some tariffs that were placed, especially on canada. right now wti is down by about 2.7%. 7119 is the last tick. >> maybe chrystia freeland's right and common sense will prevail, whatever that is. >> i think it has to at this point. i think we are steve liesman and mike santoli. thank you guys both for being here. we'll see you right back here tomorrow. right now it's time for squawk on the street. >> good tuesday morning. >> welcome to. >> squawk on the street i'm carl quintanilla. >> with jim cramer david faber. >> at post nine. >> of the new york stock exchange. >> futures are mixed. >> yields up as. china retaliates a. >> little with tariffs on american oil, coal, nat gas. some ag. >> equipment earnings get more attention today with. >> some lower guidance. and firms like merck. >> and pepsi. our roadmap begins with the trade. tit for. tat china does hit back with tariffs on the us. including targeting energy and google plus. >> we're keeping an. >> eye on shares of palantir. >> why? >> well they are. >> surging after the company.

>> posted a strong. >> outlook on what. >> it. >> calls untamed ai demand. >> its ceo. >> expecting a company windfall. >> from elon musk's. government cost cutting efforts. >> and there are. >> also any number. >> of other. >> corporate earnings. >> that we'll try. >> and get. >> to this. >> morning and focus. >> on pepsi, merck, pfizer paypal spotify shares. >> up. >> about 8%. >> those were all amongst. >> the names that have reported this morning. alphabet, by the way, after the bell. >> let's begin with china. >> though. >> retaliating against. >> the president's tariffs, beijing says. >> beginning february. >> 10th, it. >> will impose additional. tariffs on some imported u.s. >> goods. >> 15% on coal. and liquefied. >> nat. >> gas, 10%. >> on crude. >> oil, farm. >> equipment. >> pickup trucks. >> and some other vehicles. other actions. >> include tightening export controls. >> on critical minerals. >> used in things like smartphones. >> china also announcing an antitrust probe into. >> google gym there. adding pvh and. >> illumina to this unreliable entities list. >> i thought these were funny. pvh what are these buttons on the shirt? run? illumina. there's two other companies that

do what they do coal. very much in demand in western europe. the combined natural gas demand everywhere. minerals okay. they've already had pretty tight controls. so i look at this and i say, all right, what they're saying is we don't want to go to war. so what we're going to do is demonstrate that we're going after some things that we know they're not important to you. we know it doesn't hurt any aspect, but we can't lose face here. we got to do something. liquefied natural gas is the funniest one because the demand for liquefied natural gas is insane. so you have natural gas is up. so you have a statement which basically says, mr. president, we heard you. maybe we ought to sit down and talk. now, there's there are some people would say, appeasers, i don't want to use that strong term. there are people within the government who very much want a deal. i think that the president very much wants a deal. they can raise the certainly raised from 10 to 25. but but david pvh. >> $4.5 billion market.

>> cap company. >> tommy hilfiger what is that? >> i don't have any idea. >> the sweaters is about sweaters. is that what it's come down to? >> well, it's. >> designed not. >> to escalate like you said, right? >> i mean, this is if you had to pick something that would make would that would say, you know what? we're not going after you. and by the way, farm equipment, deere charges a fortune everywhere. so that's the tariffs already. the tariff of deere is way too high because i tried to buy deere. it's like ridiculous how expensive it is in europe. but david what they're saying i think is you know what common ground here. we're going to hit you on some things that aren't going to hurt you. let's talk. and that's what this is versus say, $115 billion in canadian traffic, in oil and gas. >> right. >> you know, there it's very central to their country here. i mean, it isn't like we threw a, you know, look, what do you want to do. you want to put a tariff on, i don't know, on men's shoes.

>> ken. >> yeah. but i'm saying that's i'm trying to think of something that there's fungible. no. >> i. >> understand and. >> that that that's. >> the key theme here is that. >> perhaps it. >> is the an. >> olive. >> branch almost to. try to negotiate. >> an olive branch. >> we'll see how the. >> market takes it. obviously yesterday we got. >> whipsawed with concerns that everything was going. >> into place. and then. >> of. >> course, we got the 30 day. pause on, i think, and then eventually canada. >> china is basically saying, look, come on, let's do some talking. now the next thing we need to hear is, is china going to do anything that lessens its its friendship with russia? why would. >> it do that? >> well, because i think that the president perceives thank you just for this, the russians as losers now. and the president does not like losers. i think he'd like to separate china. but there are other people within the white house who just say, listen, belt and road. we have to end that. by the way, in the palantir corps, which i know we're going to talk about, which was a fabulously orchestrated call. they talk about about china being the enemy. there's very there's the.

>> belt and road. >> to the. >> extent that it. is a. >> help to. >> certain countries. >> as. >> we pull. >> back on aid. >> isn't that a. >> vacuum that's. created in. >> part. >> that the. >> chinese can fill? >> okay. so let's go right to the tape. anna jeremy corbyn i really apologize for mispronouncing her name. she goes. the belt and road initiative is basically indentured servitude for other countries to the ccp, right? well, there you go. that's what they think. i think that's. >> the they they're sorry. >> i totally agree with them. >> yeah, i know, i know, there is a belief. >> i'm a hardliner. >> that ultimately these. >> countries have built up. >> a lot of debt to. china and that they prefer. >> to do things. >> not like aid to help. people in. >> terms of their. health and things. >> of that nature. >> but much more about building things. >> yes. >> building a giant airport. >> or building, which. >> ultimately could. >> be of help. >> but but. >> this is a very this is a call that is basically something that a henry kissinger. >> all right. so we've already we've transitioned to palantir. have you taken us. >> there already? no, i didn't mean to because.

>> we have a very. >> detailed i did not mean to do that. okay? i didn't mean to do it. i was trying to talk about china, and i was using a reference, as in palantir, that i thought was part of their ontology. that makes a lot of sense. got it. that's all. because i did not mean to i did not mean to take it there. it's just it's a very powerful call that people have to read. >> well, we're going. >> to we're going to. >> spend. >> plenty of time on palantir, as. >> you know. >> but, you know, i think china, the i just continue to believe that there are two camps. there's the navarro camp is excellent book which talks about what china is about, which is we are at war. palantir agrees with that. and then there's the china we want to deal, and we don't know where the president is. we just don't know. we don't know where he is. he's got conflicting voices in the white house saying, look, we had some saying we're at war and some saying, let's deal. >> let's try to. get china's. >> perspective as well. >> for more on these. >> retaliatory tariffs, let's get to eunice yun in beijing. hey, eunice. >> hey, guys. >> well, china took a. >> totally different approach

from canada and mexico in regards to trump's tariffs, which took. effect here today. china announced several countermeasures 10 to. >> 15%. >> tariffs on energy imports. farm gear. as well as. trucks. >> export curbs on tungsten. >> and other rare metals. >> an antitrust. >> probe on google and then blacklisting pvh and illumina. now, the impact of the measures vary, though for the most part, they don't appear to be very meaningfully damaging. the tariffs. >> on the items. >> that are not are not major us exports to china. one interesting development, though, is that china did widen the scope of what it's willing to do when it comes to retaliation, basically signaling that it is willing to go specifically after us companies. overall, though, the move is likely a way for china to gain leverage over president trump by. putting more items onto the negotiating table. if it does indeed turn out to have a larger trade

negotiation with president trump. >> eunice, what do we make. >> of the unreliables list? >> we were talking about these two companies. >> that pvh is a relatively. >> small company, illumina. >> and then. >> the. >> move against. >> google. >> which as far as i can remember. >> has not. >> really had. >> an. >> operating presence in china for quite some time. >> right. well, pvh had been flagged. >> before for discrimination. >> the chinese have said, against certain chinese products. more specifically xinjiang cotton. so the way that pvh. as well as illumina would be impacted is that this now means that their business in china will be restricted and that they could potentially have fines. so it's not very clear exactly what that's. >> all going to. >> how that's. >> all going to pan out, because. >> it doesn't. >> necessarily mean that the. punishments come in right away. so the chinese government keeps it relatively gray in that way. they could, you know, do what

they want at the end of the day with pvh, when it comes to google, the reports that have been coming out is that it's not necessarily about google itself, because as you guys well know, google has blocked your search engine, can't be used. it only has. >> china accounts. >> for only 1% of its global sales. however it might. what we might see is the chinese government go after the android system here. and so that's kind of the way in which they're being slapped with an anti-monopoly problem. >> but, eunice, i think that when we look at what they could have gone, they could have gone after apple very easily. they could have gone after nike very easily. they did these analogs that are much less important. cole. well, we know our coal and coal prices have surged. they actually went down to the core. but there was a surge in coal because of europe, liquefied natural gas. these contracts are all spoken for. so if you had to pick things that were de minimis, you would have picked what they did. and what does that say to president trump?

>> right. so it shows that they. are starting an opening bid, right, that they don't want to have anything. >> that's particularly. >> damaging to. themselves or maybe to president trump. >> but they're putting. >> items onto the negotiating table that then they could then they could remove and say that they've done something great. so i think what's going to be interesting is that we know what the chinese want to see. >> they want. >> to have the removal of the export. controls on tech companies, the restrictions that they see on chinese companies, they want the removal of the tariffs. but the question i think that a lot of people should be asking is what the chinese would be really willing to put on to the table to really offer. so, for example, the a level playing field, say for foreign companies, which they might not be willing to do, the subsidization that a lot of countries have been complaining about a distorting global markets, are the chinese really going to put those items on the table? >> eunice. thank you. we'll be checking. >> in plenty.

>> i have. >> a feeling eunice. >> yoon in. >> beijing for. >> us bringing things back to here in our markets. >> of course. >> we are. >> keeping a close. >> eye on shares of palantir. they were up sharply. >> in the premarket. >> the company's quarterly results. >> and its revenue guidance. >> surpassed what the analysts who followed. >> it had. >> been expecting. >> that is thanks. >> to, of course. >> strong demand. >> for its. >> ai. >> related products. >> in his. letter to. >> shareholders, palantir ceo alex karp wrote we are still in the earliest stages. >> the. >> beginning of the first act of a. revolution that will play out over years and decades. we've been. >> preparing for. >> this moment. diligently for. >> more than. 20 years. >> jim, you referenced what you. >> said was an. >> exceptional conference call. the exceptional. >> valuation here. >> doesn't seem. >> to preclude it going far higher. >> trading at more. >> than. >> 50 times. >> the ebitda. right, right. sorry, 100 times ebitda. of 26 estimates. >> and this is a company that's measured by the 50. times sales 40. and it came in at rule of 81, which shows you that the

revenue growth and the gross margins are extraordinary. i think that the call itself talked a lot about what the key to palantir's growth is, which is ontology, meaning it's a core concept within its platform designed to bridge the gap between raw data and actionable insights. so what they do is they do an amazing a deep dive on everybody that they have, and they come back with what they should do. and the artificial intelligence here is, is the king. but what they've really done is kind of just said, look, we can make anybody much better. and the resistance is, is that you may be stupid, you may not understand. it's a very caustic. well, look, karp is caustic. shyam shankar is actually very. he does a lot of defense work is. he's brilliant. he's done a lot of good stuff. there's a lot of really important people on the calls talking about what they're doing, say, with the special operations command, what they're doing with military, which i wish they would tell you more. but what's incredible is you bring them in and they they

claim that you pretty much because of, of the way that they're set up, can do a dramatic overhaul of your company or dramatic overhaul the government. and they're working with doge. and i think that this is a central and existential attack, ultimately not mentioned in the call on the companies that run our defense department. and i'm talking about here, lockheed. i'm talking about northrop grumman. i would not want to be those companies after reading this. they should read this conference call because this this company is coming for them. >> yeah. >> well, it now has, i think, the largest. >> market cap of any of those that. >> service the defense. >> industry. >> at least. >> in a robust way. >> i mean. >> listen. >> they the us commercial business, which of course. >> has. >> been growing. >> and has been a focus. >> of investors for. >> for. >> some time, up 64% and growth is accelerating. >> that of course. >> is. >> something that investors. >> always embrace. >> and are. >> willing to. >> pay very. >> high. >> multiples for. >> i am looking at a very positive note from morgan stanley this morning. >> they had a. >> $95 price target. >> they upgraded. >> the stock. >> but 95 is already being surpassed. they were.

>> talking about. >> it being 52. >> times their, you know. >> enterprise value. you know that. over over sales for 26. >> and that's. >> already surpassed as well. >> yeah i mean i think that again when they talk about ontology, i mean, you do have to read this with a i read it with you.com and i read it with chatgpt. now they think the chat, obviously they're well beyond chat. and i get that. and i didn't mean to be mad at you. i'm not mad at you. i just i'm i'm just in awe of these guys. and i was trying to reference them. no, i apologize, i. >> know when you're mad. >> at me. no, no, but i mean, i just was no, i just when i went through the call and i read it several times, and i used to be upset when alex karp cursed. i don't even care anymore what i care. i mean, that was that was wrong. i mean, you know, i just cared because it was like he didn't need to. i really like him, and i really love this company. and by the way, the defense guy is just extraordinary. and they're going to they're going to change the government and they're working hand in glove with doge. they are working with glove.

>> he discussed. >> it. >> and we. >> should take. >> a listen. >> to what. >> karp had to say about. >> the efforts. >> undertaken by elon. >> musk and his. >> doge department. >> we love disruption, and. whatever is good for america. >> will be good for americans and very good for palantir. >> and i think you got it. >> exactly right. >> disruption at the end of the day. >> exposes things that. >> aren't working. >> there'll be ups and downs. there's a revolution. some people are going to get their. >> heads cut off. >> like, you. >> know, it's like we're we're. >> expecting to. >> see really. >> unexpected things and to win, basically. >> that's what we're going to do. >> see unexpected things, report expected things and win. and we're planning to do that. and we're pretty optimistic about the us environment. >> it's very powerful. >> you made a big point about. your call. >> for 100, which. >> we got right. i got 50. >> goes to 120. >> i said it 50. >> yeah absolutely i said it 50 was going to go to 100. and i picked yesterday. i picked yesterday when it was at 80. >> yeah we did. the mad. >> dash yesterday. and that is just because i am in awe now. the only guy i'm in contact i'm not in contact with karp. i do

just think that shyam shankar is really talking about the way the defense department has to be redone. when i think that that musk is talking about saving a lot of money, what he's what he's really talking about is you bring an outfit like palantir in, and they distill what's important, the ontology, and then they go to town. and if you let them have their way, we would save hundreds of billions. >> of dollars. >> so you'd be long. >> palantir. >> short defense. >> as a pair. >> oh, my. >> i would not want to be a defense department contractor. not at all. these guys are too powerful and. >> they. >> are a lot of them. i would. >> imagine to. >> some of the consulting services. >> bespoke had. >> a list last night of the. >> doge dogs. >> these guys, you give them the key. they are in there. they're the most patriotic i know. it's like you could say it's way overdone. i don't think so. i'm in awe of these guys. okay? i mean, i remember there would be a period in my life where i wanted to work at bain. i wanted to work with the consultant with mckinsey, and i said, i want to

go to goldman. i would now, and he wouldn't take me. alex would say, jim, you're not smart enough. and that's okay. that's okay. that's how good palantir is. that's how good. >> they when we. >> come. >> back this morning, a. >> ton of earnings to get to as well, including. results from. merck and pfizer. we'll get to. paypal pepsi, spotify, nxpi. >> estee lauder futures remain mixed. hear more squawk on the street straight ahead. >> it's not if the markets will turn. it's win at howard capital management, our proprietary family of. funds. actively navigates complex market landscapes while seeking to safeguard. >> your tomorrow. >> we aim to empower investors, delivering opportunities with a tactical mathematical approach. start investing with confidence today. contact your financial advisor and see how howard capital management can redefine your fund experience. >> i'm howie mandel. >> the newest ambassador. >> of skechers. >> funny story how i became an ambassador. i went to the store

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shifting to things that are better for you, or it's shilpi, one which i believe will ultimately have about 40 million people on it between 12 and 13 months. and persistence, we don't know. but raymond thinks that it's just it's the healthy health is here to stay. and remember, they have frito-lay, and frito-lay is historically salty. snacks are not healthy, so they're making smaller sizes, doing baked. they're doing what they can, emphasizing sara and emphasizing a lot of different stuff that i think is good for you, but they don't have enough that's good for you. so you'll see the stock down. it's obviously underperform. and the question is, is it a real crisis in that they're producing food that may never be loved again? or is it more faddish. and we just think that the younger people don't want to back the way. >> that's a tough that's a tough call for the ceo and others at the company. >> it is. >> because if you're going to remake your portfolio. >> that's not a no. >> it's not. it's not an. >> insignificant undertaking.

>> now, raymond, i think, can do a good job. it does yield 3.7. it is a historically fantastic company as we know it can reinvent, but it has to pivot so quickly because this is a trend trend that came out of covid. so covid we come out and we're snacking at home, right. and then we, we, we develop a whole new thesis about our bodies. and this is also in liquor. liquor is actually far worse. diageo pulled its guidance this morning. but if you want to buy a high quality company and bet that they will figure what needs to be figured out, it is pepsico. >> all right. >> well, there's one of. our movers this morning. we're going to try and get to spotify. >> we'll get to paypal. we've got kkr. >> apollo. >> ubs. >> a whole bunch of names as well. and don't forget you can catch us anytime and anywhere by listening to and following the squawk on the street opening bell podcast. >> invest with an advantage with cnbc pro.

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>> in china is interesting. >> we were just talking about sort of. the cards that china does not have to play given. >> their own economy. >> this was maybe this is an inventory backup by the middlemen in china. they basically said, listen, we can't take anymore. they haven't been able they haven't been able to sell it. it is a major it's a major defeat for rob davis. it's unfortunate because they have a tremendous franchise in keytruda. but they had to put this behind them. they had to be able to say, okay, look we got to restart here. we're not selling any gardasil, which by the way is a terrific vaccine. and you would think that the chinese, if they were good to their people, would allow this to be sold. so it was something that i felt was just came out of nowhere. you know, david, we know that merck is a great company, but the inventories, they could not help the middlemen and say, listen, we'll take it back. they just had to say, okay, we won't ship anymore. and they have to work the inventory down. >> yeah. as you know, an important drug. >> for them, obviously. >> and china not. participating is a hit. that's a that's a

very. >> significant decline. don't see. >> merck shares off. >> off and off more than double digits. >> it's a giant franchise and a great franchise. and i think if you had told people you know what, the chinese are not going to let it be sold, i think you'd say, are you. >> kidding me? >> i mean, it's been a fantastic. >> vaccine. >> but the fact is, it got. >> caught up. >> in the. >> what i regard. >> as being the. >> geopolitical tension. and i think that there's nothing rob could do about it, but it's going to bring down the drug stocks. it's particularly ugly situation because people are in it for keytruda and didn't expect that gardasil will be. just that. there's an inventory backup in the drug that's so important. >> we'll talk. >> about pfizer and. >> contrast in a minute. >> get the opening. bell here. >> cnbc real. >> time exchange. >> of the. >> big board. it's fortune media celebrating its 95th anniversary at the nasdaq. the metropolitan. chapter of jack and jill nurturing children to become future leaders. as we got pretty even breath at. >> the open gym. >> one point. >> that was made. >> is i think it's axios today,

looking at. >> how little the s&p. >> has moved given. new administration, a lot of political noise. >> deep seek would be trade war. >> it's just not moving the broad masses of stocks. >> i think that there's still an undercurrent that the president is good for business. i don't want to sell. you want to sell. i mean, yesterday we had an individual talking about how the situation is precarious on on squawk box. and it's not these are things where if you check the cadence of what happened, the president does something that looks really, really harsh. en méxico, claudia sheinbaum comes back and says, you know, i agree. the president does something that looks really harsh, harsh on canada, and canada comes back and says, let's make a talk. let's do something. he does something that looks really harsh about china. it's not harsh at all. so china then comes back. i mean, these are all signs that the president's strategy, i think people say is working. so why would you sell? and the answer is why you would sell is because you don't believe in the president. and you think that the president has got a strategy

that doesn't exist. i come back and say, well, i don't know. i mean, there was a lot of success yesterday, so why sell? >> jpmorgan though. >> did write yesterday. >> the risk. >> is that the policy mix. >> is tilting. >> perhaps unintentionally, into a business unfriendly. >> stance. >> looking at. >> whether or not. >> the white house is, in fact friendly to business, even just the introduction. of trade uncertainty. >> how can you look? deregulation is what business has been asking for, and they're getting that in spades. yes. did he did president trump not do it in the order he wanted, which would be first to get big tax cuts. we get deregulation. and then after that you know what. we're going to hit him. he did go. he went faster than that. and that was something that was perceived as being anti-business. >> yeah. i mean, you could argue. >> that the pro-business. >> moves have yet to come, whether. >> it's. >> dereg and whether. obviously the. >> tax bill that. >> conceivably will start to get. worked on in terms of extending the cuts that took place under the previous trump

administration of the. corporate tax. >> so maybe. >> you'll get a response to that. >> right. >> look at us right. >> out of the bat was a little perhaps, and as. aggressive as seemingly they've been was somewhat unexpected. >> i expected 60% tariff on china. i expected that the president would say, listen, we will no longer import any steel from mexico because so much of it is from china. i thought that there would be tariffs on things that are necessary to china. that would have made it horrible. i was candidate i think they well. >> yeah, it was kind of like we. >> expect a really hard on china. canada was. >> like coming so. >> hard. >> on canada. >> you're saying if you're china you're saying, hey, you know what, this guy really wants to deal with us and let's let's sit down. now, i remember when the president, he was here and he said, look, i think that things could be better with china. now, if you go back and read peter navarro's book about what he talks about the trump and china. oh, man. you know, there were people. larry kudlow, steve mnuchin who were who he calls al

navarro as being china apologists. and in a really harsh way. the book is kind of interesting as well written. and i just think that navarro lost it because these were not harsh. now, if you go back and i reluctantly mention i don't want to play too much in palantir, but it was an education. they're just saying, look, there's a war going on. and if you read what the president said, there is no war. and i don't know whether the president has said, you know what, we've got to go with your point earlier, treasury. >> secretary one, which. >> way, which way. >> is it ultimately going to go? guys. >> there's palantir, of course, up 22%. >> we spent time on that. but you look. >> at the s&p. >> losers list. >> we talked. >> merck which is it's not it's rare. day to see it down more than 10% obviously gardasil there. >> but let's also. >> talk estee lauder and. paypal jim why don't we start estee lauder no longer. obviously you finally punted it. >> yeah i did. >> a little late, but better late than never. >> no, very. >> late. and nothing good going

on at. >> this point. and he made. >> it do. no no. >> no definitely he's out okay. yeah. the natural natural point. i'm not saying that he was out because of any changes by the family, but i would say that they made their bed with china and they made their bed with duty bed with duty free. and they're terrible, terrible bets. i'm going to have elf one tomorrow. they they import a lot from china. i'm not sure what's more thursday. but i come back and i just say, this company is so challenged. and by the way, let's just understand they never cut price. their price is way too high. and if you stack up elf versus those i know people don't want to hear it. estee lauder no one knows the damn difference. so they never cut price. they never understood what's happening overseas and they got it completely wrong. you couldn't. that stock was if you take a longer term view of where that stock was, this was a blue chip. and when i made a lot of money in it, and then i lost a lot of money in it. as for my travel trust. but wow. i mean, you couldn't be more wrong. yeah. you couldn't be more wrong than they were.

>> organic down six and then guiding fiscal q3 organic down nine. >> i mean, what's incredible is that historically they've done a good number and then they've done it. then a guide that's weak and that allowed them to beat it. now they did a really bad number. they gave a guide this week and i wouldn't touch this thing with a ten foot pole. >> we've got a we've got a bunch of losers this morning. >> really. >> you know paypal is another one i mentioned, jim. >> well, you. >> and. >> i both. >> spent some time, although i haven't talked to alex. chris in a bit. i think you you took him away. >> from me. >> oh, i didn't mean. no. >> no. >> it's only as an analyst. you know what? >> he's yours. >> it's all right. any ill will. >> you know. >> again. >> you see the positive headline there, but not positive response at all. in the market. >> they didn't. >> have real growth. there was no real growth there. >> yeah. >> maybe branded checkout growth came in light. yeah i'm just seeing some of the stuff here. international a bit weaker perhaps because the headline numbers did look like they beat the consensus estimates. but again you're looking at a stock that's down almost 10%. >> right now. and you know, to

read it was to think that they did. well i hate that when it says that because they're actually they did not have the growth that people expected. but i do believe they can turn it on. i do think chris is doing a good job. but the stock was up very, very big. it was expecting that there was going to be some good growth here. >> it was. >> i mean, you know we have a lot of these like like look at clorox okay. i mean clorox is good company right. but you get in it and every single every single line is down. i mean it's really incredible how the stock the company you know look the gross margins were good. health and wellness down 13%, households down 11%, lifestyle down 16%, international down 12%. they break up their partnership with procter and gamble over glad bags. i just that's just bad. it's a bad quarter. and i you know i don't want to sugarcoat it. i mean there are companies that are just doing that are underperforming rather radically. >> yeah. >> and you'll see. >> some headlines that they

quote raised guidance. but it's actually. >> shifting some business from 26. >> into the. >> current year. >> you've got to be really careful with some of these because you think that they're good. and it turns out that what they're doing is they're they're not disguised. they're just doing things that are making it so that their numbers look a little better than expected. and they're not. there are some, by the way, the industrials are doing. the industrials are where the action is. is it. well three m is still going up. after they reported i was quite impressed with cummins. cummins does a lot of engines for data centers. really really good quarter. and they they do make they make perfect engines. they're like one of the great companies ever. and then fang's kind of back i mean you know netflix is going up without a problem. you see netflix. >> to your point. >> three m was. >> the best dow name of the year. >> now it's ibm. >> ibm have had. >> a remarkably good. >> quarter, very. >> strong quarter. and it's a software company. they've got 4140 about 42% software. and they've got the annual contracts. we've always wanted that to happen. it's what i was

hoping would happen with cisco. it's really happened with ibm. >> netflix shares, to your point as well, up almost 12% for the year. that's quarter that netflix had is still causing other executives and media companies to shake their heads in despair. frankly. >> except for spotify, the people at spotify. >> are to spotify. >> they're thrilled. >> and except at fox. >> which. >> yeah. >> rupert murdoch never doubt him in terms of his strategy. the sale to disney years ago was well-timed, and news and sports has sustained this company. you can go look at look at the performance of that stock. >> it's extraordinary. >> is the one old media company stock that has defied the overall sector. that said and they reported a strong quarter. they are now at least moving into the streaming world, but not, you know, in a very modest way. on the call, lachlan murdoch, the company ceo, says, listen, there's a large population that are now outside of the traditional cable bundle, either cord cutters or cord nevers. and i'm quoting here and we are designing. we'll be able

to say more about it shortly, but we're designing an offering really to target those cord cutters and cord nevers that aren't traditionally in the cable bundle we don't want. we have no intention of turning our traditional distribution customer into our dtc customer, meaning the bundle is still the most valuable thing for this company for sure, but they are going to put together some sort of a streaming package to target those who are never in the bundle. and that obviously is a growing, growing percentage, as we all know. >> do we get out of strength? out of strength? >> yeah. i mean, you know, news and sports has been where it's at now. i raised the point after the nevada decision in terms of the future for the company and who will have control of it upon rupert's death. that may augur for different things in terms of the way he looks at even a potential sale. all that said, a strong performance. and we got this note on our parent company, obviously 25 year

underperformers. comcast at this point, wolfe research writes a letter saying break up into three, calling it a conglomerate discount. kind of odd, but nonetheless that stock actually retracing had been down as much as 1.5% in the early going guys. but still, it's all about netflix. you know what? what you do to compete, right. and how you can possibly. >> could you could you. >> not as a fox, because they're not in that world, but as an entertainment. >> could you have been spotify? i mean, monster, quarter, monster, highest quarter for fourth quarter ever for monthly average users. the additions were incredible. quarterly record highs for revenue. by the way, talking about maybe video podcasts higher priced here coming i mean this is. >> it's the gross margin at 32.2%. i was just looking through the presentation was better than many had anticipated. that's where a lot of the focus is, jim, because you know, remember for a long time. yeah, they keep investing. we believe it. we believe it. but will they make money. well,

gross margin at a record 32.2%. it was up 555 basis points year over year. i think it was above what many analysts had estimated. obviously. also had fourth quarter subscriber numbers go up. they beaten, they have beaten amazon and they have beaten youtube. in terms of on the music front. >> that's incredible. >> and i think there were a few who anticipated daniel ek and that team would be able to do it. but look at the performance there. you're talking about $121 billion market cap company. now spotify. >> and they don't beat their chest. they just deliver and deliver and deliver. and when i find companies that are doing something like that they remind me the subscription model netflix, amazon, spotify it's just such a good business to be a subscription model because you and you can't say how good it is because they, you know, they have to they have to what they call 112, 112, 112. but it is it's going higher. yeah. >> first full. >> year of profitability. >> to raise is the other good. >> one, jim.

>> that's a 7% gain here this morning. >> even though. >> guidance was maybe not that far off the consensus. >> look i think that there a lot of people feel there's there is no cheer that people that everything's been affected. everybody here's a company where there is not a lot of resistance to price. so they don't have to cut price. by the way, a lot of consumer products companies, the reason why their stocks are down is they've held price. and the american public, they're done with that. you lower your price or you're out. and this is the costco lesson. if you look at costco, someone told me, walmart, costco doesn't let this stuff go on. if you want to sell into costco, you cut your price. and this ferrari is one of the few companies they did not have to cut their price. amazing. >> well, that's why the. >> tariff story is so important when it comes. >> to margin. jim. >> if you don't have the room to raise. >> your price. >> i mean, i it's really, really important. but i, i think that there are companies that i'm just so impressed with, but there are fewer and fewer

companies. >> yeah. fewer and fewer public companies. i mean, the numbers are staggering. when you look back at before the financial crisis. yes. to today, less than less than half. yeah. and yeah, you know, where are we, 3600. something like that. by the way, that actually takes me. it's a perfect lead in to the report today because i want to talk a bit about alternative asset managers and the private markets, which we talk about so often because they are so much more robust over these last few years than they ever have been. interestingly, we heard from both kkr and apollo. that's not the interesting part. both stocks are actually down. nothing clear here in terms of the in terms of the actual numbers themselves. assets continue to go up sharply. total aum at apollo at now $751 billion. our viewers know to the extent we focused on it. obviously there are giant in private credit, over half a trillion there in assets there. insurer athene such an important component overall of the company. and then kkr, which hit $1 billion in revenues from capital markets. by the way, the

first time they've ever done that. and also their assets under management up 15% year over year to 638 billion. but they're all down. they're all down. this morning did listen in on the call with marc rowan who's become an important voice in our financial markets, obviously a runner up for the treasury secretary of the treasury position. and in general, he's, i think, raised his public profile over these last couple of years to become an important voice. not to mention, by the way, these companies market caps, you know, kkr at $150 billion apollo at over 100 billion. you know they're right up there with some of our biggest with our banks apollo now around 91 billion. so they are significant players. obviously blackstone the biggest more than a $200 billion market value. but we've also been focused in part on blackrock, the largest asset manager out there, and the moves they've made in the private markets. remember, whether it's buying hpe's investment partners, one of the leading private private credit platforms, global infrastructure partners, and also that data information

company that follows the private markets and putting all of that together. rohan actually on the call, had an interesting insight about what he thinks is coming from blackrock that i think is worth sharing, he said. blackrock made a number of very significant acquisitions. i just mentioned them. they lay a foundation for an integration of public and private. i continue to believe this convergence of public and private will be a very important source of demand for private assets, and i see private assets in any number of forms. our industry and our firm will be a supplier of product to traditional asset managers as they seek to make their products more competitive. given the incredible amount. >> of. >> indexation correlation, quite frankly, just data that exists in the market. and so he goes on to say that traditional asset managers will evolve their business to include products that are public and private. that's blackrock. that's what they're working on. jim. >> we bought some blackrock yesterday. >> and fink is without a doubt working on it in terms of trying to make something that's going to become a retail available product that is going to give you exposure to the private

markets. obviously, you're not going to have daily liquidity, right. but you didn't have it with brett either. no. >> and it's also vanguard cut rates. and if. >> it's coming. >> if blackstone had not made this change, people would say we bought it because we felt that there's not a lot of overlap anymore because of the things that larry fink has done. so frank fink being creative, that allowed blackstone. >> but we're also talking blackrock. >> blackrock is i thought they gave it away yesterday. it was down 60 points. and what they're doing is very positive and they're not being hostage to whatanguard doing. and you're absolutely right. they're becoming more and more of a bank. and i think that that stock is way undervalued versus everybody else. interesting. >> but i thought it was interesting that rohan was actually referring to blackrock in particular, in terms of providing them product so they can originate. but then, you know, the a lot of people have been concerned about the growth of private credit, but the fact is that the buyer is one buyer. but when you start to actually disseminate that risk more broadly amongst the public in some way, then maybe you are raising the risk profile. >> you can get 7 or 8%. i asked

larry to be able to make it so that individuals could be in it, and that would actually the company here to be able to say, can i be in that fixed income product because there's just so much money being made there. and larry's doing a very good thing for people who want to invest, but right now it's institutions. yeah. >> it's institutions. >> exactly right. >> yeah. >> kkr is. >> aum is up 15. >> i think sequentially. >> right. 15% year over. >> year, year. >> on year. >> there are look there's a lot of alternative financials that are doing well. we have some tech doing well, but we have some tech doing badly. and i think that the tech stocks went badly. once again it's nvidia which is coming back. but we don't know what nvidia is going to report. there was a positive note about nvidia saying that we're troughing. in terms of the negativity, i think you have to wait to see what the numbers are because the company is in a quiet period. >> nvidia is up a touch this morning and we'll keep an eye on that. still below the 200 day watch bonds as. well. as you know the fed blackout window. >> is. >> now reopened. and so we'll get. bostic at 11 daily. >> at two jefferson. >> at 730. >> but after spending. >> most of yesterday around four

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>> meantime. >> jim, you're going. >> to have. >> some names to play with tonight. >> we have five. >> i'm sorry. we have pfizer, which looks like it's reversed a little bit. we have mattel and then we have chipotle. now scott boatwright i knew obviously because we know that brian niccol went to starbucks. but i think what's interesting is, is that block walk guacamole is from mexico. they even had to go to guac. they even went to a couple of states that you typically would not go to, because they're not as much in control by the government. and that shows you how important guac is to them. i'd like to hear about their comments on it. >> yeah. >> a coffee. >> all. >> time high today. and there's a story out of cnn that. waffle house is adding a 50% surcharge on eggs. >> that's it. david. >> we're done. we're done. >> we're out of here. >> okay. you mean palantir? alex. karp. we're going to go there, by the way. alex. karp. he he dropped a bomb in the conference call. and you know what? i'm thrilled he did. the old days, i was upset. now i just. >> think, like. >> yeah. you don't like cursing.

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not franklin templeton. we've been a firm in motion for over 75 years, always innovating. today we are a leader in public and private markets, digital assets and custom tax management, empowering advisors with solutions to build the portfolios of the future. today. franklin templeton, your trusted partner for what's ahead. >> 3 in 30 is sponsored by franklin templeton, your trusted partner for what's ahead. >> good tuesday morning. welcome to another hour. >> of. >> squawk on the street. >> i'm sara eisen. >> with carl quintanilla and david faber. live, as. always from post nine of the new york stock exchange. >> stocks are. >> climbing this morning. >> trade tensions ease and the s&p. >> is up about. >> a third of 1%. >> nasdaq up 8/10. of 1%. >> it is tech in the lead. >> again along with energy.

>> energy stocks are doing well. up 1.25%. >> for the group. >> communication services. >> consumer discretionary. materials and. >> industrials all higher. >> the dow is actually down a little bit. >> you've got. >> some names there. >> dragging on the dow. >> look earnings are. >> front. >> and center. >> merck is dragging. >> 72 points. >> off the dow. visa. american express. sherwin-williams also all lower. >> take a look at treasuries right now. >> trend has. >> been buying bonds with yields a bit lower. it's kind of reversing. >> on the. >> ten year. >> and. 30 year. >> today 4.55. >> but on the short. >> end we're moving south 4.23. we're going to get jolts. >> any second now. >> they're out right now. >> we'll get to that in a second. another big morning on capitol hill as well. senate finance set to vote on robert f kennedy jr. s nomination to be secretary of. health and human services. we will get you those headlines as soon as they happen. >> key vote to determine. >> whether it moves to the floor. >> we're 30. >> minutes here. into the. >> trading session. here are. >> some. >> big earnings. >> related movers. we're watching palantir. >> surging to. >> record highs. check out this move up almost 27%.

>> after a big beat and. >> strong guidance. more on what to do with the stock from here in just a moment. big pharma is also on the move i mentioned. merck revenue guidance for the full year came in below expectations. pfizer beat estimates, though, and reaffirmed its full year outlook. >> and then watching consumer. >> names pepsi reporting weaker than expected north american demand. we've got. >> some fresh. >> comments from. >> the. >> ceo to share with. >> you in just a bit. estee lauder out with a. disappointing forecast, cutting up to 7000 jobs and clorox raising guidance. all those stocks are lower. stillwater down 13%. >> let's get. >> to that aforementioned jolts data. >> let's get to rick santelli. hey, rick. >> hey, carl. indeed, jolts. this is the summer number. it's always two. >> months in arrears. >> expecting 8 million ish 7,600,000. >> that is the smallest. >> month over month. >> job openings. >> well, going all the way back to sep of last year, there was a revision. upward though of november. >> and that was from.

>> 8,098,000 to 8,156,000. now let's look at factory orders for december, shall we? >> expected down 8/10. >> pretty much. >> as expected. down 9/10. that would be the weakest going back to july of last year. >> but we. >> did have. >> a revision. >> in the wrong direction. unfortunately from minus 4/10. >> our last. >> look doubling down to minus 8/10. so back to back weakness in factory orders. now let's look at. >> x transportation. >> dramatic improvement. >> up to. >> 3/10 durable goods. >> now these. >> are. >> final reads. we get rid. >> of the mid. >> month read bin. >> by three -2.2. it remains. >> at -2.2. once again. >> strip out transportation. >> we could see where the drag was. >> moves up to up. >> 3/10 exactly as the. >> mid-month read. >> now let's look. >> at capital goods nondefense ex air. >> a proxy. >> of course. >> for capital. >> spending up 4/10 the mid-month read was up 5/10. still pretty solid. all in all, this is the second consecutive positive number back to back. november was a very strong up

9/10. that was. up 9/10. and finally if. >> we go. >> from orders to shipments comes in one. >> tenth. >> lighter than our mid month. read from 6/10 to up 5/10 or half of 1%. if we look at the pre-opening stocks, they were doing better. now they're even. >> doing. >> better that they're open. if we look at interest rates for 22 and a. >> ten. >> that's down three. >> if you look at it that was a two. a ten is 454. >> that's basically down two. >> basis points. it certainly seems as though the big story today of course is going to be disruptor 50. in my opinion. it's disruptor 47. >> that's the current administration. the market seems to be writing. >> off a lot of the trade negotiations. is it really. >> a trade war? >> don't think so. back to you, david. >> all right rick. thank you. rick santelli. china did announce retaliatory measures overnight, this after president trump's 10% tariffs on goods imported from china kicked in. eunice yoon is in beijing and has the latest for us. eunice.

>> thanks, david. >> well. >> china took a. >> totally different approach. >> from canada and mexico. it announced several countermeasures, 10 to 15%. >> tariffs on. >> energy imports, farm gear and trucks, export curbs on tungsten, as well as other rare metals. an antitrust probe on google and blacklisting pvh as well as illumina. now, the impact of the measures vary, though on. >> the. >> whole, they don't appear to be significantly damaging. one interesting note is that the government here indicated that it is willing to take on a different approach to retaliation by going after individual u.s. companies. overall, though, the move appears to be a way for china to gain leverage over president trump by throwing more items onto the negotiating table. if indeed there is a discussion between president xi and president trump for a larger economic deal. okay, eunice,

thank you very much. eunice yun. china throwing back. >> the countermeasures on trade, though, reading the research this morning, you know, mostly what i'm getting is that it's not going to have a big economic effect. what the counter retaliatory measures on. >> that china imposed. >> and actually the market's not too worried about it because it's seen by china as not the harshest response that they could make and. potentially willing to make a deal or not escalate things. >> too much. further with the us. >> on trade. that's obviously a. tbd story. this is the biggest story of the moment for the market, which is what happens on trade. we know president trump used the world according to trade deficits. the u.s. is the largest importer in the entire world. we import $1 trillion worth of goods. >> we buy everything from everybody else. he looks at that unfairly. and i think the biggest question is. >> who's next. >> and how does he look. >> at the world? >> so here are the trade deficits. >> we have. china obviously is the. biggest one. this is 2023

data. >> euro area. >> is firmly in the crosshairs. and why. >> he's threatening them next because they have a $200 billion. we have a $200 billion trade deficit. >> with them. >> we buy. >> a lot of. >> their stuff. >> they don't. >> buy as much of ours. >> there's mexico. >> there's vietnam, there's taiwan. you're starting to. >> get a. >> picture of how he views the world. >> they're ripping us off. >> i know, but is that the appropriate way from an economic perspective? >> well, most. >> economists will. >> tell you no, not. >> at all. >> that doesn't it doesn't necessarily. >> first of all. >> trade deficits. >> do not. if you have a trade. >> surplus like germany. >> for instance, or. >> mexico. >> that doesn't. >> correlate necessarily. >> with higher gdp. in fact, our gdp is better. and it doesn't correlate with. >> lower unemployment. >> right? >> we're 25%. >> we're the richest finally. >> buying at all. shouldn't we be buying a lot of the world's stuff? >> and that's what we do gdp. >> but you. >> could argue here's the flip side. and where he has a. >> point okay. >> when you have a trade deficit that. >> could be. >> a cost. factor for jobs because it. >> means we. >> export a lot of the jobs. >> and the manufacturing.

>> by just simply buying those products. and that's something that. >> trump. >> i think has been. >> getting at and. very sensitive to. and that's the flip side. >> of the argument. >> also. >> you know, you. >> could. >> this is an economics debate, right? >> it leads. >> to an undervalued dollar. >> there are all sorts of things you theoretically might have higher. >> borrowing costs, right. >> because you have to pay. >> more to borrow. >> but i think most economists will tell you it's. >> not necessarily a. good barometer for fair trade or who's. >> rich, but. >> it is how. >> this president. looks at. >> the world, which is why i think it's a good roadmap. potentially for what's going to come next. and the bottom line is we're. >> we're in this universe, whether. >> they're whether he's using it. >> for leverage and negotiations like he. got yesterday. >> with concessions. >> or he's going to go through with it. >> the bottom. >> line and here's jp morgan. >> and they summarize it. >> even with the tariffs. >> delayed the persistent threat of tariffs. >> and the associated. >> increase in policy uncertainty will likely hurt investment. >> decisions and weigh on business sentiment. >> not only in mexico and canada. but potentially also in

the. >> united states. >> and that's the world we. >> live in now, right? >> the sort of persistent uncertainty. i got. >> a. >> good. taste of this when i was talking this morning with. ramon laguarta, the ceo of pepsi. we were talking about earnings. >> and what he's seeing and how he he. >> framed his guidance as conservative. street doesn't like it. >> but here's what. >> he said about tariffs. >> we're concerned. >> by them. >> there's some impact to the business. we're largely local. in other words, they grow their produce and. they sell it to that market. >> but there's. >> some impact. >> for instance, they get pepsi gets oats from canada. >> for quaker oats. some of the aluminum and fertilizer is imported. >> if it's just canada and mexico. >> he says it's small, but who knows where it's going. >> and that's the key. >> also, are we going to be in an environment where long term structural costs go up? these are the questions that businesses, especially multinational businesses, are asking themselves and. >> trying to figure out if they. >> need to. revisit their cost structures and certain. >> decisions that they're. >> making, because this is a threat. >> that doesn't appear to be going away. >> well. >> navarro is on the tape right now. he's doing a live event,

and he. >> says, if. >> we're successful, if the trump administration. is successful on these tariffs. >> we will structurally. >> shift from an overreliance on income tax to tariff revenue. but as many have pointed. >> out. >> you can't cut income tax with the threat. >> of tariffs. >> and by the way, as you build up the industries that conceivably you want to build up, then the tariff revenue would obviously go away. i guess, though, you'd increase overall productivity or production. so that would be a good thing. and. >> prices. >> and prices. yeah. >> look they tried this in the first. administration by the way. and the trade deficit actually grew during the first trump administration. it did shrink with china. >> but it's not necessarily. >> clear that that would bring back jobs and that. >> they will be able to compensate. >> on revenues, whereas they would get rid of the income tax. i think he's also, you know. they point their finger at europe all the time with the vat tax and say it's unfair that they're doing that, for instance, to us. and it's not a level playing field. just on pepsi. also, since i did have. >> a chance. >> to. talk to the ceo. >> and david, i. >> thought you.

>> would. >> appreciate this because, you know, we were always asking these companies about glp one and. >> what the impact he. he went he. >> went there with me. so first of all, he said we are definitely. >> seeing a shift. >> in the consumer toward more health consciousness. there are more conversations happening on social media. >> and he. >> said, look, these are the trends. lower artificial ingredients, low. sugar alcohol consumption. is going down. he said that that actually could be beneficial for some of their nonalcoholic. beverages that they have in the portfolio. >> and then on. >> glp one consumers, here's what. >> he's seeing. >> they're still eating the products, but they're happening in smaller. >> portions. >> and that they're looking for fiber. >> and protein and. functional hydration. >> so they are responding in their portfolio. >> not an insignificant challenge though. jim and i were talking about it earlier. he did pepsi and his mad dash. it's you've got to really focus on the portfolio and make sure that you're. >> you're on top. >> of. >> those trends. >> yeah. >> right. when you lose muscle, you need protein. >> they got to. >> be inserting protein. >> into every snack. >> expect to see. >> that you've been with people on glp one at dinner, man. they eat, they order it and then. >> they sit.

>> down and then they eat. half of it drives me crazy. can i have that, please? >> meantime. >> investors are trying to navigate the flood of headlines around tariffs. our next guest says the tariffs delayed doesn't necessarily mean tariffs are canceled. and if implemented, they are likely to deal a meaningful. blow to the us economy while putting some upward pressure on inflation. liz ann sonders joins us this morning. charles schwab, chief investment strategist listen, you had some great data this morning just looking at trade uncertainty and sort of where we are right now relative to say the. >> last 20 years. >> yeah. you know. >> if you look at the us. >> trade policy uncertainty index it's actually. >> spiked up. >> it's not quite. >> to levels. >> we got. >> during the 2018 trade war, but it's gone parabolic. >> you know carl, i also wanted to pull on a couple. >> of. >> threads that. >> that you. >> as a team. >> there were just talking about what's, what's interesting to me throughout these past several days is and i understand the. >> focus on. >> importers, i mean. >> they're the actual. folks who pay. the tariffs. it's us importers to pay the tariffs.

but there's been less focus. >> on. >> us exporters. and the exports out of our economy is 2.5% of gdp. and especially. >> with retaliations as. >> announced by china today, i think that has to become. >> part of the conversation. and then. >> to your other. point about. >> growth in the. >> economy, the desire or at least one of the stated desires of tariffs. >> is to raise money in. >> order to. fund tax cuts. anything that. >> is. done to. >> boost the. >> us. >> economy, be it on the tax side of things, deregulation, we are importing. a net importer as a country. so you boost the economy, it almost automatically. >> causes a decline. >> in the trade deficit. so then the question is what exactly is. >> the. yardstick by which. >> the administration or others. >> are measuring. >> success of this. so there's a lot of crosscurrents. in that we're coming to grips with in the last few days. >> i'm glad. >> you mentioned that, because some. >> desk notes. >> this morning. are diving into government accounting. >> and one element. >> of that is you can't use

tariff revenue to offset tax cuts unless it's. >> codified into law. >> and no one. >> knows where congress. >> is on this. >> exactly. >> absolutely. >> not to mention. >> if you. think of rightly so as tariffs as a tax. >> on us. >> companies. >> us importers, then you're. you're taxing them in one direction. but then the goal is to give them. tax cuts or at least the extension of tax cuts. so there's a lot of murkiness i, in in how circular this is. >> so can i. >> ask you, are you impressed. with the ability. >> of the bulls. >> to leap through these various crucibles of deep sea. and tariffs and even. the government policy noise we're getting out of dc these. last 12 days? has that been impressive at all? >> it has been impressive. and it clearly. >> suggests that there is still that. buy the dip mentality. >> there is still. >> money that wants to find opportunities. now. >> keep in mind. >> that in the first month of the year you have had equal weight, outperforming. >> cap weight.

>> so there has been obvious pressure on tech. tech as a as a sector hasn't really done much since june with some gyrations. you have seen some more quiet, stealthy participation in areas other than, say, the magnificent seven. >> so i think that's. >> also healthy. and that was in place prior to what we're dealing with from a tariff perspective. >> but we still have these rapid fire. >> sector rotations. i mean, just between yesterday and today in terms of, you know, tech at the bottom of the list, now close to the top of the list, the defensives yesterday at the top of the list, now at the bottom of the list, i think those sector related gyrations are going to be with us for a while. >> well. >> listen. >> we're just diving into peak earnings week. we'll talk again soon. good to see you. thanks, liz ann sonders. >> here's our roadmap for the rest of the hour. shares of palantir soaring after its earnings beat. and strong guidance. how to play the. >> stock from here. >> plus, elon musk is shaking up washington dc. we'll talk about his growing influence in

government and what it could mean for overall policy. >> and one stock. >> that's. >> powering through the. >> tariff threat. >> shares rallying despite giving a cautious outlook. we'll talk about that. >> name when squawk. >> on the street continues after this. do you have a life insurance 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 policy. now we can relax and enjoy our retirement as we had planned. if you have $100,000 or

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>> very you're. >> going to. >> see significant growth. >> the fundamental. >> limit to palantir's. >> growth. >> at this point is. can anyone besides america adopt at the rate america's adopting? >> the fundamental. >> limit. >> for palantir is can we. >> keep up with. >> the adoption that you're seeing. >> especially in us. >> in us commercial, which is just like, you. >> know. >> we do not. >> have enough people. we do not have, you know, we have a. nascent sales force. we're doing our best. we have. >> all these. >> companies that are training. on installing palantir. >> they're getting. >> up and running. >> you know, we're doing our best. >> that was just last week, our interview with palantir ceo alex karp here at the new york stock exchange. when i asked him how big the company can ultimately get. you got a taste of that last night with earnings. palantir now the best performing stock in the s&p 500 right now hitting new record highs. >> the company. >> reporting strong results and guidance fueled by what it calls untamed organic growth in demand for. >> its ai products. >> that said, our next guest isn't convinced. jefferies analyst brant thill joins us now. >> he's got. >> an underperform rating on

palantir. did raise price target to 60 from 28. brant. why are you sticking with underperform on. >> this name? >> kudos to. palantir on the fundamentals, sarah. >> but in. >> the last. >> 20 years. >> in software. >> there's no name that's. >> ever sustained this multiple. >> it trades over 55. >> times revenue. even if growth accelerated again. >> this company. >> is growing 30%. >> it's not like it's growing 50. >> to 100. >> they're growing 30. >> and if. >> you think about other. >> stories that. >> got to these. >> multiples. they didn't sustain. in growth. >> at some. >> point faded. >> and when that happens. >> the. >> multiple clouds. so ultimately it's. >> not necessarily. >> a call. >> on volunteer. i think. >> our. >> view is. >> we. >> run a balanced portfolio and we like other names. >> you can. buy meta at 25. >> times earnings. >> not revenue. >> earnings and. >> get an amazing return. >> and play. >> the ai theme through meta. >> you can own google at 12.

>> times ebitda. >> you can own microsoft at. >> 25 times earnings. >> so effectively our client base. is more valuation sensitive. >> i've gotten three emails from institutional investors on this name. >> it's owned by. mainly retail. >> in the insiders of palantir. so yes. is there an opportunity for. >> institutional investors. >> to. >> own this at some point? is that the next catalyst. >> for the stock? >> maybe. but ultimately. >> i. >> go back to right. >> now the names. >> that our clients. >> are. owning are. >> names where they. >> can. >> have support and valuation. >> so i'm not. >> against owning some of these higher fliers. >> but again, i think it has to be a lower percentage of your portfolio. >> because ultimately. >> we've seen. >> this movie before and it does not end well. >> on multiples. >> but shouldn't we talk about why it's such a high flier and the fundamentals of the business, which okay, you mentioned the 30% growth. my question on palantir is, is anyone else doing what they're

doing in terms of the ai services they're offering primarily to the us government, which are now they're scaling across enterprise. and you heard from alex karp what the demand looks like. >> yeah. >> i mean, look, they have a unique solution from the application to the infrastructure. it is no doubt. >> a unique story. and in that. >> sense, the question is, again, how broad is this. and again. there's a lot of. >> vendors that have ai. >> solutions and ai infrastructure. >> so there's. >> other ways to play this ai theme. it's not just palantir. you can't listen to him and. >> say. >> oh, he's. >> the only. >> game in town. that's that's not true. >> there's a lot of other games in town. >> so if. >> you look at ai infrastructure, right, you've got. >> amazon, microsoft, snowflake. >> there's a. >> number of. >> assets you can own. >> yes. >> if you. >> wanted. >> to complete. >> a palantir like solution, you'd effectively have to take multiple solutions and stitch them together. so we believe. >> doctor karp on. >> that view. so we're. >> not challenging the fundamentals. >> what we're.

>> trying to do. >> is separate. >> the fundamentals. >> from the valuation. >> and again those are important to do. look, i've been burned so many times in the past by by sticking with hey it can keep and keep running. >> on the multiple. >> now the multiple today is, you know, 55 times. >> next year's number. >> on revenue. >> not earnings, not on ebitda. >> no on revenue. yeah. 55 years worth of revenues is rich to say the least. listen, brant, i applaud your willingness to sort of call it out. that said, i mean, they are accelerating in terms of their growth rate, 64%. now for the commercial business. investors always like that. and i can go back to the mid to late 90s as well. you know, yahoo. yeah. wouldn't have wanted to own it at 50 times revenues i think it traded there maybe even more. but amazon i would have because you know, a lot of people didn't necessarily recognize the full opportunity you know. so give me your sense there. >> yeah i mean look we all do tam analysis. but now that the market cap is over 200 billion, you look at a company like crowdstrike where. >> half half. >> of. their it's got half or

less than half. the market cap is growing mid 20s to 30%. and has has good margins. and you don't have to pay. you can pay a fraction of the multiple. so i guess my point is it's okay to own a piece of this. but my point. is we think there's higher conviction stories. where i sleep at night not worrying about where the multiple is at. and ultimately everyone's painting this big tam picture. look, if we did this across the rest of software and anyone in ai we like, we'd have multiples that are unsustainable for the industry. and so again, i think we saw snowflake get to 50 times revenue. we saw datadog get to these multiples and those multiples ultimately corrected. and they went from 50. to less than ten. and so again, i think that growth isn't going to slow in the short term. but again, i think investors are acting like this is a company that's growing 50% on. the top line. they're growing 30 and they got it to 30. and maybe they can accelerate that growth this

year. and so we're not disputing again the fundamentals. it's just the valuation is beyond anything we've seen. >> and it's. >> basically 2 to 3 times more expensive than the next single expensive stock in software. so there's another cohort of companies like samsara snowflake. you go through the list. there's a lot of great companies where investors can make good returns, where you're not exposing. yourself to that level of multiple. and again, i go back to david, the institutional investor community. this is they're not involved. >> yeah. they're not. >> and effectively. >> this is a retail. this has been fueled by a lot of the retail side of the house. and you can hear this. this company doesn't really talk to investors. they don't go to conferences. they don't return emails from institutional investors. but they will sit and complement the retail investor all day long. and so i just i go back to like our client base, our. institutional investors. >> i get it, i get it.

charismatic ceo memeification to a certain extent. but it's working. brant. we'll i mean, we'll have to continue the conversation. >> i was. >> wrong. >> he also. >> really doesn't like short sellers and has called them drug addicts. >> the other class of shareholders. yeah. >> well all right. >> thank you brant. >> brant thill with palantir up 25% and now 516% over the past 12 months. we are. >> watching shares of pvh. >> this is the retailer owner of calvin klein. >> tommy hilfiger. >> it was. >> placed overnight on china's. >> unreliable entity list. putting the company at risk of sanctions. this was in. >> response to the tariff increases from the us, pvh, pvh, just out with a statement to us. >> we are surprised. >> and deeply disappointed to learn of the decision from the chinese ministry. >> of commerce. >> in our 20 years. >> of. >> operating in china and proudly serving our consumers. >> as a matter of. >> policy, pvh maintains strict compliance with all relevant. >> laws and regulations. >> and operates in line with established industry. >> standards and practices. >> we will continue our

engagement with relevant authorities and look forward. >> to a positive. >> resolution. an evolving story will continue. >> to follow. also, we're going to talk more about. >> which retailers. >> are preparing. >> for. tariff uncertainty and could get hit by this latest round in china, and what it means for. >> prices that american consumers pay. >> that's next. >> in real time exchange sector, sword is sponsored by sector spider etfs. >> meet omnia. lux contour, an. >> led light. >> therapy mask. clinically proven to reduce fine lines and wrinkles. >> find out how you can improve. >> your. skin at. >> omnia lux ledcom. >> do you have an ugly.

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>> legacy. >> invest with an advantage with cnbc pro. >> cnbc pro. gives you the tools that you need to become a better investor. >> go pro with a flash sale offer for a limited time at cnbc.com. slash pro flash terms and restrictions apply. >> getting some breaking news from washington this morning on the nomination of rfk jr. let's get to emily wilkins. hey, emily. >> hey, carl. well, yes, rfk. >> has cleared. >> the first. >> major hurdle. >> just getting full approval from all the republicans. on the senate financial finance committee. >> that means that his. >> nomination will now be going to the senate floor for a vote for the entire senate. we saw that. >> this was. >> very. >> much on partizan lines. >> all republicans. >> voted for. all democrats voted against democrats, of course, raising. >> concerns about health care for americans, about some of rfk's. >> previous stances. on vaccines. >> but you've seen republicans really. >> get in. >> line behind him, and that includes senator bill cassidy,

republican from. louisiana and himself a doctor. >> and he was seen as one of the big. swing votes. but he. >> tweeted out. >> just before the vote that he's had extensive conversations. >> with the trump administration. >> that his. >> concerns have. >> been taken. >> taken care of and addressed. and he. >> expects to see some. >> serious policy. >> coming from the white house. >> also said. >> he looks forward to working on issues they agree, like. >> healthy foods. >> and a pro-american agenda. guys. >> so we're going to watch this floor vote now, emily, is he going to get the senate votes and which senators are you watching? and also, you know, when. >> nicole shanahan. >> comes in and threatens to personally. fund primary challengers against the senators who don't vote for. >> rfk jr? >> do those kind. >> of. >> threats. >> matter. >> sarah, to a certain extent, i think. >> they do. >> i mean, the way that our current political system is set up, primary challenges are some of the biggest threats that these lawmakers are going to face. and so, yes, it does matter, especially for you see tom tillis right there on the screen. i mean, he's up for reelection in just two years. that means he's going to have to

face a primary pretty quickly coming up here as far as senators to watch, though, i mean, there are a number who have some buffer right here. susan collins, your lisa murkowski, your senators from. >> purple states. >> where they do have some cover from independent voters and biden. voters as well. and then folks like mitch mcconnell, who we expect to be retiring at the end of his term and don't have to face a primary. again, i will say, though, a lot. >> of eyes. >> were on bill cassidy for this one because he flipped to a yes. i think this makes it way more likely that on the senate floor, we are going to see. rfk get confirmed. even if we may see 1 or 2 republicans go ahead and vote against him. but we'll be keeping obviously, a very, very close eye on this one. >> all right. >> that was. >> a good tell. >> thank you emily. >> emily wilkins retail. >> one of the most exposed sectors when it comes to tariffs. courtney reagan here with more on the potential impact. courtney and how these companies are preparing. it's not like it's too big of a shock. >> no it's not too big of a shock. >> but obviously the target is

moving with percentages and timing. so you know that sourcing is held really close for a lot of retailers. but the details really do matter for tariff risk, though at this point, most analysts say the risk is manageable if there's no universal tariff. so diversification away from china began. >> really before. >> the first trump administration's tariffs, ironically. >> some nearshore to mexico. >> now, the share of shoes imported from china has fallen from. >> more. >> than 55% in. 2017 to about 42% in 2021. that's the latest year we have data for from the government. at the same time, footwear imports from mexico have risen to 2.1% from 1.6%, according to the us international. >> trade commission. so small. >> but. >> higher now in 2013. almost 38%. >> of apparel that. >> was. >> sold in the united. states was imported from china. ten years later, in 2023, it was just a little more. than 21%. most of it, though shifting to other asian countries, not mexico or canada. >> however. >> more than 20% of denim sold in the us is sourced from mexico, according to the american apparel and footwear

association. this is where you have to do your homework. levi strauss, cfo, says its sourcing from china and mexico is immaterial, and mexico sourcing immaterial as well. though kontoor brands, maker of lee, wrangler and other denim. >> brands. >> does have 38 factories in mexico. now, unfortunately, best buy's two biggest countries for sourcing. >> product are china and canada. >> 30% of boot boot barn products are made in china, 25% more from mexico. and around half of steve madden sales are products imported from china or mexico. they are looking to reduce that risk. a significant amount of canada goose's production is in canada. but that's a premium product. so even if tariffs. get passed through on prices, it likely won't impact demand too much. on those big puffy coats. sarah vietnam fourth biggest trade deficit that i highlighted this morning. so that would be a big problem if he is there next. >> thank you courtney very much. >> so courtney reagan good rundown there of the tariff risk after a break. elon musk's growing influence as he slashes. >> his way through.

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>> and make official. >> start your will at trust and wilcom now and make. >> it count. >> welcome back to squawk on the street. i'm silvana han. now with your cnbc news update. president trump will meet today at the white house with israeli prime minister benjamin netanyahu. the israeli pm will be the first foreign leader to come to washington during the president's second term. a white house official says the two will discuss the second phase of israel's cease fire deal with hamas and president trump's commitment to freeing all israeli hostages in gaza. swedish police say five people were shot at an adult education school in central sweden this morning. the extent of the victim's injuries. is not clear yet. local media are reporting the shooter is dead and grubhub confirmed today. customer and driver data was compromised in a recent security breach. the food

delivery app says hackers accessed hashed passwords and partial credit card details, along with names, email addresses and phone numbers. the company has not said yet how many people were affected or when the breach happened. >> david. >> savannah. thank you. well, we're just two weeks into the trump presidency and elon musk is moving with his typical lightning speed to try and shrink the size of the federal government. raising some concerns, of course, about oversight. treasury secretary reportedly telling lawmakers that doge. that's of course, the unit that musk controls does not control the treasury's payment system, reports to the contrary notwithstanding. meanwhile, president trump orders the creation of a sovereign wealth fund within the next year, saying it could potentially buy tiktok. joining us to talk about it all is elevation partners founder. he's an early tech investor, of course, frequent contributor to the program, roger mcnamee. i want to start off on musk. i'm sure you have

some thoughts about elon and what he's doing. >> well. >> david. >> i don't. think we've ever seen anything remotely like this before. the treasury payment system, which is the largest of. >> the. >> things that. >> he. >> is attempting to manipulate, that's a system with code that's as old as 75 years. >> and it's really delicate. >> there's a lot of. interoperating pieces that cover all the. >> payments of. >> the government, and. >> roughly a third. of the payments. >> of the entire economy. this is not. something that you. can just tinker with, and it's not something. >> where you can send in as wired, as. >> reported, 5. >> or. >> 6 kids. >> fresh out of. >> college or even fresh. >> out of. >> high school who are great programmers to go in and look at it. >> and then make any. >> kind of changes without causing unexpected consequences that. >> might be catastrophic. >> so the. >> hypothesis, which wired and others have suggested. >> is that the goal here is not. actually to. >> reduce government spending.

>> by a thoughtful analysis. >> but rather to reduce it. by just crashing. >> the systems. and that's. >> obviously a. >> really, really. >> bad thing to do. >> without a lot of preparation. and, you know, i don't want to pretend like i'm the. >> one who. >> understands exactly the details of what's going on here. but if i were an investor looking at this, it's really hard to see a happy ending for investors coming out. of this. >> yeah. although elon musk to i mean state the obvious is unique when in the business world. certainly the extent that i'm familiar with him, you know nobody seems to move quite as quickly and potentially as aggressively and or with more effect than elon musk. when you look at what he's been able to accomplish. roger. and so it does seem to be that he's taking that approach in the us government as well. >> yeah. but david, i think that's the key distinction is this is not a business. this is the federal government of the

largest economy in the world. and it's not just something where you can move a bit here and a bit there and know what you're going to get at. it's an incredibly complicated, incredibly old system. it's i. >> assume it's very fragile. there are very few people who understand the. >> ins and outs, and. >> for certain, the people coming. >> in with musk are not. >> among the group of people who understand. >> the details. and as far as. >> i. >> can tell, they're not. interested in working with the people. >> who do understand it. they're just going to go in and mess with it. >> and again. >> the. >> unforeseen consequence of this could be far reaching. >> but, you know. >> first of all. >> but but do. >> you not support his effort to try to increase accountability. >> and transparency. >> in government. and make sure our taxpayer dollars are not being used for. >> waste and being. >> hemorrhaged. >> and, you. >> know, open, open this whole process up and try to save the us a lot of money in the process. >> do you not? i do not i don't believe. >> for a. >> minute that that's what he's

trying. >> to do. i don't. >> believe for. >> a. >> minute. >> that's what. what do you think. >> he's trying to do? >> i think this is purely self-interested. >> i think that what you're looking at is. >> a group of people. >> who are taking a tactic. >> that. >> they've used successfully. >> in the business world. >> and applying it. >> to the largest government in the world. >> with the largest number of tax dollars and the largest. >> number of disbursements. >> and we don't know. >> exactly how this is going to turn. >> out. >> but the notion. >> that this is going. >> to lead our government. >> to either be more efficient or wiser. >> in the way it disperses. >> things. >> i think. >> is unlikely. >> and i just wouldn't. >> i wouldn't go to sleep tonight, assuming. >> that tomorrow morning. >> that things are going to be better. >> i mean, two things can be true at the same time, roger he might end up with. he might end up better off. >> for his. >> long term goal of getting to mars might be furthered and the government might government might also get more efficient, don't you think? >> well. >> i think he's for sure committed. >> to his. >> own goals. whether there's

any commitment. >> to. making the government. >> more efficient, i find unlikely, particularly given. that this is not how. >> you would do it. >> if you want to make. >> the government more efficient, you have to look at the. political process. you have to recognize that the incentives. >> of our. >> political process. >> are have. been for the last roughly 40 years. >> to support the interests of business at the expense. of the average voter. >> and i think if you want to make things more efficient. >> you probably. look at. >> that and change the. >> way things are allocated. >> i don't. >> see any indication. >> that. >> that's what they're doing. >> and from where i. >> sit, again. when you have a system as complex. >> as the us. >> government. >> you should be really careful and thoughtful about when you make changes. and there's no. >> evidence that that's what they're doing. this is a. >> shock and awe. >> thing, just like what he did at twitter. and to be. >> blunt. >> what he did at twitter didn't make. >> twitter a better platform. it made it a better platform for him, for his political interests. and i expect.

>> the outcome we get. here may. >> be like. >> that, but. >> it might just. >> be catastrophic across. >> a really wide range. >> of things. and. you know, for what? >> roger, finally, we mentioned the sovereign wealth fund. obviously there's tiktok still out there. the clock is ticking in terms of figuring out an outcome there. any thoughts in terms of whether the us needs a sovereign wealth fund? >> well. >> you know. >> there are lots. >> of points. >> of view on that. >> i personally do not. >> have one. >> the one notion i would. put forward is that if a government is going to become an active investor, you need to have really, really good governance to make sure that that's done in an appropriate way. >> and we'll have. >> to see. what terms they put forward. >> on it. >> the us as a country historically has not gone that way. it has typically separated the government's interests from business interests. for example, you know, when the government

paid for the vaccines that fought against covid, it. didn't take a. >> huge share of the. profits from that. >> and what we're talking about doing here is doing that and that. >> i can. >> imagine cases where that's a really good idea. and if that's what they do, well, that would be very interesting. but again, let's just see what they say. >> yep. all right roger thank you. always appreciate it. >> my pleasure. >> when we. >> come back. >> shares of spirits maker diageo hitting the lowest level in years. we'll talk about why and what tariffs. >> could mean for. >> profits. >> back in two. >> at the real reel. over 10,000 new arrivals dropped every day. so you can shop all this from right here. the best part? it's up to 90% off. the real, real authenticated luxury resale shop now with. code tr 20 for 20% off. terms apply. >> you're seeing skechers famous glide step footwear everywhere. and now that famous design is available in hands free skechers

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>> shares of diageo. >> falling to their lowest levels since 2020 after pulling their medium. >> term guidance. >> they do cite the prospect of tariffs. our brandon gomez is here with more on how this tariff threat might impact the sector. as some corporates visibility is now limited. >> hey, carl. >> yeah, absolutely. yesterday was all about mexico. >> and canada. those tariffs delayed at least a month. >> diageo though on its earnings. call still citing. >> tariffs for weak performance. roughly half of diageo's u.s. sales coming from imports from mexico and canada. the company remaining cautious around eu tariffs on american whiskey to those go back into effect on march 31st. but it's not just diageo. constellation brands cut guidance earlier this year. it could see tariffs hit operating income by over. >> 30%. >> some analysts estimate. so what do the next 30 days of negotiation actually look like for the spirits industry? well, the president of one kentucky based distillery on squawk box this morning saying he expects an uptick in orders. >> especially with the 30. >> day suspension of the. >> american tariffs on.

>> on mexican. >> products and. on canadian products. >> i think you're going to see a. >> lot more. >> stocking up. >> now. >> the question is, will stockpiled supply make it to shelves? three canadian provinces already started removing american labels yesterday in retaliation. today, bottles are supposed to go back on shelves. but the premier of british columbia saying there's no huge rush to restock. and i'd remind our viewers, too. it's not just jack daniels and jim beam. this is a big private investment space. george clooney's casamigos he sold to diageo in 2017. dwayne johnson's teremana. matthew mcconaughey has his kentucky bourbon. even snoop dogg and martha stewart's wine 19 crimes experts telling me on the phone the industry is far less capable of absorbing costs, and consumers should be on the lookout for price hikes as we go throughout the year. >> carl brandon it comes at a tricky time for. >> the industry. >> where people are drinking less alcohol, right? >> so it does raise the. >> question as how much pricing power these companies have if they're going to have to. >> raise. prices on tariffs. >> and i was talking to a lot of the wholesalers as well, the

wholesalers industry. they were saying that's what makes this time different than 2019, when the alcohol companies were able to perhaps absorb the costs, not raise prices. that's not necessarily going to be the case this time around because of that depletion in consumer appetite for these products. >> well, we. >> were wondering when some of this guidance would get cloudier. this is a good example. brandon appreciate that brandon gomes we'll talk soon. a lot more squawk on the street continues after this break. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're

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strikes next. so go on, check it out. it's over at for patriots.com. >> welcome back. keeping an eye on shares of both merck and pfizer, both of which reported numbers. merck. that's a decline, the likes of which has not been seen since, i believe 2008, which it did suffer a more significant decline, although obviously the day is not over, much of it having to do with its decision to take what they call a new approach and temporarily pause shipments to china beginning this month and at least through the middle of the year of gardasil, there a vaccine for the hpv? they say they're taking the action now will facilitate a more rapid reduction of inventory, help support the financial position of an important and valued partner. and they do believe china still represents a significant long term opportunity for gardasil, given the large number of females and even males who are available conceivably for the vaccine.

that said, the guidance wrapped up in that is not being well received by investors. pfizer, for its part, reaffirmed all components of full year 2025 financial guidance that included revenues in a range of 61 to 64 billion adjusted diluted eps in a range of 280 to 3 bucks. you can see stock is hanging in there, perhaps giving up a bit. of course, the rfk junior likely, i guess sarah confirmation may not be good for either one of them. and that may be why we saw pfizer shares were sort of flat on the session. >> i saw. >> moderna intraday is a telling chart. >> yeah. so if he gets approved and the. >> he passed a key vote in senate finance this hour. you got senator cassidy's vote republican. >> he wilkins talking about that. >> she was saying that. >> was a good rising for those who are you know obviously derive a decent amount of revenues from various vaccines. >> the food makers are under pressure, too, not necessarily because of that, but pepsico, the north american guidance, which ramon laguarta told me was

conservative. but still, that's been an overhang on the sector. if he's going to go after things like artificial ingredients and dyes and more. >> he dialed that back in. >> his testimony. >> said. >> i'm not going. >> to take away your diet coke. >> because my boss. >> likes it. >> exactly right. still. >> they're all getting hit. clorox and estee lauder are not helping either. both on earnings. >> yeah. >> a lot more to get to as well in the next hour. a quick programing note we're going to get to google results as well in just a few hours from now. the stock of course, has been one of just three mag seven names that's held on to gains for the year. and you're going to want to tune in with us tomorrow for a breakdown of how those earnings look. live market coverage coming your way right after this. >> bitcoin is the best

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strategy at the market's final moments. >> we're now in the closing bell. >> market zone here to. >> break down the crucial moments of this trading day. >> market zone commercial free coverage sponsored by e-trade from morgan stanley trade commission. free today with no account minimums. >> good tuesday morning. >> welcome to money movers. >> i'm sara. >> eisen with carl quintanilla, live from post nine of the new york. >> stock exchange today. >> stocks aim to make. >> a. >> sustained move higher here as investors. >> try and shake off. >> president trump's initial tariff threats. we're going. >> to look at how to. play the volatility as china does retaliate with its own tariffs. >> and the ranking member of the house ways. >> and. >> means committee, richard neal, will get his take on tariffs, the president's tax plans, elon musk's role in