Squawk Pod: Sen. Thom Tillis, Charles Schwab CEO, & Fed Politics - 02/04/26 | Audio Only

Watch on YouTube ↗  |  February 04, 2026 at 17:55  |  33:13  |  CNBC
Speakers
Rick Wurster — President & CEO, Charles Schwab
Becky Quick — Co-Anchor, Squawk Box
Thom Tillis — US Senator (R-NC), Member of Senate Banking Committee
Joe Kernen — Co-Anchor, Squawk Box

Summary

CNBC's Squawk Pod covered a tech-led selloff tied to AI disruption fears, Fed-political tensions, and an interview with Charles Schwab CEO Rick Wurster. Senator Thom Tillis criticized the DOJ investigation of Fed Chair Powell and said he would block Kevin Warsh's confirmation until it is resolved. Wurster described Schwab's growth with younger investors, high trading engagement, and client demand for convenience and consolidated financial relationships. Fed Governor Stephen Miran's CEA resignation was also noted.

  • Tech and software stocks sold off on fears AI legal tools could replace functions at companies like Intuit, Salesforce, Adobe, and Thomson Reuters.
  • Senator Thom Tillis called the DOJ probe into Fed Chair Powell frivolous and said he would not vote for Kevin Warsh until it is resolved.
  • Fed Governor Stephen Miran resigned from his White House CEA post while retaining his Fed seat.
  • Charles Schwab CEO Rick Wurster said Schwab is winning younger investors and seeing high trading engagement.
  • Wurster said clients want to consolidate financial relationships and manage concentrated positions.
  • Wurster opposed conflating sports gambling with investing and said Schwab is not active in prediction markets.
Ideas
Rick Wurster President & CEO, Charles Schwab 24:26
Schwab grows via younger clients and consolidation
Rick Wurster says Charles Schwab is winning younger investors, with Gen Z investors 46% more likely to invest before 21 and younger clients wanting research, education, coaching, and a platform without trade-offs. The average client age has fallen by 10 years, client relationships are deepening across wealth and lending, and investor engagement is high with trading activity up 30% last year and another 20% this year. He also sees a "bull market for convenience" as clients want to consolidate seven financial relationships into one, which should benefit Schwab.
SCHW MED
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This CNBC video, published February 04, 2026, features Rick Wurster discussing SCHW. 1 trade idea extracted by AI with direction and confidence scoring.

Speakers: Rick Wurster  · Tickers: SCHW