Transcripts For CNBC Squawk 20240704 : vimarsana.com

CNBC Squawk July 4, 2024

Last week. Overnight, in asia, japans nikkei topped 40,000 for the first time. Stronger corporate earnings and surge of chip stocks with Artificial Intelligence playing things up. The nikkei above 40,000. If you look back here in the United States, the treasury markets show yields are higher. Tenyear yielding 4. 2 . The price of bitcoin has been impossible to stop lately. You will see it is up another 3. 7 . Above 65,000. It will be a new high. Theoretically. We are watching crude prices inching up toward 80. The high end of the range. 79. 68. Opec plus countries delaying production. That means 2. 2 Million Barrels per day of cuts planned for the First Quarter of the year will continue into the next quarter. We will talk more about this and the implications with helima croft in the 8 00 hour. Congressional leaders released the details of the first six budget bills to keep the government funded. Democrats secured full funding of the special Food Assistance program for women, infants and children as well as rent assistance and pay for infrastructure to pay air Traffic Controllers and railway insp inspectors. Republicans have funding cuts to several agencies, including the federal Aviation Administration and bureau of alcohol, tobacco and firearms and explosives. The funding package heads to the house for a vote where it will face opposition from the house ca caucus and it will require additional bills to pass. Former South Carolina governor nikki haley won the first gop nominating contest yesterday. Nbc news projects she won t district of columbia primary. Trump responded calling haley queen of the swamp. Super tuesday primary is not. Here is what haley said on meet the press. I always said this needs to be competitive. As long as we are competitive and as long as we are showing there is a place for us, im going to continue to fight. Thats always the case. 15 states and one territory will vote for the nominee in tomorrows primaries. It is super tuesday. We will see after that. If she goes 015 tomorrow, could you still claim you are competitive . The part of the interview says as long as they gets donations coming in. If anyone continues. She doesnt win any . I havent looked at the polls. D. C. Is a unique place. It is. Separately, a new poll by the new york sometimes found the majority of president bidens voters say he is too old to be effective. That cuts across generations and gender and race and education. 15 of trumps 2020 voters say he is too old to be effective at this point. The Supreme Court and we talked about this announcement yesterday. It would issue one decision today which is being seen as a signal it will rule on former President Trumps colorado ballot. The opinion or opinions would be posted online at 10 00 a. M. Eastern. The court would not take the bench. The Colorado Republican Party asked the court to act before the primary tomorrow. The decision is expected to apply to the other states where trumps eligibility to run has been challenged. No matter what, you will hear the same type of stuff. People want it to be 90 from one side so you cant make the claim it is partisan. Either way, you will hear that the court is stacked with conservative judges need to expand it. There will be outrage if they even if it it is 90. 81 or 72, less so. Either way, you will hear it. For people worried about democracy, if were you to really let a local judge decide on a National Election of who people are allowed to vote on, that is strange for people to advocate they want democracy. Before a case has been presented. What do you mean . Before he was convicted of insurrection. Right. Whether that would happen or not. We did have an impeachment based on that. Shares of macys are jumping after arkhouse raised the offer to buy the Department Store chain. Macys rejected the prior offers which were too low. The previous offer of 21 per share is increased to 24 a share. It is significantly higher than where the stock is now. Shares of li auto are falling. The maker of the plugin hybrid vehicles launched the full electric model on friday of a price of 78,000. The Company Also Announced it delivered 20,000 vehicles in february. Up 22 from a year earlier, but far below the january numbers. The stock has been on a tear in the last nine sessions before todays drop as you see on that chart. Right now, ill look up and see what one of these things looks like. No idea. You look that up. I will talk about what happened over the weekend. A big weekend at the box office. Dune part 2 brought in 81 million. That was the highest releases for this year. 21 of the ticket sales were for imax screenings. It wasnt higher because they ran out of seats and could not sell more. Did you find it . I did. I dont want one. I have no did you look it up . Im looking. Generic looking suv ive ever seen. No. No. I want the new tesla roadster, if it ever comes out. Another broken record. Caitlin clark is now the Ncaa Division i alltime leading scorer. She needed 18 fopoints to break the record and did it before halftime on a free throw based on a technical foul. Shes cool. They interviewed her at halftime. They said what do you think about this . You passed pistol pete maravichs record. A record that stood nearly 50 years. She finished the game with 35 points. At halftime, she said we can do better in the second half. We missed defense. You know, we have to clean things up in the second half. Totally talking about defeating ohio state. She hoped she would be remembered for more than this. The joy of the game and how much fun she has with the team. She is like ice. Its awesome to watch. Well be able to watch her turn pro. Coming up, Bitcoin Trading above 65. It has been above and below. We were just talking about a potential catalyst heading into next months halving. It is like a reckoning or the rapture. A lot tied to this when it had this thing happen. Later, elon musks biographer Walter Isaacson will join us. Squawk box will be right back. Announcer this cnbc program is sponsored by baird. Visit bairddifference. Com. Redib. Lets check it out. Says here it gets plenty of light. And this must be the ocean view . Of aruba . Huh. This listing is misleading. Well, when at t says we give businesses get our best deal, on the iphone 15 pro made with titanium. We mean it. Amazing. All my agents want it. Says here. inviting pool. Come on over too inviting. Only at t gives businesses our best deals on any iphone. Get iphone 15 pro on us. fresh, warm hot dogs when im not selling hot dogs, i invest in a fund that advances innovations like robotics. Fresh, warm hot dogs, straight out of my torso one for you, one for you. Oh, youre a messy one. Cool, right . So cool. Anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq100 innovations. Hot dogs fresh, warm hot dogs before investing carefully read and consider Fund Investment objectives, risks, charges, expenses and more in prospectus at invesco. Com. Is it possible to count on my Internet Fund like my customersives, riskscount on me . Xpenses it is with comcast business. Keeping you up and running with our 99. 9 network reliability. And security that helps outsmart threats to your data. Moaire dida twoo . Your data, too. Theres even roundtheclock customer support. So you can be there for your customers. With comcast business, reliability isnt just possible. Its happening. Get started for 49 a month. Plus, ask how to get up to a 800 prepaid card with a qualifying internet package. Dont wait, call and switch today bitcoin topping of 65,000 this morning. It had its best monthly performance since 2020. Other cryptos like ethereum and solana also saw gains. Joining us now is saveeta gupta. Are you following the other ones . Absolutely. It is a simple thing. It was bitcoin and then everything else. The nickname is sh coin. Some of the others are real and they have blockchain characteristics with utilitarian uses in the future . Bitcoin has always been as we have talked in the past about the currency with the storage value. It has always now been coming with Technology Beyond settlement. Ethereum is looking really, really great with the decentralization and etf which is a lot of expectations about to happen. When you talk about solana changing technology and the big drop prices are down to 16. It was also because of the s. E. C. Naming solana a bunch of tokens as security without proof. We are seeing the Technology Come back. We have to bone up on this stuff, becky. It looks like it is here to stay. People are waiting for ethereum etf. That is just a matter of time. It does look like it is a matter of time. It depends on how the s. E. C. Takes it. In the past, even for bitcoin etf, they took their time and when the commissioner announced, s. E. C. Commissioner announced the etf was here, it was past the code. With ethereum, it will be super easy or more difficult. The commissioners have very, very contrarian views about whether it is a security or a utility. The Bank Commissioner saying it is a utility. Currently, they have not taken a great stand about it. The expectations and the numbers have been baked in. If you look at the jump in the last two months, you can see each etf expectations which has been launched, the defi with 8 billion on new criticals is something we are not talking about. It has, i think, been under appreciated. You see ethereum as bitcoin . I see it as an infrastructure. A lot of microsoft or oracle was. Bitcoin is more of a currency. Technology is getting there, but it will take time with respect to technology to get there. The Technology Tokens have not seen the rallies there. At the end of the year, we will see the rally in the Technology Tokens with ethereum or anything that will push the adoption of anyone holding the efts needs custody and way of settlement and transacting these things with the basic utilization. You said maybe it is the etf which may already be in ethereum. How much of the halving of bitcoin is reflected in the 65,000 . When is it happening . End of april. Okay. How much of the gains are reflected . I think two factors. One is the bitcoin halving expectation and it will be difficult to have more new supply of bitcoin. Secondly, the bitcoin etfs are getting buyers. We saw prices going down a little bit, but more money is coming in with more people buying in. I expect a liquidity or a dip after the halving because the expectations are built in. In the 40s . Yes, that is possible. Mid40s. I dont see it going back to 20s any time soon. I do expect the end of the year or early next year with a huge jump not only for bitcoin, but the return more into the Technology Tokens. The technology has built up so much on all these platforms with real users and adoptions. We have tried to figure out Gary Genslers story. He taught at m. I. T. He understands. Why do you think he has been so i dont know, when you are in charge. S. E charge of the s. E. C. , you want to do no harm. Worry about fraud. We made that point. He made the point about something else. He said you will throw that out . That doesnt really hold up. My question is there could be a Different Administration by next year. Would a different s. E. C. Be bullish . I feel there is a different s. E. C. Irrespective of the administration. Finally, we had a biden official on twitter indicate the bitcoin. The bitcoin was 64k plus. At the same time, trump has been focal about adoption of crypto. He has his own nft. It is difficult for him to come to the administration and go back on those things. I feel it will be needed by most of the young people in school and colleges are part of the retail customer and also you have the full wall street which has now billion dollars going to trillion in the space. I feel that is what will be a huge demand, not only from the young voters, but the wall street. Thanks for being here early this morning. Kavita, we needed that with the events of the past couple days. Im surprised it was only 50 this year. I did not realize bitcoin was in the mid40s at the end of the year. Other people were arguing about it. Are you a bitcoin believer . You have seen my comments. Did you see my 2019 comments . No. Im show you. Okay. In fact, if you search kernen and maximalist, it comes up from 2019. Im not new. People think i am. They cant believe a boomer believes in bitcoin. What are you going to do . Great. It is always good to have amazing people like you on our side. Ill show you. Well go to break and ill show you my article. When we come back, new data on backing for womenled startups. Thats next. Later, we will talk to media analyst rich greenfield of the success of dune part 2 at the box office ts hiweekend. Squawk box will be right back. Rock star . 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 ontario has all the partners you need to make the electric vehicle of the future. With one of north americas largest i. T. Clusters. 65,000 stem graduates per year. And all the Critical Minerals to make electric vehicle batteries. Ontario. Your innovation partner. Theyre waiting for you. Hey, do you have a second . Theyre all expecting more. More efficiency. More benefits. More growth. When you realize you can give your people everything, and more. Thank you very much. [applause] ask, now what . Heres what. You go with prudential to protect, empower and grow. With everything you need to deliver, you guessed it. More. One more thing. Whos your rock . Learn more at prudential. Com right now is time for the look at women funding womenled businesses. In 2023, women businesses g garnered 2 of the startups in the United States according to pitch book. That number doesnt tell the whole story. Sharon epperson has more on that. Good morning, becky. A small fraction of the total pool, but funding has been trending up. It has been helped by funds and incubators for female founders and more companies. The emergency physician developed a device to stop nose bleeds. Each can be used for one episode. Her start up, nasa clip has raised 3 million in funding. Mostly from female investors. When women invest in women, they bring to the table more than capital. They are introducing the social network. When we met her last year, nasa clip wasnt on the market. Now the product is for sale and bringing in revenue. I dont think i would have actually got off the ground at all if i had not been believed in early on by my fellow female investors. One of the backers is portfolia with investments in over 140 companies. It is all about putting our money behind the companies that will enhance our lives and provide returns. The platform creates and aimed at women investors. We have 25 trillion of wealth in the u. S. Were approaching 50 of all weth being owned by women in the u. S. Today. That wealth is power if they use it. Investors in portfolia funds must be accredited with 200,000 a year in income or 100 million of net worth minus a home. Each fund invests in 10 to 12 companies. We let them dip their toe in and give it a try and see what Venture Investing is about. Investors have a stake in startups with the potential to generate value not just in dollars, but in womens lives. Major corporations pledging to back under represented groups have helped drive the increase in money going to women. For more on women funding women and women investing in women, sc join me tomorrow at 1 00 p. M. For the women in wealth sum the summit. Becky. Sharon, which companies have made a difference for funding for women . Where can female entrepreneurs find funding . There are corporations and Services Firms now looking to back womenled funds. One is bank of america. They pledged in 2020 of 200 million that they will put to womenled and minorityled firms. They have given 500 million in equity investment. There are a number of companies raising funds. There are a lot of places women can go to look for money. Angel investors and other Capital Investment funds. Sharon, thank you. Coming up, its jobs week. We will get you ready for the friday jobs report and other issues to watch for the week. As we head to break, check out the shares of doordash. Also highlighting the potential for the companies to Work Together in some kind of Loyalty Partnership against the common competitor. I dont know who they mean. The analyst does not expect a merger. Squawk box will be right back. [sfx wind, rain and rolling thunder] nobodys born with grit. British announcer rose is really struggling. Its something you build over time. American announcer thats 21 missed cuts in a row. [car trunk slammed shut] for 88 years, Morgan Stanley has offered clients determination and forward thinking to create the future. Crowd stop it . Only you can see. American announcer rose, back in the winners circle. [crowd cheers] [music out] wall street forecasts over 100 billion in sales for antiobesity drugs known as glp 1. But these treatments are largely administrated through cumbersome injections. Enter Lexaria Bioscience with their patented oral delivery technology. Early studies were glp1 suggest reduced side effects and better blood sugar control with reduced spikes. Lexaria bioscience. Transforming the future of glp1 drug delivery. Good morning. Welcome back to squawk box. Were live from the Nasdaq Market site in times square. Things are moving slowly so far for monday morning. Dow futures indicated off 90. S p futures down 7. Nasdaq down 16. Fed chair

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