SOTS 2nd Hour: PCE Breakdown, D.C.-Iran latest, & ServiceNow CEO's AI Warning 3/13/26

Squawk on the Street

CNBC

News, Investing, Business

4.0 • 566 Ratings

🗓️ 13 March 2026

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

A busy 24 hours between DC headlines and PCE data... Carl Quintanilla, Sara Eisen, and Michael Santoli kicked off the hour with the latest on both fronts, before discussing the implications for markets, traders, and the Federal Reserve. Plus: hear ServiceNow CEO Bill McDermott's huge warning when it comes to AI and youth unemployment, along with more on how Iran is changing the business of cybersecurity with the CEO of one beneficiary (Rubrik). Elsewhere in the hour: former Defense Secretary Mark Esper joined the team with his expectations when it comes to possible escalation ahead. Squawk on the Street Disclaimer A busy 24 hours between DC headlines and PCE data... Carl Quintanilla, Sara Eisen, and Michael Santoli kicked off the hour with the latest on both fronts, before discussing the implications for markets, traders, and the Federal Reserve. Plus: hear ServiceNow CEO Bill McDermott's huge warning when it comes to AI and youth unemployment, along with more on how Iran is changing the business of cybersecurity with the CEO of one beneficiary (Rubrik). Elsewhere in the hour: former Defense Secretary Mark Esper joined the team with his expectations when it comes to possible escalation ahead. Squawk on the Street Disclaimer

Transcript

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0:00.0	Good Friday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Carl Kintania and Mike Santoli.
0:11.8	We are live, as always, a post-9 of the New York Stock Exchange. David Fabers is off again.
0:16.1	We've got a big show coming your way. Former Defense Secretary Mark Esper will join us as Iran digs in around the
0:22.2	straight of Hormuz and Defense Secretary Pete Higgas says you don't need to worry about it.
0:27.3	Plus, Service Now CEO, Bill McDermott with us after ringing the opening bell this morning here at the
0:32.1	big board. What he thinks the market is getting wrong about the software trade. And we will talk to
0:36.8	the CEO of Rubrik, fresh off earnings,
0:38.9	about the company's results and cybersecurity implications of this war with Iran.
0:44.1	Pretty solid breadth to start the morning, and we're getting some UMish. Let's get to Rick Santelli.
0:48.4	Morning, Rick. Yes, UMIS and Joltz. On UMIS, 55.5 is our University of Michigan Settement March preliminary in a couple weeks.
0:58.7	It may get fine-tuned.
1:00.5	That's better than expectations, but sequentially lowered in our last final read,
1:04.9	that would be the weakest since, well, dees of last year.
1:08.2	So we've had two months of 56 plus. We go a little bit in the wrong direction.
1:13.2	If we look at current conditions, a different story. Much better than expectations. 57.8,
1:19.7	much stronger than 56.6 in the rearview mirror. Strongest since Ack of last year.
1:25.4	34.1, 54.1 on expectations.
1:29.7	That's light, and that is the lightest since NOVA of last year.
1:34.1	The inflation numbers, 3.4 on one year, three-tenths less than we were looking for.
1:40.4	We're looking for a bit of a pop there equals our last look.
1:43.9	3.4? Well, to find a lower number our last look 3.4 well to find a lower
1:45.9	number you're in jan of 25 to find a higher number here in jan of this year of course and if we
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