The s p down. 20 . The nasdaq up slightly up. 1 . The treasury market was having. Ism manufacturing numbers came out that were showing growth for the first time in a year and a half. You would think that is good news. It pushed back expectations for rate cuts. You can see the tenyear note at 4. 33. The two hyear note at 4. 71. Yields moved up to the highest level in a couple of weeks. That manufacturing data was a surprise. That was 4. 34. Yeah. 1. 9. It was 4. 20 yesterday. 14 basis points. It was on the stronger than expected ism. You add that together with the higher inflation data with the pce numbers on friday and the comments from jay powell and Christopher Waller last week and all of it has people thinking that june rate cut may not happen. The fed futures fell below Roger Ferguson said it over and over again. He has been our accurate barometer overall of it. We were at six and settle for five. Okay. Four would be good. We decided were going to do three. It could be one or two. Now three is suspect. One is like kissing your sister. Were in jamie dimon camp. He said this. Everyone said he was crazy. The crazy thing is it will cause the fed to stay higher for longer to cause a recession. Right. Because of stronger than anticipated inflation. The reverse call. Economy is so strong that we have a recession. I think jamie dimons point is inflation is running strong. Thats what it will be. Cant cover inflation. It is not transitory. You have to stay high. Maybe raise again. Im thinking we cant guarantee. We argue with analysts. Up 5 or 10 . What if it was down 5 . We sometimes think they will raise rates. It is possible. You are talking about the s p performing up 10 in the First Quarter. Thats our attitude. Up 5 , up 10 . We never talk about down. Talk about up down. Talk about the vote happening as we speak. Disney pulling ahead now in the proxy battle against nelson peltz with more than half of all shares voted on according to the wall street journal. People familiar with the matter said blackrock is backing disney. And t. Rowe price will support disney as well. There are still votes which need to be cast and that can change through the annual meeting which takes place tomorrow. Of course, you have a certain count now. It is possible and there are folks out there who have been with us who think that like some of the president ial elections, you might not actually get an answer tomorrow night. This could go on for weeks. There could be efforts to recount. We could be into that hanging chads . That snoer. A couple of the big Institutional Investors yesterday. Thats what they were hanging their hat on yesterday. All of these votes could be changed after tomorrows meeting. That adds to the uncertainty. I dont think the big guys will be changing their views quickly. Joe. It is interesting. You think about wage gains and you have to measure wage gains with inflation. What about when the cms gives you an increase in medicare and medimmeMedicaid Services and itt go up muchin the inflationary environment . You dont have as much. Shares are tumbling across the board. Centers for medicare and Medicaid Services finalized the next years 2025 rate announcement for Medicare Advantage and Prescription Drug coverage in the final rate of 3. 9 increase. 3. 7 increase. It is unchanged from the earlier proposal in january. Analysts were expecting a bump up from that. The rate increase is a de facto cut after you account for the rising costs of labor, drugs and medical services and all of the stuff we talked about with inflation. New price caps on out of pocket spending on Prescription Drugs that was introduced in the inflation reduction act. When we first saw it yesterday, it was up 100 points on the dow and then suddenly down by the end of squawk box. United health was really down. Really interesting to think about this and implications because the bad news on this is if you think it is good news for you on the insurance front, what i will say is insurance plans have a way of getting the money back. They work in the benefits and they find other ways of coming at it. To keep the medical loss ratio up. We need to probably cut down on healthcare inflation. Thats the biggest provider. The tapeworm eating up more of the budget. Usa today. We all want to live to 100. Yeah. What will it cost . Whats the cost of everyone living to 100 . Thats a minimum for what im thinking. Especially with the cyborg capabilities. We have some of them already. Im going to be part machine. Terminator . Hoping. Your worst nightmare. Im over here at 100. Youll be a geezer by then. Not a thought i want to conte contemplate. We are contemporaries. You know, years ago with two great giants in literature. They can be 30 years apart and one can feel young and ill live forever. They are contemporaries, andrew. Think that way. Not boomer versus hip gen zer. Shares of pvh is plunging this morning. They anticipate tougher sales this year in europe. Pvh expects First Quarter to fall 11 to 1. 1 billion and a drop of revenue of 6 missing the street expectations. That weak guidance is overshadowing Fourth Quarter earnings and expectations. The stock down 23 . That shows you how punishing the street can be if you are giving bad guidance if you are even meeting expectations. Shares of trump media falling 21 yesterday after the Company Reported a net loss of 58 million in 2023. We are getting the numbers on revenue of 4. 1 million. Think about that. Think about what is underneath the company. The company disclosed it nearly ran out of cash last year and would have struggled to survive without the recent deal to take it public. It would not have existed. In the filing, the Company Expects operating losses for the foreseeable future and former President Trumps involvement could harm the company. The stake of shares worth 3. 81 billion after yesterdays close. The stock hit a high of 79 last week after going public via spac. He still has to get permission from the board of the company to sell his shares in the next six months or take a loan out against them. Otherwise, all of this is paper money and irrelevant. There is the meme of the stock which there is no way or justification to get there. Pick your spac. A lot of them are down 90 . You think in this case like the dimon hands folks who said they were in forever and they were trying to stick it to the man. Do these people this is a different type of meme stock. Sure. Whoever is doing this, do they understand they are likely to lose their shirt and is that okay for them . They are funneling money from one you are basically funneling money from one person to another to exacta elecxact a election outcome. It is a bet on the election. If he were to win and use his truth social as a main social media platform, think what used to happen with twitter or Media Coverage in general. There are Cable News Networks that exist because of trump. Not exist, but the ratings are so much higher. It is a bet on the election. Who knows at this point . If he is the president , there is a better underlining business . Yes. Ill take the other side of that. All right. Once again, they warn when you read the risk profile of the company. It is not a loan in that regard in the spac world. Remember the meme . This is in a Different League than the spacs. Given how terrible the under lining business the spacs were. This is a meaningfully bad business. It was a shocker when it came out and went to 79. It was a shock. It is a shock at 46. What is the revenue . 4 million. 4 million and they wont release their Monthly Average users. 4 million. The company is worth . Thats 100 times probably 1,000 times sales. Thats w whats im saying. If people got this, the outcome they wanted if he was elected president . Correct. Probably still not going to be there. You will not get 46. 90 ever. I dont see it replacing x any time soon. Ive never been on it. What strikes me about this is when people talk about the credibility of the markets and manipulation, and what the s. E. C. Is trying to look for here. This is the ultimate manipulated stock. Who is manipulating it . I dont know. I dont know who decided they are betting on this. I think there is a lot of situations in the market where it is like save them from themselves and is a bat d bet. That is what the market is for. You dont need to look far to find spacs down 90 . You can say there was no underlining business from the beginning. When was gme really worth it . You look at the bubble with the Stupid Companies that went out . Right. Pet socks. Im not defending it. Some people think tesla is it has an underlining business. Great. You can have people come on and say it is a giant government subsidized ponzi scheme. Thats is set to report any time now. Analysts are scaling back expectations. We will talk to one next. You see that stock was 300 and now 172. Squawk box is coming right back. One of the millions suffering from pain caused by migraine, nurtec odt may help. Its the only medication that can treat a migraine when it strikes and prevent migraine attacks. Treat and prevent, all in one. Dont take if allergic to nurtec. Allergic reactions can occur, even days after using. Most common side effects were nausea, indigestion, and stomach pain. Relief is possible. Talk to a doctor about nurtec odt. Stevens dribbles up the court. He stops . For the championship nice shot, marcus sweet, turn simulation off. Tssk, tssk, not so fast. What, why . Did you forget marcus . Forget what . Your chem exam . Uggh . Flashcard time the atomic weight of boron. The future isnt scary, not investing in it is. 100 innovative companies, one etf. Before investing, carefully read and consider Fund Investment objectives, risks, charges expenses and more in prospectus at invesco. Com. Trading at schwab is now powered by ameritrade, giving traders even more ways to sharpen their skills with tailored education. Get an expanding library filled with new online videos, webcasts, articles, courses, and more all crafted just for traders. And with guided learning paths stacked with content curated to fit your unique goals, you can spend less time searching and more time learning. Trade brilliantly with schwab. Not all Caitlin Clarks are the same. Caitlin clark. City planner. Just like not all internet providers are the same. Dont settle. You want fast. Get fast. You want reliable. Get reliable. You want powerful. Get powerful. Get real deal speed, reliability and power with xfinity. She shoots from here . Thats kinda my thing. Were waiting the latest delivery numbers from tesla. Lets bring in colin rush from centennial. Colin, they are reflecting different delivery numbers than six months ago. Is it already in the stock and e e e e e expectations . It is interesting with how well the company is mpivoting ad embracing the a. I. Platform. This will be stinstructive how e stock performs in the next 12to18 months. How many articles have been written about china and the demand in china . We are awaiting the delivery numbers and instead offing thinking about the things elon musk could do in the future with tesla. What we are expecting to hear todayand what were the what are the highlights in terms of demand pin china and europe and u. S. . We have seen that things are soft. We have seen the Company Working with the sales team to look at tactics around driving sales with the price increase around the start of the quarter to drive volumes. We think they are in the middle of being fully cleared out of inventory as they work to the model 3 as the percentage of production. We are also looking at the soft start to the year across the u. S. And in china. As the company starts to pivot away from china and other parts of asia or a lot of the demand and sell through on the vehicles coming from the china factory means the First Quarter will be soft. To put real numbers on it, the street is at 485,000 vehicles. Were at 468. Where the street is much closer to 450. If we are in that mid 460 range, the stock will hold up today. A lot of things swirling around tesla. We heard again that maybe consumers that want an ev, they just dont want an ev, they want a tesla. Thats always been the case. Dominant. Maybe a couple of others that can make some inroads. Tesla is it. We also hear about elon musks mercurial personality. Sometimes he seems to be tweeting or focused on x or whatever you want to do. We hear about reputational damage with people saying im not buying a tesla now. Is that ever going to actually be more than a side show, but something that terms the stock price . I think we have already seen it. We have seen substantial price declines north of 20 over the last year or so on pricing for the company. A big part of that is the incremental buyer. The issue around twitter and elons personal views on politics and other things in the world have turned off a lot of potential buyers. You see it on the liberal side of the spectrum with people buying evs and teslas specifically around climate issues and have backed off tesla and wanting to spend elsewhere. It is funny to watch. Ironic because you just pointed out the liberal people with climate issues and theyre horrified at elon musks politics. He went from hero to goat pretty quickly. What would they buy if they want an ev . Who would be the beneficiary . Maybe you cant pick. I cant figure out who it would be. We have seen hybrids making a comeback. Toyota has done well with the prius. It is a different vehicle from what we see from the tesla cars. Thats been a real beneficiary. You have seen bmw and rivian do well with the interest level on the vehicles and hyundai is a company which has a good vehicle out on the road. Consumers are saying why not wait at this point. If you are going through a change from gen 2 to gen 3 and we are expecting that to happen in latter half of 2025, consumers can wait for what else comes to market. And the ev charging stations. That rollout is stuck in reverse. You are right. People are going hybrid instead. Colin, you are at 460 something . Ha468. The street is 485. If the number holds up in the 4646 460s it will support the stock. Those are things we can watch. Thanks. Thank you. When we come back, the california minimum wage hike for fast food workers is now in effect. We will show you what the cfo of chipotle said about the increase last night on mad money. Later, news you can use. Sharon epperson has tax psti for you to avoid some scams. Squawk box will be right back. Announcer this cnbc program is sponsored by baird. Visit bairddifference. Com. 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 where you grew a dream into a reality. The all new godaddy airo. Put your Business Online in minutes with the power of ai. Hi, my name is joann, and i lost 75 pounds on golo. Put your business the other timeses ive lost weight, i was tired, run down. With golo, you feel great as you lose weight. I have enough energy to exercise every day. energetic music fades you know whats brilliant . Boring. Think about it. Boring is the unsung catalyst for bold. What straps bold to a rocket and hurtles it into space . Boring does. Great job astropersons. Over. Boring is the jumping off point for all the unboring things we do. Boring makes vacations happen, early retirements possible, and startups start up. Because its smart, dependable, and steady. All words you want from your bank. Taking chances is for skateboarding. And gas station sushi. Not banking. Thats why pnc bank strives to be boring with your money. The pragmatic, calculated kind of boring. Moving to boca . Boooring. That was a dolphin, right . Its simple really, for nearly 160 years, pnc bank has had one goal to be brilliantly boring with your money so you can be happily fulfilled with your life. Which is pretty unboring if you think about it. Thank you, boring. Californias fast food wage hike took effect yesterday raising the minimum wage to 20 an hour for some workers. That included chipotle restaurants. Last night on mad money, jim cramer asked the cfo about the hikes. We didnt want to raise on april fools. We wanted to break even to offset the impact. It is a significant increase in wages, although the wages are above others, but it will be a high teen to 20 increase. We will fare well in this. We offer a great value. The minimum wage increase is an increase of 25 overnight as he mentioned where they were above that. Their increases are mid teens to 20 . Shares of chipotle are up 68 over the last year. Google planning to destroy a trove of data as millions of web browsing history. This is part of the settlement which accused google of misleading the browser tracking activities of anyone who used the private i ncognito mode. The marketing did not inform folks properly that data was collected and include details which web sites they viewed. Great. Right here. Great. A spokesman said the company is happy to delete old technical data. The tracked data was Never Associated with an individual or used for any personalization or any wives, a joke, nobody laughed. You are on your own on that one. Sorry. Im trying to stay away from that. Theres a german psychiatry called transfer espeance. It does allow for individuals to file claims. Plaintiffs were seeking 5,000 in damages per user. Here is my question. They destroyed the data because they werent appropriately and properly advising you they were doing this tracking. Do they change what they say in the crazy long statements . I dont know. Are they tracking it from here on out . I think they dont track it from here on out is what i recall reading. I could be wrong about this. While you were out, we got into a bit of the idea of what Car Companies are tracking in terms of the data they follow. A great piece in the new york times. We spoke with the writer of the piece and journalist behind it. The car Company Keeps flashing we are tracking your information. There is no way to turn it off in the car. We had a lot of people who weighed in. The information is shared with the insurance conditions. Shared with third parties who share with Insurance Companies who know, potentially, or it has happened. She tracked down a lot o