell. but we came down we were driving down pennsylvania avenue . it was so beautiful. i said, i have never done this before. i didn't know anybody. i got to the oval office. i'm taking these big positions

and i didn't know the people in washington good boy, did i learn fast! and i think we have an incredible stuff behind me and we will do a fantastic job. we will create the incentive theory again. i just announced yesterday, anybody investing a billion dollars or more gets a very expedited approval process. the approval, when people come into the country, it takes them, in many cases, 14, 15, 16 years. lee is around here someplace, in charge of the environment. lee zeldin who ran an incredible race for governor in new york. very successful. before that, a great congressman and a fantastic learner. he is in charge of environmental. we will try to push them as much is possible to get those permits very quickly. like a nuclear power plant. i would say that a week would be enough time. what do you think? we will get fast

approvals. it is great that we have lee and other people. they are all stars in their own way. but it is an honor. and this is a double. usually they don't coordinate the men of the year or the person of the year with the ringing of the bell. and brilliantly, you picked them both at the ame time and you are all friends and you said, let's do it. and it takes one trip. it doesn't take two trips. that's okay. we like to say that we like to be able to do it properly. this is a special group. so many friends in the audience too. john, great job you have done at abc. i'm so proud of you. you have been so nice to me. or else i would not acknowledge you at all. you have been terrific. i want to thank you. we are going to ring the bell now. i can just say that the economy i believe will be very strong and we have to solve problems. they have wars going on. we have had wars that would never have happened. but now they have happened.

we have to get them solved. the power of weaponry today is the biggest that we have in my opinion. it is not some of the other things you read about. it is the power to -- the power of weaponry. the powers of the weapons are so devastating. i rebuild the military. i got to know every one of them including nuclear weapons. i hated to do it. but we did nuclear weapons and they were so devastating. it almost makes you very sad as you get them and as they come online, it makes you very sad because do you know what the purpose of them is? and you hope to god that you never have to use them because if you do, the world will never be the same. so we have to be very, very smart. very sharp. we have to be very special to do a job and i think we will get it done. i think we will get a lot of people in the room. we have seen it. we were in france where resident emmanuel macron did a

fantastic job with the cathedral. an absolutely fantastic job of notre dame and it was beautiful. it was the opening. i just got back. it was something really beautiful and a lot of world leaders, we had about 80 world leaders from different countries , and they were all coming together. they all wanted to meet us and meet me as representative of the u.s. there was a lot of goodwill. we will get some tremendous goodwill. i was even thinking about inviting certain people to the inauguration. and some people said, that is a little risky, isn't it? and i said, we will see what happens. we like to take little chances. but that is not a bad chance. this is a gentleman that will do a great job at hud. good luck. >> he has been my friend for a long time. >> i have not shaken his hand yet. >> you will be great. and ben carson is your biggest

fan in the world. he has been with us for a long time and has done a fantastic job. thank you. ladies and gentlemen, we are going to put it straight. we will give tremendous incentive like no other country has. we will cut taxes very substantially. we got them down to 21% from probably 42-44% depending on where you are. we got them down to 21. everybody said that was a miracle. now we are getting them down to 15. but only if you make your product here. otherwise you pay 21 which is not bad. it is in the middle of the pack. but 15 brings you down below it. [ applause ] >> for those running the big companies, those great big beautiful companies, nobody will be leaving us. you will be coming back and bringing it back to the united states. we are incentivizing everybody to come back to the united states. we want you back here. car manufacturers and everybody. we have one product that nobody

has, nobody to the extent we do. it is cold oil and gas. there is no country in the world has more. it is number one. i brought it to number one and my first term in terms of production. we will do number one plus. we are doing numbers nobody has seen before. when that happens, prices come down. people cannot afford groceries and they will be affording groceries very soon. i tell the story about a woman, an old woman who, no money, what do the grocery store and had three apples. she put them down on the counter and looked and saw the price and said, will you excuse me? she walked one of the apples back to the refrigerator and came back to pay for the two apples and left with two apples . the woman at the counter said it is so sad. when i heard about the story, we said it will never happen in america and it shouldn't happen in america. and i said we will do it right and we will take care of our people and we will do things not

nobody thought were possible. we will have an economy, the likes of which nobody has ever seen before and everybody is coming back to america. i saw that at the cathedral. they are saying, we want to come back. with a couple of changes done by howard and scott and some of the great people here with me, we will bring them all back. they are all coming back. thank you very much. this is a great honor. ringing the bell will be fantastic. go out and get them. we are with you all the way. thank you very much. [ applause ] >> that was the president- elect surrounded by rfk jr., scott bessent, the incoming first lady. and we will ring the opening bell. i think he said the word incentive three times. >> i think there is a carrot and the stick. obviously the carrots, a lot more robust. i think there are a lot of companies that listen to that

and say, we ought to do something. maybe we get breaks from this. by the way, not connected with the environment. >> the idea of incentives in terms of permitting. >> but can you really do that? isn't there another obstacle? >> i would assume there are at the state level and any number of other things that might make it more difficult. there is the embrace of the idea of deregulation and it has been reflected to a certain extent. stock prices as well since the election. that is certainly part of why i think the investment business community is supportive. it is the idea of deregulation. and the trust we talked about so many times. he didn't discuss it now but he did come back to a lot of the themes he was sitting consistently during the campaign itself. oil and gas continue to question. i'm not quite sure how that is going to work. even we know the incentive is to keep prices at least to a level where you can make real money and these companies,

especially the biggest, want a return. and their shareholders want a return of capital. >> the previous administration, pricing went down. then biden came in. there are legendary stories about biden, that he is shafting everybody in the oil and gas business. i just say, we are not taking your call. we are not interested in you. those people have done a 180. >> there a lot of people that were quite silent during president-elect trump's run and there you see them on board. >> suddenly, every business person says, it's a brand-new dawn. >> they did say they donated millions to the inaugural fund. he actually breaks a lot of news and the time interview. he said they will look at ending childhood vaccinations depending on what rfk wants to do. he asked about the war with iran and set everything could happen. >> he said he is not averse to

using the military to round up and deport militants, or migrants in the country. >> i continue to believe that the news flow, let's say it is erratic when it comes to business. and the embrace remains, as a present detailed when he talked about the run that the average has had between when he was elected and now. all the things paul mentioned are things that make it so that you understand there is a level of uncertainty that people seem to be reluctant to talk about. we talked about stagflation and a hot ppi. there is uncertainty that i have been saying about the middle east and i don't know where things stand. >> most of the uncertainty we hear comes back to what we discussed at this desk often which is tariffs and how expensive they will be and how deep they will be and to carl's point, the deportations. and how extensive they will be and how deep they will be. >> inflation, inflation, inflation. >> exactly. and that will impact inflation

and it will be something we discuss a lot. it is impossible to know at this point. in other words, if you do porches the criminals, that is one thing. and million workers, 5 million. if you get up in front of they are, that will take time. you are talking about agriculture and meat processing and housing. there is a lot of potential impacts and wages could go far higher. >> jenny ellen talked yesterday about the problem with tariffs. the problem with tariffs is that, somebody said the other day, they are as high as they can be. what was that? when we were studying the depression, one of the causes was, giant increases in tariffs. but everyone has forgotten because i was 100 years ago. >> deutsche bank looks at when we have read industrial is post- civil war.

>> this is a different time. >> i'm looking at everyone. we have bill ackman and david solomon. they are all showing up. jane frazier. taking over social security. >> wow. >> or they have gotten jobs. >> they will come the same way we are. do you want to come up and have a conversation? >> why not? let's spread some news. >> cornell and target. >> 1. 37. higher. >> to the business community, they can walk over from certain places, not far from city and goldman headquarters. >> this is very different. >> these guys employee millions of people. they are not looking for handouts.

they have, i would say they are pretty much the pulse of american business right here and right now. incredible. >> what do you make of this? you mentioned this incentive theory. you will invest a billion dollars and expedited. you think businesses respond to that that? >> i think when you contrast that with the pause in ellen g that president talked about in january, what it says is that that is over. that is over. and by the way, that destroyed a whole industry. the lng business. and he said, done. i think he did the billion and it says, open for business. we are not going to do that. if you want money or jobs, bring them here. and he said that the tariffs are not that horrible. >> the tariffs also may have an inflationary packed for one year. but not necessarily for a long period of time because of consumption patterns adjusting to some extent. >> the peso has been crushed. whatever the tariff is,.

>> interesting with rates, the 10 year is below where it was there we were at 44.45. i have been having that conversation as of late, is, their something else behind that ? or perhaps hopes for the efficiency that will be introduced in 2025 as a result of ai that will show productivity increases somehow and things of that nature. you just wonder. otherwise, it should be potentially higher. >> i certainly hope so. jim mentioned ppi running high. claims today at 2.42 is the biggest weekly job since october. 27k than two weeks. >> one thing i really despise is that as soon as we get a number like this, people talk about stagflation. they should just study history.

that is not the case. we had it with jimmy carter. there was clearly stagflation with carter. ever since then, we had federal reserve that have been responsible. if you want to interject fear, that is where you be my guest. i want to say the nasdaq has gone up incredibly during this period and if you were worried about stagflation, you have nothing to show for it. >> i'm sure you heard the negative takes this week on seven straight days of an a no caps line that is flat. >> true. >> i'm just saying. thank goodness for them macapp ag7. >> but each one has a story. alphabet had -- a requirement. that is anyone, david. >> rfk jr. will be running hhs potentially. >> and glp-1 in all the different uses. >> the incoming treasury secretary, right there.

>> i don't know him. >> let's bring him up then. >> i did not meet him. i don't know who will come up or not. >> who do you want to get? >> i will take the whole shooting match. >> come on. >> don't be shy. don't be shy. >> what we want to tell the nation about investing right now? >> i think wall street can win and main street can win. >> fair enough. guys, i have not seen you since college for heaven sake. you are looking good. how are you? you are just analyzing. i remember you as an analytics person. >> how do you feel about the

glp-1 drugs. do you think they are net positive? >> i think the first line of response should be lifestyle. it should be eating well, making sure you don't get obese and that the glp drugs have a place. >> i feel like a lot of people want to put words in your mouth and say, this guy is not in favor of all vaccines. that is just not true. >> good. i want them to know that. i think people are lying about you. okay. see you later. >> that moves the needle a little bit on the glp one, especially a day after the elon musk post that delivering the low cost glp-1 is the best thing for public health by a long shot. >> a lot of people put words in people's mouths. he cares more about food. >> it will be interesting if

mr. kennedy gets confirmed. given vaccines, healthy foods, which by the way, is an issue to a certain extent with things like high fructose corn syrup an important constituency as well. farmers and the like for the incoming president. >> and charles grassley for example, i am sure would like to bring him in. >> and what you think about the incoming treasury secretary? >> about good times for everybody? was that a controversy? >> i'm trying to go for ironic . >> incoming treasury secretary . >> the markets, i have said this many times during the competition and part between

mr. let nikki was here and scott bessent, the markets would favor scott bessent. and it is very positive with bitcoin. and obviously so is elon. i don't see elon here. >> elon is not here. we have quite a group as we said. i'm looking at hans vesper from verizon. many of these headquartered not far from here. >> how can i think about these guys and not think about lousy stock likes. >> going to be taking over social security. >> very good. >> certainly a nice showing. geographically, easy for them to get here. >> sort of a show of force for american business. >> i have to tell you, i'm trying to member when i have seen such a conglomeration of people. >> never. >> these are people by the way of all walks of business. it is not tech or financial.

brian cordell from target. we should get him up here. i didn't like the last quarter. >> you didn't. >> we can bring everyone up from the audience and they we can get the president elect to join us. >> it is everybody want to talk to in the business world. >> give it a try. >> what do we have? >> getting back there. >> what about interviewing you. what you think about the warner bros. split? >> interesting. >> it is not a split at warner bros. just a corporate realignment that does put them in a position of warner bros. discovery conceivably to do something down the road in terms of the linear cable networks and streaming in the studio being separated. if you are hearing about that, that is why. take a look. >> to show stock prices at all today? or are we not allowed.

>> to be abandoned that mission? >> warner bros. will be up on that. corporate realignment. >> bring out the value. the value of the studio which to me is worth far more than this ridiculously low-priced -- my. >> and transparency into streaming which they hope will do a significant increase in profitability. and again, setting themselves up by reorganizing internally for what might eventually be a real spin on what our parent company is actually doing with the cable networks except for bravo. >> an opportunity to emerge. >> and that goes back to the new administration where there is a hope that there will be more freedom to merge. >> if you study ferguson's view , i will go out and a limb and say he is pro-business. >> and by the way, he doesn't even need to be confirmed

because he has been. >> we have watched some of the trump family starting to take the podium here. >> owner of time magazine, not here. >> i watched the recital yesterday. how about that that. >> here comes the incoming first lady. >> here we go. >> it is remarkable, jim. we see this nearly every day when we go to work. it has never been quite like this with this kind of pageantry

. >> there is an element on the floor here of, this is the greatest day of many people's lives. that is what people are telling me. and i think, why not? >> they are talking. >> we are a little bit away. we are two minutes out from the actual bowel. >> earlier than usual. >> have you noticed all nasdaq is down today? we have dimension, i know that this is -- i don't want to short shift adobe as being an important stock. >> adobe, tell me about the quarter? >> let's use the moment. >> you would from double digits to single digits. a lot of negative commentary. >> on the heels of oracle, people are calling it the second guest. >> and by the way, we did sell

stock. old options. mostly for charity. and we are seeing insider selling. it is noticeable. chewy head insider selling. with a 10% buy back of the sale . >> i want people to keep an eye on the insider sales. >> history for the president elect. it is not his first time in the building by a long shot. he was here for the listing of trump hotels back in 1995. >> shot some elements of the apprentice in this building back in 2004. >> i was a judge on the apprentice. we spent a lot of time talking about the stock market. and i enjoyed my time as a judge . he was involved with trying to understand will creation. that is what they talked about. and there is the nondisclosure about being an apprentice judge. but the man is fascinated by the stock market. as fascinated as the current president is not.

>> he is the incoming leader of the free world. he will ring the bell and about 20 seconds. a historic moment at the new york stock exchange. president-elect donald trump.

>> usa! usa! >> we will see if he works the room. a historic moment. >> it is. >> i think there is a sense that people feel, we have a pro- business president. antibusiness presidents. it is odd. the nasdaq up under president biden. >> briefly, we will talk more this morning about the nasdaq. ringing the bell. pricing, eight take 8 million. that is above the range. >> that is an understandable -- and for a company that does for the trade. the tray did not have anything like that. and it is emblematic of where we are finally getting companies. >> a lot of excitement around the ipo. >> we will see how it performs in the aftermarket.

and we will see. we will get more ipos next year. >> this is a good sign. it is not an overvalued ipo. it is priced really for the and if it of the people buying it. i think it is a terrific buy. it is cheaper than the others. >> and there is one more look at the treasury secretary nominee, scott bessent. just a reminder that the audience here, jim, we were getting a live shot of the podium. but who was in the room might be just as remarkable. >> it is more. >> president-elect is up there alone on the podium. >> taking a look at him. >> they are getting some photos . >> seeing what is going on. >> henry fernandez. >> one of your favorites. >> stock at 700. >> jane frazier, have you seen

the upgrades for cidi lately? >> we know the banks have performed extremely well. >> the financial services conference. >> i think the combination of embracing bitcoin by the way. and blackrock. the private equity stocks. downgraded but just up too much. the financials are exciting. the last few days pull back. they are exciting. the group has more momentum than ai at this very moment. >> bitcoin has been the area of real speculation, hasn't it, in the sense of taking it as an asset class. it is where you could argue, and will argue that it is not froth at all.

as opposed to 25 years ago, when you and i were in the midst of the .com boom. >> when you have a president- elect saying that you will have the strategic bitcoin reserve and goes to a meeting of the people most bullish about it and embraces it, it is very different from the current president. i don't think any of the people really had a lot of time with the president, the current president. they did not have a lot of time. it was kind of not wanted. >> and yet the market crashed it. >> it doesn't matter. and the end, corporate profits were incredible. >> as we pointed out, we are looking at back-to-back 20% years. today, there are charts circulating and looking at what it takes to get four in a row which is what we got in the late 90s. >> if the deregulation occurs and we get the mergers and david comes in monday morning like the old days and says, here are three deals and the deals are all 15-100 billion,

do you think the stock market stays here or goes higher? >> i think it probably goes higher. and to the extent that there will be deals done, you will see those numbers. in part because of the market capitalization overall. a 50 billion-dollar deal. will we see mega cap tech do deals remains in question. will the end video be able to do -- i mean you think about nvidia, the acquisition would be $200 billion. >> 300 billion. >> think about it. jensen has not wanted to do deals. apple not known to want to do deals. and not front and center deals for amazon. >> nothing to hit the radar screen. >> whole foods was an important transaction. >> what i think is the most important, you speak to people in the justice department and they would tell you, these are enemies of the people. puppies that have been too powerful.

that is what we will not hear again. we won't hear anyone in the administration say that these are too powerful. >> you mentioned ferguson. we talked about a vendetta on big tech against competition and free speech. >> i think the free-speech element is more ideological and that is the case and that is why alphabet seems to draw everybody higher. can i just say that we spoke to bobby kennedy junior. and i believe that in studying him, i know there is an anti- vaccine. but it is extended. the glp-1. and elon musk, what do you say? he is tweeting. >> here comes the president elect. to sign the book. jim will go out there and see if we can have a chat with him. obviously, they know each other from the apprentice. >> what you think the odds are, david? >> i think saying hello.

i don't know that they will have a long conversation. >> there is president-elect. >> we will send our man out there. >> you might want to come talk to us. >> there we go. >> what you have to say to the americans in this country? >> i think you will see a lot of good days ahead. a lot of incentives will be given. you saw a billion dollar investment. we give you fast approvals. nobody has come up with that one yet although it seems pretty simple. i think you will have some great days ahead. we have to conclude a couple of bad wars going on. of a lot of bad things going on. we will get them done. >> do you think are in a situation where business will be far more embraced under you then currently?

>> i don't want to knock current but i will tell you more than that anytime, anywhere in the history of our country. >> we used to speak together about the idea that the averages mattered and a good barometer of your performance. is that still the case as we go beyond the dow jones and the nasdaq? >> i have said the stock market, all of it together is very important. it is an honor to be at the new york stock exchange. i sort of joked that i bought the building across the street because of the stock exchange. >> 40 wall street. we are going to do things that i think have not been done before. we will be cutting taxes. we got it down to 21%. we will bring it down even below that. pay 21. if you don't build here. meaning your product or whatever you are building. if you do, we will try getting it down to 15%. you have to build your product and make your product in the usa. >> what about every working person. seeing capital gains

much lower. >> we will be talking about that and talking about lowering taxes. we take it from close to 44- 45%, down to 21. everybody said that was impossible. it was always -- i really wanted to get it down to 15 and we will be able to do that. and if you remember, we had the best three years in the history of our country from the standpoint of the economy and you have been so professional and so good. i have not seen you so much since i have been a politician. >> thank you, sir. we were together and i was grateful to be a judge on the apprentice and we had a great time. >> that's right. >> he was a tough judge. he was a tough judge. >> we had to eliminate some people that didn't cut it. >> we will be doing the same thing. unfortunately, there are too many of them. i think we will incentivize the country to go back and work and they will be incentivized. they will do well. people will be happy. jd is very much involved. i have a great partner over here

with the first lady. people love the first lady. we will do something very special. we have some great people up there. you saw some of the people on the cabinet. we have some of the most successful people in the country and we are dealing with some of the most successful people and those of he people that put others to work and we will be hitting job numbers, as you probably heard me say we picked up since the election, $3 trillion in call it worth or value, but $3 trillion picked up since november 5th. so that was good it. >> when we talked about putting the bears into full model and letting the bull run free. >> sounds good. i have seen other people here. i don't see elon musk. i would say he has been a good aid to you in different ways. whether it is crypto or glp-1 drugs. >> he has a lot of great ideas. he is a really good guy too.

and i guess his stock has done well. everybody's stock has done well since the election. even scott bessent has done a fantastic job. one of the things i liked about scott is he said long before i even knew who he was that the market is only doing well because they think trump is going to win. so we made scott the treasury secretary which everybody frankly wanted and he will do a fantastic job. >> and crypto, we do need, your crypto is different from the previous administration. >> we will do something great with crypto because we don't want china or anyone else, not just china but others embracing it and we want to be the head. we will be ahead of ai. way ahead. we have to produce tremendous amount of electricity. unbelievable when you think that we need more than twice what we alve. if you think that is specific for an industry. we will be able to do it. we have lee zeldin in charge of

the environment. he will be giving us very strong approvals. he will make sure everything is good and clean and proper. he will give us very fast approvals. >> we should be able to afford it and handle the 5% per year grid. but you think we need to be the king of ai. some people would say, protect taiwan because china would like to have that technology. >> we will be having a lot of talks with china. we have a good relationship with china. i have a surprising relationship. when covid came in, i sort of cut it off. that was a step too for. a bridge too far. we have been talking and discussing with president xi some things and other world leaders. i think we will do very well all around. we have been abused as a country. badly abused from an economic standpoint and even militarily. we put up all the money and they put of nothing and they abuse us on the economy. and we can't let that happen.

we will not be abused anymore. we put america first. we will also help other countries. >> i know you have a ton of things to do. what can you say to the working person that owns stocks. should they buy more stock? >> i don't want to get into a situation where they do and we can have a dip or something. you know that better than anyone else in the world. the leading authority going up or down but you always end up. that is the good news. we have doug bergen who has done a fantastic job. he has done this and been on the show a million times. we have tremendous people. learned -- long term, it will be a country like no other. we had the three best years ever until covid came in and we did a good job getting rid of it. the stock market. higher than previously coming in . when we handed it over. and now, i know the people and i know the players. when i came in, it was very interesting. i came in and i was not a washington guy. i did not know too many people in washington.

i said, i know people so much that they are coming out of my ears. we have great people. >> mark zuckerberg. >> he has been over to see me. i can tell you that elon is another and jeff bezos is coming up next week. we want them to do well and we want everybody to do well and we want great jobs. fantastic salaries. we want people to love. when they wake up in the morning, get up and love to go to work. i want to go to work. we want people working and we want them working for a lot of money. >> thank you so much. good to talk to you. >> thank you vice president elect. thank you very much. >> just an incredible ad hoc moment on live television. jim cramer talking to the president elect the opening bell at the new york stock exchange. you talk about the fusion of politics and capital markets in this room. >> we have commented. great job.

coming back to the set. we commented on the people here saying hello. a lot of people in the audience, the senior leaders of financial firms. some of which are close. whether it is goldman or cidi. verizon. i could go on and on. interesting comments he got there. jeff bezos coming to the white house next week. >> i think there is an element of, and again, i was talking about their people that try to be neutral and people that held back. i do sense that there was a bigger tent unexpected. some people think this man is a malice toward all. i did not get that. i got the opposite. >> didn't take the opportunity to criticize the administration we you gave it to him in terms of the approach to business. somewhat interesting. in the end, when you got him to say stocks were going to go up -- >> what a dosage of reality. >> does not always happen. >> the old days, you would

feel during the covid period, let's just take this with us. >> yes. >> joining us right now on the set. bill ackman. welcome. >> thank you. >> what are you making today? >> it is a great day. the president is in great spirits and we are stepping in to the most progrowth, pro- business, pro- american administration that i have seen in my adult lifetime certainly. >> the president mentioned the word incentive. upstairs, downstairs. how would you characterize corporate america's appetite for responding to those those? >> we just had a nice little ceremony. the ceos, a broad array of big american companies. i would say everyone is incredibly enthusiastic.

really about a new administration on efficiency, removing the impediments to growth and deregulation. a lot of the confidence that comes from that. >> i hear that as well of course. the investment community, the things that seem to concern some people are the unknown. tariffs and deportation. do you share that concern? what is your sense as to how that will go and the impact on inflation is obviously a key component. potentially both are quite deep and severe. >> with respect to immigration, the president is very focused on the safety of the american people and having an open border and not vetting people coming in. not having criminals in the country. that is a pro economy move. get rid of people causing harm. >> that is 11,000 and out 11 million potentially. >> it is more than that. the overarching thing is president trump will do nothing that interferes with the

success of the country, the success of the economy. other than national defense as a number one issue. >> it is very powerful tool that can be used to level the playing field. he wants a level playing field. >> what do we say to someone like janet yellen, the secretary of treasury who says, we have to be very careful. many things can go wrong with what he is talking about. i'm not hearing that from you obviously. >> i would say i'm more optimistic about the economy and the country then i have been in a long time. >> and you were very early on, on the bandwagon. others were not. it seems to be a change of tune . >> i don't know anyone opposed to the business plan of this next administration. and it is a bit of a self-fulfilling prophecy. >> at the backdrop is that you have a fed lowering rates and inflation under control. you

have the ftc which will be more thoughtful about allowing transactions to happen. that is very bullish for markets. >> we talk about it all the time. >> we have the wealth effect. the biggest investment for most people today is the pension or the stock market related portfolio. housing prices going up. so meaningful increases in asset values in a short period of time. that has a pro economy affect. a lot of these are pro- secular in a positive way for the economy. i think it makes sense that he chose the spot to accept his time magazine cover. >> making his way through, i think post five or six, talking to some of the floor traders. you can imagine one of the negative things to get written will that be that this is optically about wall street and not mainstreet. although the president talked about that these are the companies that employ people and he wants people that want to go to work in the morning. >> i think most of the country understands that the more

successful businesses are, the more the stock market goes up. and the more wages rise, the more job growth and the more opportunity and the more businesses that come to the country. it lifts all. i think the president got elected because of a large wide base that includes low income people in the country. that is what he feels a responsibility to. >> and you are an investor. i'm curious given your outlook broadly speaking, are there any sectors that you think will benefit in particular from the incoming administration? >> i think it is in all sector , all in. energy, very pro- energy policy . >> that might not be good for the stocks as you know. >> i think it is good for the economy. it is good for moderating inflation. it is good for the u.s. i had the chance to talk to doug burgum, the secretary of the interior. there are a lot of things we can do geopolitically.

being able to offer lng to the koreans. for example, something we have not been able to do. very important for that small country that feels very vulnerable. these are things that we can do to improve relations and help us on trade. howard let nick will be a strong advocate for promoting the united states and trade in a thoughtful way. >> lets go to some of the things you said. there are amazing things you said. a relationship with china. you said it is a good relationship. there was a belief that china took advantage of us. and we have said china has done things that are bad. but i do feel he is offering some protection for taiwan without saying, we are going to be with taiwan. in the face of the prc. it feels like he is coming in more conciliatory versus trading partners. >> if you follow the first administration, he liked making friends with you. he shook hands with the north

korean dictator. that was a first for the u.s. president. i think his approach is building relationships and also being tough, kind of the carrot and the stick. i think is the thoughtful approach to foreign policy. >> do you think europe in particular responds in the conciliatory way? or is their some retaliatory fashion to the response? >> i think europe is in a very vulnerable position. i think the economy generally. the united states, they need to have important strong relationships with the united states. they have no choice. i think they will operate that way. i'm very bullish on america. i'm kind of bearish on europe. and i think they need to make some fairly dramatic changes politically and otherwise. one of the more powerful charts, look at the market cap of companies, the number of companies above $500 billion or whatever here versus europe. >> and then it drops off

fairly quickly. >> i think france is borrowing at higher rates than greece. the issue used to be in the periphery and now it might be with the big guys, france and germany. >> a successful america is good for the world. it will promote growth globally. >> bill, we have known each other since we were kids. professionally, i have known you largely as an activist. you don't seem to be doing much of that anymore. >> i'm a super activist about the election. >> yes. >> what was more -- if you look at the performance of post november 5th, i was not focused on a particular company. >> and ultimately what is good . >> very focused on israel. and curious. is that in your past do you see yourself more as a broad advocate? so to speak. >> we don't have to agitate

anymore. when i was a young fellow and nobody knew who we were, we didn't have much resources or staying power. you had to be a little noisy to get things done. the last activist investment i made was years ago. people forget that. by virtue of overtime, now in the age of most ceos. most ceos in america know who i am. we have proven to be a good, long-term, thoughtful, supportive investor and that has served us very well. >> do you think that you mentioned the change in heart at the ftc. what did you think about the idea that almost everyone of these large companies, which i regard as being crown jewels for the country, was under fire from the previous administration? what you have to say about that? >> the crowning moment is not inviting elon to an electric car summit at the white house. and you can't be -- the president of the united states is the ceo of the largest economy in the world.

and how he treats his ceos, it sends a very powerful message to the business community as to whether they want to do business here or somewhere else . trump is talking about incentives. for example, 21% tax rate if you make your product overseas. but if you make it in america, we will bring the rate down to 15%. it is all about incentives. i think he will do everything he can. what is trump's goal? he wants to be the greatest president of all time of course. and this is his opportunity. he is vastly more prepared. i think he is a different person. if you think about the first administration, i think he was pretty surprised he got elected also. he was unprepared. he didn't know anyone in d.c. it took him time to get his team organized. i think the transition here is one of the most efficient assemblages of talent in a very short period of time time. and he has the benefit of the republican control of the senate and the congress. and

so the appointment process, you think should go quickly. the team will be in the seats. and i think this is an administration that a lot of talented people want to be part of. am very pleased with the team and the talent and the vision and the plan. >> you are not concerned at all about things like undermining the rule of law or the rules we operate by or i know these are many of your friends. but the corporatization of the administration so to speak. oligarchy has been a word used. >> i don't see that at all. these are people giving up a day job to try to help the country. there is nothing more patriotic than that, to have one of our all time great iconic stars working right by the presidents. obviously i'm referring to elon musk. what is elon's incredible talent? people want to work with him. if you are 26 years old, this is an administration you want to volunteer your talent for. and i think it is very real.

yesterday the he put out a tweet saying, tell us which regulations are problematic and explained to us why and we will fix them. >> do you see yourself being part of the administration? >> i have offered to be helpful in any way i can. i'm not prepared yet to give up my day job. so ideas for people and to solve problems. they know how to reach me. >> you are lighting up the wires as we speak. thank you for stopping by. >> always a pleasure with bob. what you have on the floor? >> everyone is excited to meet the president elect. he walked around on the floor behind us and shook hands with the number of marketmakers and traders on the floor. and the important thing is that other presidents have been here before. president george w. bush was here in january of 2007 on the floor. i was here for that.

before him, president ronald reagan came in 1985. he was the first sitting president to be at the new york stock exchange. i did have a chance to ask the president-elect about this tariff proposal. it has been quite a stir in canada on the new premier in canada saying he may cut off energy supplies to the united states if the president-elect fully implements the tariffs he proposed in canada which are 25% . the president-elect said to me that he hoped it would not come to that. i'm paraphrasing him now. but somehow that the negotiations were ongoing. the president did walk right past me here and went right over to one of the senior traders on the floor of the new york stock exchange. let me bring in peter, the senior floor trader for citadel securities. you got elected here. the president came right over to you. what did the president say to you, the president-elect? >> he told me how exciting it was for him to be here. he told me that the country should look forward to big things and that he is excited about the four years ahead of him.

>> you of course are big promoter of the floor. i know you had the citadel securities jacket up. what did you dude with that? presented to the president? >> i said it was one of the greatest capitalists the country has seen. how can you visit without the jacket? >> so many people were coming up to him and discussing his plans for the economy and saying, go. how do you think most people on the floor feel about the president's economic plan? the market, stock market at an a new high. and he said he will keep going that direction. people on the floor were talking about what the market will do in 2025. >> the new york stock exchange and the people that work here are clearly present in the audience. he was excited to chat with them about the economy. he had a lot of the same message for different people that it will be an exciting four years ahead of us. >> citadel security, one of the biggest designated markets in the world and on the floor. your thoughts for 2025 now that we have you here? a big ipo on

the nasdaq. the state of the market. >> i think the markets will begin to open. i think it is the type of market where the ipo pipeline has been backed up. i expect to see that open up in thequarter open up. >> i and i have been talk about it for a year. what conditions are right for it to really expand in 2025? >> i think the market stabilized a little bit here. it has had a bill of a run. the think there's obviously folks in the pe space and vc space that will look for exits that they held positions for a time. it might be time for them to ex-ex- exit those positions. >> pete, you got the photo with the president. congratulations. sara, thank you. president-elect trump ringing the opening ll as he makes an historic appearance. welcome to "squawk on the

street." i'm sara eisen and carl quintanilla and david faber. that was pretty exciting. he was joined by some of the biggest ceos. the ceo of goldman sachs and verizon and also target and also some of his nominees for cabinet secretaries, including rfk jr. and howard lutnick. scott bessent. >> hhs. >> everybody kams came out. with his daughters and wife as well. >> jd vance. >> it was a big moment. doug burgam. >> the ceo of time is here because "time" named him person

of the year. used that opportunity to ring the opening bell. the second president to do so. it is amazing. trump, in all of his business dealings throughout years, bought the building across from the stock exchange, had not done this. this is his first time doing it. a lot of excitement at the exchange with the traders. he just made the floor walk. they had the red ropes out for him. very exciting. high security, of course, as well. >> he has made his exit. it will quiet down a bit. >> it is remarkable. jim did an amazing job of getting the president-elect to speak. we will hear that sound in just a little bit. our kudos to our colleague for making his way. >> he went out once to talk to bessent and rfk who were somewhat retiscent. he talked to ackman as well.

>> it was good to get the response at the podium and upstairs, too. >> you mentioned he used the word incentive. incentive economy. any we'll make it easy for them. obviously, the incentives for tax purposes. 15% corporate taxes. if you are doing it in america, 21%, if not, which is still pretty low. >> i expanded on a post a couple of days ago. "time" breaks news as did jim cramer on the floor. listen. >> what do you have to say to the american investor? >> you will see a lot of good days ahead. incentives will be given. you saw yesterday $1 billion investment with fast approvals. nobody's come up with that one yet, although it seems simple. you will have great days ahead. we have to conclude a couple of bad wars going on.

a lot of bad things going on. we'll get them done. >> do you think we're in a situation where business will be far more embraced under you than currently? >> i don't want to knock current, but more than anytime, anywhere in the history of our country. >> we used to speak together about the idea the verages matter. is that the case with dow jones or nasdaq? >> i said stock market is very important. it is an honor to be here at new york stock exchange. i sort of joke that i actually bought the building across the street because the stock exchange was here. >> 40. nice building. >> 40 wall street. we will do things that haven't been done before. we will be cutting taxes still further. you see we got it down to 21%. we will bring it down even below that. you pay 21 if you don't build here. meaning your product or whatever. if you do, we will try to get it down to 15%. you have to build your product

and make your product in the usa. >> how about every working person watching? would love to see dividend tax lower and capital gains tax lower. >> we are talking about that. we will talking about taxes as last time as we took it close to 44% to 45% down to 21%. everyone said that was impossible. i really want to get it down to 15. i think we will be able to did that. you remember we had the best three years in the history of the country with the economy. you have been so good. i haven't seen you so much since i've been a politician. >> thank you, sir. we have been together. we had a great time. >> that's right. a great judge. he was a tough judge. he was a tough judge. >> we had to eliminate people who didn't cut the mustard. you made me the hatchet man. i respect that. >> e will do the same thing. unfortunately, there's too many of them. we will incentivize the country to go back and work.

they will be incentivized. they will do well. people will be happy. jd is very much involved. i have a great partner right over here with our first lady. people love our first lady. we will do something very special. we have some great people up there. you saw some of the people on the cabinet and we have some of the most successful people in the country. and we're dealing with the most successful people. those are the people that put others to work and we're going to be hitting job numbers as you probably heard me say we picked up since just the election, $3 trillion in you call it worth or value. $3 trillion was picked up insurance since november 5th. >> when president biden was here, let the bull run free. >> i can't do better than that. that's what we're going to do. >> i know we have other people here. i don't see elon musk. he has been a good for crypto or

glp-1 drugs. >> he has a lot of ideas. he is great guy. he is a really great guy. his stock has done well. everybody's stock has done well since the election and even before. scott bessent's done fantastic well. this is before the election. it is doing well because they think trump is going to win. we made scott the treasury secretary which everybody frankly wanted. he's going to do a fantastic job. >> meantime, how about a crypto, really, we need -- you are embraced in crypto. petroleum reserve like for crypto? >> i think so. we will do something great with crypto. we don't want china or anybody else. we will be ahead of a.i. we will be way ahead of a.i. we have to produce electricity. it is unbelievable. we need twice what we already

have. if you think that's for a specific industry. we will be able to do it. we have lee zeldin in charges of the environment. he will give us strong approvals. he will make sure everything is good and clean and proper. >> natural gas should be able to afford it and handle the 5% per year grid. you obviously think we need to be up on the king of a.i. which means people say protect taiwan. china would like that technology. >> we will have a lot of talks with china. i have a surprising relationship. when the covid came in, i cut it off. that was a step too far. a bridge too far. we have been talking and discussing with president xi some things and other world leaders. i think we will do very well all around. we are -- we have been abused as a country. we have been badly abused from the economic standpoint, i think

and even militarily. we put up the money and they put up nothing and they abuse us on the economy. we can't let that happen. we put america first. we also will help other countries. >> i know you have a ton of things to do. what can you say to the working person who owns stocks. should they own more stogs?cks? >> i don't want to get into a position to where they do and we have a dip. you are the leading authority of going up and going down. he always ends up. that's good news. we have doug burgum who has been on your show. i will say long term this is going to be a country like no other. we had the three best years ever until covid came in and we did a good job of getting rid of it. the stock market, the markets were higher than previous to covid coming in when we handed it over. now i know the people and

players. when i ame in, it was interesting, jim. i came in and i was not a washington guy. i didn't know too many people in washington. i had to rely. i know people so much they are coming out of my ears. we have great people. >> mark zuckerberg? >> mark zuckerberg has been over to see me. i can tell you elon is another and jeff bezos is coming up next week. i nt to get ideas from them. we want to get ideas from everybody. we want people to love. when they wake up in the morning, get up and i love to go to work. i want to go to work. we want people working and we want them working for a lot of money. >> thank you, mr. president-elect. >> thank you. thank you. thank you very much. >> nothing like an impromptu interview with the president-elect. a lot of pro-business vibes in the interview. it is a fitting moment that

president-elect trump is here at the stock exchange and he gets the photo op in the heart of american capitalism. if you look at the markets, first of all, they did well into the election and better post election. we took a look at the trump-effect charges. january 1st through the election. look what happened since the election. up 5%. we have seen certain sectors rally harder than others. financial s are a big beneficiary. we mentioned the nasdaq 20 k milestone. he talked about elon musk's stock doing well. tesla doing well. this is across asset trump trade. it has been strong dollar. the idea the u.s. benefits more than the rest of the world from tariff policies and pro-growth ies and incentives to invest in america and you can see some of the losers on the other side of the trump trade since the election.

mexico -- >> that's much more so than our market went up, obviously. >> the mexico etf. it has come back a little bit. it's been hit hard. i put in israel as well. that's been a big winning stock market. that tracks well since the election. boy, has that one taken off. look at the since trump elected on the israeli eft. obviously, a lot of the nominations that trump has made in the cabinet have been pro-israel and some of the comments from the president-elect himself, obviously, as israel faces the existential war on many fronts. there are headlines and we will talk about the targets for 2025. the president-elect's visit marks historic day. let's bring in the historian. michael, always a pleasure. >> same, carl. nice to see you. >> i wonder if you have a thought on the optics. not every president, the current president, would have done this

today because they sometimes believe it creates an image where are you favoring corporate america over mainstream. >> perfect comment. think about this. you think about presidents, sitting presidents or presidents coming into office spend time at the new york stock exchange or other similar places and talking to people and being interviewed as donald trump was by our friend jim cramer who did an excellent job. it is really pretty rare. to think the first president, sitting president, went to the new york stock exchange was only ronald reagan early in 1985. that was largely because of two things. one is usually presidents were in the middle of the transition don't say very much at all or don't make big appearances because they don't want to be frozen in an image that may come to haunt them later on. donald trump knows very well that the images this morning and

properly his interview with jim, will be shown as an example of what he thought was important for him to show himself doing during the transition. if the economy is bad, he'll be haunted by that, but if the economy is good as he's talked about this morning, that will be something that this was the first day it was celebrated in a big way. >> right. the other issue we talked about this morning was his employment of business managers, often billionaires. we have been talking about the balance between bringing in experienced managers and people who understand markets versus descending into what some are calling an oligarch era. what do you think? >> ight eisenhower brought in five millionaires and a plumber. mostly millionaires was a particularly big deal in 1953 and the plumber was the labor union member.

eisenhower, like republicans, felt relationship qualities you find in business and finance that are very transferrable to politics and national leadership. we are about to see a road test of that idea. >> it is interesting, though, michael, we are talking about the world's wealthiest man in particular who does not have a role in the cabinet, but has an important advisory role here. any number of other prominent, prominent people in the business community/wealthiest people in the world. is there a corollary for the previous administration to have that kind of influence conceivably? >> not to highlight as much as donald trump has. it goes back to 2015 when he said he would get the best people and to him, one definition of that is people who have been successful in business and manufacturing and finance. the test is going to be whether those are going -- those people

are going to dominate his decision making on other issues or if he's going to bring in others like rfk jr. some people love him or some people hate him. his expertise, obviously, is not business or finance, but you notice the president-elect made the point of bringing him this morning to say that this is going to be an important voice. >> why wouldn't biden come to the new york stock exchange? why wouldn't biden ring the opening bell? from the beginning, this administration has had a knock they are not friendly to business. he obviously didn't -- didn't put a lot of cabinet members with business background. gina raimondo is one exception to that. this was an administration from the beginning triegs toying to e the american public they were working for them and they just could not do that according to polls. >> president biden would not do

that during this administration. that is not a knock on him. it's two things. number one, you know the democratic party has a strong wing. elizabeth warren ask the avatar of it who feels it is very important to keep taxes high and to limit and regulate business and you see that in some of the appointments like the s.e.c. would be a perfectly good example of that. donald trump today is trying to be opposite saying change is coming to america and i really mean it and that's why i made this appearance a signal moment in my transition. >> yeah, we should say we don't know if he was ever invited, president biden, to the new york stock exchange. >> i assume they all are invited. >> if he wanted to come, he probably could. >> he knows if the economy goes badly with inflation and other moments in that administration, people who quantity want to cri

him, they will say look at biden going to the new york stock exchange and look at the situation. >> we are joining on a day with the central bank decisions in europe and swiss and ecb cut by 50 and 25. do we think this show of confidence on the american part is going to be responded to with rolling over? i'm not sure there is a lot of discussion of juice economically and market the europeans have? >> that's exactly right. we will see if rising tide lifts all boats in europe. carl, you were talking about our central bank, which is jay powell and the president-elect has said he is fine with jay powell serving for another year as chair. so, that's something that will probably calm a lot of people. if i could make a historical point and i know, carl, you are particularly interested in history. that is that donald trump is a big fan of andrew jackson, but there's a little disonate note

because andrew jackson was the biggest enemy of the idea we should have a central bank at all. with that caveat, we move forward. >> right. not the first jackson reference we had with donald trump. >> right. >> michael, our appreciation and thanks. >> my pleasure. i want to go now to a take from the market historian. jeremy iegel joings s us now. do you think the trump rally can continue? >> most certainly. i was quite interested. he said i'm not going to guarantee a rally. there will be dips. we know that can happen. trump is the most pro-stock market president in history insofar as measuring his own success or worth by how well the stock market does. however, there are many things that can happen that are beyond

his control that can give us a bear market. you know, the business cycle is part of the capitalistic economy. there could be external events. geopolitical events. nothing is guaranteed. what is guaranteed is he won't knowingly do anything to harm the american value market. knowingly because there is the law of unintended consequences. many times we don't realize many things we do are not in the best interest. this morning, it is exciting to have a president pro business. pro economy. not just the stock market. i want to make americans better off. i want to make corporate america better off and make the american worker better off. there's a feeling, pro business and pro excitement. that's certainly good for the stock market. >> i wonder if that's why the

market isn't as concerned about tariffs because of the idea of the trump play. he's not going to let the market fall apart or the economy even if as we know tariffs can have a disruptive effect on the economy and on inflation and the market doesn't like them. >> absolutely. i mean, you could say there is somewhat of a trump put like we talk about a fed put or a powell put. neither of them, again, can guarantee against a bear market. i think what's happening is the market is also looking at his first four years and certainly i mean he did raise tariffs to be sure, but not anywhere near as much as he threatened. i'm pretty amazed this invitation to chairman xi of china in the inauguration is let's talk now so i do not have to put high tariffs on you. it will be really interesting to see if there's going to be any

response there, but i think it's let's talk. we know the trump position is i want to draw from the strong position and we can negotiate down from there. that's what the stock market feels. >> he made an oblique reference to that with jim. by the way, no chinese leader has ever attended a u.s. inauguration and no foreign head of state in at least a century. that would be amazing, jeremy. i wonder what you make of the contradictory stances as satellite-sara put it in deportation. he can get groceries affordable again. is there a collision there? >> there is. you know, tariffs and the immigration issue or deportation as it will probably turn off are the biggest question marks of the administration. jay powell in recent interviews

was asked should you react to the tariffs. he said we just do not know what is going to happen. if the chairman of the fed does not know, you know, i don't think anyone else really knows how this is going to work out and it's really going to be a way to see. i mean, how can you bring -- pro duck tift pro duck tift brings prices down as well as federal reserve action. those are the things. we can get disinflationary. a.i. is a potential for a very disinflationary force in the economy. those two forces moving forward will do a lot to solve our inflation problem. >> jeremy, let's end on the markets overall. we are coming off a 27% year up in the s&p right now. almost 33% advance on the

nasdaq. that is not to mention the advances that took place in 3. despite what you said, are you happy with where things are now? >> absolutely. i think, i don't think '25 is as good as everyone hopes the economy will be given valuations is going to be as good as '23, '24. we probably see zero to 10 or 5 to 10. we may see rotation finally. the surge of the mag seven. the surge of the tech stocks in the last seven or eight days is unprecedented. i don't know if it is portfolio catch up. everyone has to try to match the averages which no one is able to do with the s&p so strong, but some of that enthusiasm for some of those stocks, you know, very well might unwind next year. maybe trump said you know there

could be a dip in the market. you know, maybe he has some feeling that there is a little bit of froth in some of these issues. you know, we shouldn't expect the market as it has never been in history just to go straight up. >> and i will just note the other news of the day is we did get a wholesale inflation report. ppi. yields are higher and stocks sold off. 4.4% month over month increase. core is hotter as well in the 3% range on ppi. that's not necessarily what the fed wants to be seeing ahead of what the market expect is a cut next week. >> i was trying to look at the components that will go into the, you know, pce deflator which you won't get for two weeks. they looked a little bit better than the factors that were pushing up the ppi.

certainly, and by the way, you know, you know trump had said i'm keeping powell until the end. one could think if there is a conflict if the economy slips. you mentioned earlier in the program when we got the claims, i say the sweet spot is 200, 240. we inched above that. it is volatility in the short return. if there is a slowdown with the stickiness of inflation, could that set up a conflict where the fed says i have to hold firm and if the economy doesn't grow as fast as trump wants, but you have to lower the rates to get the economy going. so, there's no conflict now. i think he's really happy with jay powell and what he's done. certainly he got elected with jay powell as head. down the road, if certain factors like sticky inflation continue, that could set something up. >> professor jeremy siegel,

thank you so much for coming on. still ahead, the ceo of the nyse lynn martin joins us after just hosting president-elect trump. we are back in just two minutes with the dow down 30 points. stay with us. hive digital technologies is a first mover in the crypto space. combining sustainable bitcoin mining, strong asset holdings and a focus on ai and high performance computing data centers join hive in driving digital innovation. hive digital technologies. with dexcom g7, managing your diabetes just got easier. so, what's your glucose number right now? good thing you don't need to fingerstick. how's all that food affect your glucose? oh, the answers on your phone. what if you're heading low at night?

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just another day here at the new york stock exchange. >> just another day. just another day. welcoming president-elect and vice president-elect and majority of incoming cabinet. just another day. >> what was the significance of this morning to you? >> it's historic for us. he is the first president to ring the bell since ronald reagan rang the l march focus o and the focus on whareally makes us the greatest nation in the world which is the vibrancy of the capital markets. >> we were discussing whether do all presidents get invited to ring the bell? >> absolutely. >> including president biden? >> absolutely. >> they just usually don't do that? >> i think they have one or two

things to deal with. i think it's telling that president trump made it a priority. >> how is the planning of this? >> there were a lot of moving parts. there were a lot of moving parts, but it was an honor. it's an honor. it's an honor to continue to showcase the new york stock exchange for what it is which is the center of the world's capital markets. one that is focused on celebrating freedom. we celebrate freedom here every day and to us, freedom means the ability to dream, but importantly, the thing that makes the u.s. unique is the fact that you are able to get the capital you need to turn those dreams into reality to really change the world and to bring the next great innovation to the market. it's why we've been the envy of the world for 232 years since we were formed and why we're going

to be the envy of the world and beyond. >> it would be nice to see some of those getting that capital, lynn? >> yes. >> we had an ipo today, not here, but it was an important sign. i feel we had the conversation at the end of the last few years, next year and then it doesn't happen. when will the ipos happen? >> there year, you saw a lot of green shoots. we had a variety of successful deals in q4 alone. you look at standard arrow. that was the best to raise more than $1 billion since 2021. >> wow. >> that shows the market is receptive not just to smaller ipos, but bigger ipos. if you look at the secondary trading on the companies. iconic companies debuted here this year, reddit, how well that has done. viking cruises. ul. the secondary market is there. the demand is there. >> yeah. it's all there.

>> what we had happen, as you know, and as we saw today, better than anyone with front row seats, we had an election happen in q4. had the election not happened in q4, i think you would have seen a lot more deals go out. they are cued up now for 2025. we're excited. we're excited about q1 of 2025 and beyond. >> i was going to say is it more of a first half story? >> i think we will see more go out in q1. you might see more of the flood gates open in the second half of the year, but we're expecting an active early part to the year. >> we do talk a lot about private markets and ability to sustain a large business without going public. do you think that is a drag or is this incentive to invest going to unlock the need to take your company public? >> i think the private markets play an incredibly important part in the evolution of the company. going back to what i said

earlier, what makes america great is the vibrancy of the capital markets. the fact they fuel those dreams to come to reality, you can't fuel a dream to come to reality unless you have the private markets to fund the early stage companies. but when companies are public market ready, the market is now ready to embrace them and reward them for the innovation and participate in the further upside that can be driven by the amazing companies bringing the innovation. >> does the deregulatory agenda which donald trump talked about and talked a lot about this morning, does it help your business? >> it will probably cause the companies to look at the real important aspects which is profitability. less regulation is something that companies, you know, do favor, however, there is a balance there. there is a balance there between having good transparency.

financial transparency is incredibly important, but there has been from time to time additional regulations put on either by the government or by others unnecessarily on companies which create an unnecessary tax. >> what do you hear from ceos about the current environment and whether there is appetite for investment he is encouraging? >> there is a lot of optimism in the market. there appears to be optimism in the market across multiple sectors. to invest in your business in the medium to long term and thinking outside the box and invest in the great, new innovations coming to the market and invest in their people. i sense a lot of optimism. >> give us the sense of what the mood was like not just on the floor, but in the boardroom about whether or not the demand is there if your investment pays off. >> there is a lot of optimism in the room with the incoming

cabinet and various ceos from the community we had in the boardroom this morning. >> what do you make of the crypto stance and paul atkins head of the s.e.c. and how it would be a good idea to have a strategic bitcoin fund or crypto fund like a strategic petroleum reserve? >> we have been saying for years the thing that is holding crypto back is the lack of regulatory clarity. so, i think this administration will look to add the regulatory clarity which seems to be what is telegraphed. which as that point, we'll figure out the actual use cases and implementation and the way the institutions can use. >> the other thing is having the a.i. crypto czar or someone to help coordinate policy because the amount of change this president is going to oversee is going to be insane.

>> absolutely. absolutely. a.i. is a current trend we have been following now for a couple of years. in our mind, it all comes back to data. data protection as well which has got to be part of the con ver sags when you are talking about a.i. and the folks he anointed in the administration do have that background to make those right decisions. >> well, lynn, you did it. you made it happen. thank you for joining us on such a big day and big moment here for the nyse. >> it's been an honor. an historic day here. we couldn't have been prouder to welcome the president and incoming cabinet and vice president and iconic ceos in the community. >> lynn martin, head of the new york stock exchange. thank you. eamon javers is joining us from washington with color on the visit. >> so fascinating watching this play out in the transitional moment in american life politically with one

administration and another. a couple of things from jim cramer's interview with the president-elect that stood out to me, carl, is how measured and deliberate this version of donald trump is as compared to what we saw on the campaign trail just a couple months ago. donald trump was offered to say that americans should buy stock. he didn't take that opportunity. he said wait a second. stock can go up. it can go down, jim, you know that. this is the president who did not take the sort of cheerleading opportunity of that question and say go in and buy and go whole hog. he was more cautious and deliberate on that answer and more cautious and more deliberate, i think, in terms of the question about the current administration and the performance of the economy under the current administration. president-elect trump didn't want to criticize the current team right now. such a contrast from what we saw on the campaign trail. we see this interview in "time" magazine for the person of the

year issue. in the interview, nbc news flagged a fascinating moment here. trump is asked about the prices of groceries and the question about whether prices can come down on the price of groceries. on the campaign trail, he pledged prices would come down for groceries. such an important moment in thit is hard to bring things down once they're up. ing the economic reality when prices have gone up. it will be a difficult thing. this is a president you take all that together and a president who is measured, calm, sort of not wanting to overpromise too much early on and not wanting to buy into sort of a frenzy in terms of the stock market and take potential criticism later if the market went down after he said such a thing. interesting to watch this shift from donald trump from the

campaign trail to the transition moment and what we will see in washington in january, guys. >> eamon, i noticed as well the more measured tone when it came to the current administration. i think he did take one opportunity, talking to jim and the president-elect about "the apprentice" and jim was the hatchet man in terms of firing people. the president did use that, president-elect did use that as an opportunity to say we'll have to do that with the government work force. i did note that one. >> if you are a government worker right now, watch out. elon musk is coming. clearly, they are saying what they want to do is massive reductions in force across the board and if you do that, you will put a lot of people out of work here and in this town where i'm sitting right now. a lot of people around the country might be cheering for that, particularly trump voters. >> all right. eamon, thank you for joining us on the big day at the new york stock exchange. i want to show you what is

happening with stocks. they are giving a little back. s&p is down. real estate and healthcare and financials today. tech is lower after a big rally yesterday. very strong rally. it was broad within the tech space. oband amazon giving a bit back. more "squawk on the street" when we come right back. if we focusn 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. is a bit of a data scientist's holy grail. ♪♪

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welcome back. let's bring in steve liesman. the optimism we saw at the nyse and the timism. steve. >> we have the optimism of business post-election period. what you saw on the floor of the stock exchange is among businesses across the spectrum. a bit like the boot has been taken off their neck which is a memo to the democratic party how to run their economic policy. take a look for example at cfo optimism for the outlook. it surged in the last one just came out. you saw a big bump in the fourth quarter. this was all post-election. you saw system thing with the cfo. sorry, ceo business round table

survey. it was -- i'm going to give you 71 index. those two things both, you know, showing and nfib small business as well. the only other thing may be the down side on this, david, is the uncertainty. you take a tick up. you look at the uncertainty policy index. we just had the cfo council. they were excited about the acceleration. those are the things that got them excited. let me talk about the latest cnbc holiday survey which is a different one. the deal here is the last-minute christmas with the late start to the holiday shopping season. that leaves a lot of americans with working to get gifts under the tree and waiting for bargains here. 15% have done all their

shopping. 16% have done about half. 49% less than half of the shopping. when we did our survey back through december 5th through the 8th. 48% have done none at all. all of this on the thanksgiving being on the 28th and making for the shortest holiday shopping season. guess who is most behind in the giftless? men. 28% have done all or more compared to 41% of women. about 15% of men and 17% of women. look at that. 55% of men less than half of their shopping. well done, guys. this matters for retailers because 52% of early shoppers will spend more this year than last. that compares to 35% of late shoppers. the key here may be the late shoppers are holding out for bargains. look. we get ce of this with income.

it goes down. late shoppers with lower income. earlier shoppers with higher income in general. we also see differences in debt. 42% of shoppers report a lot of debt or spending more. the reverse from those who don't have much debt at all. the game of chicken happens every year. consumers have often been right to wait. the stakes are higher for retailers. less time to play, sara. >> procrastinating men better get going. steve liesman, thank you. a number of ceos on the floor of the new york stock exchange to see president-elect trump ringing the opening bell. we spoke to bill ackman. here's what he said. >> a broad array of american companies. everybody is enthusiastic really

about a new administration that's about efficiency and removing the impediments to growth and deregulation. i think a lot of the confidence comes from that. >> speaking of optimism, a lot of it in the stock market, perhaps, right now. the nasdaq has hit 20,000 driven by big gains for big tech like tesla and amazon hitting close to all-time highs. our next guest has been a bull and correct to have been so for the last two years when it comes to the tech trade forecasting on our show in january that the nasdaq would hit 20,000 this year. he's dan ives. wedbush securities analyst. he joins us for his 2025 predictions. two years in a row, it's good to be right, dan. you are bound to be wrong one of these days. i don't know when it will be. >> look, i think as you and i have talked, this is just the

beginning. i think this is ultimately going to be another two or three bull market for tech because it's a fourth industrial revolution playing out in front of us. that's big tech. it's only 10:00 p.m. and the a.i. part of that goes to 4:00 a.m. >> have you gotten any later in the party or it is always early? >> we start at 9:00 p.m. it's now 10:00 p.m. i think nasdaq 25,000 a year from now is something we're going to start talking about going to the end of next year and early '26. >> there it is. the last line there. so much of this depending on the numbers are staggering. we talk about it all the time quarter to quarter. you think a.i. cap ex is going to exceed $1 trillion? why? 2025 i should say. why? >> it is everything we have

seen. that's why we travel the world. where the a.i. cap ex is. i think the biggest thing here is the multiplier. every dollar spent on nvidia chip, there's an eight to ten multiplier. that's why you have palantir and other names in software and salesforce front and center. it's get the popcorn out. the rest of tech sees the benefit of the a.i. revolution. >> dan, people are still looking at adobe's guide on the back of it with oracle's guide. is there some kind of pause or chance to breathe in early 2025? >> carl, i think there is definitely a chance to breathes. when i see oracle selloff or adobe selloff, you buy the dips as this will go over the next 12

to 24 months. the way we see this playing out is the use cases are no front and center. the street will sell off just like we see other names. palantir or tesla or apple or others. now the a.i. revolution is coming not just to the enterprise, but coming to the consumer with cupertino. that is why i think apple is the first $4 trillion market cap early in 2025. >> do you buy meta on the fact with mark zuckerberg who visited trump and giving money to the campaign. bezos is going next week. we know elon musk and it worked for tesla. are these fundamental reasons to buy the stock? >> i think there's been early christmas presents with khan out at ftc. it changes the dynamics. you will have massive deal making. deal making will be 50% in tech. the strong will get stronger.

that will benefit meta and alphabet and amazon. the one it benefits the most is musk and tesz la.la. at the end of 2025, we are likely staring at a $2 trillion market cap on tesla on autonomous vision and deregulation. >> dan, as always, appreciate it. thank you. >> thank you. >> speaking of potential deal making, take a look at shares of warner bros. discovery. the company announcing this morning what it is calling its corporate structure to enhance strategic flexibility. separating the studio from streaming from the lineal cable network in how it reports and in terms of structure and the like. it is not an actual split where, for example, cast is under taking with the spinoff of brave

bravo. doing a lot of work that would lead up to a potential real split or putting warner bros. discovery in a position to split or sell or even spin into someone else. so it is being embraced, as you see, by investors this morning, at least the idea of perhaps consolidation occurring amongst lineal cable networks and the like. not to mention the potential on the streaming side. also going to be adding some board members as well. we'll see. if the stock price keeps going up, carl, there is hope they lead that consolidation. even with that move today, that's not quite the level they need to get to. >> right. fascinating times in media. to the earlier point of tesla, shares up almost 70% since trump was elected. that has led to massive wealth gains for elon musk. who better to turn to than robert frank.

good morning, robert. >> good morning, carl. as of today, elon musk is worth $447 billion. this week, he in fact, became the first person ever to be worth $400 billion. now some of that gain as you mentioned was from tesla stock. the big jump, get this, from spacex. that private share sale valuing the company at $350 billion. that instantly added $50 billion to elon's weth. he has gotten a lift from x-a.i. the pay package was struck down from the delaware judge would have added another $100 billion plus. if he gets that, depends on whether that happens, he would be well over half trillion. by the way, it is not just musk adding wealth. inheritances from the baby boomers making america

wealthier. $124 trillion expected to be passed down. the rest to spouses and family members and children. all that according to cerullio. genxin the next ten years and then switching to millennials. more than half of the total inheritance is from the wealthy, those worth $5 million or more. $2.5 trillion will be passed down. that goes up to $4 trillion a year by 2036. women control a growing share of wealth. almost half or more than half of that $100 trillion passed down will go to women. now for more on the great wealth transfer and where the wealthy are investing, sign up for my newsletter today at cnbc.com/insidewealth.

guys. >> robert, where are we on the estate tax now for a couple? 27? >> just over 26 million for a couple and remember, a lot of families gifted and passed down wealth in advance of what could have been, perhaps, a drop in the exemption from 26. now there's a big sigh of relief among the wethy that will not change. ironically, what you could see is a reduction in the amount of money being gifted to charity and families. that sense the number is not going to go down much, but go up dramatically. >> on the related note, the piece with jensen huang and the $8 billion tax dodge. good time to be covering wealth right now. >> very interesting. what is interesting if you dig into the technical trusts he uses, these are common.

why we talk about the $100 trillion of wealth passed down, almost none of it or little will be taxed. the estate tax is high, but the lawyers have made it to be easy to avoid estate tax with the trusts that jensen huang is using. >> it's there, but nobody seems to really pay it. robert, thank you for the rundown on all of those things. a rundown for the market right now. we're down a bit on the s&p and the nasdaq, of course, after a historic day at the nyse. our market coverage continues right after this. at least, not the way it could work. your people are buried in busy work. and you might be thinking... can ai make it all work? it can. on the servicenow platform, ai transforms your entire business. your people work better, your customers are happier, and todd... well... he's practically euphoric.

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good thursday morning. welcome to "money movers." i'm sara eisen with carl quintanilla live in post nine at the new york stock exchange. historic day here. president-elect trump and leaders from every corner of business descending upon the nyse after president-elect trump rang the opening bell. >> stocks continue to rally near some all-time highs. nasdaq crossed 20 k yesterday first time. weakness now b