it is 5:00 a.m. here at cnbc global headquarters. here is the "five@5." we're taking a pass. stocks looking to take a pause after the rally yesterday. and one fed head is going to the record in favor of overtightening. loo look at what australia just did? and wework files for bankruptcy. and ubs swings to the first quarterly loss since 2017. later, the bond market rally helping one stock sector ahead

of the big results. it is tuesday, november 7th, 2023. you are watching "worldwide exc exchange" here on cnbc. good morning. welcome to "worldwide exchange." i'm hollafrank holland. let's start off with u.s. stock futures. futures are in the red across the board. the dow would open up 95 appointments lower right now. the major averages is coming off a higher session yesterday with the s&p riding the longest win streak since june. nasdaq is facing the longest win streak since january. let's check the u.s. treasuries. the yield curve across the board is below 5%. we start with a look at oil. wti is down 2% this morning.

brent crude at $83.45. that is also down 2%. natural gas is down 1%. let's turn to the markets. the fed's work to get inflation down is not done yet according to a central bank chief. minneapolis bank president neel kashkari says he is not convinced that rate hikes are over. kashkari went on to say he would err on the side of overtightening instead of not doing enough to get the inflation down to the target of 2%. kashkari added that undertightening will not get the fed to the goal at that time. let's bring in vance howard from vance capital. >> good morning, frank. >> you say investors need to trade on that. neel kashkari believes the fed should continue to overtighten. does that change the math for investors? >> it doesn't change the math. frank, you and i were talking a couple of days ago.

we're not so convinced this is a new substantial rally. he was dovish in his talk. he said a lot of different things over a lot of different times. i don't know if i would take weight with that. i think investors need to be cautious. this might have been a short covering rally. >> it may be a short covering rally. you are looking at the s&p 500 and it is peaking above the 50-day moving average. you look at the moving average line. it is going on a downward trend. what does that say to you? >> from the technical standpoint, this is concerning. the s&p 500 closed seven days under the 200-moving day average which is bearish. if you look at the equally weighted s&p 500 and the etf of rsp, it is negative for the year. if you have not been in the magnificent seven, there is not a broadening out of the market. we are getting a little more

bullish on small caps. again, even yesterday, frank, eight of the ten sectors were down. >> you are saying you are bullish on small caps. i love when you bring the picks. bbk. the vanguard small cap fund. since the pause, was it dovish? axon with 72 times forward earnings. right now, why are you confident in the high valuation stocks in small caps? >> i think you shouldn't be buying the individual stocks. it is like finding a needle in a stack of needles. i think bbk has pulled back down to a place that is oversold. i think it is good for intermediate to long-term investment. it will play out well. >> are you bullish on all small caps or particularly this one?

this groewth-oriented fund? >> i think bbk is a great place to be. you have a lot of opportunity there. >> vance howard. great to siee you. thank you for being here. >> thank you. time for the check on the top corporate stories with silvana henao. silvana, good morning. >> frank, good morning. it's official. we wework filing for a bankruptcy protection in the new jersey federal court yesterday. it has entered into agreement with the vast majority of stakeholders adding it intends to trim non-operational leases. this is the latest chapter in the historic fall from grace for the softbank backed company securing a $47 billion valuation in 2019 before going public via spac in 2021 where it lost 98%

of the market value. morgan stanley ceo james gorman is giving insight to the future of the investment bank at the forum in tokyo. g gorman will vacate next year. he said it is time for the successor to forge ahead and take the company to new levels. gorman loses the ceo title in january. call it a win for cathie woods arc k invest. it sold the stake in roku after the stock jumped 50% on better than expected quarterly results. ark is the second largest shareholder in roku holding 8.4% of the outstanding shares. it is ark's largest holding.

>> thank you, silvana. coming up on "worldwide exchange," including the one word you need to know. and the australian bank is looking to turn around after the pause. and ubs is looking at the first loss since 2017. and why one fund says investors all around the world should take notice of the market turning bullish. we have a very busy hour when "worldwide exchange" returns. stay with us. m so glad we did t. life is for living. let's partner for all of it. i'm so glad we did this. edward jones icy hot. ice works fast. ♪♪ heat makes it last. feel the power of contrast therapy. ♪♪ so you can rise from pain. icy hot.

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welcome back to "worldwide exchange." looking at u.s. futures which are in the red across the board. the dow would open up 100 points lower. s&p and nasdaq down .25%. let's see how europe is shaping up with julianna tatelbaum in the london newsroom. julianna. >> frank, good morning. after another decent session on wall street, the asian session took a down beat tone. red across the board. shanghai composite in negative territory. hang seng dropping 1.7%. nikkei 225 pulling back 1.3% in japan. we had a lot of focus on chinese data. imports returned to growth in october rising 3%.

that was a huge swing from september. exports dropped more than expected. a mixed bag with that data. that is why we saw not a huge reaction in the chinese market mainland wise. reserve bank of australia hiked to 4.35%. the highest level in 12 years. over to europe this morning, a mixed picture in terms of trade with things turning downbeat in the last half hour. a touch of green on the swiss market. at one stage, all three markets were in positive territory. the french market down .50%. we are seeing some individual movers take focus this morning. watches of switzerland delivered a strong earnings update. they expect a double profit by 2028. ab foods which owned primark with a strong earnings report. ubs and the banking sector performing well this morning after reporting a higher than

expected third quarter loss of $785 million after a $2.1 billion hit tied the credit su suisse. that might sound bad, but the business has been performing well and integration has progressed so far ahead of schedule. in reaction, ubs shares trading 3.6% higher. frank. >> julianna, thank you. we will have joumanna coming up later with ubs. we will stick to overseas action. imf boots china's 2023 gdp outlook for the year, but expects to slowdown next year with the property market weakness and weaker demand. let's talk about the china market with the chief asian economist of hsbc. fred, thank you for being here. >> good morning. >> how should investors read the outlook with the growth of 5.4%

this year, but expectations for next year at 4.6% which is a slowdown? >> the 5.4% for this is a bit backward looking with better numbers out in the third quarter. there is some distortion here because the last year growth was weak. the comparison is easier. the bigger message here is we are still looking for slightly weaker number going to next year because the headwinds remain in place, particularly in the construction sector. that is a big sector and unless you see strong revival there, that will provide a ceiling for economic growth in china throughout next year. >> we have other headlines. chinese imports rose 3% year over year for october. i want you to take us beyond the headline. you look deeper into the numbers, the imports from the u.s. were down 4% and they were higher at 5% for the eu and 10% higher for other southeastern

asian nations. how should investors interpret that? >> a couple of things. china is moving way from the united states with trade. it is a multiyear process. there is another issue here. china continues to import a large volume of commodities. trade with other markets is strong and importing less machinery or goods that the united states might sell to china. that's where you see the discrepancy at the moment. china is using a lot of raw materials and record imports of co copper, but not machinery. >> is this a read on the eu/china relations and the u.s./china relations? >> that may have something to do with it. of course, we have tariffs that were imposed by the u.s. on china. we have seen chinese companies buying fewer american goods. that's just the way things are

currently developing. on the other hand, they are cyclical issues here. china is buying fewer goods. the dollar is expensive. you would expect china to buy less goods from the u.s., but more goods from europe which is a relative cheaper currency. >> you are talking about the rising dollar. how does that impact the issues in asia? in general, how are asian economies right now? >> they are still struggling a little bit because of the global trade cycle is down. we have a strong dollar, but there are fewer import into the united states and fewer to europe and large economies. trade is still not really bouncing back and the strong dollar reflects higher interest rates. that is a headwind for asia because it raises the interest rate levels across the region and depresses the domestic brand. >> i want to come back to the imf headline. raising outlook for china to

5.4% this year, but 4.6% next year. what is your read on the chinese property market? is there continued risk of contagion to other markets? >> the property market continues to struggle a little bit. we have not seen a pick up of sales just yet. the government has imposed stabilization measures. it will take time to gain traction and maybe another year before you see a bounce back in construction. certainly for the coming year, it will continuously provide a drag on the economic growth. >> the drag on the economic growth. how does that impact the u.s. companies which get revenues from china? we have been talking about it for a few weeks. some companies with yum china and apple and e.l.f. how are they impacted? sdpl >> the construction sector doesn't mean other consumer spending should slow.

we have seen improvement in consumer ales. there may be consumer space with a gradual improvement of the coming year. nothing super quick. better numbers this year. it depends on the sector you are in. >> fred from hsbc. thank you for being here. >> thank you. coming up on "worldwide exchange," mario's magic mushrooms to the rescue. what nintendo just did that is giving nervous shareholders a sigh of relief. we are back with more "worldwide exchange" after this. with just one capsule a day of advanced hair complex. conquer hair thinning... ...and fall in love with your hair all over again. only from nature's bounty.

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welcome back to "worldwide exchange." time for the big money movers. shares of tripadvisor beating on the top and bottom line. shares up 11%. hims and hers moving higher ahead of the quarter for the better than expected sales. narrowing the loss of 4 cents a share compared to 9 cents last year. shares are up 9%. and shares of iff topping earnings and expectations thanks to higher pricing with the food ingre ingredients. the company confirming it will continue to work with icon --

icahn capital. shares are up 6%. let's get a check of the other headlines outside of the world of business with phillip mena in new york with the latest. >> frank, good morning. we begin with the ongoing efforts to stem the continued violence in the nortmiddle east. on monday, the u.n. security council failed to agree to the resolution in the israel-hamas war. they are looking for humanitarian pauses while others were a cease-fire. former president trump took the witness stand at the civil fraud trial in new york on monday. the judge admonished trump over his combative answers over the real estate empire legitimacy. at one point, the judge called the testimony irrelevant and he was not at a campaign rally. finally, the jets had no

answers for the chargers on monday night football. new york's offense, once again, failed to take flight. l.a. defense held to two field goals and sacking the quarterback eight times. this ended the jets the-merega win streak. much more "worldwide exchange" after the break. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul. it's your water, your way.

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it's 5:30 a.m. in the new york city area. there is still a lot more ahead

on "worldwide exchange." the stock rally facing pressure after the nasdaq notches the l longest win streak since january. and intel getting a bump it is in line for fresh funding. and dr horton rumts esults out in an hour. it is tuesday, november 7th, 2023. you are watching "worldwide exch exchange" here on cnbc. welcome back to "worldwide exchange." i'm frank holland. let's get you ready to start the day with the check on the u.s. stock futures. the s&p 500 is riding the longest win streak since june. the nasdaq since january.

futures are solidly in the red. the dow off the lows of earlier today. it looks like it would open up 65 points lower. we want to look at the bond market. the yields in the bond market with the benchmark ten-year yield at 4.6%. moving up a few basis points. take a look here at the two-year yield below 5%. the long bond below 5% yield. falling sharply after that pause from the fed whether you think it was hawkish or dovish. we want to look at the oil market coming off the second positive session in the last three. right now, falling this morning. you see wt oi is down 2%. similar for brent crude down $90 a barrel. the natural gas is down 1%. that is the setup for the u.s. markets. let's get a check on the top corporate stories with silvana henao. silvana. >> frank, good morning.

shares of intel getting a boost ahead of the open. this on a "wall street journal" report the company is set to receive billions of funding for facilities for chips for u.s. military and intelligence applications. the journal says it is part of the $53 billion chips act and the push by the u.s. to reduce the military's dependence on the chips imported from east asia and especially taiwan. separately, reuters is reporting intel is scrapping a plan investment in vietnam that could have doubled the operation there. saudi aramco reporting a 20% drop in the third quarter profits. citing lower crude prices and volumes for the drop despite the dip and holding the $29 billion dividend payout. and shein sieeking valuatio

of $90 billion in the anticipated ipo in the u.s. according to bloomberg, the fast fashion platform support from the $64 billion it was given following the funding round back in may. it is still below last year's $100 billion valuation. the report is talks are ongoing of the details of the public offering. frank. silvana, thank you very much. we will turn attention now over to earnings as companies prepare to open up the books today. including gilead and uber among some. pippa stevens has more to watch as well as diana olick. >> energy market struggle for production as demand fears and the escalation in the middle east lifting prices on the other. wall street is expecting the company to earn 84 cents per share on $7 billion of revenue

according to estimates from lseg. executive comments are key here with the production plan and looking forward and guidance with the shareholder return and insight on how the m&a market is looking. exxon and pioneer and natural resources deals as well as the hess deal is still an issue for objecci occidental. warren buffett's berkshire amassed a big stake in the driller adding to the position a few weeks ago. as of october 25th, berkshire owned 25% of occidental. >> i want to toss over to diana olick with the look for earnings

of dr horton. >> they have a big entry level line of express homes. they are the ones to watch to see how badly higher morntgage rates are playing into the market. the company's stock is positive year to date and surged last week when mortgage rates plunged. take a look at rates during the quarter reported. volatile, but generally going up. the 30-year fixed in the 6% range briefly, but well into the 7 range. comments on rates and buydowns and incentives and how that is hitting the bottom line of horton. another metric is cancellation rates as some may not qualify for a mortgage when they first signed the deal. frank. >> we are now joined by jay from

kbw to discuss horton. >> thank you, frank. >> what do you expect from the report? >> thank you very much. we rate the shares market performance have a $142 price target. we rate the shares of market perform on valuation and we would be inclined to be positive going to earnings. the key is the low inventory trumps rates in the environment. that is the main take away. the home builders are the only game in town in the housing market. this is because inventory of existing homes are at record lows. 50% of the normal rate. home builders have tools in their incentive tool kit with the mortgage buy downs to help mitigate challenges. >> price target indicates a 25% upside. you are just in line with the street at that target.

you just mentioned mortgage rates. we have seen them pull back. they hit 8%. right now at 7.5%. how does that impact your view on horton, but the home builder sector? >> i think the back drop is existing home inventory which is 90% of the housing market will remain low. it is around 1 million units. less than 1% of total households. the home builders through their rev reverse engineering of the affordable product can help the mortgage buy downs to create an affordable product. there will be pressure from rates, but better positioned to contend with the headwind. what we are looking for is the demand hold up post-september 30th and are these mortgage buy downs crimping affordability?

if they talk to an i m managed tentatives, it will be positive. >> looking at the itv is the construction etf coming off the best week since may of 2020. of course, that was when the pandemic was kicking off. dr horton at 15% of the etf. how much the that spike in that etf is due to people thinking the fed is done hiking rates? the things we hear from neel kashkari, does that change the narrative? >> i think the outlook for long treasuries is the reason for the recent performance. you have seen the ten-year yield decline from 5% to 4.6%. that's a key driver of the long mortgage rate. in addition, the uncertainty about the rate outlook has weighed on mortgage spreads.

so we think mortgage spreads are creating an additional discount related to the uncertainty. to the extent the fed is finished hiking rates and long treasuries remain settled, there should be some potential for the absolute mortgage rate to decline. finally, i would mention that a.r.m. production are at record lows and could be poised to increase helping mitigate the headwind. >> jade, i wasn't expecting you to say that. you think a.r.m.s are making awe comeback because they generally have a lower rate? >> i would not overemphasize that point, but there is a potential. >> jade, thank you. dr horton reports in an hour. your price target is $142. thank you. coming up here on "worldwide exchange," the cost of credit suisse continuing to hit the bottom line of ubs.

we are live at the headquarters. here are your top trending stories. sw taylor swift is helping the nfl with viewership. thursday night football ratings increasing 25% and monday night football is up 13%. speaking of taylor swift, heinz unveiling a pickled f flavored ketchup in response to a new survey. and stellantis is planning to produce the first ev truck calling it the ultimate answer for battery electric trucks. the ram 1500 ram charger has a generator and gas engine. it is expected to go on sale next year. we are back with more "worldwide exchange" coming up in a moment.

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welcome back to "worldwide exchange." time for the morning call sheet. tjx with an out dperform rating. shares of tjx are up frac fractionally right now. and rbc giving home depot a $303 price target. rbc saying it likes the company long term, but adds factors present near-term challenges. shares are flat. deutsche bank downgrading peloton to a hold. it is bullish on the stock, but there is a lack of clarity on the growth. shares are falling 4.5%. time for the "global briefing." australia central bank raising rates there for the first time in five months to a 12-year

high. this move coming in the wake of raising consumer data. we have a mixed picture in china with imports growing but 3%. the first gain sense february, but exporting dropping 6%. in the video game sector, nintendo with better profits with the second quarter results as the video game maker is getting a bump from the mario movie and the zelda game. ubs reporting the first quarterly loss since 2017 as it continues to work through the integration of credit suisse. we have joumanna bercetche in zurich and spoke with the bank's ceo. joumanna. >> reporter: good morning, frank. this was the first opportunity for investors to get assessment ever the full three months of earnings of credit suisse within the entity. the reaction from the marketplace has been positive.

we are seeing a positive reaction on the stock namely because of the following aspect of the report that came through. first of all, there has been a net new money inflow into the bank. when you think of how many deposit outflows credit suisse saw at the beginning of the year. the second is the inn they gr -- integration and the language from the ceo as he says it is going better than faster than they planned. here is what he had to say about it. >> our target is in excess of 10 billion growth savings. the heavy lift is going to be in 2024. this is where i would say is a pivotal year for us. >> reporter: so one aspect that emerged today is out of the $10 billion of cost savings they set for 2026 as a target, $3 billion has already come through.

this is one quarter faster than they had projected three months ago. going in line with how they imagined faster. that entails job cuts. so far, they announced since december of 2022, so one year ago there have been 14,000 job cuts. that's through redundancy and some why voluntary. when you think about the cost savings, you have to bear in mind the job cuts with that. that is a focus for the community. putting it all together, people were encouraged by the fact that the operating business still continues to perform strongly and those net newencouragiencou. >> joumanna, i want to focus on something else. i want to ask about the comments from the ubs chairman calling regulators misguided with the scrutiny of capital

requirements. >> reporter: this is obviously a long standing debate. insu ever since the takeover of credit suisse from ubs, they he are looking at the limits of bank runs. there have been discussions of impossiing exit fines of custom deposits or rewarding customers for placing money for a longer period of time. one thing that investors are cheered on today is that the ratio is still sitting at 14.4%. that is quite healthy if you think about everything that ubs has gone through the last couple months. the ceo is encouraged by that. he indicated there is a possibility of a share buyback announced as soon as the beginning of next year. he said it was a matter of quarters. i think what the chairman was trying to reaffirm to the investment community is the capital position of ubs is still

healthy irrespective of what is going on with the capital requirements. >> joumanna bercetche in szuric. great reporting. coming up on "worldwide exchange," the one word every investor needs to know today and why the fed says it could have a surprise in the next cou coming weeks. and if you miss us, check us out on spotify or your other podcast apps. more "wex" coming up after this. massmutual. partnering with financial professionals, benefits brokers, and institutions.

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we have a market flash. oil and comments from opec plus. group's secretary-general

telling the conference in europe it is taking a pro-active and preventative approach to the stable crude market this year. time for the wex wrap up. wework filing for bankruptcy protection yesterday. the office sharing company entered into agreements with the majority of the stakeholders and it intends to trim non-operational leases. neel kashkari telling "the wall street journal" he would err on the side of overti overtightening. he said the economy is proving to be resilient. meta platforms is banning political campaigns and advertising from using ge generative a.i. on the platform. bloomberg is reporting

spacex is attracting sales of $9 billion of the rocket businesses and that figure expected to hit $15 billion next year. starlink is the driver of the revenue and set to become the dominant sales driver. kinder morgan is buying the pipeline in south texas worth $88.2 billion. a win for cathie woods ark invest. selling a sizeable stake in roku yesterday after the stock jumped 50% last week on the better than expected quarterly results. we have more big money movers for you. shares of tripadvisor beating top and bottom line. hims and hers with better than expected sales and raising

outlook for the year. the platform narrowing its loss to 4 cents a share. compared to 9 cents a year ago. shares of fragrance topping earnings and expectations thanks to the higher prices for food ingredients and raw material costs. the company confirming it will work with icahn capital in the effort to maximum product portfolio. here is what to watch today. september's trade deficit figures are out at 8:30 a.m. we get earnings from dr horton and uber and e-bay and gilead. several officials are speaking today. kansas city fed president jeffrey schmid and chris waller and john williams and lorie logan. and austan goolsbee will be on "squawk box" at 8:00 a.m. let's get one more check on

the futures and if the market can maintain the rally. futures have been in the red. the dow is off the lows of earlier this morning. looking like it would open 55 points lower. joining me now is malcolm ethridge. good morning, malcolm. >> good morning. >> let's take your temperature, mal malcolm. what is your "wex word" of the day? >> my word of the day is brief. it could last another two or three weeks as we get ready to gear up for the next fed meeting. as we get closer to the next december fed meeting, a lot of positive sentiment for the futures that you ran through with the open today will probably start to fizzle out. i think a lot of what has happened is catch up buying for investors looking to capture a little bit of what they missed in the first two quarters of the

year with the mega cap tech trade. >> a lot of this has been sparked by the declining yields giving the markets a boost. you are looking at bonds and what you are looking at is the d-inversion of the yield curve. why is that so important to you? >> it is not even necessarily the fact we are de-inverting or however we are supposed to say that. it is the normal curve. we would rather the two come down than the ten rising. up until last week, it looked like the ten would rise a lot faster than the two was coming down which is a bear steepenor. t we are likely to have more pain. the yield curve un-inverting lasts longer with the bear

steepening. that pretty much is ineviinevit. >> right now, we like to focus on the day ahead. i want to focus on another area of the market which has seen a bit of a boost. the magnificent seven. the magnificent seven is out performing the market. i know you say there is an opportunity right now. >> i think the magnificent seven is the knee jerk trade for folks. maybe it is the magnificent five. people softened on meta and nvidia. the magnificent seven is the knee jerk reaction trade. the catch-up buying. the opportunity we have seen is probably in the cybersecurity landscape where fortinet with

the soft guidance has created an opportunity for folks looking to buy inside of tech and looking for something outside of the magnificent seven. >> speaking of fortinet, the results that weighed on the cybersecurity sector have inspired your picks for us today. two etfs. both of them cybersecurity etfs. where is the opportunity here? >> i think sentiment is really the issue here. fortinet is a very specific problem. it is a very unique case. i think it created contagion in the entire landscape. if you are a person looking for crowdstrike and palo alto and z-scale, something like bug is your option. 30% of the index of those three names. if you want more diversified

landscape to get into the cyberspace, cibr is your pick. there are 30 names in the space that is spread across the market cap. >> i want to look ahead. i'm sure you are aware of neel kashkari's comments saying he is hawkish than a lot of people took with jay powell's comments. how is that weighing on the markets today? >> i think it means anybody anticipating december is a calm fed meeting should at least be baking in the idea that we could get one more hike before the year is out. i think the notes from the september fed meeting laid out they were expecting there to be one more hike before the year is out. december would be it. don't be surprised if we do hear a turn around, if you will, from the fed that goes against what the market is expecting today. >> speaking of another hike, that would impact the housing market right now. dr horton reports in a half hour from now. we had a guest on which was

bullish with a $142 price target. are you bullish on the how many b builders? >> i'm not. what is missing is the housing market is fragile. new home sales are holding it up. what is not reflected there is the fact they are buying down the interest rates to get those homes moving. that is not sustainable for dr horton or whoever else in the market to buy down the mortgages by 2 00 basis points in order t having bring down prices. that model cannot be sustainable if rates linger like we are told with higher for longer or if we get another hike, that could be the thing that breaks the housing market. >> what you are talking about is a stretch ed consumer. i want to bounce ago else off you.

the big consumer stat. 67%, two-thirds of u.s. consumers are worried over being strained this holiday this season. how does that inform your opinion with the broader market? >> it is tough. we have been hearing that and saying that and answering the surveys for the better part of six months or a year. the consumer is stretched. walmart, target has been telling us this for some time. people are trading down to the next tier product. at the same time, the gdp report showed a 4.9% quarterly increase in spending. it is just tough for me to wrap my mind around that a consumer says it is stretched and having a lot of pain and keeping track of its monthly obligations. at the same time, we are seeing record high spending on all

kinds of entertainment options and things like that. >> malcolm, thank you very much. that wl it ildofor us on "worldwide exchange." we have "squawk box" coming up next. thank you for watching. c'mon, we're right there. c'mon baby. it's the only we need. go, go, go, go! ah! touchdown baby! -touchdown! are your neighbors watching the same game? yeah, my 5g home internet delays the game a bit. but you get used to it. try these. they're noise cancelling earmuffs. i stole them from an airport. it's always something with you, man. great! solid! -greek salad?

exactly! don't delay the game with verizon or t-mobile 5g home internet. catch it on the xfinity 10g network.

good morning. futures are pulling back some and putting the winning streak that we have seen in jeopardy. the markets are about to get a healthy dose of fed speak. from a $47 billion valuation to bankruptcy. wework files for protection amid a glut of empty offices around the country. we'll have the latest. it's election day on an off year. we check out the races to watch one year ahead of the presidential election. it's tuesday, november 7th, 2023. "squawk box" begins right now.

thank you. good morning. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. it's tuesday morning. we have had a long streak of green arrows for the major averages. you see a slight pull back with the dow off 66 points. s&p futures down 8.5. nasdaq off 24. the nasdaq, as of yesterday, had a seven-session winning streak on the line. that is the last time it happened is january of this year. for the dow and s&p, it is back to the summer in june and july, for those