10AM Hour: Global Bond Yields Rise, PA Governor & Chobani CEO, Novartis’ New MS Drug Trial Data 9/1/26

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**Carl Quintanilla** (1:06)
Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with David Faber, Leslie Picker, live at Post 9 to the New York Stock Exchange. Sara Eisen's off today. Global bond yields rising and stocks are down. S&P about a one month low here. What it means for the markets and for the Fed two weeks ahead of the next rate decision. Anthropic with a $35 billion cloud deal backed by NVIDIA.
NVIDIA shares are lower after the news. We do have a top analyst who says the stock is going to break out. And this time he says it's for real. Plus some positive trial results for a new MS treatment helping shares in Novartis today. Some analysts say this might be a blockbuster. We'll get you details on that.

**Rick Santelli** (1:43)
All right.

**David Faber** (1:43)
I've got a slew of data just crossing the tape. Let's get to Rick Santelli for that.

**Rick Santelli** (1:46)
Rick.
Yes, David, indeed. Let's start out with Jolt's job opening labor turnover. Expecting a number slightly north of 7.3 million comes in on the light side. 7,271,000. That will be the second lightest of the year until we just saw the revision. Last month, 7.359,000,000 drops all the way down to 7,182,000.
That is now the second weakest of the year.
So, we are now third weakest for the year this month, and this will be the weakest going back really to February. And if we consider the job openings number, for the most part, has been now holding steady. It's now above 7 million for the one, two, three, fourth consecutive month, even though we did have that very large revision to last month to the downside. Construction spending, a disappointment. We're expecting unchange comes down a half a percent, down 0.5 of a percent. And that would be the lightest read since April of this year. Doesn't end there. We already had S&P Global, now it's ISM Manufacturing PMI's headline number, expected to be over 55, comes in at 54.6. That would be the lightest since June when it was 53 and change. If we look at prices paid going the wrong way, 71.1 higher than expected equals the rear view mirror exactly. And believe it or not, back to back 71.1's are the lightest reads going all the way back to February when we were a bit under 71 New orders comes in at 53.7, another miss. Expecting a number really close to 57 53.7 will be the lightest since March of this year. And the last part of this is the employment phases. And this is important considering we're going to be getting the big job, job, jobs report comes in at 51.2. That's a point less than expected. 51.2 though is still above contraction territory, because now we have back to back months in expansion after having everything from January through June under 50 on employment. And maybe that was actually an early warning sign, because we've had two very weak job, job, jobs report. So it's going to be fascinating to see if we see a better one. As Carl pointed out, global interest rates on the long end continue to rise. We have not had a close in US. 10 years at 5% or higher in a long time. We'll call it 18 years. And the reason this is so important is because many will remember in 2023, we touched it above it intraday but closed slightly below 5%.
Leslie, back to you.

**Leslie Picker** (4:39)
Yeah, and to your point, Rick, Friday will be the all-important number to watch, but an array of light data that we've seen this morning in the meantime, appreciate it. Thank you, Rick Santelli. Let's take a look at the market. We're seeing softness this morning across the major averages. You could see there the NASDAQ down by about a percent, the S&P down by about 0.6%. Joining us to discuss is Interactive Broker's Chief Strategist Steve Sosnick. Steve, I saw you out of the corner of my eye. You were nodding your head when Rick was mentioning 5% on the 10-year and touching it briefly.