10AM Hour: Apple and Amazon Results, Situational Awareness Latest, Dallas Fed President on Rate Dissent 7/31/26

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to most quarterly earnings...

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**David Faber** (1:00)
Good Friday morning. Welcome to Squawk on the Street. I'm David Faber with Seema Modi and Mike Santoli. We're live from Post 9 at the New York Stock Exchange. Carl and Sara both off today. Let's give you a look at stocks, of course, trying to hold gains after that significant move higher yesterday. Of course, another big night are earnings.
Apple shares, though, notably lower, down over 9% right now. We're going to talk about those results, and of course, the results from Amazon, which have that stuck up sharply in just a moment. Plus, we'll have the latest on the saga at the hedge fund, Situational Awareness.
All of Wall Street's still talking about that. And another AI hack, Anthropix, says it's thought model gained unauthorized access to the systems of three other organizations. This follows that recent open AI hugging face incident. Pretty scary stuff. We've got the latest.

**Seema Modi** (1:50)
Yeah, but first, consumer sentiment data just crossing. Rick Santelli has that for us. Rick, how does it look?

**Rick Santelli** (1:56)
Well, much better than I would have expected. You know, the mid-month reads get converted to the final read. That's what we're looking at for July. Headline number mid-month was 54.4. This comes in at 55.2. That will be the best level since Feb of this year. And if we look at current conditions, very similar in terms of expectations, 54.8. But in the rear view mirror, it was 54.9. So we lost the 10th. But it's still the best level since March. And if we look at the expectations, 55.4.
Well above 53.5 we were looking for. Well above 54 in the rear view mirror. Best level since February. Now let's go to the inflation numbers embedded in University of Michigan. The one-year inflation indicator, 4.2. Mid-month read remains exactly the same. 4.2 is the lightest rate of inflation going back to March when it was under 4%.
And finally, the 5 to 10-year inflation outlook remains at 3.3%.
Same as mid-month read. That is the 1, 2, 3, 4, 3.3 of the year. And it would be the lightest since we were 3.9 and that was in May. So the numbers definitely improved a bit on the actual confidence numbers. Pretty much sideways moves on inflation.
Rates are elevated. Look at crude oil again to the upside. Currently 4.29, 2-year is up 4 on the day, down 4 on the week, but the curves had moves. A 10-year is up 5 on the day and up 5 on the week at 4.73. It's starting to dip a bit below that level. Mike, back to you.

**Mike Santoli** (3:42)
Could be an interesting weekend, month and print there, Rick. Thank you very much. We have breaking news out of the Fed. Steve Leesman has it for us.

**Steve Leesman** (3:51)
Hey, good morning, Mike. Yeah, Dallas Fed president, Lorie Logan, out with her statement explaining her dissent at the meeting on Wednesday saying inflation is not on a sustainable course to achieve the 2% target. Quote, prices have continued to rise too rapidly. This is the third statement we've gotten from of the three dissenters that we've had along with Neel Kashkari and Beth Hammack. Inflation, Logan says, is trending towards the mid-2s and risks, she says, are to the upside. Job market is solid and perhaps strengthening, all of which, she says, gives the Fed room to address the other side of the mandate or the inflation side of the mandate. When she looks at the labor market, household consumption, as well as financial market conditions, they indicate to her that monetary policy is not restraining the economy, but she thinks some restraint is necessary without policy restraint, she says, inflation will continue to trend above target.