SOTS 2nd Hour: Lululemon Founder Sounds Off, the NBA's Return To China, & Amazon: Buy, Sell, or Hold? 10/10/25

SPEAKER_1 (0:00)

Hey, Fidelity, what's it cost to invest with the Fidelity app?

SPEAKER_2 (0:04)

Start with as little as one dollar with no account fees or trade commissions on US stocks and ETFs.

SPEAKER_1 (0:11)

Hmm, that's music to my ears.

SPEAKER_2 (0:14)

I can only talk.

Carl Quintanilla (0:17)

Investing involves risk, including risk of loss.

Dominic Chu (0:18)

Zero account fees apply to retail brokerage accounts only.

Carl Quintanilla (0:20)

Zero dollar commission applies to online US equity trades and ETFs and retail Fidelity accounts. Seller order assessment fee not included. Some account types and securities excluded.

Leslie Picker (0:25)

Details at fidelity.com/commissions.

Carl Quintanilla (0:26)

Fidelity Brokerage Services LLC, member NYSE SIPC.

SPEAKER_6 (0:31)

Introducing the redesigned Dell PC with the Intel Core Ultra Processor. It helps you handle a lot, even when your holiday to-do list gets to be a lot. Like organizing your holiday shopping, and responding to holiday requests and customer questions, and customers requesting custom things, plus planning the perfect holiday dinner for vegans, vegetarians, pescetarians, and Uncle Mike's carnivore diet. Luckily, the Dell PC helps you handle a lot, and with all day battery life, you can do it all faster to get it all done. That's the power of a Dell PC with Intel inside. Get yours at dell.com/holiday.

Carl Quintanilla (1:08)

Good Friday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with David Faber, Leslie Picker here at Post 9 of the New York Stock Exchange. Sara Eisen has the morning off, trying to wrap up the week with a little bit of risk on. Every sector is higher except for energy and healthcare. 10 year getting back below 4-1, VIX still around 16 We're watching obviously the government shut down now in day 10 Coming up this hour, Lululemon founder Sours on the company, Chip Wilson, slamming the company's trajectory in a new full page ad in the Journal, saying it's in a nose dive and needs to quote stop chasing Wall Street at the expense of customers. Wilson is going to join us in an exclusive interview, talk about his criticism of the board. Plus, was Amazon's October Prime Day a dud? We'll talk about reports of soft demand and if it is a red flag for the company.

David Faber (1:54)

First, let's get some breaking consumer data is just crossing in. Rick Santelli has it for us.

SPEAKER_9 (1:58)

Rick.

Rick Santelli (2:00)

Yes, David, we still get some numbers that aren't going through the government. Here's University of Michigan sentiment and the inflation gauges. October preliminary views, 55 on headline, a bit better than expectations, very close sequentially to the 55.1 in the rear view mirror for our September final read. And that compares well at 55.0. You'd have to go back to may of this year to find a lower number. Current conditions, pretty juicy here. 61.0, better than expected, sequentially higher than 60.4. If we look at expectations, 51.2, a little bit of a disappointment in both directions, less than expected, less than 51.7 in the rear view mirror. You have to go to may of this year to find a lower number. Now, the inflation numbers, 4.6 on one year, that's one tenth less than we're expecting and less than the 4.7 in the rear view mirror.

4.6 will be the lowest read, going back to February when we were at 4.3. And finally, 5 to 10 year inflation stays at 3.7, both matching expectations and in the rear view mirror. To find a lower number, you'd have to go back to August at 3.5 to find a higher number. You're in June at 4 to give you some context there. Very quickly, the government shutdown has caused us not to see construction spending, two jobless claims, factory orders, September job, job, jobs report, wholesale inventories and sales. However, maybe CPI on Wednesday scheduled the lease the 15th of October. It may be released. I'm not sure if that's going to be the day. Think COLA here in terms of the reason why. And finally, on the week, 4.09 is current tenure. It settled at 4.12 last week, down three basis points. David, back to you.

David Faber (3:49)

Rick, thank you. Rick Santelli in Chicago. Let's stick with the macro picture. Federal Reserve Governor and Fed Chair, shortlist candidate Christopher Waller joined CNBC earlier this morning. He weighed in on the Fed's rate path.

Christopher Waller (4:03)

I'm still in the belief we need to cut rates, but we need to kind of be cautious about it because here's one of the things you're looking at. You're seeing this very weak labor market, but GDP growth seems pretty good. And GDP now is forecasting on close to 4%.