it is 5:00 a.m. here at cnbc glebl headquarters and here's your "five@5." we start with a win streak. futures, they look in the green, looking to keep this rally going. the key focus will be the fed's final policy decision of this year ahead of tomorrow's european quadruple threat. seth carpenter is here to weigh in. also breaking this morning, a landmark decision from the cop28 summit in the middle east, taking the first step away from oil and gas. we have a live report in just a

moment. plus a fresh spacex valuation boost and then later in the show, taking on tech regulation, what google, motorola, metaplatforms, and seven other tech companies are doing this morning. it is wednesday, december 13th, 2023. you're watching "worldwide exchange" right here on cnbc. ♪ good morning. welcome to "worldwide exchange." i'm frank holland. we start out with a check on u.s. stock futures. take a look. we're in the green this morning. it looks like the dow would open up more than 40 points higher. the s&p and nasdaq fractionally higher. traders are widely expecting the fed to hold key rates steady, seeing a little chance of a cut

for next year. as always we look at the benchmark 10-year 4.19%. we're looking at oil hitting its lowest level since late june. the u.s. 10-year benchmark trading at 68. natural gas pretty much lower, below $2 of btu. that's meaningful. we'll talk energy later in the show. let's see how europe is shaping up as the trading day gets underway. our joumanna bercetche live in the london room with much more. >> european markets are all trading in the green. we have the stoxx 600 close to a

22-month high. it continues to go from strength to strength. ftse uk coming in at minus 0.3 % for the month of october versus expectations of a flat reading. this follows on the weaker-than-expected wage growth. perhaps it will start sounding slightly more dove issue. we have the xetra dax, breaching the 16,800 number, higher on the session and reported news that the german budget has been agreed on for 2024. that's a good driver for that market as well. as for european sectors, this is where the leadership is coming from. on theflip side, food and beverage down.

oil and gas cannot seem to get a bid these days, 0.4%. chemicals is up 1.5%. one we're focused on is basf, the german chemical maker has upgraded the buy rating from neutral. that's led the entire complex higher and the tech space continues to do well off the backs of u.s. markets. frank, i'll toss it back to you. >> i have to correct myself. i said gas is down. the s&p is opening at its highest level since 2022. trading at record all-time highs. that's the most since april of 2022, according to dow jones. optimism over the direction of inflation is helping to boost names like allstate, costco,

d.r. horton, and mastercard. let's talk about if this rally can continue. linda, good morning. thank you for being here. >> good morning, frank. >> so, linda, as we just mentioned, we heard some names, mastercard, d.r. horton. outside of that, the highest levels since we've seen in january of last year, this broad market, what does it say to you? how are you telling your clients to play? >> we thought we would get 4600 s&p this year. of course, we passed through it now. that's on the strength of a handful of names. if it's going to carry on to next year and reach 500,000 next year, we need that advance to broaden, and if that happens, it really is going to broaden the

markets. a lot of stocks are on sale. that's what's interesting with the trading sessions. you've seen bigger names pull back. that's bullish. again, even around the world, it's just as bullish going into the new year. >> you're saying some stocks are on sale. we do have to adrus dress the 800-pound gorilla in the room. how important is the decision from jay powell? >> that's something we don't understand, why anyone would think they would cut back so quickly because the economy is strong. the unemployment rate is still very, very low. we're thinking maybe the first cut, which we think they may do two next year might not be until july. if the fed sees inflation is under control and if jerome

powell says today, evidence that no more hikes but longer, emphasizing the longer, that means he still sees strength in our economy and markets. we do seem to be doing just fine. we do seem to be seeing inflation coming down ever so slowly in advance of that. so we're thinking it's a strong first half of next year as the market realizes we may get out of this alive and without reaching the recessionary part of the cycle, and maybe get some of the 5,000 into next year. >> linda duessel saying we could hit 5,000 next year. very great to see you as always. >> thank you. time to check on some of our top corporate stories. it's great to silvana henao with those. >> hey, frank. good morning to you. good news, bad news for elon musk. spacex is set to sell insider shares at $97 a piece in a

tendser offer. that's up from earlier, a reported $95 last week. the hike price boost the value of the company to nearly $180 billion and could be a boon for two major spacex shareholders, cathie wood and ron baron. the ffcc will provide money for broadband to rural community saying it did not meet any basic requirements. apple will require consent to give its customers push notification data to law enforcement. as reuters points out, while the policy was not formally announced, it appeared on the tech giant's website the past few days. the move comes after democratic senator ron winans revealed they were asking for data from the

practice and were allowed to carry out surveillance with how users were using particular apps. gina raimondo says the it's getting harder to do business. >> as you know, i'm a dog on a bone. u.s. business deserves an advocate. they deserve a fair shake. we're not asking for any special treatment. we just want a level playing field and we're going to keep making the case. >> raimondo's comments come after a bipartisan congressional report calls for severing more of the u.s.'s economic and financial ties with china including low tariffs that the u.s. granted the country two decades ago, frank. >> silvana, thank you very much. all right, we have a lot more to come on "worldwide exchange" including the one word that investors have to know

today. but first a wild ride for oil following yesterday's hotter than expected inflation read, why bank of america says the downside move is likely to reverse. plus breaking this morning from a landmark decision of the cop28 in the middle east. taking the first step away from oil and gas. a live report next. and then we check on the pulse of the american consumer with the ceo of logistics giant rso. we have a very busy hour still ahead when "worldwide exchange" returns. ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪

welcome back to "worldwide exchange." a developing story at the cop28 summit and the member nation striking what many are calling a landmark deal on transitioning away from fossil fuels after days of tense negotiations. dan murphy joins us now from dubai with the details. dan, good morning. >> reporter: frank, good morning to you. cop28 delivering a world first after hours of intense talks. not a phase-down or a phaseout but a call for countries to transition away from fossil fuels. here's the text agreement. basically it calls for a transition in a just, orderly, and equitable manner, words that all help to get big producing oil giants like saudi arabia

across the line. the cop28 president sultan al saber saying they'll have to deliver. he was under significant pressure to get a meaningful deal done. listen in. >> it is a plan that is led by the science. it is a balanced plan that tackles emissions, bridges the gap on adaptation, reimagines global finance, and delivers on loss and damage. >> tough talk by sultan al saber. when it comes toa reaction, it marks the beginning of the end for the fossil fuels, but some might call that shortsighted, at least for now. it's better to say this text is one step closer to reducing the role it plays in our global

energy system in the years to come. it also sets the framework for the next cop28 climate conference which is going to take place as soon as next year. >> so, dan, again, a landmark deal when it comes to the transition away from oil and from gas. listening to his comments there, he really emphasizes this is being led by science. at the beginning of this, there was a lot of concern. does this reduce some of the criticism or skepticism of working with oil-producing nations? >> reporter: as usual, frank, you're on the money here. you're exactly right. this was highly controversial because it was always going to be this battle between what is scientifically necessary and what is politically feasible, right? but this is a significant step forward for climate, and the reaction so far would suggest that even large countries like the united states, the european union countries as well are

getting onside. and remember to just get lost in the nuances of the wording, but also failing to see some of the other significant agreements that have happened on the sidelines of this cop28 conference, yes, in the uae, a major oil-producing country, for one, cop28 goes just beyond fossil fuels. we've seen billions of dollars, $85 billion, in fact, in in financial commitments from the private and public sector, loss and damage, and the oil and gas industry to address really criticalishes like methane. look, not everyone is going to be happy here, but this is a significant step in the right direction. frank? >> history in the making. our dan murphy. dan, thanks. we're going to stick with energy. oil prices are dropping again. crude has declined for seven straight weeks on lynn girling worries about oversupply and global demand, only adds to those concerns. yesterday cpi data, prices

edging up 0.1% after being unchanged in october. that's only unfeeling the all foo. the fed is likely to cut interest rates early next year and that could weigh on consumption. let's discuss this further with francisco blanche. great to have you here this morning. >> thanks for having me at your firm. >> we're looking at the year-to-date high. it was set back in november. give us a sense now. how much is the fed decision and how mump are oversupply concerns? >> look, i mean there's no doubt that a number of factors have come to play to push oil prices lower. remember, we've had, i would say, three basic prices. when it comes to supply, we've had a little more russian oil than we anticipated in the first half of the year because it

lacks sanctions on russian exports. the second thing is we have we more u.s. supply than we ever talked about. the world's largest oil and gas producer is actually the united states of america. it will soon be the largest exporter of natural gas in the world. u.s. supply has gone up. more so than anyone expected at the beginning of the year. the third leg of this in terms of supply has been the fact that opec plus failed to deliver a coordinated cohesive agreement at their last meeting a couple of weeks ago. >> all right. so, francisco, despite all these issues you're laying out for us clearly, you're bullish on the

market. 90 bucks a barrel for brent, the international benchmark, 86 for wti. trading at $68.40 a barrel. what's your feeling on it now as the prices have gone up and down? >> sure. no doubt about it. i think the first thing to consider is despite all the supply coming through and we likely having it coming through next year from places like guyana and brazil, we also have to consider that geopolitics are at a crucial inflection points here. we've certainly seen attacks on oil tank erps in the red sea by

y houthis in yemen. let's not forget the u.s. hats no enforced sanction on iran, which are still in place. remember, iran has also been able to increase its exports quite a bit this year. >> that's what's making you a bit more bullish in the market and broadcasting the rise of oil. i want to say one last thing. we've got to make this quick. price this year have really collapsed. basically it's half of where we started on the year. what's your forecast for natural gas? where do you see it going in 2 2024? >> we've been bearer. we have 105 bcf a day in supply right now in the u.s., and we

expected that number to reach in the fourth quarter of next year. that's how fast u.s. shale supply has grown. we roll forward a year. we started the winter relatively warm, so at this point, there's not much else to say about natural gas. we have to go lower in producing output until we can get exports ready again. >> francisco blanch, bullish on oil in 2024. 90 bucks a barrel for brent crude. great to see you. coming up on "worldwide exchange," taking on regulations with google, qualcomm, and other ch companies to get a leg up on the coming crackdown. stay with us.

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welcome back to "worldwide exchange." vehicles need a software update to fix an autopilot driver system. tesla shares down more than 1% on news they need to send an update to its driver autopilot feature. we continue to watch this story throughout the morning. new this morning, google, meta platform, qualcomm, and several other companies are

teaming up for what they're calling for the coalition for open digital ecosystems or c.o.d.e. they're looking at the digital markets act. joining me with much more is stan larue. the private company is one of the partners in this new coalition. thank you for being here. >> good morning. >> you're quoting an article that came out this morning that members of c.o.d. emt, you had conversations about what good likes in terms of ecosystems. what's the good? what's the consensus you've come to? >> i think the good is the choice for the customer. having open and consistent plans for messaging and digital lives is better and we have more choice. right now it's very hard.

it's part of the group and legislator with the european commission >> i want to dig into this a bit. the digital mandates, the gatekeeper, the giants that control access to their platform, the platforms with third parties, how would this potentially impact your business, and just for clarity, are you the third party or gatekeeper? >> in that situation, i'm not the gatekeeper. in the coalition we have gatekeepers and non-gatekeepers. we make the ar head sets. the goal of all that with gma is to make sure we all have the choice. so to answer your question, in that capacity, the interrepairability is about having something that can be used between imessaging and

phones. we want to have walls between the headsets that we have here in paris. >> you would benefit from this and be able to be on the platforms and transition your business off of one of these platforms. >> absolutely. >> i've got to ask you, what is your endgame. you've partnered with a lot of other tech giants. what's the overall goal and the benefit for your business and what's the benefits for the consumer? >> well, the goal is to have an informed discussion and debate around the gma with their european legislator, and for business i think it's good -- it's a very good opportunity to look at it. smaller companies can leverage bigger ones and have others jump more easily. so you can see more new giants

emerging from europe, from asia, from the u.s. that are not always the same companies that we are used to dealing with. and it helps everyone. i think this is a really good opportunity that we have here to have this new alliance with those giants and smaller companies. >> all right. stan laroque, ceo of lynx. we're getting set for more. sec seth carpenter is going to be here to weigh in. we'll be back after this break.

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how the holiday season is shaping up. it's wednesday, december 13th, 2023. you're watching "worldwide exchange" right here on cnbc. ♪ good morning. welcome back to "worldwide exchange." i'm frank holland. as always, i'm going to get you ready to start your day. we'll look at today's federal reserve policy decision. take a look right now. we're seeing the futures in the green. it looks like we'd open up about 40 points higher. the s&p and nasdaq fractionally higher in the premarket. we want to look at energy, specifically oil, following yesterday's more than 3.5% pull back. take a look now. wti slightly in the red, basically flat, but trading at about 68.57 a barrel.

we want to turn our attention to the top story. the federal reserve is set to release its final policy decision today at 2:00 p.m. on the back of yesterday's slightly hotter report. they're all but certain the bank will keep the rates unchanged and we won't see any cuts until march of next year. but the fed is not the only game in town. many are calling it super thursday, great decisions from four other major central banks. that's tomorrow including the england and european central bank. joining me now is seth carpenter. so great to have you here. >> great to see you. >> you are a fed insider, former deputy director. give us a sense. what are you expecting aftwith

press conference and statement? >> you nailed the right issues. at the top of the segment you said investors are looking for clues as to when the fed might cut. that's where fed chair powell and others have to be super careful with what they communicate and how they communicate because the market is looking for any signal that cuts are coming sooner than priced. we don't think there's going to be a policy rate move today. our thought is they won't cut rates until june. to get there, they'll have to reprice them. part of what i think powell's strategy is going to be is to try to say, look, we didn't hike rates today. inflation is coming down, but it's not at our target. it's not anywhere near our target. in fact, if anything, we need a little more conviction that it's going to come down to our target. so to try to push back a little

bit that rate cuts are imminent. i document think he wants to talk specifically about dates because that would be more precision than he actually has. i think he wants to strike that confident tone, the slightly hawkish lean. >> they don't want to get into any more detail. we're seeing a change in conviction at least from the market, the believe that we're going to see a lot of cuts next year, the market rethinking the cuts. now seeing a fed funds rate of 3.4. higher than previous. what's leading to this change in thought? >> this is one of the tricky parts for markets. they always want to take the most recent data and extra trap late to try to get ahead of the curve. we've seen lots of swings in terms of how the market is looking at the fed, how it's looking atover central banks, and how it's hooking at longer

term interest rates. i think the inflation data have been a big driver here. yesterday's print was very much in line with our expectations for a bit of a bounce off the bottom from the previous month's data. that kind of ping-ponging we've seen with the data, it's never going to be as smooth in reality as forecasters would like. i think the ups and downs are what's driving the markets back and forth. >> tomorrow, some are calling it super thursday, a bunch of other rate decisions. do the fed keep that in mind, the global environmental when it comes to central banks? >> my experience with the fed and conversations around the world, everyone is aware of what's going on in other places and other central banks in particular who have to worry about where their exchange rate is, pay a lot of attention to what the fed is doing, but there's no outright coordination. from the fed's perspective, they

have their mandate. they're looking at the u.s. economy. for the ecb, they're looking at the euro area economy, especially inflation. so they're aware of what's going on, but i don't think any of that is going to make a huge difference in their decisions. for the ecb, for example, we think like the fed, they're on hold for the foreseeable future. they're going to need to continue to see inflation come down and we see the ecb cutting in june coincidentally the same time as the fed. >> you've led us down different pac pac paths. are we going to see a slightly more dovish thread in your line or are they going to stay the course? >> it's going to be a bit like a rorschach test. whatever you had in your brain, you'll see it reflected when the

fed rate's down. when it comes to their own projections, for example, they're going to have to adjust down. they've been overly pessimistic about how high the inflation will be. i expect some of that bleeds through. that's going to be a little bit on the dovish side of things. similarly the last time they did a dot plot, they had one more hike than is going to get realized and that's going to have to come down. that's going to have to feel dovish. on the other hand, the rate is low. gdp growth is strong. >> seth carpenter saying the fed statement will be like a rorschach test. i'll have to see. thank you for being here. >> my pleasure. we're going to talk with asml and samsung pledging to

spend money. it expands its footprint atz steers away from the u.s. and china. shares of cal-maine detected asian flu at one of its plant facilities. cal-maine says it's working to secure production at other facilities in order to minimize disruption to customers, adding it does not cause an medial health concern or affect the food supply. xpo plans to buy yellow service centers. it's expected to close by the end of this year. let's stick with freight and what center signals are sending about consumer growth and

inflation. joining me now, the cfo of rxo, a spin-off of xpo. good to see you. >> good morning. >> let's jump p rigright into i. what are you hearing from them as we approach the christmastime and just in general and the holiday gift-giving season? >> first, we're still in a soft freight environment. we have been for some time. if you look at this downturn, typically a downturn will last four, five, maybe six quarters. we're now senks eight quarters of a downturn. as i said on our last earnings call, we expected a muted earnings season but with pockets for come customers with a potential for peak season. it's been mostly muted with a couple of pockets from customers. >> understood. you talk about interest rates as

they begin to ease. have you been hearing from your customers? the higher the interest rate, the higher the cost. is that changing inventory thoughts or policies? >> they've actually been in a good position for some time now. if you go back to a year ago, all the conversations i was having with customers was about destocking the inventory. this year they've been in a good position. it comes down to what is the end consumer going to do and what are they going to spend their dollars on. >> your last report, your full truck brokerage, when a company wants a full truck, you're less than truck. i want to explain it to the audience. i know you know, of course. that was up 55% year over year. what is that telling you in generale that you're seeing a bigger increase in companies just wanting a piece of the truck rather than the whole truck? >> that's not the way we look at it. our business is still driven by

full truck business. that's what we built the business on. what you're hearing from consumers, they're coming to us to use xtl because they've seen our truck service and they're saying can you take this piece of our business, the ltl, because we're going to outsource it. we're seeing large customers. we're very proud of that group. especially right now, if you look at what's going on in the for-hire truck didn't, freight trucks are down year over year. we're extremely proud of the 13% growth in truck growth and 50% in ldl. how are you using ai and how are you using it in the transportation business? people are still writing down things, taking notes, handing folks a piece of paper. >> you're describing how it was when i arrived. that's not how it is. we've been using ai for over a

decade. that's why we have some of the best markets in the industry. if you look at what we've done, we've taken thousands and thousands of bids and that allows us to operate with some of the best markets in the industry right now. last week i was in mexico doing reshoring or near shoring. what kind of impact is near shoring going to have on the economy? >> near shoring is going to be a growth to our business. it's up 30% year over year so far. and that's a trend we expect to continue. we built the piz off of automotive customers, but going forward we're seeing a lot from industrial and manufacturing, and spirit customers. there's a lot of opportunity. we think over the next several years, it's a huge opportunity. >> you mentioned some of that

tequila in mescal you were moving. thanks for being here in studio. >> thank you. coming up on "worldwide exchange," some fresh magic for disney and a bullish callout for disney stock. your wednesday mniorng call sheet. that's coming up next. (♪♪) business can happen virtually anywhere. (♪♪) but there's nothing like being there. at national, you can skip the counter... and choose any car in the aisle... even manage your rental right from the app. so you can give some quality time to a quality cause. swing by to see one more customer... [audience cheering] and really get down to business. go national. go like a pro.

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sheet. disney is bumping up its share. it sees a positive risk rye ward in the stock and wleeshs the experience including theme parks is underappreciated. shares are up fractionally. kbw is upgrading d.r. horton. shares of d.r. horton up 3.5%. and bank of america upgrades broadcom citing both is semiconductor and offering. shares of broadcom basically flat in the premarket. we begin with the uk economy shrinking as lower manufacturing output, construction activity, and slowing wage growth, they all contribute to the weak figure, attention turning squarely to the bank of england tomorrow and plans to bring interest rates down from their 15-year high. in argentina, new government leadership addressing the worst

economic crisis in decades including devaluation and spending cuts. the country's economy minister says the peso will be weakened to around 800 per 67 of u.s. collar. public work tenders will be halted. and shares of zara owner sales, the group slower than analysts expected. the company says sales grew by 6.6%, less than the double digit growths. despite this, the retail says brands are seeing growth in-stores and online. coming up on "worldwide exchange," we have the one word every investor needs to know and why our next guest says he's looking for opportunities within tech and underperforming sector players high on his radar. if you haven't already,

check us out on plape, spotify, or other podcast apps. "worldwide exchange" will be back right after this. stay with us.

welcome back to "worldwide exchange." cop28 is wrapping up with nearly 200 companiesing striking a deal calling for transition away from fossil fuels. the governments will decide how quickly to cut the lines on oil, gas, and coal. companies are teaming up to push for global systems in europe. they're looking at aims to boost growth and innovation in that region. bloomberg is reporting intel is planning to sell shares from an earlier reported $95 last week. we're watching shears of

tesla this morning, the company c recalling more than 2 million drivers. shares of tesla down 1% in the premarket. the company also announcing some of its model 3s will lose up to $7,500 in tax credits at the end of this year. apple says it will require a judge's consent to push data to law enforcement, the move coming after the democraticsenator ron wyden said data from apple allowed them to, as he says, carry out surveillance. we get results from adobe today. and as we've been talking all morning, we get the fed's latest decision. be sure to catch a cnbc exclusive interview with treasury secretary janet yellen

on "squawk on the street" at 10:30 eastern today. take a look at futures right now. they've been in the green all morning long. the nasdaq and accept for more, let's br 's bring in . give us your word of the day. >> my word of the day, frank, is delusional. i look at this from a different lens. as we're thinking about the fed's decision and the next steps, it just seems unrealistic to me they could be aggressively cutting rates at the beginning of next year. there's a lot of market watchers and fed watchers cutting a lot of rates. if you listen to fed chair

powell, we're not going to be in a position in the early part of next year for the fed to come out and start cutting rates because i just don't see the inflation target of 2% being realized o every the next month or two. i do think they can cut rates next year. i think we'll see that in the dot plots. i'm not bringing a bearish tone to the show at all, but i think it's premature to expect a whole bunch of rate cuts in the beginning of 2024. >> our last gefrt we had on is predicting a rate cut by june. >> that would be nice. it's been heading in the right direction. seth also brought about the unemployment number and he was right there also. the nice thing about this soft landing is the labor market and resiliency because if the consumer can find work, then

they can spend. we know the whole u.s. economy is on the shoulders of the u.s. consumer. so far, so good. we're still very optimistic about the second half of the year, to your point, june or the latter part i expect some rate cuts. that will probably be reflected in the dot plots, frank. >> got it. you're kind of in line with morgan stanley. to get a sense, what is your thought on the market? a lot of stocks are hitting fresh all-time highs, the nasdaq at highs we haven't seen since january of last year, along with the s&p, and also multi-month highs. what do you think about all this euphoria on the market. i know you said delusional is the word. but can we see that? >> you might get a little bit of disappointment. the enthuse am you're seeing is the market moving for the first

time in two years. that's a good thing. delusional is a lot of rate cuts early on. >> don't want to cut you off. i want to get to your pick very quickly because we're running out of time. one of ibm. given us a sense? >> we're old school. they're a company by their own admission is a little late to their own party, but red hat is profiting. if you're looking to expand out, they pay over 4% dividend. if you're looking at forward multiples, only about 17. i think there's a lot of value there. most importantly, the stocks have been range-bound for three or four years and i think ibm can be a surprise winner in ai trade over the next couple of years. >> you're also adding to the position of cme? >> yeah. it's more of a fun story. they've had strong growth. 9% on revenue, 10% on earnings. >> got it. >> they just declared a 5.25%

special differ lend. >> got to leave it there. all about the dish denlds. kevin simpson, thank you very much. we have to leave it there. "squawk box" is coming up next. thank you for watching. that you and your family need. i promise to put your long-term financial well-being above any short term transaction. everyone has a big picture. my job is to help you invest in yours. [announcer] charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com

first time i connected with kim, she told me that to helping people achieve their financial goals. her husband had passed. and that he took care of all of the internet connected devices in the home. i told her, “i'm here to take care of you.” connecting with kim... made me reconnect with my mom. it's very important to keep loved ones close. we know that creating memories with loved ones brings so much joy to your life. a family trip to the team usa training facility. i don't know how to thank you. i'm here to thank you.

good morning. stock futures slightly higher. and fed decisions, predictions, and all of it straight ahead. meanwhile president biden warning that a funding delay helps vladimir putin. we're going to have the highlights from his big meeting with ukraine's president yesterday. and apple taking several steps to address security concerns for iphone users. it's wednesday, december 13th, 2023. "squawk box" begins right now. ♪

good morning, everybody, and welcome to "squawk box" right here on cnbc. we're live from the nasdaq market site from times square. i'm becky quickalong with andrew ross sorkin. joe is out today. it's hump day. here we go. you're going to see right now there are some green arrows across the board, dow futures up. the nasdaq up by 26.5. the major averages all closed at 52-week highs for the third session in a row. it's actually four days in a row of winning streaks, but three days in a row of these new 52-week highs. what you've got is the dow industrials now up more than 10% for the year to date. s&p up by more than 20%.