Transcripts For CNBC Squawk Box 20240712 : vimarsana.com

CNBC Squawk Box July 12, 2024

It was the big gainer. It closed at an alltime high. Tech has been leading the way. Sales force, facebook, taketwo and qualcomm at record highs you have to watch one stock in particular apple. After more than 10 gain on friday and thursday night, it closed up 2. 5 to an alltime high percentages away from hitting the 2 trillion market cap that 4 to 1 stock split is hit that price has to sit 477 not far off. Weve been talking about the pressure that has been put on yields in the treasury market. Right now, the 10year note at 0. 45 . Scott . Becky, im listening to you talk about tech and these companies. We have to get ready to talk nasdaq 11,000. As crazy as that would sound, we are on the doorstep. In spitting distance, basically. Unbelievable. Largy carri largely carried by these big five apple, amazon, facebook and alpha bes alphabet and microsoft looking back in march, would you have thought we would be talking nasdaq 11,000 by summer . No way. There is reason for it if you look at some of these results, theyve got the proof theyve got the results and the reasons to be running higher there are a lot of people worried and saying okay. What are you paying for these things what they are paying makes it look insane . They live up to the hype. The earnings pretty much delivered. Theyve met a high bar they got way over what was the high jump at that point. They managed to get over it and seemed unabated like they are just going to continue to march higher look, im as amazed as all of us the question to me and i think there are real earnings behind it some of this is a multiple expansion story. That is what happened here since this crisis happened for reasons we can talk about, investors decided to rerate these stocks. The question is will we rerate them in a different way . Looking for a place to put their money the fed has made it hard for the return on the money. They are looking for what is benefitting from what is happening with working from home and other things there is a little bit of play there too not knowing where to put your money you are not going to put it in a bank account now and you are not going to make much in terms of bonds either right as you said with the multiple. Except for amazon. Now the conversation comes, are stocks too expensive where else are you going to get growth you are talking about the Interest Rates where you are in the 57 basis points. Right not to say that things cant change in a heartbeat. Right now, this is how the market is valuing these things and trying to sort things out. There are so many things happening right now. Well talk about what washington is doing with the stalled stimulus talks things could change in a moment. Yes the changing the mind thing. This seems like one stubborn market these tech stocks dont want to change their mind and investors dont want to change their mind. Well see. I want to hear you say this next part, scott isaias. Making land fall very well you did a better job than i did. I tried without success. Go for it. You were unlucky. You had to go first. I was listening to see how you were going to do it. Not well. Thats okay isaias, it did pack sustained winds up to 51 miles an hour being traing norcking north expt move inland. Winds there, andrew, 50 to 75 miles an hour up this way and a few inches of rain so it is going to be nasty a little later on up this way. Meantime, we should tell you about this covid19 outbreak in the u. S. This is good news. We dont usually say that in the same sentence. Appearing to show signs of slowing. Fewer than 50,000 cases for the second day running and fewer than 1,000 fatalities reported on monday, california reported fewer than 6,000 new cases for the First Time Since july. And florida reported fewer than 5,000 for the First Time Since june new jerseys governor stated seeing a marginal up tick is retightening the restriction on indoor dama indoor gatherings down to 25 people but we still need a few more days of downward movement to teal better about this in new jersey looking at the transmission rate they watch that very close cannily. A number over one indicates that covid19 is spreading. Under one, sounds like you have it a little more under control democrats and Trump Officials left a meeting claiming progress on the relie bill but say they still have issues to resolve. President trump is exploring an executive action to explore a more tore yum on evictions this has been a one step forward, two step back theyve made some progress the rhetoric did shift last night to sound like maybe they were making more progress and maybe there is some Common Ground weve also got some other news with tiktok and what is happening in washington. It is not just microsoft but two other firms in talks with buying parts of tiktok. Saying he was ready to approve the u. S. Purchase but then said hes only willing to do it if the government receives a lot of money in exchange. Whether microsoft or someone else, what the prize is, the United States should get a large percentage of that price because we are making it possible. Without us i use the expression it is like the land lord and the tenant without the lease, the tenant doesnt have the value we are sort of the lease we make it possible for the success. A big portion of it is in this country. From the sale of it from the sale whatever the number is, it would come to the sale on wall street, they call that tipping the waiter. I dont think weve ever tipped a government on a transaction. I told the microsoft ceo a substantial portion of the price would have to come into the treasury United States because, quote, we are making it possible for this deal to happen i was on the phone with the people involved in this action who heard that yesterday couldnt even make heads or tails of what the president was saying how exactly would you pay the government what would that look like . Could there be a formulation you come to a transactional agreement where you are making an infrastructure or create some kind of jobs literally, this is happening inside the room among these companies. If we created some amount of companies, would that do it . What i heard it reported, i thought he means this off the cuff then i saw, wow, he really does mean it. I dont know how working on this deal, you could come up with anything that makes sense. As the top share holder in microsoft,he would love to see this deal get done at the right price. I dont know how you figure out the right price where you have to then give something to the u. S. Treasury. Because this is a bit of a valuation game i hate to say well be using trump valuation that will effectively create a higher valuation for the overall business and then create something that says we are giving you something and that bytedance is giving it the key is that the money has to come out of china, not the u. S. Company, so you have to make it appear that china is not getting a part of that because Peter Navarro dont want u. S. Money, 10, 20, 30, 40 billion ending up in the hands of china. China has weighed in on this today saying that the u. S. Is basically stealing this and trying to take off with this and it is a rouge nation now the idea that you are going to come up with something that satisfies the Trump Administration and satisfies the communist government in china. Good luck with that. They are going to get caught between the two of this because even though china may not necessarily be looking for some of the same angels, it is not going to say, okay, its okay to do this. And dont worry about the ceo of tiktok or bytedance, well worry about it it all overshadows the lead of the story, right . That is there are possibly other suitors. We talked yesterday about maybe Media Companies would be interested in this property now. The wording here we use or that eunice was reporting was other Tech Companies that makes it more interesting of who they may be and are they based in the u. S. Or elsewhere . I would imagine it would be very hard for a google, amazon or apple to try to buy this Company Given the antitrust pressures on them. My understanding is that the white house preferred or liked the microsoft choice from a regulatory perspective it is all very interesting the other piece of this. If you are apple today we are talking about the 2 trillion market cap. Given the china risk look, foxconn is employing hundreds of thousands but i think there would be risk, what kind of backlash is china to some other company there and not built in to any stocks right now . No different than the same conversations we were having during the depths of the trade war . We had the same conversations if we pushed too hard or tariffs are too punitive if Companies Like apple will face push back or retaliation in some way and maybe they are protected in some way. I dont know if tim cook is sitting there worried about retaliation at this point. Their business is holding on fairly well through thick and thin in 18 months of this entire process. Andrew . I was saying, i think thats an employment issue. I think the fact that apple and starbucks makes it so much harder for them to retain their people about eunices story. She didnt say where those Tech Companies were based i wonder what the u. S. Would do with that if it was being pursued by another Technology Company not based in china but not in the United States either. How would cfius feel about that and how would they feel about turning off the app in the United States if it is not a u. S. Company it is an interesting one. I dont know where this is all headed something was going to happen here and then the president got involved and some say it muddied the whole process of how it would play out once the white house got involved it is hard to figure out the end game if you do have these other suitors coming in after the president and satya nadala have had conversations on the phone in a certain frame of time another deadline approaching, that is going back to school when we return, well talk about the debate over reopening schools. A crucial issue for working parents and the clock is ticking. That story after a big break a price of gold after a new high trading up another for as little as 5, at 2,000 an ounce at 1,993 well be right back. At 5 a slice, you could own Ten Companies for 50 instead of paying thousands. All Commission Free online. Schwab stock slices an easy way to start investing or to give the gift of stock ownership. Schwab. Own your tomorrow. A lot goes through your mind. With fidelity wealth management, your dedicated adviser can give you straightforward advice and tailored recommendations. Thats the clarity you get with fidelity wealth management. And tailored recommendations. Simon pagenaud takes the lead at the indy 500 coming to the green flag, racing at daytona. Theyre off. In the kentucky derby. Rory mcllroy is a two time champion at east lake. He scores stanley cup champions touchdown only mahomes. The big events are back and xfinity is your home for the return of live sports. At our current phase, we must continue to focus those at higher risk allowing younger and healthier americans to resume work and school with precautions. Ideally, we want to hope those schools. We want to open them that was President Trump yesterday at a press briefing. The debate whether to reopen schools has played out over the country and economy. Just weeks to go and parents are concerned about child care and Remote Learning. Joining us to talk about this is julie from the Century Foundation this is a situation i donten vee a envy any making a decision on this. Parents, students and teachers, administrators where do you come down on this thats exactly right. Without stopping the spread of the virus, we have left everyone with impossible choices. What is going to happen is equity is going to be what is impacted the most. For gender equity. Women are going to bear the burden theyll be the ones stepping back from their jobs, reducing hours, taking care of kids racial inequality. There already was not enough equality it will be worse if schools close. Parents were already running a marathon while holding their kids on their back and now theyll be juggling fire it is just impossible. Most of us looking at this, if we could just get through the summer, everything will be fine. Fall will bring us to the more normal life. A lot of schools are choosing to open in person and offering Online Learning for people who dont feel comfortable to go back it is a really tough choice we need significant federal investment this should be a number one priority parents will be struggling with how to facilitate Remote Learning while working we should be investing everything needed and letting local communities do what is needed and figure out Solutions Best for them. Scott julie, hi. The wall street journal is out with an opinion piece this morning, i wanted your own opinion on when it comes to how teachers should be handling this saying, quote, teachers unions are using covid19 a political weapon and a push for extortion. How should teachers handle this . If you think about political extortion and what congress has passed so far, so much money billions has gone to bail out industry teachers are getting the least they are not paid enough they already spend enough of their own dollars for School Supplies are we going to ask them to buy masks and ppe too . Thats not fair. They are also parents. They are struggling with how do i go to work and care for my kids they are also caring for their loved ones that are aging too. I think we need to be centering teachers and figuring out how to make this a more equity future. Do you see a risk of mass teacher strikes once schools open i think if we are, it is because teachers and schools and the needs of families have not been put first we thought about what do we do about opening bars before we thought about solving for schools and child care i think if people are rising up, i understand why we are not prioritizing people we should be prioritizing. We are sending everyone out on their own saying it is every family for themselves, every school for themselves, every teacher for themselves we should all be coming together to come up with collective solutions that we all need i have to admit, i dont know what the solution is i hear what you are saying about teachers who have kids at home or maybe elders too. But how do we get to the point so we have care solution for their kids so they can go back when teachers dont want to go back ishlg it is this chicken and egg position ive gone round and round in my head im not sure how to fix it im with you. I dont know what we are going to do with our first grader in the fall either. Part of the problem is that covid really drove a tank over a crumbling infrastructure we never built the bridge or the system we never figured out how do you work and care for kids we are just reaping what we sowed and going wow, this is really impossible. We are looking at what are the Building Blocks and putting dollars behind child care and schools. Behind teachers and child care providers and Something Like paid leave for all and so parents dont feel like it is on them to care for themselves . It is on them to decide it for themselves, every School District feels like it is on them well be figuring out our through this as we get deeper into the fall and kids real will i go back to school in mass. Thank you for your time today. We appreciate your thoughts. Thank you very much becky, i think you are exactly right. I dont think people know what the right answer is. So many parents are in the boat you are in that im feeling and im sure, andrew is as well. What the right answer is when you open schools, what the threshold is going to be if there are cases within the school building. What do you do how do you handle that that is my question i know how bad it was for our four kids to not be in school the last three months of the last school year it is incredibly difficult for them i want them to be able to go back but i want to know that it is safe and i want to know if there are cases out there, that i find out about it. It is a failure of testing and tracing. Thats what it is. We got our plan last night. In the plan, they say, youll find out theyll close the classroom if someone comes back with a positive test that doesnt tell me if there is someone else in that classroom who is a sibling in my classroom. It is complicated. Im not sure there is a enough transparency to make me feel great. All good points coming up, the Pandemic Impact on retirement saving and the challenges of retiring we have new survey on that after the break. Take a look at the biggest premarket gainers in the s p 500. Taketwo interactive surging well ve mhaore details on that later this hour. Come on in, were open. All we do is hand you the bag. Simple. Done. We adapt and we change. You know, you just figure it out. Weve just been finding a way to keep on pushing. Wever somethings goneg a mogotten into the office. M, i hear you. Feels like theres no barriers between departments now. Do you think everyone appreciates it . I do. Huh. Forgot my glasses. Serivcenow. The smarter way to workflow. In this pandemic, saving enough for retirement is still a worry for many how much do you think you have to save . The answer is your age and how you are saving now Senior Personal finance reporter joins me with the latest findings from a survey released just moments ago hi, scott you need 2 million to retire today. Thats what the latest findings show they look at average amount 401 k savers think they need to have to have a nest negative to retire with. Th thats 1. 9 million. Millennials thought 2. 1 and boomers thought theyd be good with 1. 6 million. Still a great deal of uncertainty whether or not theyll be able to reach these targets. Only 37 believe they are likely to reach their retirement goal 21 said they are likely to retire later than planned. 14 say they are not likely to reach their retirement goal at all. Here is another idea maybe there is so much focus on retirement goals in planning a partner and member of the

© 2025 Vimarsana