i'm john fortt with morgan brennan.nother company caught in the middle of a controversial social issue. this time starbucks workers threatening to strike if they're not allowed to hang pride decor. >>> we'll look at extreme tourism, a growing business. >>> first a check on the markets. stocks are lower today, wrapping up the worst week since early march. shares of 3m are flat as the company settles a lawsuit that they contaminated drinking water. >>> three key stories, big tech in india state visits, strikes add starbucks and fintech red flags. we'll take you through the stories and then get reaction from danielle shea >>> let's begin with india's modi meeting with tech executives to talk about regulation seema mody joins us from washington. >> reporter: ceos from microsoft and google and others spent an hour with the indian leader alongside president biden and jake sullivan. topics including technology transfer, artificial intelligence, supply chains being more efficient and solving some of the issues u.s. companies fa

morgan brennan joins us this morning. how are they reacting? >> great to see you.ck as well. investors are taking this news in stride today with the dow up 1% so far in trading. the fed enacted what wall street is referring to as a hawkish hold or pause, since the central bank left interest rates unchanged yesterday after ten straight increases but made it very, very clear through chair powell's press conference and through the economic projections released yesterday that the fed does expect to raise rates again before the year is out, perhaps as many as two times. officials forecast inflation is too high. it's higher than previously thought. the labor market is too tight. the economy is essentially still too strong. for that reason, they are signaling that this is essentially a pause or a skip and that there could be more in the works in terms of interest rate increases over the coming months. it's going to depend, jose, on the data. even this morning, we did get more data that the market is reacting positively. >> what does that data tell us? >> what that data te

morgan brennan is new mexico for that. >> reporter: i am, indeed.e are moments away from the launch of the first commercial spaceflight for virgin galactic. it's an air launched mission on the other side of this break, we'll bring you that moment and r veorisatrsand why th mte foinsts. stay with us you know doug, ever since switching to workday you've been a real rock star. rock star? what do you know about rock stars? billy idol? i mean where's the skin-tight leather? my shoes are leather. where's the unnecessary zippers? that thing! billy, rock star is just how doug feels when he uses workday. thanks, rory. i'll show you rock star! be a finance and hr rock star. workday. for a changing world. billy idol just stole your golf cart! from big cities, to small towns, and on main streets across the us, you'll find pnc bank. helping businesses both large and small, communities and the people who live and work there grow and thrive. we're proud to call these places home too. they're where we put down roots, and where together, we work to help move everyon

cnbc's morgan brennan is here for cnbc on msnbc. ink, morgan, we're on a ten-meeting streak by the fed of raising interest rates. what just happened? >> hold, that is what just happened. so we had ten raises, and now we hold. the federal reserve hitting the pause button on its campaign of interest rate hikes, as i say these words, keeping the federal funds rate unchanged at 5 to 5 1/4%. this after ten straight increases that started back in march of 2022 when rates were essentially 0. why are we seeing this pause? inflation is coming down. the economy is slowing. the banking turmoil, though, largely stabilized, still very fresh and the fed has hiked aggressively over the past year plus up until this point. rate hikes take time to settle into and impact the economy. central bankers here after that cpi print that we got yesterday showed the lowest pace of price increases in more than two years. after that, central bankers are feeling comfortable here to hit the pause button and basically assess the data and see whether they're going to

. >> morgan brennan joins us with the cnbc money minute. . >> officials passed a law in regulating artificial intelligence. the law is the most far-reaching effort to limit what some see as the danger of ai. if adopted the legislation would put restrictions on ai that is invasive and dangerous including technology. lawmakers around the globe are learning in realtime about a.i. tools and racing to create a framework. >>> the makers of instant pot and pyrex, instant brand which is includes other kitchenware brands employs over 230,000 employees worldwide. taco bell and crocs are collaborating on a pair of shoes designed for summer and you can see them right there. they'll feature taco bell branding and the motto livemas and they'll be retailing for $60. i don't know, i think they're understated looking and i was expecting the foot to look like a chalupa. >> or a churro or something. a taco, give me something. >> 60 bucks seems high for me. >> i don't think we're the market. >> morgan brennan, thank you. >> coming up, why one of san francisco's

. >>> morgan brennan joins us now with today's cnbc money minute. hey, morgan. >> fun fact. the news room here at cnbc was used for this season of "succession." >> love that. >> right? the port of seattle is shut down amid an ongoing labor strike on the west coast. seattle is one of the top maritime ports in north america, and it comes amid other ports are facing slowdowns and stoppages all week. we continue to monitor that. >>> george soros is handling over his empire to his son. he's one of the richest people in the world according to "forbes," a prominent donor to the democratic party. his son told "the wall street journal" he is, quote, more political than his father. >>> and busch light which is owned by the parent company, is out with a new beer in time for summer. the peach lager is available starting today. it's the ultimate sip of summer. it's looking to bring in more customers despite prices that are remaining high, and as busch light would tell you it's to replace what was another popular flavor, busch light apple apparently. >> oh. wait, seriously? >> apparently.

morgan brennan for us. the extreme weather and travel troubles you need to know about just ahead of this holiday weekend. >>> plus, why prosecutors in >>> plus, why prosecutors in lond on (wheezing) asthma isn't pretty. it's the momement when you realizize that a g good day. is about t to become a a bad o. but thenen, i remembmbered ththat the wororld is so muchch bigger ththan th, with trerelegy. becaususe one dosese a day helps s keep my asasthma sympts ununder controrol. and with 3 3 medicineses in 1 i inhaler, trtrelegy helplps improvee lung f function so i c can breathehe easier for a fufull 24 hoururs. trelegegy won't t replace a rescscue inhalerer for r sudden brereathing proro. trelegy cocontains a m medicie that i increases r risk of hospipitalizationons and deh from a asthma proboblems when used d alone. when this s medicine i is usd with an ininhaled cortrticoste, like in trtrelegy, thehere is t a sisignificant t increased dk of these e events. do not t take trelegegy morere than presescribed. tr

cnbc's morgan brennan joins me for cnbc on msnbc. what more can you tell me about the agreement?ceased sex offender. the $300 million settlement does not include an admission of liability by the bank, but jpmorgan did say in a statement this morning, quote, any association with him, meaning epstein was a mistake, and we regret it. we would have never continued to business with him if we believed he was using our bank to commit heinous crimes. this lawsuit settlement stems from claims by an unnamed woman known as jane doe, knowing the bank facilitated the operation by providing financial support from 1998 to august of 2013, meaning after his 2006 arrest on prostitution and related charges and his 2008 guilty plea, the bank was still doing business with him. the woman sued on behalf of a large number of victims, herself included, of that operation. the deal comes one month after deutsche bank, where epstein became a client after being forced out of jpmorgan, settled with victims for $75 million. it is important to note today's news does not put an end to jpmorgan's legal woes regar

. >> we'll let morgan brennan break it down with money minute. >> i'm going break this down alibaba shaking up corporate leadership as the chinese company seeks to split into six different business units daniel will step down and focus on cloud operations while eddie wu withl take his spot, and joe tsai will become chairman. trevor noah will be hosting a new spotify podcast that blends his signature humor with global perspective. this streaming platform said the weekly podcast will have in-depth free wheeling conversations with those around the world. toyota is introducing a toyota with a fake manual transmission. you heard that right, to mimic the feel it will feature a fake clutch and simulate the feeling of switching gears. for those of you who don't love the sound of gears grounding the car will have the ability to disable those features as well. >> is that a solution in search of a problem like, will people -- like, it's too quite. i need to have the gear sound. >> it's leak, do you like to work out of a coffee shop or your own home? >> it could be -- >> what was that, morgan go for it

cnbc's morgan brennan is following all of this for us.k us through what this all means. >> hi, chris, we'll continue with the optimism, shall we? stocks are really rallying this friday afternoon. the dow is up 2% right now, and you just mentioned the reasons. you had this debt ceiling deal which helps us to avert a default and add some fiscal stability into the market. the market likes having certainty here. and of course more importantly, you have this blowout jobs report. the u.s. economy added 339,000 jobs last month. that was almost 150,000 more than wall street had been expecting. plus you saw these dramatic upward revisions in job growth for the months prior. the jobs report is watched closely by investors because it's watched very closely by the federal reserve. we know the fed has been trying to bring down high inflation. one of the ways it's looking to do that is to loosen the labor market. even though we saw that strong job growth, you had the unemployment rate actually ticking up to 3.7% from an historically low 3.4%. you're se

. >> morgan brennan has today's money minute. >> a u.s.or board judge ruled that apple coercively interrogated employees at its new york store and stopped them from flying a union flag. this is the first time a national labor board judge has ruled against apple. >>> transcription ai chat otter is launching its new feature launching today. >>> and titos releasing a $200 empty keg. the new stunt encourages consumers to create their own concoctions and join the fight against can-formity. >> can-formity and taking shots. >> i was at a relative's retirement party, they love titos and got so much, they will never need a can cocktail. >> there you go. >> morgan brennan, thank you very much. >>> coming up, unsubscribe. why the government is suing amazon over its prime service. >>> and disturbing new data reveals how far behind kids are falling in math and reading. you are watching "nbc news daily." (man) what if f my type 2 2 diabets takes ovover? (woman) whwhat if all l i do isn''t en? or what t if i can do diabetetes differenently? (avovo) now w

morgan brennan from cnbc on msnbc. talk us through this, how this ruling might affect everything from spending to travel. >> and it is going to affect everything from spending to travel. retail as well, which is an area that analysts have been writing quite a bit about when it comes to the impact on businesses. it's a key question for the economy because that has been holding up so much better than experts had expected it to up until this point largely because of the resilience of the consumer, and all of that spending. a resumption of student loan payments is likely to slow economic growth, how much, though, that is up for debate. economists that jeffries believes this will have a quote, significant impact on consumer spending and thus could be a tipping point to push the economy into recession. economists at morgan stanley don't seem to be quite as dire, though, they think it will have a tangible impact but a more modest impact on spending. a little bit of background here. an estimated 45 million student loan borrowe

cnbc's morgan brennan joins me on cnbc and msnbc, what are these numbers telling you and is wall street reacting? >> wall street is reacting favorably, the dow up something like 1% right now. i think the bottom line here, chris is that the economy remains resilient, at least for now. look no further than the retail sales number we got this morning. it rose unexpectedly, increasing .3%. that was after a similar increase in april of .4%. this is much better than the decline that economists anticipated. we saw consumers spending on autos, and furniture and gardening, as well as restaurants and services, a big part of the spending puzzle in recently months. consumer spending is 2/3 of gdp. when you see a strong reading that is focused on the consumer, it speaks to, as i mentioned, the underlying strength of the economy, and it will help support the economy in the gdp readings, at least for the current quarter. it speaks to why the federal reserve yesterday, though, despite pausing and leaving interest rates unchanged at that meeting yesterday also made it very clear that more interest rate

morgan brennan is here for cnbc on msnbc. so what is the pga saying about this investigation? >> well, chris, the pga tour reiterating its confidence in the proposed tie up with saudi back liv group. we are confident once all stake holders learn how the pga will lead this venture, they will understand how it benefits players, fans and sports and protecting the american institution of golf. that in response to increased antitrust scrutiny of the proposed merger by the justice department which declined to comment, as did liv. worth noting, it is not unusual for u.s. regulators to review a high profile transaction such as this. it doesn't mean it violates antitrust laws, but a review by the doj, which is already been investigating the pga tour and other government entities for anticompetitive behavior, it does inject uncertainty into the fate of this deal, which stunned many when it was announced last week. it also comes as senate finance committee chair ron wyden said he's opening a wide ranging probe, arguing that the merger raises questions about foreign investment in american

cnbc's morgan brennan is with us for cnbc on msnbc. give us the whole story. chair endorsing two more interest rate hikes. that's despite the central bank's decision to leave rates unchanged, testifying in front of the house financial services committee, chair powell emphasizing that the fed is in no hurry to hike rates but two more is a pretty good guess. inflation, too high, while he acknowledged it has moderated somewhat, powell said the process of getting inflation back down to 2%, quote, has a long way to go. for context, inflation is running at about 5% currently, much higher than the 2% fed target. it's down by half from peak inflation rates that americans experienced last summer. powell said the labor market is still tight, though there are signs that conditions are easing, for example, there's a recently increase in the number of people looking for work. and on the economy broadly, the fed chair saying it's expanding at a modest rate. consumer spending has picked up and housing remains weak. there was discussion of bank regulations after the collapse

thank you very much morgan brennan. >>> coming up, pride and protest in l.a. ahead of a yearly event that has turned controversial. that has turned controversial. >>> the chaos that imagine ifif you couldld get ahahead of youour ibs-c.. ♪ by trereating it w with linze. ththen you couould start proactivively managiging your c constipatioion with b belly pain,n, and begin n to find yoyoursef a little f further awaway from t the symptomoms thatat keep comiming back. say yeyess to linznzess. linzesess is not a a laxativ. it's's a once-dadaily pill that h helps you g get ahead of your r symptoms.. it's p proven to h help you have morore frequentnt and compmplete bowelel movemen. and hehelps relieveve overall abdomiminal symptotoms - belly papain, discomomfort, and bloatiting. dodo not give e linzess to childldren less t than tw. it m may harm ththem. do notot take linznzess ifif you have e a bowel blbloc. get imimmediate hehelp if y you developop unusual or sevevere stomacach pain, especialally with blbloody or b black stoolols. the momost common n side effet is di

morgan brennan joins us with today's cnbc "money minute." >> hi, zinhle a and kate. facebook's parent company, meta unveiled its latest virtual reality headset as it continues to spend every. it will be available this fall with prices starting at just under $500. the announcement comes ahead of apple's expected debut of its vr headset next week. >>> 176,000 ford broncos being recalled because people may get, quote, discouraged when trying to use seat belts. ford is only recalling five-door versions for 2021 to 2023. the national highway traffic safety administration found passengers can have difficulty reaching the metal portion of the seat belts when it is in the retracted position. >>> and you just mentioned it. friday is national donut day. this is across the u.s. and some of the nation's biggest chains are celebrating by giving away free ones. krispy kreme is giving away a free donut to all customer, no purchase necessary while at participating dunkin' locations, you you will have to purchase a drink. guys, friday can't come fast enough. >> true. >> friday and do

cnbc's morgan brennan joins us for cnbc on msnbc. these troubles just keep mounting for target.mean for the company? >> hi, chris, that's right. so some of this is very company specific, and some speaks to the broader economy and concerns around the consumer. in the case of analysts at jpmorgan with the downgrade today, laying out four key reasons for this move in the stock, which as you mentioned, has seen such weakness, has been on its longest losing streak now since the last one we saw 23 years ago, a weakening consumer is to blame here. this is a dynamic that is playing across the entire retail sector, and also grocery disinflation, after two years of all of those hefty price hikes that you have seen in groceries and food and packaged goods, you're stargtd to see those flat liner in some cases even begin to fall again. loss of market share. this is a company-specific dynamic, and this speaks to that controversy about pride month displays and the possibility that maybe now, perhaps you see that market share loss accelerate, and the number four, the resumption of student loan

morgan brennan. >>> let's take a look at markets one hour into trading.ntage point .3e russell up 1%. more "squawk on the street" after this somebody would ask her something and she would just walk right past them. she didn't know they were talking to her. i just could not hear. i was hesitant to get the hearing aids because of my short hair. but nobody even sees them. our nearly invisible hearing aids are just one reason we've been the brand leader for over 75 years. when i finally could hear for the first time, i started crying. i could hear everything. call 1-800-miracle and schedule your free hearing evaluation today. >>> welcome back to "squawk on the street." big banks, commercial real estate portfolios withstanding the federal reserve's stress tests with hypothetical losses declining slightly on last year. the 23 banks hold 20% of office and downtown real commercial real estate loans. our next guest says the current environment is nothing like 2009 and he would know, it's blackstone's head of real estate in the americas. blackstone, the largest own

welcome to "overtime" i'm morgan brennan. john fortt is off today.orts from broadcom, lululemon, z scaler and charge point. plus ai gets creative. we'll talk to the ceo of advertising agencies, wpp, about the firm's

morgan brennan is off today.ounder of the metaverse etf about apple's pricing pro headset and what that means for other companies in the ar and vr roles crypto pulling back hard after sec sued binance

i'm morgan brennan with john fortt. we'll talk to the ceo of midstream.v interview since the passage of the debt ceiling. >>> plus, we're awaiting earnings from oracle which closed higher today.

i'm jon fortt with morgan brennan and we are moments away from fedex's latest earnings we will breaksults as soon as they're released. >>> the ceo of natural gas and electric provider of pseg on the outlook of home charging stations >>> and now today's market action joining us is adam from vital knowledge. adam, welcome.

morgan brennan is live in new mexico she's going to talk exclusively with galactic ceo michael colglazierng up earnings results. we're going to bring you the numbers as soon as they cross. let's get to our guest

morgan brennan is off today. higher. we are also awaiting earnings this hour from

. >> a mixed bag i'm jon fortt with morgan brennan. we have breaking news.e'll get earnings results from micron as the chip industry braces for potential restrictions on exports to china. >> and we're awaiting the fed's bank stress test due out in 30 minutes, which will be even more closely watched than ever after the financial turmoil earlier this year. if that wasn't enough, we have a rare exclusive interview with to the ceo of maste

i'll see you on monday mo morgan brennan has it in ot. >>> and we are halfway through 2023 it's the bestirst half for the nasdaq in 40 years best for the s&p in four stocks ending higher apple closing above $3 trillion in market cap for the first time that's the scorecard on wall street but the action's just getting started. jon fortt is off today we're on watch on watch from

. >> welcome to closing bell overtime i'm jon fortt with morgan brennan.will talk to two expert voices on geopolitics about the turmoil in russia and the potential impact on global stability and the markets. >> plus three ceo interviews you do not want to mix th

morgan brennan joins us now from cnbc on msnbc.the communications between epstein and a top jpmorgan executive. what are we learning? >> well, it adds a lot more detail. this is 22 pages. hundreds of e-mails. it's an internal report reviewing ties to epstein. it was conducted in 2019 after he was arrested on federal sex trafficking charges. we have this because jpmorgan submitted it alleging the bank ignored red flags about epstein's behavior as he brought wealthy clients to the company. report fines that a former executive who ran divisions until 2013 had regularly sought advice from epstein on a wide array of topics, everything from business deals to salary negotiations, helped over to get his daughter into graduate school. the convicted sex o nender invited stanley to meetings with foreign governments. there's talk of women, too. and the report revealing a very personal nature to the relationship. i should say. stalely has repeatedly denied in court papers doing anything wrong or that epstein abused teenage girls an young women.

i'm jon fortt on the other coast in san francisco >> and i'm morgan brennan at cnbc headquarters in newming up on today's show, a can't-miss interview with the ceo of amd, lisa su, fresh off today's ai event her company's stock has doubled so far this year we'll talk about of course, the latest efforts in ai, data centers, much more. >> plus, we'll be joined by the ceo of crowdstrike as that company makes inroads into the world of artificial

morgan brennan is off today, but we've got a big show coming your way.oming up, we'll talk to laura martin who says apple should buy disney following the launch of the new vision pro headset plus we'll talk to former s.e.c. chairman jay clayton about the state of crypto after the news that they're suing coinbase for operating as an unregistered broker and exchange. we will get in

welcome to closing time overtime, i'm morgan brennan >> i'm john fortney in san francisco. >> we're going to hear from frederick mishkin and jason furman on their reads on chair powell's comments and if they

i'm carl quintanilla along with morgan brennan on the aagain da, jp mother again's portfolio manager phil camporeale is here >> sheryl palmer, the housing data shows stronger than -- a stronger market than many had expected, she said just today new home sales jumping 12%. >> the stock may be up 300% this year, but it may still go higher >>> first, a check on the markets right now, which are higher with the dow up 134 points the s&p 4350 exactly the nasdaq higher and the small caps getting another bounce, too, up 1% one of the stronger performers month-to-date in a month that has been strong so far, carl >>> topping the tape, taking a look at fed fund futures because there's a cycle high being priced in, 77% chance we see another 25-basis-point hike in july morgan stanley saying the federal reserve will raise rates at the july meeting. we did get the hawkish comments from ecb president christine lagarde in portugal suggesting in that part of the world the hiking is not over strong data across the board, stronger than the market expected definitely puts pce in focus. >> new homes, fast

morgan brennan joins us now for cnbc on msnbc.t? >> that's right. i think the way to think about this is that housing is bouncing back or at least it's stabilizing as would be home buyers shake off the shock of those higher mortgage rates we've seen over the past year or so. a number of housing report this morning showing prices rose for the third straight month in april. the report that's getting the most attention on wall street is new home sales which rose 12%. surged 20% from a year ago. this is much better than economists expected and new home sales rose in the southeast, northeast, and western u.s. demand is soaring for one key reason. inventory is tight. there aren't a lot of existing homes on the market. why sales of existing homes have been weaker, too. focuses with low mortgage rates who don't need to list now, they aren't. that's boosting the new construction market. home builders are producing more houses to meet that demand and new home sales just to give you a little background here, counted as a signing of a contrac

i'm morgan brennan with jon fortt. r, the latest read on bank balance sheets from the fed. we'll bring you that breaking news as soon as it crosses. >> plus, we'll talk to former morgan stanley chairman stephen roach about investing in china as micron makes investment in that country, and blinken heads to beijing. >>> a news alert surrounding a big rebalanc

. >>> morgan brennan is joining us with the cnbc money minute. >> facebook and instagram users in canada will lose access to local news on those platforms. this comes after the canadian government passed a flew law requiring tech companies to pay content fees to local media outlets. the parent company meta says it is conducting product tests to have news availability in canada. >>> recalling 7.5 million robotic baby shark bath toys. the recall following reports that they cut or stabbed children. the u.s. consumer products safety commission reporting 12 injuries after children sat or fell on the product. the company says it is recalling full size, as well as mini versions out of an abundance of caution. >>> and furby, do you remember, this the '90s toy and the phenomenon. it returns loaded with new features. those include 600 phrases, five voice activated moods, a variety of songs and dance moves. the new furby is already available on amazon. it will hit other retailers in mid july. it also apparently, guys, has a turnoff switch, which the original furby did not have, and it made parents

. >>> wall street, i'm jon fortt morgan brennan has the day off does this ai driven rally have echoesf 2021 or are there different things driving the action? plus, the read on balance sheets from the fed we'll bring thaw breaking news as soon as we have it, and let's get straight to the market victoria greene from private wealth and the question now,

welcome to the "closing bell", i am morgan brennan with jon fortt. trouble for us. >> oh, yeah. >> we have former facebook executive and current disney end board member, carolyn everson, joining us about her latest appointment. plus, her read on the consumer and advertising industry

let's go to "overtime" with morgan brennan and jon fortt >> and what a market rally it was today withinishing up 2.1%, and the s&p up almost 1.5% the nasdaq closing at a fresh 52-week high that's the scorecard, and the action is just getting started welcome to "closing bell overtime." coming up on today's show, two ceos whose stocks are flying today on the back of earnings. we'll speak with mongodb's chief about last night's better than expected results and today's

i'm john fortt with morgan brennan.aught in the middle of a controversial social issue. this time starbucks worker

i'm carl quintanilla along with morgan brennan on the aagain da, jp mother again's portfolio managereale is here >> sheryl palmer, the housing data shows stronger than -- a stronger market than many had expected, she said just today new home sales jumping 12%. >> the stock may be up 300% this year, but it