Financial Performance - Expedia's total bookings increased by 5% year-over-year [1] - Expedia's adjusted EBITDA increased by 16% year-over-year [1] Market Trends & Dynamics - The travel market in the US is experiencing softness, particularly among budget travelers [1][5] - Inbound travel to the US is facing pressure with shorter booking windows and higher cancellation rates [2] - Expedia's B2B bookings grew by 17%, outpacing the market and marking 16 consecutive quarters of double-digit growth [3] - Expedia anticipates trends to moderate in Q4 due to tough comparisons against the previous year [3] - Luxury travel remains strong, unaffected by economic concerns [8] Company Strategy & Innovation - Expedia is leveraging AI across its strategic priorities, including customer value, growth opportunities, margin expansion, and operational efficiencies [4] Competitive Landscape - Viator, Expedia's experiences platform, is driving significant growth [4] - Cruise lines (Norwegian, Carnival, Royal Caribbean) are reporting strong forward bookings, indicating value perception [6] - Las Vegas market shows mixed performance, with Caesars facing challenges (low room rates, concert cancellations) while Wynn reports record profitability [7]

President Trump participates in a trilateral signing with the Prime Minister of the Republic of Armenia Nikol Vovayi Pashinyan and the President of the Republic of Azerbaijan Ilham Aliyev on Friday. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/42d859g » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates ...

Market Trends & Economic Outlook - Major indices are tracking to close the week higher, with the S&P and NASDAQ pacing for their third positive week in four, and the Dow on course for its second positive week in three [1] - The market has largely processed economic data, driven by the resilience of the economy and consumer spending [2] - There's a growing possibility of stagflation, with potential inflation increases alongside economic deceleration and signs of a softening labor market [3] - Inflation measures show signs of fatigue, with goods prices potentially driving inflation higher, increasing the likelihood of a stagflation scenario [4] - The market focuses on data trends, such as the direction of the labor market and unemployment rate, rather than specific data points [6] Investment Strategies & Sector Performance - Companies with strong profit margins and solid free cash flow yields are performing well, supported by capital expenditure and profit margin expansion [7] - Sectors not investing in AI or reducing labor face margin squeeze due to potential supply chain price increases, leading to negative outlooks [8][9] - International markets, particularly Europe, are showing strength due to stronger economies and a weaker dollar, presenting diversification opportunities [11][12] - MSCI World Index XUS is up about 18% this year, compared to about 8% for the S&P 500, signaling a rebalancing of capital flows [10] Data Quality & Market Reaction - Uncertainty in data is inherent, with revisions being common due to the dynamic nature of information gathering [5] - The market is adept at understanding data ranges and focusing on trends rather than specific data points [6] CPI & Fed Policy - CPI is expected to pick up, potentially causing a market reaction, and influencing the probability of a Federal Reserve rate cut in September [14][15]

You probably saw Elon yesterday uh he said quote open AI will eat Microsoft alive and then Satia responding to that. What do you think when you read that. Um you know I don't think about him that much.What what do you think of the larger idea though that that he's effectively saying that OpenAI long term will eat Microsoft alive. I don't even know what that means. Do you know what that means.I'm not sure what he means except to say that he he thinks in the in the grand scheme of the partnership that ultimat ...

Let's begin with the latest out of Washington and these reports of some new tariff targets. This time gold. Aean Jabers has it. Morning Aean.>> Yeah, good morning to you Carl. Multiple media organizations reporting now this morning that uh widely traded gold bullion bars in the United States may now be subject to country specific import tariffs. That's according to a ruling on the US Customs and Border Protection Services website out today.Now that clarifies some confusion around what tariffs would be impos ...

Investment Strategy & Performance - Infrastructure asset class achieved double-digit returns this year [1] - A $5 billion secondary sale in the private equity portfolio recognized some losses but strengthens future returns [2] - Public equities have driven strong returns in the last three years, so a dramatic change isn't expected [5] - Over five, seven, or ten years, private markets have shown strong performance [6] Pension Fund Allocation - New York raised the limit for public pensions in alternatives from 25% to 35%, currently below 30% [3] - The city's pension and benefits account for as much as $21 billion of the budget [11] - 103% returns, beating the 7% benchmark, will save $22 billion that can be reinvested into the budget [11] New York City Budget & Efficiency - New York City's budget is around $115 billion with 327,000 employees [7] - The city paid out over $2 billion in claims last year [8] - Congestion pricing is ahead of schedule, delivering $15 billion for transit enhancements [12] Policy & Future Plans - There will be challenges with cuts coming from the federal budget [9] - Universal child care for every two and three-year-old will require raising revenue in Albany [20][21]

All right, let's uh move on. Shares of online ad tech company Trade Desk are plummeting this morning. The firm is warning about the impact of tariffs on its customers. Julia Borson has those details for us. Julia? Hey, good morning David. Well, shares are now down about 39% despite the company beating its second quarter estimates on the top and bottom line. Analysts pointing to two main issues. the impact of tariffs on the macro environment as well as growing pressure from competition in Amazon in particula ...

Financial Performance & Operational Efficiency - Boeing's shares have outperformed both the Dow Jones Industrial Average and the S&P 500, increasing by 38% in the last year [1] - Boeing is projected to be cash flow positive by the end of the year [2] - The company has lowered their cash burn [2] Production & Delivery - Boeing delivered 280 aircraft in the first half of the year [3] - The first half of this year was Boeing's best since the beginning of 2018 [4] - Boeing has improved 737 Max production [3] Challenges & Future Outlook - Boeing's shares are still just under 50% from the all-time high seen in March 2019 [5] - Boeing needs to fix its space division, referencing the Starliner failure [6] - Boeing needs a vision for the next commercial airplane, with delivery not expected until well past 2035, requiring work to start now [7]

Well, crypto is not a a focus of ours. We think that the um you know, recent legislation around uh stable coins and some of the the progress there, I think that clarity is great for the industry overall, just understanding what the rules of the road are. But to be honest, uh you know, stable coins, it doesn't really affect our business.If you think about the the applications of of stable coins in the medium-term or potentially even longer, it's really more about uh more effective crossber transfers uh more ...

You mentioned two things. I want to ask questions about both. One is the NFL.Uh my understanding has been and I know this there was a change in control provision uh at uh CBS in terms of the ownership there that the NFL could come to you and say, "Hey, we're going to get out of the deal unless you give us more." My understanding is you have reached a deal with the NFL. I don't know what you're paying them. Is that is that correct.You have reached a deal and can you tell us what it cost you. So, so, so what ...