it is 5:00 a.m. here at cnbc global headquarters and here is your "five @ 5." westart with one and done. stocks are trying to bounce back after their worst day since march following that hotter than expected inflation report. investors are now looking to the fed and jay powell, possibly pushing back the timeline for future interest rate cuts. why jeff gundlach said the market mace have gotten over their skis. but today it's all about what to expect from the markets and your money and the apparent frothiness. the sectors and stocks to watch ahead of the open, and speaking of frothiness, we get another

look atarm shares after a brutal day on the stock. and later in the show, we get a check on lyft and a very wild ride following errors in some earnings. it's wednesday, february 14th, 2024. you're watching "worldwide exchange" right here on cnbc. ♪ good morning. welcome to "worldwide exchange." i'm frank holland. we're going to kick off the hour with the stock futures. we're seeing futures solidly in the green. the nasdaq doing their best, up over half a percent. it follows a really brutal day for stock. we saw all the major averages close down more than 1% lower, the dow posting its worst single session since march, and the russell, its worst since june of 2022. we're talking walgreens,

microsoft, boeing, and apping. also tech. we're taking a look at the ark innovation. arkk. you see the downward move here. we saw big drops in coinbase, tesla, roblox. we want to look at bonds, yields hitting their highest level in more than two months. right now the 10-year at 4.293%. we've seen about a 15-basis point move after that hotter than expected cpi report. similar story for the rest of the curve. actually same move for the 2-year. it's coming in at 4.60. we also want to check the energy market, oil once again closing in on 80 bucks a barrel. this morning we're taking a look at the oil market. we're seeing it in the green fractionally. just a few pennies below 7, 8 bucks a barrel. brent crude, pretty close to 80,

90 a barrel. okay. that is your u.s. setup. we have a very busy morning shaping up overseas as well. j.p., good morning, let's start off with you. >> good wednesday morning. heartbreaking given valentine's day. the inflation print from the u.s., the 10-year yields not making much of a hand-off. i want to talk about the nikkei 255 also. they snapped their most winning streak. a lot has to do with the fact that the japanese yen finally found firm footing we saw it test it, even reach 150 against the u.s. dollar. that's caught the eye of officials in japan. in fact, cthe cabinet secretary is watching it closely, hinting

there's a possibility it might intervene. again, the stronger yen today, so far, weighing on the kpo porters out in tokyo. we also have to remember the hong seng came back after the lunar holiday. they had a shaky start, but they finally found some strength in the second half and the afternoon clawed back, wiped out the losses, and closed in the green. feej they're expecting rate cuts and also a recovery in the chinese economy might support the hang seng. we'll have to wait until markets on the mainland comes online. back to you guys, happy valentine's day. >> jp, happy valentine's day to you as well. finally we turn to joe biden in our london newsroom. joumanna? >> i feel red i'm not wearing red for valentine's day. neither are the markets. there's green on the board.

we got data showing the second reading for gdp has come in at zero percent also showing the eurozone ask economy continues to stagnate. bucking the friend from what we had in the u.s. session yesterday, all the majors are trading in the green. the dax is the underperformer up only 7 basis points. the industrials are being pulled lower by thyssenkrupp after underwhelming earnings, but a lot of the attention has been on the uk index. the ftse 100 is our star performer, this after inflation came in slightly lower than expectations coming in at 4% for the headline number, unchanged versus december, but lower than analyst forecasts. the quarter sitting at 0.51%. lower than market expectations. so what's happened is markets started to price in again the possibility of more rate cuts coming out of the bank of

england. those expectations are now sitting at around 70 basis points versus 60 points. as a consequence of that, all the sectors like homebuilders are doing quite well and giving a boost to the ftse 100. >> the hand-off looks like a positive to europe. >> yeah, a lot of green on the board and happy valentine's day. i feel like i'm leaving you out. thank you again. we want to keep the market conversation going and bring in bill stone, chief investment officer of the glenview investment company and bill, i want to start with you. important to note. futures are in the green right now, but yesterday we saw hotter cpi, yielding spike, stocks fall. how are you viewing what we saw yesterday? was it knee-jerk oar a change in the marketings we need to pay close attention to? >> i would say it's a little bit of pricing in some amount of

probability that things may not go as well as the market had started to price in. i think a litter perspective, we were up about 20% since the end of october and if you look at the magnificent se7, a lot of i shook us. you had what would be a bad outcome -- or what could be a bad income which is services, wages inflation bleeds through the services inflation. that makes it so the fed can't, you know, cut rates and perhaps raises the odds of a recession. i'm not saying that's what's going to happen. what i mean to say is the market had to price in at least perhaps a little higher probability of that and i think maybe what you're seeing at the start of today is, hey, we've put it a little bit in perspective, but it's one number, and we've had a long list of better numbers before this. >> it sounds like you're saying markets are priced to perfection. if we saw anything, any economic data that disrupted the narrative that the market was

believing in, this is kind of the reaction we saw. i want to come over to you. do you agree with the assessment that things were priced to perfection there? >> i think so. i think it was a bit of a rude awakening. the soft landing scenario is not necessarily going to be the only one about we're going to get. in my mind, you know, you have the stronger data for cpi. i think that's been a big part of the performance. are we seeing a re-acceleration in the u.s. economy or more of the same strength? if we get an acceleration, that throws the narrative for a loop. seeing a data trend, they push back the cuts.

the markets can still be okay. it's go ipg to be a while to shake that out. i don't think we're going to get a definitive answer for a few more weeks. >> i want to ask you then, what should investors do? we got a report from bang of america yesterday. it was their fund manager survey. they said it was the most bullish in two years. cash levels down half a percent from the previous level and investors are all still in on tap. as investors how do you move forward from what we saw? >> i think what you -- i think there's a lot of investors waiting in the wings. they are trying to, you know, look for entry points. you know, i think equities have been relatively easy. they're looking to see if this is a better pre-entry level. there have been a lot of

investors waiting to buy them because from a long-term investment, these are the investments. if we're not seeing the soft landing scenario play out or higher for longer inflation rates, should we be waiting longer? 4.5% on the 10-year to get in, i think investors are dipping their toes, but it's going to take time if the markets should buy in or if we should be coming in a little bit later here. >> we had double lines jeff rey gundlach reporting. i want you guys to listen and get your reaction. >> interest rates were absurdly low, particularly real interest rates, and now real interest rates are reasonable. i think we have a problem with the amount of money we need to borrow. >> all right, bill. u i'm going to give you the

first crack at this and i'll give jhenedy the last word on the way out. >> i believe real rates are now reasonable, which is good news frankly. i'd rather be back in a world that i view as more normal. i think it's really paid off in a particularly economic sensitive areas, but think about holding some health care, consumer state bulls, insurance companies, things that just don't have quite as much of that exposure. i think, you know, that is at least a place where they aren't as highly priced as they used to be.

>> all right. jhenedy, i'm going to give you the last word. >> they're saying, thank you very much, i oohle el put that in my partnership and keep that there for a while. i share the question on additional deficits for years to come. yeah, we're going into an election where seemingly no one is focused on deficits. if you look at the cbo for deficits they're atrocious. we're likely going to see an extension of the 2022 tax cuts after the 2024 election goes through. the fiscal condition of the u.s. is absolutely atrocious at the moment and i'm a little bitn nervous that we may see markets where we're seeing strong data and they were starting to care about the impact of the additional influence and the fact you could see a lack of demand for u.s. treasuries where yields actually go higher.

that's a pretty toxic combination when you think about it. that would force managements. >> we've got to go. you're flagging the risk there. when would you possibly see the risk popping up for investors? >> i think it will be heading into the election, perhaps in early 2025 when we see the trajectory. >> something to watch there. great to have you both here. thank you. time for a check of our top corporate stories. silvana henao is here with that. good morning. >> good morning, frank. good morning to you. we're watching shares ofarm holdings, higher today after suffering their worst performance since the chipmaker went public in december. the stock went down 19%. arm had nearly doubled in the three previous sessions following its earnings reports last week and even with yesterday's decline,arm has a market cap of $123 billion.

worth as much as goldman sachs and boeing. meanwhile instacart is cutting about 250 jobs. that's about 7% of its work force as it focuses on profitability and dealing with rising food costs and the food delivery business. three executives including its chief operating and technology officers are leaving for personal reasons. it's coming along the fourth quarter results, profits falling 7.1% while revenue was in line and the value transactions were slightly better than expected. shares are down 11% since the company's ipo in september. and jeff bezos continues to sell amazon stock. an s.e.c. filing shows the company unloaded 12 million shares worth $2 billion in a series of transactions friday and monday. bezos sold roughly the same

amount last wednesday and thursday as part of a set trading plan. it's his first stock sales since november of 2021, and that's according to verity data, which tracks inside stock moves, frank. coming up, we have a lot more on "worldwide exchange" including the one word that investors have to know today. but first much more on yesterday's hotter than expected inflation print and why housing is having an outsized impact. plus, why our jim cramer says the selloff was basedon bad judgment, not bad earnings. and then later, a really wild ride after an error-laden earnings report. as we head to break, stock futures are higher. we're going to look at the dow futures. taking a look. some of the names you know very well. bo most, salesforce, walgreens boots, alliance, ahome depot,

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turning to the banks, stocks under pressure ahead of yesterday's inflation data despite the fallout of their exposure and impact. our leslie picker is digging into what this means for investors. >> regionals once again under fire as the cpi report bolstered the case of higher for your longer rates and potentially delaying the first rate cut. take a look at the spdr regional bank. rates are important for two reasons. in number one, lower rates would increase funding losses, what banks are paying out to depostures. number two, there are fourth quarter earnings snapshots kielkd of elicited this concern they were deteriorating. it would relieve some of the pressure there.

leading the way to the downside were some banks with more commercial real estate. names like valley national. if commercial rae has higher risks, he told me that yesterday. you can see the discrepancy. you look at it by 61 basis points in yesterday's trading, frank. thank you to our leslie picker. that u remain higher, which is a stubborn problem for americans and the reserve. going up more than half a percent from december, making up two-thirds of the monthly increase for the consumer price index. in a recent report, there's a

noting of signs pointing to a housing recovery and can put upward pressure on shelter and in turn on inflation. we'll talk much more about this with jeff taylor. jeff, good morning. great to have you here. >> good morning. thank you for having me. >> so your forecast and decline when it comes to most rates ore the next three-quarters, what does that mean when it comes to prices? we still have low inventory. >> that's a great question. you look at the next three-quarters. we're going to see lower mortgage rates but see fed cuts later this summer. a look at mortgage rates are going to be 6.1 and drop by the end of the year, which would create some more affordability in the housing market. obviously yesterday we had a little bit of a bump from a 6. 8% mortgage rate to 7.1, but i

do expect that to tape e off here. that was maybe more of a one-day spot. i think that will taper off shortly. >> so, jeffingjeffing, we're sh the audience. how much is that dependent on the fed cutting rates and i think a lot of people in the cpi report, they have some doubts about when the rate cuts are going to come and just how deep they're going to be. >> you know, the bond market is going to rally well before the fed cut rates. so i'm looking for the fed to cut rates sometime in june. i don't think it's going to happen in march or may. it will happen in june. what happens is as the cpe and cpi start to come under control, you'll see the mortgage bond market rally and rates start to drop. if you look back a year, these rates are significantly high off october of 2023 at 8%. they're still hovering at 7%. the affordability factor is starting to work more in our

direction. >> jeff, i want to push back on you. right now it's 7.1. that's a good ways above 7%. you're saying according to your data, it's affordable. the affordable q2 mortgage rate is 6.625. why is that a magic number? what about that number makes mortgage rates lower than that sell create more inventory? what happens when we get to that number? >> if you look back in october, it was 8%. 8% to 6.62, but coming back in a much better a irya. also look at the jobs numbers right now. unemployment at 3.7%. that's still multi-decades low. when they start to see the mortgage rates drop, they'll come back into the housing market site. they'll see it's a good time for

me to buy. and you'll see a fed rate cut. i'm predicting around june, you'll see buyers who will say i'm more comfortable about buying and others saying it's time to move into something more affordable and downsize. >> emphasis, 6.625. not a magic number. jeff taylor, great to have you. thank you. ahead here on "worldwide exchange," your big money movers and a surprise profit at robinhood. the ocstk reaction and much more coming up after this.

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welcome back to "worldwide exchange." i'm frances rivera. the results are in for the new york election. democrats have flipped the seat when george santos was expelled. tom suozzi has won new york's third district. suozzi could be sworn in as soon as this week and then republicans will only be able to afford to lose two votes in the house. democrats could have used that extra help before republicans impeached homeland saert alejandro mayor yas by a single vote. they blame him for the crisis at the southern border. president biden accused the public servant of playing petty games. defense secretary lloyd austin has resumed his duties.

the doctors say he's in good condition after treating a bladder issue. his prognosis remains, quote, excellent. frank, those are your headlines. we're up to date. >> frances, thank you very much. time now for your big money movers. the rally this morning by pulling back from a 60% jump following the earnings report yesterday. so here's what happened. the company revealing an error in a report saying it logged 50 basis points instead of the 500 basis points that were originally stated in the release. yesterday let's move sent the stocks to the highest level since august of 2022. also guidance and free cash flow for the first time ever. shares of lyft, you can see they're up. you don't want to miss the cnbc interview with david risher later today. robinhood had stronger than expected revenue and lower

costs. helping boost costs as well ther and more seasoned traders move to the platform. they high light stronger momentum and the most monthly deposits since 2021. be sure to catch the interview with vlad tenev. the company hit as what it calls an inflection point. airbnb announcing an approval to buy back $6 million. shares down 6% this morning. coming up, why double lines jeff gundlach says investors may have gotten a little too bullish. our steve liesman is here to weigh in. we'll be right back. much more "worldwide exchange." ♪♪ heat makes it last. feel the power of contrast therapy. ♪♪ so you can rise from pain. icy hot.

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it's around 5:30. stocks are looking to mount a turnaround posting yesterday's selloff. futures right now, they're in the green. that higher than expected inflation report dimming hopes for a rate cut by the fed. our steve liesman is taking us inside the bank when it comes to rate cuts. and the brain drain of apple continues. it's wednesday, february 14th, and you're watching "worldwide exchange" right here on cnbc.

welcome back to "worldwide exchange." i'm frank holland. let's get you ready for the day. we're going to pick up the half hour with the u.s. stock futures with the dow coming off its worst single session since march. you're seeing right now the dow would open up 78 points higher. the s&p and nasdaq firmly in the green as well. so far in the week we're seeing shares of dow components. we're talking salesforce, walgreen, microsoft, apple, and boeing. we want to check the bond markets with yields hitting their highest level in two months. trading at almost 4.3% after the hotter than expected inflation report. a similar story here especially for the 2-year. moving just about lockstep with the 10-year at 4.61%. that's your u.s. setup. now we want to turn our attention back over to the

markets. yesterday, if it was all about a knee jerk reaction following the higher than expected january inflation read, then today it's all about where we go from here and the realization that the fed may not be as aggressive when it comes to cutting interest rates. here's double lines jeffrey gundlach following yesterday. >> i think the market has had tremendously overpriced the amount of cuts this year. it was down to almost a certainty of six, and it seemed that the fed, since they weren't going to move in march per the words of the chairman that that means they're getting starting in may. to have six rate cuts always seemed like a lot to me. >> let's bring in cnbc economics reporter steve liesman. steve, great to see you. how are you? >> i great, how are you.

>> steves can you hear me? >> i've got you. >> we heard from jeff gundlach. he said the rates are too optimistic. i know that you look at other metrics, but there's a 61% chance of another pause in may. give us a sense. how should investors view the fed right now and chances of a cut and how many cuts we could see this year. >> well, let me just say, the only difference between me and jeff gundlach is he has like billions of dollars under management. but we're both in agreement on the markets have been way too exuberant. it was the first words out of my mouth. say u ho how the market was trading after the december meeting. the market went way further than suggested by, i thought, fed guidance or using the words of the chairman and there was a need, i think, for that to come back in. whether or not it's gone too far is an interesting question. yeah, i'm looking at the same

data you are, frank. there's a 40% chance of a cut, 06% of a hold as you call call it. if you look at probabilities, you don't look at a rate cut until june where it's 78%. i think that's reasonable. i could see maybe it slips to june. there's two points of view. no landing, no cuts. >> steve, you're leading me to my next question. if you're an investor, should you look at this as a blip or a real inflection point in the markets and how the year is going to shape up. gundlach pointed something out. jay powell will always say the fed's not worried about politics, but do you believe the fed should look at factors that might limit the rate cuts we see at least before november? >> no, i don't think so. i think if you're an investor,

you shouldn't play the fed playing politics. i think that's like a second degree of play. i think investors have enough on their minds than to worry about that. i think the fed's most likely going to do what it needs do when it needs to be done irrespective of politics. if it had its choice, it would like to get things done apart from the elections, not necessarily be active in say cement or october if it didn't have to be, but i think it would be if it needed to be. i think from an investor's standpoint, you should definitely think about the risk you're in. you should have been thinking about it before, there were fewer cuts thatten the market had predicted. i think three cuts is still reasonable. i think there's a lot of noise in the data. i think there was always a

possibility and a likely hood that some of this data ended up going to wrong way. i think that's proven to be true. >> i want to ask you when will we see the economic report? is it simply the next inflation report? jobs report? what should investors be looking at to come to a conclusion whether this was a blip or larger trend? >> great point. friday we get the ppi, that's the producer price index. that has become more important because parts of the ppi feed into the pce. that's february 29th that we get that. that's coming out. i would also be looking at some of the inflation components of the isms. there's some surveys out there.

nfib. i would be watching all of that, because the fear here is not so much what's happening on the good sector but the service sector. my favorite explanation for what happened in january is that people promised raises at the end of the year. it's still a one-off issue but points to the need about investors need to look at tight labor markets that continue with inflation on the service side and that could hold back the fed and stave their hands on credit rates. >> steve liesman, our economic reporter. always great to see you. time now for a check on some of the top corporate stories. silvana henao is back with those. >> good morning for you. the brain drain that apple reportedly continuing as they look another high-pronile

leader. he's been with apple since 1992 and plans to leave the company soon. the report says while the exact reasoning behind andre's departure is unknown, it suggests there is some unrest due to chief operating officer jeff williams running the design team and introducing cost-cutting measures. meanwhile disney's espn and the college football playoffs appearing to come to terms on a new broadcast deal. according to reports, the six-year agreement would cost the network $1.3 billion a year and allow it to keep exclusive rights to the 12-team playoff throughout the 2031 season. now the report adds the deal can't be finalized until the cfp works through other outstanding issues regarding format and revenue distribution. speaking of disney, character ackers at the california theme park say they're looking to form a union while 35,000 workers at

disneyland have la i bore unions t roughly 1,700 actors dressed as minnie and mickey do not. they say they're working with actors equities association which represents theater actors and stage managers across the u.s., frank. >> silvana, thank you very much. coming up on "worldwide exchange," much more on the cpi report shocker and the troubling trends in the restaurant space taking a bite out of a number of those stocks. plus a bullish call on chicken. the optimistic look for wing stop when "worldwide exchange" continues. stay with us.

welcome back to "worldwide exchange." take a look. on the other side our laggards, ver verizon, down a quarter of a percent. we're looking at shares of upstart holdings this morning and they're deep in the red. the ai platform expected better. thanks in large part to excitement around artificial intelligence, but today's drop will put it deeper into negative territory for 2024, down more than 30%. that includes today let's moves -- holdings down about 21% in the premarket. restaurant stocks, they're

coming off a much hotter than expected cpi report. the surprise proving to be costly with restaurant praises up 5% year over year chlg our kate rogers has more. >> tuesday was a tough day for the restaurant sector with nearly every name in the red with the exception of wing stop, which closed up over 2% to end the day. the biggest laggards in the day, sweetgreen, bloomin brands, and restaurant brands including burger king. the company struggled with the impact of the war in the middle east, joining the ranks of yum! brands, starbucks, and mcdonald's. the company also noted a softening in china and a lower growth outlook in that market for qsr. another story, cpi data, groceries continue to be cheaper than dining out. over the last 12 months food at home is up over 1 preponderance

2% and food away from home is up 5.1% and 5.8% at limited service restaurants. many chains are focusing on value for that reason. it's getting more and more expensive to tine out and consumers are watching where and how they spend. back over to you. >> our thanks to kate rogers. time now for your morning call sheet. let's stick with the restaurant space. bernstein believes wing stop is in a category of 1 in a limited service restaurant space with potential to be the next domino's. that's quite a description there. shares of wingstop up almost half a percent. this time on rbc capital's first solar with a $100 price target. it's its top pick for solar equipment supplier with strong visibility. those shares up almost 2%. also we've got piper sandler

raising its rates on citigroup on overweight. a pullback in shares has created a more attractive entry point. those shares up almost 1.5% this morning. time for your global briefing. we're starting with japan's sony reporting records earnings in your report. the company says it plans to spin off its financialed by next year and keep a stake of just under 20%. shares of sony, down about a half a percent. heineken forecasting low to high single digit profit growth this year due to geopolitical and economic uncertainty. the dutch brewer has been raising prices in the last year to sustain revenue growth and offset the decline in volumes. it expects the pace to slow down in the coming months, though it warns its input costs are still rising. shares of heineken down almost 6%. in china, byd reportedly setting up a factory in mexico.

its ee investing in countries like thailand, hungary, and brazil. it surpassed tesla as the top ev seller in sales. down about 23 7. . coming up on "worldwide exchange," the one world every investor needs to know today, plus why our jim cramer and our next guest are not sweating the selloff we saw yesterday. also during february, cnbc is celebrating black heritage. as we head to break, here's pe peebles chairman, don peebles. >> my grandson owned a hotel. here i am sitting in a club that was originally founded in 1926 that did not allow african americans on the property let alone members and here i am the owner of this club and that speaks to the greatness of america. across the globe, industries are transforming

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the economy has stalled. we get the rideshare space. thousands of uber, lyft, and doordash workers are striking. they accuse the platforms of taking overlie high commissions. speaking of lyft, they pulled back, the company revealing an error in its earnings report saying it misstated its margins expansion at 500 instead of the actual 50. you can see the big pop. shares are still up 16% in premarket. we have mag 7 news. nvidia, up. we're watching shares of visit owe. they're pulling back after a report that walmart is looking to buy the smart tv maker. roku is on the rise after a drop

yesterday. we're getting weekly apps and earnings with heinz and others. and today, robinhood, kraft heinz. the selloff is knock chopping it off. take a look at jim cramer on last night's ""mad money."" >> we've got to drain the trough and redraft as those who don't know about the economy or stocks get cashiers out of the market. this is a selloff based on bad earnings. it will be deterred by bulls who got caught offside and got

pulled from the lineup where they can earn their 5% and break form and do some much needed homework. >> for much more on the trading day ahead, let's bring in keith lerner, senior services co-chief investment officer. keith, great to have you here. >> happy valentine's day. >> happy valentine's day to you. >> jim cramer said investors need to do some homework. what's your take and as we see futures higher right now, how does that shape your view of the selloff we saw yesterday? >> first, i think some perspective is in order here. with were just up 14 out of 15 weeks. that's the longest streak we've seen since 1972. we were up 20% in that span overall as well. the other thing, on average, the last decade, we've seen about 28 down days per year of 1% or more.

so in perspective, it felt back, it was uglier in the day. but i think at the end of the day, we have a gut market somewhat overheated, overextended. we do expect more of a consolidation after the big run-up that we've seen. >> if you're expect consolidation, where should investors put it to work today following the selloff. is this bey a dip moment or wha do you call it? ? >> i can't say it's a great buying opportunity. in the interim, you know, we would cstick with the primary trend. as far as sectors, we're sticking with tech. we also think discretionary is an interesting perspective or interesting sector even though the inflation report was a little bit hotter yesterday. what we're seeing for the first time in several years is wage growth is now above inflation, which should be good for consumer spending. >> give us a sense how you see today shaping up. what's your w.e.x. word of the

day and why? >> i wanted to say my word of the day was "love," but instead it's "tension." i think we're seeing tension play out between the strong economy, a little bit hotter inflation versus fed policy, which is now being recalibrated. our point of view is we would rather have a stronger economy, which would support earnings. fewer rate cuts and more rate cuts because the economy is weakening. so ultimately we think the strong economy is a good thing, not a bad thing. but, again -- >> keith lerner from truist. great to see you as wuls. one more quick look at the futures this morning in the green across the board, the nasdaq up more than half a percent in the futures market. looks like the dow would open 80 points higher. that does it for us. with benefits from principal, they're taken care of too. (♪♪)

good morning. stocks futures, just a slight rebound we're looking at this morning after yesterday's selloff. we'll show you what let's moving right now. and bungled basis points. how does adding nothing to something mean something? well, if you add a zero to margin protection, it means a lots. lyft shares giving back a 60% gain after the cfo corrected an error in yesterday's report. but stocks still up 15% on the strong performance. the ceo is going to join us

live. and n is projecting democrats' tom suozzi's back in the house. he's won the house seat that was vacated by expelled congressman george santos. it's wednesday, february 14th, 2024, and "squawk box" begins right now. ♪ good morning, everybody, and welcome to "squawk box" right here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin, and here we go. it's a wednesday. hump day. we're looking at the u.s. equity futures, and they're indicated slightly higher. you're looking at the dow futures up by triple digits, up 100 points. nasdaq up by almost 115. but this bounceback come