SOTS 2nd Hour: Off Target, Palantir’s Pullback, The Race to Replace Powell 8/20/25

Squawk on the Street

CNBC

Investing, News, Business

4.1 • 567 Ratings

🗓️ 20 August 2025

⏱️ 43 minutes

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Summary

Carl Quintanilla, Sara Eisen, and David Faber discussed Target’s latest results and the company’s big C-Suite shuffle. Target announced that company veteran Michael Fiddelke will become its next CEO starting next February, as shares of the retailer dropped in early trading. The desk also hit Palantir’s big pullback, down more than 20% from its recent highs. Also in the mix: CNBC’s Steve Liesman joined the program live from Jackson Hole, Wyoming with a new survey looking at the race to replace Fed Chair Powell. Squawk on the Street Disclaimer

Transcript

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0:00.0	Good Wednesday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Carl continue on David Faber, live, as always, from post-9 of the New York Stock Exchange.
0:07.8	Stocks, as Carl mentioned, taking a little bit of a dip here, lower. You still have some leadership, but it's by defensives like staples and health care. Energy is also working today.
0:17.2	Tech is lower. Look at the NASDAQ. It's selling off more than 1%. 1.3% right now is this rotation out of growth names and tech names continues. As for treasuries this morning, it's a light data week. We got FedShare Powell speaking at Jackson Hole later in the week. We have more buying of treasuries with yields a little bit lower. The 10-year yield, 4.29. The two-year yield 3.73. So lower yields across the board.
0:39.8	Coming up on today's show, off target, the retailer's sinking as sales and traffic fell in the
0:44.4	quarter and as the company announces a CEO change, what the incoming CEO told me about
0:49.1	the consumer, about tariffs, and employee morale. Plus, Calenteers rapid pullback.
0:54.7	The stock now officially in bare market territory, 20% off the highs.
0:58.0	After hitting a record high earlier this month,
1:00.5	we'll talk to an analyst who thinks there could be a lot more downside ahead.
1:04.9	But guys, today, the news is all about retail earnings.
1:07.9	And you know I like to dig through these reports
1:09.5	and see what these CEOs and CFOs are saying about the consumer, the macro tell on the consumer. Because all of
1:17.2	these stories have different angles. Some of them are exposed to housing. Some of them are doing
1:20.9	better than others. But let's just hear what we're hearing about the consumer. Toll, for instance,
1:25.5	affordability is the key challenge for homeowners.
1:28.7	And here's what the CEO said. People might be waiting to see if rates come down a little bit more.
1:32.9	We're going to know a lot more through the month of September. And I am anticipating as these rates
1:38.0	settle into the market, we're going to see more demand coming out from all this pent-up demand
1:42.6	that's been waiting on the sidelines.
1:44.7	That's why you have folks like the Treasury Secretary saying we need to see lower mortgage rates,
1:49.6	we need to see lower interest rates.
1:51.6	The Toll Brother CEO really echoing that that higher mortgage rate has been a challenge for people
	...

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