we got an opening bell coming up, of course, followed by blackrock ceo larry fink.ere at post nine. don't go anywhere. ♪(voya)♪ there are some things that work better together. like your workplace benefits and retirement savings. voya provides tools that help you make the right investment and benefit choices. so you can reach today's financial goals and look forward to a more confident future. voya, well planned, well invested, well protected. >> announcer: the opening bell is brought to you by nuveen, a leader in income, alternatives, and responsible investing. >>> take a look at the nasdaq this morning as jim mentioned, jensen huang and nvidia ringing the opening bell after crashing the "squawk" set this morning. made us a couple seconds late on ppi, but it was worth it. >> i think people have to understand that he has had a three-day road trip. that's why the stock's been levitating. all the big accounts that own the stock, he's very loyal. if you want to hear what he's been saying, you go to the tech unheard. that's the podcast of rene haas, who used to work at

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public disdain for larry fink and there's three catalysts and they all surround higher management feesthe first one there's like 7 trillion market funds as money market rates come down. they command higher fees and you're seeing more actively managed etfs as of late. actively managed etfs currently make up 8% of etf market and rear to date fun flows and commanding them passing and great things for blackrock whether you like larry fink or not. stuart: thanks, mark. u.s. is threatening to pull military aid from israel if they don't get more medical aid into gaza within the next 30 days and separately, israel reportedly is ready to strike specific targets in iran and trey yingst is in haifa, israel, for us. latest for us please, trey. reporter: tahin, they're starting the capital of beirut for the first time this week and black smoke rising from the skyline of the naked south of the capitol and the israelis targeted another hezbollah area further south in the town. large explosions seen there with the town's mayor reportedly being killed in the strikes and those come as hezbollah continue

some of the biggest names in the industry going to be on stage with the likes of jane frazier, larry finkked about some of the other bank ceos, david solomon will be there. berkeley ceo, alongside some of the other big vc names. to that point, this year the major theme actually is going to be one around tech and ai. at 5:00 p.m. this afternoon there will be a special conversation. there's a lot of mysteries surrounding who he will be speaking with. we don't actually know, but it seems like it could be somebody big from the tech industry. we will stay tuned for that but it ties into an announcement that was made earlier that they are looking to set up a $40 billion fund to invest in artificial intelligence, so we are looking for more details on that and possibly whoever the supplies mystery guest will be. it is also some chatter that mohammed bin salman will be attending the conference. it explains some of the noise you are hearing behind me tom: great work on the ground for us in riyadh. hopefully could skip the qs with a special pass. thank you very much for the latest. now we have plent

a rate cut cycle and rate cut cycles will trump any even an election cycle, hence i go back to larry fink. we bought blackrock stock for the trust after listening to larry. the stock never comes in we had that clarity moment i think that it's just a very special situation to own blackrock because the money in is extraordinary here. s&p money coming in, etf money coming in. they're the big beneficiary of the money flooding in. it's not stepping out. that's why i'm not so worried about the election >> that's why it was interesting to hear daly yesterday, he was very much for 50, and sees no reason why to stop now >> she made me feel, wait a second, interest rates, i thought she would back off i felt very good when she talked david, i know where you are right now at the conference. and i kind of am struck that the companies that people -- look, at least jeff smith is going after, are really companies that are household names, that are very interesting, that have kind of fallen behind the market. is it indicative of anything that he's going after these big cap health care drug names because t

so you're disagreeing with larry fink and mark rowan here?careers and run great companies but our basic few is if the fed flip-flops and they cut 50 bps and they pause at the next meeting they say the data isn't that bad, the markets will have an absolute meltdown so they are on this trajectory -- liz: who cares about the markets? i do but we just got an adp number which is the precursor to friday's labor department jobs report for september, and it came in better-than-expected. i mean, if the economy is stable, then why not leave rates stable? i'm just saying what they might be thinking. >> 100%, so i think that's a lot of what's going on in the fed meetings, right? is have we done the right thing. should we continue down this path and i think the unfortunate thing is the fed doesn't have all of the answers. they are taking all of this evidence in from the regional governors and discussions amongst themselves trying to make an estimate of how much they need to cut to ease conditions enough so that that unemployment rate which has headed up s

>> yeah, so, larry fink has publicly said now that he is no longer going to use the term esg because it has become toxic. i don't know, larry, how did we get here? are you kidding me? he made it toxic. and he rammed it down the throats of corporate america, and down your throats. it has made my job much more difficult. [laughter] because what i have to do is pierce through, is this a linguistic change, or has the company actually made a real, substantial change in their action, right? i look for action, not words. what i find is a lot of companies are dropping esg and just placing it what sustainability or climate, you know, throughout their entire proxies. all of it, right? then i go to their dei report or est report and see what they are really saying. contact the employees and what you see is there are somewhere. actual change happening, and that is encouraging. but the vast majority are just hitting control f and taking the toxic term -- it's not toxic, we just defined it for everybody. we showed it for what it was. and what it is, is, people. what it is, is stupidity. what it is,

7% year-on-year. >> larry fink is going to be right then. that's just an amazing number.ook, i think what we're all wrestling with, we're cutting rates, people want 50 at a time when things are good. they're at 7%, david. you could argue that that's a red hot economy. >> that is very strong. >> the box fell right on the head of the robot and the robot just brushed it off. >> right. >> a union, it would have been a catastrophe. >> that's true. >> he doesn't know a robot. did i tell you the trunk of the waymo and he said, do you think i see you there? >> do robots dream of electric sheets? >> is that what robots dream of? >> i think so, yeah. >> we'll take a break here. when we come back, the latest on cvs as it faces activist pressure to turn things around. we'll get to news on boeing. downgraded disney. upgrade of ford. futures are red. stay with us. (office chatter) is it me...or is work not working? at least, not the way it could work. your people are buried in busy work. and you might be thinking... can ai make it all work? can ai help your people work... without all t

>> yeah, so, larry fink has publicly said now that he is no longer going to use the term esg because ecome toxic. i don't know, larry, how did we get here? are you kidding me? he made it toxic. and he rammed it down the throats of corporate america, and down your throats. it has made my job much more difficult. [laughter] because what i have to do is pierce through, is this a linguistic change, or has the company actually made a real, substantial change in their action, right? i look for action, not words. what i find is a lot of companies are dropping esg and just placing it what sustainability or climate, you know, throughout their entire proxies. all of it, right? then i go to their dei report or est report and see what they are really saying. contact the employees and what you see is there are somewhere. actual change happening, and that is encouraging. but the vast majority are just hitting control f and taking the toxic term -- it's not toxic, we just defined it for everybody. we showed it for what it was. and what it is, is, people. what it is, is stupidity. what it is, is grif

and you never go wrong quoting larry. >> larry fink. >> we are essentially at target on inflation and essentially at full employment. best economy he argues in his 35 years as an economist. >> if we stop playing the parlor game of what the fed is going to do and start thinking about earnings, we're going to have some good earnings based on these numbers because we're not going to have some sort of consumer shortfall, there is no way. there is no way. that's what i think we're reflective right now things are better than you think. against that the amount of money that's flowing into china, can we stop that already >> you mentioned that this morning. >> enough already. i love dave tepper, the panthers are just -- they're, you know -- but this is a number that is -- again, money flowing into china has pretty much, david, come from tech. this might cause a reversal because a lot of people feel that the hot money is the only guy -- the only thing that's moving anything and maybe the hot money is drawn towards us. these stocks are actually down a dollar every one of them, since we got that

coming up, speaking with larry fink.mberg. ♪ the moment i met him i knew he was my soulmate. "soulmates." soulmate! [giggles] why do you need me? [laughs sarcastically] but then we switched to t-mobile 5g home internet. and now his attention is spent elsewhere. but i'm thinking of her the whole time. that's so much worse. why is that thing in bed with you? this is where it gets the best signal from the cell tower! i've tried everywhere else in the house! there's always a new excuse. well if we got xfinity you wouldn't have to mess around with the connection. therapy's tough, huh? -mmm. it's like a lot about me. [laughs] a home router should never be a home wrecker. oo this is a good book title. anna: good morning, i'm anna edwards and our away from the opening trade. dockworkers go on strike. jerome powell not in a

larry fink thinks the market is over its skis. does a hundred 50 basis points seem reasonable?he data. we have had a better print on numbers, stronger services print tells us the economy is resilient. the loophole has been manufacturing and services come from a large share, that builds the case for a very aggressive easing cough. it boils down to the labor market, a slowing in hiring but not a big ship. if we do see any momentum that would give way to a correct expectation of a much aggressive rate hike. tom: on the boe was the market repricing? we saw yields down, was that a rational reaction to the interview or overdone? annika: we are seeing a very sharp shift amongst central banks, communication over the past week. boe is clearly example, at the last meeting communication was clear and in the statement given by bailey it looked like a much faster pace, hence the market adjusted expectations. the client and the pound -- the decline in the pound. the prime minister has been viewed as hawkish but he believes the bank is not in a position to go ahead with normalization. yen dec

ashley: obviously we've got to talk about the fed, reading comments of larry fink at black rock, there is embedded inflation the markets are ignoring and could be disappointing when it comes to the fed cutting rates. what say you? >> completely agree. we've been disappointed to by the fed. with the exception of the last rate cut. wall street had greater expectations. if the cut comes in november rather -- if the rate cut doesn't come in november and comes later in the year in 2025, that would not, it would be unjustifiable given the type of battle we have seen. ashley: lots to speculate about. at the presidential election, we have the fed decision. can't even imagine. thanks for joining us. really appreciate it. as we mentioned, donald trump speaking in palm beach and then he will head to the battleground state of pennsylvania. brian yannis has the latest. one week to go. >> reporter: good afternoon. one week to go. it is all about pennsylvania. the trump campaign is confident about pennsylvania particularly its new ground game strategy to get out the vote effort because particularly t

. (♪♪) >>> larry fink is pure joy. you may not know him that you should.on in management. having grown an astounding $2.4 trillion just the last few months. i visited with him this morning and he brought his brand of what i call rigorous hope. what do i mean? he's an optimist. he recognize we have a lot of work in the face of capitalism. he talked about how the nation has way too much debt. >> at the end of 1999 we had an $8 trillion deficit after 220 years as a country. today we are close to $37 trillion. we added close to $29 trillion in 24 years. this is an unsustainable pace. if we are going to continue to be doing that, i think we are really mortgaging our future. >> i don't know about you but i find that chilling. we try not to think about the national debt because it's not a problem for the stock market. sooner or later political leaders need to get a handle. he is not in favor of the prosecution of google. they are a key for the strength against china. he said he finds it odd that we are questioning their scale especially given the opportunities th

before the opening bell, we will hear from larry fink at 13:30 london time. >>> vice president kamalaarris and donald trump are back on the campaign trail as they aim to win over key voters with three weeks to go until election day. we have nbc's alice barr with the latest. alice, walk us through how the candidates respond to the hurricanes and as the election day draws closer. >> reporter: dan, it's tricky. they need to be out on the campaign trail because it is closer to election day and it is a crisis for so many people in the country. they have to be sensitive to that as they are getting back out there. you can understand why this is such a critical issue for the election. there are so many storm victims from both hurricanes milton and helene now in desperate need of help. the response they get from the federal government could have a big impact in how they plan to voteless less than a month from election day. a lot of folks are in georgia and north carolina, which are very important battleground states, states, setting aside the human toll. vice president kamala harris is trying

larry fink will have more coming up at 9:30 a.m. fed officials today including austan goolsbee and lorie logan and governor michelle bowman. >>> markets are looking to finish out in the green with the nasdaq on pace for the firfth straight week. the s&p down fractionally. the dow had the lows of the morning. it would open 80 points lower. the nasdaq a .25% lower as well. let's bring in courtney with the latest. >> thanks for having me, frank. >> we mentioned futures under pressure right now. how do you see today shaping up? >> our word of the day is rates. we have been talking about this on the show already. where interest rates are heading is going to continue to be a large story here. despite the fact that the fed has started the supersized rate cuts, the treasury yields higher despite that. i think what you need to realize is the fact that bonds speak just as loud as the fed. the fed is coming in lowering rates and the bonds are telling you a dichfferent story. keep an eye on this story. i don't think it is ending aa any time her

we live in a country where billionaires like jamie diamond, larry fink. these are people who paid less in taxes in terms of the percentages than the people who are scrubbing their toilets. and that is a very different thing than the rest of the developed world. and that is why we don't have pun for things like national health care, transportation, education that's affordable, all sorts of things that people will expect and want, but yes, that is a problem, but it is on the revenue side where we would let them write the tax codes for themselves. >> and this is peter's first day on the show, and i'm way into him, which means you're getting the worst question. i'm not letting you guys leave. what in the world do you think about this? former ceo of abercrombie & fitch arrested and charged with sex trafficking. when all the stuff was coming out years ago, i thought this guy would be in prison or living and hiding on the other side of the world. can you believe this is all coming out now and where is it heading? >> he's 80 years old, and for a period of 15 year

no fair system would make larry fink rich.evate kamala harris to a presidential nomination. she has never been accused of doing anything useful. she precisely has no achievements. a nominee without getting a single vote. she has a metaphor for the system they created to make themselves rich and powerful and then they have the goal to lecture you, the people that could actually change a flat tire and repair power grid you up useful jobs pay her taxes and work 40 hours a week. lecture you that you are somehow immoral. donald trump has empowered the rest of us through mostly just sticking around in the face of their hate and abuse and persecution. he has given the rest of us the right to call bs on the charade. no. you are not better than us. new you are not smarter than us. no you do not deserve what you have. you probably stole it. no, you will not bully me into silence anymore. i can promise you at this point, nine days out when robert f kennedy junior and elon musk, pretty much every high school senior and college sorority gi

they have there 10 trillion, yes, in my opinion, the turnover of the largest investor there is larry finkpany, as it turned out, the materials appeared in december, in my opinion, 2020 , a pact was concluded with zelensky. in fact, black rock has become the monitoring company in all of ukraine for the entry of any investments, and therefore the extraction of all the benefits from there, now there was a conference in berlin, he just threw a tantrum about the fact that something needs to be done with russia, and most importantly with china, we are here with china we are still doing some other business, and meanwhile china continues to finance and work with the russian federation there, well, of course, he said all this so veiledly, in essence he suggested to wipe out china, he is hysterical, because he has already lost the most delicious morsels in... eastern europe, but this is a topic for separate materials, we will deal with this issue, we will tell, i just wanted to return to this topic about fm broadcasting, so, how did it appear in the usa, so, i will just give a small example, the so

one too demonstrated such success this year i wanted the trust to own shares right alongside ceo larry finkndful of the fed. i am. but i refuse to obsess. i'm a believer the fed is powerful. but not all powerful. i'm also a believer that when you buy a stock you're getting a management team that traditionally is not just a bunch of clowns. here's the bottom line. i'm not saying the stock market will never go down when the fed's easing. the market was up big and fell off a cliff at 230 today. i am saying there are limits to what the fed impacts. and i swear by the managers who know a lot about business and who don't cower when jay powell grabs the mic to talk about the pace of rate cuts. i put my faith in them. that faith can be misplaced. but if you're going to invest in the stock market you've got to believe in something. otherwise, what's the point? let's go to vincent in new jersey. vincent. >> caller: jim! boo-yah! >> boo-yah, vincent, man. whoa. that's a dot plot if i ever heard one. what's going on? >> caller: applied digital corporation out of dallas, texas. i've been trading it. it'

. >>> meanwhile, larry fink says the election doesn't matter.peaking yesterday, he said he was tired of hearing this is the biggest election in your lifetime and the reality is, quote, over time doesn't matter. he said there's too much focus on whether the market is going up and down any one time i think noting the firm works with both administrations and speaking with both candidates. trying to suggest they were a bipartisan operation >>> coming up, it's -- i was going to sing this the most wonderful time of the year we're talking about earnings season also foreshadowing a stephanie link appearance of not just her, but maybe her friend we'll get you ready for the big reports. including two dow components later, eric rosengren will weigh in on the latest fed talk. "squawk box" will be right back. >> announcer: this cnbc program is sponsored by baird. visit bairddifference.com. i can't believe you corporate types are still calling each other rock stars. you're a rock star. we're all rock stars. oooo look look at my data driven insights, i'm a roc

we haven't spent -- >> larry fink said the economy is not going into a soft landing.said it is not landing. it is growing 2% to 3%. if that's the case with easing cycle. >> i will tell you one of the most popular trades and really a substantial popular trade is continuing to sell volatility. that's with volatility on the upside and not that expensive to begin with. when you look at the growth and notion al value of the funds selling volatility collect further yield, tell us one thing. people don't think much will happen and also not that much upside left and that's why they're trying to yield scrape options in the near future. >> i think you could take one of these amy wu silverman appearances to the wharton school. >> a case studstudy. >> i understand most of it. three standard deviations i did not really understand. >> i'm working on it, joe. >> the ph.d. program at wharton could analyze everything she says. >>> coming up, salty snacks for joe keenrn. and mainland china markets are closed for golden week. we will talk china with kyle bass in the next half hour. "squ

we should mention larry fink is on "squawk on the street" at 9:30 this morning. >>> warren buffett'serkshire hathaway sells more bank of america shares according to a filing last night disclosing the sale of 9.5 million shares that was split between tuesday, wednesday and yesterday. berkshire holds 775 million shares, that's a stake of 9.987% in the company. since that holding is now under the key 10% threshold, berkshire no longer has to report the transactions and the stock in a time ly manner. three days within doing the sales. buffett watchers will have to wait and see any transactions until they get the quarterly filings. the next filing due in mid-november will cover the equity holdings as of september. bank of america shares have been under pressure since the selling. trading at $39.91. again, despite the sales, more than $10 billion of sales, they still own more than $30 billion. closer to $35 billion at this point. >> you get a snapshot of how that company is doing and the other banks and see where we are going or maybe it takes longer to be borne out. >> he sold a lot of ap

yahaira: larry fink sense -- thinks the market is pricing into many fed rate cuts.nterview with francine lacqua he said it's tough to see another 50 basis point cut given the growth in the u.s. economy. >> more policies by more government tend to be more inflationary than deflationary. with that in mind it is hard for me to see another 200 basis points of decline. yahaira: he went on to say that there is more room for easing, but not as much as the forward curve would indicate. the abu dhabi national oil company agreed to purchase a german oil company for 12 billion euros in what is lining up to be the biggest middle eastern acquisition of a european firm, marking their biggest acquisition to date, helping to diversify their state owned operations at a time when oil dependency has slowed. 200,000 jeep suvs are being recalled globally because of the risk they could catch fire. stellantis said that it affects recent models of the wrangler and grand cherokee plug-in hybrids in the drivers should avoid recharging the vehicles until they fix is ready. it's their latest b

. >> this was larry's whole point the other day on friday, larry fink of blackrock. >> and yesterday, solomon gave you some figures about how it's just a wasteland for ipos. my interpretation. and yet, what do we have here? we have everybody waiting for deals. >> i know. will you ever see an openai become a public company? by the way, they have a long way to go yet to get there. theyobviously have to first transition to an equity ownership structure. will you ever see a spacex come public? >> i'd pay $200 billion for starlink. >> right. or will starlink come public as a part, you know, in some way? but these are the companies that are out there that are exceeding $150 billion market values, at least, based on their last rounds. >> isn't that one of the reasons why the market goes up? >> it would be more in those ipos, if they ever were to come. >> if it was a buy, you wouldn't see such a robust market. where would the money come from to buy starlink? it would come from the selling of communications. >> you've made that point before. >> what does to mean? >> you've made the point about

financials, one interview you do not want to miss on "squawk on the street" tomorrow, blackrock's larry finkhings market, crypto, geopolitics. >>> this hour, the former president's new campaign pitch ending, quote, double taxation on americans living overseas. (vo) time to move? make it easy with opendoor. sell your home in any season, for any reason. [vampire hiss] (vo) start your move at opendoor.com. why choose a mobile network built for places you'll probably never be... ...instead of for where you are most of the time? xfinity mobile was designed for where you need it most. xfinity internet customers, ask how to get a free 5g phone and a second unlimited line free for a year. >>> former president supporting a new tax move that could open up a loophole for wealthy americans that move out of the country. robber frank with more. >> more tax cuts. former president trump saying, i support ending double taxation for americans overseas. he says, register to vote, and vote republican. the campaign not providing any details on that plan. there are over 4 million americans living overseas, 2.8 mi

blackstone ran away, but larry fink, who sat right here, i think, crushed it.e's a giant dodger fan, which is probably really galling to you. >> that is galling to me, yes. >> >> i just want to point that out. >> crazy series. nice piece in the "journal" about jeffries spending millions of dollars to lure top bankers from competitors. >> rich handler had been taking advantage of the weakness of some others, whether it was credit suisse, obviously, when they went down and the opportunity that provided, or whether it's issues at barclay's, if there were any, or anywhere else. he's been aggressive in building their teams, and by the way, that's -- look at that thing. look at that. >> wow. handler's a killer. he really is. >> yeah, wow. >> he's a killer. >> he can buy tillman's boat, which he did. see? now i'm saying something and you have no idea what i'm talking about. i'm talking about tillman had a nice boat. >> i thought you meant tillman, the great election. >> that's what you can do when your stock is you were 100%. >> tillman is the most normal billionaire

no fair system would make larry fink rich. to a presidential nomination. she's been -- she's never been accused of doing any useful. she has no achievements. she's the nominee without getting a single vote. she's a metaphor for the system they created to make themselves rich and powerful and then they have the gal to lecture you, the people who can change a flat tire, repair a power grid, who have useful job, who pay your taxes and work 40 hours a way, lecture you that you are somehow immoral. and donald trump has empowered the rest of us, through mostly just sticking around in the face of their hate and persecution, he's given the rest of us the right to call b.s. on the charade. no, you're not better than us. no, you're not smarter than us. no, you do not deserve what you have. you probably stole it. no you're not going to bully me into silence anymore. and i can promise you at this point, nine days out, when robert f. kennedy jr. and elon musk and tulsy gabbard and pretty much every high school senior, college sorority girl