it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." we start with the stocks trying to avoid four straight days of losses as a ceo throws cold water on the dovish fed in the year ahead. breaking news. the u.s. launches the fourth strike in yemen. and boeing trying to get over its crisis. regulators say inspections for the initial grounded 737 max 9

y jets is complete. and apple launches a patent dispute. and we check on the bitcoin etfs and see if enthusiasm has fallen off or remains strong it is thursday, january 18th, 2024 you are watching "worldwide exchange" here on cnbc good morning and welcome 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 with the dow rising the three-day losing streak and nasdaq coming off back-to-back losses. the dow is lower s&p is higher. the nasdaq is lower down .30%. we are checking the ten-year yield and 20-year yield. we are looking at energy and oil edging higher this morning

looking at the oil complex right now. wti is up 1% brent crude is up .50% a also a check on the bitcoin etfs you see the ishares bitcoin trust which is flat. the biggest move is the ark 21 ha shares down a bit. let's see how things are shaping up with carolin roth in the london tnewsroom good morning, carolin. >> good morning, frank we are seeing the recovery after three days of losses the stoxx 600 posting the worst day since october. it had to do with the ecb comments telling us to expect the first rate cut only in the

summer here on this side of the pond as well, we are scaling back on the easing we are seeing signs of stabilization. slim gains the dax is up .25% the ftse 100 is flat the ibex is under performing the smi in switzerland is up 0.2% i want to tell you about richemont. the stock blew it out of the water with the third quarter sales report they are seeing growth in all regions apart from the eu. they are saying there are signs the chinese consumer is coming back to europe i want to look at the sectors.

they are all per tomforming nicy healthcare with slim losses. back to you, frank. >> carolin roth, thank you. time for the check on the top corporate stories with silvana henao. silvana, good morning. >> frank, good morning the faa says inspections of the initial group of 40 737 max 9 jets were complete the agency will thoroughly review the data and convene what it calls a corrective action review to decide if the planes can resume flying passengers former meta platforms chief sheryl sandberg is leaving the board. she has served as a board member since 2012 her departure from the company in 2022 followed a series of

controversies that hit the stock especially with the disinformation in the 2016 presidential election. as promised, apple will remove the blood oxygen sensing feature from the series 9. this after the u.s. appeals court lifted the stay on the sales ban allowing masimo to prevail in the lawsuit modified versions of the watches go on sale today. thank you, silvana the major averages finishing in the red. the recent data is making investors rethink the idea of the fed cutting rates in march traders are pricing in a 59% chance of a .25% move and from 70% from a week ago.

speaking to cnbc at the davos world economic forum yesterday, both ceos remain cautious. >> we made progress on inflation. depending on the progress moves from here, that will stall the direction of policy. i think it is hard for me to see the market view of seven cuts this year. you know, i do think there is a reasonable possibility of some interest rate cuts and easing. it will be dependent on the data and how the economytransits. >> i think it is a mistake to assume everything is honky dory. when stock markets are up, it is a drug we feel which is all great. we had fiscal stimulation. i'm on the question side that we are facing things. >> let's bring in vance howard

>> good morning, frank >> i want to ask do you agree with jamie dimon it is not honky dory right now do you agree that it is time to cut back on the bullishness? i want your view on fed cuts this year. >> there is a lot of anxiety with the fed cuts and a soft landing or not a soft landing. that is gives jamie dimon heartburn. we are bullish this year we are going to get a number of cuts if we get two or three cuts, that is attractive for the market you will see bonds move higher and people moving out of bonds and into stocks. that will push the market higher i'm more of an optimism than pess pessimist. we will have a good year, frank. >> if we get two or three, that's pretty good what is your outlook the market is pricing in seven the fed guided to three. everybody else with their opinion of two or three or four.

>> i think we see three. i don't see seven. that is too optimistic three will do a job as far as the investor or trader three is all we need to get the market to move heiigher. we will see double digit returns on the s&p 500 we will see a sloppy first half. the second half is attractive. you well ill see a lot of playes move back in >> you see double digit gains on the s&p 500. i want to bounce something off goldman sachs had the view from the s&p. the road to 5100 for the first half of the year, they see the s&p hitting 4,900 about a 7% rise for the year d what do you think about the goldman sachs outlook? >> i think the outlook is reasonable in the first half the 4,900 call is reasonable you are looking at 5,300

they are pessimistic for 2024. we had a great run up in 2023. 2024 has so much cash on the sidelines. if we get a drop on interest rates, you have people who say a dividend stock is paying more. move it out of bonds and back into stocks. i think you will see 5,400. >> i want to get to picks. one is the vbk i have to ask, vance, small caps were hardest hit why do you think now is the right time for small caps? >> i recommended vbk it did very well >> the yields went down. >> i understand that let's face it, this market is broadening out you had the magnificent seven. small caps are attractive. there are small cap companies you should own

you see the pull back in 2024. this is more technical than it is fundamental any time you get the run-up like the last quarter of 2023, you will have the consolidation period and pull back small caps are a great place to play especially in the back half of 2024 you will see small caps rip to the upside like the last quarter of 2023. >> a lot to watch. vance howard, thank you very much we have more to come on "worldwide exchange," including the one word that investors have to know today. first, the u.s. conducts another strike against houthi strike in yemen and the con stacon tainer ships attacks continues. and the etf enthusiasm is waning after a week. we have the telast coming up

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♪ ♪ who's ready to cha-cha? ♪ ♪ ♪ ♪ welcome back to "worldwide exchange." we watch the price of oil with wti up .50%. brent crude below .50% the u.s. conducting strikes against houthi rebels in yemen overnight. the u.s. central command said

the strikes targeted 14 missile strikes. also this morning, pakistan has conducted a strike inside iran two days after the revolutionary guard conducted attacks in afghanistan. these latest u.s. air strikes follow the houthi threat in the red sea. this morning, 33 ships have been attacked since the start of the israel-hamas war hardest hit is usasia to europe with a 40% drop of suez canal traffic. among those delays in response to the attacks are tesla, target and ikea and volvo joining me now is casper ellerbach with dhl global.

>> thank you, frank. >> your top concern is the crew members and ships and safety we want to talk about logistics talk about the logistics and the delays and what it means for consumers in europe and in the u.s. >> i think first and foremost, the added complexity we are dealing with is similar to what we faced in 2021 with the blockage of the suez canal vessels have decided to be rerouted through the cape of good hope adding seven to ten days into europe we will have a number of delays of vessels coming into europe and cargo that was expected a week ago would be delayed. the added complexity is the vessel needs to return through the south. that means a delay of equipment return with vessels and

containers with additional 20 days >> you mention we have not seen the true impact. i speak to colleagues at dhl and i hear a lot of people saying what you are saying. we don't know the full impact. i want to point out the increase in rates for example, the china to west coast shipping lane increase up 35%. right now, it is the weeks leading in to lunar new year give us a sense of how much this does to lunar new year and the disruption with the red sea? >> it is both. chinese new year will always be the number one peak season for shipping with the lack of equipment availability coming into weeks four to six, we will see a spike coming into chinese now year

whether or not the peak remain is the question. most customers will try to fast forward supply chains to ensure they have goods to be sold on the shelves. that means we will see a stronger period past chinese new year on shipping elevation the ripple effect of this can spill into other trades. right now, we have seen an impact on the u.s. and european trade. u.s. trade is at issue with the panama canal with the lack of water. that is likely coming back through the panama canal with the issues why the suez. we will see the spread with the rate levels rising which is high >> casper, you are saying equipment. the equipment is con ttaincontas that is how goods are coming to the u.s. and other parts of the

world. give us a sense of the container situation. with these delays and ships taking longer trips, how does that play out past lunar new year >> there will likely be a container equipment issue. the vessels that are delayed in coming back from europe will have an impact on the equipment. the container availability in asia that is what we saw during the pandemic and the other situation where the equipment not coming back not just asia or europe or other trades they were all impacted because equipment can go anywhere in the world. >> casper ellerbaek, thank you >> my pleasure thank you very much. coming up on "worldwide exchange," one of the biggest players in the online gambling sus.e reports relt our contessa brewer is here on

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welcome back to "worldwide exchange." time for the "big money movers." discover shares are sinking. the credit card giant missing q4 profits as it deals with co compliance and higher costs and leadership shakeup it needs to set aside more money in the situation of the tougher consumer environment. shares of alcoa are better

than expected in q4. it is calling for another year of lower sales volume thanks to weaker commodities alcoa is gaining positive momentum as it works through approval of the western australia mines. shares are down .50%. and plug power plunging on news it could start selling shares the company calling out supply chain issues and pushing out timelines for the plants this as plug power focuses on the cash and liquidity position and pursues solutions. shares down more than 15%. turning to the gaming space. the sports book fanduel is hoping for a surge of investors with flutter listing on the new york stock exchange. this morning, flutter released fourth quarter results

contessa brewer has more >> frank, you have a surge by draft kings or the tie-up with espn which could knock fanduel off its pedestal, but not now. it is the number one in the market share with 51%. 43% of gross revenue for the fourth quarter the average monthly players are up 33% year on year. it was really a remarkable showing in online casino as well 5% improvement in market share over the previous year to 26%. it puts fanduel in second place. igaming is where the real profits are expected although seven states are offering it right now. u.s. revenue missed expectations fall football games ended with customers winning. overall, it was a $343 million impact on the quarter. that, in turn, effected the

margins. on the brief trading call, analysts pressed the ceo about the margins which were pressured. >> the nature of our business means there are periods where the outcomes swing in our customers favor in the u.s. in november this can cause issues with shorter time periods if we look across all of 2023, our actual margin was just 50 basis points below expectations. in 2022, it was ten basis points ahead. >> flutter did not release actual earnings numbers because the application to list on the new york stock exchange is still in front of the s.e.c. it says it will release earnings and full year guidance late in march. the executive team is really eager, frank, for the public listing. they said on the call they want to make the company more accessible to u.s. investors they are tired of draftkings

getting name dropped in coverage >> we hear a bit about draftkings flutter has a number one market share. that is surprising for a foreign company. what is driving the strength >> fanduel has had number one market share for a long, long time by 20% margin, give or take. fanduel and draftkings tied up80% of the market share. that shifts somewhat draftkings had a surge in the third quarter. fanduel says that they have this flywheel where the promotions drive the customers and the customers keep coming back because they like the product. they think they have a circular system that keeps the customer in their ecosystem they were first to the market with parlay and it is what they are known for and parlay is particularly profitable. it is very popular with the

customers even though it really does give the edge to the book we have seen and i just mentioned it about those fall football games and when the games turn in customers' favor, it is profitable for the customers. they love the big payouts. the other thing on igaming, which may be surprising, but they say they are getting their strength from the pure casino player, not a cross-sell from the consumer coming on the platform interesting the gains there especially from bet mgm. >> you mentioned the football games, contescontessa, cowboys g hurt the forecast for the companies. contessa brewer, great reporting. when the super bowl comes back around, we will have you back on. coming up on "worldwide exchange," the cloudy forecast from the ceo of google.

and if you miss "worldwide exchange" check us out on spotify or our podcast apps. stay with us more after this. to help you see untapped possibilities and relentlessly work with you to make them real.

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then you would know what year it was. i know what year it is. it is 5:30 a.m. in the new york city area there is more ahead on "worldwide exchange. here is what's on deck stocks trying to put a stop to the slide with the expectation of the march rate cut. we are marking one week since the launch of the spot

bitcoin etf. the streaming giant deciding to pass on the apple vision pro h headset. it is thursday, january 18th, 2024 you are watching "worldwide exchange" here on cnbc welcome back to "worldwide exchan exchange." i'm frank holland. we pick up with the check of the u.s. stock futures it is a mix. the dow lower. the s&p satisis higher. the nasdaq is up .13%. and look at the benchmark yield at 4.07% for the ten-year yield. and oil is edging higher this morning. look at wti up over .50% brent crude below .50%

we will watch oil throughout the morning especially with the red sea disruption that is the setup. let's check on the top corporate stories with silvana henao silvana. >> frank, good morning alphabet ceo is warning employees that more job cuts are coming sundar pichai says ambitious goals and big investments will force the company to make tough cuts to teams. that means eliminating roles and removing layers to simplify execution. alphabet is shifting investment to artificial intelligence with pichai saying the company will share a.i. goals for 2024 this week goodyear tire is expected to tap a stellantis executive as the ceo. mark stewart will be named

the report adds that announcement is expected this week bloomberg reporting that when apple's vision pro launches, one high-profile app will not be on the headset netflix will not launch an app for the headset and it will not make the app compatible. you have to watch on a web browser making the experience likely far less immersive. frank. >> i don't know how to take that >> i don't know. >> it doesn't impact me. i don't have one. >> i don't plan on spending $3,500 i'm okay. >> if yyou want "stranger things." okay coppingress is taking ing ts down to the wire to stop the

shutdown the stopgap bill heads to the house and senate today as the lawmakers look to reduce the debt which stands above $34 trillion we have emily wilkins with more on the story >> reporter: frank, you have to remember they are dealing with a third of all federal spending. the other two-thirds are at the core set to be approved this morning. this bill would create a mission commission to address the $34 trillion in debt to address programs that are automatically funded without congress app approving them every year. social security, medicare, med medicaid these are programs that congress doesn't reauthorize, but the government still has to spend. this is not the first commission to look at the debt. the michigan republican, the bill sponsor, says there is a

new level of urgency especially with interest rates back to normal and the amount the government owes on the debt which has doubled in the past three years. >> we have seen interest rates go back to historic norms which has caused our interest payments to just massively balloon. they are now competing with everything that we do on the domestic side. we have fewer options, but continuing to rack up massive debt >> reporter: although lawmakers hope to have the commission be added to bills for funding the federal government, it is unclear whether that is actually going to happen. there is bipartisan support. both house and senate have the bills. speaker mike johnson pledged to support it, but there are tricky political dynamics here as lawmakers who suggest the need to update social security, are seen by seniors to derail it that is something most folks

don't want to touch although reforms will be needed to social security >> emily, i want to circle back. you mentioned the tricky situation. the senate vote. w when is the senate vote happening? >> reporter: the senate has the process votes, but they came to agreement last night to speed things up. what we are expecting to see in the senate today is a smooth going forward with the vote earlier in the week which was bipartisan we are expecting to see that again. this could happen as soon as mid afternoon. 2:30 or 3:30 where the senate could officially pass the stopgap measure to continue government funding to march 1st and 8th. then it goes to the house. the house might want to pick it up today members have been told you might be voting on this. of course, they can vote on it friday and we h reqcan avert a

shutdown >> at least. that is the key or phrase. emily wilkins, thank you. turning to cryptocurrency. today is one week since the public debut of nearly half a dozen spot bitcoin dletfs one week is nothing to write home about, but the enthusiasm appears to show no signs of easing since the debut coinshares saysthe $870 million has flowed into the space. joining me now is ophelia schneider. ophelia, good morning. i'll spare you any shakespearean reference. great to have you here. >> good morning. thank you. >> give me a sense we see the flows we will show the chart in a

minute when you talk about people investing in your fund or other funds, what questions are you getting? >> it has been interesting the questions are somewhat different than i originally expected you are seeing a lot of people be highly interested in infrastructure in a way i didn't expect which is great. really digging into the guts of how the products work. i think there is a miss mi misconception these products are alike. we are early in the process. for advisors and lplatforms, the are figuring out which products they are offering to the clients. how they are planning to get smart on it. it is still unbelievably early

in the lifetime of the products. >> we are showing the fund flows. your fund had $250 million of inflows. are you surprised by that number is it higher than you thought? did you think people would pour money into this because there has been so much talk aboutit? >> i think this is in some respects more excitement for the products than i would have initially expected it certainly is way more than you would see for any kind of regular etf launch in the u.s. or elsewhere i think the numbers we're seeing are on par with what you expect potentially with the first year or two of the etf slice. not the first week i think the reason for that is partially pent-up demand i think you are also seeing the result of the ten-year process

to get the products to market. not just our product, but the $2 billion across the products that were launched on the same day, that's an amazingly r ly robust number >> that is fair. a number of etfs all released on the same day i want to talk about that and questions about volatility here at cnbc, i talk to a lot of financial advisers and people are word about the volatility of the eft and bitcoin which is a volatile asset class this is according to s3 partners, since the start of the year, crypto short sellers made $1.78 billion. they are up 27% this year. are you worried about volatility and the bitcoin etfs are at the top of the market and others that have been issued with trouble such as the cannabis etf? >> the short answer is no. if you look at the history of

investing, it has a tendency to be time, not necessarily a timing issue these assets perform quite well on a long-term basis as part of the balanced portfolio they are impactful to portfolios on a risk adjusted return basis. i think it is an interesting moment in crypto this is a bit of a change in mainstream adoption. we are moving from an asset that didn't really need to be discussed regularly as part of the mainstream conversation about finance. i think that has shifted over the last couple of years in the advent of the products will essentially push us into a world where people need to have an opinion. >> speaking of opinion and the established financial system, i want to play sound from jamie dimon from davos i want to bounce this off you.

i want to get your reaction. >> what do you think of the dozen big financial companies >> number one. i don't care please stop talking about this [ bleep ]. i don't know what he would say about block clschain and compan that do something. this is what makes the market. people have an opinions. this is the last time i'm stating my opinion >> ophelia, your reaction? it is obvious theword we plepleep bleeped out. it is clear. >> it is not for everybody it will not make sense for everyone's portfolio if you look at the history of how the asset class has performed and the benefits it provides to portfolio, it does have a place in the conversation i think that has been fairly well established we have seen quite a large number of financial firms come

around on these topics jpmorgan chase runs a very significant and interesting token platform and blockchain projects within their firm they are large proponents of the technology if he doesn't love bitcoin, i don't know that necessarily matters all that much. >> ophelia, fair point doesn't matter to you or your etf. o ophelia snyder, thank you. >> thank you. coming up on "worldwide exchange," tensions in the red sea escalate as another country finds itself involved in the growing conflict. forget alcohol, a new dry january could bring you a huge monthly payout siggis is willing to payout if you give up your smartphone for

a month. burt's bees and hidden valley ranch out with a lip balm you can buy a four-pack of lip balm with ranch and celery and carrot flavors and new data showing the majority of gen-zers are not driving. today, 25% of 16-year-olds and 45% of 17 year olds have a license according to the federal highway administration that's a shocker i could not wait to get mine "worldwide exchange" is back after this

welcome back to "worldwide exchange." t time for the morning call sheet. hertz is upgraded by morgan stanley. and wolfe upgrades s analog shares up 1%. the more trouble for spirit airlines the stock down 60% this week

look at the chart. citi downgrading the carrier to sell and cutting price target. following the decision around the scrap jetblue merger, the new bid is unlikely after restructuring debt shares down 60%. time for the global briefing we revisit the top story pakistan launching air strikes in iranian territory killing a number of militants. this in spans tresponse to the k on tuesday the u.s. conducting strikes on houthi cartargets in yemen shares of taiwan semi rising, but numbers are down from a year ago. the chip maker calling for spending for the year which is steady and the increased demand for a.i. it will expand through a plant

in germany. and watches of switzerland shares are plunging 30%. the company cutting 2024 guidance and challenging conditions weigh on the luxury spending market. sales for watches and non-branded jewelry is under pressure from the uk. coming up on "worldwide exchange," the one word every investor needs to know and the country which our next guest says it is top of mind for the next key rate decision. if you miss "worldwide exchange," check us out on your favorite podcast app more "wex" after this.

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welcome back to "worldwide exchange." time for the "wex wrap-up. the faa is saying the inspections of the 737 max 9 jets is complete it will create a corrective

action review board if the planes can resume flights. and sheryl sandberg is leaving meta's board she spent seven years at google. apple will remove the blood oxygen feature from the series 9 watches after the judu.s. lifte the ban yesterday. and shein has a probe into the china regulator. discover shares sinking after compliance and risk management issues and higher costs as well as the leadership shakeup. and plug power calling out unprecedented supply chain issues and pushing out timelines for the plants you see the shares down 16%.

you see several pieces of economic data head of the open today. jobsless claims and building permits as well as earnings from key corp and m & t bank. we get fed speak from raphael bostic. let's look at futures. we see a mixed look earlier today. similar picture now. all three indices now in the green. nasdaq is the best up .50% for more, let's bring in jeff kleintop from charles schwab great to have you here. >> thank you >> what do you think about the action in the futures? it was mixed before, but now all three firmly in the green. >> frank, it is like returning a christmas gift after the holiday. taking back the christmas rally. we are soon going to enter the

quiet period ahead of the next fed meeting. they will refocus on earnings which are solid so far >> you are focused outside of the u.s. we don't pay a lot of attention to it at cnbc. japan's cpi. why is that so important for investors? >> i think it is the most important piece of economic data that's because japan cpi for december is going to be the last key data point ahead of the bank of japan meeting where there will be a potential hike in 17 years. any rate hikes over the next year hold the potential to prompt japanese investors to sell foreign stocks and bonds and bring them home poboosting japanese assets. >> your wex word of the day today is japan i jumped the gun these are not your picks, but etfs exposed to japan which

could benefit from the cpi reading and the decision by the central bank i want to look at something we talked about earlier in the show with the supply chain. you are looking at container rates, specifically from china and asia to the u.s. west coast. that lane is not impacted by the red sea dispute. the rises have increased significantly year over year why do you think that is important to u.s. investors? >> well, inflation is a hot topic, particularly with central banks. container shipping prices are poised to rise above the year ago level. they have been falling for two years. the first time since the peak of the supply chain that we see rising year on year thnumbers. the choke points are impacting supply chains, even those not going through the suez or the red sea. prices are up 40% from shanghai to l.a that feeds across the cost

structure and we could see more pushback on the expectations for the fed rate cuts. that could be bad news for stock valu valuations especially those that thrive on the market liquidity like the magnificent seven. >> you are worried about the supply chain that makes sense that is the reason for the inflation we saw during the pandemic we had a guest on earlier that believes some of it will ease after lunar new year when there is an uptick you are talking about. if we get past the point and rates on the supply chain continue to go back down, does that change your view about the impact ofthe supply chain on fed decisions? >> right now, it is a risk it is not the base case. the other thing peaking is the el niño. there is no rainfall there for suez and if weather patterns reestablish normal patterns, we could see the concerns begin to ease >> you are looking at japan cpi

today. anything else investors should pay attention to we have a number of regional banks reporting as well. >> some of them are exposed to the commercial lending issues over others. that is really important knowing that is a weak part for the bank stru structure. >> jeff, thank you for your time and insight. one more look at futures before we let you go all three indices now in the green. the dow looking like it would open 25 points higher. that will do it for us on "worldwide exchange. "squawk box" is coming up next have a great day

good morning from the world economic forum in davos. it's thursday. the chill from the mountains putting a chill on the markets as stocks struggle to break the cold snap this week. global hot spots fs flaringp more targets in yemen. now pakistan and iran are taking shots at each other. afternoon alphabet's ceo wa

cuts for a.i. it is thursday, january 18th, 2024 and "squawk box" begins right now good morning welcome to "squawk box" here on cnbc we are live from the world economic forum in davos, switzerland. i'm becky quick with joe kernen and andrew ross sorkin our third day of coverage here at the economic forum. our final day of coverage. markets are following what is coming from davos, but getting fed speak and data this morning. bostic is expected to speak at 7:30 a.m. eastern time on the state of the economy we will have weekly jobless claims coming in at 8:30 a.m ahea