Stocks hovering around record highs ahead of a Fed decision and key report cards out of Big Tech: 

Sara Eisen and David Faber broke down the latest on the data front (Q2 GDP, new payrolls data, and pending home sales at the top of the hour) along with some new commentary around prices and tariffs from consumer-facing earnings. RBC Tech analyst Brad Erickson broke down his bull case for Meta ahead of results tonight, while former Fed President Esther George discussed her predictions when it comes to Fed Chair Powell and rates. 

Plus: the view from the C-Suite… This hour: the CEO of pharmaceutical giant GlaxoSmithKline talked her expectations for tariffs on the industry; hear the CEO of Starbucks’ take on competition, as same-store sales there disappoint; the CEO of Hershey joined the team for her last broadcast interview in the role with the her latest on the consumer, M&A expectations, and legacy; and more from the CEO of Palo Alto as the company announces plans to acquire CyberArk for ~$25B. 

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David Faber and Jim Cramer kicked off a big show with Starbucks CEO Brian Niccol in a "First on CNBC" interview on the company's quarterly results and turnaround plan. 

Palo Alto Networks CEO Nikesh Arora and CyberArk Software Founder and Executive Chairman Udi Mokady appeared on the program to discuss their companies' $25 billion merger deal.

National Economic Council Director Kevin Hassett joined the show with White House reaction to stronger-than-expected Q2 GDP, as well as views on tariffs and the Fed on rate decision day 

for the central bank. Also in focus: Earnings parade winners and losers, more woes for Wegovy maker Novo Nordisk.

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Jim Cramer and Jeff Marks discuss why The Club has trimmed holdings of this drugmaker. Become a CNBC Investing Club member to go behind the scenes with Jim Cramer and Jeff Marks as they talk candidly about the market’s biggest headlines. Signup here: cnbc.com/morningtake

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A huge morning of earnings and deal news: 

Carl Quintanilla, Sara Eisen, and David Faber kicked off the hour with better-than-expected consumer data – along with a First On CNBC interview with the CEOs of Union Pacific and Norfolk Southern as they sign a new deal for the largest buyout EVER in the industry – and become the first coast-to-coast freight operator in the US… 

On the earnings front: hear from one analyst who calls Boeing a buy on new numbers there, more on how to navigate consumer-facing stocks after a slew of mixed reports out of travel and retail, and what’s ahead for pharma on the tariffs front according to the CEO of AstraZeneca, as shares gain following strong results… Plus: what’s driving Novo Nordisk shares to their worst day since 1987. 

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Carl Quintanilla, Jim Cramer and David Faber led off the show with a mega-deal to create a transcontinental railroad giant: Union Pacific to acquire Norfolk Southern for 

$320 a share or $72 billion in cash and stock. Boeing CEO Kelly Ortberg joined the program along with Phil LeBeau after the company slashed losses and posted a Q2 beat. 

Novo Nordisk shares plunge after the Wegovy maker cuts guidance and appoints a new CEO.  Procter & Gamble reports earnings and names its future CEO. 

UnitedHealth slides on weak 2025 guidance. Also in focus: A slew of earnings winners and losers, the deadly shooting inside an office tower on Park Avenue in New York City.

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Cramer breaks down why the Club is buying this legacy tech company. Become a CNBC Investing Club member to go behind the scenes with Jim Cramer and Jeff Marks as they talk candidly about the market’s biggest headlines. Signup here: cnbc.com/morningtake 

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Record highs on the S&P and Nasdaq after a new trade deal with the EU this weekend:  

Carl Quintanilla, Leslie Picker, and David Faber got the latest from Stockholm as Treasury Secretary Bessent meets with his Chinese counterparts, and talked key carveouts in the EU deal… What one longtime market veteran (Ruchir Sharma) says the world got wrong about tariffs – and what AI mania has to do with it. Plus: the playbook for energy stocks after a huge promise from Europe to buy more American energy… and a deep-dive on how the trade deal could impact the alcohol distillers.  

Also in focus: it’s the busiest week of earnings season with reports coming from more than 100 S&P 500 companies including Microsoft, Meta, Apple, and Amazon… The key reports to watch along with the stocks most as risk here – along with details on a new deal out of a different Mag-7 name: Tesla buying $16.5B in Samsung chips.  

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On another record-setting day for the S&P 500 and Nasdaq, Carl Quintanilla, Jim Cramer and David Faber discussed big stories on the trade front and what

they could mean for investors: The U.S. and European Union agreed to a deal framework in which most EU goods would face a 15% U.S. tariff. On Monday, 

Treasury Secretary Scott Bessent and a U.S. delegation arrived in Stockholm, Sweden for new trade talks with their Chinese counterparts. The anchors reacted 

to what President Trump said about pharma tariffs, the Fed and China during his bilateral meeting with UK Prime Minister Keir Starmer in Scotland.

Also in focus: Four "Mag 7" companies lead the biggest week of earnings season, Tesla's $16.5 billion chip deal with Samsung, J.P. Morgan upgrades Nike

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The end of a huge week for earnings and record highs on the S&P: Carl Quintanilla, Sara Eisen, and David Faber reacted to breaking commentary from President Trump top of the hour, before getting Apollo Global Chief Economist Torsten Slok’s take… who’s warning of stagflation ahead tied to tariffs: arguing there’s “no free lunch”. Big Tech a key part of the recent rally – longtime investor Dan Niles broke down his top picks ahead of results next week from Apple, and why he sees clouds on the horizon come September.

Plus: a number of individual stock movers… The team discussed what’s driving huge declines in shares of Charter and Sarepta, Volkswagen’s latest warning on tariffs – and what it means for the rest of the automakers, and new numbers out of one luxury retailer who’s down big on the year.  

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Carl Quintanilla, Sara Eisen, and David Faber began the show with a look at another record close for the S&P and Nasdaq, following a busy week of earnings. The desk also discussed President Trump’s visit to the Federal Reserve, where he sparred with Powell over renovation costs, but backed off his firing threats. CNBC reporter Kristina Partsinevelos also joined the show to discuss a big drop for Intel post results, as the company continues its turnaround efforts. After the opening bells, FCC Chair Carr joined the program first on CNBC to discuss his group’s decision to greenlight the $8 billion Paramount-Skydance deal.

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