SOTS 2nd Hour: EU Trade Deal Details & The Impact on Energy, Alcohol Stocks… Plus: This Week’s Earnings/Fed Playbook 7/28/25

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 28 July 2025

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Record highs on the S&P and Nasdaq after a new trade deal with the EU this weekend: Carl Quintanilla, Leslie Picker, and David Faber got the latest from Stockholm as Treasury Secretary Bessent meets with his Chinese counterparts, and talked key carveouts in the EU deal… What one longtime market veteran (Ruchir Sharma) says the world got wrong about tariffs – and what AI mania has to do with it. Plus: the playbook for energy stocks after a huge promise from Europe to buy more American energy… and a deep-dive on how the trade deal could impact the alcohol distillers. Also in focus: it’s the busiest week of earnings season with reports coming from more than 100 S&P 500 companies including Microsoft, Meta, Apple, and Amazon… The key reports to watch along with the stocks most as risk here – along with details on a new deal out of a different Mag-7 name: Tesla buying $16.5B in Samsung chips.

Transcript

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0:00.0	Good Monday morning. Welcome to Squawk on the Street. I'm Carl Cantonia with Leslie Picker and David Faber here post nine of the New York Stock Exchange. Sarah Eisen is off today.
0:13.8	Markets looking at another all-time high for the S&P after putting five in a row together last week.
0:18.9	We're watching Treasuries as well with the yield curve,
0:21.5	a little hotter, index-wise on stocks, tech and energy doing most of the lifting today.
0:26.6	Coming up this hour, Rockefeller's Rashir Sharma, out with the new FT piece called What the World
0:31.8	Got Wrong about tariffs. He'll join us to discuss following news of this EU trade framework
0:36.6	and a lot on the trade talks today with China.
0:39.4	We'll get you set up for the busiest week of earning season with more than a fifth of the S&P and nearly a third of the Dow getting ready to report results.
0:47.9	All right. We're monitoring President Trump's bilateral with UK Prime Minister Starmor in Scotland.
0:53.3	They're talking a lot about a lot of different
0:55.7	things, trade to the Fed, of course, rates, something the president likes to come back to. In the
1:00.8	meantime, Treasury Secretary Benson is meeting with his Chinese counterparts in Stockholm,
1:05.7	that kicking off a new round of trade talks after they did reach a deal over the weekend or a preliminary deal
1:12.0	with the EU.
1:13.0	Amon Javers is tracking all of it for us and is live with the latest.
1:16.5	Hey David, that's right.
1:20.2	We're here in Stockholm.
1:21.2	We are sort of officially now in the phase where we're waiting for the puff of white smoke
1:25.3	coming out over the Rosenbad, which is just to my right here.
1:28.2	That is sort of the equivalent of the White House here in Sweden.
1:31.0	That is the prime minister's office.
1:32.8	We saw the prime minister of Sweden coming out, greeting the delegations as they arrived earlier.
	...

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