appreciate it. thanks guys. okay. very quickly take a look at the futures they have weakened throughout the morning. the dow futures are now down more than 450 points. the percentage drop for the nasdaq is pretty strong too. it's down by 310 points. s&p futures are off by 75. a lot to watch today. make sure you follow us tomorrow. and we'll kick things off right now with squawk on the street. that's next. >> good monday morning. >> welcome to squawk on the street. >> i'm carl quintanilla with. >> jim cramer at post nine of the new york stock exchange. david faber is on assignment. stocks do. >> look. >> to give back all of friday's late rally and then some. >> ahead of. >> a big week of inflation data and a government shutdown deadline. >> that's where our road map begins. >> as stocks headed toward another lower open. s&p is coming off the worst week of the year. novo nordisk shares tumbling premarket some weaker than expected data for its latest weight loss drug. and more. protests at tesla showrooms over the weekend

following elon musk's growing political involvement. >> let's begin, though. >> with the market's on track to extend last week's losses. >> jim, you got some. >> thoughts this morning. about what is driving the sentiment right now. >> right. >> look, i think that we're in a. >> situation where. >> people feel that there's. >> nothing good now that can come to this administration. >> obviously. >> we. >> felt that there. >> was a tremendous amount. >> of good that will come. >> there's this perception, and. >> a lot of it was. from a. sunday talk show. >> that that he's willing to, that. >> trump's willing. >> to take a recession, that it doesn't matter. i think all. >> of this is just talk. >> i mean, carl, if we're going to become. the trump. and oh, they. >> removed the put. >> if we're going to become all trump all the time, then we're going to never own. >> a stock. >> and that's just not true. >> what you have to do. >> is say, okay, well who's not involved now? there's too much. there were too much buying. >> in j&j and merkel. >> on friday. >> there was a. >> rotation into. >> dividend stocks. but you know, people want to panic. and i want people to understand when you see the prices. >> underneath and what's known. >> as the. >> crawl. >> they're all down about 2%. that's someone. >> just saying, listen. >> i'm not. >> even going to. >> wait for the open.

>> it's a program. they give it to goldman and say, listen, here's here's $1 billion worth of stock, and i don't want it at the opening. that's what goes on. and i've done these. i've panicked too. i remember. >> selling 200 million. >> to goldman. >> and getting. >> back a report. down 3%. >> and i said. >> like in the middle. i said, what an idiot i am. but that's what's happening. and they are idiots. >> do you. >> mean it when you say. panic or do you just mean. >> total panic? >> sorry. >> well, it's someone who comes. >> in. >> and says, you know what? it's all over and get me out. get out now. strategy. and to get on that strategy of. >> causes, what. >> you see that you see everything. down 2%. and what i'm urging people to. do is say, okay, look, i know it's being taken. >> down by. >> by portfolio managers who. >> think. >> it's over, but think about where it bottomed. >> on friday. >> nvidia said, let's use. >> nvidia. >> which. >> is probably the. >> most hated. >> stock other than tesla. >> but at. >> least has. >> an event. >> next week. >> nvidia traded down. >> to 106. >> good place to think. about if. >> it holds. good place. >> to. buy some. >> if it doesn't, then. >> look out.

>> probably goes to. >> the 90s. and if you can't. >> take that pain. >> get out now. >> get on there. yeah. >> because you're just going to have the same drumbeat. >> every day. >> yeah. >> ben. >> righteous. >> great work this morning. looking at the multiple on the smh over the last three years is up what only 20%. >> yeah i thought that was. >> an amazing piece. >> and you look. >> at. >> marvell okay. this is now. >> the. poster boy. >> for not. >> getting even. >> more business than. >> it. >> did and. >> not. >> being able to. >> do 20%. >> a little bit lower. >> here's a stock that. was at 68 when they. >> only had. >> 200 million in artificial. >> intelligence. and the ceo bought. a ton. >> of stock. >> a little. >> bit north. >> and then it goes all the way. >> up because it. >> does have the contract. >> and everyone's. >> very excited. and now it's repealed. all that. and more that it had. >> it's now got 1.5. >> billion in ai. and what it says is ai is worthless. so the question is ai worthless? well that's nvidia. >> at 90. >> worthless. yeah. and maybe some people. >> just feel like. >> you know what? i have to sell nvidia because my stomach. >> hurts from trump.

>> i watched trump. this sunday. and what it. >> says to me is. >> that it's time. >> to it's time to get out now from i don't know. >> everything other. >> than johnson and johnson. and look, all i'm saying is this is bad. >> trading. >> all right? >> now. >> these are people who. >> want to get. >> ahead of some sort. >> of cataclysm that they see. >> but if you can't see the. >> cataclysm and all you see is the august 5th. >> low beckoning. and that. >> was the japan carey. >> trade low, then you shouldn't be. >> sitting here. >> thinking. >> get out now. frank holland had an amazing line. >> i noticed you. >> gave. >> him a. >> shout out. >> oh well, it was so good. >> he said, look. even because when people come on and no offense to the people that i'm not going to mention the names people like to. >> hide behind long term. >> i've seen this before. >> i remember. >> that's what cowards do. >> you know what, i. i don't have. >> to worry. i'm long term. well, that's. >> frank came right back and said, well, even a long term person might find stock worth buying low. and it was just kind of like, well, that sounds glib, but it wasn't. it was rigorous

because that's what a good person does. they look at what. >> they what they like and. they pick. >> right. i notice you. also amplified leslie picker's tweet this morning, looking. at the. >> view that. >> many consensus longs on. >> no news. >> triggered risk management to kick in. >> that was. >> i think i'm not. >> when people. >> lose money. >> i don't mean i've lost money. >> i've been. >> i've been trading since 1979. i've lost money. >> i've. >> made money. i can tell you when i lost money, when i lost money. >> was when i. >> decided, get out. now it's over. when i made money is to. >> take the. >> other side. >> of the trade. >> who was me to get out now? guy, this is no different, you know, except for the fact is, this was a belief in a president. and you now think he doesn't care about the averages. and it's an all new president. it's a populist president. it's william jennings bryan. well, actually. >> we elected mckinley. >> not william jennings bryan. >> and people ought to go read the two because one is. raise less corn, more hell, and the other one is gold standard. and let's keep things strong

business. so i mean, anyone who's decided. >> that. >> trump is. >> now anti-capitalist and. >> just doesn't. >> care except for his. >> base complete misread. >> well. >> i. think i'll push back on one. >> part of that. one might. >> argue it's not the policy. >> end game, it's the. >> delivery of the evolution of this policy that is driving hesitation. >> i did a. >> piece this sunday which just said for club members. >> that's because that's a. >> plug for the club, because what else. >> what the hell. >> else. >> was supposed to be doing? and one of the things i said was, okay, look, if he laid out the plan and it's put 20%. >> on germany. >> and. >> 20% on japan, 20% on korea. >> then we would say, okay, we're going to get the beat out of us and we know it, and we'll buy when he's finished those. >> but no, the problem is it's 25 and then no. 25. >> it's just that. and then howard lutnick comes out. the commerce secretary says there could be. no recession. it's not up to the president. >> whether. >> there's going to be a recession. >> but suddenly we've endowed. >> him with powers. >> that i've. >> never seen before. >> so all i am saying is, if you're. >> at home. >> and you're watching, you. >> want to join the people. >> who have that program because

they. >> think they're really clever. >> and by the way, when i did the program down 2%, i thought i could get back in. >> down. >> 4%, but it never went below. >> where. >> i sold it, so i couldn't. i remember i was selling acme markets because it was a really good. >> stock. >> but my. >> mom liked acme and she she had died, but. >> i knew she. >> liked me. >> and the stock was. >> at 60. >> and i got a report. >> from goldman sachs. i had. >> sold it at. >> 52 and it never traded lower than 53. >> this informs. >> so many of your picks, jim, and your whole strategy. you do mention lutnick. he was on meet the. press and he. >> was more forceful than the president. on pushing. >> back on the notion of recession. take a look. >> should americans brace. >> for a recession? >> absolutely not. there's going to be no recession in america, but there's going to be is global tariffs are going to come down because president trump has said you want to charge us 100%, we're going to charge you 100%. and you know what they say. >> they say. >> no, no. >> no, no, no. >> don't charge us 100%. we'll bring ours down. we'll unleash

america out to the world. grow our economy in a way we've never grown before. you are going to see, over the next two years, the greatest set of growth coming from america. as americans, you saw at 1.3 trillion of new investment coming into america. that's think of all those jobs and remember. each trillion of investment in america is 1% of growth gdp. so donald trump is bringing growth to america. i would never bet on recession. no chance. >> meantime, you got carney now. >> going to lead the. >> liberals in canada. >> and be prime minister says vows to maintain retaliatory tariffs. >> quote. >> until americans show us. >> some respect. >> you called. >> him a. >> worthy opponent this morning. >> yeah. well. >> i mean. >> look, he ran brookfield. >> he brought into america. >> he was. >> a goldman for many, many years. >> he was the bank of. >> canada. >> then bank of england. the head. >> i remember i met him, i sat down next to him. >> at the. at the white house correspondents. >> dinner. and i didn't. >> know who he was.

>> and he said. >> i'm pankhurst. oh. >> well, i used to work at goldman. i used. >> to work. >> at goldman, like talking back and forth. >> and at the end. i what we wanted to. >> do. was talk about my daughters. >> because. >> she's got four. >> of them. one of them's at harvard. >> and i had no idea. i just kept asking me, my daughters and my daughters. i said, hey, which bank do you work at? he says, the bank of england. >> i said, oh. >> god, do you run the bank. >> of england? >> yes. >> yeah. >> i said, well, i'm. >> a complete idiot. >> i didn't. >> know. >> but he he's really smart. but what i love about him, totally unemotional. i couldn't, couldn't get. >> him off his. >> game even about kids. >> interesting. >> and i think. >> that. >> that's what claudia sheinbaum is, president of mexico. >> totally unemotional. >> and that's what you need. trudeau was wildly emotional. >> no. >> thank you. right. page one of usa today. the headline is canadian backlash. and it's all about their ability and their move to remove u.s. liquor from their shelves. they can do that. >> they certainly can do it. >> it's controlled. >> that market's. >> just okay. >> well i. >> mean it is the biggest. >> biggest market exporting market for.

>> u.s. liquor. >> i'd rather be in total wine and more. >> in costco. >> yeah that's true. >> i looked at. >> the. >> spin and looked. >> at that canadian market. because of. >> mezcal that i'm involved in, not the one that was. >> mentioned on. >> squawk squawk box, that. >> different mezcal. i don't know how. >> that's doing. i know how mine's doing. >> i don't know how. >> that's doing. but, you know, let's say we raise. average tariff. >> on dutiable imports. >> let's say we raise it 38 to 39. let's say the overall effective tariff. rate is. >> is rose that rises from, say, 14 to 20. >> effective tariff rate. >> right in the country. >> well, that when we were growing. >> up we learned about. >> this horrible thing. it was called the. >> smoot-hawley tariff. >> of 1930. >> and precipitated. the depression. what i was. >> just reading. was the levels that. >> smoot hawley did. now, the rebels that the president trump was. >> are. >> higher than that. right. and i think if you had said that you. >> were going to. >> do the tariffs. of trump and you went on meet the press and you said it wouldn't cause a recession, i think hoover might have said the same thing. it

just doesn't work like that. a recession comes if we have tariff, tariff, tariff. tariff, tariff. if we don't have tariff. >> tariff, tariff. terrific. and they. >> roll them back. >> but what rolled not everybody comes out. not everyone. >> comes out of this unscathed. >> us didn't. >> germany didn't actually i think that. >> like, maybe greenland came. >> out unscathed. >> the whole. >> world was. >> brought down by this. >> so i think that that's. >> again why. >> people are. >> that what you're. >> seeing. >> nasdaq down 305. >> but the question is trump more practical than that? we've now decided that trump is represents the. >> the party that we used to. >> think was the democratic party. and he's anti. >> he's pro-labor. >> anti-capitalist i. >> don't know. i mean i think there's some some flexibility coming, but i think we have to repeal everything that we thought. >> trump. >> would give us and that what it's going to be hardest for is on the banks, because those those were the ones. >> that were. >> going to be deregulated. >> yes, that is and. >> a return of capital market activity we'll talk about. >> well thank you. thank kevin beacon.

>> yeah. bye bye. >> on the day jobs. >> they get redfin. redfin. holy cow. i thought that they were moribund and suddenly they're alive and with pleasure. and, you know, i think when we look at redfin. >> what we say to ourselves is what is rocket doing? >> and then we. >> realize that rocket. >> is one of the smartest companies. >> on earth. will glenn kelman still come. >> on our network? >> we were just. >> talking. >> about that. >> he always i think he sold. >> himself on the network. >> but didn't sell a lot. >> of real estate. >> let's hope glenn stays. >> i always found. him very convivial. >> i have a feeling he'll. >> come back. >> very convivial fellow. >> we'll get to more of the m&a news in. >> the. >> market today. >> we'll also talk some novo nordisk. under some pressure in reaction to these trial results involving its experimental obesity drug. take a look at the pre-market here. very big week. we got that government shutdown deadline. we'll talk. what kevin hassett said this morning about whether we. >> will have. >> will have. >> a negative gdp print this the average dog only lives to be ten. at the farmer's dog, we don't think that's long enough. that's why our food comes in personalized portions.

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>> against the u.s. are now in effect. our eunice yoon is in beijing this morning. >> with the latest. >> hi, eunice. >> hey, guys. >> well. chinese stock prices tumbled. and this. >> is because investors. >> have been bracing for more. tariff uncertainty. >> today the tariffs, the. >> 10 to 15% tariffs that china kicked into. >> place are going. into effect. >> or are. >> in effect. and these are on american farm and food products. covering $22. >> billion worth. >> of goods. >> china's countermeasures also. >> included the. >> suspension of. >> american timber. >> so last year, american exporters. shipped $850 million. >> worth of timber. >> to china. >> last year. the focus here in. >> china now. >> is how this trade war could. >> affect the chinese economy. >> we heard. >> some negative. >> news over the weekend. >> the economy. >> is still showing signs of weakness. the consumer. >> prices for february dropped at its fastest pace in 13 months. >> this reversed an increase and also. >> missed expectations.

>> at the. >> ongoing national people's congress. >> policymakers have. >> been indicating. >> that they. >> are looking to. >> prepare for a. >> trade war. >> especially when. >> it comes. >> to food. the authorities. >> here raised the grain. >> output target. >> for the year, as well as the budget target. for stockpiling it, and that. >> suggests that the. authorities here want to make sure that the. >> country has. >> enough food and that the food prices are. stabilized. now. >> meanwhile, chinese exporters. >> as well. >> as their. >> u.s. counterparts, are trying to figure. >> out who pays. >> for all. >> the tariffs. >> for example. >> i spoke to two suppliers. >> who said that their. >> customer, walmart, has been. >> putting more pressure. >> on them to. >> take on all the costs. >> and. they've been telling me. >> that it's just so. >> difficult, if not. >> impossible. >> for them to take on. a now. >> 20% tariff, they said. >> this is on. top of the trump. >> 1.0 tariffs. >> and then one. >> of them at least is eyeing on wednesday, the. steel and aluminum tariffs, which would be coming. in at 25%, and saying

that all of this is just causing them a whole lot of whiplash, guys. >> okay, so, eunice, if you don't want. >> to play the. >> game with walmart. you lose. >> your biggest customer. >> i've never seen anyone. >> walk away from walmart. >> it's just. >> too. >> big, right? >> i don't really. >> care if. >> somebody feels they don't. >> aren't going to make as. >> much money. >> with walmart. >> as they'd like to. they can't walk away. why do these people, these businesses think they can. walk away? who do. >> they have in their back pocket to make up for walmart? >> right. >> so it depends. >> on. >> of course. which company. >> you're talking about. >> but everybody does. >> as. you say. they want to keep their relationship. >> with walmart. >> this is. >> a very important relationship. and some. >> of them have. >> said that they are willing to take a. >> loss to just. >> keep going. >> as long as they. >> are able. >> to. >> retain this relationship. >> but, you know, at some point, how. long can you keep going?

>> and i think. >> that's the big question that. >> a. lot of. >> them have. >> right now. >> as to whether or not. >> they would be. able to maintain these losses. >> they're looking. >> for other. >> ways, as you said, looking domestically, of course, some. issues here, looking. >> at other markets. >> but it is really difficult to replace the. >> us market. >> at the same time. >> though. >> jim. >> it's also difficult. >> for us. >> companies to. replace the supply. >> chains here. >> because a lot of. >> u.s. companies that i speak to say that the supply chains are really good in china. >> and that. they've actually had. >> trouble trying to switch over to other countries. so. >> you know, it goes both ways. >> very good. yeah. >> that's a that's. >> a good one. we didn't even talk cpi a negative for the first time in 13 months in china. we'll save that for another hit. eunice thank you. eunice yoon this morning. >> incredible. >> she had. >> a great. >> piece. >> this morning. on tesla too. >> look you. >> can go to walmart and you can. >> say. >> look, we're going to. >> here's our. >> new price. >> and it's. >> it's kind. >> of like. >> michael with michael. >> corleone with with the senator.

>> right. g.d. spradlin, here's our offer. >> nothing you. >> can pay for the price. >> we'll get cramer's. >> mad dash count. down to the opening bell. >> take another. >> look. at the premarket. >> friday's rally gave us a couple hundred points on the dow looking to erase that and. looking to erase that and. >> mor got eyelid itching, crusties and swelling that won't go away? it could be... demodex blepharitis! and we're demodex mites. we're very common and super irritating to your eyelids... but we love making ourselves comfortable here! (♪♪) oh yeah... steam time! if demodex mites are partying it up on your eyelids... it's time to eliminate the root of the problem with xdemvy. with one drop in each eye twice a day... you can kill the mites... uh oohhh ...in just 6 weeks. xdemvy is the first and only fda-approved treatment that kills the mites that cause demodex blepharitis... ...a common eyelid disease. avoid touching the tip of the bottle to your eye or other surfaces to minimize contamination. wait 15 minutes before inserting contact lenses.

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details that you need. >> to be able to make money. >> let's get cramer's mad dash. >> as. >> we count down to. >> the bell. >> this market's been led down. >> by the. >> mag seven and principally tesla and nvidia. those two are now regarded as radioactive. >> and there's nothing you can do. there's a. >> geiger counter says the. >> up huge. i mean. >> i think that we now have to. >> think. >> about apple. and the reason why is because citi has a piece today. mid-quarter update lowering estimates on delayed siri upgrade. now what happens with something like. >> this is you just say. >> all. >> right, they're. >> going to push out something that we didn't think was going to be ready anyway and push. >> it out. until next year. >> a great excuse to sell, especially because it's up 138% one year and. it's only down 2% now, do i think this is right to sell? i don't know, i mean people look at these things. they have baskets. this thing's been. >> the rock of gibraltar. >> there's nothing near term that is so great. however, i would say that one thing is last night at 3 a.m, i paid my apple bill, and all over the world they pay their apple. i guess it

was going to be, what. >> two. >> 2 a.m. and. >> they make it three. >> every day. >> let's wait till he's definitely asleep. >> right. so i think that people are missing. the whole boat. when you see something like this, they should realize that the service revenue stream is fantastic. that apple has. >> said over again. >> tim cook many times to me, we're out of that game of cycle, cycle, cycle and what comes in, what comes, we're going to launch it when it's great and america wants that. does china want? we have more china uncertainty. i'm just saying you can stir uncertainty in any mag seven right now, and it will be rewarded with the decline. >> i guess the question would be, do you think the. >> pricing strategy around this new 16 e. >> is a capitulation to a more cautious consumer? >> is that do you think that's what they're thinking? >> you know. >> i don't think so. >> i think. >> that they're just. >> saying, okay. >> look. >> it is it's subsidized pretty. >> much everywhere. >> it's not the price isn't as. >> important as it. >> used to be. >> we're not going to raise it until we have something more. no reason to. keep it. >> this high. frankly. >> if they've. >> got something. >> new, remember they're not going to they're phasing things.

they're no longer like dropping the 17, dropping the 18. all i'm saying is, is that you can sell this mostly. because the multiple is high. >> all right. >> it's higher than it. >> used to be. >> but i don't need an excuse to sell the. >> mag seven. >> they're everywhere. >> that's another melius note today that you got the 15. and then what happened? >> yeah. >> i mean, look, all i. >> know. >> is, is that. >> this is. >> this is a decline. >> moment, and there's a lot of panic. >> and no one ever made any money panicking. >> we'll get the opening bell. >> in five minutes. >> don't forget. >> you can catch us anytime, anywhere. just listen to and follow the squawk on the street opening bell podcast. >> don't miss a members only event. >> we make. >> sure that club members get the access they. >> need to make. >> more informed decisions. >> join the cnbc investing club to access gyms monthly next on the red carpet we have gina costa... looking simply stunning... with this season's hottest accessory. -[ cellphone vibrates ] -oh, what's this?

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stay resilient? >> we've been navigating change. >> for 125. >> years. >> always looking. >> forward. anticipating risks. and trusted to manage over $1 trillion in assets worldwide. solving for the needs of investors today and tomorrow. that's the power. >> of nuveen. >> the opening bell is brought to you by nuveen, a leader in income alternatives and responsible investing. >> however, i'm going to step out on a limb here. >> i was a big. >> hold on everyone. we've been waiting. >> for this. we're at a bottom. >> i really do. >> all right. >> legendary moment. >> here. >> on. >> cnbc. >> 16 years ago. >> today, the late mark haines told. >> co-anchor erin burnett he was. calling the stock market bottom. >> since then, the. >> s&p has. surged more than. >> 750%, the nasdaq soaring more

than 1,300%. jim. there are two anniversaries we love. one is they know nothing, of course. and the other is that one. >> well, look. >> i got on tv. because of mark. that's how i got here. he was great, great fun. and i had been incredibly. >> negative about the market. i'd go on the. >> today. >> show and said, if you need your money anytime in. >> the next five years, you got to take. >> it out now. the market then. >> dropped 40%. >> and he called me and he said, i think you got to get on board, jim. you've been really negative. i said, no, i'm riding. this one. he goes, no, jim, get. >> on board. >> i never went against mark ever. >> in all my career. >> so i got on board and what i said was, look, there's no there's no pride of authorship. i'm getting it from hanes. i'm not going against hanes, but that was it. he never made these calls. so when he made them and he's telling me, he said, jim. >> that was. >> what was so weird about it. and he rolled out. his thesis about the 200 day and the dow and the. retrenchment and. >> and what, in the end,

matters. >> just so people know, he had all these things. but what mattered was he just said, no, jim. >> get on board. >> and he was like. >> that. i loved it. >> he was like that. >> he missed him. one of the great calls of all time. >> let's get the opening bell here on the cnbc realtime exchange at the big board. it's executives and guests of ireland day commemorating irish business interests in the u.s. saint patty's day coming up soon. >> yes. >> i guess we have a saint patty's week, >> and the nasdaq, the international we love you foundation. >> rings the bell in. honor of. >> women's history. >> month and. inspiring a kinder world campaign. >> speaking of kinder. >> worlds, jim, we'll. >> see. >> if we can regain 5700. >> you know i. >> won't shy. >> you know, i. i want people at home to. >> know there's two ways you can play this. i can scream and. >> i can say. >> look, this is really horrible. and i don't know how trump. >> betrayed us. >> and what it's. likely doing. or you just say, okay, look, you believed him when he said the market was going to be great, and now you believe him when he says, don't you know the market's going to be bad? maybe

you ought to be thinking about that. >> there are. companies involved. >> actual companies like beacon. i know david gave me. >> he ridiculed. >> me because only $11 billion deal. but it happened. there's redfin now. these are small. but i do think that people have to recognize that companies have things. >> they can do. >> and it's true that the industries are. >> going to go lower. >> and i think what you have to do is think how many. >> companies are. >> truly in the. crosshairs here. yes, the banks. >> are. >> because we thought that they were. >> going to. >> be deregulated. at a certain point, we'll roll back all that and we'll maybe have to go back to when you saw vice president harris where she was. >> it looked. >> like she was coming on. or where it looked like that, that president biden faltered. >> and then. >> people were. >> like. >> suddenly, oh my god, what's going to happen? you have to go back in time. but i'm saying that hysteria is such a joke. it is so unwarranted. just because the new president said, we're going to have to take something bad because you don't know. >> well, i mean, all right,

there's, quote, hysteria regarding. >> the stock. >> market, right? >> but there's also. hesitancy regarding the look at united airlines today. >> no, i. >> think that. the consumer. >> is pulling back. absolutely. that's why i say you got to look at companies that are not. necessarily going to be impacted. >> by. >> consumer spending. >> the bernstein piece. >> now remember united these stocks are down gigantically. and they sell once again at 6 or 7 times earnings. but no one believes them. but let's take a stock like johnson and johnson okay. now johnson and johnson is suddenly and they don't they don't really have great earnings power. they have good earnings power. they've got this talc litigation. they could be winning that. it's got a good dividend. it's a balance sheet. and that's they're taking that stock up to unreasonable levels. i sold some bristol-myers. >> on. >> friday because it's a parabolic move. and a parabolic move is. >> always in. >> i think you have to be looking at companies that are down gigantically in the last 15 days that had good numbers, and those are what you start buying and you buy, you buy, not sell. >> and would these be. in

consumer discretionary or are they banks. >> or tech. >> you think some cloud infrastructure business. >> business tech. >> yep i know enterprise software is going to be very weak. watch servicenow because there's rumors that they may be taking buying something. >> and servicenow. >> has just been horrendous. maybe that bottoms i don't know. but when i look at the stuff that i sold. >> on friday. >> i mean, i was selling stuff that is up so big in the last five days that i think those are the problem. those are the problems. they're up unsustainable. do you want to go buy macy's? they didn't have a good quarter. do you want to buy walmart? well, you just you. >> just did a. >> report saying it's going to be. >> maybe the earnings. you have. >> to come down. >> but at a certain point stocks will reflect all. >> this negativity. >> and then you'll be saying, oh, the president just talked about how hard it's going to be. well, no, jimmy talked about that on sunday. so oh, i guess i have to sell again. oh i don't know. i think we have to start thinking, well, wait a second, who's really going to be hurt and how much have they come down already? that's what i'm focused

on. >> there are some seasonal composites we saw. >> over the weekend. >> btig had. >> a great chart. seasonal composites following. >> a 20% year. >> and generally you do. >> see a turn on. >> march 12th. >> they argue. >> i think it's very realistic. >> you do. >> the tactical rally in april. >> might be i. >> think it's. >> very realistic. >> i think that any idea. >> that the. >> president doesn't care about the stock market, that's the new remember, you have trump, one who cared about stockman, trump who didn't. he always cared about the dow. okay. now the dow isn't down that much. now he may actually be thinking this time about how every single stock market around the world is starting to beat our. >> stock market. >> he certainly doesn't like that. he's very competitive, but he also could stage things if he wanted to. just like you said, roll out the tariffs today. we get the pain over with. and then at a certain point and we get a government shutdown for a couple days, every government shutdown i did a lot of work on government shutdowns. >> you have to buy every government shutdown. >> you have to buy it. >> that's generally been yeah. >> yeah. i mean, so i if people at home who want to sell nvidia

109 because they think it's going to touch 106, okay, i. >> hope you're. >> that good. maybe you're that good. nobody always swirls. was that good. always these fabled people who were that. good i mean fine okay superman. but i. >> just think next week is a big week. >> for nvidia. >> i'm going out there. >> yeah, it may be. maybe jensen wong says you know what? everything sucks. and i don't. >> know. >> what i'm doing. and this is an idiotic ball ball game. my computer, my chips actually run much slower than you think. and i seed everything to the chinese and. see you later. here's my leather coat. maybe that's what he's going to say. i'm ready. >> what do you think the onus is on oracle tonight? >> well, >> you've got you got safra. >> catz and she. can't say. >> much. other than things are great. and then. >> you. have larry who will take apart. >> anyone who says. >> that things aren't great. i don't. >> play for dinner. so i'm willing to say that. >> i don't. >> really i'm not really scared of. >> them, but i think they're going to tell a great story. well anybody listen broadcom told an amazing. broadcom told the best story i've seen this year. and it hasn't helped. >> the stock. >> so maybe safra. >> should get. >> pulled back or firepower.

>> but i think that broadcom is the poster child. it was a quarter where they announced basically told you three new hyperscalers. everything was unbelievable. they're not going to go buy intel. hock tan. delivered a superior to everyone else in tech quarter. >> and it didn't get him anywhere. >> so why not save it till when it really matters? >> we did get a mat today with the div hike and a little buyback. >> arm that's buying back stock. amen. amen is doing well, but amen has a couple billion dollars in chinese exposure. and people are afraid of that. now against that the buyback will be real. they'll put they have a lot of cash. by the way. you want a lot of cash lam research kla. these companies are doing phenomenally. but if you look at the chart of applied materials, it's been that's the. >> one. that was a 250. >> now it's a 150. >> would i buy it? i got to see asml turnaround. i've got to see kla turnaround and i've got, got to see lam. i don't. >> mean to offend gary dickerson. >> but lam may. >> be. >> the. >> better company right here. >> right tsm by the way. revenue up 43 year on year. but it was

down sequential jim shares down. >> a. >> couple of percent. >> yeah. >> you don't want to see that. >> we can play that game with tsm. they've got more orders than they know. what to do with. i think it's just a very strong company. but like. today today's not the day. i mean i kind of respect that because broadcom did everything right and it didn't work. so you know you got to expect. this to get hit. but again i mean you can sell taiwan semi at 172. but you got to buy it back at 140 or 150. and when it gets there you're not going to do it. that's the when i look at long term great stocks people sell them on days like today and then they never get back in. apple is the classic example. they sell it. don't worry i'm going to get back in carl. but they never do. and that's how you miss the $2 to $170 move, or the $2 to 231 70s where it was. >> downgraded by a. >> bunch of people. and i just urge people to think, all right, remember what happens on days like today. you sell and you sell because other people are

selling, and you sell because you think that it's going to be able to get back in 5% from here. >> and you never do. >> you never do. so i would say to people, look. >> there are. >> stocks like tesla. >> i don't know what happens if he quits. >> tesla is an interesting one. today we saw more video over. >> the weekend of protests in tulsa and. san antonio. >> and sacramento. >> ubs today cuts to 225. they're already at a sell, jim. >> 244 is a 50% drawdown from the december high. and we're a couple of bucks above. >> now okay. let's take a dan ives strategy x i wear brioni. >> he wears. >> kmart i don't know, maybe he just got those before kmart closed. i can't find kmart clothes anymore. but what he's saying is, look, maybe at a certain point you should view it as a inhumanoid. okay? the extraneous business. and yes, of course, they've got the best data for autonomous driving. and if people think that we're not going to have autonomous driving within the next ten years here, they should look at china or they look at san francisco. so

look, do i want to buy tesla? or there's so many people who want to sell it that i kind of let's let them sell. it's another thing if people at home there are people who want to sell at 247. why? because they think they're going to be able to buy it back at 238. they don't want to leave tesla. but that's again the strategy of losers, not winners. >> well, it's not that far above the. >> price it. >> was at on. >> s&p inclusion. >> so you're now. >> you're dealing with. >> people who got in. >> the. >> low two hundreds. >> holy cow. >> i mean well that's you just don't believe that. you just believe they're going to miss. there were two sells on it today. yeah. and look i do i like it here. no it's going lower. my point is, is that at a certain point it's going to be down 4 or 5, six straight weeks. maybe he changes his mind. maybe he steps out. maybe he spends more time. i mean, i'm looking at williams-sonoma. that was. >> out of the. >> i was going. >> to mention the. >> other inclusions. >> yeah. and laura albert is doing a terrific job. and i think that if you want to buy that stock today because it's out of the s&p, you're a complete bozo. >> that's tko. >> and doordash as well. >> yeah. don't buy it i mean that's. that's stupid.

>> meanwhile you got hood and. >> coin which didn't get the. >> inclusion getting punished. >> a little bit pre-market. >> yeah. >> and hey mr. >> is no longer mr. they changed it to stark yes microstrategy. look robinhood is doing incredibly well but what does it have to. they have a lot of people who trade bitcoin, a lot of people who trade options. but when i look at the book of business that that vlad tenev has established, i no longer. think it's as weak as i. >> once thought. >> you're meeting with him the other. week actually changed your mind? >> yeah. they have a very good book of business. they have much more institutional business than i thought, really, a great deal of it. they've got this 3% match ira gold, which i can't get. i would like to get that for my ira. it's a sensational product. vlad is developed. they're engineers. they have the best site, but now they've come into their own in terms. >> of recognizing. >> they also have the. >> best suite of products. >> they're great. >> and they're ignored by all the bigger the major firms. and that's done because they're going to get they're going to get gob smacked by robinhood because vlad is coming in and he's very subtly taking

institutional business. he's taking a program business. he's got younger people, younger people going to get more money over time. he is the one who's going to benefit the most from the $80 billion. there's a lot of numbers thrown around, sometimes 68 sometimes 86. inheritance. he's positioned for that. the inheritance that we're getting from the baby boomers. >> you'd rather buy hood over schwab. >> let's say. >> yeah. >> i like. >> schwab very much. but robinhood vlad is ready. and i think people ignore him because they think that it was that it's a fly by night. they ought to talk with platinum. he's got he's got the 20 year plan. >> they don't. >> yeah i. >> mean. >> hood versus schwab over the last year is not even a no. and even. >> robin hood comes down because people are worried that people are losing too much money in bitcoin. they should look at the book of business that vlad has established. and it's so much stronger than people realize. when i sat down with vlad, i said, oh man, all the guys i really like are trying to get those people as opposed to the really rich there. this guy is

sneaking up. i mean, look, he's obviously not secretariat. he's not playing that game. he's coming from the back. he's on the far turn. he's like number nine. and then he's one of those guys and you're holding the tickets to the winner. and then they're just rip ups as they call them, because vlad wins and it's like not even a photo finish. >> he's the patient one. >> yeah. i mean, whenever you look at the racing form he's going away or, or and a lot of people think he's hung. hung is like his dead. >> right. exactly. >> but he's he's going to surprise people. and that's a classic example of everyone's throwing it away. and i don't know what level. but boy, if you want to know a franchise that deserved to trade higher, that's coming down nicely. that's a good, good situation. >> that's a good sermon on on hood. yeah. what do we make of this novo trial? >> all right. so the novo trial, that was a drug that was meant to be able to make it. so you lost fat but not muscle. and it came in at 13. now people are saying that people thought it'd be coming at 20. that's. no, that's not doing homework.

people thought it would be at 15 and it came in 13. and that's considered to be in this world, a disaster. all i can tell you is, is that there were not high hopes for this as recently as the beginning of the year. so i don't know why everyone decided, oh, not not high hopes. now, lily, i think lily's doing a similar trial, and lily could be better. lily acted really horribly on. friday because lily is the non dividend drug play. so people were buying the dividend drug and selling the non dividend drug of which lily is going to be annihilated on that. but the people have hopes that david ricks has a similar that. and david would tell you we're working on something that loses fat but not protein. and by the way that's not muscle. that's the holy grail. because right now there are older people who are on these drugs and they get brittle. so you have to find a way to get that muscle mass that will cause a whole new wave of people who take this drug. so we're all keying on what lily has to say. and david has been so non-promotional he's from

indiana. they don't. >> do that. right. stock hasn't really given much back. and now bigger than tesla. by the way. >> market cap. yeah i mean i ken langone last week and now when the stock was at 400 he said it's going to 1000. he reiterated that when it was at 400 everyone was very excited when in the rear, you know, nobody was jumping up and down except for me because i think ken langone may be the greatest. you know, ken has not talked about as the greatest investor over time. but he will say stanley druckenmiller isn't druckenmiller. surprisingly enough, i met him in 1980. he will not remember the very same guy. >> yes, pittsburgh. >> they got hey, they got d.k. metcalf this weekend. that's an upgrade for them. remember, their offensive coordinator is the son of fred smith who started fedex. very nice daughter. >> did zachariah. >> very good, very good producer. but look eli lilly that's a that's a story that i think can go lower. that's a good story. >> a few research calls jim. >> we got this downgrade. >> of sherwin-williams over at jefferies. >> oh, please. i mean, look, i know that paint is not strong

right now. this recently added to the to the j average and it's down 40 points. maybe it should be down 80 points. but repair and remodel is what's being done right now in the country. the big box retailers. you saw that. so you know you can go sell that. and maybe you know maybe you avoid 25 point decline. >> right. airbnb gets lifted over at jefferies. >> as well. >> because the stock just took off. and you know it's come back a lot. that may not be bad i mean it was at 170. it came down to 130. now look i'm not sanguine. i'm just not screaming. >> you're not sanguine about. >> about any stock because i think that we all see all these. we have to let the panic people out. yeah. we'll come a time when a rigetti is no longer a blue chip or. or an oslo is no longer a blue chip. the ones that are that i think are incredibly questionable, that have been bid up and they're still not washed out. and i get on the lightning round. i get a lot of these calls about stocks.

and i say, well, that was one. now it's an eight. well, okay. is it going to ten? i say no, it's probably going to four. and there's a lot of a lot of junk that went up. >> and you were you were not a fan of the quantum names. you were quite suspicious. right. >> you have to be because they've been kind of created for this moment. i like good, solid companies that are coming down a lot. there was a there was a downgrade of train and a downgrade of emerson. i sold emerson too soon. and the downgrade of emerson is about how they've got too much oil and gas. i don't know. i've been waiting to get back into that thing ever since i stupidly sold it. >> right. >> so i mean, i'm not i bought another company that did did very well, so i shouldn't feel so hard. but that's an interesting one. a downgrade of emerson all the way down from 134 maybe to 113, maybe close to 100. and that's how you have to be thinking. you have to say, okay, maybe something goes down three, down 3% more, and then maybe you buy. that's okay. because long term look at what's happened. look at what happened since the haines bottom is if you wanted to have a takeaway of

this whole first 46 minutes, is that there was this guy who's no longer with us who, when the dow was at 666, calls me and says, jim, get get a little more positive. and then i fired him and he goes, no, i'm not saying there's nothing up for discussion. get positive. >> right. we i mean, is it different because. >> we're reordering. >> the global trade system? >> does that. >> make it different? >> no. >> i mean, look, if people think that the president is etched in stone about anything, the one thing he he's mercurial that and arbitrary and capricious. >> the page. >> one of the times. >> today. >> is all about how he. >> says two things at once. >> and keeps. >> all of his. >> edges open. all of a sudden we only look at the negative stuff. we don't look at the positive. well, go ahead, i think the market's going lower. but you talked about the seasonal day that it can bounce, it goes lower. but then i think can i get back in. can i get back in. that's how you have to think because i see why aren't people millionaires in the stock market. because they sold apple today because of the citi call,

because they sold nvidia today. because everyone's selling it. >> hopefully booked profits while doing it. >> maybe. maybe not. but yes. >> but the. >> big profits come from staying long. as ken said, there's eight days of the year that make all the money. are you in one of those eight? if you sold today? no. am i trying to keep you in? i'm just saying, be aware of what can happen. and if you can't take the pain, then go. but you got to remember to get back. but i can't, and i and i can't i used to trade, you know, i made like a thousand trades a day. but i don't do that for my charitable trust. i can't get back in. i don't have that level. >> of. >> of clairvoyance. >> so meeting thursday. >> yeah i do and you know i'm going to get some clairvoyance by then. i'm going to be like, you. >> know. >> the wizard in the wizard. >> of oz. >> people don't have that. again, if people want to sell amazon down. for knowing that they have a new alexa who can actually recognize brahms first from brahms violin concerto, maybe that's terrific. it may be

andy jassy. he's got something up his sleeve, but, you know, you sell it 190, it goes to 180. get back in. >> yeah, we'll watch that. obviously markets. >> off. >> the initial lows. quite a defensive stance at the open a lot. >> of staples helping to. >> lead the gainers. >> watch bonds as well. not a lot of data today. >> it will be a very busy. week for treasury issuance with some. >> threes tens and 30s. >> in the next few days. but the ten year still south. >> of four and a quarter be right back. >> after the bond report is brought to you by pimco, a global leader in active fixed income. is this. >> how you're hoping to retire? well, hope isn't a good retirement strategy. >> you've worked. >> for a comfortable retirement.

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every corner, nick. ow! so kate in hr ... hey kate. can focus on people, not process. oh actually, i have a question ... keep up, nick. do you have to be sick to take a sick day? patty in it is using ai agents to deal with the small stuff, so she can work on the big stuff. agents like secret agents? secret agents i control. with your mind? you know ... i played a secret agent once. - we know. - oh gosh ... i liked it. over here, ai gives tina the info she needs to get the job done. nick, what did we say about touching? no touching. good. ai helps jim solve customer problems before they're problems. for reals? for reals. for reals. servicenow is the only platform that connects every corner of your business, putting ai to work for people. oh, so we all work better, together! my work here is done. excuse me, which way back? uh, follow him. ah, these bills are crazy. she has no idea she's sitting on a

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our xfinity network is built for streaming all the stuff people love. how can it get any better? -i'm just spitballin' here, but, what if we offer people apple tv+, netflix and peacock? for one low monthly price. -yes. so, people could stream the shows they love. and we could call it... xfinity streamsaver! mmmmm. what about something like: streamsaver? ooooooo. -i love that. add streamsaver with apple tv+, netflix and peacock included for only $15 a month... and stream all your favorite entertainment, all in one place. attend. >> dang it. >> i picked the. >> boring one. >> otter, the. >> ai meeting assistant. >> let's get to jim and stop trading. >> i'm trying to find analogs. i always try to find analogs in these kinds of days. we all, we all forget when we're talking about president trump, that interest rates matter and interest rates have been plummeting all morning. i'm

thinking about that sherwin williams call. is that right? but, you know, if you take a chart of toll brothers, if you look at a chart right now, that is just a year and a half. okay. so it's now lost everything that it made since july of last year. that was that's a rather remarkable decline. now it did trade as low as 75 i you know two years ago. but it's important to remember we're sitting here and we're saying, oh my god, oh my god. well one interest rates are going the direction of the bulls. but two, you think that you're new on the toll sale. is it 160. look at look at lennar. they all are the same. just when interest rates are going now are people going to not buy homes because they're worried. sure. but how about if mortgage rates go lower. maybe they think they have their chance. so i just want to urge people to realize that it isn't like the market woke up and said, oh my god, the president's anti stocks. the president's been consistent the whole way. terrible for the market. terrible. so if people wake up today and say oh my god he's

terrible, i would say, you know what where you been. >> and that. >> the markets. >> figure that out. >> right. and if interest rates plummet then i don't care what trump says. i know the consumer is weak. i'm sure the numbers are going to be bad, but there's doesn't have to stay that way. >> jim. >> it's a good way to. >> start the week. it's going to be a busy one. >> yeah, it'll be good. >> we'll see it tonight. >> yeah. mad money, 6 p.m. eastern time with the dow down 300 off the initial lows, but still. some 2% declines within the tech heavy universe. don't go anywhere. >> modern advisors need. modern solutions. explore modern alpha, enhance your portfolios, and empower your practice, all without taking your hands off the wheel. learn more about the wheel. learn more about wisdomtree [announcement call] final boarding call. i didn't use agentforce, the powerful ai from salesforce, so an ai agent didn't send me the fastest route to my gate, which has changed. [airport bus engine]

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taken out. >> friday's level. >> we'll take you all the way back to october. >> yields are definitely lower and the vix holding 26. >> we're about. >> 30 minutes into trading. >> here are. >> three. >> big movers. we're watching this morning. novo nordisk shares dropping. >> sharply after. >> disappointing data from. >> its next. >> generation weight. loss. >> drug exclusive. >> comments from the. >> company's head of development. >> later this. >> hour. >> those shares. >> now down about 8.4%. >> apple delaying. >> its ai improvements. >> for siri. >> saying they anticipate. >> rollout sometime. >> in. >> the coming year. city removing the stock. >> from its positive. >> catalyst watch. >> as a result. >> those shares. >> now down about seven. >> oh sorry, that's tesla. >> on the screen that you see here. we'll talk about tesla. those shares coming off their. >> worst longest. weekly losing. >> streak on. >> record down. >> nearly 40%. >> since trump. >> took office. >> ubs cutting its price target. >> on tesla. >> to $225. >> and reaffirming its sell. rating this morning. >> you can see those shares now down. >> about 7.8% this morning.

>> as we said, another. >> sell off. >> is in focus as stocks come off their worst week in months on these tariff fears. financials seeing their worst week. >> since 2023. semis in a bear market. >> the dollar. >> posting its worst. >> week since 2022. mike, i know. >> you've been looking for signs that some of this. >> is getting washed out. yeah. approach april, the beginning of april and some tariff deadlines right in the crucible of the correction. you know, we're down 7% in the s&p in less than three weeks. it always turns to has it gotten overdone at all. on the downside is there are tactical conditions lining up that say you can at least have a relief rebound. i would say you have the plausible case for that, but not necessarily something that seems overwhelming to put the odds in the favor of a durable rally from here. a lot of what you want to see, believe it or not, is for it to become less orderly and a little more indiscriminate. and what's interesting about this period of time is obviously multiple things going on. so you have the growth scare. you had a hyper concentrated market driven by a lot of crowded momentum stocks

at the same time. you obviously have the policy, you know, kind of hdl coming together and pushing in the similar direction of let's take down our risk as we can, but let's not completely abandon the idea that earnings are coming through okay. and everyone feels like therefore there's going to be this new equilibrium we set. carl, you mentioned getting back to friday's high on the s&p. it was 5666. the high from july is 5667. we've been spending so much time in this 5700 zone for 4 or 5 days. and it made me you know, i asked over the weekend, does the market give you five days to buy the exact low? you know what i mean? so that's the kind of thinking that a tactical trader would have saying like, it's a little bit too cute that you get to an exact 10% pullback on the nasdaq 100. you know, you get the 200 day moving average touch. so all that stuff to the side. i think what's really fascinating is underneath it, if you peeled it all away, there's really a rotational shift going on still. the s&p is flat year

to date. nasdaq 100 is down whatever it is five 6%. so the point is people are trying to find places to hide. the problem is there's not enough room in the hiding places for all the money that's come out of the crowded stuff. >> yeah, it really does feel less of. >> a random. >> walk when it is. so kind of perfectly. >> symmetrical to sometimes. >> what we saw in july. >> in terms of. >> the actual rotation. >> are we. >> seeing is. >> it. >> still just this unwind. >> risk management. >> of what had gone up now going down. >> or is it more. >> granular than that? a lot of it is that and i mean, if you went to last week, even though it seemed like, oh no, it's just tariff headlines knocking this market around, it was the downside pressure in nvidia, amazon, meta, jp morgan which by the way top holding of all the momentum strategies. and so it is a lot of that layered on top of all this. now i don't say that means it's an illegitimate decline or somehow it's something that's just technical and mechanical because on the way up, the crowding into those areas were driving the index higher. so, you know, leslie, i know you looked at these kind of

losses that have been reported on some of these index rebalancing strategies. i almost feel like that's, on one level, a positive thing. you almost want to hear that. it's just this like people got hurt and they got turned upside down. and it's not a macro message. on the other hand, we're at the point in this sell off where we were roughly after 2 or 3 weeks in july, and then the yen carry trade blow up happened and we finally got a flush to the lows. >> yeah. and there's been. >> some chatter. >> about just. >> the index arb trade. >> and the unwind there. so to your point, there. >> may be some kind. >> of. >> technical indicators and more hedge fund. >> driven. >> exacerbated moves that we're seeing. >> as well. >> on the financial side. >> of things. >> what's interesting. >> here is it was on the. >> way up. we've gotten some. >> mid-quarter commentary from. >> a. >> lot. >> of these banks, especially as the conferences kind of. >> you know, that. >> that chatter. >> took place over the course. >> of the last. >> few weeks with. >> the ceo speaking. by and. >> large. >> the revisions. >> to. the guidance. >> maybe modestly for q1. >> but full year. >> still intact.

>> overall. the color seems. >> like. >> deposit trends are fine, the customer. is fine. nothing on the fundamental. >> side would. >> suggest any reason. >> to see these declines. >> that you're. >> seeing on your screen. right now with citi, jp morgan, wells fargo and others, which are all six of the big banks are now. >> negative year to date. >> and guys. >> by the way, just. >> to. >> kind. of take. >> a step. >> back. >> this is. >> today. >> the two year anniversary. >> of the failure of silicon valley bank. >> and remember. >> where we were two years ago. >> as it. >> pertained to just. >> the overall. >> confidence. >> in. the sector. >> obviously different. different aspects. >> of. >> the. declines today. but just worth noting, kind of on that. >> anniversary, right. >> we were asking for a little more government involvement. >> where are the. >> supervisors rather than less? let's get the street's take on the sell. >> off this morning. joining us. >> today is bmo's chief investment. strategist brian belski. brian. >> good to see you. thanks for the time. >> thanks so much for having us today. i guess you need someone positive to come. >> on and. >> start. >> talking about stocks. >> we're happy to hear it. your general point is. >> that markets. >> trading on. >> on feelings, not facts i think is. >> how you put it.

>> we are. >> unfortunately, you. >> know, a lot. >> of this. >> has been. exacerbated in our view since covid. >> and. the information. >> flow since covid and all of us making kind of binary decisions with our. lives and with our portfolios. since covid. but again, to i think this goes back to. the great. >> mark haines. >> bottom of. march of oh nine. which a lot of emotions were around, around the. great financial crisis. but but carl, in. >> terms of just. >> the work, right, in terms of just. >> the work, we've long said that we failed to. >> give politicians. >> any credit. >> i think. >> that in our work we're more valued, we're more valuation, earnings, operating performance driven than any kind of headline driven with politics. politics, in our view, have nothing to do with the absolute performance of the stock market. you can either enhance or detract the relative. and that's what we're seeing right now. so again, let's take two steps back and be very humble. we need to be. >> humble in the. >> markets because. >> we've. >> had 220. >> plus percent moves in

markets. number one. >> number two. >> the market. >> went up. >> in 2023 for. >> very different. reasons than. >> it went up in 2024. >> now we've entered, i think. >> a period, and. >> we've said this now. >> for several months. >> that we believe. >> 2025 is kind of the shock into normalization, where we're not going back to 0% interest rates. we're not. >> going back to this heightened sense of inflation. >> we're not going back to this. >> huge moves. >> in. >> markets in both directions. >> we're going. >> to. >> kind of go back. >> into the mid. >> 90s. >> mid. >> 80s environment where. >> we see. >> high single. >> digit, low double. >> digit performance, double digit earnings growth, a trading range with respect to ten year treasuries. and oh, by the way, if. >> you take if you take a look. >> at the annual. performance of the. stock market since 1990. >> it's 10%. >> so i think that's what we're. >> going to be this year. >> have you. made any. >> changes to. >> either earnings forecasts or. >> or more broadly. >> any kind of macroeconomic data? >> we haven't in. >> the fantasticness. picker actually put it best. >> if you take a look. >> at financials. >> there's been. >> no change. >> to earnings. >> forecast in.

>> all of our work. in terms of revisions. we've been tracking revisions for 20 plus years. >> and if you take a look at the. >> bottoms up numbers in. >> terms of the 500 companies in the. >> s&p 500, we're. not seeing any kind of material changes when you roll them into the sectors. >> actually in. >> in february we saw numbers go up. >> so i think this is all. >> about emotion. >> and this is all about duration risk. >> quite frankly. >> we're trying. >> to measure something that we. don't know carl. we don't. >> know how long these. >> tariffs are going. >> to last. we don't know. >> when they're. >> going. to be pulled. and i think trying to invest in the. >> unknown, you have to default to fundamentals. >> and from our work again the models have not changed. >> brian. the consensus for s&p 500 earnings, let's say for the first quarter, i know have come down from over 11% at the start of the year to something like seven, between 7 and 8%. so maybe that's a normal pace of overall revisions. but i just wonder if that's one of those, you know, one of those things where it seems like whether earnings hold up or not or whether they beat in coming quarters, it feels like the

direction of adjustment seems to be lower, even based on the benign view of what tariffs might be. >> great. that's a great point, mike. but i would. >> say this is that you've. >> done a good job. >> talking about the equal weighted versus the. >> market cap weighted side of things. >> and we knew coming. >> into. >> the year. >> that the magnificent seven or the let's just call it the top. >> ten stocks. >> in. >> terms of market cap. >> and the. s&p 500. the growth was. >> beginning to beginning. >> to go. to decelerate. >> we knew that but. >> we didn't. we've also not. >> looked at. >> how we've seen a. massive acceleration from. >> the 493 others. >> that's kind of number one. number two, coming into the end of the. >> year. >> we always see this big revision, especially after first quarter down to the downside. so some of this is seasonality. number three in terms of what we've. >> seen with respect to the market. >> i could. >> i could i claim to you that the momentum. >> trade now. >> isn't a. >> defensive names like utilities and staples. from a. >> fundamental perspective. >> you take a look at valuations and debt. to equity and free

cash flow. consumer staples and utilities. >> are very. >> expensive and don't see a lot. >> of fundamental growth from our side. again, it's more. stock picking, mike. but i think in terms. >> of earnings, you're. >> going to see more. >> of a settle down. >> i think. >> quite frankly. it's more about the. >> discern ability and sustainability. >> of earnings. >> than it is. >> these projections. >> so the more. >> stable the earnings growth the better. >> so given. that perspective. >> brian, i'm. >> just curious if you think the emotion. >> at this point has been effectively washed out, is this are we close. >> to the. >> end of this unwind. >> that we're seeing? >> well. >> again, you know, talking about the great mark. >> haines and the wash out low of march, we would love to have. >> this perfect. >> little sell off that that's. >> that signals everything. >> i think what we've learned the last few. >> years, quite frankly. >> is that you never see what you exactly what you want. to see. >> in terms. >> of this. >> great sell off. and i think when you talk about. >> positioning going forward, leslie. >> you want. >> to you. >> want. to understand that the. >> stock market is a market of stocks. i think. >> so many. >> people. >> so many people. >> in the strategist game want

to make. >> the big. market call. >> so this is. the low. >> or we're going to go to here. guess what. >> you want to. maintain that the. >> us stock. market in. >> our view from a. >> longer term perspective is. >> the best. market in the world, period. >> it has the best stocks in the world. >> best. >> companies in the world. so you make your list. >> now you look. >> at what's happening in terms of these great. financial names like like citigroup and bank. >> of. >> america and jp morgan. you haven't heard anything in terms of the wealth management channel. the wealth. management channel is doing amazing. so look at stocks on an individual basis. start your shopping list, stop trying to time the market and be. >> a long term investor. >> brian good message. appreciate it. today after. >> a couple of challenging. >> weeks we'll talk soon brian belski. >> as we head to break. here's our roadmap for the rest of the hour. >> tesla tanking shares. >> adding to their longest losing streak ever. what investors should do with the stock. >> at these levels. >> plus one of the big bull cases for apple suffering a major setback. we will explain and discuss what it means for the shares. and china's. >> stock market outperforming the us.

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fast and reliable solutions from comcast business can help turn your business into a... reliably up-and-running cybersecuring... performance boosting... storm preparing... ...wifi backup is working... ...reliably-connected, modern business. powering the engine of modern business. comcast business >> who is. >> man's best friend. >> otter, the. >> ai meeting assistant. >> welcome back to squawk on the street. tesla posting its seventh straight week of declines, it is long, its longest losing streak on record. shares are now trading at their lowest level since the election. it is the worst performing stock

in the s&p 500 so far this year. baird's ben kallo joins us now. ben has an outperform rating on tesla but lowered his price target to $370 a share from 440. ben, it's good to have you on pull this apart for us a little bit. so this stock's been cut in half. it's really not up much from where it entered the s&p 500 over four years ago. but yet still has this very full valuation. you thought there would be some negative fundamental catalysts in the short term. yet you still have an outperform. how are we supposed to think about the stock right here. >> so very tactically we made a call that. numbers are too high. >> for q1. >> and really on the back of rolling out the new model y. and so we think about it as. >> 300 000. >> model y's. >> are sold a quarter. >> and as. >> they've been ramping that up across the. >> four factories, they have. >> been slower than. we had thought. and so basically you lose two months. of production

time. and now with the. >> background noise of people worrying about demand. >> i think that. intensifies when. >> they miss these street numbers out there. they are well above 400,000. >> i think. >> they need to come. >> below 400,000, probably more like 350. we're at 380 some. but it's going to continue. to perpetuate the narrative of. >> musk destroying. >> demand out there. >> yeah. well is that just noise and just the narrative or is that actually observably happening right here? >> well. >> i think. >> that, you know, when people's. >> cars are. in jeopardy of being keyed or, you know. >> set on fire out there. >> even people that support musk or are indifferent. >> to musk. >> might think twice about buying a tesla. it's too early to know. but i do think that with the production ramp impacting deliveries, that's. >> the bigger. >> thing that will continue that narrative of. you know, demand

at risk. and so i think that we have, you know, at least. a couple of months until. >> we, you know, we. >> we determine if, you know, he's attracting more buyers or losing more buyers, which i've seen the. >> argument out there from my, you know, my fellow analysts all over the place. but there's a lot of uncertainty here. very plausible, you know, that the demand is being disrupted, i would say. >> in europe. >> even more plausible. but the bigger thing right now is numbers are too high because of production and need to come down. >> ben, are. >> you looking for positive. deliveries for the full year? >> i think that, you know, after this, it's going to be difficult after the first quarter. now they are coming out with a lower price vehicle sometime. i think in the summer that that should help. but we're going to be in the same kind of situation where ramping up production becomes an issue again and it's going to be slower. and so, you know, this, this demand. narrative is going to just continue throughout the

year is what i think. >> and do you think the lower. >> cost model. >> will kind of shift. >> the. >> the. >> the revenue. >> base in the sense that it's. >> helpful maybe for volume. >> as people. >> kind of switch. >> trade down to the cheaper model. >> as opposed. >> to buying up. for the model s or. >> three or so forth. >> it's a good question. it's going to make it more choppy, just as you said. it's going to bring down the total asp for the for the company. as you introduce that that lower price vehicle, it's also going to create another margin headwind as you ramp it up. throughout the rest of the year. so numbers are going to be choppy. now. you know tesla sometimes you know is more of a story. stock and trades on the narrative like it is right now. but but numbers will matter at some point. and i think this could be choppy in the second half of the year to. >> yeah. well certainly the narrative future piece is a bigger chunk of, of the valuation all the time it seems. all right ben. hey appreciate

the time today. thank you. >> thank you. >> now, despite elon. >> musk's obligations. >> in dc, he's been growing his empire abroad. >> particularly in china. >> eunice yoon joins us from beijing. >> with more. hey, eunice. >> hey, lesley. well, in. >> china, it's hard. >> not to be reminded of elon. >> musk's success. >> as i found. >> out in. >> shanghai. that is tesla's main factory. it's a. >> $2 billion. >> investment that produces. >> about 1. >> million cars a year. >> one out of. every two teslas in the world. >> are made there. by last. >> june. >> elon musk's ev. >> maker had. 520 stores in the country. >> tesla sold more than 650,000 cars last year, roughly. >> a third of. >> global sales, thanks to stores like the one behind me. the shanghai store is the largest in china. it spans a one and a half football fields. >> tesla's latest. model y, codenamed juniper, is on display. >> as a testament to the importance of the china market.

this new model y was launched here before the u.s, only weeks after. musk started his work with the u.s. government. tesla opened this new operation in china, a $200 million powerpack factory. >> last year, it. >> showcased its. cybertruck humanoid robot. >> musk pitched his cyber. cabs on. >> a. >> trip where he met the chinese premier. >> and to. >> compete with chinese. carmakers like this one, testing autonomous driving. tesla rolled. >> out. >> a software update in february meant to closely mimic its full self-driving features in the u.s. >> i'm in. >> a robotaxi. >> i'm on. >> a route that's been approved for an initial group of companies. >> to. >> be able to experiment with their self-driving technologies. tesla isn't one of them. that's why musk tries to. >> stay in the chinese. >> government's good graces. >> he's opposed u.s. tariffs on chinese evs, as he did to cnbc at an event in paris. >> neither tesla. >> nor i asked. >> for these tariffs.

>> musk has made. >> favorable comments about. >> china's unification. >> with taiwan. >> there's some. inevitability to the situation. >> a far. >> cry from wielding. >> a chainsaw. >> at the u.s. >> government. >> the white house doge and tesla did not respond to our requests for comment. guys. >> eunice. >> there's an. >> item on the wires right now from the chinese. >> china's passenger. >> car association. >> arguing in their. words that elon. musk's increasing involvement in politics could be. >> damaging the brand. i wonder. how widely that view is held. >> in china. >> well. >> it. >> really depends on who you ask. the view of. him generally is that he is pro-china because of his past statements, and that he's a. >> practical businessman. >> in fact, all day today. >> people. >> have been talking. about how elon musk was holding the handbag of siouxsie wiles. there was a video of it. >> and people. >> were saying that, oh, this really. >> goes to. >> show that he knows how. >> to manage. >> the right people.

>> but in. >> terms of how the public is responding more. >> broadly. >> tesla buyers. generally aren't. >> bothered by. >> the. >> fact that he has this close. >> relationship with trump or. >> that he's. >> doing a. >> lot of work with the us government. in fact, they're more excited about. >> the. >> new model y. >> but when you ask factory workers, which we did of. >> tesla, they. >> told us privately that they were concerned about his work with the us government and all of this, this controversy. >> around it, because. >> they were worried that. >> the sales. >> overseas was going to affect the shipments out of. >> the. >> shanghai factory, and. that could, in turn, hurt. >> their. >> job prospects. >> and so they were telling. >> us they're kind. >> of. >> hoping that he is going to focus on the business, since he's a businessman. >> and we've seen. >> some indications that countries that are in the midst of this trade war, their consumers are having just. >> a broader. >> kind of bad taste. >> in their mouth when it comes. to american products. >> are you seeing that with regard to. >> china and. >> any of. >> musk's businesses and.

>> the appeal therein? >> and i ask kind of in. >> light of this ft article today, which talks. >> about wealthy. >> business owners looking. >> to. >> invest in special. purpose vehicles. >> kind of in. >> a. >> legal way. >> but in a way that's more secretive. >> so it's not. >> traceable that they're the ones investing in them through these, these spvs. i'm just kind of curious. >> kind of how how people are thinking about the flow of capital into us brands. >> well, in. >> terms of us brands more broadly, yes, there is a streak of nationalism here, but we. haven't seen that really translate into, say, boycotts on a broad basis of american products. there is an awareness that. >> there is a. >> trade war going on. and so people are concerned. about what this. >> could mean. >> for the economic relationship in terms of tesla products more specifically. >> for the most part, it doesn't seem to have really. any impact at all. but when you're talking about that ft article, it. >> was really. >> interesting because, you

know, as you were talking about. >> these are wealthy chinese who are supposedly. >> investing and. >> taking stakes in. >> his unlisted companies. >> so this is spacex. >> this is x i. >> and that there. >> it. >> appears that. >> they if this story is. >> correct, that it appears. >> that they are doing. >> this by. >> hiding their true. >> chinese origins. so when. i read that article, i. >> was. >> thinking, well, this. >> just is another idea. another just kind of shows you. >> again. >> the potential conflict. >> of interest that. >> elon musk could. >> have because of his relationship. >> with the chinese and. >> also. >> the potential national security risk. in washington. >> thank you. appreciate that. tesla now below 244. >> which is roughly. >> half of what it was three months ago this week. eunice yoon in beijing as we go to break. >> take a. >> look at some of the biggest. >> drags on the. >> s&p, which. >> now holds 5672. >> we did have the. >> nasdaq briefly. down 3% intraday. >> also city.

>> removing apple from its positive. catalyst watch on. >> this siri delay. >> we're going to talk about what's. >> at stake. >> with that stock now firmly in >> with that stock now firmly in corr ♪♪ your pain shouldn't be minimized or forgotten. ♪♪ when medicine gets better, all of us can get better. 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

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>> cnbc welcome. >> back to squawk on the street. >> apple is the. >> second best. performing mag seven stock this year, but that adds to losses this morning after delaying those. ai enhancements for siri. our steve covac has more on the fallout. morning, steve. >> yeah, carl, this was going to be that big siri update that. >> brings artificial. >> intelligence into siri, kind of supercharging it, let's. call it. and now it's delayed. apple says it's going to be. >> delayed until the. >> coming year. and this is really going to damage that bull case for the iphone 16 cycle. that said, apple intelligence is going to force people out there to use these new features and go out there and buy new phones. but to date. >> so. >> far before this announcement, just some minor ai features on the iphone. until now, that means some. writing tools, the notification summaries you get on your home screen, and of course, back in december, launching that chatgpt integration with siri. but this was going to be the big one that could let you control your apps. with siri, you can understand what was on your screen. it could also use your personal information stored on your device to answer questions about

your calendar and so forth. and this is all coming as iphone 16 sales are pretty lackluster. they were slightly down year over year in that first quarter. and then in china. >> overall sales, not. >> just the iphone, was down 11%. and tim cook told us at the time he. >> partially blamed. >> there was no apple intelligence in some of those regions for those sales misses, and we're not really going to have more clarity on when to expect this big siri update, probably until. >> june. >> with that big worldwide developers conference they hold every year down there in cupertino. and in the meantime, you have ai. competitors from openai, google anthropic, amazon's new alexa. plus, they keep shipping these new ai advancements constantly while apple falls further and further behind. by the way, this delay could be pushing back some other new hardware products. bloomberg reported over the weekend. that smart home device that was going to launch in the spring needed that siri update to work properly. now that's delayed as well. >> and this. >> really pushes. >> that bull case for apple. >> until the iphone 17 cycle expected this fall. in the

meantime, like you teased carl, you have citi lowering its iphone estimates how many phones they think apple's actually going to be able to sell because of this siri delay. leslie, i'll send it over to you. >> thank you steve. and meantime, june is a long. >> time to. >> wait for the next update. here on this important feature. appreciate it. still ahead. >> squawk on the street heads to houston as. >> the street's. >> biggest thinkers. >> ceos and regulators. >> meet to talk. >> the future of energy. >> at ceraweek. we'll get a read. >> from the ceo. >> of constellation. >> energy next. we're back in a moment. >> ever worry that you're drinking too much? take back control with your health. >> or health. >> provides access to medication proven to help. a daily pill to drink less or to quit drinking drink less or to quit drinking altogeth food is gina's passion. but diabetes threatened to take that all away. with dexcom g7... gina learned how different foods affect her sugar levels in real time. ...so she doesn't have to choose between the foods that she loves and her health.

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1-800-213-5317. >> oh one. >> introducing our icons. >> peter milan. >> luxury meets. >> performance i am tony. >> hawk and. >> like many of you. >> i take a statin. >> to reduce cholesterol. >> but statins. >> can also deplete coq10 levels. that's what my doctor recommended. >> qanon coq10. >> qanon has the number one cardiologist recommended. your

well-being. shop our. >> sale and make your dream. >> office a. >> reality. >> welcome back to squawk. >> on the street. >> i'm contessa brewer with. your cnbc news update. secretary of state marco rubio said. >> this. morning the. >> trump administration finished a six week purge of programs in the u.s. agency. >> for. >> international development. >> rubio said. >> he'll move the. >> surviving 18% of programs to. >> the state department. he insists the 5200 canceled. contracts spent billions of dollars in ways that did not

serve u.s. interests. the supreme court declined to hear a bid from 19 republican led. states to block democrat. climate change lawsuits. against oil. >> and gas companies. the suits accused the companies of deceiving the public about. >> the role fossil fuels play in harming the climate. >> the companies. >> have denied. >> wrongdoing. >> and the israeli prime minister is in court today to testify once again. >> in his long running corruption trial. >> he's pled not. guilty to accepting gifts from his millionaire friends and to charges that he sought regulatory. favors for media tycoons. >> in exchange. for favorable. >> news coverage. netanyahu is israel's first sitting prime minister to be charged with a crime. that's the news now, carl. i'll send it back to you at post nine. >> contessa. thank you. >> very much. contessa brewer. just over an hour into trading. stocks definitely are hurting. we've taken out friday's. >> lows on the s&p by about 12 points. 5666 was friday's low. >> we're beneath that. you can. >> see some of the worst performing sectors as well. tech is definitely bearing.

>> the brunt of the damage. down 3.5%. >> positive sectors remain utilities, staples. >> and energy trying to hold on to gains year. >> to date. >> despite falling. in recent days. you can see what's happened to the energy complex. more than 10% off the 52 week highs. >> crude's coming. >> off the longest. weekly losing streak in a couple of years. and speaking of energy stocks like energy, vistra and constellation energy, some of the biggest laggards on the s&p this month. brian sullivan joins us from houston, where many of the street's top energy leaders are gathering to discuss the outlook. brian. yeah. >> including one. >> of the stocks on that list. mike. and we are here now with. >> joe dominguez. >> he is the ceo. of constellation energy. c e. >> g is. >> the ticker. >> joe, thank you. >> very much for joining us. critical time. thanks for having me on, brian. a lot of your investors are watching. >> right now. so the stock's. >> been as you. i mean i'm not going to surprise you with anything obviously. >> going down. >> what's your. message to. >> investors right now. it's been up and down. >> all year soaring. and then you know we were. up 50%.

>> earlier in the year. and now we're down. we're down 12%. >> coming into the day. look. >> way we. >> get valued by the. >> street is. >> so much. >> driven by. >> the sentiment around ai right now. but the practical. reality is we're seeing. >> load growth, not just. >> ai driven load. >> growth, but load growth. >> and we. >> are executing. >> and we're. having a terrific. >> year. >> so far. >> and i think the results. >> load growth is the is the industry. >> term for. >> the amount. >> of power, more. >> demand for. >> power that is needed. all right. quickly. we'll get to that in a second. >> tariffs obviously it's a hot topic here. do tariffs if. >> implemented. >> we're not really sure what's. >> going to. >> happen yet right. >> if implemented. would tariffs have any. >> impact on your. results your numbers. or your residential. >> customers electric bills. well a bunch of stuff there. look direct. >> impacts not so much. and the reason is we have an. >> existing fleet. >> and while we're constantly upgrading it, we're not a huge

consumer of materials at this point in time. >> that's one of the benefits. >> of our position in terms of load growth, right. >> there are a lot of. >> different projections about how. >> tariffs impact the economy. one way they. >> might. >> that would be positive is. >> that they. >> drive an onshoring of business. so some of this demand growth that we've been talking about would actually increase in terms. >> of the. >> residential customer. they're going to be. >> impacted by all. >> sorts of things. so tariffs on. >> energy might drive. >> up natural gas prices. >> as an example. >> that would impact negatively residential. >> rates for both. >> electricity and gas. >> of course you're talking. >> about. >> this idea. >> that. >> you. >> know. >> the premier of ontario. >> doug ford, who we've. >> had on our show and. >> i respect. >> very much. i mean, obviously. >> he's he's angry. he's like, we're. >> going. >> to. >> cut off your power. >> to buffalo and detroit. >> and northern minnesota. >> the idea being like those places. >> are like. >> oh. >> we need to build a power. >> plant because of this. yeah. >> but you know. >> that takes how long to build. a power plant. oh, easily 3 to 5. years minimum, if you're ready. >> to rock and roll. right. if

you're not ready. >> you're talking. >> about a longer term thing. but i don't. >> think. i know. >> the hyperbole out. >> there about. >> we're going to cut off. >> your energy. i think. >> that's a bunch of hooey. that's not going. >> to happen. >> what i'm talking about is. charges on energy. byproducts like natural gas that do get imported from. >> canada into the us. >> and this lack of. not lack of. >> but this, this. >> need to expand. >> your capacity. >> that is one reason, or maybe the reason. >> i would imagine that you are buying calpine 26 plus billion dollar deal. >> calpine is what's called a. >> merchant generator. meaning they make power and they sell it to whoever needs it. it doesn't go automatically. >> to a specific place. >> how do you ease. concerns that your balance sheet will be so leveraged with calpine? >> costs? >> how investors are worried about. >> what that looks like on your balance sheet. >> calpine is going to throw off a lot. of cash. >> it's effectively. >> going to pay for itself within. >> a handful. >> of years, right? >> so we're going to be in a position where.

>> we get back. >> to our balance sheet. >> position pre-deal. >> within just a couple of years. >> after we get. >> the regulatory. approvals and go. so that's not going to be a concern for us. we're going to be an investment grade book before. >> and after. >> this deal. >> the rating agencies. >> didn't touch our credit ratings. >> yeah. and that's. so what. >> is it. >> 12 billion in cash and stock or. >> 12 billion. >> in debt and. >> the. rest in. >> cash and stock. your leverage ratio is going. >> to. >> is going to soar. on that. >> on that deal. >> when that deal closes you're. >> telling. >> investors we're. >> going to be okay. even with. >> that. >> higher leverage. >> ratio. >> we have the cash in hand. >> to start. bringing down that. >> leverage immediately. and over the course of two. >> years. >> it'll be what it is at. >> constellation today. >> so look, the benefit. we've always had. >> is. >> having this investment grade balance sheet. >> it allows. >> us to. >> outcompete folks. >> in terms of. >> long. >> term deals and the prices. >> we. >> could offer to consumers. we will. >> continue to have that benefit going forward. yeah. >> and very. >> quickly. natural gas. >> nearly five bucks. that's a

high. >> input cost for you with a very heavy natural gas fleet. >> what does that. >> mean for. >> you. >> and for. >> residential customers? >> it's effectively a pass through cost. >> because what happens. >> when natural. >> gas prices go higher, electricity prices track higher because natural gas sets the price of electricity in america. over 90% of the time. joe dominguez. >> ceo of constellation. >> energy. >> stocks getting hit, probably with a lot of high. multiple stocks, by the. >> way, like a. palantir that. have nothing. >> to do with tariffs. maybe the market just. >> wants to sell off. i'll leave that to people smarter than me, like michael santoli. >> joe dominguez of. >> constellation. >> thank you very much for joining us. thanks, brian. >> we'll be. >> back to back to the aforementioned michael santoli. mike. >> all right brian i will i will take it in the spirit with which that was offered. we'll talk to you again soon. quick check on the biggest gainers in the s&p 500 this morning. and there are actually plenty. about a third of the market is up. paycom software and enphase energy each up about 5%. and speaking of gainers, check out the following

mystery chart up more than 60% on the year. more than 90% of analysts call the stock a buy. we'll tell you what it is and what china has to do with it. that's next. >> stay with. >> real time exchange sector. sword is sponsored by sector spider etfs. >> are you investing in municipal bonds that will fund roads and bridges? think of assured guarantees bond insurance as your guardrail assured. guarantee a stronger bond. >> introducing the rex fang and innovation equity premium income etf. pepe. pepe invests in leading big tech stocks while balancing growth and income, combining tech growth with

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of information available. you couldn't ask for more support. >> it just is. >> a game changer because you can. >> feel confident through the. >> highs and the lows. the club. >> creates confident. >> investors no matter what the climate. >> get invested. join the club today. go to cnbc.com. slash join jim. >> welcome back. >> just wanted to draw your. >> attention to some names in the alternative. asset space. take a look at. kkr down 7.5% ares down about the same and apollo down 5.8%. these stocks have really had a rough. >> year so far. >> apollo down. >> 25% this year. >> kkr down. >> 28% this year. aries down about 19%. and mike i look at kind of the alternatives landscape. and it appears that those names that are. >> more levered. toward private. >> credit, which. >> has been. >> such a hot area over the. >> last few years, are the ones. >> getting. >> adversely punished. >> and compare that. >> to. >> a carlyle, which is down. >> i say. >> only 5%. >> today, which. >> has a bigger portfolio and kind of that private equity space, which of course.

>> would be marked against the public markets. >> as well. >> in theory, yeah, you're a lot of things going a little bit tougher than we thought for this group one exits are going to be less generous if the stock market remains under pressure and the ipo cycle and everything else but private credit, if you think about it as really lending to some of the riskier parts of the market, of the economy, ones that don't have easy access to public debt capital, then it shows you that if the economy goes bad, if the recession, if the recession is being invited or tolerated at this point, then it's going to have to hit those guys and there'll be some kind of a reckoning. i would also say for something like kkr, there's an extra element on top of it, which is the stock itself was one of the top momentum leaders. it tripled from from basically halloween to february of this year tripled. and so therefore that kind of, you know, reversal and sort of exit of the late coming fast money is another aspect. >> yeah, that's a really, really. >> good point. thank you. >> mike. >> that mystery. >> chart from. >> before the. >> break alibaba still. >> holding on to. >> massive gains.

>> on the year despite tit for tat tariff measures. >> between china and. >> the us. >> with china's. >> retaliatory tariffs. >> on u.s. agricultural. >> products taking effect. >> this morning here to help navigate it all. msa capital managing partner. >> ben harburg. >> ben, thank you for being here. so just kind of. >> where do you. >> think we are with regard to this trade dispute between the us and china? do you think it gets. >> exacerbated from. >> here, or do. >> you think. >> each side has really calibrated, calibrated their policies to leave room for talks? >> it's definitely. >> early innings, and i think you'll continue to. see a. >> tit. >> for tat and volleys going both ways. after the first. >> u.s. announcement of. >> 10% tariffs, the chinese came back with, i. >> would say. >> kind of muted response. to enable room for negotiation with the with the tariffs being raised another 10%. >> the chinese, i think. >> hit back harder this time on agricultural products, things that would affect swing states. so i think we're. >> still in early. >> innings, but my. >> comfort level is high. >> that we are headed. >> towards some. >> kind. >> of a pragmatic. >> solution rather than. >> a never ending kind of trade war.

>> at this. >> juncture. >> who do you think. >> has more leverage? >> well. >> the us. >> remains the. >> world's largest market. >> and china's. problem is that it's running trade. >> deficits or. >> surplus, depending on what side you're sitting on with just about every country in the world. and so everyone. >> is unhappy with the way that chinese products. are flowing. >> into. >> their markets. >> and so if china doesn't start stimulating. >> domestic demand. >> everyone's going to be an individual trade wars with china. and so i still think. >> we have the. >> rest of the world on our side. we need. to settle our own. >> trade spats with them and then. >> train all of. >> our energy on china. but i think the. >> i think the power is on our side. >> with regard to technology. >> alibaba, we mentioned, was kind of the mystery chart heading into this segment. deep tech really upended this notion that it would take years, if ever, for china to catch up with us. i. >> what's the. feeling on the. >> ground there, and how does that play into the whole trade dispute, as well as it pertains. >> to. >> technology, which so far at least on the china retaliatory side, seems to have been spared. >> so, you know.

>> i think that there was a bit of a hubris on the us. >> side that we had such. >> a head start. >> over china. on ai that that would give us leverage. >> within this type of dynamic. the reality. >> was dating. back to the kind of early. >> entity lists. >> and kind of. >> 20 1617 era. >> china worked. >> aggressively to decouple itself and. >> unwind its reliance. >> on us technology. >> certainly. >> they're. still accessing. >> chips through third. >> party countries, things like singapore and others. but the. >> reality is. >> that china is far ahead of where we thought they were, or at least where. >> they were pegged. and so that gives them leverage, because it means that now. people are rethinking actually their valuations of. >> chinese stocks. they're rethinking their valuations. >> of chinese technological capabilities. >> and a lot of that feeling of chinese kind of. >> really being a. >> fast follower or a copycat technology player are evaporating. >> last week, the. >> chinese premier set out a growth goal of 5%. and a lot of skeptics said that, you know, given the trade uncertainties and the deflation and the

property crisis that's going on there, that that may not be achievable. do you agree with that, or do you think there is a bright spot in the technology world that could help china really kind of regain that momentum, to hit that growth goal of 5%? >> well, during that. >> same event, you know, xi jinping. >> hit. >> heavily on technology. they've really cozied up to technology after. being at odds with it over the last few years, bringing technology leaders. into zhongnanhai. >> and other. >> you know. >> high level. >> meetings. and what that results in. is a sentiment. >> that they really are. >> going to. lean heavily. >> on, on this. >> technology leadership. >> and companies like. xiaomi and baba, who. >> have been doing. >> phenomenally well in. >> the market. and i also think this. >> forces a rerating of how. >> american investors. >> or global investors. >> look at china. i think they were, you. >> know, chinese companies. >> were fundamentally undervalued in this in. >> this world. and now, because. >> of the success. >> of the likes of deep. >> sea. >> ali and others. they're recognizing that they should reprice those. >> and i. think that's. >> what's yielded. >> a lot. >> of improvement. >> in the chinese. >> public markets. and from a

public private, you know, kind of real. >> estate perspective, i think we've seen a. >> stabilization in china. >> and the. >> result of that is that. >> if people's public. >> portfolios and real. >> estate is starting to bottom out and. >> stabilize. >> i think that will start to lead to more. stimulus and more consumption, which will ultimately help. >> them hit that. >> 5% number. >> absolutely. those seven titans, an equal weighted basket has gained more than 40% this year, compared with about a 10% drop in an index of back seven. so just a remarkable. divergence there. ben. >> thank you. >> still ahead this morning, ceos of ibm, hp. >> and. others headed to. >> the white house to talk to the president. >> we'll talk about what's on. >> the agenda. next hour on money movers after the break. >> the drug. >> trial data sending novo shares lower, albeit in a tough tape. we'll get some details with the nasdaq now down a three and a third percent. >> in the midst of a 12% drawdown. >> nothing stands still. not technology, not. >> the.

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we lead it. peebles is. >> here with the details. angelica. >> hey leslie, an ugly. morning for novo. >> and that's after the. >> company saying. >> its next generation obesity drug helped people with obesity and type two diabetes lose about 16% of their body weight. and that compares. >> to 3%.

>> for placebo. now, that's a lower number than what we saw from. >> another trial that read out in. >> december, looking at people only with obesity. but we know that people with. diabetes tend to lose. >> less weight, so that's. >> not surprising. the hang up is that that. number is basically. >> identical. >> identical to lilly's. >> found. >> and people. >> want to. >> see better. then i talked to novo head of development doctor martin langa, and i asked him if the bar for new obesity drugs is getting higher. >> i think the bar should be getting higher. we have to show that. >> that. >> we come with differentiated drugs, both on. >> the. >> weight loss efficacy side, but actually also on the comorbidity side and potentially also on the safety side. we believe that kagoshima has that potential, and we also believe that to be the case for our next generation drugs, we have to consider that that obesity is a. complex disease. different patient populations will require different treatments. >> now. >> novo is planning to seek fda approval. for some early next year. that's of course, a year from now. >> and langa telling. >> me that. novo has learned

from its experience with govi and that it's working on securing a robust. supply chain before launching the drug, which is more complicated to make than wegovy. carl. >> angelica. >> thank you for that big story. >> in the midst. >> of all the other stories, we've got. >> to watch angelica. peebles before we. >> close out the show. check out some of the crypto related names getting hurt. coin and hood guys. there was some added complexity in that they were. >> not included in the. >> s&p 500 naming, which some. >> were disappointed in, but. >> bitcoin's below 80 k, mike. and that'll take. you back to november of last year. we're at this moment where there's almost literally nothing to look forward to because the bitcoin and crypto crowd got effectively everything they wanted. in terms of the bull case, you got the administration you thought you wanted, you got some kind of announcement on a reserve. there's not going to be any enforcement really of what was considered to be maybe gray area type activity before. the other thing, i always like to point out the folks who are loaded into crypto and crypto related stocks also own nvidia and tesla, and it's very much a kind

of this kind of spectrum of risk taking, even that by the future type trade. and so you're seeing the, you know, the unwind hit crypto as well. >> that makes. >> a lot of sense. >> so you. >> don't see. >> any catalysts. >> on the horizon. >> i mean, it can do whatever it wants to do and it always has. but it's not as if there's something else that we know and expect to be on the way. that's going to all of a sudden rescue. bitcoin. >> which seems to have been have been the bitcoin. >> story. >> for as. >> long. >> as bitcoin. >> bitcoin has been around. >> meantime session lows. guys 5641 and the ten. year back to 5641 and the ten. year back to four two (♪♪) today, her game starts with a drive. mom: alright, here we go. mom: you got it? but the real work is what came before, coach: hey! it's ok. inspired by a coach who coach: hold it right there. recognized her full potential. coach: turn and fire. coach: let's see it again. coach: awesome. morgan stanley proudly supports first tee. driving progress for the next generation on and off the course. (applause) (fades to silence)

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