Squawk Pod

UK Prime Minister Boris Johnson is resigning, following a torrent of resignations from ministers in his government in the past 24 hours. CNBC Europe’s Steve Sedgwick reports on the scandals that have caught up with Johnson and the quick sea changes of UK conservative politics. As Wall Street parses through the market’s recession signals and portfolio managers brace for a deeper downturn, the luxury art market soars. The first half of 2022 broke records for the industry, marking the most ever paid for an American artist at auction ($195 million), and the most ever paid for a single collection (a cool $922 million). CEO of Masterworks Scott Lynn offers investors fractional ownership–equity shares–of blue chip works by the likes of Basquiat and Banksy, and he says, it’s an alternative asset worth the hedge. Plus, the market is working its way through the Federal Reserve’s reasoning behind its 75 basis point rate hike decision last month.  In this episode: Scott Lynn, @ScottlynnSteve Sedgwick @Steve_SedgwickJoe Kernen, @JoeSquawkMelissa Lee @MelissaLeeCNBCKatie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

A bevy of market signals have alarmed investors: oil prices slipping, a surprise Nasdaq rally, a yield curve inversion. As inflation remains elevated and recession fears loom over the markets, the Federal Reserve and the Biden administration balance their respective toolsets to mitigate pressure on the American economy. Austan Goolsbee, former CEA chairman and Booth School of Business professor, and fellow economist Michael Strain, director of economic policy at AEI, discuss whether their strategies are enough to avoid a deep recession. In other headlines, the FDA has temporarily paused the ban on Juul e-cigarettes, and senators are urging the Federal Trade Commission to investigate TikTok. Plus, many employees are willing to take a pay cut to work at companies that align with their own values; CNBC’s Sharon Epperson reports on how the pandemic has shifted purpose, well-being, and values to the forefront of employee-employer relationships.  In this episode: Austan Goolsbee, @Austan_GoolsbeeMichael Strain, @MichaelRStrainJoe Kernen, @JoeSquawkMelissa Lee @MelissaLeeCNBCSharon Epperson, @Sharon_EppersonKatie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Meta is down 52% in 2022, and Mark Zuckerberg is bracing his shareholders for more tougher times ahead. He’s shuttering the company’s digital wallet project and announced a slash to engineer hiring; Cleo Capital’s Sarah Kunst says Zuckerberg’s revamped approach to employees could be what investors need. Plus, President Biden might be rolling back Trump-era China tariffs, Germany’s economic data has global investors on edge, July Fourth travelers had little to celebrate at airports this weekend, and Tesla’s EV competition could be catching up to Elon. In this episode: Sarah Kunst, @sarahkunst Joe Kernen, @JoeSquawk Melissa Lee @MelissaLeeCNBC Phil LeBeau, @Lebeaucarnews Eunice Yoon, @onlyyoontv Katie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Meta is down 52% in 2022, and Mark Zuckerberg is bracing his shareholders for more tougher times ahead. He’s shuttering the company’s digital wallet project and announced a slash to engineer hiring; Cleo Capital’s Sarah Kunst says Zuckerberg’s revamped approach to employees could be what investors need. Plus, President Biden might be rolling back Trump-era China tariffs, Germany’s economic data has global investors on edge, July Fourth travelers had little to celebrate at airports this weekend, and Tesla’s EV competition could be catching up to Elon. In this episode: Sarah Kunst, @sarahkunst Joe Kernen, @JoeSquawk Melissa Lee @MelissaLeeCNBC Phil LeBeau, @Lebeaucarnews Eunice Yoon, @onlyyoontv Katie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Flight cancellations continue to distrust travelers, and Dennis Tajer, spokesman for the Allied Pilots Association and pilot for American Airlines, is blaming airline management. He claims pilots are being pushed to the edge. In the markets’ roughest first half of the year since the 1970s, Netflix was the worst performing stock. It may have come down to their lackluster content, says Rich Greenfield of LightShed Partners. Cynthia Littleton, Variety co-editor-in-chief, joins Rich to discuss how the streamer’s innovation might have hit a roadblock. The last time the S&P had it this rough in the first half of the year, Joe Kernen looked like a backup singer for the BeeGees.  In this episode:Rich Greenfield, @RichLightShedCynthia Littleton, @Variety_CynthiaJoe Kernen, @JoeSquawkAndrew Ross Sorkin, @AndrewrsorkinKatie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Americans are feeling the pain caused by inflation, but New Jersey is hoping to help its residents with an historically large budget plan. Governor Phil Murphy (D-NJ) discusses how Jersey’s rebate will alleviate some of the pain, from property taxes to back-to-school supplies. The markets are set to close on the worst first half in more than 50 years. The Dow and S&P 500 are on track for their worst three-month period since Q1 of 2020, and the Nasdaq is on its worst run since 2008. Plus, drama escalates in the Spirit Airlines boardroom. In this episode:Joe Kernen, @JoeSquawkMelissa Lee @MelissaLeeCNBCAndrew Ross Sorkin, @AndrewrsorkinKatie Kramer, @Kramer_KatieGov Phil Murphy @GovMurphy Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Americans are gearing up to travel this Fourth of July weekend despite higher fuel and food costs this year. Amid record-high inflation, president and CEO of Best Western Hotels and Resorts Larry Cuculic says summer travel is surging in cities like Seattle, New York, and San Francisco. Stewart Butterfield, CEO of Slack, joins Andrew from the Aspen Ideas Festival to discuss what impact a recession could have on employers recalling workers to the office. He says the pandemic has proved that digital infrastructure is now more important than a physical HQ. Plus, a leader of the Federal Communications Commission has issued a warning about TikTok’s threat to American data security, and President of the Cleveland Fed Loretta Mester has voiced her support for a 75 basis point hike in July.  In the episode:Stewart Butterfield, @stewartJoe Kernen, @JoeSquawkBecky Quick, @BeckyQuickAndrew Ross Sorkin, @AndrewrsorkinKatie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

As investors come to terms with a recession and the tech markets weather a downturn, we turn to legendary tech voices Cathie Wood and Eric Schmidt for guidance. Cathie Wood, founder of Ark Invest and a famous innovation bull, shares lessons from last year’s profits and losses. She maps out the biggest problems facing companies today, including inflation and supply chain issues. Eric Schmidt, former CEO and Executive Chairman of Google, joins from the Aspen Ideas Festival to share lessons from his past with a new generation of investors facing their first market downturn. He discusses competition with China, the promise of Web3, and the ebbs and flows of economic cycles as we face a recession.  In this episode:Cathie Wood, @CathieDWoodEric Schmidt, @ericschmidtBecky Quick, @BeckyQuickAndrew Ross Sorkin, @AndrewrsorkinBrian Sullivan, @SullyCNBCKatie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

We’re kicking off the week with a super-sized Squawk Pod!  Three big interviews that all start with the key question Wall Street is asking: how bad is the impact of 2022’s high energy prices? Becky Quick and Brian Sullivan weigh the influence higher gas prices have on the stock market, and G7 leaders convene in Germany to discuss additional Ukraine support and new sanctions that include a proposal to cap the price of Russian oil exports. Goldman Sachs’ Jeff Currie says a brief pullback in global energy prices signals a buying opportunity for investors.  Noted tech investor John Doerr has a legendary track record – he was an early back of both Google and Amazon – and today, he calls the shift away from fossil fuels a revolution that rivals the creation of the Internet. Andrew Ross Sorkin catches up with Doerr at the Aspen Ideas Festival in Colorado.  NBCUniversal News Group is the media partner of the Aspen Ideas Festival. Plus, Home Depot co-founder and billionaire Ken Langone joins Squawk Box for a special interview that covers inflation, divisiveness and the complicated balancing act of policy and politics.  In this episode:Jeff Currie, @goldmansachs John Doerr, @johndoerrBecky Quick, @BeckyQuickAndrew Ross Sorkin, @AndrewrsorkinBrian Sullivan, @SullyCNBCZach Vallese, @ZachVallese Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Fresh reporting from Becky Quick on what happened inside the room with leading executives from the U.S. oil industry and Energy Secretary Jennifer Granholm.  Inflation continues to run hot. Federal Reserve Chairman Jerome Powell says that the Fed is committed to fighting inflation “unconditionally” in a testimony to the House Financial Services Committee. Member of the committee, and Problem Solvers Caucus Co-Chair, Rep. Josh Gottheimer (D-NJ) wants to act aggressively to solve the problems of surging gas prices, expensive food costs, and fight inflation. Also, United Airlines says they are cutting dozens of flights in the Northeast due to staffing issues. Association of Flight Attendants International President Sara Nelson joins to address the massive amount of flight cancellations, rising ticket prices, and how to navigate the potentially messy summer travel season. In this episode: Rep. Josh Gottheimer, @RepJoshGSara Nelson, @FlyingWithSaraJoe Kernen, @JoeSquawkBecky Quick, @BeckyQuickAndrew Ross Sorkin, @AndrewrsorkinKatie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.