SpaceX’s First Earnings, Janet Yellen, & Uber CEO 8/5/26

**SPEAKER_1** (0:00)
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**Janet Yellen** (0:27)
Courage. I learned it from my adoptive mom.

**Katie Kramer** (0:30)
Hold my hand.

**Janet Yellen** (0:31)
You hold my hand.

**Katie Kramer** (0:33)
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**SPEAKER_5** (0:38)
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**SPEAKER_6** (0:43)
Bring in show music, please.

**Katie Kramer** (0:47)
Hi, I'm CNBC producer Katie Kramer. Today, on Squawk Pod.
Is it happening? An Iran deal? A day after Treasury Secretary Scott Bessent said right here on Squawk that it was just a matter of time. Markets are looking up. Oil prices rise. We hear from former Treasury Secretary and former Fed Chair Janet Yellen.

**Janet Yellen** (1:06)
I'm surprised in many ways that the oil shock and the war in the Middle East hasn't had more of an effect on the economy.

**Katie Kramer** (1:16)
Uber's CEO Dara Khosrowshahi says the consumer is strong and the proof is in our rides.

**Dara Khosrowshahi** (1:22)
We're not seeing any signs of trade down. We're not seeing smaller basket sizes. Consumers remain generous in their tipping, for example. Sometimes if someone is feeling pinched at the pocket, they might pull back on tipping. None of that is happening.

**Katie Kramer** (1:35)
Plus, SpaceX's first report to Wall Street are Morgan Brennan with the details.

**Morgan Brennan** (1:40)
I mean, this is a show me story.

**Katie Kramer** (1:41)
And the rest of today's news, from the Strait of Hormuz to, uh-oh, jalapenos at Chipotle.

**Becky Quick** (1:47)
Man, this has been a summer.

**Joe Kernen** (1:48)
Summer of diarrhea.

**Katie Kramer** (1:52)
It's Wednesday, August 5th, 2026 Squawk Pod begins right now.

**SPEAKER_6** (1:58)
Stand Becky by in three, two, one, cue, please.

**Becky Quick** (2:03)
Good morning, everybody. Welcome to Squawk Box right here on CNBC. We are live from the NASDAQ market site in Times Square. I'm Becky Quick, along with Joe Kernen. Andrew will join us in the next hour from the annual Aspen Economic Strategy Group meeting. Wow, the Dow and the S&P both posting record highs yesterday. The S&P, it was his best day all the way back to April 8th. We did see quite a bit of movement and it all started with energy prices, which started dropping about 24 hours ago, or 23 hours ago, I should say.
We really started watching with what Brent was doing after the Treasury Secretary joined us and talked a little bit about how he thinks you'll see a deal sometime. He said yesterday or today, we'll see what happens with that. But Brent crude crisis are still sitting right around $80.73. WTI is well off the highs that we've seen recently. It's sitting at 76.50, although that is up by about 1%.
We also got Treasury yields that came down pretty drastically yesterday. Right now you're looking at the 30 year at 5.16. We were at 5.25% at this time yesterday. The 10 year is sitting at 4.61 and then you've got the 2 year at 4.20.

**Joe Kernen** (3:08)
Yeah, the NASDAQ is down today. It was up 671 points.
That's one number. The S&P was up, yeah, doubt to, but the S&P was up yesterday, but the number, 77, 36 People, they're close, yeah. People that are saying, people that boosted their year end to 7,800, people were saying they're nuts. And other people went all the way to 8,000. It's only August.

**Becky Quick** (3:39)
Somebody had said 8,100. I forget who was on recently.

**Joe Kernen** (3:42)
But it was up 100, it was up more than 100 in the last two days.
And we're 100, we're not that far from 8,000 already. Just going to say, like what was about 10 days ago, I don't know if you remember our conversation, maybe it wasn't.
In between that conversation, where we are today, there was a thousand point drop in the Dow. So I thought, wow, I'm going to be wrong. But you remember when I said that it just feels like everyone thinks that we're in the waning stages of some type of AI move and that they're overvalued. The hardest thing to do right now would be to jump in and add a bunch more positions. It would be so much easier to get out at that point. And how do you buy, it's so hard to buy at highs, but if you bought, when the S&P was at 7,500, for a second it was at 7,300, and it looked like it was going to run. Here we are pushing 8,000, or 7,800.