it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." we kickoff on the trading week with the major averages at all-time highs with the earnings season kicking off. also on the campaign trail, florida governor ron desantis ends his bid for the republican presidential nomination. setting up a head-to-head with nikki haley and donald trump in new hampshire. more trouble for boeing as they inspect for more loose door panels. we will talk more about that later in the show. the group of investors is

looking to get hostile with macy's. and top take aways from jane fraser and her lunch with warren buffett. it's monday, january 22nd, 2024. you're watching "worldwide exchange" right here on cnbc. good morning and welcome to "worldwide exchange." i'm frank holland. i hope you had a great weekend. let's start your day with the hour and check of the u.s. stock futures coming off a blockbuster week for trading. the dow would open up 50 points higher. it's early. ahead of the open, the dow and s&p 500 and nasdaq are all set to push further into the record territory after the rally on friday which saw all of the averages close more than 1% higher. the dow logged the best day since november. s excuse me.

mid-december. one-third of the dow is set to report. i'm blocking some of it. we have 69 s&p due out, including very big ones. netflix and tesla and united. a check of the bond market with the 10-year yield and 20-year yield and 30-year yield check here. 4.21% for the ten-year yield. oil with wti trading at $73.50 a barrel. that is the morning setup. let's get a look at the top corporate stories with henao. silvana. >> good morning, frank. u.s. regulators are asking that airlines inspect beyond the max 9 and including those not involved in the alaska airlines blowout. the faa said airlines should look at the fleets of 737 900 er

to check the door said. the er is not part of the max fleet, but it has the same design which allows for the addition of the extra emergency exit door. ark house is threatening to bring the $5.81 billion bid to take macy's private directly to shareholders setting up a battle for board room seats or a hostile takeover. macy's rejected the proposal over the deal financing and valuation concerns. jetblue airways and spirit are appealing the court ruling which blocked the $3.88 billion merger and send spirit shares had a tailspin. jetblue offering no new details with regards to the merger and only adding the process is

consistent with the requirements of the merger agreement. spirit and jetblue shares. spirit is higher in the pre-market 5%. jet blue is slightly lower. frank. >> silvana, thank you. we will see you later on. turning attention to the developing story and the 2024 campaign trail as florida governor ron desantis suspends his bid for the republican nomination. that decision coming two days before the new hampshire primary. we have brie jackson with the latest from new hampshire. brie, good morning. >> reporter: good morning. this came as a surprise here in manchester, new hampshire. florida governor ron desantis suspending his campaign after his highly anticipated rollout and jumping into the race. it comes after desantis' second place finish in the iowa caucus and days before voters here in

new hampshire head to the polls to weigh on who they think presidential nominees. frank, a little bit more pe perspective about all this. this comes as donald trump is trying to secure the nomination. now it becomes a one-on-one match up that nikki haley said she has been waiting for. she wants to gain ground here in new hampshire. she is hoping to pick up some of the moderate and independent voters that are here. ron desantis did endorse donald trump in the announcement he made on x last night in the

video he posted. donald trump thanked desantis for that. we know there will be two dozen republican nominee names on the primary ballot here in new hampshire. the majority of votes are expected to go to former president trump and nikki haley. it remains to be seen which candidate benefits the most from desantis dropping out. >> it will be interesting to watch. back in 2016, donald trump held a rally in new hampshire the night before the election. thank you, brie jackson. great to see you. turning attention back to wall street and s&p 500 posting the first record close in more than two years on friday. the index finishing at 4,839. topping 4,796 on january 3rd back in 2022. the move breaking a streak of

512 trading days without a new high. that is the longest stretch since october of 2007 to march of 2013. 1,375 days. let's get more perspective with ryan detrick at the carson group. ryan, good morning. >> good morning, frank. thanks for having me back. >> we saw the new record high last week. you gave us research about the new record highs. they are a bullish sign. you say according to research, 92% of the time, the market has a rise after the new record high. do you see the setup for the same trend? >> we do, frank. we will hit new highs. we are bullish. since 1957 when the s&p was 500 stocks, there have been 1,200 new all-time highs. they happen often. the average return after random

all-time high is average at 9%. when you go at least a year without an all-time high, we went two years, the returns get really, really good. not too surprising. you have gone a while without a new high. a year later, 12 of 13 times, like you mentioned and up 12% on average. the median returns are better. to put a bow on this, we have gone a long time without a new high. now we still think stocks are going to do well here. >> you say pretty well long term. we have another chart to show the audience. this is interesting. after a 20% gain, not the record high, but the over 20% gain, weakness is common noin the nea term after the gain. should we expect a rocky rest of january or rest of february? >> we think that is very possible.

we'ir making all-time highs. you gain 20% the year before and the first quarter could be choppy. layer on that, frank, with the election stuff -- election years. it is later in the election year when you get the upward move. we are optimistic. if we have indigesindigestion he second half is better. you don't blindly invest. they really played out. be aware in the first quarter which could be choppy. >> we showed you the charts. i want to ask a tougher question. the broadening thesis fall apart with the tech showing leadership. as we see the likely gains and trends tell us there could be gains this year, what shows leadership and what shows weakness? give us a sense of what is up and what you see as being down.

>> most things will be up. we still like the small caps and cyclicals. i know small and midcaps -- peel back the onion. small cap industrials are leading. we are not saying small caps are weak like others. you have the right leadership there. one more thing on the russell 2000, frank. 22%. huge rally. when you look after that in history, you get stronger out performance. we think the broadening is out. >> ryan detrick, thank you very much. >> thanks, frank. coming up on "worldwide exchange," and the one word that investors need to know today, but more on the desantis dropout and what it could mean for nikki haley in new hampshire and beyond. stocks in japan hitting the highest level in more than 30 years with the knikkei up 9% ths month. we look at the bull case for japan and if the rally has more

room to run. you heard of breakfast with buffett, but what citi's ceo jane fraser is saying abouhet r outing with the oracle of omaha. we have a very busy hour when "worldwide exchange" returns. xi-chun, xi-chun, xi-chun! you've got more options than you know. book now.

welcome back to "worldwide exchange." a market flash. shares getting hit hard in the pre-market for archer-daniels. the company placed the cfo on

administrative leave for accounting frpractices. shares down 2.5%. archer-daniels under pressure in the pre-market. a mixed day of trading in asia. shanghai and hong kong down 2% after hitting five-year lows last week. the nikkei continues to move higher hitting a 34-year high. the boj is not expecting to adjust policy until this spring. the nikkei is up 9% in 2024. bank of america reporting that japanese stocks saw the largest inflows in stocks last week. boa calls it anywhere but china trade. let's talk to eddie chang. eddie, great to see you. >> good morning.

>> we continue to see the nikkei o o outperform. would you advise clients to invest? >> first of all, i will touch on what are the reasons behind this impressive performance of the japanese equity market since 2023. the first reason is the ext extremely loose monetary policy. over the last decade, our research shows liquidity is one of the important drivers of asset prices. we expect bank of japan to normalize policy somewhere this year, it is still at an accommodative level. the second reason of the puerto rico performance is the valuation and corporate reform perspective. if you look at the japanese equity from the valuation perspective, it is more attractive than u.s. equity

after an impressive 2023 performance. you see the move in upgrade gaining momentum which is adding to the impressive performance. >> that's the set up. that is why it is attractive. let's hit on what you talked about. the rates in japan, nothing is expected during the two-day meeting, but the direction of rates and expectations is good or bad for investors? >> i think the picture is more mixed. on one hand, you see the headwind potential in the equity market because of the increasing sign for boj to normalize policy. that's at the same time with the global central banks starting their cutting cycle. the stronger currency of japan becomes a headwind for the equity market. on the other hand, as i mentioned earlier, boj is only expected to move from even as early as march from what we call a negative interest rate policy

to zero interest rate policy. >> you are giving us the other hand. i want to go back to the do dollar/yen. with the weaker yen, does that make japan unattractive? are you looking at certain sectors as the yen is weaker? >> yes. from a broader japanese market, we do see the attractiveness coming from the weaker yen. on the other hand, the direction of travel this year has potential of the stronger yen. in that case, i think there are two sectors potentially benefitting from that. number one is the banking sector. the relaxation of the yield curve and the negligative inter rate. that will repair the return on equity. on the other hand, the tech and i.t. sector, which is the sector less impacted in terms of

sensitivity to the currency movement. that is the sector we focus on as well. >> eddie cheng says banking in japan. thank you for your time. >> thank you. coming up on "worldwide exchange," a look at the cyber rally rocking wall street and the stocks leading that charge higher. stay with us. more to come on "wex." "what should we do with it?" bacon and eggs 25/7. you're darn right. solar stocks are up 20% with the additional hour in the day. [ clocks ticking ] i'm ruined. with the extra hour i'm thinking companywide power nap. let's put it to a vote. [ all snoring ] this is going to wreak havoc on overtime approvals. anything can change the world of work. from hr to payroll, adp designs forward-thinking solutions to take on the next anything. [♪♪] your skin is ever-changing, take care of it with gold bond's healing formulations of 7 moisturizers and 3 vitamins.

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welcome back to "worldwide exchange." i'm frances rivera with the news update. two missing navy s.e.a.l.s after the search, the u.s. says the members are classified as deceased. the two went in the water off the coast of somalia on january 11th. it was part of the military operation intended to counter rebel attacks on the merchant ships in the red sea. a privately chartered spacex capsule docks at the international space station. it has the first all-european crew. the axiom mission will spend 14 days at the iss. and patrick mahomes in the third playoff duel with josh allen and the bills.

kansas city took the lead as bills strugglstruggled. tyler bass ended in heartbreak for buffalo. frank. >> i like what you worked in the taylor swift lyric. every game is all about taylor swift. >> it is. travis kelce hasn't scored since december. "you belong to me" with the t.d. >> it adds fun to the game. frances rivera, great to see you. we are watching cybersecurity etfs this morning. they are moving higher. stocks out performing the market since the regulations in december that mandate the company's report to regulators. according to the new regulations, if a material cyber incident occurs, companies have

four business days to file a report. companies also must describe the board of directors oversight of risk from threats and management's role in assessing and managing material risk. industry giants palo alto surging as companies are looking for reliable partners with compliance on the standards. there is an added incentive for companies to increase cybersecurity spend because there could be real penalties for late reporting or omissions. >> there is also implications to the person that is actually requesting the budget, the chief security officer, they now have concerns that they may be personally libel if there is a security incident that happens on their watch. all of those things together are creating a lot of resilience in the budget of companies for

cybersecurity technology and services. >> speaking of budgets, the latest report says the budgets are getting tighter from the growth rate of 8% down from 6.8% this year. let's discuss if the trend can continue this year. joining me now is joe gallow. joe, good morning. >> good morning. >> let's talk about the cybersecurity in general. cyber stocks out performing. do you think that can continue? >> absolutely. the last speaker mentioned cybersecurity is the top private. our checks are indicative of improving budgets. i think that underscores the cybersecurity. that can drive stocks higher. >> do you have top picks? >> our top picks are zscaler.

we think all investors have to own and over the long term with crowdstrike and palo alto. >> do companies in general look for more protection and the ability to comply with the standards and what it is about these companies that are leaders? palo alto up double digits today. >> these companies in particular are levered in trends you want. their customers are enterprise customers over s & b. they service cloud and the platforms. they can consolidate spend. if you have a lot of solutions to manage and pay for, then the consolidators of spend can help and continue to gain market share. >> give us a sense of the a.i. i am pimpacts of the stocks in

general. if it can emulate a drake song, it can emulate your boss email. how do you review? >> a.i. is the next tidal wave driving software higher and increases the threat surface. we saw this last week with microsoft hit by hackers. i think it underscores the importance and improvement you will see in cyber budgets. it will be top of mind. securing a.i. a lot of companies think how can i unroll microsoft copilot. you have to make sure data and governance controls are in place. you have to sign off before we implement is the executive. >> joe gallo, thank you. palo alto with the regulations in the sector. thank you. coming up, three weeks in to

2024 and we are seeing it might yos. out to be the year of th e companies joining macy's and wayfair and more. we're coming right back with that store after this.

it is 5:30 a.m. in the new york city area. there's a lot more ahead on "worldwide exchange." here's what's on deck. kicking off a new trading week at the all-time high.

and there were two. florida governor ron desantis pulling the plug on the 2024 white house bid. how the trump versus haley race stacks up and what each of the candidates could mean for your money. and earnings season rolls on with the airlines in focus thanks to the turbulent start to the year and the impact of the grounding of the boeing 737 max 9. it's monday, january 22nd, 2024. you're watching "worldwide exchange" right here on cnbc. welcome back to "worldwide exchange." let's start your first trading day of the week. we pick up the half hour check on the u.s. stock futures with the markets in record territory following the whipsaw action last week. the dow would open up 50 points higher. nasdaq .50% higher. the driver for the action this

week is earnings. nearly one-third of the dow set to report and 39 of the s&p 500 companies are due out. netflix, tesla and united. more on united in a moment. it is a very full slate this week. we are checking the bond market with the yields at the highest level in more than five weeks. the benchmark at 4.11%. that is the yield which is basis points lower than earlier today. let's check on the overseas market with the nikkei knee nik climbing .13%. we are getting a look at the early trade in europe. an inverse to what we saw in asia. right now the dax and cac 40 leading .13%. that is the setup.

let's check on the top corporate stories with silvana henao. silvana. >> frank, good morning. solar edge announcing it will layoff 900 employees. that is 16% of the work force with the focus on the manufacturing sites. it comes as the company looks to carry out a restructuring effort to slash operating costs with the stock down more than 76% in the last year. it is up slightly this morning. up 6.5% in pre-market. solar edge joins a list of companies announcing layoffs this year. including citi, alphabet, amazon, wayfair and blackrock. exxonmobil filed a lawsuit in an effort to block a shareholder resolution focused on climate. according to reports, the energy giant is taking on u.s. and dutch investor groups in an effort to remove the extreme agenda from the ballot at the annual shareholder meetings. investors are looking to force

exxon to accelerate the pace of reductions in greenhouse gas he mis emissions. the oracle of omaha giving advice to citi ceo. warren buffett and jane fraser had lunch together and buffett told fraser to keep going with the reorganization. oracle has a $2.5 billion stake in in citi. shares are up in the pre-market, frank. >> a show of support from the huge shareholder and a brilliant financial mind. it has to feel good. >> i think so. >> silvana, thank you very much. turning back to the top sto stories. ron desantis ending his bid for the 2024 presidential nomination. in a statement posted to x and now endorsing former president

trump. the move leaving trump and nikki haley as the two contenders for the nomination. haley is the alternative to trump and emerged as the top dog in the race according to wall street. druckenmiller and kravis are co-hosting a fund-raiser in new york for haley with tickets going as high as $33,000. joining me now is washington policy analyst ed mills. great to you have here, ed. >> good morning, frank. >> let's dive into it, ed. how should investors view the fact that the gop field is now donald trump and haley? >> our view is looking at polls, this is trump a's nomination to lose. new hampshire is nikki haley's

best chance for a win. the question real as i where does that desantis vote go? with his endorsement of trump, that gives momentum for trump. this could be the last stance for haley. new hampshire has given us vic surprises in the past. that's what we are watching. >> it could be a surprise. i want to get your take on wall street lining up to support nikki haley. there are two economic plans. which one has the potential to be better for wall street and are you surprised to see so many donors lining up to support the former south carolina governor? >> i don't. i think one of the things i get asked most at raymond james is what happens on the tax cuts. nikki haley represents for a lot of investors the clearest path

to less volatility between the two candidates. a more quote/unquote traditional republican. that is not a surprise that's where they may be lining up. they are waiting until the end of the month. it is not clear if fund raising will happen if she doesn't have a strong finish in new hampshire. >> a lot to watch there. one thing i want to ask is trump's economic plan. he has given us pieces of it. one is the 10% tariff. how should investors view the potential of this tariff fight ramp back up? it could also increase tensions with china. >> frank, i spent years during the trump administration dealing with tariffs. we saw a lot of tariffs he proposed went to effect. it is not a 10% tariff on everything. there is a process. that will weigh on any imports

and in the u.s. relationship with china, the expectation is the tariffs ramp up. what happens to everything else that has been done? tech exports. are there offsets there? >> a lot to watch. we are showing the audience the thfz pri new hampshire primary and then the south carolina primary. you are asking if she can make it to south carolina. ed mills, great to see you. >> thank you, frank. looking at shares of united airlines looking to extend the year-to-date decline after the close today earnings. it is not just united. stocks selling off as two big events hit the sector. let's talk more about this with steve trent at citigroup. steve, great to have you here. >> thanks for having me. >> let's start with united. earning coming up later today.

what are your expectations and what is your price target? >> to give you an industry answer on that, we generally are more constructive on the large network carriers. if one looks set, the various puts and takes them to the network carriers advantage and the international long haul and post-pandemic pivot and into economy plus seating in the cabin. you have credit card branded revenue. those drivers continue to be important. we think we will continue to see strong trends like we saw with delta airlines recently. >> you continue to expect more upside. by the way, the average rating on the street is 65.

you are more bullish than that. i want to talk about boeing. how big of an issue is this for the airline sector? we are talking alaska and united and southwest impacted. industry wide, how impactful is it? >> it is important. the industry has not gotten a break from the supply chain usua issues. whether it is the max 9 problem now or the fan blade issue with the pratt & whitney. everybody is waiting on the faa to give the green light on when we get the planes back into service. meanwhile, we have these aircraft on the ground, you know, there's revenue associated with that which looks like it will be short term and probably we get past the particular issue over the short term.

it is concerning we are not done with the supply chain problems. >> i want to talk about something that appears to have more long-term impact. the failed merger with jetblue and spirit. i was speaking to ed bastian. he said it used to be the race to the bottom of the low fareses. n now it is low options. >> i think when mr. bastian's comments make sense over which airlines are doing well now is the airlines offering something beyond main cabin. premium cabin or loyalty program revenue. we have seen a post-pandemic pivot away from no-frills seating. most people are no longer in the office five days a week.

this pre-pandemic pattern of flight out sunday night is gone. it is broken down. that shift or demand has moved away from ultra low cost. at same time, the u.s. doesn't have the air traffic control capability for a lot of airlines that do the very high blackout utilization pre-pandemic. that business model is in a tough spot. >> are the low-cost carriers going away? >> i don't know if that whole sub sector disappears, but i imagine that sector is going through soul searching. if one looks at pre-tax margins, they used to have high pre-tax

margins pre-pan ddemic. we are seeing those for the reasons i outlined. no-frills passenger service. >> is a thing of the past. people want amenities. i want legroom. stepay stephen trent of citi, thank you. regulators out with a new round of reviewing after the door panel blowout. we have all of the details when ayitustus. st wh .

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[talkative stomach gurgle] you're right, i bet they deal with this all the time. dr. finley really puts you at ease. let's do it! you've got more options than you know. book now. welcome back to "worldwide exchange." time for the morning call sheet. oppenheimer downgrading home depot. it says share the valuations are not stretched, but data suggests the sector is facing weak consumer demand factors. shares are down slightly. hsbc downgrading lululemon to hold. it out performed the sector in the past, but the gap is likely to narrow over this year and next. shares are unchanged in the pre-market. ubs is upgrading jb hunt moving to buy and price target to 234 per share. it sees evidence of the margin

reaching a bottom. time for the global briefing. we start with the nikkei hitting t the 34-year high following the positive earning report last week for the semiconductors. this after the key central bank decision tomorrow with many expecting the bank of japan to maintain ultra low interest rates. and also sony calling off the merger with zee entertainment. the deal was announced over two years ago and was seen as a potential major market mover for both companies as they navigate the competitive media industry. sony says the failed merger will not have any material impact on the fiscal 2024 result. you see shares of sony moving 2% higher. zee entertainment down 1%. and kindred receiving a takeover

bid for fbj. the wall street tujournal repord the offer at $2.5 billion. the shares of kindred up 2%. the french company up 6%. coming up, the one word every investor needs to know today and the next guest says the markets are stuck in a holding pattern and the s&p sitting at the fresh all-time high. and if you miss "worldwide exchange" check us out on apple or oerth podcast apps. more "wex" coming up in a minute. stay with us.

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welcome back to "worldwide exchange." look at the pre-market gainers for the s&p. paypal up 3%. consolation brands up 2%. the dow gainers as well. intel leading the dow at 1.3%. salesforce is behind with cisco systems as well. turning to the "wex wrap-up." the faa is expanding boeing je jej jet inspections. this as jetblue and spirit appeal a court decision blocking the $3.8 billion merger. and ron desantis ending his bid

two days before the new hampshire primary and endorsing donald trump. and investor group threatens to take the fight to macy's directly after the valuation concerns. shares of macy's up 1.5%. shares of archer-daniels puts the cfo on leave as it investigating the accounting practices at the company. the company is cooperating with the s.e.c. also buriaird is cutting the pr rating. terraform files for bankruptcy after the ongoing legal challenging after the arrest of the co-founder. and the business of economics forum shows that 90%

of economists believe the u.s. will not hit a recession this year. here is what to watch. two key bank decisions on thursday. a close economic report out and home sales on friday. the most market moving will be earnings this week. we have a diverse batch of names with one-third of the dow set to report. 69 s&p companies and verizon and 3m and johnson & johnson and intel reporting this week. let's see futures right now solidly in the green. look like the dow would open up 50 points higher. nasdaq up other than .50%. let's bring in degas wright. degas, always a pleasure.

>> frank, great to be on ywith you. >> degas, we see a lot of movement today. what is your wex word of the day? >> the word of the day is b bundle. >> you are talking about bundling. is there a sector you are thinking about? what sectors do you believe have the ability to bundle? >> technology and also healthcare are the leading sectors to bundle artificial intelligence in the products and services. >> you are looking at those sectors. i want to go through a couple of names. one is microsoft. it follows on that theme. another is klac and regeneron. which will do the best in the near term? a lot of anticipation of fed

cuts. which is the one you are most bullish? >> i'm most bullish about microsoft. it has really done a great job of integrating a.i. in the products and services with copilot and azure cloud. those applications are doing well. >> i want to look ahead to something that is moving the market. earnings and the fed. one thing you are looking at here is the atlanta fed metric of sticky inflation at 4.6%. what does that mean for the fed decision for rates? >> one of the things with the sticky cpi means the fed wants to target it to 2.5% before they think about easing. we're looking at still a pause until we bring down the sticky cpi. that sticky cpi is difficult to get under control.

the fed has to be resolute to get that under control. >> the fed has to be resoresolu. we will see six or seven cuts this year or the fed signaling three? how does that impact the markets going forward the rest of the year? >> what we're seeing is not six. we are seeing there could be easing late 2024. we're very concerned about getting that sticky cpi under control. >> we have to continue to watch. again, degas wright's picks are microsoft and regeneron and klc. we have to wait to see if tech continues leadership today. we have seen a rise in rates. how would you play tech where we see higher valuations and rates moving higher? >> we look at that a.i. theme and you want to focus on the megaruptors and supplies

to the industry and those that can do applications. you have to look under the hood and understand. >> does it make you feel bullish or concerned it will pull back? >> we are still bullish risk-on in this market because we feel that the aspects of the market are artificial intelligence. you talked about cybersecurity earlier. those will be drivers into 2024. >> degas, we have to leave it there. ghe dow would open up 50 points hier. that is it for us. "squawk box" is coming up next. (♪♪) (♪♪) (♪♪)

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good morning. shakeup in the presidential race. governor ron desantis dropping out and then endorsing donald trump. we will show you what he is saying about the remaining rival nikki haley. and two economic points on the calendar could shape the policy in months to come. the squawk planner straight ahead. and exxonmobil suing two investors that is trying to damage its business by forcing curbs on emissions.

it is monday, january 22nd, 2024 and this is "squawk box" from times square begins right now. good morning. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. we were just saying nothing can make you miss times square like being really far away and really cold. we are glad to be back. i'm becky quick along with joe kernen and andrew ross sorkin. here we are, fellows. >> not quite like hitting your head against the wall because it feels good when you stop. we like davos. it's a grind. >> we like coming home. >> that six hours -- >> six-hour difference. >> you don't know if