Nasdaq higher, 20 points s p 500 up a little over 1 point. This comes after declines for the major indices in yesterdays session. Dow, s p and nasdaq each closed lower by 1 . The s p 500 closing below its 50day moving average for the First Time Since march 28th. Look at treasury yields. See where theyre standing right now. The tenyear note at 4. 182 and the twoyear at 4. 908 , just below 5 . The tenyear yesterday hit 4. 2684 core inflation remained at 6. 9 , unchanged from the prior month, slightly above forecast. Pay growth continued to pose headaches for policymakers as wages grew 7. 8 in the quarter that ended in june were watching shares of cava this morning sharply higher the mediterranean restaurant chain reporting earnings per share of 21 cents since going public swinging to profitability from a net loss in a year ago quarter. Revenue of 173 million Beat Estimates of 163 million. Same store sales rose 18. 2 . The cfo attributing some of the strong traffic to increased Brand Awareness after the ipo but said store traffic moderated in recent weeks and more diners are shifting from delivery orders to pickup cavas menu prices are up 8 from a year ago and the company says it has no plans to raise prices further the ceo will be on squawk on the street 10 00 a. M. On a first on cnbc interview. Hollywood financier tsg entertainment is suing disney for breach of contract the suit alleges that disney and its studio, 20th century fox, withheld profits and cut deals to boost its streaming platform and stock price that deprived tsg of cash to invest in individual films tsg cofinances the production of marketing costs of films like the latest avatar sequel the way of water. It receives a share of the gross receipts after the films release and after noticing a decline in profits, tsg requested an audit of three films and found in its words rampant selfdealing and accounting tricks within the books and had been underpaid by at least 40 million representatives from disney didnt immediately respond to cnbcs request for comment the other big story, intel now terminating its 5. 4 billion deal to buy israeli chipmaker tower semiconductor. Intel struck the agreement in february of last year. Failed to secure approval from chinese regulators, which was required to do under the contract with tower. Intel will pay a 353 million breakup fee to exit the deal but think about sort of how that is supposed to work. If you need chinese Regulatory Approval, for a chip company, in this environment, you think thats coming . No. Not really . Probably not, right wheels up. Private jet Membership Company which is all over the place, you saw it on the winning triple crown jockeys pants, a lot of marketing, expert marketing, but wheels up experience has reached a deal to receive a 500 million rescue financing package from a group of investors including delta airlines, which had an alliance with wheels up. The new financing provides a path for the company to avoid bankruptcy and in exchange consortium of investors will receive a 95 stake in the company and deltas cfo will join the board as chairman and wheels up went public, a spac, in 2021. And at one point, it traded sharply higher it now trades below 2 with a market cap below 40 million kenny d, who we have known for a very long time, unfortunately not the ceo of the company anymore. He was the one that had a lot of earlier relationships that developed what turned out to be wheels up. Having said that, the Business Model of wheels up was always too expensive in terms of the capital that they put into buying planes and the like really, really selling these things. But this is good news because the truth is i think a week or two ago, if you looked at where the stock was and what people were talking about, they were talking about, b, as in bankruptcy and this should stave that off. Meantime, news about x Company Formerly known as twitter, is that how we do this . That sign, formerly known as prince if you just say x, like, x what x what . Is it always going to be that way . No. It is, like, is it going to be like Google Alphabet . I still say google sometimes. Do you still tweet . No, you x. What is it called you x you x i think so. Xd it out. I heart you zeet. Really . You would know, joe. Last night, someone who has a segment where people send in stuff like a broadcaster, a segment where people send it is called a tweet or something or other and now what do you call it. Brett bear why dont you x elon . Tweet to him . Yes. And ask him. Formerly known as a tweet send him a message on his platform known as x now. Do you think he would ask he has 80 million followers. Meantime, the companys popular tweet deck service, cant be tweet deck anymore, has moved behind a pay wall. The company rebranded it x pro, when users attempt to access that service, theyre informed a subscription to that paid service, which is called blue. So, what do you think . I used to use tweet deck a lot. No. Stopped using it. Not because of the payment . No. This was two or three years ago. I left for two weeks, i made i put on my calendar, can tweet again on august 14th and i kind of slipped. But only once or twice. I saw photos. I saw a picture. I had to do that. Why because i met the british open champion, he was down there. And we were talking and i did you ever think you might just hold the photo until that august 14th date, which you are allowed to tweet is it that you cant tweet until a certain date or cant consume twitter . I cant flame mail someone who says ive been wearing a toupee right i cant respond did you come back i cant respond to someone with three followers, which i do a lot. Is it all bottled up inside i felt better i realized how it really doesnt matter what is going on. It is bad energy. They can say whatever they want about you, you know the truth about yourself and thats there you go, melissa. You dont i dont care what anybody says. This is not a tiktok. If it is racist or sexist, i will block you without any question otherwise, i dont care what you say about me. I just if it is antibaldite, thats from seinfeld. Do you remember that no. He went to, george, he said there are antibaldites, people who dont like bald people the rich are not so but im not bald. Youre the opposite of bald. Im the opposite of bald. Maybe thats why they keep thinking i have so much hair that they cant it is so good looking, it cant possibly be natural. Theyre jealous the rich not so rich anymore Global Wealth declined by 2. 4 thats the right direction for a lot of people. For the first part of for First Time Since 2008, due in part tole le volatile currenci thats from a Global Wealth report, said approximately 1. 7 million americans dropped out of the millionaire category all right lets meet at the bottom and nearly 20,000 more fell out of the ultra High Net Worth category, theyre no longer worth 100 million the report cited the drop in the value of stocks and bonds and it was partly offset by rising prices of houses and other assets thats not the way we want to do it we want everyone to meet up would be nice if everyone met at 100 million we can do that with mmt, right and print it coming up, retail earnings and fed minutes on todays agenda well talk strategy with tom lee next as we head to break check out the shares of h r block, the tax prep companys earnings and revenue Beat Estimates. Ke raised full year guidance and hid its Quarterly Dividend see the stock right now indicated up about 6 , youre watching squawk box on cnbc. What do you know about rock stars . Billy idol . I mean wheres the skintight leather . My shoes are leather. Wheres the unnecessary zippers . That thing billy, rock star is just how doug feels when he uses workday. Thanks, rory. Ill show you rock star be a finance and hr rock star. Workday. For a changing world. Billy idol just stole your golf cart you got this. Lets go. Gobble gobble. Ive seen bigger legs on a turkey rude. Who are you . Im an investor in a fund that helps advance innovative sports tech like this Smart Fitness mirror. Im also mr. Leg day. 1989 anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq100 innovations. I go through a lot of pants. Before investing carefully read and consider Fund Investment objectives, risks, charges, expenses and more in prospectus at invesco. Com. Opportunity is using data to create a competitive advantage. Its raising capital to help companies change the world. Opportunity is making the dream of Home Ownership a reality. And driving the world forward to a Greener Energy future. [applause] sometimes the only thing standing between you and opportunity is someone who can make the connection. At ice, we connect people to opportunity. Businesses need 5g solutions today. Thats why they choose tmobile for business. Mlb partners with tmobile to not only enhance the fan experience, but to advance how the game is played. Aaa relies on tmobiles network to stay connected nationwide, so they can help get their members back on the road. And were helping pano ai innovate, to stop the spread of wildfires. Nows the time to see what americas largest 5g network can do for your business. Wow, you get to watch all your favorite stuff. Nows the time to see what americas largest 5g network its to die for. And its all right here. Streaming was never this easy, you know. This is the way. You really went all out didnt you . Um, its called commitment. Could you turn down the volume . Here, you can try. Get way more into what your into when you stream on the xfinity 10g network. News just out from coinbase, the company says National Futures association has approved it as a registered Futures Commission merchant. It says that now allows it to offer futures contracts and bitcoin and ethereum to eligible customers in the u. S shares of coinbase are moving higher on the back of this up by more than 5 a quick check on crypto prices, which have been fairly stable as late bitcoin at 29,136, basically flat, ether at 1,821. On the squawk planner, were going to hear from target and tjx after the opening bell and quarterly reports from cisco systems. On the data front, Housing Starts from july at 8 30 this afternoon, to minutes from the feds most recent policy meeting. Joining us to take a closer look at the markets today, today is wednesday, sometimes on a monday just to figure out what is going to happen for the week after you made that call, weekly call, which youre not going to do anymore, tom lee, cofounder of funds stat and cnbc contributor youre correctly bullish and more recently for august you thought that maybe we would take a breather i dont know if it is more than that maybe 10 pullback, maybe not. Thats playing out as well. Thats right. August is generally a tricky month historically especially when the markets are strong through july. It does seem like the weakness is a lot more pronounced, especially because yields are up and the dollar is strong and i think people may be fretting a bit about china too. So, i think later this month with starting with the fomc minutes and jackson hole, and then at the end of the month we get the inflation data, the pce, maybe thats when markets stay rt start to feel better but youre right, maybe it could be deeper. Your call was based on the trend in inflation, which continued in the week that you made the call. It was based on the Inflation Numbers that were coming that week, which were friendly. Yes. And you still but the economy, meantime, has been much stronger than most people thought and now it is going to be no landing or soft landing or people are thinking the narrative change but do you still feel that inflation is going to show a downward trend and pce,. 2 . Thats right. I think core inflation is which came in at. 16 last month, that is still reflecting elevated housing number. Shelters running at close to 8 . Thats going to start to cool. And there is a lot more downside in used car prices and then core services, which is the rest of that piece, it is actually been cooling because that was kind of pushed up by Vehicle Insurance and auto repair, which are going to start to fade. So i think inflation is on a glad path toward sub 3, sub 2 by the middle of next year. Sub 2 we could print something pretty low when shelter goes to zero, you could have core at zero. You could have some zero month over month or negative month over month for a bit. It is weird thats not a shocker. We back out energy. Yes thats right that helps. Energy is but then it filters through to other things, it seems to be reflected even though you back it out. Thats right. The diesel filters through as a surcharge. I think the fed will be alarmed a little bit by energy, but they will treat that differently than something sticky because energy can sometimes be idiosyncratic, rises and falls. Under 2 . So, the highs by the end of the year still in your playbook . All time highs in the s p 500 by the end of the year . Yes, i think as bad as august is, maybe if were down 5. 8 in august, there is 5 trillion of cash on the sidelines. I think people think the fed is going to hike. But if they do only one more, i think the market can absorb that and then, of course, growth has been strengthening and look at s p earnings x energy was up almost 3 in the quarter, first time in six quarters so i think you have an earnings recovery, fed may be slowing, Interest Rates could stabilize and then the cash gets put to work. Can we do all this with china falling out of bed i mean we have to watch that carefully. On the one hand, chinas weakness exports, Producer Price indices and cpi could be softer. You dont want the second largest economy to fall into a recession or depression or a recession. How does this inflation call of yours, and Economic Growth call, is it either influenced or impact your call on crypto it has i feel theyre all very interrelated for you, personally yes because crypto is dependent on Monetary Policy. Right so if if inflation is cooling, then we can start to bet on ford financial conditions easing and central bank easing sooner thats bullish for crypto. Right alternative assets. But what im trying to understand is which view did you back into . Do you understand where im going with this . I think crypto is the residual, is the residual allocation based on what the central bank could do. And bitcoin separately has a catalyst if an etf which were in the window where well start to see the potential for an s. E. C. Approval of a spot bitcoin etf. And you strictly are bitcoin these days i think it is still easiest to navigate through bitcoin and ethereum because of their regulatory status is a lot more clear and even to the coinbase announcement shows those are the two ways to get liquid exposure to crypto. And always like hearing your price targets, you are so fearless where are you on bitcoin by the end of next year, lets say . Well, if the spot bitcoin gets approved, i think the demand will be greater than the daily supply of bitcoin and so the clearing price, this is done by shawn farrell, our crypto digital strategist, is over 150,000, could be like 180,000. But thats only if the spot only if the etf gets approved yes, and the u. S. Space, a spot u. S. , because a spot bitcoin etf is approved outside the u. S. If it is not approved, then are we just lingering around 29,000 there is still upside counts because of whats happening next year, so youll have a drop in supply again but it wont be six figures. Bitcoins market cap is about half of nvidia yes i dont know what that innvidia could go up next wek it still might be early nvidia might be cheap here who knows when you watch it. We havent talked about are you a big enthusiast behind a. I. And that whole thesis for the group of tech stocks that have really gained yeah, i believe Companies Really will want to adopt a. I. And spend and thats actually going to increase tech spend for a bit. I think the social consequences are pretty severe, maybe understood i think things like judgment and gut, there is a thinking that data doesnt make good decisions, your gut does and we lose it with a. I im sure businesses will adopt it a. I. Scares me because were still at a point where were worried about dislocates and disruptions of all these people that need jobs but sooner orlater, when push comes to shove, and you need to cut costs, youre going to use a. I. There is just no stopping it it is inexorable, you wont be able to stop it. If your competitor is adopting it, yeah it will be scary. People who want to work three days a week will get their wish because they may be working zero days yes all right, tom. Thank you. Thank you coming up on the other side of this, were learning more about prosecutor strategy against Sam Bankmanfried. Were going to bring you details about that next. And at 6 30, were expecting Quarterly Results from target. Well bring you the numbers and instant reaction dont go anywhere. Youre watching cnbc and this is squawk box. Let Innovation Refunds help with your erc tax refund so you can improve your business however you see fit. Rosie used part of her refund to build an outdoor patio. Clink dr. Marshall used part of his refund to give his practice a facelift. Emily used part of her refund to buy. I run a wax museum. Let Innovation Refunds help you get started on your erc tax refund. Stop waiting. Go to innovationrefunds. Com you really got the brows. [soldier] take a look at this theyve left us a gift. [soldier] i think we misjudged them. I love horses. birds chirping [soldier] we should open the gate. Lets see what charlotte thinks. [narrator] at crowdstrike, we monitor trillions of cyber events to detect threats and prevent breaches before they happen to keep your business from becoming history. We stop cyberattacks. We stop breaches. We stop a lot of bad things from happening. Crowdstrike. Protection that powers you. Welcome back to squawk box this morning new Court Filings shedding some light on federal