oil prices this morning are hovering actually moved up from where they were yesterday at this time. $74.33 is wti. ice brent is $76 a barrel. that does it for us today. we will see you back here next week. ight now it is time for "squawk on the street." good friday morning. welcome to "squawk on the street." i'm sara eisen. carl and david have the morning off. we had a losing streak and end of the year and beginning of the year. let's see if it changes. dow futures up 22. s&p up 16. nasdaq up 67. we started higher yesterday. faded all the way into the close. we will see if it holds today. our road map starts with direction after the a december pullback. one strategist is warning of a correction ahead. shares of u.s. steel falling

as president biden does block the $14 billion sale of the company to japan's nippon steel on national security grounds. a cancer warning. shares of spirit makers under pressure. the surgeon general calling for new labels warning of health risks. we begin with the stocks looking to reverse the recent slide, jim, which i know is disappointing to start the new year. we have fallen five straight sessions for the s&p and nasdaq. longest losing streak since april. >> i think in many ways, people expected things to be great and last week, after we have been down and market oversold, it was surprising. i heard one or two large funds were taking profits. that's clearly not the case. something bigger going on. what's bigger going and when i look at the things you are seeing from the beautiful bank of america piece this morning about how strong the market has been, momentum growth and mega caps, people like to take profits on those.

i don't blame them. i think that if you don't take profits if you are up huge, you are being too greedy. i think there is common sense approach. >> this would not make you question the strength of the market? >> as we get closer to the inauguration, i think there are people who are skittish. no, i don't think so. i think things are pretty good. >> i saw your reasons for optimism. you gave ten last night on "mad money." >> look, i think all we ever hear are reasons. many people come on air and they have multiple reasons why we should not do well, including this we have been up for two years so, therefore, we can't be up for two years. none of this plays a role because we never had figure like magnificent seven before. we also had very few groups that were actually bad. it's kind of a housient time.

i think at another time with much more bullish media commentary really post-2000. >> dot-com. >> before that, we would have seen the dirth of equities. there is not enough stock. i think the market is driven by supply and demand. we have pretty good supply and demand. >> especially with the m&a. >> it's hard to kind of figure out exactly how much of the rally in mag seven was s&p money coming in. we don't think of that. we think of the stocks as separate. i do think if we had m&a and we don't have a lot of big deals, then what happens? we're really going to be short equity. it's such a bullish thesis. people are afraid. look look, it could be good or bad. joe burrow is good, but joe burrow may not be in the playoff. >> they may be in the playoff. >> that's why i mentioned it

because i know you are from cincinnati. >> that's key i'm told. >> you finally got -- i hopped you would do that. i tested you in the first three minutes. we're all used to people coming on and not talking about this dirth of equity or the fact that m&a takes stock out. this surprise piece from td cowan today. the cable merger. take some stock out in an area that has been pathetic. >> the question is, under new ftc, lina khan goes and trump administration comes in. how friendly? it will be friendlier than her know matter what. she was against everything. >> the stock applovin. google could come in against them, but google was so in the cross-hairs of jonathan cantor

was more reasonable than lina khan and had done homework. was addicted to rigor. this rigor is good against the dogmatic capture of the ftc. i don't think he was aware of what was happening. >> speaking of. >> i don't think he was aware. that's okay. >> we'll talk about nippon steel in a moment on that because there are some things on there today. just on the broader market, not to be bearish, but there are some things. >> i love a counter point. >> there are some things that are happening which might give equity bulls pause. yields are near the highs we have seen. >> come on. you know what the yields have been. let's go 5.5. >> we're not there. we're 4.5. >> we spent too much time in the '90s with the yields. >> mortgage rates are back up 7%. that's how it impacts people. >> you look at the home cycle. the cycle is rates get too high.

people start cutting the price of the home. when that happens, the buyer steps aside because they say i'll buy a house and down immediately. sellers panic and cut price and buyers come in. it is distorted the past few years. >> inventory. >> and the low mortgages. that's the classic housing cycle. it is always the classic housing cycle and it's going to return. i'm not as concerned about housing. i wish there was more housing being built, but we know a lot of that has to do with environmental regulations. >> what about the dollar? the dollar is strengthening. >> i don't care. we always cover the dollar. >> it cuts into earnings. you have to look at why it is strengthening. strengthening because the fed is not thought to have to cut rates as much. that's good. everybody else will cut rates. >> i have a solution. i have a solution to this. book the trip to canada.

vancouver. down 20% from last year when it was too expensive. it's a ryan ynolds trip because i think he's the greatest person on earth. >> very successful. >> yes. >> i'm just checking. the other big story is china. china started in a sour mood with stocks. bond yields are at record lows and now monetary policy. >> do they have any idea what they're doing honestly? we assume they were able to hack the treasury department which was a disgrace on our part and somehow they know what they're doing? do you know they have everything involving tiktok. that's what they got or tiktok discussions. >> more than 300 million users. >> they got it just so you know, they have not updated their systems of treasury. they have a mismatch of different things. they need one system coming in. they didn't do that. a lot of the continuing budget

resolution. they didn't have the known make it so to stop it. it's been in the cracks. the chinese have everything. do you think president trump is going to sit back -- oh, president-elect trump. >> he is president. >> we should make a good deal with china now they have stolen everything. >> the u.s. has a lot of leverage in this relationship especially now the chinese economy weakening. >> how big is the problem? >> i think the problem is bigger than people think it is because we don't know the full story. i do listen to kyle bass and he has been negative on china. if you try to make money in the market over a long period, you could not do that in the equity market. they've tried a lot on the monetary side. remember the end of last year when tepper was bullish? bazooka was coming out? it faded in terms of the

sentiment because people realized problems were deep in the property market and deleveraging would go on. ray dalio was writing about that. they are not stimulating the consumer. they continue to do the supply side thing and it's not working. >> no one ever talks about what could happen if they have food shortages and you would have revolution. >> right. >> no one is talking about that. it reminds me, by the way, remember lives of others in east germany and 10% suicide? there are no totalitarian governmenting s that are immunem what could happen. they should be thinking about that, not whether they should cut rates to one. they need to be thinking about how to stop the revolution if things get out of control there. >> i think they do think about that. it's the censor. >> the best way to stop that is give pla all the money and do

something outrageous. >> they are letting their currency fall. below 7.3 on the yuan. that is a big deal. they were defending that for a long time. the thinking is it will be worse under trump. >> i know. i think -- look, if i were running china, if i'm not, i would do the opposite. i would figure out a way so deals could be made. we hacked too much. they are addicted to hacking. the hacking is going on right now is absurd. >> which they deny, of course. >> i think they have the possibility ing things and it's a $7 trillion problem in real estate. >> no one would take that pain. >> why do we regard them as an important country in terms of trade? >> interconnected economically. >> we could be granular and say there are two reports today about apple and the fulcrum of

apple and medical equipment is not doing well. china. estee lauder. p&g. merck. china. one company has been the best performer in the last month. rh. gary freedman had to get out of dodge. he recognized that. gary is not being saluted. bought a huge amount of stock. highest end furniture. great stuff. >> a bunch have been moving out of china. williams-sonoma. the question is how fast can you do that? the whole decoupling, is that possible? >> yes. i think if the chinese persist in making every single part of our government is hacked, then i think that president-elect trump is not like other presidents. i think he just puts a gigantic tariff on china and says best of luck.

>> we'll see. that is the expectation. speaking of china, we should hit the steel deal. u.s. steel is down sharply. president biden blocking the nippon steel from acquiring the company. the action is my unflinching commitment to use all authorities available to me to defend u.s. national security including by ensuring american companies continue to play a central role in sectors critical for national security. remember, this comes after the committee on treasury decides on deals was split on whether this deal should go through. it was punted to the president. he had 15 days to make a decision. we knew he was against it. he was publicly against it. now officially against it. i expect there to be legal action by the companies from nippon and u.s. steel. they are determined to make this happen. it is not as clear cut with the national security. >> there are 100,000 people

involved in the steel industry. it is minuscule. the president had bad relations with almost everyone in business. they never got to speak to him. he always thought it was bad optics. nucor is decimated by chinese dumping through mexico. if you wanted to do something to preserve the steel industry, stop mexican dumping by china trans shipment. instead, they do this although nippon steel guaranteed a level of production. >> billions of investment in the united states keeping the headquarters in pittsburgh. they bent over backwards. if you are going to argue on national security, you know, u.s. steel and nippon steel say japan is one of the closest allies. this is what friend-shoring is all about. let's stand up to china and dumping of steel. >> look, this is just optics. it is called u.s. steel. >> politics. it's run through the swing state of pennsylvania. >> economics whatsoever.

hyman roth was more accurate of what to do with u.s. steel than president biden. >> the question is -- look, if there's legal challenges, and it goes to the courts, and ultimately to the next administration, what will trump do? he has publicly come out against the deal. >> we wanted to defer to vice president-elect vance who talks about the japanese steel companies and what they can do to decimate america. >> it is an old school -- >> i agree. >> look at nucor steel. doesn't that show something has to be done to preserve u.s. steel? >> let's talk to lorenzo. he knows more than anybody. >> he wants to keep it in america. >> if he hadn't done the steel co in canada and come back and buy from cleveland cliffs. this is wrong on so many levels.

does president biden know the election happened and doesn't need pennsylvania anymore? pennsylvania is very important, but now it is most more important than pennsylvania right before you get to "go" on the monopoly board. >> he considers himself a pro union president. >> he walked the picket line for ford. >> union members voted for him. >> where did teamsters come down? >> they didn't. >> rfk jr.'s father. get hop a squad? running justice. he said let's run teamsters. >> i think i wonder if there is a potential for president-elect trump to make a deal with the unions if this deal should go through. >> he's the union president. it turned out it didn't matter. >> unlike biden, he does listen. he is taking meetings at mar-a-lago and he is talking to -- i think a lot of members of industry with a lot at stake

here and he made a deal with masa son shows the closeness of japan. >> i think japan is one of our great allies and that's why the point you said, why don't we go after the ally? i don't like the fact that president-elect trump is going after mexico and canada. the fentanyl capital of the world? canada? >> i think the security of the border is the issue. >> i evoke ryan ren ynolds agai. >> we don't know. >> how do you impose a tariff on the 51st state? >> the trade deal. u.s. mca. >> he has to rethink that. the surgeon general attacking beer. the best beer is made in mexico. when china figures out. now i'm with my partner in it

cincinnati through the shores of cincinnati bay? the bay? >> the ohio river. >> brewing on the shores of ohio river. that's where i want my modelo from. >> you don't want t from there? bring it to ohio. >> cleveland corona. i like that. when we return, follow-up on tesla one day after the delivery numbers miss on the street. getting a lot of love raising the price targets after the decline. >> how about starlink? >> you are excited. >> i use it in europe. i save so much over current cable providers. >> it's a game changer. let's look the futures. pointing to a highertart. s&p up 23. more "squawk on the street" straight ahead. cash payment. call coventry direct to learn more. we thought we had planned carefully for our retirement. but we quickly

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turo is the car rental company emerging as the thread in the cybertruck deadly incident. authorities say there is no connection, but we do want to speak to the head of turo and find out about the business model and what they are doing to make sure this does not happen again and how it could have happened in the first place. first, it is cramer's mad dash as we countdown to the opening bell. don't go anywhere on "squawk on the street."

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time now for cramer's mad dash as we countdown to the opening bell. >> the surgeon general linking cancer from alcohol. that is something else we have to study is a cornell business school report about glp-1. i like to say it. what's incredible here is that the decreases in certain foods, 11% decline in savory snacks by people. it directly points out that the declines in campbell's and

kraft-heinz were related to this. those obviously disastrous. what we have to pay attention to is the major consumption habits are changing and particularly the focus on chips and cookies. this matters. it matters because it's going to hurt even the great purchaseveyf food. walmart could hurt, but walmart is a secular winner. i don't want to say anything the wrong way. we have to follow this. than unlike the surgeon general, this is happening right now. it is happening right now. >> there was a freak out on stocks on the glp-1s. >> they were right. >> and each the worst-case scenario, it would not have an impact. >> you talk about the way people

create snacks and whatever. all i can tell you is the companies that make junk food, they will be under assault from rfk jr. and from the consumer itself. i think you have to stay away from the stocks. they are value traps, sara. >> or they pivot which is hard too. d opening bell just moments away. stay with us.

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>> announcer: the opening bell is brought to you by nuveen. a.i. gives us robots that are prommed so well, they do the work of five people. a monster wage of wage inflation. robots will replace people in restaurants and retail and home building and transportation, medicine and insurance. trump won the election on the hard deportation policy. assuming it is through, you have widespread restoration. >> jim naming a.i. robots and productivity to go right in 2025. you and i were talking. it is an exciting time. >> i think monday night will be

exciting. that is when jensen huang will give his ces speech. by the way, the robot is taking the place of five workers is an actual fedex depot. they are ready. i think jensen is going to shock people and i think some of the enthusiasm we will see into the bell has to do with what jensen will say monday. >> can you still buy nvidia after a $2 trillion gain market cap last year? >> the market is very sloppy here. >> we're opening up, to your point, opening bell. here at the big board. professional bull riders league celebrating the pbr team championship. >> about time. >> cowboys. the modern workplace mental health platform. i want to add more cause for

optimism. before we get into jensen speech at ces on a.i., there was a study in nature. they published results from a study in sweden looking at generative a.i. out performing traditional ultrasounds in detection of ovarian cancer. these are the studies we are waiting for for results on generative a.i. >> incredible disparity in the discovery of polyps with any sort of cancer testing, obviously, we're testing for colon cancer that is so much better at finding colon cancer than the current one and it is all generative a.i. that matters for ge healthcare is using generative a.i. it is not helping sales.

it is a stock i own and it is poorly performing. you have to talk about the good ones and bad ones. >> in a world with a shortage of ultrasound techs f you can get this -- >> watch medtronic. people don't care for the stock of medtronic. they think it is asleepy company. >> i had to get a.i. powered colonoscopy. >> you should ask for medtronic. that's similar to what rfk doesn't like about the drug act. >> the wall street journal about -- first of all, whether he would have the power to outright ban drug ads. you can only imagine the fight over the first amendment. if he is successful in pressuring drug companies to stop advertising or be more transparent about advertising, what that could mean for some of the cable companies that he depend heavily. >> you make it personal. >> that's what the article is

about. depend heavily on the ads. >> when i listen to the side effects, i'm not as inclined to get the drug. >> long list of side effects. >> the side effects last for the entire commercial break for the nfl. >> $400 million in linear tv ads in the u.s. last year. $300 million for novo nordisk. >> what is really driving it is botox. >> 30.7% of ad minutes across evening news on abc, nbc and cbs were related to prescription drug brands. >> i find if you watch nfl ads, you get a very good -- those ads by the way are working versus internet ads. one of the things is disappointing about youtube in the fourth quarter of major football games, they put up zen pictures of things like cakes. i would like to have ruth not

watch this show as much as i like, put some budweiser. >> zen ads of cakes? is that the new megan markle show? >> okay. i'm glad you brought that up. you remember i said at the beginning of the show, this is doing well and continue to do well. those are the leaders. because there's nothing new. put up constellation energy versus constellation brands. >> there is nothing new with constellation energy. >> those stocks are overdone. you know you can't throw up a nuclear power plant if you have the site. it doesn't work like that. we know that from southern. the small form nuclear reactor in canada being built, these things just don't come together the way they should versus a

natural gas plant which we could put up in the same time you are watching nfl commercials. >> capture the imagination after 300% gain last year. dpl >> it is all retail. we don't distinguish between retail buying. quantum computing is real and willow is real. >> it will have a breakout year? >> it's too early from people i know who studied it. the cryogenic will happen. jensen has to address the heat issue more than they have. the heat issue and crisis we have for people -- regular utility payers are going to be at a more with the data centers this year because the data centers will jack up the cost of electricity. that's a big theme i'll have for 2025. >> you stay away from

constellation energy? >> excuse me? >> by the way -- >> because of retail. >> $400 billion of retail electricity. >> they need what? $10 billion. what matters to me is we need to recognize that's a different kind of buyer from a buyer who might be buying a major stock at an institution. institutional buying is not happening in constellation. that's what's happening is they're back. they buy rigetti. even though rigetti was $2 in november. they collect $40 million in sales. i was going over the sales numbers for those in the cruel. crawl. i like to see what people are buying. holy cow. >> ryan is back. the memester.

unity software after meme of dave chappelle. >> what do you think of carvana? >> a lot have pushed back on carvana and the takedown yesterday. >> maybe we should talk about it with hindenburg. >> he talked about all of the reasons not to. >> i know. i happen to love nate's work. >> interestingly, there is a down reaction for carvana. steps in and says all of the short selling ideas have been out there basically. >> i don't think there was anything all that new other than the related party who had been buying the loans. my problem with carvana is the problem with autos. it's a really bad sector. i think gm got caught yesterday. the auto sector is the worst sector in the market other than materials. >> that brings us to tesla and

the delivery. that's the question. is it auto or tech? >> it's tech. retail has decided it's tech. that's another retail stock. you have a mesionic group of people on the network who talk about it and individuals believe that. that's what drives tesla. mezionic. >> do you care if it fewer cars than 2024? >> do i think it will go up? >> yeah. >> do you think it will go up? >> yeah. i believe it's musk's year in part because he is close to the president and the president-elect and a lot of the stuff, hate him or like him, a lot of the stuff is just smarter than everybody else. i thought the china numbers were viewed as being bad. >> hikes the target from 398. i want to talk to him next in money movers. generational set of growth

opportunities ahead. why? this is the bull case. energy storage. >> to downgrade or not to downgrade. is he slinging arrows of outrageous fortune? hey, shakespeare? >> you don't like it? >> it's the same old. stop it with the hamlet. come up with a more obscure scuff. stuff.sylvia? who is she? >> i don't know. >> i know midsummer nights dream. >> that's a comedy. i like the histories. >> 404 is not upside. goldman with 345 price target. the weakness in europe. >> europe was bad. look, maybe we hear something on monday from jensen huang.

you have to do the training of tesla and the inference, that's going to matter. you've got recognition, so to speak. simulation recognition. >> wells fargo kept an under weight rating. it has been dead wrong. the high financing incentives are not enough. >> i think it's a shame. that's a shame how wrong. look at reddit. >> reddit? >> reddit never quits. i'm looking at stocks people are talking about. this is not sherwin-williams. >> no. but nvidia. palantir. vistra. >> palantir is an appeal to individuals. alex karp. philadelphia bad boy. did not throw snowballs at santa claus, let alone batteries. people love him because he's exciting. >> he speaks his mind and tells the truth.

>> yeah. yes, he tells the truth to power. he does. how are his real numbers versus crowdstrike? >> they have incredible growth. >> look at that. that is a retail. again, my focus is retail moving stocks versus the big institutions that trade in and out. i want to help them. i have believe you can continue to buy palantir. palantir understands procurement and palantir understands how to do a deal with the defense department. i think they will surprise us and play a real role under president-elect trump in getting defense costs under control. >> there are palantir people who work for alex karp coming into the government. peter thiel, the founder of palantir, heavy influence. >> i don't want to be part of the so-called five families of depp defense they talk about. i think palantir is filled with bril liant people although alex

karp doesn't hang on every wordy say. he is completely contemptuous of me. that hurts my feelings. you should tell my mom who died 45 years ago. >> he's from philly. >> he went to central high like my uncle. >> we talked about the winners. the losers in the s&p. brown foreman. >> brown foreman, the mistake they made, first, the browns are doing terrible. what hurt them is they put the money all the other tennessee, honey, they didn't put the money toward jack daniels and they should have continued to put money toward jack daniels. diageo. i don't know. when you see tequila down. constellation was down, but nobody cares because they are worried about the tariff.

>> vivek murthy calls for warnings. >> you have no. >> seven malignancies including breast cancer. >> alcohol is horrible for you. my wife is in the alcohol business. >> i think that's why people are, in part, drinking, younger people -- >> more lifestyle oriented. they recognize how bad alcohol is, but alcohol can be social. alcohol, when used correctly, is not the sin that people think, but one glass is not good for you. >> for someone like me who likes to drink alcohol occasionally. >> i didn't paint you as a heavy drinker. >> i'm not a heavy drinker. >> you point them at night when you get home?

sara pounds them. you like manhattans? >> i like manhattans. i like the smokey scotch. >> you should move over to my wife's mezcal. which one? the ten or the 16? >> i like both. >> how about the yamazaki? it's $2,000 a bottle. >> i don't drink that one. >> away from that. the alcohol stocks have been bad for so long that what could happen if you watch brown forman bottom, that is the one with the yield. the brand jack daniels is a pristine brand. jack and coke is not selling badly. what do you think about coke? >> coca-cola? >> coke. >> coke has been winning versus pepsi in the market and that's because there is weakness in salty snacks. >> that brings me back to the study. all these salty snacks in the

disaster category. >> the ceo of pepsico with the economics and value. >> change the bag. make it -- he is putting more in the bag. better value. >> inflation has come down. cost inflation has come down a bit. >> exactly. >> that has been the story in 2024. the question in 2025, fr ito wih the best marketing and innovation. >> i want to own taiwan semi. >> is that your point? >> if you look at these stocks that are doing well, once again, it's quantum, it's nuke and mag. >> consumer staples just went negative on the session. >> the study. people get the study. look at nvidia. that's n's speech.

how long did it take the current version of jensen to read moby dick? >> how long? >> half a second. call me ahab partner. >> a catalyst. nvidia, amazon, tesla, microsoft. >> read moby dick. it holds up. >> i haven't. when do you have time to read moby dick? before we head to break, let's show you what is happening with bonds. they are a focal point for investors. we have seen higher yields. we will get pmi manufacturing report at the top of the hour. yields lower. maybe that is giving relief for stocks today. the ten-year at 4.55. the two-year at 4.23. we'll be right back.

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>> guess what? energy topping the list of the

best performers on the nasdaq 100. constellation energy is the nuclear play, the darling. also, diamondback energy and mercado libre and nvidia and marvell technology. jim's favorite chips, not the pepsi kind. energy as a sector has donthe is week after under performing most of last year. more squawk on the street" in just of a moment.

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time for stock trading, jim. >> one is blackrock with etf. it pulled out yesterday in bitcoin. three days of decline. that is atypical and i think i like bitcoin and i think people should watch it and maybe if they haven't bought it yet, they will get a chance. there you go. >> do you think it's cooled off enough? $96,808? >> i think 90,000 is the level. it's a nice hedge. i'm back to the $36 trillion. >> what has to work for bitcoin? the nasdaq? >> i think it is about animal spirits and younger people and

driven by options on robinhood. we don't talk about robinhood enough. that's where young people are. the big firms have missed out on the younger people and robinhood. they will stay with robinhood forever. if you look at the chart, that is the stock. >> 234% gain in the past 12 months. >> because the company is oriented to the new investor. a lot of it is options. most options, of course, we know, don't make money. >> i tweeted a clip of myself talking in 2013 about bitcoin crashing below $200 of volatility. remember -- it wasn't secure in the japanese. >> we had the president-elect who likes bitcoin. i don't think it is a buy here. this is the first three-day period of outflow. that may give you a chance to buy lower. >> it is interesting that bitcoin rallied with the u.s. dollar. >> yes. i think our fed chairman is right. it is a store holder value for

younger people who realize they have to pay the debt. >> they are buying bitcoin over bitcoin related stocks like macro strategy? >> that's an investment company. i don't like that. robinhood has too much option activity. i think the etf that blackrock or if fidelity offers is good. michael put out a piece for jpmorgan. ethereum use has plateaued and going down. you have to stick with bitcoin. the other ones, gary gensler, s.e.c. chair, was against the others because many of them are, let's just say, ill advised to buy. >> like farc coin. jim, what's on "mad" tonight? >> are you in your heavy drink

phase by 6:00? >> that is the wrong idea. you asked me about brands. >> i know you don't. i know you are a club soda. you are a fresca person. you and my wife are drinking fresca. okay. i have 25 questions for 2025 that i will answer tonight. i was thrilled to work with you today. very exciting. >> fun. counting down. shakespeare references and all. >> who says we're bigger than u.s. steel? >> nippon. >> hyman roth in "godfather." we have companies with that many people. jensen huang monday night. radical. >> jim, thank you. see you later on. coming up, exclusive with the ceo of turo. the car rental service that was

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good friday morning. welcome to another hour of "squawk on the street." i'm sara eisen with mike santoli. carl and david have the morning off. stocks are rallying this morning. it's the usual suspects right on top. look at the nasdaq. it's up 1%. why? nvidia, amazon, tesla, microsoft, broadcom, alphabet are working again, palantir. apple, interestingly, is left out of that group today. overall, trying to stage a rally after several days in a row. five days in a row for the s&p and nasdaq lower. consumer discretionary, utilities, energy, health care, industrials, all higher in today's trade. take a look at treasuries. lower yields may be playing into a little bit of the good mood on wall street today.

4.57. we're off that 4.6 level where we were in the previous few sessions. perhaps acting as a headwind for stocks. we are seeing a little selling with the two-year elevated. 30 minutes into the trading session. here are the movers we're watching. president biden officially blocking the $14.9 billion takeover of u.s. steel by japan's nipupon saying it would create problems for supply chains. shares of rivian soaring meeting production. watch those alcohol-related stocks after american surgeon general called for cancer warnings on alcoholic beverages. according to the cdc, alcohol consumption is the third leading cause of cancer in the united states after tobacco and obesity. much more on the fallout coming up later on in the show. we do have some economic data crossing the tape. this is the ism manufacturing number. comes in at 49.3. that was actually a little bit

better than expected. consensus was 48. also the highest in nine months. december new orders, 52.5 versus 50.4 in november. we're not quite at expansion level as far as the manufacturing industry. that would have to be a 50 or above number. we're at 49.3. but it's coming back in the right direction, mike. that's good news. >> it is. i mean, manufacturing has been at what normally in most cycles would be considered downturn readings for a long time. it's one of those sort of recession signals that was firing and really didn't play out. so, definitely good news. i think the market does want reassurance that growth rates are pointing in the right direction. we're not looking for that kind of bad news is good news type dynamic, except for the impact on yields. we actually do see yields perk up. >> i saw that. >> and turn higher on these numbers. so, it's a little delicate balance as we're trying to find this quilibrium among equity

valuations, what the fed's going to do, market bond yields, the dollar, all this stuff converging in new territory. >> manufacturing is turning up, which has been stuck in the mud on the results of higher interest rates. that signals that the fed might not have to cut as much in the year. that's sort of what's been the primary mover of yields. just wanted to throw in another economic chart for you, which is the updated forecast for gdp for the fourth quarter. comes from the atlanta fed. we follow it because they update it in real-time and put in place all niece new inputs. the latest is the private investment, which took the gdp number for the fourth quarter to 2.6. that's what we're tracking from 3.1, which is what we were tracking last week or so, which is still higher than what wall street thinks. the blue chip consensus hovering around that 2% level. but i highlight it because it's still pretty good. 2.6% growth in the fourth quarter. we're still coming off a year where we just -- i mean, if you want to know why the market has had two back-to-back years of

20% plus returns, the first time we've seen that since the late '90s, can you look at growth becoming -- outperforming expectations. >> far better than expected. >> i feel we're setting up for another year like that. >> it's interesting. obviously, it's above trend growth, what people consider to be trend growth. a year ago the economic consensus was that there was at least a 50% chance of a recession in 2024. obviously, that was way too negative. way too skeptical. now, currently almost y expects a recession. you have it down to 20%. >> anything that's too jubilant -- >> i was looking back to yesterday. through the entire 2010s there was not a high expectation of recession. we didn't get a recession. it's not purely contrary. you and i have been pointing out the economic surprise index rolling over. so, it's -- while the growth levels are strong, based on atlanta fed, the data are --

have not been coming in way ahead of estimates, and yet bond yields have been going up. i think that's one of the reasons in december the equity market was a little bit uncomfortable, showing a lot of deferred profit-taking, showing the cyclical sectors struggling. what that means right now? the market is oversold. >> is the fed pivoting into cautious where the data is rolling over? >> that's exactly right. and when yields are going to make the housing market tougher to actually recover even more, and that's a big potential driver of the economy. again, though, the average stock has struggled for a few weeks, which means we have the makings for relief bounds. we really should -- >> is that the breadth problem? >> the breadth problem, yeah. >> but some people look at that and they say that's -- >> there we go. that's the equal weight s&p rolling over relative to the market cap weight -- it's a three-month chart, so we were great through november. >> is that bullish or bearish, though, that breadth has been bad? >> on a forward-going-basis, it actually could be positive.

it means most of the market has had pullback, we reset expectations. i think you've taken froth out of the market in september. some of that has corrected itself. the problem is, if what that means is it's sending a message from the stock market that economic fundamentals are tricky or that the fed is in the wrong spot, and that yields may be -- cannot easily be absorbed, then maybe it's going to be covered abroad now. what it does mean is we should be getting a little bit of a broader bounce in here. actually, more stocks are up than down. >> i was going to say. every sector is now positive in the s&p 500 and we're up 0.8%. today is the last day of the so-called santa claus rally. we would have to make up a lot of ground. >> it's 5974 is the level that is the mark of whether we're up or down over that period. >> we're at 5915. >> obviously, it's not a make or break number. it is unusual for the market to be down five days in a row

around the turn of a year. you're basically very hard time finding that. >> is that a problem for january and the year or you don't buy that? >> i think it puts the market on alert. you keep it on a shorter leash. you make -- the market has a little something to prove which means the first bounce should probably try to be sustainable for you to believe it. the 50-day-moving average is a5940. it's exactly where the seller showed up yesterday. just for tactical benchmarking purposes we keep that stuff in mind. as we mentioned, it's been a volatile start to 2025, on an intraday basis with the nasdaq and s&p on pace for longest daily losing streaks since april. here with their market outlook, kathy jones, charles schwab, alongside jeremiah buckley, joining us now. it's great to have you. kathy, weigh in here on maybe what your interpretation of the bond market's message has been with this surging yields since the fed's rate cut -- actually, since september, but also since

the december meeting. >> mike, i think it's a combination of factors. one is the growth expectations have ramped up because we saw growth outperform. particularly if you go back to last fall when we got those big revisions to gdp and employment data. so, we had the growth picking up more than expected. we had the shift in the fed's outlook. and then we have all this uncertainty about policy going forward, whether fiscal policy will be stimulative on top of an economy that's already running at a pretty healthy pace. that would prevent inflation from getting back down to 2%, which is the fed's target. so, you throw all that together and you get the rise in the term premium in the ten-year yield. it's gone from negative about 50 basis points. positive about ten basis points. that's accounted for most of the

increase in the long-term yields. >> it's not that the market is panicked about inflation going forward because that component of yields is maybe not the principle driver. does that mean bonds are a pretty good deal at these levels? in other words, you're getting compensated for buying them here with yields roughly where they are? >> well, i would say inflation expectations are a component of it. but i think when you look at the bond market, what looks attractive is, say, tips. really yields are 2.25 to 2.50%. you know, if you are a buy and hold investor looking to lock in positive real yields, this is the highest real yields we've seen in about 15 years. in that way, tips look pretty attractive. in terms of where we would invest in the treasury market or, say, investment grade corporate bonds, it would like keeping duration on average or a little bit below benchmark because we see room for yields to move up some more.

i do think that if you're an investor looking for income, you know, you can get 4%, 5% maybe higher in income locked in over the next five to ten years. it's not a bad proposition for a balanced portfolio. there are opportunities. you just want to be a little cautious because we see room for yields to move up a little bit from here. >> jeremiah, i guess the big question among equity investors coming into this year, do you bet on the clear winners of 2024? we still have this mega cap driven market with dominant growth stocks leading, or are there other maybe more neglected themes you would emphasize now? >> yeah, i think it's a mix of both. i think the secular growth drivers that have been driving earnings growth and market gains for the last two years, i think they're still in strong footing and will continue to drive those earnings gains. but we have seen different

volatility within sectors and within different parts of the market based on whether they were viewed as favorable as a result as a result of the new administration or not. there are some opportunities in the market that have retraced in q4 we think are positive opportunities, but we also continue to believe in the secular themes of a.i. and software, but there are other themes like capital markets and travel we think will continue to provide attractive opportunities as well. >> we just showed on the screen royal caribbean, goldman sachs you like. both have been big winners last year. >> yeah, we think the outlook for capital markets is positive. we're well under normal levels of equity ipos as well as m&a. goldman sachs is extremely well positioned in that recovery. they also have a strong asset and wealth management business. it's still only trading at 13 times 25, so we're excited

there. we also think travel data continues to be very positive in q4. we heard a lot of positive data points from the credit card companies, from airlines about consumers continue to spend on travel. we think the outlook for discretionary spending next year is still positive. and royal caribbean and the cruise line industry in general, we think, is well positioned. they've done a great job differentiating their products, appealing to more demographics. royal caribbean is only at 16 times. they restarted the dividend and returning capital back to shareholders. that's another name we think is attractive for 2025. >> the lots changed in four, five years for that business, returning capital to shareholders. kathy and jeremi, to leave it there. thanks so much. >> thanks a lot. as we head to break, here's our road map for the rest of the hour. alcohol stocks falling after a major warning about cancer risks. the fallout straight ahead. nvidia, one of two mag 7 names to close out the first

week of 2025 in the green, can the gains continue for that stock and the semis? an exclusive you do not want to miss. the ceo of car rental app turo, responding to both trucks involved in the new year's day explosions were rented on the app. big show still ahead. "squawk on the street" will be right back. policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. our friend sold their policy to help pay their medical bills, and that got me thinking. maybe selling our policy could help with our retirement. i'm skeptical, so i did some research and called coventry direct. they explained life insurance is a valuable asset that can be sold. we learned we could sell all of our policy, or keep part of it with no future payments. who knew? we sold our

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the street." the alcohol-related stocks are falling today following a warning from america's surgeon general. let's get to brandon gomez for those details and what it means for the stocks. >> a cancer warning to be specific. shares of spiritmakers under pressure after the u.s. surgeon general issued a new advisory as alcohol as the third preventable cause of cancer in the u.s., behind obesity and tobacco. placing a causal risk between alcohol and seven types of cancer, including liver, mouth and throat. regardless of alcohol type, beer, wine or spirits. alcohol contributes to 100,000 cancer cases and 22,000 cancer deaths in the u.s., greater than the traffic crash fatalities annually. for breast cancer specifically, though, nearly one-fifth of cases attributable to alcohol consumption, the report finds. how does the surgeon general want to address this? first he's calling for new labels on alcohol calling for

cancer risks, reassessment of guidelines for alcohol consumption and advising public health professionals and advisers to educate the general public about alcohol as a modifiable cancer risk factor. i reached out to alcohol makers for their response. still waiting to hear from some. anheuser-busch, no comment. the beer institute, i reached out distilled spirits council for comment. when it comes to labeling, it can be a lengthy process and this industry already faces several headwinds. >> do we know who has the power to impose rules like this? does it have to be from congress? the fda? >> i did reach out to those trade organizations that have more of a presence in d.c. still waiting to hear back from them from the distill spirits council. that is the process they have to go through. you saw the process tobacco went through over the last couple of decades in order to have labeling on those products. one analyst said you can't draw

a direct parallel between tobacco and alcohol, but it would have to go through a lengthy process to get warning labels onto packaging. perhaps i'll have more throughout the day. >> as you mentioned, the declining skrumgs trends among younger people were already weighing on this group and this pushes in a similar direction, brandon. thanks very much. as we head to break, check out the biggest laggards this week. tesla, so far the worst performer. down 11% week-to-date. health care, underperformer in > ven e . sector >>lo ithdark, that is next.

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ford out with its auto sales figures for december. phil lebeau with the numbers. hi, phil. >> si, sara. we'll talk about q4, not just december. for q4, ford sales up 8.8% with internal combustion engine vehicle sales up 6.8%. hybrids, that's where ford has been growing aggressively over the last several quarters, up

26.5%. ev sales up 16.3%. for all of 2024, ford sales up 4.2%. sara, i will send it back to you. we get gm in a couple of minutes. >> not doing much for the stock. down 0.6%. thank you, phil. despite all the craze about glp-1 obesity drugs, the health care sector was a big laggard next year. while our next guest expects another year of underperformance, he writes, it's going to be so bad maybe it will be good. his top picks are abbott labs, bristol-myers squib. health care sector strategist joins us at post 9. good to have you. you've been quotable lately. talked about how you wrote about how much the sector has sucked but there are opportunities. and united healthcare is an interesting one because it's down, what, 15% over the last month on the bad headlines. you think it's a buy. why? >> i feel like it's a buy. i feel like the negative is in

the stock. obviously, the headlines have been super bad for the last month, unfortunately. there is a lot of political risk -- >> because it's been a poster child of what's wrong with our health care system after the brutal murder of the ceo? >> exactly. i think it's a decent time to buy it. it's the cheapest it's been in a while. i think if you're going to take a shot at managed care, that's the one you want to buy. >> you think it's cheap because of the selloff we've had in the stock? >> and they also guided for next year so you have that out of the way. seems like numbers are pretty conservative. i think a lot of the things they tried to do to get the stock back on track will eventually work. and, again, i think there are slim pickings in health care. so, this is a decent large cap name. >> what about the fight for market share. how competitive is it? what typically happens when we see bad headlines around an insurance company like this? >> the market share dynamics for united are good. in the very least they'll hold share, maybe gain a little bit. they have better economics as a

result of how big they are. i don't feel there's that much risk around that aspect of the company and the stock. obviously, we need to see procedure volumes plateau a little bit, maybe dip. they're actually guiding -- their numbers suggest we see an uptick. if we see anything other than that, i think the stock can be okay. >> it's kind of remarkable to say there are slim pickings in health care given it's such a vast and diverse sector. usually there's something thematically working. you know, what about medical devices? it seems like it's sort of like glp-1s is the clear winner and everything else is a net loser and we have bipartisan agreement we want to keep costs down, so, therefore, the industry is wanting. >> it's acalamity for sure. there aren't that many easy spaces. we talk about other industry verticals. technology, financials. those seem so well fed up. health care seems like there are so many variables at play and most of them not positive. i do like medical devices, as you mentioned, relatively. i think out of the fray in terms

of most of the political rhetoric we're going to hear, not health care services, not pharma. i think you have a little bit of a safety net around med tech and that's why i think abbott, that has underperformed boston scientific, intuitive striker might be the fourth horseman in that race but time will tell. >> what about the a.i. trade, just to dive into it further. i cited this study in "science and nature" about aamazing gen a.i. capabilities and ultrasound and how it was more effective than the techs and nonexperts administering the ultrasounds. if we get a story like that every day, who does that help? >> i'm not sure who it helps. i think it helps the software companies more than it helps anyone in health care specifically. you've had hologic on in the past and they mentioned a.i. is a capability that could help read out diagnostics better over

time. i think there's some interesting corollaries. we talk about a.i. all the time as it impacts drug development and clinical trials. we really haven't seen that impact. so many of these trials recently have failed. high placebo rates, where they're getting the patients from, all these things are major factors. even though it seems like the science and technology behind the scenes are getting better t hasn't translated necessarily into better drug development leading to approvals, et cetera. >> we hope that will come. we expect that to come. >> i think it's a little too early to kind of make generalizations that the a.i. craze is going to lead to better results for biotech or pharma, at least in the near term. >> what about m&a, isn't that hope building for that to happen in the new administration? >> that is the number one conversation. that's the number one topic that comes up. when you have a sector underperforming the market by 20% two years in a row, i think we're all scouring the universe

for what -- >> and you have some cash-rich slow growth incumbents that should be buying things. >> for sure. the loss of exclusivity for pharma is going to be as dire as it's ever been in 2025 through 2030. i would expect a lot more, but i think everyone is already positioned for more. it's incredibly trite as a theme, i think, as far as the way the sell side's articulating it. everyone is positive on m&a. if we don't see it, what does that mean? yes, we'll get more of it. there's a couple dozen deals a year. i don't think this year will be any different. >> wow. you're really not buying into the hype. thank you for joining us, from jeffries, jared holtz. after the break, car rental app turo after news that both attacks on new year's day were rented on their app. the o cejoins us to talk safety next. back in a moment.

welcome back. i'm pippa stevens with your cnbc news update. the biden administration announced a $306 million push to ready the nation for potential bird flu outbreak. the money will go toward hospital preparedness. research on vaccines and drugs and helping track and test people exposed to infected animals. the cdc says the current risk to humans remains low. to turn over his assets to pay his $148 million defamation number. the judge could fine or even jail giuliani if he finds him in contempt. the transportation department fined jetblue airway $2 million over repeated delays. the agency says flights on four jetblue routes were delayed at least 145 times between june

2022 and november 2023, and claims jetblue failed to adjust the flight times to avoid unrealistic scheduling. jetblue said in a statement it has invested tens of millions of dollars over the past two years to reduce delays. mike, i'll send it back to you. >> pippa, thanks. we are learning more about the tragic attacks in new orleans and las vegas on new year's day and new intelligence warnings about the risk of copycat attacks. let's get to new orleans. nbc news reporter george solis with the latest. good morning, george. >> reporter: good morning, mike. so, you can see bourbon street is reopen. you actually see some vehicles coming down here. street sweepers have been cleaning up the road here. there is a sense of normalcy. it is far for normal for the families of the victims that lost loved ones, those still in the hospital, this is still fresh this their minds. we've heard from a number of those families and survivors who are reliving those harrowing moments. as far as the investigation, the main headline you heard from federal authorities, they believe this individual, the suspect acted alone.

they have three cell phones, two laptops. they are working on learning as much as they can about this individual and why he may have chosen bourbonfor this heinous attack. the other part is the failures, if you will, of what wasn't in place during the attack. one of the points that we have been uncovering is these archer barriers, these large, yellow barriers now on the sidewalks, on the streets, were not deployed during the new year's eve/new year's day celebration, why they weren't if the city knew they had them. we're learning from the bhous that president biden and first lady plan to come to new orleans to meet some families of the victims. here on bourbon street, while thing have a sense of returning to normal, again, you can still see it on the faces of people, those that are still here, those that have left since the sugar bowl, sorrow, a number of memorials. we've heard of vigils planned throughout the weekend as well. on the subject of the sugar

bowl, looking at numbers for attendance, it was not a sellout game. whether that was because people couldn't rework their reservations with their hotels or because they just simply didn't want to stay remains to be seen. it gives you a sense that while things were sort of in the midst of trying to get back to a routine here, the tragedy here is still fresh on the minds of so many. mike? >> very sad, george. thank you very much for that report. george solis from nbc news. well, the truck he used in the new orleans attack on new year's and that tesla cybertruck explosion in vegas were both rented on the car-sharing app turo. the company says it's actively partnering with law enforcement in the ongoing investigation and says it's now their main focus as a company. joining us in a cnbc exclusive is turo ceo andre haddad. thank you for joining us. >> thank you, sara. >> so, where are we in the investigation right now of both? >> well, listen, it's been a

really stressful 48 hours for all of us. you know, we've been working around the clock to investigate and partner with law enforcement. you know, my first thoughts are for the families' victims. we are really heart broken for them. this feels so feels so unfair. second, in terms of the status of our investigation, thinking about what happened, you know, what we've uncovered so far is that both individuals who rented trucks on turo in new orleans and in las vegas, you know, were individuals with criminal backgrounds, they had valid u.s. driver's licenses. they were decorated servicemen. they could have boarded any

flight, they could have rented any other car in any traditional car rental chain. they could have checked into hotel. there were no red flags. no one would have flagged them as a security risk. it's a very challenging situation to deal with. >> investigators have so far said no definitive connection between the two incidents. are you looking for that? >> we have looked for it. as far as we could tell, we couldn't see any connection between the two. we have been thoroughly investigating all the data we have around these individuals and their trips and all of the messaging that's happened on our platform and all the history. we haven't seen any connection between these individuals. >> i do wonder about the scrutiny around your company and why you would be vulnerable to something like this happening. there have been articles, including on nbc, that turo is

no stranger to safety concerns. and for years these peer-to-peer platforms have been faced with criticism about stolen cars used for nefarious purposes. what is it about the business? >> you know, we feel very good about the trust and safety track record of turo. let me just give you a few kind of numbers to retrace sort of our operating history as a company. we've been around for 13 years, so we're not new. we facilitated over 90 million booked days, 27 million trips to date. and the rate of serious incidents on our platform over that whole period across all of these trips is less than 0.1%. so our track record is very strong. unfortunately, when i look back at the history of terrorist attacks over the last 20 years in the u.s. and abroad, many of those have been associated with

cars or trucks rented through rental car. i believe turo happened to be chosen this time instead of others because we have become a really large player in this market. >> andre, have you seen any pattern in terms of car owners reducing their listings, canceling the availability of their cars on the platform or any other business impact as people now, perhaps, pay more attention to some of the risks of certain renters who, i gather, you know, there's not a provision where the owner of a car can refuse a rental, is that right? >> no, you can always cancel a rental if you don't feel comfortable. we allow those cancellations and rebook our guests. you know, we haven't seen any changes in our platform in the short term. you know, obviously, we care deeply about our hosts who have been impacted, so we've been

focused on supporting our hosts impacted by these horrific attacks with their cars and, you know, we're helping them file their claims and get cars back for them. and i think our hosts understand, you know, that we strive for zero risk. we have a very strong safety track record with 0.1% serious incident rate only, which i think is industry leading. and i think when you look at these two attacks, there was really nothing that was a red flag. you know, these individuals had clean criminal backgrounds. they had valid u.s. driver's licenses. they were decorated in the army. i mean, who would have thought? >> yeah. it's confusing. is there anything about the process? i mean, just -- it's a peer-to-peer kind of airbnb like service versus a hertz or vis. is there anything that makes it

different as far as the checks and what has to happen to get that car? >> you're right. it's different from traditional rental car. you know, everything is enter mediated to technology in the case of turo. let me tell you what we do. we have taken trust and safety seriously from day one. we've invested a lot of technology and people in trusts and safety. every renter that goes through turo is actually screened through a multilayered data, science-based algorithms for trust and safety issues. we call this the turo risk score. this innovation in technology has enabled us to really raise the bar, in fact, versus traditional rental car and how we're doing screening. and we also have invested in a very large team. many are former law enforcement officials themselves who are part of our trust and safety organization. so, we believe that our approach

to trust and safety is actually industry leading and leverages the power of the technology and the data, as i mentioned, you know, we facilitated over 90 million days. that gives us a lot of data. that creates a more effective approach in delivering very strong signals for trust and safety. >> how does the potential liability, even for accidents and thinks, fall with regard to the host and their own insurance, things like that. >> well, we stand behind our hosts and guests. ultimately we bear the cost of any such incidents, whether it's a more mundane repair of a fender bender to something horrific like what just happened. our insurance is actually the primary provider of coverage for our host. so, they'll be filing a claim with our insurance and we'll be taking care of our hosts that way.

>> how many of your cars get stolen? >> the incident rate is less than 0.1% across all of these trips. that includes cases of theft of vehicles. so, it's very infrequent. and when you do look at even within that 0.1%, where there are cases of theft, we recover over 95% of these vehicles. we have an outstanding team that is very experienced and have honed their trade over the last 12 years. >> you mentioned the sort of data science that you use in attempting to have these filters and flag potentially problematic customers/renters. on what basis are you -- are you implementing those screens? i guess, what are you really looking for in terms of patterns of prior behavior? >> that's a great question. we ingest over 50 data points in

these data science models and algorithms. that includes everything from the characteristics of the vehicle, you know, a high horsepower vehicle, for example, is a bit more risky than low horsepower, to characteristics of the guests. you know, who is booking this car. as well as characteristics of the location and the trip. you know, where is this car located? when is it booked? what's the lead time? what's the duration. it's a very comprehensive view of all the data, both internal and external, that allows us to calculate this turo risk score that has been the anchor of our very strong safety track record over the last 12 years. >> so, andre, where do you go from here? your company is getting a lot of attention, but not necessarily for the right reasons. i think you've been in the middle of a big growth spurt, 350,000 vehicle listings in more than 16,000 cities. what are you focused on next? >> to be honest with you, my

team's only focus for the foreseeable future is dealing with the aftermath of these horrific acts. we want to complete our investigation. we want to continue to be a thoughtful and valuable partner to law enforcement and we are eager to see them complete their investigations. i was listening to the program earlier and hearing some new data that they were unable to uncover. we want to see that investigation completed. until that's completed and until we learn what they recommend that we should consider, because, listen, we are -- we feel our track record is strong in terms of trust and safety but we want to hear the recommendations. how can we get even better? we want to do everything in on you power to help contribute to reducing such horrific acts in the future. >> has there been any near-term impact on the business just in the last, i don't know, 24, 48 hours since the attacks? >> there hasn't been, as far as i can tell, but frankly, i

haven't been looking at our metrics. i've been focused on the investigation. our team has rallied around supporting law enforcement and getting to the bottom of what happened. so -- but as far as i can tell, superficially, there hasn't been any noticeable impact. >> andre, we certainly appreciate you coming on and taking the questions and clearing a lot of this up for us. keep us posted. >> thanks for having me. >> andre haddad, turo ceo. nvidia the only mag 7 in the green over the last week. it's having a good day today. we'll talk top picks and if there's more room toal rly for big winners already in the new year. stay with us. siness idea. it's a pillow with a speaker in it! that's right craig. pulling in the perfect team to get the job done. i'm just here for the internets. at&t, it's super-fast! you locked us out?! and when thrown a curveball... arrggghh! ahhhh! [crashing sounds] we had everything we needed. is the internet out? don't worry, we have at&t internet back-up.

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republicans voting for a candidate other than johnson to deny him the gavel. at least on the first round. johnson is projecting confidence. he told reporters this morning that he thinks he can win on the first ballot, but he's not offering to make deals for , at least not with individual members, no quid pro quo. trump wished him luck on truth social calling social, saying a win for mike would be a big win for the republican party. at this point it's still not clear trump's backing will be enough. there's about a dozen undecided members. many say they really want to see promises to cut federal spending, plus you have some hard line conservative members that want to have a bigger say in the process throughout the year. congressmen tim burchet said on "squawk box" he wants a serious commitment to reducing the national debt. >> of course, i'm concerned

about fiscal sanity in washington. we talk about it. everybody runs on it and nobody does anything about it. they make little cuts and then it goes to the senate and they make little cuts and we don't agree on it and nothing happens and we go home and beat our chest and get re-elected. time has passed for that. we are running off a fiscal cliff. >> if johnson loses on the first ballot, we could see him go on to a second or back to the negotiating table with the holdouts. it's not clear at this point how involved trump is going to get in this process, but johnson will absolutely need to continue to have his backing if he wants to ultimately win. guys? >> yeah, emily, i guess it's all well and good at the outset of the process for speaker johnson to say no quid pro quo, i'm not going to negotiate on this basis, but the incentive among those kind of holdouts would seem to be vote against it and see what you can get in the negotiation. >> exactly. i mean, the more rounds that you

go through without having a speaker named, the more pressure there's going to be on johnson, which means the more likely he might be to meet them at the negotiating table. >> yeah. and i guess there's really no way in the near term to handicap whether this adds friction to the potential policymaking process. but what immediately needs to be done here in the house that we need a speaker for? >> so, i mean, nothing can happen until we have a speaker. on monday, lawmakers are basically supposed to certify donald trump's win. if they don't have a speaker by that point, you don't have lawmakers. you can't certify trump's win. plus, they have a very ambitious agenda. it means they need to hit the ground running. they want energy policy, border security. again, any data they have is just another day wasted to having an internal debate when they really want to be going forward, securing some wins. especially in the aftermath of that election, show the american people they are delivering for them.

>> okay, emily, thank you very much. emily wilkins in washington. we are getting a statement from u.s. steel and nippon steel in reaction to president biden officially terminating the deal, which was his right after cfius was deadlocked on what to do over national security. it's a feisty statement. they are shooting back. we are dismayed by president biden's decision to block this deal, which reflects, they say, a clear violation of due process and the law governing cfius. instead of abiding by the law, the process was manipulated to advance president biden's political agenda. the president's statement and order do not present any credible evidence of national security issues, making clear that this was a political decision. so, they are accused president biden of blocking this deal on political grounds. following president biden's decision, according to the companies, we are left with no choice but to take all appropriate action to protect our legal rights. they don't go into any details about what that entails, but

they promise this fight is not over and there are legal actions. and then there's a few paragraphs about why the deal makes sense, as they have both defended it, and also about nippon's efforts to try to engage with cfius, which is the committee that was set to decide whether this was legal on national security grounds. and the commitments made by nippon steel to strengthen national security, those they say that would have been highly enforceable by the law. and then continue to go after the decision. and i just would end finally by saying that they're going to do everything and continue to believe that the partnership is the best way to ensure that u.s. steel and its union represented employees will be able to compete and thrive well into the future. again, just a reference to protect our legal rights and secure that future. so, expect this to continue, a legal battle here. >> it's obviously hard to argue against the point that obviously this is largely driven by

political concerns. however, in a bipartisan way, right? i mean, president-elect trump is also against the nippon acquisition of u.s. steel. has been on the record. >> sure, which also political kind of issue. megan cosella from washington has been covering this case from the d.c. side. i mean, they're taking a shot at president biden and the politics involved here because they say they have the economic grounds and they have national security grounds for doing this deal and it protects u.s. workers. >> absolutely. the politics have been fascinating because president biden and president-elect trump have been united on this, both against this deal. we haven't heard from trump today. i reached taught mar-a-lago to see if he has any updated thoughts on this. today we are seeing some democrats. jason furman, an economic official in the obama administration, coming out and calling this a craven move and criticizing it, saying japan is an ally. this investment would have been good for the company. and then some back and forth there. what i think will be interesting, you and you noted

some of this, sara, the companies say they'll pursue all legal options available to them. but there's not a lot that it seems clear they can do. cfius, the national security review process, doesn't really have a formal appeals process, so it would simply be, i think, looking for ways to contest this on procedural grounds. remember, part of the reason some people think this took so long, there were several delays in this process, is because cfius and the committees involved wanted to ensure that there were no procedural issues here. it's possible that if they tried to make a move on a procedural move, a court could dismiss it outright on a summary judgment. the other thing to watch is if president trump comes into the white house next month and suddenly says he doesn't see a national security issue here, then maybe it could move forward, but that would be a 180 from where he has been so we don't expect that to happen. >> just the reason for cfius being deadlocked in this, because they're ultimately the committee that's supposed to decide on whether this should

have moved forward on national security, what were the arguments against it? >> the arguments against it, we know the office of the u.s. trade representative katherine tye was leading the option against it. she's a member of cfius. a big part of this is this isn't good for labor. u.s. steel workers union, powerful, they've been against this and usgr is labor-friendly. they say it's not good for workers. on the other hand, the companies have been arguing this is the best way for u.seel to remain open and to keep these facilities running and to keep people employed. a lot has been over labor. president biden, of course, coming out today and saying it's a national security move. that u.s. steel needs to remain in american hands. i would note that this is sort of, you know, an issue with president biden's trade agenda, is that while he says he wants to, you know, encourage or improve our relationships with our allies, you would think investment from a company from a close al ly, like japan, would e

a good thing into a company like u.s. steel. he's rejecting this because on a political level it's not good for the workers. >> that's what the companies have been arguing. you have a close ally in . thank you for joining us. some color on that statement we got from u.s. and nippon steel, which promises to go through their legal actions here after president biden blocks the deal for the takeover. qu mer binafr egs te a ick break. stay with us. check in time is 3:00 it's 2:55. i know. is this what he's doing now? as your host, i have some rules. first, no showers longer than 5 minutes. this isn't a spa. no games. no fun. yes, coach. (♪♪) meanwhile, at a vrbo... when other vacation rentals make you share your turf with a host, try one you have all to yourself.

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welcome to "money movers," i'm sara eisen with mike santoli, live from the new york stock exchange. today breaking the slump. stocks in the green for now, but the bulls struggle to find their fighting. may not be over. we will hear from citi's rob rowe. full speed ahead on tesla, a huge price hike on the stock despite the decline in annual deliveries. the analyst behind that target price move will tell us why. and the post-holiday pulse of the u.s. consumer, the new ceo of sneaker and apparel