SOTS 2nd Hour: Trump-Lisa Cook Conflict, Jefferies’ David Zervos, & LIVE: Interactive Brokers’ Thomas Peterffy 8/26/25

Squawk on the Street

CNBC

Investing, News, Business

4.1 • 567 Ratings

🗓️ 26 August 2025

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

President Trump saying he’s firing Fed Governor Lisa Cook; Lisa Cook firing back that he doesn’t have the authority – and she’s not stepping down. Carl Quintanilla, David Faber, and Michael Santoli broke down the latest developments in the story, before talking potential fallout with Jefferies Strategist and Fed Chair contender David Zervos. Plus: the outlook for stocks amid the volatility – and better-than-expected consumer confidence data… Nuveen’s Chief Investment Officer joined the team with her take on the action. Also in focus: a number of market movers in early trading… Interactive Brokers shares gaining on news it’s joining the S&P 500: Chairman & Founder Thomas Peterffy discussed where he sees growth ahead in the business – and broader markets. Eli Lilly also in the green on new obesity pill data: hear more on how to play shares with an analyst forecasting big gains ahead. Plus: a deep-dive on how AI is impacting a big part of the finance industry – excel spreadsheets. Squawk on the Street Disclaimer

Transcript

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0:00.0	Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Kingtonia with Mike Santoli, David Faber,
0:04.1	live at Post 9 of the New York Stock Exchange. Sarah Eisen has the morning off. Bit of a mixed bag this
0:09.0	morning. Pretty even taped. Dow's down five. Got a few sectors up, a few down. But overall, watching for
0:15.1	Octa, MDB and PVA earnings tonight, Long Bond 493, the VIX is back above 15.
0:21.2	Today the president says he's firing Fed Governor Lisa Cook.
0:24.4	Cook says the president doesn't have the authority and that she's not stepping down
0:28.0	what all that means for investors in the future of the Fed independence.
0:31.7	Jeffrey Stragist and Fed Chair contender David Zervos will join us in a few moments with his take.
0:36.2	And then interactive brokers being added to the S&P 500.
0:39.0	Thomas Petterfee will join us with his reaction to that news coming up.
0:43.1	New consumer data just crossing.
0:44.6	Let's get to Rick Santelli, who has that for us.
0:47.2	Rick.
0:48.6	Yes, David, this is August 3rd on consumer confidence from the conference board.
0:53.3	97.4 is the headline, better than expected.
0:57.0	However, not sequentially higher than the big revision.
1:01.2	Last month, 97.2 now becomes 98.7.
1:06.1	And if we look at the present situation, 131.2, that follows 132.8.
1:13.0	And finally, expectations, 74.8, and it is following an upward revised, 76.0.
1:20.9	So not one is sequentially higher than our final July reads.
1:25.1	Now on Richmond Fed, on the manufacturing side, minus seven. That's a little
1:29.6	better we're expecting minus 11. What's interesting here is that is the best read since it was minus
	...

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