it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." red arrows on wall street after the major averages do something for the first time in five weeks. futures right now still under pressure. that's not stopping the bulls at goldman sachs from boosting their year-end price target for the s&p. a billion dollar deal to help the banking numbers.

and later on, why the eu is reportedly bringing on a fine against the magnificent seven. it's tuesday, february 20th, 2024. you're watching "worldwide exchange" right here on cnbc. ♪ good morning and welcome to "worldwide exchange." i'm dominic chu in for frank holland this tuesday morning. let's kickoff with the check of the futures with the major averages coming off the first down week in the last five. implied open for the s&p is down 17 points. dow jones industrial average is implied lower by 78. nasdaq down by 104 points. tech leading declines. the check on the laggards in the dow and a few set to report

later on this morning. visa and caterpillar and home depot are reporting. check on the bond market. the two-year yield and five-year at the highest. the ten-year is 4.28%. we will keep a close eye on that. not so long ago, we were below 4% and the long bond at 4.447. checking out what is happening with regard to the oil market. trading at the highest levels since november. u.s. benchmark crude is backing off the levels at $78.81. ice brent crude is down 1%. $82.77. that's the u.s. set up. a busy day shaping up overseas.

carolin roth is in the london newsroom with the early action from across the atlantic. good morning, carolin. good morning, dominic. a quick look at markets. we are still close to two-year highs here. a mixed picture with the actual indices. the ftse 100 is holding on to the flat line. we will get to barclays in a second. basic resources are under perf performing. the cac 40 is not far from recent record highs. the dax is off those levels by 0.2%. let's get back to the earnings picture. all of this is leading the european boards higher. barclays announced a major strategy overhaul separating the business into five operating divisions and vowing to return 10 billion pounds to shareholders over the next two years. net interest income soared 20% to 12.7 billion pounds. the lender notched a loss of 100

million pounds for the 40 quarter. barclays up 4.4%. now, get this, the european union is reportedly set to hit apple with a 500 million euro anti-trust fine according to the financial times over the weekend. the penalty is expected to be announced next month. it comes as part of the probe into whether the iphone maker restricted apps from informing users about cheaper alternatives to access the music subscription outside the app store. let's look at apple pre market. it is off .50%. dominic. >> carolin, thank you for the update. let's check on the top corporate stories, including a big deal asking investors what's in your wallet. silvana henao is here with more. >> dom, good morning. capital one financial is buying

discover financial services in a $35.3 billion all-stock deal. the companies expected deal to close in late 2024 or early 2025. capital one shareholders will hold 60% and discover shareholders will own 40% of the combined company. the merger marks one of the industry's biggest since the 2008 financial crisis and is the industry's largest since the $66 billion deal between bb and sun trust five years ago. the biden administration announcing it will give chipmaker global foundry $3.1 billion to build in upstate new york. the funding is expected to provide a boost to global

foundry clients like general motors and lockheed martin and other autos in the sector. this is the largest chips act award to date and offers a hint of what to expect from other major awards for intel and tsmc and micron. >> and global foundry shares up 12% in pre-market. silvana, thank you. to china and beijing taking new steps to prop up the struggling property market and boost the economy overall and consumer confidence. eunice yoon is joining us from beijing. eunice. >> reporter: thanks, dom. china cut the key reference rate for mortgages by the most since the rate was established back in 2019. the five-year loan prime rate was slashed 25 basis points. the one-year lpr is the guide for businesses and consumers which was left unchanged.

this move was surprising because it was bigger than most analysts expected and because it broke with tradition where the rates tend to move in tandem. people here are saying this indicates that policymakers are more concerned than previously thought about the property sector and also that they, at the same time, want to use a more targeted approach. this comes as the latest data shows that fdi in china is now at the lowest level in 30 years and official numbers show travel over the lunar new year holiday period exceeding pre-pandemic levels. dom, nomura and goldman stated tourism revenue fell 9.5% below 2019 levels. still a lot to be done to try to get the consumer confidence up. >> eunice, are there any signs

of the bigger policy indicators of what can come in the next few weeks? >> reporter: the chinese premier li said there needs to be a more pragmatic and forceful action to get the confidence up. in addition to that, the stocks regulator called a meeting over the past two days with investors and saying they will be listening carefully over the criticisms. how that plays out is up in the air. because there is a huge parliamentary meeting in march, people are speculating the policymakers will have more pressure to do something about the economy. people here are watching that closely. >> yeunice yoon, thank you very much. see you later on. a lot more here to come on "worldwide exchange," including

the one word that investors have to know today, but first goldman sachs gets bullish with optimism with the magnificent seven stocks. and getting set for walmart and home depot and the name our next guest is shopping for. and later on, citi lays out the global stock market playbook ahead of the 2024 election and the key areas of the market set to out perform. we have a very busy hour when "worldwide exchange" returns after this commercial break. how am i going to find a doctor when i'm hallucinating? what about zocdoc? so many options. yeah, and dr. xichun even takes your sketchy insurance. xi-chun, xi-chun, xi-chun! you've got more options than you know. book now.

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plus, ask how to get up to a $1000 prepaid card with a qualifying internet package. don't wait, call and switch today! welcome back. goldman sachs is boosting the year-end target for the s&p to 5,005. the new move puts goldman among the bullish with oppenheimer. rbc boosted its target to 5,150 earlier this year. ed yardeni has the highest price at 5,400. the goldman team on friday says big tech must do most of the heavy lifting. they say the upgrade reflects expectation for economic growth and higher profits for the i.t. and communications services

sectors which contain five of the seven magnificent stocks. let's talk to ryan detrick. ryan, is it pretty much the case they will have to do all of the heavy lifting if the s&p 500 will have another big rally? >> good morning, dom. it's pretty early. that is a tough question this early in the morning. yes, they have to do a lot of the lifting. you look at the earnings growth and revenue, it is coming from a lot of the big companies, no question. does it mean they have to do so? there are other parts of the market that are doing well. dom, last week, if you look at the s&p 1500 decline line, it was at an all-time high. there are a lot of stocks participating. the large names do matter. they make up so much of the overall market and if they were to crack, like last week where they cracked a little bit with

the market down, but most stocks were up. we are more neutral. technology has had an incredible run. what they do matters and they are still a big part of what is going on. there are positive things you wouldn't notice with the big names that pull so much. >> what is the most positive thing you are seeing under the surface that we are not paying attention to because we are focused so much, ryan, on the magnificent seven? >> great question there. the economy is strong. we hear so much about manufacturing. manufacturing is 14% of the economy. it is not a lot. the survey has been under 50 for a long time. you look at manufacturing structures. they have been exploding higher at 60% over the last year, dom. bring the chips back and all of the incredible productivity coming from some of these things. that's not what we are hearing about here. earnings are out there. we still think about the earlier discussion before i jumped on here with the positives and

earnings is coming in better here. you have cap ex at the all-time high. you have profit margins curling higher. those things to us are pretty big positives for the economy, but for the market with lots of things to talk about. >> ryan, last week, we saw an inflation scare that took down the market quite a bit because of what we saw with the cpi and everything else. inflation is still a problem and interest rates are reflecting that. ten-year yield is higher than three or four weeks ago. talk to us about how that sentiment shift could effect the broader market. interest rates matter. >> they absolutely matter. we had the selloff on tuesday and rally on wednesday and thursday as people looked at it. i know people have talked about this ad nauseam. shelter is the reason why the cpi number was higher. you strip out shelter and cpi is

sub 2. it played out the last couple of years. what does that mean? dom, the next month shows late february or into early march could be troublesome. there is optimism after the rally. we have been bullish and overweight equities since december of 2022. we have been there and now we would be open to the idea to have some normal seasonal weakness here with the potential under the surface as people were talking about this has been creeping lower although the indices are moving higher. that is not the end of the world, but maybe we could have that. look at last february and march. we are not predicting another regional bank crisis. the first quarter in the election year is not usually that strong. we think there could be a little bit of a banana peel here.

we don't see recession. >> ryan, you mentioned the sectors you think are worth looking at right now. i wonder what parts of the market and stocks and industries represent the biggest opportunity in your mind in the next 6-to-12 months? >> we like cyclicals and industrials. it is not the headlines are great for financials. that was a leader last year and continues to do well. if you don't have recession, we like those areas. i know this is getting people fired up. we like small caps and midcaps. i know small caps are under performed, but we think they are d biding their time. we would not be shocked, dom, if we had a rotation out of tech and communication and in the small and midcaps. a lot of that has to do with what is going on with the fed and the first cut. the economy is still strong. last week, although yields were

higher and interest rate cut expectation drop, small caps and midcaps led. >> ryan detrick at the carson group. thank you. >> thanks, dom. ahead on "worldwide exchange," real estate has been an under performer later with interest rates being part of that. with potential rate cuts on the horizon, there are opportunities in the sector? we will take a look in the sectornomics coming up next. help make trading feel effortless. and its customizable scans with social sentiment help you find and unlock opportunities in the market. e*trade from morgan stanley. with powerful, easy-to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley. you know when you have those moments? that time to reflect.

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welcome back. it is time for "sectornomics." we are featuring the real estate sector. one of the smaller ones in the s&p 500. over the past year, the broader s&p 500 is up 23%. meanwhile, the real estate etf that tracks the s&p 500 sector is down roughly 3% to 4%. that is a big gap. it has gotten wider. one part of themarket within real estate is an intersection with technology and real estate. there is so much attention paid right now to infrastructure and what it will take to power the next generation of cloud computing and wireless infrastructure. if you look at the cell phone tower investment trusts, they saw a rally in the fourth quarter last year. it has taken a turn lower the last couple months. sba communications is off 27%

from the recent high. crown castle is down 25%. american tower is down 13%. these are the cell phones tower real estate investment trusts. meanwhile, there is strength to another part of the real estate market and that's the one focused on data centers. a lot of those enabling the next generation of cloud computing. it is a play on artificial intelligence. you see equinix up 24% in the past year. stocks hit one-year highs in the last week. keep an eye on real estate and specifically the technology and real estate in the coming weeks and months. turning to washington, d.c. and the countdown to the presidential election. 258 days away in what has been a growing focal point for investors this year.

one item is front and center as the number one issue on voters' minds. the economy. according to the latestcnbc youth in money poll out earlier this month, the cost of living and the economy and jobs and employment rank as the top concerns facing younger voters this year. as a very narrow gap between joe biden and donald trump and a possible third contender for the white house as you see there has been rather tight with regard to how the polling has been happening. joining me now with the view from wall street is citi research's dan tobin. dan, this is interesting because we talk about the impact that younger voters will have and just how much impact will the economic narrative be across the spectrum heading into november? >> it will be significant. the economy still remains the

number one issue for voters. what is interesting is normally you say incumbent coming in with unemployment rate as low as the current unemployment rate should be an easy win for that incumbent. this time around, it may be tricky because of the point you brought up with the prior chart. inflation is the big issue. unemployment is really low, but there is a lot of weakness in the consumer confidence. it picked back up a little bit as we have seen inflation coming down, but it is still not where you expect it to be with the unemployment rate. that means there is still a lot of uncertainty and low confidence in the economy. after that, add in the swing states where trump polled better than biden. it means it will be a close race. a lot of time is left and it is tough to say who will win it here. we will see how the inflation develops over the year. >> dan, there is a lot of, i

guess, story telling in previous years in regards to the steps an administration can take to position itself or party going into the election. is there anything that suggests that consumer sentiment overall is something that can be turned or shifted by either candidate to their benefit heading into november? >> well, of course, being able to better explain the position that each party will take and has taken in the past. you know, these are both actual incumbents, in a sense, is one of the key things that can help. really, it will come down to how the economy develops and at this point in time, given we have a mixed congress where there is not a lot moving through, it depends on the economy at this point. >> what is the playbook? we talk about the idea that investors have to pay attention to this and many other parts of

the cycle. what exactly does one investor or trader do to express that view heading into november? >> first, we would say way you typically see elections impact markets is in the three months prior. right here and right now, it is too early to directly play election themes. in terms of asset classes, two things we note is this is supposed to be a dollar positive election. you know, we think that a biden administration would likely have a mixed congress. that looks to have minimum impact on the dollar. the other side of that, if former president trump wins again and you see both congress, house and senate vote republican, you are likely to see a dollar positive environment in terms of tax cuts or probably more in the forefront would be the potential for tariffs and escalation in

trade wars. we think we could see 5% higher in the dollar in the months leading into the election. the other thing with the election is because it is a known event, whatever election trends you put on going into the election, they typically work in the period before the election, not necessarily after the election. even with something like the dollar, we can expect to see a temporary high around the election regardless of the outcome. it will likely be priced in. keep an eye on fixed income more so with congress. yields tend to go higher in the united government. you see democrats -- sorry, full democrat or full congress, you should expect to see a higher yield. >> dan tobon, thank you. >> thanks very much. let's get a check of the headlines right now with nbc's richard lui. >> dom, speaking of the

election, president and candidate joe biden saying he is considering new consequences for russia after alexi navalny, top opposition leader to putin, has died in prison. president biden is weighing additional sanctions against the kre kremlin. navalny died in prison while going for a walk. his wife now says he was poisoned and russia is refusing to hand over his body. she will stand for his work. let's turn to california where unrelenting rain is wrecking havoc for the second day. the deluge leading to spinouts and four mudslides reported in southern los angeles and in sacramento where drivers were stuck in rushing waeters. weather postponed the daytona 500 as well with just nine laps to go.

william byron takes a lead and that's when josh chastain crashed and they broke a record with his team. dom, thank you. >> thank you. coming up, details on the surging rise in the number and value of teenage stock acts and the companies dominating their rtli.s that story when we come back.

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when you buy one unlimited line. plus, get the new samsung galaxy s24 on us. it's 5:30 a.m. eastern time in new york. there's still a lot ahead on "worldwide exchange." here what's on deck. looking to get back on track after the snap of the five-week winning streak. retail earnings taking center stage with walmart and home depot kicking off in 30 minutes. expectations and key metrics you want to watch. the holiday weekend not stopping a major merger monday with a $35 billion deal creating a consumer lending behemoth. it is tuesday, february 20th, 2024. you are watching "worldwide exchange" here on cnbc.

welcome back to "worldwide exc exchange." i'm dominic chu in for frank holland. the major averages are coming off the first down week in the last five. futures are pointing to more losses. dow implied lower by 87 points and nasdaq is down by 115 points. s&p down by 20. with the nasdaq down nearly .50% ahead of the open, a check of the laggards in the nasdaq 100 large cap index so far. advanced micro down 2%. same with trade desk and nvidia all among the laggards in the nasdaq 100 trade. checking with the bond market with the two-year trade and

five-year yield showing 4.61% and the ten-year note at 4.27% with the 30-year long bond at 4.44%. oil prices trading at the highest level since november and pulling back today so far. ice brent crude, world benchmark down 1% right now. to the top story. capital one is buying discover financial in a $35 billion deal all stock. that values discover at a 27% premium from the friday close. the companies expect the deal to close in late 2024 or early 2025. capital shareholders will own 60% of the company and discover will own 40% of the trade. capital one is up 16% in the last year. discover is up 11% as well. the merger marks the industry's biggest since 2008 in the

financial crisis and is the industry's largest one since the $66 billion deal between bb & t and sun trust almost five years ago. we are watching shares of home depot and walmart. both companies are out with earnings before the opening bell. for walmart, it is about inflation as the retailer raises prices to grow its top line and incentivizing consumers to spend on bigger ticket items. with walmart, it is coming off six quarters of beats. home depot could post the first annual sales drop since 2009. analysts have been lower estimates since november with higher mortgage rates and impact of home purchases. let's dive into the retail trade with stacey widlitz. she is our go-to for many things retail. stacey, let's talk about home

depot and walmart. >> dom, it's a big day after the holiday weekend. you know, if you think about walmart, what is happening is as you said, they have been growing through inflation. inflation has been stubborn to come down than we would like, but food prices are up 20% in the past two years. walmart's business is looking at a two-year comp of 13% that we're going against. $600 billion company growing 13% over two years and probably another 5% this quarter. you know, they are coming off the huge numbers and as inflation comes down, it is harder to grow here. i think walmart is a rare case where you see shared gains, but benefits from inflation, particularly from the higher-end consumer that they are gaining a ton of share particularly in grocery. the good news could be as we

heard green shoots from the general merchandise or discretionary side this quarter. that comes with a higher margin if that mix continues to change here. i think that could be some of the good news here to offset the lower inflation. >> now, the inflation side of things is evident on the walmart trade. with home depot, how does this impact the housing economy and interest rates going forward with the renovation trade and everything else with real estate? >> that's what home depot is clearly showing with the housing numbers being terrible down 15% month over month. what stayed home and upgraded and spent this money, we are shifting from the high-ticket projects which have come down. that is tough to comp against. home depot traffic is down a little bit. i think it is well in the stock that we will see a negative comp

this quarter. home depot continues to gain share. they're the best in the business. if you look to the other side of rates coming down, you see a staple in the portfolio. i think some of the housing plays in terms of williams-sonoma and others as they are holding the line on prom promotions. operating margins are in tact. the revenue is way down, but the stocks are soaring and still getting credit as long as they hold the pricing line. i think home depot will fall in the same bucket. >> home depot and walmart are kicking off the earnings season. you have just done a bunch of channel checks. can you take us through what you are seeing early on? where is the positivity for the rest of the earnings season? >> presidents' day week is behind us. i hope you were trying to find deals. deals were not that great this

year. the majority of companies out there and majority of brands had flat to lower promotions over the weekend. traffic was decent over the weekend. you are still seeing a bit of the discretion ary come back a bit. we saw american eagle has some results. you saw the footwear sector with spots of traffic. of course, ulta and tjx are continuing to win share. as great of the stock, the traffic is still growing. the quarters will reflect upside there. >> all right. stacey widlitz with the state of play on retail. thank you. see you soon. >> thank you, dom. to washington, d.c. and the biden administration formally announcing the latest wave of cash to help expand semiconductor production in the u.s.

naming global foundry as the $52 billion chips act. megan cassella is joining us now with more. good morning. >> reporter: good morning, dom. the biden administration is doling out $3 billion in the combination of both loans and grants to global foundrys. it say boost that officials say triples the production in the northeast. this is the largest chips act award that is going out so far. the total investment is expected to be $12.5 billion in spending as the company builds out the existing facility in vermont and builds a new facility in new york. the focus of what they are building is legacy chips. they have a partnership with gm and they will focus on chips in the u.s. including specialty chips for satellites and evs and power grid. the goal here, of course, is

countering china. the commerce secretary says this sends a clear signal that the u.s. is serious of bolstering national security. dom, this is the first sizeable grant going out under the chips act, but it is $1.5 billion out of the $39 billion. >> megan, if there is more to come, what exactly can we expect to see and when can we expect to see the bigger awards that can go out? which ones make the biggest splashes in the weeks and months? >> reporter: absolutely. we think these are coming soon. secretary raimondo says these should come in the next four-to-six weeks. these will be several times over. intel is in talks to get loans

and subsidies with tsmc and micron which have been applying for the awards. if we are looking at what global foundries got, these could get several times. >> megan, we can see intel shares up 4% right now. also, the geopolitical importance of what's going on right now with china. just how much can we expect to see this implied move strengthen the u.s. against counterparts around the world? >> reporter: it is part of the administration's broader effort to counter china and bolster u.s. industrial capacity. i think what is especially interesting about the global foundries award and what is unique about the bigger ones is this is on the legacy chips. it is not the state of the art technology with a.i.

that is what the administration is focused on. they need to do the work to protect the cars and p refrigerators and smart phones. these are created in the u.s. for the first time and it should prevent things like the car shortage like we saw with the supply chain shortage during the pandemic. >> megan cassella, thank you very much. coming up on the show, european regulators setting gnict vewits on a member of the maifensen th a $500 million fine. that story coming up. we need to scale with customer demand... in real time. (jen) so we partner with verizon. their solution for us? a private 5g network. (ella) we now get more control of production, efficiencies, and greater agility. (marquis) with a custom private 5g network. our customers get what they want, when they want it. (jen) now we're even smarter and ready for what's next. (vo) achieve enterprise intelligence.

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icy hot. welcome back. time for the "morning call sheet." evercore is moving the rate for caterpillar to neutral now the earnings report is wrapped up. watching shares. deutsche deutsche bank is upgrading jetblue to buy. and another airline upgrade is bernsteini is moving southwest o buy. it no longer sees down side risk. another price target on supermicro. rising the target to $1,300 per share.

it is benefitting from a.i. growth and material share gains as well. time for the global briefing. chinese property stocks are watched with the five-year mortgage rate changes. that is the largest cut since 2019 in an effort to boost the slu slumping property sector. the european union fining apple more than $500 million citing anti-competitive environment. according to bloomberg, the european regulators say apple is unfairly competing by failing to inform users of cheaper apps. nintendo suggesting the launch of switch 2 is delayed until 2025. it is expected to be release in the second half of the year.

the current switch is seven years ago, but the popularity with the super mario brothers movie has a lot of interest in the device. ahead on the show, what every investor needs to know today and thefor the trading week ahead. as we head to break, here is the jetblue vice president of corporate global responsibility and dei. >> our contributions to the world are significant and you don't know where you're going unless you can look back and see where you come from. so celebrating black history month allows everybody to understand, celebrate and recognize the rich contributions that african americans have made in the united states, but that black people in general have made to the world. were you worried the wedding would be too much?

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exxon had set aside $20 billion for projects in the region. goldman sachs is joining the most bullish stocks on wall street boosting the target price for the s&p 500 to 5,200 citing higher than expected profit in technology and communication services sectors. barclays reports a fourth quarter net loss missing estimates. the british bank is delivering the first major strategy update since 2016 and announcing a $1.2 billion share buyback plan. donald trump is throwing his hat into another ring this year. the high-end sneaker market. the former president's limited edition sneakers going for $45,000 on e-bay after selling out for $399 apiece. 1,000 pairs of the high tops were available at sneaker con this past weekend. here is what to watch in the

week ahead. another slate of earnings on tap for the s&p. walmart and home depot kicking off in the next hour. investors bracing for the big report from nvidia tomorrow to close out the magnificent seven results. ahead of the walmart and home depot numbers, let's check on the markets. all three indices snapping the five-week winning streak. futures reporting to modest losses. let's bring in gunjan who has a new piece in the journal out over the weekend titled "these teenagers know more about investing than you do." let's start there because this is fascinating to me. it wasn't just about reddit or meme stock trading, but there are trends pointing toward younger folks getting more avid into investing. >> right. executives have seen a surge in

custodial accounts in the past few years. 13-year-olds and 15-year-olds jumping into the stock market. other times they are asking parents to open robinhood accounts. they want to trade or invest in stocks. this is part of the broader trend of americans being more invested and now it is extending to the youngest generation. >> what is driving that? what was the primary reason or reasons for why younger people are getting more interested in the stock market? >> many of them learn about investing from parents. others are seeing social media influencers can carry some risks in terms of stocks. we saw the pandemic which drew a lot of investors in and a lot of investors are not trading meme stocks, but they still stayed invested. it has been the huge force that's drawn a lot of investors in. the s&p 500 is up more than 50%

since the start of 2020. that has helped bring investors into the market. recent data shows more americans have held more stocks now. >> i think to myself that this is stuff they use or meta or apple because they use the stuff and they buy the snok. >> stock? >> the companies that are ubiquitous in the teenagers lives. those are the popular. vanguard said those are the most popular. >> let's talk about the word of the day. >> it is a.i. a.i. is the word of the day because of nvidia earnings which will steal the show tomorrow. i think this week is going to be another big test for the a.i. trade which has kept propelling markets higher in 2024. >> nvidia. what are the expectations? you look at the options market a lot. how volatile could it be? >> this is a stock known for

explosive moves. options activity indicates traders are betting on an 11% move. this is a huge move. let's not forget that analysts are expecting nvidia to report revenue of $39 billion for last year. that's more than double what it reported the prior year. just to put that number in context, none of nvidia's competitors, apple, microsoft, have ever reported such a big jump within just a year from that starting point. we're in unchartered territory. >> gunjan, thank you. that does it for us. "squawk box" is coming up next. what is cirkul? cirkul is

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good morning. stock futures are under pressure to start the holiday-shortened week. responding to the inflation numbers that seem like it happened a long time ago. goldman sachs out with the new call and in this case raising the price target for the s&p for the second time since mid-december. what's in your wallet? capital one buying discover in a $35 billion all stock deal.

retail reports. quarterly results from home depot and walmart due out this hour. it's tuesday, february 20th, 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 andrew ross sorkin along with joe kernen. it is just the boys today. becky is off. we have a lot going on. including the big credit card deal which we will talk about in a moment. u.s. equities at this hour are looking to open down. 83 points off the dow. s&p off 21 points. treasury yields with the ten-year note at 4.275. the two-year note at