we have robert frank with more. robert, good morning. >> good morning, frank.building is where it all started 80 yearsing ago. enzo ferrari built this brand. we will take you into the future of ferrari. this building is the first all electric ferrari. that will not be released until the end of next year. they will build hybrid cars. this will allow ferrari to build more cars. they produce 14,000 cars last year. the wait time for a ferrari support to three years. buyers and dealers hope this could expand supply. ferrari will remain a hard-to-get luxury product. >> luxury company is a company that is using the technology and innovation and story telling and everything with the ultimate goal to feed that emotional side that we all have. >> ferrari certainly trading like luxury stock. better than any other luxury stock. it now sells at a pe of more than 50 times forward earnings. it makes a profit of over $120,000 per car. frank, you have to sell 16 bmws or 27 teslas to get the dollar profit of one ferrari. that is why that stock is up 27% this year. frank, what is

robert frank is live in italy. eering powered ferrari for nearly 100 years. today ferrari launching this factory that will make cars with this engine and the first all electric ferrari. we'll tell you what an all electric ferrari might cost and look like and drive like mi uafr e break. no one puts moro logistics than these three. you need them. they need a retirement plan. work with principal so we can help you with a plan that's right for your team. let our expertise round out yours. what will you do when the power goes out? power outages can be unpredictable and inconvenient, but with a generac home standby generator, your life goes on uninterrupted. because when your generac detects a power outage, it automatically powers up, giving your family the security and peace of mind they deserve. we don't have to worry about whether we lose power or not. if the utility company does not come through, our generac does. after the hurricane happened, we just want to be prepared for anything. 8 out of 10 home generators are g

robert frank joins with us the survey that shows it is not your father's or grandfather's stock marketrank, they won't be able to get above average returns with traditional stocks and bonds according to the study. 72% still have faith in the stock and bond portfolio, but asked about the growth, younger investors listed real estate first and crypto and then private equity. the same question to older investors, they picked domestic stocks first and followed by real estate and then emerging market stocks right behind. younger investors have nearly three times more alternatives in their portfolio compared to xers and older investors. they have about half of the share of total stocks, only about 25%. the other difference, collectibles. the young are likely to collect watches and classic wine. nearly one-third are interested in collecting sneakers. the younger investors see it as part of their investing strategy and much more likely to trade in and out of collectibles just like they would stocks. you can read more about the great wealth transfer in my new newsletter called "inside wealth" at

and robert frank is there in northern italy with an exclusive look. hi, robert. >> hey, kelly.per cars like this are helping to propel record profits for familerrari. we'll take you inside the new e-building and tk alto the ceo coming up right after the break. the future is not just going to happen. you have to make it. and if you want a successful business, all it takes is an idea, and now becomes the future. a future where you grew a dream into a reality. it's waiting for you. mere minutes away. the future is nothing but power and it's all yours. the all new godaddy airo. get your business online in minutes with the power of ai. are you interested in safeguarding your investments with gold? alamos gold is a growing canadian gold producer with a long track record of outperformance. alamos gold. invest with us. our growth sets us apart. >>> ferrari is unveiling its newest factory today. the birthplace of its first electric car, which will cost upwards of $500,000. robert frank is on site, he's there in northern italy with an exclusive look inside the so-called ed e-building and

there was an extraordinary presentation of robert frank the americans, the iconic photography book thatoming directly from the artist. on the three full additions ever made. that is one of the things basel can bring to audiences. also an enormous keep going freeze that was initially installed in new york in 1980 for. it is a football field long, absolutely magnificent and really caught people �*s attention. magnificent and really caught people 's attention.— magnificent and really caught people 's attention. there is a hu . e people 's attention. there is a huge spectrum _ people 's attention. there is a huge spectrum from - people 's attention. there is a huge spectrum from the - people 's attention. there is a - huge spectrum from the emerging to be established artists on display. what do you make of the comments we heard earlier that actually it is quite a tricky market at the moment, because of high interest rates, cost of living pressures, etc? we are very cognizant that we are operating in a tricky environment today, a high interest rate environment, multiple elections that have s

robert frank is in italy this morning. robert, what's coming up? >> good morning, joe.his is the building where it all started. enzo ferrari built cars to fund wr his race team. today marks a big chapter. we are live from maranillo, italy, coming up. you are bountiful. your bones can support two times your weight. it's in your nature to stand strong. your cells renew every 27 days. it's in your nature to glow. your digestion can improve by laughing with friends. it's in your nature to thrive. your body is brilliant. from your head to your heels. we're just here to supplement you. nature's bounty. it's in your nature. (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 the workarounds? feel better. make customer service work the way customers expect? that one. make your old tech work with your new tech? thank you. and todd here is wondering, can ai do all that... now? no pressure. it can. on the servic

cnbc's robert frank filed this report. >> reporter: they will launch a new factory to build the firstelectric ferrari. that model won't launch until the end of next year. in the meantime, if than that f think, they will build cars. the waiting list for ferrari is up to three years. the hope from dealers and customers here is this new factory could add production. the ceo telling us in the exclusive interview, right now, they see no slowdown in demand, especially in the u.s. >> what we see is a good, healthy demand in different countries. so the order book is going well into 2026. u.s. is our biggest market. it represents around 30%. there is no sign of change, let me say. >> reporter: the market cap of ferrari is now 1.5 times that of ford or gm. remember, they make millions of cars per year. ferrari makes 14,000. the dollar profit on a single ferrari is $120,000. you need to sell five porsches or 16 bmws to have the same dollar profit on a single ferrari. >> what an interesting statement there. >>> coming up on the show, president joe biden and former president trump are set to face

robert frank will speak with the ceo of ferrari tomorrow. >>> here's what to watch today.ith three fed speakers speaking today. as we mentioned earlier, the bank of of england meets today. >>> back to the markets. they will look to build on the gains with the s&p and nasdaq at record highs and it is the first day where nvidia will open as the world's most valuable company after passing microsoft on tuesday. joining me now is patrick fruzetti. good morning, patrick. >> good morning, frank. thanks for having me. >> very close to record highs right now. what is your "wex" word of the day? >> patience. you know, i think every investor should have patience. i think it seems like markets are at all-time highs, i think there are things you can buy in this market at reasonable value. >> i want to talk about something you sent to us. the common man cpi. retails disappointed a bit. what does this mean? why should investors pay attention to this? >> my friends actually put this together. they look at the things the average person buys every day. food, energy, shelter, utilities, cost

we will dig into why and speaking of electric updates our own robert frank who will be live from marinellorow from ferrari and tune in for the exclusive interview with benedetto vigna. we'll be right back. ♪♪ ♪♪ citi's industry leading global payments solutions help their clients move money around the world seamlessly in over 180 countries... and help a partner like the world food programme as they provide more than food to people in need. together, citi and the world food programme empower families across the globe. food isn't just fuel to live. it's fuel to grow. my family relied on public assistance to help provide meals for us. these meals fueled my involvement in theater and the arts as a child, which fostered my love for acting. the feeding america network of food banks helps millions of people put food on the table. when people are fed, futures are nourished. join the movement to end hunger and together we can open endless possibilities for people to thrive. visit feedingamerica.org/actnow >>> welcome back to "power lunch." the dow is up 340. while that's what carvana ceo ernie garc

robert frank's latest newsletter is being looking at how the young and rich are investing and the marketsgement industry and sign up for that to scan the qr code or go to cnbc.com/inside wealth. that's ifohet r "t exchange." "power lunch" with jon fortt on the other side of this break. ♪ why not? did you forget something? ♪ (suspenseful music) ♪ my protein shake. the future isn't scary. not investing in it is. you're so dramatic amelia. bye jen. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. 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. call coventry direct to learn more. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. our friend sold their policy to help pay their medical bills, and that got me thinking. maybe selling our policy could help with our retirement. i'm skeptical, so i did some research and c

your reaction to robert frank? as long as some chose to live outside the law, others would always be ready to put their lives on the line to bring them to justice. we know we're killing the humans once this is outlaws and lawmen on fox nation. >> with over 75 million monthly tv viewers, more watch tv than visit old faithful every year, which means tubi is more popular than spewing boiling hot water all over the place. several times a day. more popular than being called old, even though. you're geologically young, more popular and selling novelty gifts despite the fact that you're just a hole that sprays water. to me, it's more popular than old faithful. >> oops, sorry. it just locked in a great refinancing rate for my student loans with credible com credible. >> where did you hear about that? seriously i'm literally the credible dave. we've been friends for years. >> finding great rates is my whole thing. sorry. credible. i forgot. you forgot? hmm so when you're looking for loans, it's either credible or it's not r

robert frank, thank you. we'll have this conversation. we need to have this conversation.regardless of policy things, everybody talks on the campaign, this actually has to happen. >> 107% now debt to gdp. never been there since world war ii. no way it's not going to 130 in the next 15 -- no way. >> yeah. right. >> i don't care how much conversations we have about it. >>> coming up, a new report from the american federation of teachers establishes guardrails for a.i. in the classroom. randi weingarten will join us. "squawk box" will be right back. and you might be thinking... can ai make it all work? it can. on the servicenow platform, ai transforms your entire business. your people work better, your customers are happier, and todd... well... he's practically euphoric. practically. so, let's get to work. (♪♪) the all new godaddy airo helps you get your business online in minutes with the power of ai... ...with a perfect name, a great logo, and a beautiful website. just start with a domain, a few clicks, and you're in business. make now the future at godaddy.com/airo hello.

robert frank is here to explain this.ohort lately. >> a huge difference. nearly three quarters of millennial investors and gen-zers surveyed said they won't get above average returns with traditional stocks and bonds according to a new study of bank of america private bank. most investors over 44 still have a lot of faith in their stock and bond portfolio so there's a big difference there. when asked about the best opportunities for growth, this one is interesting, domestic stocks topped the list with real estate and emerging market stocks right behind that. young investors have nearly three times more alternatives in their portfolio compared to xers and older investors and they have about half the share of stock. young investors, only about 25% in stocks. another big difference is collectibles. the young wealthy are nearly twice as likely to collect watches, classic cars and wine. i know sara knows this, nearly a third of them are collecting sneakers. very few of the older investors are. older investors say they collect

robert frank joins us to breakdown both sides.on 101 but perhaps you can shed lights. >> the democrats said the 2017 tax cuts cost trillion in lost revenue. republicans say the revenue has hit an all time high and the problem is democratic spending. so i dug into the data. look at the chart in the year after the tax cuts revenue from individual and corporate taxes was flat. it then fell in the 2020 pandemic and started to rise in 2021 with all that fiscal and monetary stim pus. in 2022, when revenue hit the all-time record that republicans talk about. individual tax collections topping 2.7 trillion. corporate income taxes reaching 440 billion. the main reason as our viewers know, the stock market in 2021, that was up 27%. we had the ipos, the spac, record sales by the insiders creating record capital gain. since then revenue falling back down. individual tax collections are flat compared to 2018. so they haven't moved in either direction even the gdp had grown by 2 trillion. the best measure is you look at tax revenue as a share o

robert frank on set breaking down the competing tax plan prop proposals.ot yesterday. there were a lot from both sides yesterday. the big question for both parties, broadly, is this election is going to determine what happens to those 2017 tax cuts when they expire at the end of next year. former president trump wants to extend them and now even add some tax breaks. yesterday he floated that plan to eliminate the income tax with tariffs. he wants to lower the corporate rate from 21% to 20% and maybe even exempt tip wages from income taxes. extending those tax cuts without those additional ones would cost $4.6 trillion over the next ten years, according to cbo. republicans say an extension would largely pay for itself with growth. they say cutting taxes will lead to more revenue so you don't need any offsets. the broadest study of those tax cuts shows they did increase corporate investment, they did increase ages, but they did reduce federal revenue by over $1.5 trillion. biden's plan, on the other hand, calls for extending those tax cuts for those making l

don't forget when it comes to the robert frank part of the world in terms of net worth, that walton family have thing. >> you're absolutely right. walmart just so we know -- >> dividends alone are just immense every month. sorry. >> walmart and costco, that's them right now, burlington, tjx, that's the economy we have. costco, positive article in fortune and the "washington post" as if costco never existed until now. wow, you need a membership? these are guys sustaining america. "washington post" was talking about how costco is a national treasure because otherwise we would be losing the battle against inflation everywhere. >> big lots will certainly fly in the face of all of that with a much larger than expected miss and loss, revenues amiss. >> they really don't know what they're doing. i mean, it's a shame. burlington -- burlington had a really good quarter, dollar tree was mixed bus i think they're distracted by getting rid of the family dollars. >> downgraded dollar tree today. >> that was very tough. >> that whole deal. >> seems like they just can't -- the split is not working. well,

robert frank is at the table this morning and he joins bus a look at the proposals from trump, biden,kers. >> good morning. so much tax news yesterday. former president trump floating ideas. he proposed using tariffs to lower or eliminate the income tax. he talked about exempting tipped wages from income taxes. tax analysts say both proposals would reduce revenue. the big question how he is going to raise revenue if you extend the 2017 tax cuts that expire the ends of next year and cost over $4 trillion the next ten years. some propose taking the reduction on state and local income taxes to zero and would generate about 1.5 trillion mainly from blue states and other propose cutting green energy and others say the extended tax cuts would pay for themselves with stronger economic growth. yet, independent estimates say even faster growth would only offset about 1 to 14% of that revenue lost. now, biden's plan calls for extending cuts those making less than 400,000 a year and he is proposing more than $5 trillion in tax hikes for company in the -- you were talking to jant yellen yesterday

robert frank joins us no you with more. these two wealthy younger investors. what are they -- no.ome millennials? >> because of the great wealth transfer and that tax change parents are talking about. >> oh, okay. >> or giving them money. put it right there. nearly three quarters of wealthy millennials won't get above average returns with traditional stocks and bonds according to a new study from bank of america private bank. investors over 44 still have a lot of faith in the stock and bond portfolio. asked about the best opportunities for growth, the younger investors listed real estate first, crypto second, followed by private equity. same question to older investors, domestic stocks with real estate and emerging market stocks behind. nearly three times more alternatives in their portfolio compared to x-ers, and about 25% stock. collectibles, huge difference. young wealthy earn twice as likely collecting watches classic cars and wine. nearly a third interested in collecting sneakers. older investors say they collect because they enjoy it and rarely sell. younger investors see it

something effects again, military analyst, frank led with a quick look now at some of the other stories making headlines around the world. german economy minister, robert holl back has told the chinese officials that propose european union tariffs on chinese made electric cars are not a punishment visiting beijing ha back said the plan levies were meant to level the playing field in the face of excessive subsidies. chinese companies have called for retaliation. 3 people had been killed and 10 others injured into shooting at a supermarket in the us. state of arkansas. among the wounded are 2 police officers who exchange fire and shot the gunman. a 44 year old suspects has been arrested and charged with murder. the man who has salted the husband of former us house speaker, nancy pelosi has been convicted for a 2nd time. last month, the federal court handed david to pop 30 years before the hammer tech 2 years ago. the california jury has now found him guilty of aggravated kidnapping. he faces a live sentence. a switched court has sent into members of britain's rich. his family can between 4 and 4 and a half years in prison for exploiting domestic workers.

frank language as always, many, many thanks. right. thanks, michael. a brief look now at some of the other stories making news around the world . german economy administer, robert ha, back has told chinese officials that propose european union tariffs on chinese made electric cars are not a punishment visiting beijing ha back said the plan levies were meant to level the playing field in the face of excessive subsidies. chinese companies have called for retaliation. a widespread blackout has caused chaos across the mountains with several countries reporting power outages that last in several hours. the loss of electricity caused shots to close and traffic jams in several major cities. authorities in montenegro, albania, and pause. now say extreme heat lead to a spike in energy consumption that triggered the outage. this united states as impose sanctions on a dozen executives of the russia based cyber security from casper ski lab. the announcement comes a day after washington unveiled plans to ban us sales of the companies antivirus software on national security grounds. the commerce department said an investigation had found that caspar skis operations were vuln

robert jackson. those are the four very well known ones. then there are four who were not very well, stanley reed, frank murphy, james burns and you know, burns had been a senator from south carolina and he was only on the court for 14 months because in the fall of 1942, fdr to him come work with me in the white house. you'll be the assistant president overseeing the domestic economy and burns left the supreme to join fdr in the white and the fourth justice in this category of lesser known justices in the fdr appointees was wiley rutledge, who was appointed to be burns's replacement. and then the third group is the justices who were not initially appointed by fdr and are only two in this category. one of them was harlan fiske stone, who had been appointed in 1925 by calvin coolidge, his amherst college buddy, and as i mentioned, fdr elevated him to be chief justice in 1941. in the summer of 1941. and it's very clear that fdr did so because he was a single mindedly focused and preparing the country for war, which thought was inevitable and. so he was trying to project by part us and shape as much as possible as, i'm sure you know, the country

robert f. kennedy junior and interesting. he didn't hold back. he called the ukrainian strike than crime, yet terrorism on the act. busy of war your thoughts? absolutely. this is true, but what is more uh frank. see here is this uh, slippery slope of uh more and more direct involvement of natal. it is conflict and at the same time they are constantly denying these the things they're doing they're, they're designed in language, which is really not the only night, but they come to something and it is a, i would say a very dangerous because i don't think that russia will say i will uh for it forever and that at some point uh somebody natal might really be surprised uh with the response. uh i think that ross of so far it was very much uh, power inside of no one of our world board have to use about the intelligence of drones and planes that were flying around the lexie area. and we can see if this company, me, michael, just to pick off on on downs point. zalinski is advisor said anyone in crimea is a legitimate target. when we break that down, why do you think the west is supporting that idea? how far could that potentially go cities far from the front lines have been bombed . civilians killed, t

frank church. governor jerrygovernor card, one. terrorist by. car driver. governor milton sharp. ed muskie. eric coughlin. and --make. baker b free. to baker. senator georgegovernor air governor. romney. robertdraper.anvernor gary. jerry apodaca. makegovernor raul castro. barbara jordan. back. may mayor. eric. phil noel, rhode island. and henry mauer. mayor to new york. mayor jim. lucas and governor chris stack of new york. madman landrieu of louisiana orleans. tonight. ain't no protocol in this house. we' one. proud. mr. robert hunter here on the carter campaign. where are bob. castro. mayor, had yourlet hope the platform does not mr. leonard, l try by well. that was that occurred. what happened after thataskedwrap yourwell as one of the most. rights you you can do whatever but is, you know what's really unique tells us a complete and it really is one of the largest archives dedicated tohere in the united states in we have over 1.5 million artifacts hing documents to books, to wardrobe the spaces and it really gave us the opportunity to explore the ngs that might have never seen before. a lot of our visitors, of course, want to see jumpsuits. sothem on display throughout elvis presley's mem