a few. >> basis or down. >> from. >> here to. >> up or down from here. yields no. >> or equity. for equity. >> andrew i'm not even making a guess for 930. >> i'm going. >> up for 4:00. >> i'm going up because i'm pollyanna from up from here. >> save the tape. >> somebody wrote in same blood type b positive right. >> b positive. >> nasdaq again up by 325. we'll see what happens tomorrow. we get producer prices. so it's going to be another big data point coming up at 830. right now it's time for squawk on the street. >> good wednesday 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 get back some of tuesday's losses as february. cpi comes in. cool up 2.8 on headline. that's the lightest since november. >> the eu. >> though. >> retaliating with some tariffs. tenure is. back above 4.3. >> our roadmap. >> is that cpi print helping fuel this pre market bounce. the president's tariffs on steel and aluminum take effect today.

>> the ceo of. >> cleveland-cliffs going to join us to discuss the fallout there. and goldman sachs. >> lowering its. >> year end s&p target. tech stocks. >> they say are now. >> transforming into the maleficent seven. let's begin, though, with market reaction to cpi after. >> those back to back negative days for stocks. >> jim not bad. >> shelter for two. >> year on year. >> food away from home 3.7. >> right in the food away from home. if you had a raise in price i deal with a lot of the restaurants that's going to come down the numbers for those who raise prices or have high price, the sales are very, very bad. sales aren't that good at walmart. i mean, so what are you going to do if you raise your price of food? i do think, by the way, medical medical care and tractable and rent untractable wish i had positive reasons. reason on that. obviously airline tickets. well say goodbye to that. we know from delta yesterday you're not going to be able to keep that price up. food is going to benefit from the fact that eggs have cratered. energy is fine. great stuff. by by the way, by brian sullivan yesterday. really fabulous reporting. people should recognize his stuff is

just a plus. you know what i kind of i really like it here. i really like the market. >> market's good. >> meaning you think it's gotten cheap enough. >> yeah. >> without fundamentals. completely falling apart. >> yeah, absolutely. i mean you have to watch tesla i think tesla's tesla's bottom. you have to watch nvidia. it sells at the market multiple that it always seems to bounce at. and of course they got gtc next week. yesterday we had this kind of scalper sell off in the last you know they started the rally too soon. rally. you did say 45. >> you said around 2:00 don't. >> do it. >> now i've. >> studies i have studied rallies over 20 years and the successful ones begin at 247. the fact that i know that is completely ridiculous, but i actually like, traced them out. it's what i do. it's what benefit one of the 7 or 8 benefits of being old. and we have a lot of stocks that are that are set up, a lot of stocks that are set up. >> well. >> yesterday you. had some. >> backed off. >> on. >> some of. this canadian. >> rhetoric with the.

>> search that. >> was very. >> 50%. very key. we got. >> ukraine at least agreeing to. >> this 30 day. >> why do people ignore that. >> we got. >> a house cr. >> even though. >> it. >> we'll see what the senate does in the next. >> two days. >> it looks good according to the stuff i've gotten this morning. >> so that's. >> all constructive. >> well, i think that, by the way, i think you have to view this market as this is a political way to put it this way. wins versus losses. trump, the way that canada blinked on electricity win trump ukraine where he's now back giving them the weapons. russia's not playing ball win for trump meaning like hey listen i'm flexible. wins for trump matter. we get the no government shutdown win for trump. where are the wins for the other side for the bears. don't see them. not cpi. looking for something. can't find anything. i think that we're going to see a resumption of m&a. i think we'll see a resumption of the ipo market, which will be read by a buy call, which is going to be a very big deal. that helps the

data center. so look, can anything happen? i mean, if the president starts saying, listen, we have to put much higher tariffs. we have to change our tariff tariffs on on german cars. yeah. because but i think what people don't realize that i hope that lorenzo can help us because they don't want this whole thing is. and thank you peter navarro for teaching me this. they don't buy any of our stuff so they don't have enough to retaliate. europe. i mean, it's kind of really spent a lot of money, a lot of time and business in europe. i wish that they bought stuff from us so that they could tack tariff it, but people don't realize how screwed we are. people just i mean, the president has done a really poor job of explaining the tariff list, and i've tried to criticize those guys and saying, will you please show people that they don't buy any of our stuff so they don't even have anything to retaliate with? 28 billion. where's the levi's jeans? i mean, you know, come on. >> we're getting back. >> to the. do you. >> have. >> a trade deficit. >> with your barber? >> i mean. >> why why punch down like that? >> that's the argument. >> i mean, look, i think that

the tariffs that president trump has been angry and he's not been very thoughtful. i mean, look, we talk about mckinley, i mean, mckinley. we had industries. we wanted to protect them, by the way, referring to mckinley. can i just say that's a joke? i mean, let's be fair to hamilton. hamilton was the guy who really put the tariffs in. but you want to go back in history. well, you know, i mean, what are we going to go? let's go back to moses. this is let's stay a little more relevant. >> journal again today. >> just pounding the administration. >> on this trade war. >> dumbest war. >> in history. >> and we're being kind. >> jim, today. politico pointing. >> to lutnick getting ahead of some announcements. >> saying that he's likely. >> to. >> take the fall for whatever disruption we. >> see here in. >> the knives are out there for ludden. >> yeah. >> the long knives. you never want the long knives out because they're hard to take back. but i think that the president's inability to articulate how horrendous our so-called trading partners are is causing a lot of the problems, even with the journal. i mean, look, they buy

jack daniels not as much as they used to because the gop wants, which is novo nordisk. historically, they've bought. jeans. but what we make, they don't take as someone who has tried to buy us stuff in italy, it's so much more expensive than whatever they have there. it doesn't matter. you know, i have to beat my swords into plowshares rather than. >> trade us. >> growth for. >> europe's growth. >> well, europe's doing better than we are right now. >> at the moment, yes. >> as they begin to. >> rip up. >> europe's crushing it. well, you know, if you're going to do the bazooka like germany did, where they're finally using deficit spending. but you know what? i keep coming back to spain, which is not remember, spain's a hard economy, but when you have the largest bank in europe being banco santander, what does that say? and what it says is that if you're disciplined and you lend, well, you win over there. and now i'm looking at a guy like charlie sharp and he must be saying wells fargo. like, what the hell? why can't i put up

santander's number? of course. and he was fired from jp morgan. i think she would have been a worthy successor to jamie dimon in 2042. >> yeah. >> by the. way goldman with. >> a great chart. >> looking at. >> the peg ratios for eu defense companies is closing in on mag seven. >> well remember that that term went away when broadcom passed it. and berkshire hathaway i think that the funniest piece today was costin costin's got away with words. what is he disney. >> he's got the disney. >> maleficent seven i mean you got to handle look you got to you got to hand it to costin. he's trying to be ives, but with nice clothes. >> they do cut to. >> 6200, right. >> that was actually devastating. >> the forward p coming down about 4%. >> jim. they do. >> have worries about. equity risk premium. >> as the. >> result of uncertainty. >> and whether. >> or not i guess. >> in the end. >> the us. >> remains a stable home for capital. >> i agree that that's an issue

now, right in the middle of two thirds, through the piece, he talks about the greatest time to buy is when we're down 10%. we're down 9%. so, i mean, i could have flipped david's piece, and i think david is very, very rigorous. but when you see the multiple compression of the best semiconductors and the multiple component, you know, like i said, there's going to be a bunch of these stocks that are going to companies that are going to miss their earnings. but when i see the multiple like apple, when we had a really good piece by morgan stanley today saying the consensus is too high, that was a negative piece that's going to make it. so apple you should sell apple right here. it's up a dollar. just heat seeking missile. go ahead. let it just go. >> let it i was. >> i was making. >> a list of the. >> price target. >> cuts today. miss on. >> apple is one. deutsche on. >> hood oracle. >> kohl's ual. >> there's a. >> few. >> yeah ual. obviously the very big kohl's was that dollar 30 going down to 10 to 60. i'm wondering whether ashley buchanan who is the new ceo of kohl's has a game plan to be able to make it so that that

becomes a real estate play. maybe he's just running the thing into the ground. when you have minus six, you have minus six comp store sales. i've done a lot of work on what happens when you get to minus eight and ten. you're done. i mean, it's okay, you're done. i mean like done. and kohl's is flirting with being done. so my question is if they were trying to sell the company at 50, they could sell it at five. kohl's was bad. yeah that was like the worst i mean that may have been the worst. same store that what they've done by the way they put through a big dividend cut. but they don't even release it that they just say, oh we're doing a 12.5. how about the $50.50? i mean, i wanted to kohl's cash is becoming confederate dollars. >> yeah. >> the all. time lows. >> as we. >> pointed out yesterday jim do you. >> think we're about a month. >> away. >> from earnings. >> getting started. >> does the does the. >> guidance trim. >> from. >> the airlines. >> is that does. >> that a canary in. >> any sense. yeah it is. you do. yeah. >> so you're. prepped for. >> the bull market has been the last one. vail is vail is like you want to somebody has had some good numbers about expedia

today okay fine vail is the last remaining bastion mount. you know the vail resorts mtn. mtn really always like that symbol. but yeah, we just don't have a lot of good news. although remember we went we went tickets lower. we went you know it's paypal versus earnings. and i was hoping it wouldn't get to this. i mean i don't want it to be walmart versus powell where walmart has has trouble with china. and the sales don't come through walmart. and people think the sales aren't coming through costco, which is untrue. the cfo did not explain how good the sales were. that was a misinformation call. but i do think costco is pretty damn big. but target's just okay. kohl's is just an abomination. macy's not that good tjx on fire. why? because they get all the stuff from macy's. and they get all the stuff from kohl's right. solid buy right here. just buy it to 120. >> now we. >> got these stories. >> about the chinese. >> sort. >> of weighing in. >> with this. >> walmart chinese supplier discussion. yeah. taking some

heat. kind of. >> leads us to the sound. >> bite. >> that faber put. together with. >> joe tsai talking about the trade war and. >> whether ci. >> at. >> least. >> is concerned. take a listen. how concerned are. >> you about a. >> trade war, about. >> what that. >> will. >> mean for your ability. >> to service your chinese. >> consumers with us made goods? >> there's a lot of import and consumption. going on in china of foreign branded products. and so. >> of course, we worry about potential tariffs. it's really about the. leaders of. countries getting together and deciding that. >> ultimately, you know, tariffs. >> create too much friction and. >> some level. >> of global trade and interaction. between companies. is good. >> we want to have. >> more american companies. i think. >> the trump administration. >> will want to have more american. >> companies doing. >> business in china and making

money there, right? so at some point, i'm pretty half. >> glass full. >> kind of attitude toward. >> towards that eventually, you know, the tariffs being a. >> negotiating tool maybe. >> but at some. point things will sort of. >> get better. >> i still think. >> though. certain. >> protected industries. >> will still be. >> subject to tariffs like i. >> you know. >> there's chinese ev. sectors exporting. >> to the. >> rest of the world. i'd expect that some tariffs are going to be put on them. >> josiah, once again is a remarkable figure. flexible. no doctrine, no ideology business person. and i liked what he said. glass half full is a really good way to look at why this market can rally a guy like joe. i don't know how much influence he has with the government because the government is so hard lined, but it's refreshing to hear someone

say, yeah, look, we understand that. we understand that we have a bad trade imbalance. and that's what the government never wants to admit, which is so frustrating. but we'll talk to lorenzo because the cleveland-cliffs ceo, because we'll hear what's really happening in the world again. us government, president trump not explaining things well enough at all. right? i mean, it's really rather remarkable his insensitivity to who's really at fault here, which is china, is rather shocking. it's not canada. >> i mean, we, we. >> we wanted the cheap. goods years. >> ago and. >> we gave those jobs. >> to them. >> well, professor siegel from, from penn had some great things to say. so listen, we're trying to get 300 jobs in, and we're making it so that we're losing thousands of jobs because we're not a manufacturing country anymore. we're service. i mean, look at aluminum. like we stopped making aluminum a long time. why? because it's really dirty. nobody wants it. and we have really expensive power. so i mean, yeah, we got rid of aluminum. we didn't want aluminum. we sent it up to canada. we don't want aluminum. aluminum is really dirty. they've never been able to make the smelters good. we haven't been able we're good at

recycling, which is amazing. we're actually good at recycling. >> right. so you don't. >> think. >> we want to reshore. >> aluminum. >> production. >> which is horrible. >> i mean, i used to work with klaus kleinfeld at alcoa to go over how bad it is. yes. we want to send it to jamaica. big bauxite. >> what do you. >> make of the. >> eu now? >> not just on steel and. >> aluminum, jim, but some. whiskeys and. >> some soybeans. >> taking targeted. >> speaker johnson's. >> home state. >> well, you know, soy is really football. soy is always what soy is always a mistake because we're really good at growing soy whiskeys down so bad in our country that they could quit. it doesn't matter. i mean, you could have come after johnnie walker black. that's yours. you want to come after jack daniels? the american people are coming after jack. did you know? hey, kudos to rfk trying to get us all froot loops. but i do think that people don't understand the liquor market. they're really missing the point. there's no demand. the liquor prices are. the browns are coming down steep. the clearers are coming down steep. only agave is

holding any value. so like the idea that, i mean, john, get back. you know, i got to tell you, they got to cut the price of jack daniels. i mean, if you want to get granular. so i'm not too worried about those guys. they should worry about they should worry about the american market. they're like embarrassing the people who make the browns. they don't seem to understand that. they raise price, raise price, raise price. i'm putting on outlaw beer tomorrow because they got they got a case for 16 as opposed to modelo for 38. >> so now you're getting to. >> one of the. >> fears is that we're going to have to. >> start settling. >> if not for more expensive. >> goods than. >> lower quality goods. >> well, you know, look, i. >> got liesman today. >> talking about the 70s when. >> we had quotas on japanese cars. >> were making pacers. >> atlas made next door to course. yeah. >> in golden. >> yeah. >> i got to tell you, making a big mistake. some people are starting to realize that the raising price thing is over in this country. and hallelujah that the backers of this outlaw are really big and really, really have a lot of money because there are enough

companies now that are looking at these things and saying, that's it, we're screwing the american public again. the president is like yelling, stop with the 25%. he's got to get more serious, got to get more serious. speak softly. he's got the wrong president. this mckinley high. you know, it's tr. it's not mckinley. hey, mckinley. second rate president. did he you know you want a winner. what are you back in mckinley? you go back. buchanan. yeah. i don't like ashley buchanan. i don't like president buchanan. >> pennsylvania didn't end well on mckinley. >> no, no, i mean, no, it really. >> didn't end. >> but we got to start getting a little more scoring. i mean, go with go with hamilton. >> we're going to talk about whether the message. gets distilled here. >> with the ceo of cleveland-cliffs. >> going to. >> join us this hour. >> get some. >> perspective on the steel tariffs. >> at least. >> take a look at the pre-market. >> as we. >> do have some constructive. >> things going on. >> you bet we do. >> and futures. >> reflect it. >> we're back. >> in a minute. >> we've got. >> a us bank. >> we know how good it feels to. >> reach your. >> milestones, but we also know. >> what really goes into getting

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agentforce helps heathrow create a first-class experience. agentforce. it's what ai was meant to be. more entertaining than any other morning show, but you might get some useful information. >> squawk box weekday mornings, 6 a.m. eastern. cnbc. let's get. >> cramer's mad dash as we. >> wait. >> for the bell. >> let's talk pepsico. okay, so yesterday i said pepsico, which is in the high one 50s, had a crater here. in order to be able to be sure that the ridiculous program out of the real companies and into the soft good companies and consumer packaged goods companies. well, here we are. this is this was the end. it was a, you know, up here on the spike, on what i said was just a ridiculous trader who didn't know how to do his job. sometimes people at home have to recognize that not everyone on wall street is a genius, by the way. i'm not sure ray dalio is a genius either, but we can get to

that later. later. but i do think that this is the denouement that i was looking for jefferies. but this is a buy to a hold. it's very tough because frito is doing tough doing well, doing well, but tough because glp is doing well. by the way, i think the novo nordisk decline off the roche bought $5 billion. will you give me a break? roche has been trying to crack into the weight loss game for three years now, but i do think that this is a very tough call because there's limited upside potential. us beverages remain soft, but it's really frito-lay, and frito-lay is glp one. no one wants to admit this stuff. i do think that when you get people off the record, they all admit it, but not in the food business. the supermarket people, they all tell me, listen, jim, glp one is really hurting sales. >> yeah, that's. >> one headwind. >> i mean. >> fair. >> fairly large. >> buyer of aluminum too. >> yes. buyer of aluminum. recycled aluminum. don't forget younger people this next generation, they care about their bodies. what's with them? i mean, we were like smoking and drinking. jack daniels. they

don't like either. i never smoked, but i know people did. >> yes. >> but anyway, yeah, this is what you needed to see in order to get a real rally. you needed to see this. so you got you have real game on this rally because you needed this money to go to the companies that have been crushed. it's out of pepsi into into nvidia ahead of the gtc conference. let's watch that. >> we'll see if that holds. >> that trend. >> holds today. >> we'll get the. >> opening bell in five minutes. 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 jim's. >> access jim's. >> m they're (vo) what does it mean to be rich?

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$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. >> ellen's been doing really a fantastic job. he he suffers a little bit because of it. people go after him. but actually if you i think in the end it'll maybe reverse itself and be just the opposite. that's happened before. there's people that they tend to go after one group or another, but basically it's the other you have. they go after conservatives and when somebody stands up and fights, it ends up their business ends up doubling. >> that was the president. >> yesterday at business roundtable defending elon musk. and his efforts to slash

government spending at. >> that. >> white house event. earlier in the day, the. president doubled. >> down on his support for. >> musk by. >> saying he would purchase. >> a tesla. >> meantime, musk. >> pledged he would. double u.s. >> production of. >> the company's cars. within the next two years. raise more questions about demand. >> well, i've got to tell you, i work with larry williams, who i think is the foremost market historian in rally right here, getting today 80% of the time. this has been the season to buy it at this very moment. don't sell the stock. it's about to have a real run. all of history says it. i don't know about elon. i don't speak to him. but there's also been very, very aggressive buying. now, it doesn't look like that in the last few days. but larry really knows he's coming in with coming in hot. >> any any. >> reason to. >> think we're. >> in a different. time regarding the stock. >> because of how musk's. >> stance has changed? >> you know, i got a long time of history here. i'm willing to go with the history. and by the way, i his his artificial

intelligence is very, very. >> strong complimentary. >> oh no. he's got i think he has the second most gpus, nvidia gpus after core. we've really really very impressive. >> we're still. >> waiting to. >> see robotaxi. >> in june. meantime let's. >> get. the opening bell. >> on the cnbc. >> realtime exchange. >> at the big board. >> it is. >> the futures industry association. >> virtually ringing the bell. >> as they celebrate the. >> 50th anniversary of the 50. it's the annual international. futures industry conference. >> and that the. >> nasdaq gets rocked. an e-commerce company and red bull. >> racing are. >> celebrating their. >> partnership and. >> commitment to fostering. >> diversity in. >> formula one. alongside women in stem. >> monster, the best performing stock in the last 30 years. interesting, yes. no. i think that when you get a negative. we had a negative piece of research on amazon this morning. negative on apple. this is what you have to see at the bottom. i mean everyone's kind of saying all right i've had enough i'm waiting for negative piece on alphabet where i think the numbers are too high. so you get

microsoft i think could miss again. that's a charitable trust name. i have big gains in these. i'm tired of them. i got a big meeting tomorrow. i will express my fatigue with microsoft and my fatigue with alphabet. but this is what you're seeing. you're seeing the guys just saying. you know what? i don't want to be affiliated with these stocks and that's when you have to buy them. unfortunately, i don't want to be too contrarian, but these stocks have come down a great deal. yeah. and they're intriguing to me because i mean, amazon, someone was saying that amazon web services is not going to do the quarter. i mean that's probably inaccurate. so you really want to, you know, do some soul searching before you get rid of amazon, which i think is doing better. and then my favorite is meta. unless you have a cratering in the advertising market, which i've not seen, i think meta is the cheapest of the mega-caps. >> remember back in the day when. media companies were plowing. >> money into content, but then it became bullish. >> to spend not as. >> much on content? >> is the. >> same thing going to happen. >> to hyperscalers. >> and capex? >> i think that what's going to happen from my checks with advertising, and they used to be

very, you know, there was magazines, there was radio, there was tv, linear tv. no, there's just amazon, meta and youtube. that's where they go. and then tiktok. so what's happened is they concentrate, they're buying because they're getting over and over again. the read that the artificial intelligence could give you the most like if you want to compete. we have adobe this week, but if you want to know an entertainer, just yeah, just call zuckerberg. he handles the ad campaign. so one of the things that people have to realize is those are the four and everybody else is out. i mean, linear tv is on. i mean, we're involved with that business. but i worked at evening papers, i worked in radio. i mean, look at where i work. >> trail of destruction. whoa. >> well, you know, it's understand each other. if you want to reach people, you go tiktok. >> that's definitely. >> how. it's working. >> these days, by the way. >> jim nice. >> jpm reiterate disney. >> overweight 130. >> some nice. >> things. to say about comcast epic universe.

>> yeah i mean my trust owns disney. it's been frustrating. but i think that the idea that the theme parks are too expensive you know look if they're too expensive then why. the number is good. you know that's you can you can i look do i want them to continue to raise prices? i think that they're meeting the demand, but the stock acts poorly because people still don't understand that they've stopped. they've staunched bleeding in linear. they have. but you know, you can't convince them till you see the numbers. and people thought the last quarter's numbers were bad and i didn't think they were that bad. >> you mentioned nvidia big gtc. >> next week. >> you're going. >> to spend some time with jensen. and look, i do think that nvidia has been become a meme stock. it's controlled by these two x etfs and by the zero day options. most people think that can't be the case. but you know you know when those are theoreticians. and i'm empirical i don't like theory i like empirical. and that has been my strategy since 77. i'm not deviating. you went empirical.

>> b of a today reiterates. >> a. >> buy 200 very. compelling price they argue. is there any. risk of jensen disappointing. >> how would how would. >> he disappoint. >> next week? >> he would disappoint by saying that they're still that they have proven their next iteration. and people are starting to skip blackwell for the next one, which would then cause a freeze. but i don't think they're going to. that would be something that i don't think jensen will say. i think jensen's using jensen's when he before this conference. you can't reach him. he's just in quiet, quiet. we don't know. so i just to speculate what he's going to say is to is to is to run the risk of really going against the manhattan project. you just never know what they're up to, right? >> by the way, as for semis. >> jim, pretty remarkable number 5% above the 200 dma. >> five 5%. >> in semis. i mean. >> if that's not a washout. >> what would you. >> call it? no, it is a washout. and, you know, the semis are divided between the internet of things and telco. and the telco

has been horrible. i always the poster boy has been marvell tech, where the numbers were actually quite good, but nobody cared. that's a stock that was cut in half. broadcom down 18%. that's an incredible company that blew away the quarter texas instruments didn't have a bad quarter. when you go over these obviously intel there's always a rumor floated every day. now it's taiwan semi wanting there. they're not so great. fabs before marvell is going to buy. they're going to buy altera. and then it was silverlake i mean may i suggest that they stop talking. they just should stop i mean like in reuters give reuters something. i'm waiting for the ft to say that any minute now, qualcomm is going to buy them after qualcomm denied and then broadcom after hock tan denied. but people can say anything and it's irritating. maybe this is the one. maybe this is the boy who cried wolf. and really there is something for intel. but i think intel is overvalued. but intel is part of the problem in terms of the market cap. >> yeah. >> well, we. >> did get david.

>> solomon on the tape today. of goldman saying that. >> better certainty to. >> your point. will unlock some of the promise of m&a. >> that we've. >> been three weeks away from a huge amount of m&a. we're three weeks away from the first ipo. that is going to be terrific, which is core. we've maybe that will make it so that the this stench of venture global goes away, which was really rather extraordinary how they pimped the street there. wow. that was a horrible deal. and that was a big deal. i mean, they just came off the street like when you go fishing and you catch a blue fish, you got to hit it over the head with a baseball bat. well thank you. a baseball bat at us. >> yes. >> it's been. >> a. >> tough run. >> for bmg. meantime. >> alibaba's chief. >> josiah gave our david faber a read on the chinese consumer at cnbc's. >> converge conference in singapore. >> cy detailed. >> that closed door. >> meeting china's president xi. >> held with. >> some business leaders over there last month to encourage investment in that country. >> a few weeks. >> ago. >> president xi jinping had a meeting with entrepreneurs, and people underestimate the importance of that meeting. the

what that meeting did. to the entire entrepreneurial sector or people that are are. the private business sector is a. gave private business. people confidence to make investments. in their business. i mean, we just came out and announced. >> that over the next three years. we want to invest. >> over 50 billion usd in compute infrastructure and ai. right? >> so it. >> gave us the confidence that. >> you know, to put put. >> our earnings back into capex and investments and also hire. >> people, right? >> so the combination. of private business. confidence and. >> the excitement about technology. development will. eventually translate. >> into consumer confidence. i believe that why? it's because companies are making. >> investments. companies are making hiring decisions. >> are actually. hiring people again. companies are growing

again. >> and. >> ultimately that. will trickle through consumer confidence. you know, we. >> struggle sometimes in. >> the. >> us to understand. >> the. >> significance of different. >> moments in china. >> and so. >> you're telling me that that was important. >> when she and. >> jack ma. >> your founder, obviously was at. >> that meeting. >> he hadn't been seen in public, at least in that kind of a forum. in a while. so that was an important moment in your mind. >> i wouldn't underestimate the importance. >> of that event. >> and sending a message to the business community. >> as well, and to private enterprise. >> the message was very. >> very clear. the. >> government is. >> looking to the private enterprises. to come back and. >> boost the economy. >> interesting to hear. >> that and think about. >> our own business roundtable. >> meeting with the. >> president yesterday. well, look, i just read about about alibaba. wrong about america. look, we have nike, lulu, starbucks and apple are the only companies that are left with significant exposure to china.

if you open your business in china right now, here's what happens. you get a call from president trump. i don't want that call. that's a bad call. there's only one guy in the whole universe that trump calls that he actually it's a good conversation. he happens to be sitting right here. lorenzo goncalves cleveland-cliffs. >> we're going to you want to bring. >> him in now? >> you bet i do. >> nice to see you. >> good. >> good to see you. >> good to see you, my friend. okay. >> see you. >> as well. >> all right. we've got a treat here. it's a man who understands great clarity. lorenzo goncalves is the ceo of cleveland-cliffs, who has provided more jobs in an industry that people thought were dead than anyone other than. i'm going to have to say that nucor is arrival and, you know, i appreciate them. leon's a terrific, terrific ceo, i know you. thank you. okay, so let's go right to work. i want to take a i want to start at 30,000ft. the failure of free trade for merck. >> it has been the most damaging. >> thing that happened to. >> this country in the. >> last four years. and president. >> trump is. >> there to fix that. >> and we are.

>> completely in sync with. what's happening right now. and we will do the work for the people. >> of the. >> united states. >> where would the steel industry be at, given the trajectory of 2024 and the continuing trans shipment of chinese steel? where would you be? yeah. >> it's not. >> only chinese. >> it's chinese. >> it's. >> japanese. >> but they're keeping remember, they're keeping a lid on every other. >> absolutely. >> and the transshipment is. >> is cancer. and we would be dead. >> if this thing. >> would not stop. this thing would be dead. >> and how many good union jobs will we lose in this country? well. >> well. >> just for cleveland-cliffs, we're talking 31,000 jobs. we are the biggest union employer. >> with the us, w with the. >> uaw outside. >> of automotive. >> and with. >> the iam outside. >> of aerospace. >> okay. so let's talk about the actual pricing. there's lots of stories about how pricing is going to go up. big isn't the truth that even though you've raised price, that we're really just back a year from where we were and it was just last year was the worst year since 2010.

yeah. >> it was. >> it. >> was even. >> at pair with. >> the covid year, just to give you an idea. so we're not talking about. bringing prices up. >> we are. >> talking about bringing. >> prices back. >> to where you have a real. >> business. >> in 2024, we did not have a business. we had a terminal patient dying death by a. >> thousand cuts. >> now order book since since president trump came in, how are we doing? >> very healthy. and they are now starting to understand what they should have understood. >> last year. that trump would come. >> to bring. >> manufacturing back to the united states. >> and then if. >> you produce. >> here, you're going. >> to. >> be okay. it's still. >> tariffs are a matter of national security. >> there's no country. without manufacturing. >> and no country without still making. >> you don't want chinese steel

making our tanks and houses. >> we of. >> course we can't. >> how would that be? you think they'd work? but half the time, 50%. >> yeah. look. >> we can't, jim. >> we can't even think. >> about that. we have to make things in the. >> united states navy ships. how they do if we have chinese steel. pretty good. do i trust them? >> we of. >> course not. >> of course not. >> and it's not. >> by the. >> way, china is the biggest. in terms. >> of size. >> but others. >> are pretty much. >> the same in. percentage wise. you have worse than china, like. >> japan. like korea, like. >> the europeans. >> the entitlement. >> is over. >> it's america first. and america. >> for america's. >> we have got to have manufacturing. >> middle class jobs. >> good paying jobs, consumers able. >> to buy things. like i just did with my company cleveland-cliffs. >> i'm giving a $1,000. >> bonus for each. employee that buy. >> would buy an. american made car with cleveland-cliffs at least 1,000 pounds of cleveland-cliffs. >> is still inside. and they.

>> can pick from. 50 models. or if i go a. >> little lower than. >> 1,000 pounds, they can pick from 120 models. so we are the largest supplier by a lot. >> can american. >> manufacturing ever match. >> the. >> cost of production. >> of a foreign producer. >> without subsidies and. without currency manipulation. and without all the kinds of. >> cheating that. >> are embedded. >> in the number. >> that we're. >> trying to trick me and call me? yes, because. >> we're. >> the best. >> we are the most efficient. we have the highest technology. we use hydrogen. i came here not too long ago with secretary granholm to talk about hydrogen, because we're using not because we're trying. we don't brag about what we're trying. we're trying a lot of things. we only brag about what we do. and by the way, it was with the biden administration, even the biden administration was able to recognize our technological efficiency in comparison with other countries.

>> so right. >> now we have the right moment, the right time. manufacturing is back. if you believe that a supply chain bringing parts of cars across the border with mexico or canada seven times and this is efficient, this is not this is insanity. we've got to build in america. we've got to produce things here, employ americans and be. >> happy with everybody. >> efficient. >> why would. >> an automaker structure. >> it that way? >> because they take advantage. of the. advantage of a currency that is artificially devalued labor that is completely impossible to. >> to that's that's my that. >> was my question. >> whether we can. >> match that. >> kind of wage pressure. >> versus other countries. okay, these things are all great. but it's the same thing of saying, you can have this program here without carl quintanilla and gene cramer, ria from new york city. we can do it in india. they will do your job. receiving

10% of your pay. are you good with that? >> the indian jim cramer personally. >> and then you understand treat people like people. that's what president trump does. they want he wants the americans to be the ones winning. this capitalistic war. >> all right i got to go there. it's unpleasant. but your stock price is too low now. that's not good. it's a double edged sword. so what are you going to do? i mean, because you have to pay down debt. if the stelco deal. well. >> look, we need to. we, by the way, talk about the stelco deal. >> first thing i did. >> i agree with it. >> the best thing i did, because. stelco is a steel company of canada. it's the most well designed to supply the country of canada. and that's what we're doing. instead of dumping. its steel from canada into the united states. no more, no more. now we produce for the united states and still produce for canada. that's a good start. so every single. country across the spectrum should be doing the

same thing, because president trump, secretary lipnick, ambassador. >> greer. >> vice president j.d. vance are all. committed with this agenda. and they're not. >> going to he knows middletown. >> yeah. >> middletown is the center of the world right now. and by the way, the most modern plant. >> supplying automotive. >> steel in the united states, and it could be general motors, it could be toyota, north america, could be honda. all of these folks, they buy from us and they are happy. >> then we're not going to let nippon steel in here with heavily subsidized japanese steel, are we? oh my goodness. >> they receive. >> billions of dollars every year and their sense of entitlement is something that is off the charts. >> so they walk away and you finally get your wish and you'll be able to buy it. but you need your stock higher. >> yeah. look. yes. >> yes. >> the investors should see through this. but the time for things that you don't understand and you still invest because they are going up and take the ride on the train is over. now

it's back to reality. you can't have. >> a country. >> without manufacturing, especially in a world that's not the la la land that we. >> had for a few years. >> that's the problem. it's a service. economy is great, except for the fact when you have to have a defense. >> right. >> i guess. >> is there any. incongruity by between. >> bringing masa son. in and announcing. >> a huge investment in the united. >> states, and. having nippon. >> make a. >> huge investment in the united states? >> well. jim cramer interviewed president trump over there. here. he could have asked that. he didn't. so complain. >> with jim. >> doing my best. >> what do you think? i like the eagles. in my mind i was working hard. >> yeah. >> you know. >> you're right. so give me a break. >> you were great. >> i'm just giving. >> you a hard time. >> but at the end of the day, there is absolutely. >> no incongruence. >> what president trump is talking about and with masa is bringing new investment, new plants. keep in mind one thing, carl. we are the only country in the world, in the developed

world and including some underdeveloped countries, that we produce less tonnage of steel than we need in the country. everybody else has a surplus, everybody else has overcapacity, overproduction, and they believe that these markets belong to them, not to us. >> well, we're patsies. >> so we want to produce more in the united states. and that is deflationary, because when you produce the amount of steel that you need, then it's supply and demand. but we can't allow for the currency manipulators, the ones that just cheat the rules by changing specs, the ones that are just do transshipment with absolutely no concerns. these are the things. >> i'm talking about. >> all right. well, we're going to have to wrap things up. lorenzo, i think that you weren't as hard line as i'd like. betsy devos saving cleveland cliffs become the again. we have two steel companies left. we have letter x, but we have two steel companies left. thank you. >> thank you so much, jim. thank

you. carl. always a pleasure. >> good to see you. so as. >> we go to break. >> watch bonds today. >> we'll get a. >> ten. >> year note auction. >> at 1:00. >> other than that. >> the cpi. >> number. >> really? >> the print of the day did come in. >> light, both on. >> core headline. >> month on month. >> and year on year. >> ten year back to 4.3. >> stay with us. >> for. >> the bond report is brought to you by pimco, a global leader in active fixed income. >> beyond bitcoin and ethereum lies binance's bnb chain, a global powerhouse often

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>> let's get to jim and stop trading. >> yeah. >> you talked about earlier about the valuation shrinking the cheapest. now when you get micron to this level historically mu, it's the price to buy it. unfortunately they did get $6 billion from the us department of commerce under the chips act. if i were the president and i wanted to come after because he doesn't like the chips act, i would say, listen, we got to get the money back. that would be your signal to buy micron right?

>> then when. >> their subsidy goes away. >> well i think the president's going to attack them. i don't think he's going to. it's not their fault they were giving money away. i'm saying that that would be the moment because that would be wrong. >> that would. >> be it's not really the microns. sanjay mehrotra is one of the he's the guy who's most committed to building in this country, not intel. so i hope they don't go after sanjay. but if they do buy that stock hand over fist. >> because. >> that's like when disney had to shut down. the parks. you think that's. >> exquisite moment to buy, right? and sanjay mehrotra is good for it. they got high bandwidth memory, which is very important that we'll be talking about next week at gtc, nvidia's conference. so that's the one that i you know, i'm waiting for trump to attack. >> sure. >> it would be a shame. >> i mean, it has. >> been. >> on the front pages in boise right. >> what's what's. >> going to happen? >> yeah. i mean, sanjay is the least deserving guy to be attacked. so i hope it's done in a way that's a little bit more convivial. but because he doesn't deserve it, i'm just trying to anticipate the anticipate the hit. and then when he's on the canvas, you

want to be a buyer of him, right? okay. >> pattern recognition. >> yes, exactly. because i mean, he does not he's not a sting like a big guy, right? >> how about. >> tonight i got cloudflare matthew prince is incredible comeback. he was on when the stock dropped and he just said listen my stock is incredibly cheap. it was one of the greatest cold shots that i've seen in a long time. i really like him. >> wow. >> okay. we can. >> chip it away. >> look, i like look, this is a real rally, and it's real rally because it's not straight. up bad rally straight up. and then we get to the afternoon and they sell it down. >> yeah. >> you don't want that. >> we'll keep an eye on it, jim. you're right. >> it is. it is early. >> you don't want that straight up. we want the transports down when a lot of the dow stocks are down. but you want. >> all right. >> we'll see you at six. >> mad money. 6 p.m. >> eastern time with the s&p back. >> below 1600. stay with us. >> the number of public companies is shrinking while the number of private companies is

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>> good wednesday morning. >> welcome to another hour. >> of squawk. >> on the street i'm. >> carl. >> quintanilla with leslie picker michael santoli. >> live. >> at post nine of. >> the new york. >> stock exchange david. >> and sara on assignment. >> bulls doing. >> a little nibbling. >> at least this. >> morning. >> s&p back to 5600. >> by the way yesterday's low 5528. cpi did come in. cool ten. >> year yield. >> comes back to four. >> three and then some. >> by the way a quick programing note. do not miss a. >> big interview tomorrow on. >> squawk on the street. our sara. >> eisen is going to talk. >> to the treasury. >> secretary, scott. >> bessent, about everything from market volatility. to the impact of tariffs. >> very much looking. forward to that. >> we are 30 minutes into the trading session. here are some movers. we are watching intel shares rallying. there are. reports out there that taiwan semi has pitched nvidia. amd and broadcom about taking. >> stakes in a joint. >> venture to operate intel's factories. taiwan semi reportedly proposing to run the operations of intel's foundry division, which makes chips for customers. >> but it wouldn't. >> own more than 50%. those

shares up. >> about 6%. >> right now. morgan stanley cutting its price target on apple to $252 a share from 275, saying the delayed i siri update means apple will have fewer features to fuel iphone upgrade rates. shares about flat right now and tesla shares. trying to rebound for a second day. oh there you go. >> up 7.3%. very much. rebounding but still. >> on pace for losses on the week and hovering right. >> around 50%. >> off of their 52 week highs. >> meantime, as we said, stocks trying. to rebound after we fell into correction to yesterday on yesterday's trade. mike what are you watching. and are there either. positioning flows. or sentiment metrics that are driving the conversation. >> right now. they've been in the. neighborhood for a few days of. >> good enough usually to get an. >> oversold bounce. >> but. not too much more. >> compelling than that. i think the cpi. >> number, which. >> was a. >> bit lighter than. >> anticipated, was at least one fewer thing piled up on the pile of negatives. and it cleared.

>> the way for at. >> least a reflex. >> rally attempt. >> it seems as. >> if the market. >> is acting like the. >> urgent selling has dried up down. >> at these. >> levels, you get down. >> to. >> a 10% pullback, 10%. >> correction. >> and. >> it's at least a. >> moment to stop and say if it's going to get. >> much worse. >> than. >> this very soon. >> you. >> probably have to see a. >> little more tangible evidence. >> of outright. >> economic weakness. of financial. >> conditions tightening. >> a lot more elsewhere. >> credit's not really. >> acting up. >> too much. >> so i. think that's the. situation we're in. i'll channel. >> the late. great art. >> cashin, which he used to say. >> after you've had one of. >> these sharp. >> gut checks. >> it's like a cardiac event. and what the person whose experience it does is. they're constantly checking their pulse. they're constantly sort. >> of aware. >> of. >> all the little. >> micro sensitivities that you might have. and that's. >> where we are. >> right now. so i think the. gnomes that i look at, say, 56, 25 on the s&p could be significant. it's one of the waypoints. >> that you would. >> want to hit and close above that and say, okay, maybe that means that in fact you can have

a fuller bounce. >> every any initial. >> rally is going to be suspect at this point. and obviously it's going. >> to. >> be headline dependent. but leslie, i'll say it again. >> if this was. >> all and mostly. about tariffs every day, different stocks. >> would be leading. >> us down. it's just not that. >> it's just not like gm and ford going. >> down every day. it's obviously one of the things. >> that's weighing. >> on the. >> macro outlook. but it's not necessarily just. >> that. well it's all related to this unwind, which we'll go into greater detail later in the hour. but it's this idea that there was a crowding effect into certain names, things that were were seen as beneficiaries really of the trump trade. and then the reversal of that when the headlines went out of favor, when there were filings that revealed that a lot of funds were. >> in the same positions. >> to. a similar magnitude. leverage was high. >> everybody sold out. >> and then you kind of had this rush. >> for the exit over. >> the course of a few days. now, the question. >> is whether. >> you know. >> that capitulation. >> is. >> is done. if there's. more wood to chop. >> their gross. >> leverage is still. >> pretty high. >> some of that could.

>> be just the dynamic by. >> which they calculate. >> it relative to kind of what equities have done, how people have sold out of their positions, and how people have taken on additional short exposure in light of all the uncertainty. >> by the way, the. >> losers right here, we're talking about on the dow and. >> even. >> the s&p. it's the defensive stuff. so yes, the indexes. look like they've just like yeah exactly. they did. that bounce is dissipated yesterday. >> it was kind of. >> mag seven. growthy hard hit stuff that was rallying. if you could put together two days it ratifies the idea that okay that four selling momentum stampede out maybe has has has abated to some degree. so we'll see if that works. all right. fresh inflation data coming in better than expected. >> this morning. >> as we were mentioning. >> steve liesman here with the breakdown and more on why recession. >> fears are growing. >> on the street. >> hi, steve. >> hey good morning mike. yeah, the better than expected cpi this morning offering the best possible setup you could think of for a series of price hikes that could be coming into the system from tariffs. it's a better starting place for the fed and its ability to cut rates. if there's economic weakness and it's needed. headline zero two better than

the zero five we had last month, the 10th better than the estimate core zero two. that's half of what it was. you can see what's happened. the year over year rate has come down, but perhaps not where it needs to be for the fed to feel super comfortable about cutting that 3.1% on core, probably a half a point higher than it would be in the pce. meat, poultry, fish and eggs. that was 1.6%. that was a reason for the increase. energy services used cars and trucks also higher. but you got some relief on gas and airline fares was probably the biggest reason for the number coming in below expectations. but that doesn't feed in to the pce number. economists at raymond james writing quote, there will be some inflationary impact from tariffs, but it is still not showing in the overall numbers. however, even if tariffs impact inflation, the underlying disinflationary trend remains intact. that's important. the outlook for inflation in the months ahead and how the fed might react, that's one of the uncertainties markets are dealing with. it has some concern about recession. the recent failure of old recession guides means forecasters flying

somewhat blind. you can see there the inverted yield curve in the summer didn't work. recession predictions under biden ended up being wrong most of the time or all the time. actually, tariffs look like they will have the biggest effect on the supply side, and it's rare for that to be a source of recession. macaulay paul macaulay, economist, says almost by definition, a recession is driven by the demand side of the economy, which gives you the excess capacity on the supply side. talk to mike england from action economics. he says predicting recessions are problematic because it comes from places you don't expect. recessions tend to occur from what they call exogenous shocks, something that from the outside that's not expected. the economy can adapt to something that's slow moving and well known. the difficulty in adapting, lack of clarity for what is going to happen in tariffs, taxes and the level of government spending. i don't know if you guys saw, but justin wolfers put out what he says is the world's first ever intraday tariff level chart from yesterday intraday. yeah.

because it went up and down and back up. >> yes of course. >> and lutnick is on the tape saying that if you think the process is chaotic you're being silly. but okay. >> yeah. >> one thing. >> that. >> i did see yesterday, jim, was. >> your hit with. >> kelly, which. >> went viral. >> and gets backed up to a large degree in the journal op ed pages today. >> any reaction. >> to it? >> well, a lot of it appeared as if i was speaking for a lot of people who find the process very chaotic, chaotic and slightly insane. i was not calling the president insane, of course, but i think that there's a way to do this in a way that is less disruptive. and you can say it's a win for trump when he beats up on the minister of ontario. but, you know, i mean, that's like not really a fair fight. is it a win for trump if you've shaved 3 trillion off of the s&p 500, in search of some unknown goal, you put these steel tariffs in place. there's research carl. you know, that shows that you may save some steel jobs, but you end up losing jobs in places

that use the steel. and that is those are far bigger industries than the steel industries. not that i don't feel bad for the steel industries. it just doesn't feel well thought through. carl. it feels like if you're going to make a major change where if, for example, where's the white house's economic estimates on how all this works out, how many jobs will you create? how much will it cost? who's going to lose jobs? what happens when you raise the entire cost structure of the north american supply chain? well, i know what happens. you've got to erect tariffs in april in order to essentially protect the north american supply chain where you've raised the prices. how long until we get those manufacturing jobs that will happen when companies start to build in the united states. if there was an estimate or some kind of sense, karl, that that this thing had been thought through my opinion, my take would be completely different. >> right. >> well, that's why holtz-eakin is quoted. >> in the journal. >> today calling. >> it. >> a. >> horrific start for the economic policy. >> can you remember you remember

when we used to get a briefing book from the white house on a major economic change? it was this thick. it had a fact sheet on it. it had the economic estimates. it had how many jobs? and then, of course, you could rate the administration over the coals or, or you could say they were right when the numbers came in as they expected or below they expected, but they put their money where their mouth is. they created an estimate. kevin hassett, i'm talking to you. where are the estimates before you do these policies? how do you put a tariff on canada in place? and then three days later you talk to the car companies and then you take it off? justin wolfers is not lying about an intraday tariff chart. we may have an intraday tariff chart today. >> yep. we'll see if we need it today too steve. thanks, steve. liesman we'll talk in a bit. >> let's get some more. >> on the. trade tariff. turmoil canada now to. >> impose reciprocal tariffs. >> our megan cassella is live from d.c. with the latest. and they're not the only ones megan. >> they're not the. >> only ones carl. that's right. >> so first it was. >> the eu. >> overnight announcing some retaliatory tariffs. and then just in the last few minutes canada now. saying they will be putting 25%. tariffs starting.

>> tomorrow on. >> about $20 billion in. >> u.s. exports. >> they say they'll mostly be targeting. steel and aluminum. but they're also going to hit some other. >> u.s. imports. >> they say that. >> will include. >> computers sports. >> equipment and cast iron products just as. some examples. so expect more details to come from canada. and i would also. expect more retaliatory announcements to come today. >> guys. >> as other countries. >> start to. digest this move. >> because remember. >> this hits. >> everybody across. >> the world. so we do. >> expect to see more retaliation. >> and now getting back. >> to where. steve left off, this is the. >> rare policy move where. >> we. >> have a pretty good idea of what the economic impact will be, because. >> we. >> saw this happen. >> in president trump's first term when he first imposed these. >> tariffs on most. >> at. the time, steel and aluminum imports. that was back in 2018. >> he then. later carved out. >> a handful of countries, in part because of the economic impact that we saw. the upshot at the time was that there was some modest help for domestic steel and aluminum producers, but all steel and aluminum users were hurt. and as steve was saying, since that's a far. >> larger subset. >> of the economy. the net

impact overall was. >> a negative one. >> so just to put. >> a couple of. numbers behind it, some research from the. >> federal reserve. >> it found that the tariffs boosted employment in manufacturing by about 0.3%. that's how much it helped producers. but the rising input costs then dragged down the same sectors employment in. manufacturing by a little over 1%. retaliation pulled. >> it down. >> another 7/10 of a percent. so then on net, the. >> impact was. >> about a 1.4% hit to manufacturing. the council on foreign relations says that was a direct. loss of about 75,000 manufacturing jobs. and to put it more simply, economists at the peterson institute estimated there was a cost to consumers of about $900,000 for every one job saved or created in. >> the. >> steel industry. and remember, guys, those tariffs impacted only a fraction of the steel and aluminum imports that are seeing new duties today. so we can expect that impact to only multiply now that it's a bigger move. >> guys. >> meg. megan. it felt like in in. trump 1.0 that. the tariff

policy was. >> really solving. >> for what you just laid out job preservation, preservation of manufacturing. this time it feels a lot more muddied. it feels like, you know, one day it's about. >> fentanyl, one. >> day it's about, you know, making sure. that u.s. manufacturing. >> remains. >> competitive and jobs are saved. what are you hearing in washington in terms of the priorities that they're looking for? because that confusion makes it difficult to. >> assess, you know, what. >> exactly is going to happen next. >> if the fentanyl. >> issue gets solved, then our tariffs going away, or if the manufacturing preservation, if they find workarounds, does that go away? but without. really knowing. >> what they're solving for makes. >> it kind of challenging. >> absolutely. >> you were. >> hitting on what i hear from the most here, the most about from industry. from companies, from consumers, is that. >> it's not. >> clear what the goal is with these. and because of that, people don't know how to react. they don't. >> know what the overarching priorities are. you're absolutely right. first it was fentanyl. these tariffs are about national security. they're reciprocal. tariffs are about fairness and a level playing field. and maybe the trade

deficit. and maybe just some long standing gripes with the eu and with canada particularly. those are the ones we hear the most, where. >> the president seems. >> to have. >> some personal frictions. >> or some personal gripes, i would say. so what i hear. >> from the white house. >> is that it shifts almost every time that you talk to them. they're focused on the same pool of things that you and. >> i have. >> now both. >> mentioned. but they're. >> not always leaning on just one. remember a few weeks. >> ago, they said. >> they were never going. >> to take the canada. >> and mexico tariffs off until there were zero fentanyl deaths in. >> the us. >> obviously we didn't get to that point. >> then they said they. >> talked to the. >> car companies. >> they didn't want to hurt them. that's how they removed about half of those. so we just don't know. and you're right, that industry does not like that. they're using tariffs to try to solve for. >> non-economic issues. >> we will. >> have to see how that develops. >> we. >> will have to. >> megan, thank you very much. as we head to a break. here's a roadmap for the rest of the hour. we'll discuss the tariff fallout for automakers and also speak with. ceos of. >> one. >> of canada's largest steel makers. >> plus, what happened when

hedge funds unwound their trump trades. we'll talk about it. >> and bridgewater. >> founder ray dalio warning about america's mounting debt problems. he has for a long time. we've got more. >> of sarah eisen's interview. >> with dalio coming up. >> at squawk. >> at squawk. >> on ♪ ♪ the flag replacement program got started by a good friend of mine, a navy vet, saw a flag at the office that needed to be replaced and said wouldn't this be great if this could be something that we did for anyone? comcast has always been a community driven company. this is one of those great examples of the way we're getting out there. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term

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sale and make your dream. office a reality. >> welcome back canada announcing 25% reciprocal tariffs on some u.s. imports. this comes after president trump's steel and aluminum tariffs went.

>> into effect. >> adding to uncertainty for. >> the auto sector. here, with his. >> take on. >> the. road ahead. no pun intended for the. automakers is former ford ceo and cnbc. contributor mark fields. mark, thank you for being here. >> so there are a lot. >> of different ways. >> that the. >> that the tariffs that the expected tariffs will impact the auto industry. can you just help level. >> set for us where. >> we are right now and how it's impacting corporate decision making in the sector? >> well, leslie, right now. in every boardroom. >> in every automaker. >> any investment decisions that are on the. >> on the table. they're taking a time. out because. >> there's no clarity. usually. you know, when you're making an. >> investment. >> you have. >> a set of. >> assumptions. economic assumptions. >> cost assumptions. and right now. those assumptions are worthless given given the changes. it's a. you know. >> when you. >> look at what's happened, you know, just in the last week in terms of tariffs going on or tariffs. >> being delayed. >> you know, it's. >> a bit. >> like playing whack a mole. >> with a blindfold on. >> and in that case everybody's taking a pause.

>> but from the industry standpoint. >> i think what's happening. >> you know with the with the tariffs. >> right now, first thing they're doing is. >> first keeping a running tally of either. >> what's been imposed or. >> what has been. proposed to be imposed. secondly, you know, they're they're they're stockpiling the best they can, particularly in vehicles. >> that. >> are producing in canada and mexico and maybe stockpiling them and not shipping them across the border until they get some clarity. and, you know, just on the cost side of the house with these, these aluminum tariffs. i mean, you have to put into perspective that, you know, there's hundreds of pounds of aluminum in a vehicle, whether it's doors or lift gates or hoods. and even since 2018, and i know in the previous sector they talked about. >> the impact of these aluminum tariffs. there's more. >> more cost. >> in vehicles today on aluminum. and canada. >> supplies 50 to 75% of the. >> aluminum into the u.s. >> so costs are going to go up.

>> so automakers. >> are grappling with how do they deal with that. do they pass it on to consumers or do they eat it? >> it seems like a convincing argument. especially since it's a multifaceted impact for the automakers. and it. seems like based. >> on that. >> the price increase would be passed to consumers. is that correct? and if so, do you. >> think that. >> would. >> get the administration's. >> attention and maybe. >> recalibrate. >> open up talks and solve this thing without tariffs? >> well. >> it's. >> going to depend on the automaker. let's let's just take into. account right now the aluminum tariffs. that are in place. some automakers may. >> have more. >> sources of. >> aluminum in the us. than others. >> but those. >> that don't, they're. >> they're going to make. >> a judgment. >> whether they'll take the hit on the margin. >> or pass the cost on consumers. >> and what they're. >> facing on the consumer. >> side is. >> prices are off. >> their their peak. >> of highs last year. but still, you know, at an average payment for a. new car for a

customer of about $750 a. >> car, the. >> automakers are going to have to make that judgment. >> do do they pass that cost. on onto consumers? do they decrease the incentives, or do they take production out of their production schedules and take the hit on their their profitability. >> for that? >> so that's the kind of calculus and the decisions that's going on right now in the automakers. and then they have to look forward. right. because as you know. >> the trump administration. >> has said vehicles for coming that are assembled in mexico and canada, there's a month delay on whether those will be tariffed at 25%. so you have to think forward as well. so it's a lot of uncertainty. and automakers and businesses in general do not like uncertainty. and that's why a lot of investment decisions and production decisions are going to be deferred. >> mark. >> presumably the industry is trying to plead its case on some

level here with the administration. what do you think they may specifically in terms of tangible steps, be asking for? i mean, is there a way to exempt, you know, intermediate. >> goods as they go back. >> and forth across the. border as part of the manufacturing process? or is or is there some other way that they might be be trying to preserve a little bit of their economics? >> you know, i think there's a couple of. >> things going on. let's let's take the aluminum tariffs right. >> now. >> you know, with with. >> trump's the administration's. >> strategy in trying to bring jobs back to the us, the to build an. >> aluminum smelting plant. >> in the us is going to take years. and you know, david these these plants are 3 or 4 football fields long. so they're really big. and it's not only the time but it's the cost of the energy. aluminum is very energy intensive. and guess what. where are you going to place. >> these plants. >> you're probably going to have to place them near, you know, a data center or server farms which use up a lot of energy. so

there's that piece of it. so i think they're going to have that discussion with them and say, listen, this is just not possible. but i do think. >> as i've. >> said before, i think the end. game for the. >> trump. >> administration is they want to renegotiate the usmca agreement, which was the previous nafta agreement. i think they have. trump has regrets that he didn't ask for more u.s. local content. so i think the automakers are. going in there and saying, listen, if let's tackle that trade agreement and give us a glide path in terms of a timeline to bring some specific components or assembly jobs back to the us. but you have to give us some time because without that, it's just basically going to destroy the financials of the automakers in the us and make them even more uncompetitive globally. and they have to compete globally, not only here in the us. >> mark, really quick, what happens if in. >> four years there's a complete. >> reversal in tariff policy then what?

>> well. >> i guess we'll. >> be on this. >> interview talking about that on the same. >> things. >> and that's why i think trump really wants. >> to renegotiate the usmca agreement, because if that agreement is in place, then the next administration can't go in and change that only until the time that it expires. >> all right. >> thank you. mark fields. really appreciate you breaking all that down for us. >> great. thank you. >> still ahead. >> the. >> biggest risk that ray dalio. >> sees ahead for stocks. >> and no it's not about tariffs as we go to break. check out. >> the. >> biggest drags on the dow this morning led lower by verizon. >> some of that defensive. >> trade that's been in place the last couple of days getting unwound a bit. you see mcdonald's which had a banner day yesterday. >> stay with us. >> 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 wisdomtree portfolio solutions

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>> 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 wisdomtree portfolio solutions visit wisdomtree.com/portfolio consultations. cnbc live ambitiously. >> the pga tour's best look to conquer 17. >> all eyes. >> on this. >> as scotty. >> sets his sights on a. >> third straight championship. all eyes on the. >> players on nbc and. streaming on peacock. >> welcome back to squawk on. >> the street. >> the street's. biggest thinkers, leaders and ceos meeting in singapore. >> this week as. cnbc kicks off its. >> annual converge conference. >> our sara. >> eisen caught up with bridgewater co founder ray. dalio. alongside salesforce's marc. >> benioff, and asked. >> about this recent market unwind. >> take a listen. >> broadly speaking ray we have

seen a bit of an unwind in. >> the in the. >> us market. there's this idea and president trump said it himself that he wasn't specifically trying to avoid recession. >> and he. >> seemed cool with. >> the idea. >> they're rebalancing everything when it comes to trade. >> potentially the us government deficit. does it make. >> you think. >> differently about the us stock market and our prospects for recession in the us? >> well, i think the first thing is the debt issue. we have a very severe supply demand problem. so we think there's that. and some people. >> think. >> oh, we'll handle it because we've handled it so far. i don't think they understand the. >> mechanics of debt. >> by the way, i've written. >> the draft. >> of a book that anybody. can see on social media, on. on particularly linkedin, that goes through the mechanics of the debt. but there's a supply. demand problem so that they have

to sell. >> a. >> quantity of debt that the world is. >> not going. >> to want to buy. and that's a set of circumstances that is imminent. okay. that's that's that's paramount importance. then we're going to have to deal that the deficit must go from what will be projected now to be about 7.2% of gdp to about. >> 3% of gdp. >> otherwise, there will be a supply demand problem. okay. that's a big deal. you are going to see shocking developments in terms of how that's going to be dealt with, things that that may not have happened in our lifetimes, but things that have happened throughout history. >> meantime, sarah also asked benioff. >> about what he's hearing from clients. >> is a trade war healthy? because the market's also going down on that? i mean, mark, you sell. >> to so many enterprise. >> customers, talk. >> to so. >> many ceos. >> i wonder.

>> what you think of the latest tariffs there coming from. >> left right canada mexico china. reciprocals coming on. >> april 2nd. what are the ceos you're talking to. >> saying about it. and is that uncertainty leading to actual action. lower enterprise spending. >> for instance. >> and a potential recession? >> well. >> again, i think that, you know, you line. up what you're saying with. >> ray, it's about. the what and. the how, you. >> know. >> and. >> and. >> the what is. >> yes. do i believe reciprocity. >> is good? >> reciprocity can be very good. you know, so you have like clarity. >> like if one. country is. treating you this way. >> you're treating that country with. >> the same reciprocity. >> so you're. >> on board. but but it's. >> the. >> how also and. >> the how. >> is. >> very important. and you've got. >> to put the what in. >> the how together. and if you can't put the what and the how in a. >> consistent. >> clear and meaningful. >> way, then. >> you could end up with high levels of volatility and conflict. and i think that. that plays into then ray's. you know,

world view. >> high levels. >> of volatility and conflict. mike i guess we're again talking not about policy and games but policy execution execution side effects and maybe unforeseen circumstances. i mean, i think you have to look at it a little bit through the filter of like ray dalio is kind of always sees a potential debt crisis on the horizon. he's written multiple books about that. but it's not it's not misplaced to talk about the fact that our trade deficit means we export a ton of dollars out of this country. they come back in terms of demand for our assets, including treasury debt. i mean, that's one of those things that balances the global books that if you actually made progress on curtailing the trade deficit, does that mean effectively cost of capital goes up? right now, you're already seeing, you know, the sort of yield differentials move around, the currencies move around globally. so i think that's something you have to keep an eye on and recognize that it can be a source of instability in

the interim. >> so i've actually. >> read the. >> draft of his latest book. >> and that is the argument. >> that he. >> idea that. >> you know, if you shun some of the international. people who have been big. >> buyers of our debt, you know, what does that. >> mean in terms of the. >> interest rate. levels and. >> going up from there? he calls it a. >> debt death spiral. this idea. >> that, you know, the worsening. >> credit picture. could lead to less demand for the debt. >> leading to higher interest rates. >> but if they. >> turn their back on the dollar, just put 100% tariff on. >> it's a very. >> circular argument. >> also. >> nobody knows what that threshold is. 7% was probably thought to be way beyond the threshold before. and here we are with a. 4.2% ten year. >> yeah. >> it hasn't yet come. >> to come to bear. we'll see. >> as we head to a break. nasdaq up. >> more than 1%. >> on the day. it is the standout. check out the biggest gainers on that index this gainers on that index this morning tesla leading [sfx: wind, rain and rolling thunder] with the vision to see what's possible and the grit to make it happen, morgan stanley can help create the future only you can see. [crowd cheers] [music out]

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official. >> get started at. >> trust and wilcom and make it count. >> welcome back to squawk on. >> the street. i'm angelica peebles with your cnbc news update. secretary of state marco rubio says the u.s. is taking a

30 day cease fire proposal to russia today, after ukraine agreed to the terms yesterday. following talks in the u.s. and saudi arabia. rubio says the. >> u.s. will. >> strongly urge the kremlin to end all hostilities. meanwhile, ukrainian and polish officials confirmed this morning. >> that. >> u.s. arms deliveries have resumed to kyiv following yesterday's breakthrough. a u.s. official says a person of interest has been identified in the week long search for a missing university of pittsburgh student. she vanished last week while on spring break in the dominican republic. local authorities say the case is still considered a missing persons investigation, and the owner of a cargo ship that collided with a u.s. tanker. says its. captain is a russian national. british authorities say they do not suspect foul play in the crash. police arrested the man in england yesterday on suspicion of manslaughter by gross negligence over the fiery collision. mike, back over to you. >> i'll take it. angelica. thank you. angelica peebles. >> watch the markets here. >> we started out. >> with a nice posture, a pretty good tone, where we're really

only the defensive sectors were in the red, but we have lost a little ground. financials have turned red. industrials some materials. we continue to see tech. >> carrying most of. >> the water today. but it is a long session. bob pisani. >> is here. >> with more on what he's watching bob. >> well there's good news and bad news. i mean look at the market here. the good news is. >> the cpi. >> helps and potentially it opens the door maybe for the fed to ease a little bit. but we don't know how much the tariffs or anything like that are baked in. the bad news is well they're selling into the rally folks. look at the s&p 500. we started out what was the high point here? 5642. it was right at the open. there's the high print we sold right into the whole thing. >> it is. >> good to see sector wise. okay. it's good to see a little more risk on good to see technology leading for example. that was there today. consumer discretionary that looks up. that's an illusion. that's all tesla. that's what that is. almost the entire sector is down except for tesla. and you can see risk more risk averse. >> sectors like. >> health. >> care and consumer staples are lagging there. there's tesla, which is the reason that the consumer discretionary sector is up. and nice to see micron and

nvidia bouncing. and broadcom this is why we got technology up. that's a good sign. but again these are all off. >> of their highs. >> the market laggards. boy the transports just look terrible these days. delta united. and we have new lows all over the place in transports csx 29. that's a new low. fedex is a new low. they're 239. and there's other stuff that j.b. hunt set a. >> new low. >> old dominion's. >> at a new low. so the transports are really not telegraphing a positive news on the economy right now. the big debate right now, and the reason they're selling into. the rally, they can't figure out whether is this a slowdown or a recession. and it's still not clear. and that's what's got the market on edge. so the s&p 500, you know, all within roughly 1% of a 10% correction from its recent high. the reason the market's in a tizzy is that the tariffs could be the agent that tips the economy from a modest slowdown into a recession. and for stocks, there is a big difference between a slowdown and a recession. in a slowdown, growth declines, but the economy

doesn't shrink. in a recession, the economy does shrink literally by definition, and the stock market reacts very differently between these two. and this is why the economy the market's in a tizzy in a slowdown. >> defensive sectors like. >> consumer staples and health. >> care they do well. >> but technology stocks can also do well in a slowing. this is a slowdown you see potentially. not in a recession. defensive sectors are usually flat to down. this study goes back to 1960 on on recessions. but tech stocks tanked by you see about 20% on average. but over the second part there you see technology down 20% on average. and so the issue here and the big problem everybody's got the uncertainty about is what is this here is this is a recession or is this a slowdown that we're entering right now. and day by day people can't figure out and what the market really wants? i've been saying this for two weeks is they want the tariffs to go away. that's what they want. and the crazy

thing is a tweet can change all of this. so normally when we talk about slowdowns we talk about fundamentals. we bring in liesman. we get all this boring stuff about where the economy is going. and now it's like, well, the tweets can change everything. and that makes people a little bit crazy every day. >> what do stocks do during stagflation? because we're. >> hearing much worse than that. you want to go back to 74 and 72 and three and four. no, you just everything. >> is. >> down and you're selling consumer staples and everything. so hopefully that's not what we're entering right now. i'm doing the optimistic scenario. see we already it's perfectly reasonable. we're there 10%. there we are. there is high valuation issues and there's somewhat. >> slowdown in. >> the economy. that's a standard garden variety correction. you would be perfectly comfortable having that conversation right now. but you throw in the tariffs. that's what tips everything over to the other side. and that's why we can't figure out where where are we where we get these everyday gyrations and why you get selling into what should be a decent rally today. >> yes. the intraday tariff. >> rate as. >> liesman put it.

>> last hour. stay close bob. see you soon. bob pisani coming up next hour. >> mark's bill nygren is with us. says to bet on financials here. we'll talk about. >> why at 11. >> a.m. eastern time. >> and after the break the ceo of canada's one of canada's largest steel producers. algoma talking tariffs as the company. pauses all shipments to the u.s. he's going to join us next. >> trend tracker. >> is sponsored by cme group. and cme group where risk meets opportunity. >> omaha steaks semiannual sale is back. >> save 50% site wide. >> on america's best steaks, chicken, burgers and more. >> all backed by our. >> 100% guarantee. right now, you'll get 12. omaha steaks burgers free with your order. >> visit omaha steaks.com/tv today. >> sometimes it feels like the wild west out there. in uncertain times. like these,

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dream retirement is on track. >> if your portfolio. >> is $1 million or more, call fisher today. call one (800) 213-5317. >> for me. >> squawk box. >> is breakfast with the most interesting people in the world. >> it's a privilege to get to talk to them every day. >> it's more. entertaining than any other morning show, but you might get some useful information. >> squawk box weekday mornings, 6 a.m. eastern. cnbc 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 jim's monthly meeting. >> go to. >> cnbc.com slash monthly meeting. >> to canada today announcing 25% reciprocal tariffs on some u.s. imports. meantime, the president's. 25% tariff on all steel and aluminum imports kicks off today. and as a result, our next guest company has paused all shipments to the u.s. michael garcia, the ceo of

algoma steel, one of the largest. >> steel producers. >> in canada, joins us this morning. michael, thanks for the time. appreciate it very much. >> my pleasure. >> can you talk about the preparation you've made. for this. particular day? >> sure. >> well, the pause in shipments is really temporary in nature. yesterday around midday, we picked up news that there may be a 50% tariff as of midnight last night or this morning. that then changed by the end of the day to 25%. and there was talk about a further follow on meeting happening on thursday between premier ford and mr. lutnick. so i think for a matter of a couple of days today and maybe tomorrow morning, we're going to pause shipments because really the tariff when it's in place is triggered when our product crosses the border. so we have the ability, without impacting our customers to pause shipments. we have trucks rolling across the border every we're right here on the canadian border in sault ste. marie, northern ontario. so we'll pause

until thursday to have a better understanding of where we are. >> we were. >> at this desk about this time yesterday when that 50% number crossed the tape. it obviously through our assignment desk and our production booths into a bit of a tizzy. can you give viewers a sense of what how it resonates at your desk and in your meeting rooms? >> sure. >> we were literally in a meeting reviewing our our forecast for the remainder of 2025. we had several different scenarios in place with 25% tariff, 50% tariff, 0% tariff. and we were we were discussing, you know, the different scenarios and what we would need to do as a company to react. and we went from our our base case being 25% tariff and a lot of discussion about that to okay. now our base case is 50% tariff. and this was happening in real time as somebody saw the, you know, the tweet. and so that

changed the tenor of the conversation for sure. >> can you explain your calculus behind pausing the. shipments as opposed to maybe passing through higher costs to customers or eating a bit on the margins? i'm just curious. how the thinking went into the decision to pause. >> well. >> it's really a. reflection of how dynamic and uncertain the situation is. there's a tremendous amount of difference between a zero, 25 or 50% tariff. and we did this last week when the initial 25% tariff was in place. we started hearing different reports that, oh, there's discussions happening. we saw the news. i think it happened with mexico first, that the 25% tariff was going to be delayed until april 2nd, or maybe it was the automotive sector tariff that was going to be delayed till april 2nd. so we paused, i believe, on wednesday and thursday. and then by thursday we had news that the canadian tariffs were also paused. if you were compliant

with the 2019 usmca agreement, which we are. and so by pausing shipments for a day, any ton of steel that crossed the border that didn't cross the border, when a 25% tariff was in place avoided a 25% tariff. when if you think about a ton of steel, if you're if your revenue on that is $1,000, that's $250, $250 that we avoided, and you multiply that by thousands of tons, that's a lot of money. so this is what we've found ourselves doing in the last couple of weeks. >> michael. >> i guess the question would be if the 25% remains in place for some time, what does it do, let's say in market share terms, is there capacity domestically in the us to make up the gap for the higher cost imports, or is it really just going to be about who who shares the cost and killing overall demand at a higher price? >> well, when you're talking. >> about steel flows between us

and canada, it's really not a significant part of the market share. i think the us consumption of steel is around 119 million tons. the integrated market for steel in between canada and the us, it's very integrated. so we have raw materials like iron ore and coal and scrap metal that flows across the canadian us border to steel producers on both sides of the border. the canadian steel producers ship about 6.5 million tons of steel into the us, and us steel producers ship about 3.5 million tons from the us into canada, and we ship it to customers that then make products like durable goods and automobiles and oil country pipeline to. and that then gets shipped across the border. so it's very integrated. i don't think there's any evidence that since free trade has been in place for steel between canada and the us for several decades, that this amount of steel flowing back and forth in the

net flows has killed u.s. industry or damaged workers, or damaged the manufacturing sector. in fact, i think there's a lot of evidence that it's benefited the supply chain in both countries over that time period. >> hey, finally, michael, you seem like a pretty candid type. >> what to. >> you is a doomsday scenario, at. >> least. >> regarding u.s canada trade? >> well. >> a very significant and concerning scenario is a 25% tariff in place for a length of time with certainty that it's going to be in place and no substantive conversations going around, going on, around finding if there are, you know, that that problems or issues with the free trade that i described that's been in place for several decades, i would hope that the people come to the table and have a fulsome discussion around improving or tweaking or addressing specific issues with that free trade, like happened in 2019 with the signing of the

usmca agreement, which i believe president trump called the best trade agreement ever. but if 25% is in place for a long time, that's a serious concern to companies like algoma steel. >> michael. appreciate it. good context. >> for viewers. >> who are having trouble just keeping up. thanks very much, michael garcia. >> my pleasure. >> yeah. very helpful. coming up, is the future of housing 3d printed? let's get. >> to diana. >> olick with more on what's ahead. diana. >> two years ago, we came here to texas to see the very start of what would be the world's largest 3d printed community. well, it's done, and we're back. well, it's done, and we're back. we'll take you inside. comcast business doesn't just power businesses. we help turn them into... ...logistics-mastering... ...supply-chain-transforming... ...seamlessly-restocking... ...frictionless-paying... ...poke-bowl-ordering... ...cyber-securing... ...mobile-access granting... ...data managing...

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everything else, may lie in technology. we're talking about 3d printing on a high production scale. diana olick is just outside of austin, texas. georgetown, texas with more on this. hi, diana. >> hi, mike, and we are in the model home for what is now the world's largest 3d printed community. and yes, the walls do feel like wide wale corduroy liner, which is the nation's second largest home builder, partnered with icon, a 3d printing company, to print 100 homes here, and they did it much faster than it would have taken conventionally. >> we have a durable. >> product here. >> that if you look at its wind resistance for. >> hurricanes. >> its fire resistance for fire worn areas, the ability to adapt. modern product to what we need for the future in housing, in. building a healthier housing market is amazing. >> icon started with two printers but grew to 11, and by the second year they were

squeezing out two homes per week, each printer doing the job of more than a dozen construction workers. the systems operated 24 hours a day. the only part not printed is the roof. now the homes have all the amenities you would see in a regular lennar community, and each is solar powered. they come in two and three bedroom models, starting at just under $400,000. >> we wanted tall doors, taller. >> ceilings. >> cement floors somehow, and this home just had everything. so really just a combination of the energy efficiency. >> the practicality. >> the price point and then the esthetics. >> now this was an experiment for lennar, so their costs were slightly higher as they worked out the kinks. but miller told me, and this is a first on cnbc, that lennar is already working on its second 3d printed community, which will be about seven miles from here. it will have twice as many homes, and they'll be able to build them much cheaper than they did these homes. and just a note on tariffs. icahn's ceo told me that all the concrete used in

this development was sourced domestically. so there is your housing tariff hedge. back to you guys. >> we are taking we'll take anything to undo this housing shortage. diana. thank you. diana olick money movers begins diana olick money movers begins in just a few stay ahead of your child's moderate-to-severe eczema with dupixent as they welcome the feeling of touch with clearer skin and less itch. the #1 prescribed biologic by dermatologists and allergists helps heal their skin from within. severe allergic reactions can occur. get help right away for face, mouth, tongue or throat swelling, wheezing or trouble breathing. tell your doctor of new or worsening eye problems, like eye pain, vision changes, or blurred vision, joint aches and pain, or a parasitic infection. don't change or stop asthma or other medicines without talking to your doctor. ask your child's doctor about dupixent. a spreadsheet instead. >> of. >> using quicken. quicken pulls all your financial info together all your financial info together in (grandpa) i'm the richest guy in the world.

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>> for free. go to cnbc.com/spotlight. >> good wednesday morning. welcome to money. >> movers i'm carl quintanilla with leslie picker here at post nine of the new york stock exchange today. despite the recent downturn in the tech sector, one strategist says it's time to buy all but one of the mag seven. he's going to break down those names, plus some of the stocks he'd be shorting right now. >> then we'll speak to aluminum company constellium on what the. tariffs mean for the sector as they. >> go. >> into effect today. they work with companies like boeing, bmw and lockheed martin. the stock is up 22%. >> since the tariff announcement. >> and morgan stanley cuts its target on apple and their iphone shipping estimates. we're going to dig into that call straight ahead. meantime, markets started out with a nice bounce in the wake of a cooler than expected cpi number. but the dow is now read by 350. s&p has gone red by about eight. we'll keep an eye on the russell as well.