SOTS 2nd Hour: Tesla In Reverse, IMAX CEO, & Counselor To The Treasury Secretary Talks Deficit Concerns 10/23/25

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Michael Santoli (1:08)

Good morning and welcome to Squawk on the Street. I'm Mike Santoli with Leslie Picker. We're live from Post 9 at the New York Stock Exchange. Carl Quintanilla and Sara Eisen have the morning off. David Faber is on assignment. Coming up on today's show, the CEO of IMAX will be with us as the company reports record third quarter revenue and a 50% jump in its global box office over last year. Plus, Treasury Department says the Trump administration is on track to narrow the federal deficit. We'll talk to Treasury official, Joe Lavorgna, about those findings. And Tesla shares moving in reverse despite a return to revenue growth will get Wall Street's reaction to the quarter.

Leslie Picker (1:46)

But in the meantime, breaking housing data just crossing Diana Olick has those numbers for us, Diana.

Diana Olick (1:53)

Home sales in September rose 1.5% from August to a seasonally adjusted annualized rate of 4.06 million units. That's a little less than the street was expecting. Sales up 4.1% from September of last year. And it is the highest pace in seven months. Now this count is based on closing. So people inking deals in July and August when mortgage rates were coming down, though not quite as low as they are now. Inventory is the headline, though, up 14% from a year ago to 1.55 million units for sale at the end of September. That matches a five-year high, but it's still much lower than historical averages. At the current sales pace, we're now at a 4.6 month supply. And that continues to pressure prices. The median price of a home sold in September, $415,200, up 2.1% year over year, and the 27th consecutive month of annual gains. First time buyers making a little comeback, likely due to falling mortgage rates. They made up 30% of September sales, up from 26% a year ago. 30% of sales were all cash. Homes are sitting on the market longer, though, an average 33 days, up from 28 days a year ago. Back to you, Mike.

Michael Santoli (2:59)

All right, Diana, thank you very much. Now to Washington and two big stories out of the White House moving markets this morning. New energy sanctions on Russia and reports the government is eyeing stakes in quantum computing companies. Let's get to Eamon Jabbers with the latest on both of these storylines. Eamon.

Eamon Javers (3:16)

Yeah, Mike, President Trump's decision to impose sanctions on Russian oil companies, Rosneft and Luke Oil, came after the breakdown of talks between the US and Russia for another face to face meeting between President Trump and Russian leader Vladimir Putin. A senior White House official told me yesterday that the president decided to put on these additional sanctions because he wants to see results in the peace process between Russia and Ukraine. President Trump explained his reasoning for this during his meeting yesterday with the secretary general of NATO.

Donald Trump (3:48)

Certainly have an impact there. They're massive sanctions and sanctions on oil. The two biggest oil companies among the biggest in the world, but they're Russian. They do a lot of oil and hopefully it'll push, hopefully he'll become reasonable.

Eamon Javers (4:07)

And separately guys, the Wall Street Journal, as you mentioned, is reporting that the Trump administration is ready to take equity stakes in several quantum computing firms. The Journal reports that the US government could invest a minimum of $10 million in each company and that the firms under consideration include Ion Q, Righetti Computing and D-Wave Quantum. White House officials have not confirmed the accuracy of that report to CNBC, but officials have told me generally several times that there are quite a few companies that are under discussions with the administration right now to turn over a share of their ownership in exchange for government investment. Back over to you guys.