Transcripts For CNBC Squawk Box 20161108 : vimarsana.com

Transcripts For CNBC Squawk Box 20161108

Gbis our decision zone will bring you live coverage from nbc affiliates across the country. Real time news and analysis as the results come in but right now lets get you caught up on todays business stories as we get ahead. Before we start this is a nice way to think about this. Did you see this cover of the New York Post today, vote for the one you dislike least. But that already irritated me. Already irritated you. One is pro trump, one is pro clinton. For daily news, what do they get . Stop the don con. They need to stop this lying orange facsist. So they get a total we hate do you get anything comparable on the other side. This is the objective version. Yes. This one is im with her and all through it. They get a full throated endorsement for hillary with this tabloid. All you get here is pick the so your gripe is with rupert. He has been a hillary person for awhile i think. Month theres no correlary to the daily news anywhere. What about bright guard. I just heard it didnt matter. I didnt say that. In the context of our conversation lets not get into that right now please. How about the wall street journal editorial page. I guess that might be it. That could be the secret sauce from the election. I had an email exchange yesterday with Steve Manning and asked him for his final prediction and he said i cant do it because were too busy winning this baby. Wow. Thats the kind of well for a news organization. So maybe he has a weird role doesnt he . Hes the campaign. Hes obviously not a conventional Campaign Manager but he is somebody that has the channelled the same vibe that donald trump is trying but he actually has a position in the Trump Campaign where as the people at the New York Times and other people dont have actual positions in the Clinton Campaign. Yes. I hear you. Sort of what, joe. Say it. Honorary. Honorary positions. All right. Youre looking at a live shot by the way of tim kaine casting his vote in virginia as we speak. Theres a coup of things aside from the election. The monthly jolts or job openings and Labor Turnover survey. Chicago fed president speaking at the council on Foreign Relations this morning and ubs event this afternoon. As for earnings look out for results from cbs health and home builder d. R. Horton before the opening bell here. Lets check on the markets this morning. Most of the snap back yesterday obviously and i was surprised europe wasnt doing more this morning. They are supposedly collectively holding their breath over there as well. And flat on a lot of trades so were getting back, call that flat after 380 points yesterday. There it is. Thats what happened best day in the markets since march. Those numbers were big on things like the nasdaq. Get 100 points and it took the s p all the way back above 2100 easily. Theres transportation average up about 3 . Thats what we saw 3 . Kind of interesting that were still not above that election indicator when it starts in august and ends at election day. We didnt make that yesterday. Still down since august. So well see whether that holds on true. Do you want to talk about heres europe. See you would think that they reflected some of the good sentiment yesterday but i thought they would have a little bit more catch up this morning than the 370 points. Theyre nervous i think. What is the difference between ketchup and catsup. Do you know that . I dont have the slightest idea. No idea. Nobody here does. Does it matter . I saw on the ten year and thats changed and then the dollar i saw the euro at about 110 earlier and what was getting interesting over there. And moving forward well see what the Supreme Court and then the bureaucrats can can overrule whatever they do anyway. Anyway, gold you would think in these Uncertain Times would be doing something. Less than 1400. Pharmaceuticals drug maker reporting above 55 a share and ceo says the company is making progress on its restructuring of operations and the recent weeks we have gotten words of reports that theyre looking to sell various units of its businesses in order to raise assets here but in the extended hours v valeant is trading lower right now. Time to get out and vote. For more on what you can expect john harwood joins us kicking off what will be a long day for you and all of us. Were going to test the power of these two coalitions that Hillary Clinton and donald trump are activated. Hes strong among men and rural areas and clinton has a large lead and nonwhites. Small erma joirty among hispanics but still large and one of the things in the early vote is the hispanic vote in nevada and florida being extraordinarily large and were going to test and see whether or not the pollsters have got it right a four point spread in the polls. That is enough to win in any scenario. However if the polls are undercounting a surge of turn out for donald trump we could get a surprise. You look at the odds and puts it at 70 . New york times upshot puts it at 80 . Other models have it higher than 80 . If you take the real clear average of battleground states and push them to give the winner who whoever has a fractional lead Hillary Clinton is at 727. Donald trump is at 2666. Its all going to be tested tonight. A good idea of who is out on top by 8 00 tonight. 8 30. Well, well have a better thats a huge thing of votes Hillary Clinton will need to get over the top. I think we will know who is going to be the president by 11 00 at night. Where is the point . Nbc. Is it going to be a long days journey. How long will you be . Will you be here at 2 00 a. M. If you need to be. Im sleeping at the studio. Youll be will as long as it takes. How long was that one election . That was too long. That was a nightmare. How long . Do you remember . It went to early december until they finally pulled the plug. I dont think were looking at that situation although florida is tight. No, florida is very tight. And we saw some weird let me introduce lets bring in elizabeth, four time u. S. Congresswoman from new york. Hillary clinton supporter and nan, former u. S. Congresswoman and served for Carly Fiorinas campaign. Watching yesterday was interesting for a couple of reasons and that was seeing hillary in michigan, wasnt it . Well, i think its smart strategy to gnat take anything for granted. She hit some of the really important states she has to be in. But michigan is she assuming ohio wasnt it weird not to go to michigan instead of ohio. The reason i went to michigan is michigan is not a state that has no excuse early voting. So they were doing yes it is closer and is it possible theres no early voting either. Thats right but pennsylvania is more critical to donald trump strategy. That would be great if they could do it. But what Hillary Clinton was trying to do in that last rally in philadelphia was to galvanize both the vote in Center City Philadelphia and also the suburban vote which he is hoping will swamp vote in western pennsylvania. You know, nan. She is hoping. Yeah. Yeah. Hillary is going to count on big turn out in suburban areas of philadelphia because theres a lot of women there who resent Donald Trumps treatment of women. Theres been some questions about the African American turn out and for that reason i think she has focused differently. Theres reason for them to be con certained about softness in the African American turn out. Th obama attracted extraordinary African American turn out and more than 90 of the vote. Now it is true that its been trending up as the Democratic Party increasingly has focused on that group and what was notable as 2012 was that African American turn out was higher than white turn out as a percentage of the eligible vote. Is that going to be true for Hillary Clinton . I doubt it. She has to compensate elsewhere. The interesting point is i dont think her campaign is assuming that she is going to get the same level of enthusiasm as obama got as a first African American candidate for president. She had a lot of guns to turn out, springsteen, bon jovi. And then tim kaine. Not the same. No but he got a couple of dozen. And donald he had ted nugent. Yeah. And somebody else. I listened to ted in high school. Yeah. Hes a controversial character at this point. Beyonce jayz. Were any laities listening to jayz. This is my question for you. A little dubious there. Beyonce, jayz, gaga, springsteen. Which most tempts you to vote for Hillary Clinton . None. Donald trump was talking about tom brady last night. Belichick. I dont understand do you have a problem with tom brady . I have no problem. Im just suggesting. I dont understand why one deflategate is over. Its the exception of the rule. You have scott in hollywood. 95 approval in hollywood. If you get one you have to use brady and belichick. You said the whole thing is ridiculous. Comparable on both sides. What is this election about . Its about the people that work in this country. Its about the people that deserve tun and jobs. I have a question about Hillary Clinton i have been wanting to ask the entire campaign and im reminded because im with an event with your former colleague on the committee and i grew up in high school watching others during the impeachment process donald trump says Hillary Clintons misconduct is worse than nixon and id like to get your take on that. First of all president nixon accused the power of his office as presidency and so theres no real question about not only his abuse of power but criminal activity. And also the abuse of power. And also his political opponents. I was dont have any evidence whatsoever, the fbi has done a thorough job of any criminality of Hillary Clinton nor do we know that she harmed the American People to use the power to go after political opponents. Thats what Richard Nixon did. He used his pow tore go after political opponents. To audit their taxes and survey them and look at secret conversations and so forth. Hillary didnt do any of those things so to compare them. Thats typical donald trump. He is low on the facts. You accept that as case closed . I was thinking about an 18 minute gap in a tape versus 33,000 emails. Anyway 20 of americas uranium belongs to russia because of what Hillary Clinton did on behalf of a donor to the Clinton Foundation. Selling out is can you tell you about ketchup and catsup. It says refers to an area of china and they were different when they were imported here and heinz made it tomato based. That is awesome information gathering power. Ketchup an catsup. It doesnt have to be tomato. Thank you congresswomen. Thank you. Thank you. And its a respite from what we have done for the last year and continue to do here. Dont forget to vote. Markets in focus following yesterdays 371 rally in the dow and well talk about what to exapproximae expect as the results come in. Stay tuned. Joining us now is the global head of Investment Strategy and chief Investment Officer which is more than 219 billion in assets under management. Great to have you with us. Ill start off with you. We had a massive move and it brings us back to levels we saw 7 trading sessions ago but is this going to be the ultimate sell of the new sort of event . I think it pulled forward the expectation of what the market was hoping for. Its interesting if you look back i think it was around october 18th when the poll numbers started to change for each of the candidates. Essentially it was a risk off market. Investors werent getting the outcome that they hoped for and now that it looks like thats going to come to pass you had a reversal of that. I dont think theyre going to retest those lows with the earnings news coming out the way it is. Ended higher than where we are right now. Youre looking at 21 to 25. Which is maybe 60 points to the upside. Its higher than where we are right now. For a year mid single digit returns. Not great but not bad. Is that a clinton call . I think thats what the market is expecting. Which is a clinton call. Thats exactly right. When you take a look at yesterdays rally what was curious to me is that everything rallied across the board. It wasnt necessarily to me a clinton rally. If you had a clinton rally why would health care be so strong and lead the markets. How did you interpret yesterdays move. Was it a divided Hillary Clinton and divided Congress Kind of rally . Well, since it came out its always been about divided congress and potential for trump winning so i think that we price that out yesterday. At least the potential for trump winning and thats why you saw the correlated rally. And change the direction of the way things are going. What do you do now though . What do you see for the end of the year . And how do how does it factor into that at all . From an Economic Perspective the data is far clearer than elections perhaps. And the at a at a really is not u. S. As much as it is from china. The growth impulse coming from china will support the markets Global Economy for the next 6 to 12 months and that is what is going to drive the markets far more than anything else. China will draw the markets. Absolutely. Because of the growth impulse in china emerging Market Growth is doing better and inturn u. S. Dproeth is much better as well. Do you agree with that . Yeah at the margin yes. But the north star for us over the last several years when the u. S. Economy has these bouts of concerns of whether we were going to slow was the middle market of this country. Thats where all the commercial activity is and the jobs are created and viewing it from that lenses, market in the united stat states. Youre looking at an environment there where things were made and pretty good health. Theyre all quite good. So from an Economic Perspective i think were in pretty good shape. Its important to remember, look, every four years we make this incredible exercise or representing a democracy. From a market standpoint markets are remarkably bipartisan in their ability to produce returns. If you go back to 1990 excuse me, 1900, both parties republican or democrat they produce over the course of their terms they tend to produce on positive returns. Somewhere between so the bottom line is youre saying that we shouldnt Pay Attention to these elections because the markets will have positive return nos matter what. Yeah. Is that what youre saying also . Theres truth so that. Markets are probably going to do better over the next 2 to 4 years for example irrespective of who isnt in power in the u. S. The point hes making with respect to the u. S. Economy is a good one. U. S. Economy is stable but at the margin what has changed over the last six months is not the change in direction in the u. S. Economy its that the stimulus driven growth in china man you fe manifested in a big way. Thats why the markets are due in the next 6 to 12 months. Thank you very much. Thank you. Okay when we come back battleground state of florida. A live report from the Sunshine State on a day that could set state records for total number of ballots cast. Plus you may remember bruce from my trip to atlanta in october. Exec withdrew tif director of the National Diversity coalition for trump and he is here in new york to join us here on the set to talk about this election day. Well be back with him and a lot more in just a moment. Jake reese, day to feel alive jake reese, day to feel alive jake reese, day to feel alive i want you to know and spread the word i want to be president for all americans. Not just the people that support me. I want to be president for everyone. We all have a role to play in building that Better Future for our country and for each of you. The corrupt politicians and their special interests have ruled over this country for a very long time. Today is hour independence day. Today the american working glass is going to strike back finally. Welcome back to squawk box here on election day where we have coverage all day here on cnbc. That was the final appeal to voters and North Carolina ohio and West Virginia just opening right now go out and vote and take a good look at u. S. Equity futures at this hour after a very big day yesterday at the markets. Florida nailed the element of this entire race. It seems like it does often. The last couple of elections. She joins us now with an early read on voting there and its so close that we had such an early sign of what was going on if you could tell but sometimes it takes weeks. I was there and the polls open in just under half an hour here but half of floridas registered voters will not vote today. Thats because they have already voted. Early voting here ended sunday night and more than 6 million cast their ballots either in person or by absentee ballot. Thats a record and thats more than the total final 4. 9 million votes cast by registered voters in 2,000. You remember that one bush versus gore. Floridians will never forget that epic election. That ended in the u. S. Supreme court. Perhaps thats why so many voters headed out to the polls early. Hispanic voters are the real headline though but they came out in force early. The number of early hispanic voters is right around the total hispanic vote in 2012. So if only half voted so far that share is going to be up 100 and that could be a boost for Hillary Clinton given

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