n- -- >> n what? >> is this "name that tune"? >> palo alto >> oh, palo alto >> oh, jefferson cmc. watch palo alto. >> you've been saying seiber is an island, right even you i think last night suggested maybe the number of safe spaces in this market is wi withering. >> down to cyber >> safe in soup. >> campbell soup's ceo mark clouse will join us refreshing the company's earnings call. they're among the biggest premarket laggards on the s&p. look at futures. a lot nofews today. we'll get to ollie's, hormel, disney, signet, gas prices, six-month low, when we come back your projects done right . with angi, you can connect with and see ratings and reviews. and when you book and pay throug you're covered by our happiness check out angi.com today. angi... and done. >>> a company we all know, a company that is a staple in this country, campbell's soup the company just reported the stock is moving lower after that quarter. now, it's very difficult quarterly earnings were in line with what wall street was looking for, but there are issues involving the forecast. i want to get to the bottom of this because i'm questioning whether this should be down like this joining us exclusively campbell's soup president and ceo mark clouse. thanks for coming on i think you can clarify some of your remarks i don't think you meant to be as negative as you were when you talked about the future. we can go over how good organic growth is, but first i want to spear that up. do you agree perhaps you were doing a little more than what everybody else has been saying about the future but being taken to the wood chipper for those two or three lines of your entire conversation of the street >> i feel great about where we have, jim. we had a fantastic fourth quarter. we had, you know, 6% growth on the top line, double-digit profit growth, and very strong etfs, just high single digits. market performance was up 8% we've been managing and 1/2 gatding extremely well inflation that's in the low teens with pricing and productivity and that momentum we expect to continue into '23. the reality is that the numbers is that we put in place for '23 represent significant momentum on all of our metrics, right we have growth happening across all three, which in the environment we're in, you know, reflects the fact that we're dealing very well with the environment and inflation while also making room to put back in investment on our brands as we continue to see momentum on those businesses as well. you know, we feel terrific about where we are and what the outlook is, which is very consistent with our long-term algorithm. >> which is why i find the reaction quizzical because you were on the previous quarter and i regarded your forecast as being very hard to do and you did it i remember the statements you made about the future and the inflationary problems to be exactly what they were you bested what you said on "mad money. it's quite fanciful. i want to talk about snacks and i want to talk about meals 18% growth margins, i want to know how you do that and kettle brand, cape cod, goldfish, mitigation, ongoing inflation. meals, beverage and snacks, they were extraordinary >> yeah. so let's start with meals and beverages. the reality, and we talked about this last time we were together, is in a tougher economic environment these businesses are extremely well positioned. when you think about pasta sauce, ready to eat soup, condensed soup, they're all trends that are highly relevant when the economic environment squeezes consumers and they have to make every one of their dlarps go further. i think you saw that manifest in the fourth quarter with the strength in these businesses when you ask about margin, we've been talking about how we manage and balance this challenge of ensuring that we're protecting affordability for consumers and also addressing inflation. part of it is because we've had significant improvement in our supply chain, both from a supply standpoint but also from a cost standpoint so when i think about where we might have been a year ago to where we are now, that combination of both strength in our businesses as well as the performance of our supply chain, i think really set up a quarter where we were able to demonstrate that we can do both the growth and the margin at the same time. i think on snacks -- go ahead. sorry, jim >> yeah, no. i wanted to follow up on supply chain if i can >> sure. >> during the call you said you made decisions so strengthen presence in some of the retail channels where you'd been weaker on supply and prioritize recover there. those are your words, i believe, talking about a strong recovery. what does that mean? tell people what that means when you talk about strengthening your presence and prioritizing that recovery, so to speak >> sure. so, in a moment where we had supply challenges, driven by labor earlier in the year, we had to make some tough choices in some cases it meant focusing on certain skus and stop producing others in some case, it might have meant we were supplying at a minimal level without the emotional support behind it. as we got into this quarter and we saw the supply recover, we were able to return that full bredth of the range of skus while also ensuring our customers were getting enough credit that they could get back in the promotional game. that's really important, especially on a business like snacks that's where we perhaps saw the greatest steps up. you see that in our results and i think the momentum on the supply chain will continue into '23. >> that's interesting, mark, because yesterday "the journal" did this piece about general mills and having to improvise two dozen recipes for pizza rolls because they were never sure which ingredients were going to come in that made it sound like the situation was getting worse, not better >> yeah. and, look, there's always going to be places where there may be challenges we certainly have a few left where certain material availability challenges exist. but the broader strength of our supply chain right now, i would say relative to where we were even six months ago is a significant step up. the good news is because a lot of this has to do with our capacity and what we're consistently ideliver, it bodes very well for the future going forward. when i think about '23, after a couple years of dealing with some tricky supply chain environments, i think we're going to be in a very positive position again, i feel very good about the work that the team has done to get us into the position we're in >> okay. so, mark, people think about what goes into your products is there anything in your whole repertoire of what goes into a chip or into a can of campbell's or a swanson or v-8 that has not come down, and there were we may think that indeed you have a chance to be able to have expansion by '24 >> yeah. an important note, and we talked a lot about this when we were rolling through fiscal '22, several of our major packaging forms have calendar year contracts. so part of what we are anticipating and watching very closely is as we get to our midyear, which is going to be the beginning of the calendar year of '23, we'll have several material contracts that will turn over, one of which is the one you described, which is our cans for soup. as we look at the outlook right now, we do see improvement in certain areas. as we think about the flow of inflation through the year, i do expect as we go through the balance of '23 to see that percent impact of inflation to improve. as i said today on the call, we would expect the probably toughest inflation in the first quarter and then to see some improvement as we move forward >> excellent i think that the analysts should say that or at least figure it out instead of eating a lot of kettle chips mark clouse, two things, congratulations on a much better quarter, and go, birds >> go, birds thanks, jim. >> take a look at futures here on this thursday morning, watching some key levels 10-year still 3.75% or so, 2-year back above 3.5%, and oil below 88 we're back in a moment your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire >>> we mentioned yields today. you have corporate guidance, okta with a quarter going to hold nvidia, we talked about the lie sen si r -- license requiremts d n'excthaes to have a material impact on the business futures still weak opening bell in about four minutes. to adapt in a fast changing world, you could hire a professional pit crew. go, go, go. sorry. nope. okay. fresh donuts - hot coffee! they deliver real time data and business forecasts when you need it. i think it was fine how it was. (air tool sound) to help you stay ahead of the curve... or you could use workday. the finance, hr and planning system that helps cfos make better decisions faster. on the other hand, we had a great fourth quarter. for a accelerate your decision-making world. workday. for a changing world. >>> sneaking in a quick "mad dash" because applause is building >> nvidia, the chips are for data centers a huge percentage of that. hormel is like campbell's. once again, the numbers are really good. the outlook is getting better. hormel is a little weaker than campbell's i get it however, hormel is a great store product, including spam, and i think hormel is the kind of stock you want to buy on weakness it's not aviva they have to figure it out and nvidia -- >> we'll talk more about nvidia. >> a lot of these companies, people think they're going to come out and say there's no more inflation. what are they, kidding i mean, they have real issues involving what he was saying, prices that are not rolling off the products but more important -- why is anyone surprised with that why would supply chain prices dissolve i just can't believe that people think that way what >> nothing you want to get to the opening bell >> the dow down 118. jim, a couple things last night. btig saying june lows are in >> mark sebastian says when the vix goes down while the market goes down, that's a tale you may be nearing the end of it should be going up as the market goes down. the real cost currents of the technicians are extraordinary here but hard market to like. it's really easy to go home an have your wife mess you up i went home and said i don't want to have a moscow. give me one. >> how many did you have >> just one. >> willy lowman? >> did he have more than one moscow >> my dad had -- >> you are not a dime a dozen. >> i saw the play and lowman had boston norfolk and my father had boston norfolk we sold bags out of the station waggen at the flea market and i thought we were doing well i never knew we weren't doing well until i stole it in the interview. >> attention must be paid to the oil stocks and to oil overall. >> forget oil. no >> why >> why >> why >> because -- >> it's down yet again we have the 10-year at 3.5 >> russians are making money off the war. they're now not only getting -- they're not only paying for the war now, now they're starting to rake it in to the point you're buying chinese currency. >> talking about buying some friendly currencies, anyway. g-7 will talk about the price gap. they said yesterday they're mareking progress on it. >> well, all i know is the pump is going to be -- that whole thing we ever did, supply chain still a problem. oh, my god, david, the longshoremen's union >> what about them >> i think they're going to hold up the whole country >> when is that due to happen? >> how about now the talks are going on right now. >> the talks have been going on for some time. >> doesn't that worry you? >> i have so many things to be worried about. >> okay. can i just tell you that debrom pitched great last night degrom >> i was there wonderful evening. it was incredible. >> what are you down about >> nothing >> then talk more positively >> okay. >> go against me on some of these things are negative. >> what would you like me to go against you on i'm happy to and typically do. yeah, you're wrong on that too no, you're wrong. >> the fact that i don't have anything positive to say could mean a bottom. >> it could mean a bottom. >> jim's right thenumber of guidance cuts today, ollie, campbell's to some extent, signet, who i think you're talking to later today, right? >> yeah. but i will tell you that she did preannounce and at least it didn't go down through preannouncement, unlike nvidia they preannounced an got to the quarter and they went down >> best buy, some of these preannounces, it's a good thing they did it. >>> i thought best buy was good. back to where it was when they preannounced, but people did not look at what she said, which is basically the health care initiative has taken off >> the market has been lousy since november own it >> since november? a nice pocket for those who were long, call it through july and august >> we've hada couple of -- >> good to a lot of people >> we've had couple of pockets >> when you had those moments where everybody thought inflation peaked and the fed was going to get a little less aggressive >> commodity inflation >> their dreams were shattered >> remember what he wants. he wants to see no more help wanted, and he wants to see -- >> openings for unemployed workers. that's what jpm said this morning, jim they said if adp is right, the jobs number will probably lead to 75 in september the only way to reconsider 50, they argue, would be to have cpi next week go to the low 6s, which is unlikely. >> not happening when you see that every -- i'm still seeing 17%, 18% wage increases constantly i just -- i don't see anyone who's taking the same wage that they had nobody is saying, you know what, i'll take the 3% increase. just don't >> maybe if it means they can stay home, don't have to go to the office >> that's right. >> remote work is part of the process. >> i'm going to give you something. >> you are >> yes i'm going to give you a stock, probably one of the most hated stocks in the universe have i see good things happen >> okay. lay it on me >> joe rogan's compadre -- >> mark zuckerberg >> -- mark zuckerberg, i think they have multiple revenue streams. >> meta was up the other day, bucking the tape >> i told you they were going to start monetizing things. verge, i don't know, probably made some phone calls. >> referring to paid options on facebook and whatsapp and -- >> right now i use whats app i use it a lot whatsapp is like verizon without a phone bill >> it's en 's encryptoed and immediate. >> verizon does have that feel >> verizon is $5 billion below the market cap of t-mobile we were keeping track last week. that race is over. >> how's cable doing >> cable is doing great. >> how about the notion of disney creating a membership >> that's another thing. that's embracing i think the 360 kind of plan that bmarc benioff had. of all the things you like, they know about, and that's positive. but that stock is still hated. and i don't know how to get that to be changed. >> i said this morning ad model at disney, and netflix, "the journal" has a piece arguing they're going for top dollar on some of the ad pricing >> i hate when people buck the gloom. didn't they get the memo you can't say anything positive? i've been so gloomy in this morning i want totake the othe side >> okay. on netflix -- that was actually funny. took me a minute i was thinking about -- >> a long way between -- >> i was thinking about netflix and the fact that we're going to basically be bundling ad-supported stream rs and what that reminded me of. >> your bundle >> things i'm watching with ads that are all together. hmm. i can't remember guys, i did want to come to m&a for a minute >> there is no m&a >> that's true but activision is one of the largest deals we've seen announced this year. and there continues to be questions about not just the regulatory response, the s.e.c. reviewing the transaction, but in europe and the uk, i mentioned the uk because the regulatory agency, the cma there, not unexpected in any way. you can see from the reaction, perhaps unexpected they did say this requires more scrutiny we need to go to phase two they're concerned if they buy activision and blizzard it could harm rivals, sony being one of them by refusing them access to activision blizzard games providing access on much worse terms. we love sony no way we're going to do anything that would call into question them or "call of duty." but the effect of pushing this thing at least into the spring, not a surprise again, you can see remember, it's a $95 deal, so it is trading at a significant spread, obviously, to the price that microsoft is paying but that reflects the continued turn about the regulatory response, how long it's going to take and whether, in fact, they'll get to the finish line despite what many would say it's not a deal that should rise to that level of being blocked. but didn't want to fill people in might give them enough time to get their fundamentals back underneath them. even if the deal was in some way -- >> "call of duty." >> yeah. that could be back and bring back the franchise very robust. >> there's no takeover then. >> right >> isn't that something? >> there's a lot of concern about it, justified or not >> again, we haven't heard from the ftc. it will take at least until spring not clear you'll get the same response from the eu >> i'll go a step further and say that if this deal is having problems, given the fact that the gaming universe is so vast, it really does call into question anybody doing anything. >> could be true microsoft. when it's microsoft, it's going to be getting a bigger look. they also talk about they're concerned microsoft could leverage their games across consoles, cloud, and pc operating systems. thataren't that many companies that have that going on. >> no. no but i do think we're in an era where, unless brava steps up, nobody buys it >> the tape would look a lot worse if not for campbell's and meta >> you think zuckerberg is not a player i've played him in the universe. he's a competitor. >> i don't know if twitter is up, but they said today they are going to look at -- they're testing an edit button >> yeah. >> if you are a paying user. >> right >> shares flat but a lot of -- as we said, a lot of operational models will get a refresh. >> look, i really when i say i want to bet against it, i say listen, i usually like to find some things that are positive, and right now i have zuckerberg and i've got -- >> how about okta? 27% off? >> sold. >> sold to you down 30% right through your bid i jammed your bid. i'll tell you mongo, first time people figured out they own it, what mongo db does the memesters are getting killed again, but so what >> as we go to break here, we'll get data on the other side watching bonds, 2-year back below 3.5% but just by a whisker. oil still below $88. gasoline the lowest since january. back after a break (vo) hi. we're visible. a different kind of wireless company... ...running on a big impressive wireless network. how are we different? well, we're made for people who do everything on their phone. like, everything so we exist...only on your phone. which means you sign up, get help, and pay, all right here. simple. so you get unlimited data and hotspot for $30/mo, taxes and fees included. so simple. want 5g ultra wideband and global calling? now we've got a plan with that, too. sometimes the better choice is just...visible. switch today at visible dot com. another busy day? of course - you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want - your team, ours or a mix of both. with the nation's largest ip converged network. from the most innovative company. bring on today with comcast business. powering possibilities. >>> welcome back to "squawk on the street." rick santelli here with live cmhq with the second round of breaking news, global, pmi, the new read to replace it, the final is 51.5. two tenths of improvement but still the lightest three going back to july of 2020, july of 2020 we see that interest rates are up but for a change and maybe for the better in the long run, the curve is steepening. long-dated treasury rates are rising faster and more aggressively than short rates and obviously removing or t loring at least some growth onheong end, make it more responsive to the upside "squawk on the street" will return after a short break do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance. >>> more people will be back in the office but when i walk through the offices you don't see as many people there as you used to see. true of other firms as well. people aren't coming back as much as we would like them to be right now people are staying home and working remotely. >> david rubenstein on squawk today talking about return to office we mentioned goldman yesterday headline this morning. jefferies says we need everyone in the office on a consistent basis. >> richard hamler embraced the idea of allowing people more flexi flexibility. i'll never forget the conversation i had with a leadee i can't get people back when i want them. i think that continues they can say five days a week all they want, but rubenstein knows a lot of people. it's not just him. >> usual exceptions, obviously they're back, because there's a collaborative -- you're -- i'm looking at you like i have information. >> i'm fairly well up on who is back and who is not. they're getting that building 60%, 70% full. it's never 100, because a lot of people travel, and jpmorgan wants a lot of people back when they finish that enormous tower. >> how many floors will be empty. >> good question. >> goldman is quite confident most people will come back >> it's not about health anymore. >> it's about clients, it's about evaluation, it's about teaches. i always said you could have a saturday off or sunday off, i did i care which day you took. those daze are over. >> now it's part of a negotiation with a company in terms of taking employment will. do i have flexibility. can he stay home that's all part of the conversation. >> there's younger people who say, do you have an in-office culture in i want that i want to learn. i hear that, too and they show up, and there's nobody there to teach them. >> that's not goldman. >> this is not goldman-centric. >> you're arguing they're the tip of the speer. >>. >> once again i think the stock for nvidia is not reflecting it's -- that's a better reflection of what's going to happen. >> we are holding 3926 >> i go to my pizza and bagel places here, still less than 50%. still a lot of people are reluctant to come back you know it's a defensive open when utilities are leading growth is still out, tech is down we see some of the areas like energy it's not eliciting a lot of excitement, even though it's going in the right direction the other proxy for global growth, metals and mining. just take a look at the semis. we had the restrictions on the sales for china from the united states government. that's weighing on nvidia, but the rest of the market also to the down side. china mainly is about 25% of nvidia's overall sales remember, proxy for inflation is below $90. it's not getting people excited. 87, 88, starting to get toward seven-month lows there occidental with a new high a couple days ago. boy, could we use some movement in the jobs report tomorrow. a soft jobs report is what we need some guys were talking about locusts descending as the next move overall we have covid lockdowns in klein, a dollar at a 20-year high, ten-year yield over 3%, and equities are very clearly in a down trend after fed officials will keep rates higher they call it the no-bid market this is no id, no buying interest right now here, so we've got from overbought to oversold in about two weeks, and there's really no bounce at all, which is a -- normally when you get very oversold, you can stay oversold for a while, you start tots a bounce. the dow itself is in a down trend, and several sectors are in more note appear down trends than others. for some strange reason, health care has acted terribly lately thene another sector completely, robotics, video game technology, all of that is also in a more notal downtrend. so we're in what mark at u.b.s., he called it the bizarro world of investing, mean bad news would be -- so what we need is a jobs report well below expectations i polled people around yesterday saying what would make the market rise just on that number alone. most of it centered around 200,000. still pretty strong even at 200,000, so we'll see. we need some bad economic news i'm sorry to say that. >> yeah, that's what people are thinking about come tomorrow we'll see, bob pisani. let's get to jim and stop trading this morning. >> if we were in a specialized area, retail for people who are not -- of little means, there's no stopping your stock five below had a quarter that i thought was subpar there it is. five below, dollar general, dollar tree, the market is fixated on that. that's where we're all going to go it should be fixed on sam's and costco, which is doing incredibly well. dollar tree, dollar general -- >> costco comps up ten, news about the sam's club membership fee yesterday. >> that was very positive. i search for positives among a sea of negatives, but it is true i field wounded with nvidia. you should never love a stock. never name your dog after a stock. >> speaking of consumer, and focusing on the low end, what is the signet message whether you talk to them >> i think the signet message is basically she's doing fine people seems to remember when the company was a sort of -- they're going to have a great holiday season, and the stock is inexpensive. i've never had motorola solutions on talk about a stock it just goes up and up and up. so the general tell-good story is we never mention qualcomm, that is also having problems >> qualcomm is not getting sued, xlon. >> i'm sad >> don't be sad. the sun will shine again. >> we'll see you too long. >>> we're back after a break >>> welcome back to "squawk on the street." this is our last tranche of breaking news. construction spending for the month of july, expected down 0.2, and we doubled down minus 0.4. that's two months of back-to-back negative construction spending. if there's any good new, it's found in the revision. minus 1.1, which happened to have been the worse since april of 2020, gets upgraded down to 0.5. so we cut it in half basically last month and down double this month. >>> on ism manufacturing, our august read at 52.8, 52.8 is exactly the same as our july read at 52.8 both of those happen to be the lowest level going back to june of 2020. if we look at 52.5 for prices paid, 52.5 is definitely so much slower, it really is a blast of good news. 52.5 is the lowest level going back to june of 2020 as well remember, on prices paid, that's the one component we want to see actually go down 51.3 on new orders, that is really, really good news that's the betts level going back to march, and considering tomorrow's employment, best level since may, these are good numbers on new order and empl employment. >> carl, back to you fascinating rick good thursday morning. >>> oil levels below 87, but we'll see if they turns. >> yes, exactly, we are 30 minutes into the trading session. starting with hormel foods, earnings coming in slightly below estimates. shares of mongo db, those are getting fresh today. down 21% after the company predicted a larger than expected loss for the second half of the year that stock is down around 50% year to date okta with an improve outlook, saying it was running into unexpected integration issues following its acquisition of the rival. don't miss okta's ceo later today on "techcheck." >> both companies were told essential you have to get a license immediately to sell certain chips to china, effectively saying you can't -- and nvidia says the new license requirements may impact the company's ability to complete its development of the h-100 chip in a timely manner, and transitioning certain operations out of china christopher denly joins me >> this is just the latest salvo in this, i guess you would call it an ongoing cold war, trade war. we expect more bans as this cold war evolves. they actually came out and said we don't -- but as this drags on, you'll see more and more announcements like this. it's unfortunate, but it's the new reality of geopolitics, i guess. >> in some ways you could argue it's a victim of its own success. is that reaction in the stock price justified, in your opinion? >> that's a colleague of mine to comment on that. >> okay. give me your broader take in terms of the impact you say, given the continued raising of tensions between the two countries. does it overall sort of make you look at the sector in a different way, and perhaps discount to some extent they stocks. >> that's a good question. i think there's a lot of bigger issues going on in the semiconductor sector that's causing it to sell off this clearly doesn't help. we also have a fairly large inventory build. i would say that, you know, we're more focused on what's going on economically, what's going on with inventory, and the latest in the china versus u.s./rest of the world salvo. >> i wonder if there's any way these revenues can be made up, with other products? other partners other business lines >> definitely. china's about 25% of semis, but again they're not banning everything they're banning the latest chips to one part of the globe eventually somebody will step in, they'll keep introducing any chips. does this cold war continue? probably, but there will be other avenues as well. again, i want to emphasize it's the newest it's not like they're banning everything to china. >> this announcement of the $15 billion investment in boyce yes, are we see quantifiable effects from the chips act is this related? >> i think it's somewhat related to that. i think the semi companies feel a bit emboldened to start spending more on capacity. the chips act only lasts niv years, but i think you'll seer more help come down the line in pretty much every other large, iguess you would call i economically sizable government has some sort of subsidies for the industry japan started this in the '80s, taiwan, china, and i think the u.s. is a bit late in the game, but late is better than not at all. i would expect more and more subsidies to come. >> christopher, thank you. appreciate it. >>> sticking with china, one of the country's largest cities announcing a lockdown of 21 million residents, launching four days of covid testing our eunice yu is live with us, and we'll talk to here for a few moments. >> 21 million people, 1.7% roughly of gdp, but we continue to wonder, when is the zero covid policy going to end? it creates a great deal of uncertainty. i guess the answer is not yet. >> not yet, to long down entire very large cities that can be important to the global supply chain. my goodness, this seems like we need an end game at some point eunice, hello. >> reporter: hey, guys, as if the economic situation isn't bad enough in china, as of tine, the 21 milled onright-hand side of chengdu have been ordered to stay at home the mass testing is supposed to take place until sunday, but there's no guarantee it will end on that day. today we saw several people posting pictures of them to bepiling food and panic buying, chengdu accounts for about 1.7% of china's gdp it's a big industrial base it is in a closed-loop system, the chengdu officials said other fact tors would be allowed to stay open as long as they met certain environments, which means that workers live and work on the premises. this lockdown in chengdu is the latest in a fringe as well as port cities around the country a port city imposed targeted lockdowns, and shen zen they're being urged not to leave the city this is an especially sensitive time right now in decline where the leadership is expected to be reshuffled in about six weeks' time the expect ais president xi jinping will maintain his role of stay flog power for an unprecedented third term because of that, the security here has been very tight the authorities have been prioritizing stability and wouldn't want to see disruptions, which would include any major outbreaks. there's one piece of good news hong kong has set it's mulling lifting quarantine requirements for anyone who wants to travel into the city by november. then, if there's anybody who 'thinking of coming in for business to china tonight, hong kong says they have an early support for what they describe as a reverse quarantine, to enter mainland china the idea is to isolate in hong kong for the seven-plus three days of quarantine we require here in china in order to get into the mainland. >> i was fascinated by a lot of the points you brought up on our earlier editorial call, particularly about what the different truckers have to go through to keep the lo gist ubs and supply chain running can you explain about what they're required to do with the testing, and how they're supposed to continue to do their jobs >> reporter: it's a huge issue for anybody in logistics or in the supply chain that is that truckers are required to brent a covid test, depending on the province, 72 hours, sometimes 24 hours, and they have to make sure they present that to go across province lines sometimes the one province didn't recognize another province's covid test. to other people aren't ability to get the test in time to reach their destination so there's a lot of logistical issues, and they often find themselves stuck with, you know, in their trucks and many of them have been quitting their jobs. that's been a huge issue for a lot of the companies carl >> eunice, remarkable turn of events, as we continue to watch activity on the other side of the globe. as we go to break, take a look at the road map for the rest of the hour on pace for five days of losses, two-year yield touches the highest level since '07. >> michael saylor is accused of -- >>> we've got a lot more "squawk t see sait eaonhetrt"trghahd. don't go anywhere. pst. girl. you can do better. at least with your big-name wireless carrier. with xfinity mobile you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill over t-mobile, at&t, and verizon. wow. i can do better! yes you can! i can do better, too! now you really can do better! switch to the fastest mobile service - xfinity mobile. now with the best price on two lines of unlimited. just $30 a line. this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. the clear priority was bringing inflation down it was having significant implications and hardships for businesses and households around the world. that lines up with my own priority, being president of the dallas fed and as a policy maker, the number one priority has to be to restory price stability. >> that was the new dallas fed chair president, lorie logan we lost a bit the ground this morning on the heels of the ism number they know that the inflation is softening but it's the -- >> there's no relief in sight where you have september, kids are headed back to school. we learned important lessons over the summer. first is, prices are coming down we believe inflation peaked. this is plenty of evidence, gas prices, used car prices, even one-year forward inflation, after it was 5.5%. just like serena proved she's not done, the fed is not done it is because, as you said, they're sifting their focus away from inflation, which is coming down towards the jobs market. the jobs opening kick higher and you're actually rooting for bad news on the jobs market? that's not a great place for sentiment. >> delano, how does that weigh on bulls sentiment is there a sense that the fed is moving the goal post >> i think there's a bit of that obviously there could be signs of a peak, if you look at the consumer, there's still the feeling we're way too hot and the prices in certainly areas, obviously in certain prices, talking about the high end, or lower end, i think when you think about the sentiment currently not in equities, but in general, it's not very good if you look back at businesses, and how they're revising earnings lower, and even now news of lockdowns, it's not good for supply chains and early estimates going forward. i think we still want to focus on inflation, especially for, you know, growth stocks and equities going forward, carl >> when you look at the direction of the market, to delano's point, the sentiment feels fairly negative, but inflation has peaked, do you think we further to fall >> we do not think we revisit the lows from earlier in the summer, rye? headline inflation is moving lower. at the end of the day that was painful gas prices, even in new jersey $3.79 a gallon. it's in a much better place there, but the fed squauvd any idea in jackson hole there would be a fed put anywhere in sight in the summer of next year, all that's been pushed out federal funds rates get to 4%, so you have to take off the highs we saw earlier in the summer, but also the lows. we think about 3800 to 4200 is a tradeable range. >> you've got a ten-year 3.5%, first time i've seen that number in 15 years. >> yeah, the two-year, excuse me, thank you. why don't i just park some money there and take a break >> we used to tell clients all the time, cash is the worst thing to have in your pot folio, when you free moment rate is getting to four, it looks much better for us right now. fixed income also looks good fixed income as a way to manage risks also looks good in addition to cash we don't have a recessionary view yesterday, but much more interesting in the front of the curve. >> delano, given everything we've talked about, what explains some decent performance to today. >> i think for myself and people looks at the performance, looking at strong cash flow for a majority of the companies, but, you know, if you look set s&p 500, 7% to 8%, we still have an annual return of around 11% so i think some of the buys interest is coming in, looking at we still have potentially more to go, and picking different opportunities with strong cash flow, different opportunities that will be strong in the long term. and staying safe and being in the pocket that is going to rebound as the mark and the economy rebounds as well >> let's see september is fraught, at least history tells us that. guys, great to see you have a great long weekend. >>> well, still to come, we'll talk microstrategies, michael saylor, accused of evading $25 million of taxes and nutanix, that stock is still down 30% this year, but now up nearly 50% in the past opit, 3 tayod we're back in two. how will your business adapt to change? you could hire an office full of peyton mannings. what's up, peyton? good morning, peyton. hold for peyton. they'd huddle.... welcome to the peytonverse. such a visionary. game plan... you go. no, you go! and call audibles... double our investment in omaha! omaha! omaha! omaha! or you could use workday. omaha. the finance, hr and planning system used by over half of the fortune 500. for a be-agile-like-an-mvp world. workday. for a changing world. >>> the retail sector has not been spared from the recent sell-off the xrt on its fourth straight day of losses. one names in the group, that's the parent, like sayles, kay jewelers even though it gave us a preannouncement. , with the consumers discretionary there some names in the green, of this defensive posit positioning b of a has this incredible chart of private label foot the right label food, this most recent quarter, as it does the quarter before you can't read into that, i don't believe as much as you can. i've been peeking around particularly on apparel as you're going back to school. the apart gets done later than the school supplies, but i also find it interesting, when we talk so much about the supply chain and the mismatch of n inventory. i haven't seen as much inventory, which makes me think it's coming down the pike, which could sets impress or depress the promotional -- >> so much for inflation. >> you get a deal. if you start your holiday shopping early and smartly, i think you could be in for some good deals >>> moving on here, another name is microstrategy of course, that's known as a company that owns an awful lot of bitcoin, but the dc attorney general is accusing michael saylor of tax fraud. our robert frank has the story. >> good morning, david, michael saylor denying the allegations, saying he started filing taxes as a florida resident about ten years ago. he bought a house in miami, changed his driver's license and voter registration, but according to the ag, he actually continued living in d.c. in a 7,000 square foot penthouse or his yacht docked nearby. the complaint says that saylor bragged to hi confident dance about the plan to create the illusion of residing in florida. what's unusual is th
Live Music Archive
Librivox Free Audio
Metropolitan Museum
Cleveland Museum of Art
Internet Arcade
Console Living Room
Open Library
American Libraries
TV News
Understanding 9/11
