it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." we he start with stocks pushing into positive territory. we have breaking news this morning. a hong kong court orders evergrande to liquidate. also, in the middle east, regional risk continues to rise after the attack by the iranian-backed militants claims the lives of three u.s. service members. united airlines reports to

make good on the new jet orders. ahead of the friday jobs report and ahead ofthe big month for layoffs for tech and beyond. it's monday, january 29th, 2024. you're watching "worldwide exchange" right 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. stocks futures. a mixed session on friday with the dow closing at the all-time record high. a bit of a mixed picture right now. the dow opening up 70 appointpoints lower. investors are getting ready for the busiest week of the earnings season. 19% of the s&p 500 reporting. microsoft, apple, meta and

amazon. we ares als also checking the b market. the fed policy decision on wednesday and the jobs report on friday. look at the yields. the benchmark at 4.10. the same level we saw last week. and energy is closing in on $80 a barrel. wti at $77.80 a barrel. it has risen from the levels on friday. this is after the white house said three u.s. service members were killed in the drone attack by iranian-backed militants in jordan. that is the first of the kind houthi strike. we have helima croft later in the hour to weigh in on oil. let's the money set up. let's see how europe is shaping up with joumanna bercetche who

is live in the london newsroom with more. joumanna, good morning. >> good morning, frank. over here in europe, we are keeping a close eye on the geopolitical developments from the middle east. that price of oil actually having a knock-on effect with the commodities within the ftse 100. they are out performing this morning. that is the reason for the ftse 100 having the only bit of relative green the stoxx 600. for the most part an, we are in risk-off territory. the ftse mib is down .80%. spanish index is down .50%. one name we are watching out for is bayer. the chemical companies coming under selling pressure this morning down 5% today after further legal cases in its roundup weed killer drug. cac 40 is trading iaround the

flat line. this is where leadership is coming from with oil and gas at the top. media is up .40%. on the flip side, banks are down .60% as we gear up into the earnings season with the big names reporting in the next few days. autos are down .90%. and holcim is at the top of the stoxx 600 after spinning off the north american business with the valuation of $30 billion. frank. >> joumanna bercetche, thank you. time to get a check of the top concrporate stories with silvana henao. >> good morning. the white house is set to announce subsidies to top semi kconduct er companies. the announcement is aimed at kick starting the advanced

chips. united airlines is speaking with airbus about buying more a-321 jets in the effort to fill the potential order void left by boeing 737 max 10. reuters states no deal has been reached yet, but scott kirby did fly to france in recent days to speak with aerospace giant about the quid pro quo deal. and willscot mobile is growing in a merger deal. the cash and stock deal is expected to become official as soon as today. frank. >> silvana, thank you very much. turning attention to china and the developing story this morning as an the honk conc kong kortd court is ordering yoefrgz

to liquidate. we have eunice yoon with more on the story. >> reporter: frank, the hong kong judge said enough is enough. the judge agreed with the creditors that the skrug struggling property developer had enough chances to come up with a debt restructuring plan. the hong kong company evergrande saw shares halted today and before that, the shares actually had plunged. a lot of that was due to a report that the company could not come up with the 11th hour agreement with creditors for the restructuring plan. this is a sagging saga that the investors have been watching for some time. this company has $300 billion of liabilities. the company, of course, still is

unclear as to what it plans to do next. in the statement, the ceo said he was soirry of the winding up order. frank, he told the local paper that this order only applies to the specific hong kong listed company. >> eunice, here in the u.s., creditors get paidbefore stockholders. will that work similarly in this situation? >> reporter: unlike the u.s., these courts are very dependent on what happens in china. even though hong kong is seen as governed dfifferently from the mainland, everybody is watching with beijing and specifically the beijing-backed courts. although the lick dliquidator i

decided in hong kong, the chinese courts will decide if they recognize the the liquid orers. people are still watching the case. >> we are looking at the chart. evergrande shares down 90% in the last year. we will continue to watch the story. eunice yoon in beijing. more to come on "worldwide exchange," and including the one word that investors have to know today. first, earnings, the fed and the jobs report. the next guest says what will have the impact on the next move from the fed. and january is shaping up to be a major month for layoffs in tech and beyond as companies look to do more with less. we have the chairman of recruiter.com weighing in on the

trend. and a big week for microsoft and tesla as the magnificent seven gets cut down to six. the key themes on the market and what is coming up next. we have a very busy hour when "worldwide exchange" returns. stay with us.

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taking a look at futures,

the dow would open up 50 points lower. the nasdaq in the green moving higher. look at the winners in the nasdaq or gainers in the nasdaq 100 in the pre-market. amd up 1% along with tesla and nvidia. we will talk about that throughout the show. turning attention back to the markets with the busy week of the fourth quarter earnings season. five of the magnificent seven are delivering this week. investors preparing for fresh reads on the economy and the future of interest rates with the new fed decision on wednesday and the monthly jobs report on friday. joining me now is alan mcknight. alan, good morning. >> good morning, frank. >> busy week of the earnings season. big names reporting. do you believe the earnings from thing magnificent seven will justify the valuation from the names and the market overall?

>> we think they will print really good numbers. we think they will justify to some extent. the reality is how will the market react to that. earnings continue to grow, but the balance sheets are strong as well as the opportunities there, but the value is the issue on the holdings. with five of the seven coming out, that puts volatility on the markets. >> one thing that pushed markets higher is consumer spending. consumer confidence is an increase for back-to-back months. last month in that report, the increases were driven by households making over $125,000 a year. what does that say to you? >> we think it is the best of times and worst of times. for the low-income consumer, inflation is eating away at their spending power. on the high-end of the market,

luxury makers are printing good numbers and high-income consumers are continuing to spend. we feel the u.s. consumer demise reports are exaggerated. we feel the u.s. consumer is in a good position. on the lower end, it is hitting harder. >> do you agree with jim cramer with the magnificent seven that these names reporting this week fit the category? >> i think they are impacted by consumer spending particularly with apple and amazon. they transitioned a bit, but they will be impacted by consumer spending. what they have going for them is the ability to generate significance levels of free cash flow with strong balance sheets without the need to have to layer on more debt.

to a certain extent, investors love to put money back into the names with the confidence level and earnings power. >> one area you and your investment committee is talking about is china. we are looking at evergrande shares under pressure. hong kong court ordering the company to be liquidated. what is the risk to other areas of the global economy when it comes to china? >> we think the challenge is that china impacts so many other parts of the economy. where you are a multinational that is selling into china or you are a multinational using china with production and services, the reality is it is hard to get the foeel for the numbers coming out of china. as we look at companies on a global scale, it is hard to know how much impact is there. what we believe is we continue to see a slowdown in spending from china. that will put a detriment to a lot of the revenue growth we may

have seen for multi nationals for a key source of growth going forward. for us, it is a hard to put a valuation on something where the underlying data. >> alan, thank you. coming up on "worldwide exchange," we turn to the argentinean soaring stock market with the unrest and sweeping economic reforms, but is the onvestor enthusiasm too much too so? we will try to answer on "wex" coming up. stay with us. (♪♪) (♪♪) (♪♪)

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today, i'm here to tell you the western world is in danger and it is in danger because those who are supposed to have to defend the values of the west are cooped by the vision of the need which leads to socialism and thereby poverty. >> he was a star of the forum in this davos in switzerland. now he is doubling down on radical economic reforms. speaking with the wall street journal and promising a free market revolution in the face of 211% inflation and rising population unrest and outstanding $41 billion imf loan and stock market up 30% this month alone.

his mission to turn the economy around is not without risk to investors as well as those companies with exposure to argentina which includes american express and p&g and sherwin williams and more all warning of the material impacts of the argentinean crisis. joining me now is the head of em strategy at global x. malcolm, good morning. >> thank you for having me. >> we touched on the rise with argentina and equities. we're seeing a lot of upside here, but there is risk. the new president has put shock he measures in place. he says he is a macro capitalist. that is a term you don't hear from global leaders. give us a sense for risk and reward for argentina. how do you see both? >> sure. we are seeing an opportunity for change in argentina. after a very long time of pretty

much irresponsible leadership, we are seeing prospects for change. that is what is attracting investors back into the market. we have to remember that he has only been in power since the end of year. argentina defaulted on its debt five times since 1950. we ended 2023 with negative dpgdp growth and fiscal deficit close to 5%. the country was in desperate need for change. he came in and promised to deliver what had been the paramounts of leadership for decades and trying to push a return to fiscal orthodoxy. that gave him a victory of 12%. >> there is a lot of risk to all this. a number of u.s. companies have a negative impact to the

devaluation of the argentinean peso. he doesn't have the ability to make cryptocurrency the currency. he would like a quote/unquote mature relationship. for investors, what does this mean for the short term and long term? >> i think in the short term, his promises and headlines can be tough because when you take the necessary medicine, things can deteriorate before they improve. that doesn't mean it happens from the equity perspective. investors are more long-term oriented. we may see economic fundamentals deteriorate in the near term with the inflation pikespiking . we are seeing the medicine of the devalue of the currency. we are happy to see him rip off as many band-aids as possible the early on because it gives

him the opportunity to get things working later in the term. it would lead to a continuation of the stronger economic policies for future years. >> what you are calling strong economic policies, milei says would take two years to take effect. are there other areas that are more attractive or less attractive while the plans unfold? >> overall, big picture, the whole market and if the plans unfold as they are supposed to looks more attractive. state-owned enterprises have the prospect of being privatized. banks may have deterioration with operation improvements. from the equity perspective, they could do better. you will see equity risk premiums come down. overall, he is in a good position. in addition to that, over the next 12 months, i think he is

receiving a margin of safety because we're expecting a very strong agriculture season. the record grain harvest in argentina. >> would that be good for the u.s. dollar and u.s. dollar investors? >> his plan for the u.s. dollar is not a year or medium-term prospect. he doesn't have the power in congress or senate to do so. that doesn't make sense for the country. we are relieved to see that left out of his initial bills. longer term, it happened, argentina would have to be in a much stronger position. he would have to have more u.s. dollar reserve notices in the c. >> a lot to look out for. mal malcolm, thank you forego bein here. >> thank you.

time to get to the headlines with frances rivera in new york. >> good morning, frank. three u.s. service members were killed in the drone strike on the base in northeast jordan near the syrian border. two u.s. officials said the drone made an impact in a shelter killing four and injuring 37. officials are still gathering facts. the president vowed he will hold all those responsible to account. house republicans revealed articles o control the border. t t the. finally, the ravens never recovered from the fumble and

this all sealed the deal for kansas city. they advance to the fourth super bowl appearance in five seasons. the playoff run for the looions has come to an end. 24 unanswered points for san francisco means they travel to vegas. frank, you know a lot to watch during that game. >> i'm excited for the super bowl. i don't know if you saw this. one airline started a flight from kansas city to vegas and made the flight number 1989. >> it is the 13th game he has won since he dated her. all the swifties are abuzz. >> frances rivera, thank you. coming up here on "worldwide exchange," rivian brings apple magic to the executive ranks.

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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. we get a flurry of earnings and economic data and the fed's latest rate decision. mega cap tech earnings take center stage as the magnificent seven see shifts within the a.i.

group of stocks. oil prices on the move after u.s. troops are killed into the middle east. escalatiing tensions could impat crude. it is monday, january 29th, 2024. you are watching "worldwide exchange" here on cnbc. welcome back to "worldwide exchange." i'm hollafrank holland. we pick up the half hour with the dow hitting another fresh all-time high. dow off the lows of this morning, but opening 33 points lower. the thing we are watching here is the nasdaq. moving higher in the pre-market. we will continue to watch that. the s&p is fractionally lower. we have a lot on tap with the

fed and earnings week. the biggest week with 20% of the dow and s&p reporting. that includes five tech names. microsoft, alphabet, meta, apple and amazon. these are members of the magnificent seven. two headline names, apple is flat year to date and tesla which is down 25%. let's talk more about the big tech earnings with angelo zeno from cfra. >> thank you, frank. >> magnificent seven companies reported this week is microsoft, amazon, alphabet. give us a sense of what you expect and is this the quarter we start to see the impact of a.i.? >> yeah, i think as far as the quarter is concerned what we care about is the demand side of things. we need to make sure we continue to see stabilization on the cloud side of things which we

started seeing in the second half last year. easier comps here in 2024 should help. also on the digital side of things which is the trend. that area has been recovering through 2023. the fourth quarter in terms of the q4 numbers should bump along easier comps for the first half of the year. we are optimistic about both trends going on in the cloud and digital ad side of things. as far as artificial intelligence, we need to see improvement for the companies and clarity if they are starting to see mondetization. microsoft has copilot ramping in 365. we want to see the moomentum.

that will be good for mega tech. >> the a.i. story is a wait-and-see move. microsoft sayis a bellwether? >> they saw 3 percentage points of growth on the cloud from a.i. in the september quarter. that is an improvement from the june quarter. it will be four or five points of incremental growth from a.i. it is important on the cloud side to continue to see that progression from a.i. >> you mentioned another part that is critical for players with the ad spending. at anthe gbeginning of the israel-hamas war is where we saw it. what has happened now? >> there is not much on the

december quarter with the g geopolitical pressure there. we will see ad growth for apple. momentum continues to be favorable on the ad side of things. as you go to 2024, you have the election in the second half of the year. good trends. >> one story with the magnificent seven is valuation. do you expect this quarter to see earnings that justify the lofty valuations? >> i think that is the biggest question. we have seen massive impr improvements from the magnificent seven names off the october lows driven by nvidia which is up 50%. we look at alphabet or meta doing well off the october lows. that's where the valuation is most attractive where you could

see greater upside than the other areas where you look at the microsoft and apple of the world which looks fuller. >> angelo zino, thank you. sticking with tech, microsoft, alphabet and amazon leading the way with layoffs in 2024. 24,000 jobs have been cut in tech and beyond. the most in any month since last march. it is not just big tech. banking and consumers are reducing head counts. levi's and citi and paramount. joining me to discuss this ahead of be jobs friday is evan sohn from recruiter.com. >> good morning. >> under 25,000 jobs cut this year so far. last year was supposed to be the year of efficiency. what is going on this year? >> there are a few things going on. it is a confusing job market.

i think companies are still in the clean-up from 2023 with spillover with additional layoffs. there is a changing of the skills that are necessary. you look at salesforce which had a public announcement of layoffs in 2023. you had an incredible second quarter earnings call. they were scaling up in q3. now they announced another 700 layoffs. at the same time, they are hiring 1,000 people. there could be a skills flip to really handle the new world of 2024 and gen a.i. and a.i. needs to be incorporated to areas of companies. you will see that be a new trend. we are laying off people less necessary, if you will, or we over-hired earlier in the cycle the. now hiring for specialized skill. >> you mentioned salesforce

laying off some people, but looking for other employees in the a.i. endeavors. is that a continued trend this year with layoffs and companies allocate the capital and jobs into other areas which are a.i. focused? >> absolutely. the other thing we see is return to work policy. some instances, layoffs where people who did not want to go back to work. for a company, there are clearly economic uncertainties. these are all indications that companies are looking to grow revenue base that they lost over in 2023 or looking to hire folks. we are also going to see shift to contract labor. uncertainty and specialized skill and return to work policy in effect may mean it is easier to find temporary labor to fill

the special needs. >> should this be a surprise? in general, companies are r rewarded when they lay employees off. we had stories for months that companies have been telling managers learn how to do more with less. do you see this being a trend in tech and beyond? companies deciding we will ask more of the employees we have. >> absolutely. i think the wall street has rewarded companies when they lay p people off. you announced layoff and the market reacts positively. you see gen a.i. and talk of gen a.i. having an impact of 20% to 30% augmented benefit. if that is true, instead of hiring four people to do one task, i can hire three people. >> evan sohn, thank you for your time. >> thanks. coming up on "worldwide exchange," rbc's helima croft is

standing by on the fallout of the u.s. service members killed in the middle east. why she calls this incident a critical inflection point for the tension there and how this could impact energy prices. we are back with more "worldwide exchange" in just a moment.

welcome back to "worldwide exchange." we start with citi upgrading american airlines.

moving it to buy and $20 a share. citi saying the revenue exstrea and cabinet offering is providing superior positioning. another upgrade from raymond james on colgate. there is upside opportunity following the fourth quarter results and outlook for the year ahead. shares up .75%. jeffries raising the price target on meta. moving it to 4.55 per share. it expects strong results and q1 guide guidance. shares of meta up .50%. time for the global briefing. we start with the hong kong court ordering evergrande to liquidate following months of failed attempts to restructure debt. evergrande had been given several extensions to come up

with a plan, but hit road blocks. ryanair is forced to lower prices to fill seats and ryanair told boeing if any customers refused to take delivery of 737 max 10 planes, it would buy at the right price. and toyota said it found a series of irregularities of the engine tests. it recalled 1 million vehicles in the u.s. in december. sticking with global themes. oil trading close to flat after moving higher over the weekend following the escalation in tension in the middle east. president biden says the u.s. shall respond after the drone strike yesterday by the group backed by iran killed three american service members and injured dozens of others in northeast jordan which is close to the syrian border. the first deadly strike against u.s. forces since the israel-hamas war started in

october. the u.s. military says it was claimed in the attacks and they do not take orders are from tee r tehran. a tanker on friday was hit by a missile causing a fire on board, but no casualties. let's get more insight from kro helima croft from rbc. helima, good morning. >> thank you, frank. >> helima, you are out with a new note. you are calling this attack and death of the three u.s. service members and more than 30 others hurt being a critical inflection point. >> it is critical for the biden administration. we have to see if he will have a serious escalation response to the attack. this is the first time we have seen a direct hit on u.s.

service members with the deaths of u.s. personnel. for trump, that was his red line. in 2020, he authorized the killing of sulemani. what will biden do next? the iranians denied they played a role in yesterday's violence. they clearly provide the groups with money and weapons. the question is what does president biden do next? >> a lot of people are looking at that here. before the incident, you put the odds of escalation with iran at 40% to 50%. where do you stand ow? >> frank, this is a major moment for the biden administration. again, we have had no deaths of u.s. personnel. the question is do we have more of the same targeted responses with militia outposts in iraq

and syria or do they become more aggressive? are we going to have to more aggressively enforce energy sanctions on iran? we have seen the biden administration striking targets in yemen. that has not led to deescalation. you mentioned the tappnker stru on friday. these attacks on shipping continue. if biden adopts more of the same, is that going to lead to increasing attacks on u.s. economic interests and personnel in the region? >> we are looking at the oil markets, helima. they moved about $1 a barrel after the attacks. what does it mean for the oil market? we have seen this in the red sea with the response. >> i think people are trying to weigh the economic news from china and the implications for

them. i think there is a corner of the market that believes this is not going to escalate to iran. we are getting closer and closer to a wider war. i would just point out the fact that while you can divert ship away from the red sea, but if this moves to the straits of hormuz, there is no easy way to divert ships out of the choke point. we will watch to see if this involves iran. in 2019, we did see the iranians target ships in the straits of hormuz. we would closely watch if there is any revival of the 2019 playbook. >> helima croft, thank you very much for time and insight. coming up here on "worldwide exchange," we have the one word every investor needs to know and the record run taking shape with the tech earnings being the

focus. the names outside of the magnificent seven our next guest says has a real chance to shine. we'll be right back with more "wex" after this. icy hot. ice works fast. ♪♪ heat makes it last. feel the power of contrast therapy. ♪♪ so you can rise from pain. icy hot.

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arou processes around the new rules and deals. and vince mcmahon resigning from the tko group after a lawsuit seeks to void a nondisclosure agreement made with mcmahon in 2022. and apple executive to leave after 25 years to lead the division at rivian. the wall street journal said the white house is expected to award billions of subsidies to intel and taiwan semi. both up .50%. yunited airlines is in talk to buy more a-350 jets to fill the void by boeing 737 max 10 jets. no deal has been reached officially. bloomberg says jeff bezos'

ex-wife has sold millions in amazon stock and represents 25% of her stake. here is what to watch in the week ahead. 19% of the s&p and 20% of the dow reporting. that includes microsoft, apple, meta, amazon and alphabet. outside of earnings, we are watching the data with the look at home prices and adp employment figures ahead of the jobs reports on friday. you get the latest policy decision on wednesday with jay powell speaking after the decision. let's see how the trading day is shaping up. we have been talking about the dow off the pressure. it would open up 30 points lower. the s&p is higher. the nasdaq is moving higher this morning. for more, let's bring in greg branch at veritas financial group.

greg, good morning. >> good morning. >> we talked about the movement in the futures. i want a sense of how you see today shaping up. what is the "wex" word of the day? >> my word is reconciliation. i think wednesday will start a process or domino chain of reconciliation. i don't think we will see a lot of movement or any catalyst between now and then. i think this is what everyone is waiting for. there are a number of things we have to reconcile. we have to reconcile in the face of what has to be viewed as disappointing earnings so far. how do we continue to trade at 22 times? i don't see a negative right now. that is reduced of 1.6% for the quarter and starting at 8%. that, to me, is not fodder for a bull market. the fed has to reconcile the six cuts this year that the market is intimating or will it be the

two or three that they continually try to remind the market. >> greg, i want to jump in for a second. you are notoriously a bear. just a moment ago, we showed the earnings number which you remember to negative one that the companies reported. we use actual reports and estimates. your focusing on the actual. go back to your point. >> i'm cool with that. the real number is what we experienced so far. that is all the reason the reconciliations are on the table today. granted, the banks in the first week did a lot of heavy lifting with the special charges. i expect the blended rate to be above this number. >> you do have concerns with

valuation, like a lot of people. s&p trading 22 times. the tech sector 26 times. you have picks for us. they are not picks that you would buy, but you consider them having more safety with earnings this season. one set of picks is in the cybersecurity area. palo alto and zscaler. >> much like i did last year, frank, you are right, bearish. i'm looking for ways to hide and have exposure. when you looked at last year, the obvious domineering companies in terms of the a.i. tailwinds and cloud tailwinds, those companies were up 200% to 300%. there are companies just as important to the ecosystems which did not have the type of performance. they are catching a tailwind now. they are essential to the

ecosystems. they put up relative earnings growth that have above the market for this year. i think as we start to reconcile the other things, this is one area people will fly to safety. >> you also think there is safety in microsoft, google and amazon as well. the bearish greg branch will be here in a week when you are live with us. thank you. quick look at futures. a turn around in the futures from earlier today. the dow off the lows of earlier and nasdaq moving higher. that is it for us on "worldwide exchange." "squawk box" is coming up next. thanks for watching. huge help. at ameriprise financial, more than 9 out of 10 of our clients are likely to recommend us. our neighbors, the garcía's, love working with you. because the advice we give is personalized, -hey, john reese, jr. -how's your father doing? to help reach your goals with confidence. my sister's told me so much about you. that's why it's more than advice worth listening to. it's advice worth talking about.

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good morning. a developing story in the middle east. three u.s. troops killed in a drone attack in jordan over the we weekend. we will take you there live. we have relative calm ahead of the busy policy meeting and the busiest week of earnings season. and gop presidential candidate nikki haley is going to be with us. vowing to stay in the race. she will be sitting at this table and talk to us about super tuesday. it is monday, january 29th, 2024. "squawk box" begins right now.

good morning. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick with andrew ross sorkin. joe is out today. it's a monday morning. here we go again. on friday, you saw the dow closing at record highs. you saw both the nasdaq and s&p breaking the six-day winning streaks. it looks like a mixed picture. the dow futures are indicated lower off by 25 points. s&p futures are flat. if you look at what is happening with the treasury yields, you see we have seen lower yields. the ten-year yield is below 4.1%. the two-year yield at