The s p hitting another record high yesterday. The 16th of this year. The s p futures indicated up 12. Dow futures indicated up 27. Nasdaq futures are indicated up, too. This comes after gains for the s p and nasdaq of more than 1 . Pushing both indexes to record highs. Dow closing higher. It was up 130 points yesterday. A lot of this came after what we heard from jay powell. He was speaking again before congress and yesterday he said this is key. Yardeni pointed this out. Powell said we are waiting to become more confident that inflation is moving sustainably at 2 . It will be appropriate to dial back the level of restrictions. That is what the market heard. Not far from it. As a result, you saw treasury yields pull back. The tenyear yield at 4. 07 . The twoyear yield at 4. 49 . It is interesting because it is all based on inflation. We havent even any definitive proof that the economy is going to fall off a cliff. Maybe we can get that today. Maybe he knows something. When he said were getting closer and closer, i thought that was really interesting. I dont know how easy it will be for the last bit of inflation. The last mile of inflation. I thought he was more dovish than i thought. I was surprised, too. What we have been talking about is could there be a possibility of rate hikes. Or non. The indication was sticky and does it pick up. I think it is possible there arent any. You know, it could change quickly based on the jobs market. The key point is were at an inflection point. That means every data point matters. Today is jobs friday. The forecasters expect an increase of 198,000 nonfarm jobs. That would be down from the red hot gain of 353,000 in january that shocked everybody. The Unemployment Rate is expected to hold steady at 3. 7 . Every one of the numbers matters, particularly jobs numbers. Lelts get to the state of the union and wall street. Wall street did not build america. They are not bad guys. The middle class built it. Im not anticorporation. I grew up in a home where trickle down economics did not put much on my dads kitchen table. Thats why i determined to turn things around for the middle class. When they do well, the poor are pulled up and the wealthy still do well. Joining us is Alex Thompson from axios. Alex, good to see you. All of this comes after the series of bizarre polls. I dont know if they are bizarre, but we had people saying that the public needs to be reminded of the donald trump they knew a couple of years ago. They seem to have forgotten. There is nostalgia settling in which allows donald trump to be up 4 or 5 from cbs or new york times. It is a bizarre twoweek period in terms of polls. Do you think biden turned that around last night . I cant really point to state of the Union Address that completely turned around any one poll. The democrats word was relief from last night. It didnt matter what joe biden said last night if you are a democrat. It is how he said it. Every single poll americans dont agree on much, but 70 agree on the polls say they doubt biden is capable of serving another five years. Last nights speech was well into the evening and he was angry and feisty. He stayed late taking more selfies with lawmakers. You saw democrats embrace and rally around him chanting four more years on the house floor. It was notable to me that the president hit a bad high mark last night in terms of the unfavorable numbers which are the highest ever in his presidency. He did a ton of favors for himself last night. If there is to be a biden comeback on the polls which donald trump is leading in almost every poll, then the biden comeback started last night. Just looking at some of the analysis and what people are saying. There have been certain people in his party who said talking about what youve done with the economy up to this point and hammering that home again and again isnt working. It would be pebetter to Start Talking about what you are going to do and contrast that to donald trump. Some of the numbers dont just favor the five points, but the other ones, alex, were 40 of people say they have not been helped by the Biden Economic policies. Only 18 feel they have been helped. Were still dealing with where prices are and thats the problem. They may be going up 3 down from 7 or 81 . We have the cumulative over the years. When you go to the Grocery Store and you are buying eggs, they are up 22 . You combine that with the border and you go to any drug store, you have to ask for a key to buy anything at any drug store now. Thats what people notice, i think, which is a difficult problem. Absolutely. You saw biden try to split the difference here. To your point, he still was trying to take credit for this economic. Something the democrats have been frustrated about. To your point, a lot of voters dont give biden credit for inflation coming down to 3 . They blame joe biden for inflation becoming so high in the first place. Just because the rate of inflation is down, doesnt mean prices are lower. To your point, the price of milk and eggs is an important political metric. What you saw is joe biden still try to take credit for his economic record, but you did see him try to turn up a little bit of looking forward. You saw him talk about raising taxes and talking about wall street and talking about basically saying he would let the trump tax cuts expire at the end of next year for everyone making over 400,000 a year plus corporations. He was trying to get in the middle. I think your point is well taken. Voters are not giving him credit for inflation being at 3 . They are blaming him for grocery prices being 25 higher. I think that whoever wrote that speech, zients, or who helped put all that together, was trying to rally democrats. If you are a republican, there was nothing that he was saying about the policies i guess thats why we have two parties. Everything that is there. Antibusiness, ridiculous shrinkflation. It was all populous. From the clip we played, he heard the criticism. I bet he ad libbed those pieces. Trumps a populous, too. He doesnt want to cut spending. We want to blowout the deficit in different ways. One with tax cuts. Neither one wants to touch entitlements. Both have a record of spending. Populism on both sides. No republican would have watched that last night and said im voting for biden. If you are worried about the national debt, then neither of the candidates are for you. Joe biden said he wont tax anyone making over 400,000 a year. Thats a huge tax base. That could go to cutting the national deficit. He has pledged to do more spending. Donald trump, to your point, pledged not to touch entitlements and pledged to further the cuts. We are in the middle of the election season and we are right in the midst of both sides p pledges populous policies. To him advocating in the speech. Go to the prepared remarks over what he said, there are a number of differences. Notably when he predicted that there will be a soft landing. That was not in the prepared remarks. He ad libbed that. If there is economic turbulence in the next sixtoeight months, that would be the most notable line in the speech. If he predicts a soft landing and there is a disruption. Mission accomplished statement. The other thing, alex, i dont like ageism. Nobody does. Maybe he allayed fears. Five years is a long time. Kamala harris is still a heartbeat away from the presidency. Probably no more than one stumble or gaffe away from back to being where we were. Five years is a long time. Age does have a way everybody is different, obviously. I have seen 70yearolds that should not be anywhere near that desk. I think to your point, this did not solve the age issue for joe biden. You will not see suddenly 20 or 30 of people with concerns of joe bidens age watched that one speech and say im good now. What it did is it will clamp down the chatter that has been nonstop the last three months with the democrats in the beltway is talking about how they need to replace biden and they need to have him go to the convention and withwithdraw. You will see the Biden Campaign reprieve from the news cycles for a few weeks if not longer. All it takes is one gaffe or one time with him looking lost after a speech or stumbling over his words or a really bad fall. That will reignite the issue. You know, five years is a long time, but eight months of the Campaign Season is a long time. All right. Reading the journal today. Really . Two candidates. Either one would lose to anybody else. Its bizarre. Both candidates. They need each other. Sy symbiotic relationship. It is one or the other. It really is. Oh, my gosh. Some people say it is very clear to them it is joe biden. Other people are very clear it has to be donald trump. That is why its 50 50. Absolutely. It is inn conceivable to the other side. Both sides. A big chunk in the middle who dont look at either of them. When it comes down to people in that booth and what they do, it is evenly split right now. Both sides are horrified with the idea of the other. They dont understand each other. They dont accept that the other people deserve to be heard or be respected at all. Thats a bad place to be right now. Alex, i dont know how we solve it. We need Arthur Brooks or albert brooks. The good place to be is a reporter. I guess so. There are fatigue from these two guys. Thanks, alex. Its you. Former Congress MemberGeorge Santos made a surprise appearance last night. Theres the rhinestone collar. I thought it was a Glen Campbell thing. He announced he is planning a primary challenge to the new york republican Congress Member nick lalotta. He was spotted wearing a rh rhinestone collar and silver shoes. Mine are all worn out. He still retains floor privileges because he has not been convicted of a crime. Can you go for life . I guess. You would think it would be a way more crowded chamber if thats the case. They leave for a reason. If i had a ticket, im not sure you would have seen me. When we come back, a house panel looking to force tiktok to split bytedance here in the United States. It comes as users are Flooding Congress with phone calls. By the way, it came at the prompts of tiktok. Call your Congress Member and tell them you want to keep us. We have details on this coming up next. Later, eli lilly releasing an ad ahead of the oscars urging people not to use the popular weight loss drugs for vanity reasons. We have more on that story later isouth hr. Announcer this cnbc program is sponsored by baird. Visit bairddifference. Com. [ ] your skin is everchanging, take care of it with gold bonds age renew formulations of 7 moisturizers and 3 vitamins. For all your skins, gold bond. Las vegas grand prix choose tmobile for business for 5g solutions. Because tmobile is helping power operations and experiences for hundreds of thousands of fans with reliable 5g connectivity. Nows the time to accelerate your business. You know doug, ever since switching to workday youve been a real rock star. Rock star . What do you know about rock stars . Billy idol . I mean wheres the skintight leather . My shoes are leather. Wheres the unnecessary zippers . That thing billy, rock star is just how doug feels when he uses workday. Thanks, rory. Ill show you rock star be a finance and hr rock star. Workday. For a changing world. Billy idol just stole your golf cart were you worried the wedding would be too much . Nahhhh. inner monologue another Destination Wedding . . Why cant they use my backyard with empower, we get all of our financial questions answered. So we dont have to worry. Empower. Whats next. Everything i do thats for my health is an accomplishment. Concerns of getting screened faded away to my astonishment. My doc gave me a script i got it done without a delay. I screened with cologuard and did it my way. Cologuard is a oneofakind way to screen for colon cancer thats effective and noninvasive. Its for people 45 plus at average risk, not high risk. False positive and negative results may occur. Ask your provider for cologuard. I did it my way a Bipartisan Panel of lawmakers unanimously approved a bill that could lead to tiktok banned in the United States. If the bill becomes law, bytedance would have less than six months to diffivest the soc media company. House members on the Committee Said the intent was to prevent a Chinese Company having unfettered access to data. Not to get rid of tiktok. Tiktok sent users a push notification urging them to Call Congress and tell them to stop the shutdown of the service. It provided a function to allow people to search for their representatives phone number by inputting the zip code. That led users to panicked calls. Some offices getting 20 calls a minute prompted by the users. We will cautalk to representati Cathy Mcmorris. We talked about it. They are advertising a lot. Tiktok. I have seen the nun. Tiktok is so nice. Shes a nice nun. Very nice. Doing very nice things. She could not do these nice things with the people a congregation if you are a nun . Without tiktok, she could not do all of the works. The neuro surgeon. Loss of their son. This is how they are getting their campaign out. I resent the heartstrings. Who is behind it . Ccp . Really . Theyre behind tugging at my heartstrings . If you break it down, you dont have to were not going to shutdown tiktok, but you cannot have the information going back to bytedance which there are some Chinese Government controls over there. Who are the kids crying if you take tiktok away . Did you see that . I dont know. I dont have tiktok. You dont know. No. If you take this away oh, someone threatening to kill themselves if you take tiktok away. Some girl. That really gives me concern. Unbelievable. Business groups sued the Consumer Financial proptection bureau over the rule that caps credit card fees. They voted to limit fees to 8 which is less than the average of 32. The Consumer Bankers Association and american Bankers Association are opposing. They sued to block the rule. They argued it exceeds the authority and it will result in more late payments and higher debt and lower Credit Scores and reduced access to credit. Thats the rub. Reduced access to credit. They will say that every time. There are questions about if that matters. Yeah. If it is going to be unprofitable. It is true. They will pass it on to customers somehow. One way or the other. Coming up, its been a year already since the collapse of Silicon Valley bank. We will talk about the fallout on wall street and for regulators next. Later, pollster frank luntz will join us with reaction. He always has a focus group. We have reaction to the state of the union from a group, as i said, was happening last night. Squawk box will be right back. Everywhere are asking buss is it possible . With comcast business. It is. Is it possible to help keep our Online Platform safe from cyberthreats . Absolutely. Can we provide health care virtually anywhere . We can help with that. Is it possible to use predictive monitoring to address operations issues . We can help with that, too. With the advanced connectivity and intelligence of global secure networking from comcast business. Its not just possible. Its happening. vo explore the world the viking way from the quiet comfort of elegant small ships with no children and no casinos. We actually have reinvented ocean voyages, designing allinclusive experiences for the thinking person. Viking voted worlds best by both travel leisure and conde nast traveler. Learn more at viking. Com. Its been a year since the collapse of Silicon Valley bank that sent shockwaves through the sector. Leslie picker is joining us with more. Do we have enough time now to say it was Silicon Valleys problem . It was more of a oneoff, leslie . Reporter it is remarkable, joe. We could probably say that, of course, we are seeing cracks a year later. It was remarkable. A year ago tomorrow is when we saw the 42 billion in deposit disappear from svb in a day. The Historic Bank run led to the Second Largest Bank failure in history. On the anniversary of svbs demise, we look at what has happened since then. This left a lasting mark with the kre, a regional etf under performing the kbe by nearly 14 percentage p pooints in the las year. They were able to get deposits. The deposits overall grew in the Fourth Quarter for the first time in seven quarters and lower rates toward the end of the year helped pare back losses in under water securities in the Balance Sheets. That figure stood at 274 billion, down 100 billion from peak paper losses in the quarter of 2022. The two issues that plagued last years failures, Interest Rate risk amid deposit flight doesnt seem to be as much of a problem, however, quality appears to be worsening. The amount banks are setting aside have been picking up steam amounting to double the average between the financial crisis and the pandemic. 25 billion. That is a key reason why net income declined across the system last year and it has also been a concern within the books of new York Community bancorp. I dont know if the story is over yet, but the history certain isnt rhyming. It may be rhyming a little bit, joe. S just it cannot be similar t svb. It is too small at this point. It is not systemic. The ripple effects would be fairly small. What are we down to now with market cap . It barely registers, leslie . Reporter i believe it is 2. 5 billion after yesterday. They still have 117 billion in assets making them a top 20 bank in the country. With deposits and everything else. We can certainly handle that if we had to, i would think. Through peers or the industry or government. Not that we want to get involved with that. I never understood i