back to eamon.for us. >> the question of the peat's conversations with the former vice president mike pence the set of allegations around what the former president told the former vice president, the supreme court here saying any conversation between the president and the vice president is an official act and, therefore, this new cloak of immunity will go over it. they say whenever the president and vice president discuss their official responsibilities they engage in official conduct presiding over the january 6th certification proceedings of which members of congress count electoral votes is a constitutional and statutory duty of the vice president. the idea that trump attempted to pressure the vice president to take acts in connection with his role at the certification proceeding thus involve official conduct and trump is at least presumptively immune from prosecution for such conduct. so another point here on which the former president wins in a big way, david, the question about whether he trie

let's getz back to eamon javers in milwaukee. eamon? >> reporter: yeah, melissa.rom the office of the special cou counsel. remember, eye iaileen cannon th out that classified documents case earlier today, and her argument for that was that the appointment of the special counsel himself was unconstitutional. she agreed with a filing by the trump side, dismissed the case entirely. now we have this new statement from the office of the special counsel, saying the dismissal of the case deviates from the uniform conclusion of all previous courts to have considered the issue that the attorney general is staff lorty authorized to appoint a special counsel. the state goes on to say, the justice department has authorized the special counsel to appeal the court's order. so, they is an indication from the special counsel's office they've been given guidance, and you have to imagine that comes from very high up from the department of justice that they can try to take it to the next level, and maybe all the way up to the supreme court, to see if they can preserve that document

it's her's to lose according to what eamon was saying. trump as the likely winner in this scenario. i think the trump trade which has kind of been in the background the last couple of weeks and months, i still think it's in place. >> we will talk about the trump trade in a minute, brian. eamon, you have covered the campaign over the last few months. you talk about the trump-vance and that ticket and policies and thinking about the policies related to business, but i want to talk about harris. what do we know about harris and her close ties to tech with her days back in california? how should we view that? >> that is important. i don't think you can look at harris and say this is a dramatically different set of policies than joe biden. this is somebody who might say on israel have a different approach in foreign policy. otherwise, i think what you are looking at is bidenomics with a different face on top of it. if you like what you have seen with the economy and dow and inflation where it is and unemployment where it is, you might like wha

eamon javers is joining us more with that story. eamon, good morning. >> good morning, frank. republican party released the campaign platform yesterday and releases technology areas of crypto and artificial intelligence. vowing to protect americans from elites controlling the technology of the future. on crypto now, the platform released yesterday says republicans will end democrats unlawful and unamerican crypto crackdown and oppose the creation of the central bank digital currency. we will defend the right to mine bitcoin and assure every american has the self right to custody and transact free from government control. that reflects a concern about the biden administration exploration of central bank digital currency technology, although biden hasn't endorsed the currency rolling out. the fear on the right is government participation and creation of cryptocurrency could threaten the currency status as a haven from government controlled money. on a.i., the party platform released yesterday says we will repeal joe biden's dangerous executive order that hinders a.i. innovation

back over to you. >> eamon, quickly, before we move on. did the majority have the criticism from sotomayor. you saw john roberts writing that, some of the dissents from the liberal justices were overwrought suggesting their responses were out of scale with what the supreme court is saying today. clearly, sotomayor, jackson and others did not feel that way. >> elsewhere, eamon, a big day for the court. it wasn't just that decision. there was more. what else came down? >> that's right. not just this one. in a pair of social media cases, the justices sent a set of state laws back to lower courts this morning arguing that companies have a first amendment rights to determine the rules for content on their services and in the regulatory authority, the court held 6-3 that a business can sue the government over regulation of debit card swipe fees even though the deadlines on that had expired and that likely opens federal agencies to a slew of lawsuits ordering regulations and a further blow to regulatory agencies in washington from the supreme cou

eamon javers has been in milwaukee all week, has been well versed in this discussion, eamon, that we'reaving yet again today. >> yeah, that's right, carl. you're mentioning that quote from jd vance last night about wall street. i want to play that for you, because i think it does mark a real break. i was surprised, frankly, at how much economic populism was in this jd vance speech last night. we knew this was coming with the jd vance pick. we knew the jd vance pick signalled a shift in the republican party's thinking about the economy, but he went much more overt with it than people were expecting. here's what he had to say about the republican party's relationship with wall street. take a listen. >> we're done, ladies and gentlemen, catering to wall street. we'll commit to the working man. we're done importing foreign labor. we're going to fight for american citizens and their good jobs and their good wages. >> i was just emailing earlier this morning with one of the architects of the conservative economic populist movement, and this person -- i said to this person, you know, people on

that's eamon javers in milwaukee.e back to you later today. >>> take another look at the emkease t futures under pressure. more "squawk on the street" is back in a moment. doors lead us to new opportunities. your dedicated fidelity advisor... -surprise! -for you, mama. ...can help you open those doors. by proactively reviewing your entire portfolio. with an eye on taxes and risk. doors were meant to be opened. welcome to the now way to network... they switched to juniper's ai-native network. and now everyone's so productive, they're operating at a higher gear... that's the now way to network at work—with real ai—putting you in the fast lane. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. >> announcer: the opening bell is brought to you by nuveen, a leader in income, alternatives, and responsible investin

the last time we got that e oh i -- i'm sorry let's get to breaking news with eamon javers. >> that's right. former president drum just announcing via truth social social media app he selected j.d. vance, the senator from ohio as his vice presidential running mate. the former president saying after lengthy deliberation and thought and considering the tremendous talents of many others, i have decided that the person best suited to assume the position of vice president of the united states is senator j.d. of the great state of ohio. he honorably served our country in the marine corps, graduated from ohio state university in two years and is a yale law school graduate where he was editor of the yale law journal. this is an important decision. vice presidents don't tend to sway elections one way or the other, but it's an important indication of what the president of the united states and the candidates for president of the united states want. in this case by selecting j.d. vance, former president trump is not selecting somebody who will do coalition building, bringing in a group of voters

guys. >> eamon, that is jd vance's perspective and personal plank. the question is if this is former president trump's plank and how much in agreement they are or not on that? >> reporter: we don't know, right? obviously, you have to win the election and then get in office and implement policies. we're a long way from all that. rhetorically, this is a shift. jd vance and donald trump's team can take anything they want out of jd vance's speech and add anything in. the fact that jd vance was saying those things on the stage of the republican national convention last night indicates that republicans see this as a winning message both with their base in the hall, but also nationally. they are aware they are reaching out to the maga faithful here in milwaukee, but also reaching out to republican voters and voters generally nationwide with an address like that in primetime. they could have taken that out and they didn't. >> there's different ways to try to, you know, carrot and stick domestic production and manufacturing and jobs and everything else, eamon

proud to say. >> eamon, we'll check back in.nging the tone of the presidential race with some biden backers backing off and some trump supporters speaking up. megan with more. what mega donors are saying on either side. >> the billionaires have weighed in. some biden backers are on defense while others are using their outsized voices to lend support to trump. on the republican side, both elon musk and bill ackman endorsed trump after the shooting on saturday in social media posts that generated hundreds of millions of views. both men had supported biden in 2020 but then hinted in recent weeks that could be changing. their endorsements were amplified by other wealthy donors, including david sanction and venture capitalist shawn maguire. reed hoffman was working to clean up comments he made before the shooting in which he reportedly said he wished he had made trump, quote, into an actual martyr. in a long statement sunday afternoon posted on x, hoffman said he only meant he wished trump had been held accountable for his lies about

we have eamon javers joining us with more. >> reporter: good morning, andrew.e heard from president biden in the rare primetime address from the oval office. the third time that president biden has given the oval office address. the president called for calm and peace and called for an end to political violence. here's what the president said last night. >> disagreement is inevitable in american democracy. it's part of human nature. politics must never been a battlefield and god forbid, a killing field. to pursue justice and guided by the decklaration of independenc. >> reporter: reporters were updated on the assassination attempt of former president trump. the fbi saying the investigation indicates no indication thated anybody else. they indicate the shooter acted alone. no motive has been identified on the part of the shooter here in terms of any ideology associated with the shooter. they have been scrubbing his social media and accessing his family and friends. they say they obtained his phone, but as of yesterday, they had not been able to get access to tha

eamon jaf sers live. what can you tell us. >> you guys have been talking about jay powell back in new jersey. they've been talking about jay powell here in milwaukee, wisconsin and the consensus among people here, that if donald trump wins re-election he should feel free to fire jay powell and replace him with somebody who is more to his liking in terms of lower interest rates sooner than maybe jay powell would like to see them. i talked to jason smith who is the chairman of the house, ways and means committee a short time ago, and i asked him what he thought the former president should do if he's re-elected when it comes to the fed chair. here's what he had to say. >> i think the commander in chief has the duty, an opportunity to have his people in office and so whoever president trump believes should be there, i think that's who he should have. >> but that's for next year. the question for today is who will be donald trump's vice president? that pick, we don't know the answer to yet. we are expecting th

javers has the very latest eamon?: melissa, there's a rising sense of anticipation, particularly now that they've opened the security gates, and the delegates are starting to flow in for this evening there's a real question about what donald trump is going to say tonight. this is his first big major address after that horrific assassination attempt over the weekend. and for our audience, the question will be, will his tone match the populist rhetoric we heard from j.d. vance last night, very critical of wall street, very critical of big business so, we'll be watching for all of that i had a chance to talk briefly this morning with lara trump, the co-chair of the republican national committee he said to expect a different donald trump tonight she said he's going to be much softer tonight in his approach to this address, and that reflects both the assassination attempt, and now his position as far and away the leader in this campaign, given the implosion that they're seeing on the other side of the aisle with the democr

exactly what eamon was saying. it's who the republicans favor. they want those companies to grow.rry kudlow for a long time on our network. larry i think is going to have a high-level position i believe if trump wins. if he wants him. obviously he's at fox right now. he's always said small and medium-sized business, that's who we're for. that's trump's sweet spot. he loves those companies. >> as for the iwm, small cap etf up 8% in the last four sessions, best rally since 2020, june of 2020, jim. as for the russell, one out of five members now at a six-month high. >> isn't that something? we had larry fink in yesterday from blackrock saying customers want a little more risk. we're talking about etvs, that's 10 trillion. my bad i didn't say larry fink. $10 trillion. you've got to be kidding me that one company -- >> what's interesting is morgan stanley said they're also on track. >> morgan stanley is the poster boy of a stock that ran up in anticipation of fantastic numbers. you're not going to get fantastic numbers from investment banking and m &am&a. the stocks ran, that's the cul

eamon javers, thank you for helping us through all of this this morning.'m sure we will talk to you a lot more in the coming hours and days. >>> when we come back, we will get you ready for the trading day head with the earnings and the several key earnings points on the agenda. we have the squawk planner coming up next. >>> as we head to break, let's look at the chinese yuan. the central bank cutting a tee policy rate overnight. it reduced the seven-day repo rate from 1.3% to 1.7%. it comes just days after china's second quarter gdp came in lower than expected sparking concerns of the uneven recovery there. "squawk box" will be right back. (♪♪) car, this isn't the way home. that's right james, it isn't. car, where are we going? we're here. (♪♪) surprise!!! the future isn't scary. not investing in it is. car, were you in on this? nothing gets by you james. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com hello. i'm ethereum. and i'm big f

well, let's begin with eamon javers bring us the latest from d.v. >> just about an hour and a half nowwas a previously scheduled event at the white house on the south lawn with ncaa champions of the past year or so. this is typically a knock burger event, sort of typical thing that you see in the daily life of the white house today. today it will be an everything burger for vice president kamala harris because it's our first chance to see her on camera since joe biden withdrew from the presidential campaign yesterday and since the biden/harris campaign became the harris campaign alone last night officially in fec filing. we'll watch what she has to stay. they can top off the remarks with the news of the day. very difficult for calla harris to come out and simply talk about the ncaa champions and not address this giant elephant in the political room so we'll watch that very, very highly scrutinized moment coming up here, and then, of course, later in the week, we do expect to hear from the president, joe biden, who, of course, intends to remain as president of the united states until ja

eamon, thank you very much.weigh prospects for how the election can shape up in november? do you think biden can drop out or stay the course as he's trying to do right now? >> so, with all of the luck i've had in the markets i bet i wouldn't guess this one either. the fact of the matter is for the 32 nato leaders in washington this week, this is not an academic question. you've got war in europe and war in the middle east and uncertai uncertainties around china, they're not quite sure who will be elected in november with what policy toward nato. you will not hear this on the agenda much this wreak that on the conversations in the side lines and they'll all be meeting with him this week and if he doesn't win will president trump take a different approach during the alliance with ukraine? this is not academic. this is about one of the biggest inflexion points since the end of world war i and world war ii. this summit was timed to be right ahead of the democratic convention. so president biden can show his global l

eamon, thank you very much. eamon javers from milwaukee. >>> let's get back to the global computer outage. if you are just waking up this morning, there's been a massive out outage related to microsoft and crowdstrike, this is a global security firm. this is a problem that rolled out from an upgrade that crowdstrike actually put out. we are still continuing to watch this. it has been impacting things across the globe. major banks and airlines and media and retailers and communications outlets. all of these people trying to get things up and running. we will go to arjun kharpal with the update on what has been happening. hi, arjun. >> good morning, becky. it started late thursday night with microsoft reporting issues with the azure cloud service and applications as well. in the early hours of friday morning, it said most of those had been resolved. there was a separate issue relating to crowdstrike which released an update globally which appears to have had issues. as it rolled out, it caused a number of i.t. iss

eamon javers is joining us with the details. good morning, eamon. >> good morning, joe.ublican party released the campaign platform yesterday afternoon and reflects new thinking on high tech areas. cryptocurrency and artificial intelligence. on crypto, the platform saying republicans will end democrats unlawful crypto crackdown and impose the creation of the central bank digital currency. it will defend the right to mine bitcoin and self custody of the assets and transact free from surveillance and control. that is a concern over the biden administration's exploration of the digital currency although biden has not endorsed rolling the technology out. the fear on the right is government participation in the cryptocurrency could threaten the haven from the government controlled money. on a.i., the republican platform says we will repeal the president biden order that hinders the a.i. innovation and imposes the left ideas of the tech technology. the republicans will protect free speech in a.i. some have argued that the biden executive order doesn't do enough to stop the mon

guys, back talk. >> eamon, i appreciate it.hank you. >> you bet. >> for more, we bring in the hoover institution and fellow who served in the romney campaign in 2012. what do you think what eamon laid out this is a different republican party and j.d. vance as the selection cements that? >> i think it is fair. you are seeing it as a leadership level and some of the trends we are seeing today really did start back in 2010, 2011 or 2012 and whether it was a populous turn on free trade and the tax or thodoxy on the corporate tax side. that is somewhere we would see j.d. vance and donald trump in a a second term would have a different view. you see it in the embrace of certain labor unions. that is something we have never seen in previous republican nominees. this is a definite shift in the neo populous direction. that bears watching for years to come. >> lanhee, many of the major cec ceos have been waiting and the run reason they like donald trump to win more than anything else is the regulatory regime right now. the question is wh

thanks, eamon. >> you bet. >>> back to the markets. a quick take on futures.w of just green arrows almost every morning. nasdaq off 320 points. s&p off by 55 points. mike santoli down at the new york stock exchange this morning. explain what is happening here? >> well, andrew, the word "rotation" talking about in terms of everybody rushes in to the smaller cap, financials, neglected parts of the market, may be lightening up on winners is probably too mild a term. the market goes to extremes. a chart of the s&p 500 against everything not in the s&p 500. small caps, also bigger stocks not in the index. what this etf tracks. a vertical move in everything in the s&p. it's concentrated, top seven stocks a third of the market cap. interesting to date, talking about a few days, the unusual smoothness of this rotation so far. what you see today is evidence that sometimes when things move fast, you have small caps up 12% in a few days you're getting more volatile parts of the market to come to the fore and overall market becomes less stable. of course, huge winnings on

that we have two kirsty warks, but i have to say i am rather confused so i think i have to issue an eamon that's it from me. its been an honour and a blast. thank you to all my wonderful colleagues — and equally wonderful viewers. keep on, switching on. victoria's back on monday. until then, goodnight and good luck! applause cheering breaking news, a new mexicojudge has dismissed involuntary manslaughter charges against alec baldwin on friday after his lawyers alleged police hid evidence about the live round that killed a cinematographer in 2021. police say the human remains found in two suitcases on the clifton suspension bridge in bristol where those of two aduu bridge in bristol where those of two adult men. detectives are still searching for a man in connection with the discovery. they believe he travelled to britain from london. the met police say they have arrested a different man at an address in greenwich in london. this is the man being hunted beyond bristol now after leaving two suitcases, and the most awful discovery. he travelled from london early on wednesday to clifton, and

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eamon dignam, fox news. >> ktvu, fox two news at five starts now. >> fresh pressure on president bidenaside a new group of democrats ending the week with calls for a change at the top of the ticket. >> we are hearing that a decision may come very, very soon. >> the list of defectors growing today, including a few bay area lawmakers. good evening. this friday, i'm cristina rendon and i'm greg lee. >> president biden and his campaign pushing back saying he's not going anywhere and looks forward to campaigning next week. this as he remains isolated, recovering from covid. >> ktvu joy horta following the story. joey, what are local leaders and political leaders saying? >> yeah, all eyes on this one tonight, guys. and at this point, congressman garamendi is bucking reports that the president may be getting ready to leave the race. he believes biden will stay in, and he says he'll beat trump. but one political analyst is saying he expects biden to drop out in a matter of days. >> if all of a sudden i show up at the convention, everybody says we want somebody else. that's the democratic proce

morning eamon. >> american intelligence officials are issuing a warning to venture capital, private equityup communities. malicious tientities are using startups to gain access. they're trying to obtain pr proprietary data in startup companies in the investment process and then using it to compete in the global market. it's difficult to spot the efforts because the bad guys are using several techniques to hide the source of their money. including avoiding cfius scrutiny. routing investments through intermediaries. using minority and pllimited partner investments. mike casey said in a statement this morning unfortunately our a adversaries continue to exploit early stage investments in u.s. startups to take their sensitive data. these actions threaten u.s. economic data and can directly lead to the failure of these companies. today's announcement is largely about chinese investment. vc investment from china has focused on emerging technology sectors like artificial intelligence and other priorities for beijing. there's advice for firms on how to handle it. they say companies should and be aw