Road map begins with teslas truck rollout, unveiling first all electric pickup. The cybertruck and it is nothing like youve ever seen before. Wall street looking to snap a threeday losing streak. Stocks seem to be set for a positive open as chinese president xi jinping says beijing wants to work for a trade deal and a roller coaster week for retail today it is gap, nordstrom, williams and sonoma and foot locker were going to start with tesla, unveiling first ever pickup truck last night elon musk says it will have a starting price of just under 40k. Production set it begin in late 2021 musk touts the futuristic design, the armored glass. As you might know by now, a demonstration to show how bulletproof the glass was did not go according to plan try to break the glass, please yeah sure . Yeah. Well, maybe that was a little too hard man, this is getting talked about a lot this morning stocks down, bernstein says it looks weird. Like really weird. What do we think well, i mean, since they announced this, since musk announced it, the stock is up 37 points from 317. The cybertruck to me seems like still born when you look at it look, there is no accounting for taste, maybe some people like the look of it i think what is important and phil lebeau went over this, it is not going to dent the ford, gm, chrysler, dodge lock on the best part of the entire market i think it is going to be a bit of a bust. Im calling it the edsel, thats my name for it. You dont mean that in a good way. No, the edsel was a bummer. I look at this thing and i do think that it there is a delorean aspect to it, that was a niche product. I think the trick to trucks is that they all look like each other. Thats what people want. And this does not look like anything i dont know what it looks like. Bernsteins point, guys, is that it will be niche in their view theyre talking less than 50k units. Yeah. Right thats not going to move the move the needle so to speak in terms of sales. It is going to continue to be the focus on what were focused on now, right . I assume so they say on paper, jim, the specs look good. Price is decent. Six passengers, four door and claims at least that the stainless steel alloy is i dont know, did musk say bulletproof . Well, the window demonstration, im going to say that was a suboptimal launch that rocked the glass splintering. I dont know you expect a lot when they do these things you do a rollout, a tim cook rollout or like elon musk rollout, you tend not to see the it is not a reason to buy the truck, how about that . The windows splinter i dont know dont we want like pickup and, you know, dont we want semitruck . David, come on you know when you go to buy a pickup, which im sure youve done many, what you want is a tailgate that is good and you want torque and power and all those things i need a lot of torque. I focus on torque. I dont know where the torque is but, yeah, you dont want people throwing rocks at you when theyre in the back seat i want pickup trucks that i can use that are, like, you know, that are strong and powerful and have big ads during the nfl commercials. Yeah, built ford tough. It does remind us yesterday, mary barra said their First Electric pickup will go on sale in the fall of 2021. So were going to get a showdown, assuming both of these hit the floor at the same time we like trucks that use a lot of gasoline, that smell like diesel, and are powerful and i think this idea of etruck runs against the ethos of pickups, just raw torque you guys are talking very deep voices, tell you thats what i want. Yeah. Chevy truck chevy e truck. E truck . Come on. Thats not what we want. No. Electricity, thats not for us we like gasoline. Coalpowered truck. Yeah. Thank you, david. Carry the coal in the back. Thats good, david. Its friday lets go on can we go on to stocks now lets talk a little stocks as david says president xi says china wants to work out a phase one ingredient on the basis of Mutual Respect and quality, goes on to say we dont want to start the trade war but were not afraid when necessary well fight back. We have been working actively not to have a trade war. Here is the president on fox a few moments ago. You have a deal potentially very close, he wants to make it much more than i want to make it im not anxious to make it were taking in hundreds of billions of dollars in tariffs we never took in ten cents we are not paying, like they fed the line, the media fed the line about us paying. Jim said he told xi that this cannot be an even deal and said he didnt say whether he would sign this hong kong resolution that just got through Congress Said we are standing with hong kong, but wasnt to sti also wa with president xi. I dont think you can do that i think the president is uniquely doing some sort of what Gary Friedman from rh talked about, art of the deal, it is playing out. Look, the president actually follows a lot of companies that report earnings. Almost all the calls there is just particularly in retail, people are moving away from china, here is this he wants to string it out he keeps thinking that the longer this goes on, the more the companys move from china. Which increases his leverage hes got the leverage. President xi, i think the Mainstream Media really loves a solid communist dictator i think that the the idea, he doesnt want even. He doesnt respect china he also disrespects all the president s who played with china in a way that people that the chinese like but i dont know, really a deal if he hates them what is the no. So what happens once we get closer to december 15 . Are you expecting no signing, and then a delay of those tariffs . Or do they go into effect i think the market is fine. You got to keep stringing out the market, the higher the we had three days that we didnt go up because we lacked the Statement Like we got this morning on fox friends, which is obviously the venue of choice now. What do we get . There is no we got listen, there is going to be a deal, it is going to be fabulous, but there is no deal and it is not good. I dont know who else gets away with saying that can you imagine . Nordstrom was fabulous the numbers were terrific. But the problem was the numbers were awful and it was bad can i get away with that or will someone send me an email saying thats not thats not right not a lot of direction. Not a lot of direction at this point in terms of trying to understand where i know there is not a lot of respect between navarro and china. Mnuchin, tremendous respect. Remember, i keep telling you, this is the apprentice these are the this is the final episode. And one of these guys is going to go down the elevator and get in a yellow cab. And i think it is not going to be the navarro camp. I think it is the other camp theyre headed down the elevator unless we use that memetaphor, people dont understand the president. Are you specifically calling for either mnuchin or predicting mnuchin or lighthizers resignation . No, i think mnuchin likes his job too much he can be sent down the elevator and not get a china deal navarro is adamant, you got to solve the seven deadly sins which include stopping fentanyl and stopping dumping the president is deeply committed to the navarro agenda. Hes not committed to doing more trade. There is a wing in the white house i call the sportsman wing, the wing at the thornton wing, the hank paulson wing. Henry kissinger, they want trade with china no matter what. There is navarro, we want wholesale reform and i think the president s more committed to wholesale reform than they are than he is to getting a lot of spoilers. Microsoft is now selling Mass Market Software to huawei as they said yesterday. Something that even Chuck Schumer now says is wrong and should not be happening. I dont think Chuck Schumer, yeah. Thats not thats not national security. It is just software. To make your Computers Work better thats a good thing for the trade imbalance. I dont think anyone is really in the republican side against it sorry you cant take any direction whatsoever from what was said there. Jim technically had a more, id say, pretty decent record so far in terms of relying on his sources to try to figure out what is going on meanwhile, jim, you seem to think the market is okay with where we stand even the with the prospect of tariffs going on the 15th. I want to isolate macys and kohls we had a great number from nordstrom and the rack is doing well ross stores once again, value doing very well. Foot locker is fine. We are not being able to prove that kohls and macys represent america. Almost everyone else does and america is very strong those companies are great. Their Conference Calls are uniquely all positive. The nordstrom Conference Call was, like, joyous. It has been so long. I felt like shopping were going to get through williams sonoma, ross stores, gap, foot locker cramers mad dash, countdown to the opening bell upgrade for uber today this news on bridgewaters put option on the markets. Look at the premarket here squawk on the street continues from a minute. It was sophies big day. By the way, shes the next mozart. As usual we were behind schedule. But sophies enthusiasm cannot be dampened. Not even by a runaway donut. We powered through it in our toyota prius. Because a stars got to shine, no matter what. Its unbelievable what you can do in the prius. Toyota lets go places. Jims wrapping up his week out west what a week its been. It is our last Cross Country mad dash, for now, on this friday. Retail has been a big feature this week, jim, of course, you just mentioned sort of the outliers, kohls and macys. Tell me about williamsonoma. It is interesting because the call, i felt was actually pretty good but spent a lot of time talking about tariffs and how the tariffs hurt the beginning of next year. And i think that was the only takeaway negative, but the only one that mattered. I think thats a mistake i think the stock could turn up. Anything that indicates there is real problems with tariffs has led to selloffs this company has done a lot to be able to make these issues mitigated. But all the analysts, almost every single one, focused on what the tariffs are doing i felt they wore down the story and made people feel like you got to sell it im not buying it. I think you wait three days and you buy the stock of williamssonoma. Do we know how much of their product is sourced from china, jim . Do they give us a sense . Theyre talking about half. And then theyre saying that that will be in half next year it is really interesting that some of these companies were so heavily china. Rh the same. This is where the tariffs should have hurt them, but Williams SonomasGross Margins went up thats why im reluctant to join the crowd of furious selling because i think those people ought to rethink their view given the fact that elm, west elm had 14 comps on top of 7. Thats remarkable. The sellers refuse to think about anything other than tariffs. Their head is in the sand. The tariffs havent hurt them. It is not wayfair. I think they did a good job and the sellers are trying to just fearful of more tariffs by the way, jim, it is worth correcting, President Trump saying hundreds of billions in tariffs, i believe he said on that fox friends clip. I think it is about 7 billion a month, significant amount of money, but it is not hundreds of billions yet this is the facebook problem, isnt it if that appeared on facebook, would Mark Zuckerberg have to reach in and say thats affecting a small group of people, cambridge analytica. No one knows what to do. Hes prone to exaggeration thats fair to say yes yes. I think it is. Stay right there got to divide by, like, eight. Divide thats good policy, divide by eight. Whatever number. Divide by eight thats our new rule. Ill remember that. Stay right there we got a lot more squawk on the street. I mean you, jim, and you, viewer, and everybody else happy friday were back after this. Driverless cars, or trips to mars. No commission. Delivery drones, or the latest phones. No commission. No matter what you trade, at fidelity youll pay no commission for online u. S. Equity trades. At fidelity youll pay no commission wean air force veteran made of doing whats right,. Not whats easy. So when a hailstorm hit, usaa reached out before he could even inspect the damage. Thats how you do it right. Usaa insurance is made just the way martins family needs it with hasslefree claims, he got paid before his neighbor even got started. Because doing right by our members, thats whats right. Usaa. What youre made of, were made for. Usaa i cowe can do theyour screening at her house. Hi. This is the man thats going to check your eyes grandma. Cognizant ai solutions are helping Healthcare Companies advance diagnostics and prevent blindness in patients with diabetes. Everything looks good. You have beautiful eyes. Putting to bed this week a session, full of roller coaster surprises on retail and trade. Michigan sentiment and flash pmis for the month of november coming up. Opening bell in ten minutes. people talking for every dollar you spend at a Small Business, an average of 67 cents stays local. Shop small and watch it add up. Small business saturday by American Express is november 30th. sure, the contents easy. But then you have to connect, download, edit, reformat, output, save, send, upload. Still uploading. And maybe eventually post. This isnt working. Introducing samsung business video solutions. With the galaxy note10, you can shoot, edit and post thumbstopping videos, all from one device. Samsung business solutions. people talking for every dollar you spend at a Small Business, an average of 67 cents stays local. Shop small and watch it add up. Small business saturday by American Express is november 30th. Youre watching squawk on the street. The opening bell in seven minutes. As we start this friday, last session of the week. Jim, these eurozone pmis had something for everybody. Threemonth high on manufacturing. But tenmonth low on services. What is the take away from some of these i think the some of the German Companies are doing very well in china. Volkswagen Just Announced a gigantic deal with china i think there is a turn, larry kudlow would say green chutes in europe it is odd because china is not doing that well. But you take a company like lamborghini, wow, theyre represented here in dream force, theyre selling so many cars to china. Thats a classic play. Remember those cars cost 400,000 and ive driven one with my wife they easily go 170, 180. Theyre just doing so well in china. You got to think, wow, theyre just china must turn. I dont think they have. You add up the idea that tesla is there, people are feeling more robust about the auto market in china, thats new. And it is certainly not ford maybe not what mary barra is seeing were going to keep our eye on that, see what the figure comes in for the u. S trying to get some impact of these rate cuts. La guard, jim, gives this speech, first major speech after three weeks on the job and she really talks about a policy mix and some arguing maybe it is an admission that negative rates didnt work that well or out of gas. Negative rates just are i think to me much more of a ploy of stealing our share. And thats why i think the president is really not that articulate about, thats what this is about. Negative rates are just a way to be able to capture sales they dont work any other way. I think rates show a lack of confidence, makes us feel like the Banking System over there. The largest bank is i dont want to imitate how banco santander. And thats an odd thing given the fact that the german banks and french banks used to be very big. They need to fix their Banking System it is hard to get alone and try to get it down you cant. Keep the euro down and try to fix the Banking System and you get more robust europe, but there were good car registration numbers this week. Negative rates continue to befuddle many people you can talk to people can come up with reasons, but they still really do scratch their heads as to how they got there and how they get out of it i look, they got to have they have to break down some of the regulations. They absolutely have to make it so that they settle brexit remember brexit . I do. An election they got to solve brexit. Too many people think that brexit in europe will lead to four or five days of chaos i agree. Nobody knows what the duties are. That brings to mind this production out of bridgewater that the journal is reporting on billion dollar bet that the s p or euro stocks goes down by march. Bridge water does say any one position cannot be used to deduce the motivation behind that position. But we heard dalio talk pessimistically about social order, markets, currencies. Yeah. His last interview on our air was a little disjointed, i thought, in terms of him trying to articulate his overall views. It wasnt about the market as much as about the future of capitalism bridgewater as leslie picker who followed it pointed out didnt have the greatest year hasnt had the greatest year this year. I dont know, jim. What is interesting is at least theyre doing it with wall street banks some people wonder, they dont leave any footprint in the marketplace whatsoever people mentioned that to me. Where are they if theyre so big . In this case, the journal reporting theyre doing it with names we know like goldman sachs. It is refreshing to have a Hedge Fund Manager say negative things and put a bet out rather than just kind of trying to say that hes worried about world capitalism youre right, david. He has a very ethereal view. Hes talking about the collapse of civilization. And hes buying puts on civilization to me, it has been a suckers bet. I would rather by the calls on civilization that Warren Buffett always does. Call, not necessarily options like the najarians, not that kind of unusual option activity, so to speak. But i think that buffetts side of progress is better than dalios side of lack of civilization jim, as we sort of wrap up retail, you got two camps this week, you had walmart, lowes, target, good, and macys, depot, kohls bad, and then the final ones in today. What is the what would y