it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." we start with one day and $277 billion shares of nvidia doing something for the first time ever after blockbuster earnings the check on the stock move in a moment. optimism in nvidia sparking a global stock market rally. we will see if that rally can hold heading into the open. and throwing some cold water on the rally remains with the fed and comments from two top officials pushing off the march

interest rate cut. goldman sachs out with a forecast. and the wait's over. reddit is set to make its debut. and the u.s. returns to the moon for the first time in 50 years. one stock is rocketing higher on the news it's friday, february 23rd, 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 hourly check on the u.s. stock futures and take a look here. futures in the red across the board. s&p and dow are flat it is the nasdaq taking a leg lower at this hour what you see in the futures after a blockbuster day for stocks in the u.s. and all around the world h ahead of the open, the dow is above 39,000 for the first time

after the 1% gain yesterday for the 13th record close of the year the nasdaq 100 sitting at or just a tick below all-time highs after 2% and 3% gains yesterday. all coming off the best one-day gains in more than a year. according to bespoke, the last time the nasdaq 100 saw a daily gain of 3% was in march of 2000. this comes on the back of the stock of the week, nvidia, off the 16% gain hitting a fresh all-time high hitting $277 billion in market value. the largest market day gain for any u.s. company ever. that one-day market cap gain is equal to the entire market value of companies you know well adobe, bank of america,

mcdonald's, netflix and coca-cola. this is pushing chip stocks higher like arm holdings and qualcomm and taiwan semi it is not just tech and chip stocks 84 s&p stocks are sitting at fresh 52-week or record all-time highs. it goes across retail and industrials and banking. american express trading at an all-time high. levels that go back to the ipo in 1977. jpmorgan chase and visa and berkshire and meta trading close to all-time highs or 52-week highs. we are looking at the treasury market and enthusiasm there with the stock market rising treasury yields are not doing a lot to dent this enthusiasm on wall street. the two-year note is moving higher since the cpi report.

that's the morning money set up. let's turn to the markets in asia and europe with jp ong and carolin roth jp, let's go to you. good morning >> reporter: good morning, frank. not like the gains we saw yesterday in asia on this friday, but modest gains for the major indices. markets in tokyo and japan were offline due to the emperor's birthday you can't blame traders for taking a breather. the kospi in seoul with gains and adding value for the biggest listed companies on monday you aring e seeing cautious excitement with the announcements. one of the macro points that people are watching out for in asia today was the fact that home prices in january con contracted again, but at a

slower clip than previous months signs of improvement for the sector you talk about chip stocks there is juice left to squeeze from the nvidia play notable nvidia players like tsmc with gains in the asian pacific. samsung is also seeing red byd and nio with price stocks and issues over whether or not this will cause problems for the sector in the tech space out there. something to watch that is something to tackle in the weeks ahead. good morning and happy hunting on wall street >> thank you, jp now we turn to london and the trade in europe with carolin roth

carolin, good morning. >> reporter: good morning, frank. we are also seeing slim gains across europe here not the same level of happiness with the trading session with the record highs as well for the stoxx 600. the dax is hanging on to the flat line. cac 40 is seeing a record high with the trading session this morning. we have a couple of earnings to power ahead today. that's driving the ftse 100 to marginal gains up six points i want to tell you about standard charter the company announced a $1 billion share buyback after an 18% jump in pre-tax profit for 2023 the lender struck a cautious tone on its income growth outlook forecasting between 5% and 7% this year that is down from 10% in 2023. take a look at shares here up by 8.223% coming back to the board, i want to let you know we got economic data from europe today

that was the ifo business sentiment index. that came in line with expectations for germany for the month of february. back over to you >> carolin roth live in london thank you very much. after yesterday's big rally, the question now remains can the good times just keep rolling let's bring in mark haefele from ubs. >> good morning. great to be here. >> mark, you gave us the s&p price target you gave us a range of 5,200 to 5,500. what needs to change to get to the estimate of 5,500? >> that was before earnings came through. u.s. earnings came through a little bit stronger than we anticipated. that made us take up our base

case this continued strength with the u.s. economy and the potential for what we're seeing on the a.i. side is also making us think about a goldilocks scenario coming through. i think there are a couple of things there global investors still remain under allocated to the united states globally, we have a tremendous amount of cash on the sidelines. we think inflation will fall and the fed and central banks will start to cut rates if those play out favorably, that takes us to the upside surprise and bull-case scenario. >> that is the goldilocks scenario that could get us to the 5,500 figure which is a double digit rise to the s&p this year. i want to ask what is your take on mega cap tech our cnbc team gave us a great

nugget near to date, 52% increase is on the a.i. stocks. when you talk to clients, do you invest in the magnificent seven or do you trim what do you do >> we have been looking at this and have been positive on it an important statistic is we see a.i. revenue growing around 70% a year through 2027. the stocks are expensive, but we don't think they are necessarily in double territory. again, with so many are investors actually under allocated, the recommendation for clients is not just to hold their positions, but to add to them around that, we like to position for some of the other aspects that can come through in a goldilocks scenario. that may include small caps. >> mark, i'll ask a lot of

people who come on and say small caps we ask why i'm looking at small caps and they they are behind the s&p. what is the case for you they never seem to want to catch up >> it has been a tremendous divergence that persisted for a long time. what you are seeing is a reflection of the expectations about the federal reserve being put off. we do see the fed cutting. we see them cutting 75 basis points this year probably starting in june this is after reflecting on some of the stronger data that has come through that's what is holding the small caps back. people are afraid of the small companies. if that pressure comes off, they are well positioned to close that gap there is a gap

it's about 30% to the s&p 500. >> mark, new s&p price target. dpr great to see you thanks let's get a check on the top corporate stories with silvana henao. silvana. >> frank, good morning one of wall street's highly anticipated ipos is finally here reddit filing for a public debut on the new york stock exchange some time in march under the ticker of rddt this marks the first social media ipo since pinterest went public in 2019 reddit will offer three classes of stock including a directed share program for the site users. federal reserve members reiterating the message. don't expect rate cuts soon. christopher waller says there is

no expectations with the reports this year. lisa cook said inflation reduced faster than expected, but investors need confidence with easing priors pressures before cutting rates. intuitive machines making history. the robotic spacecraft landing on the moon surface last night making it the first successful mission by a private company and first u.s. return to the moon since the apollo mission in the 1970s. shares surging in the pre-market after falling 11% during yesterday's session where the stock has tripled since the all-time low in january. >> literally to the moon we say that about stocks literally to the moon on this one. silvana, thank you. coming up on "worldwide exchange," we have more, including the one word that investors have to know today, but first more on nvidia's

single-day stock pop and if the mega tech rally has what it takes to push the markets higher in the hundrmonths ahead. the u.s. prepares for more sanctions on russia and more issues from the israel and hamas war. we have a very busy hour when "worldwide exchange" returns

welcome back to "worldwide exchange." looking at futures on wall street after the huge day yesterday with the dow crossing 39,000 for the first time. it is under pressure this morning. the s&p and dow fractionally lower. nasdaq hit hard after a huge day for tech stocks. coming up on "worldwide exchange," we laid out the carvana bull and bears the big money movers coming up next when "worldwide exchange" returns. meets bold new thinking. to help you see untapped possibilities and relentlessly work with you to make them real. ♪ ♪ every day, businesses everywhere are asking: is it possible? with comcast business... it is. is it possible to help keep our online platform safe from cyberthreats? absolutely. can we provide health care virtually anywhere?

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welcome back time now for the "big money movers." we start with shares of block popping up 14% after the company reported a surprise fourth quarter profit revenue also topping forecast boosted by the 24% increase of subscription and services. block expects profit growth of 15% this year. shares up 14% right now. carvana surging after the narrow fourth quarter loss than expected revenue did come up shy. the online used car retailer says it is on track for growth this year despite economic conditions car carvana showing a profit to restructure the debt shares up 33%. shares of mercado libre

topped estimates due to a pair of tax hits. it operates across 18 countries in latin america and offers payments and digital wallet. shares down 8.5%. time for the check of the headlines with nbc's richard lui in new york. >> frank, good to see you. good friday morning. donald trump again claiming presidential immunity as he urges the federal judge to throw out the case in florida. trump's lawyers filing motions to dismiss late thursday i in addition to presidential immunity, the prosecutor was unlawfully appointed at least three health clinics in alabama now say they are pausing ivf treatments more fallout after the state

supreme court ruled that embryos are considered children. providers are now suspending ivf procedures because they are concerned about the legal risks. in new mexico, the manslaughter trial under way for the armourer on the movie set "rust" killing haylana hutchins. and the u.s. says it will impose crushing sanctions on 500 targets in russia and it marks the second anniversary of the invasion of ukraine. officials say this is mis meant impair the ability to conduct

the offensive. tensions are rising in the middle east with the attacks on the red sea have continued despite efforts by the u.s. and allies to stop houthi attacks. 60 ships passing through have been attacked by the group this as the warnings report of the impacts of the israel-hamas war. booking holdings has taken a hit. nestle and coca-cola and yum brands and mcdonald's and carnival and a number of others are flagging significant risks for shareholders joining me now is the director at the specialist global risk co consultancy. >> good morning, frank. >> i know you are looking at the risks with the democratic republic of congo in addition to the tensions in china.

i want to start with the broad picture. when you are talking to the clients who are investors, how should they view the risk and how should itinvestments >> something we have seen is our clients are asking us to talk about the low likelihood, but high-impact events that is driven by two experiences. the covid pandemic which forced companies to realize they live in a world full of countries with different laws and jurisdictions. the russian invasion of ukraine two years ago to the day also brought home that point. the high-impact events can happen no matter how likely you think they are and there are more out there in the world. unfortunately, we are seeing a world where the likelihood of the impact events are happening more and more. >> interesting, cormac

the israel and hamas war is high impact we see the impact on the red sea and other things as well as global brands in the consumer staple space do you see that sector to be impacted by what we're seeing in the middle east specifically >> this is an example of the conflict that one could have predicted. israel and hamas going to war with each other is not unpredictable, but the nature it is affecting the region is what we advise clients to prepare not just the war may occur, but the sncenario that impacts the region and one scenario is regional escalation. something we're not at yet in terms of regional conflict or war, but there are trigger points for the scenario. one is what we are seeing in the red sea with the houthi attacks

in shipping. that is a trigger point that you are looking at with the immediate impact which is shipping in the maritime industry let's say the ripple effects from that is the cargo the ships are carrying that is impacting the area >> we are showing the international shipping attacks in the red sea you are talking to clients about the opportunities that are coming from some of the events and you are looking at the russia-ukraine war as a long-term investor opportunity >> our job is not to scare clients away from doing business it is the opposite help them understand the risks they may be venturing into and to embrace opportunity where they can that's just a good example of course, ukraine is a war zone, but not a place you can

enter and do business very securely you can control risks with ukraine and with the ongoing war, there is billions of euro and u.s. dollars prepared for the construction that is coming from the uk and eurozone and the united states that's just one example in ukraine. >> can i ask would you invest in the index tied to the country or region or specific stocks that benefit? >> i think specificing stocks are worth looking at here because if you look at the construction companies and everything in the supply chains around them gearing up to go to major building efforts into ukraine. that would entail specific stocks >> cormac, thank you really glad to have you here thank you. >> thank you very much

as we head to break, a check on the gainers for the s&p 500 take a look right now. moderna up over 12%. that is followed by nvidia a double digit rise in the third spot right there similar for the nasdaq 100 moderna up 12% nvidia is the same story 10% we will have more on the record inwe for the markets when "wex" returns stay with us another destination wedding?? we just got back from her sister's in napa. who gets married in napa? my daughter. who gets married someplace more expensive? my other daughter. cancun! jamaica!! why can't they use my backyard!! with empower, we get all of our financial questions answered. so we don't have to worry. can we get out of here? i thought you'd never ask. join 18 million americans and take control of your financial future with a real time dashboard and real life conversations. empower. what's next. (♪♪) it's inspiring to work at a place where our patients succeed.

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it is 5:30 a.m. in the new york city area there is more ahead on "worldwide exchange. global markets riding the nvidia wave with the dow and s&p notching new all-time highs. futures are suggesting a bit of a breather today nvidia setting $277 billion in market cap in just one day. the metrics renewing questions about the magnificent seven and the ability to carry the rest on its back. the great cut expectations goldman sachs throwing cold water on the fed expectations. it is friday, february 23rd, 2024 you are watching "worldwide exchange" here on cnbc welcome back to "worldwide

exch exchange." i'm frank holland. we pick up the stock futures with the blockbuster day for stocks in the u.s. and around the world. look here at the mixed picture with the futures we saw the dow creep into the positive territory a short time ago. it was lower now fractionally higher. the s&p is lower nasdaq down .25% ahead of the open, the dow is above 39,000 for the first time ever after the 1% gain yesterday for the 13th record close of the year. the nasdaq 100 at the all-time high after 2% and 3% gains yesterday. all three coming off the best one-day gains in more than a year all this is coming back to the stock of the week which is nvidia that is coming off a 16% gain for its best day since may also hitting a fresh all-time

high shares up 2.25%. thanks to nvidia, s&p 500 growing this season. more than double the 4.7% expected when earnings season a few weeks ago. it is the first double-digit earnings growth since the first quarter of 2022. a long stretch there it is not just nvidia and tech 84 s&p 500 stocks are sitting at 52-week highs or record all-time highs. retail, banking and industrials. american express back to the ipo in 1977, jpmorgan chase and visa and berkshire and meta all sitting at all-time highs. let's see how europe is shaping up with carolin roth in the london newsroom. >> good morning.

frank, we have a patchy picture across the european boards today. we hit record highs on the back of the nvidia numbers yesterday. stoxx 600 rising nicely at the end of the trading session and finishing at the record high take a look at this. we are now flipping in and out of negative territory for the dax and ftse 100 the cac 40 hitting another record high for its market this morning. for the week, we're still on track for very, very reiay respl gains. the ftse 100 is an under performer this week. we had a couple of reports that were under whelming from the charts standard charter is returning $s chemicals are bouncing back here with household goods and auto with leadership.

on the macro front, we got the german business sentiment index for february in line p with expectations weakness here for europe's biggest economy. back to you. >> carolin, thank you. carolin roth in the london newsroom. time to turn back to wall street nvidia is looking to open higher again today after surging 16% yesterday and adding $277 billion to the company value the biggest one-day market cap gain for any u.s. company on record it is not just nvidia on the party. nasdaq breaking a three-day losing streak with the best p performance in more a year meta and amazon and microsoft all ending higher as enthusiasm with a.i. is not waning. how much longer can the stocks keep the broader market on its

back let's talk to nancy tengler and james cekmak nancy, how long longer can this keep going >> thanks for having me, frank this market is similar to the 1990s. labor shortage and companies spending on productivity and generative a.i if you look at the magnificent seven and we think the rally has broadened out as you pointed out, but you see higher earnings growth in 2024 22% for the magnificent seven against 7.9% for the remaining 493. margins will expand by 22% against 11% for the rest of the market in the '90s, technology continued to power all decade long with higher interest rates

at 5% to 7% on the ten-year note this can carry on much longer as we saw from nvidia with triple in earnings and sales. a pe still achievable. >> you are hitting us with a lot of numbers i want to give one back to you year to date, we have been talking about the stocks in the magnificent seven. is that a sign of concern and do you see the broaden? >> i don't known all of the magnificent seven. you want to broaden out now. you mentioned other names likes adobe. the unsung hero of generative a.i. the poor man's broadcom. you can participate in the secular tailwind with cloud computing. >> james, we are not leaving you out. i'll bounce the same off you

the magnificent seven contribution to the s&p this years. 52% of the gain. when you see that momentum, do you ride that train or if you are holding stocks, is now maybe the peak to take profits >> we are taking profits constantly the positions are getting so big and you have to right-side the portfolio and holdings with that said, nvidia alone with the earnings power can drive 50% of the market this year you can see 5,500 with the s&p with over half of that by nvidia's earning power we think the future is bright for the market we do think you have to stay super nimble and be ready. you have pce next week we had bad cpi print and bad ppi print. pce comes out and that leads to the question of what happens to interest rates

are they cut or raised the fact it is a non-zero could freak out the markets. we saw a record day yesterday, but painful days before. the name of the game is you have to pick the right stock. >> i want to ask you you mentioned the rough days prior to the nvidia report wasn't that profit taking the same thing you are doing if you have the dry powder from profit taking, you have three bu buckets, outside of nvidia, what should you look at >> a.i. is in three buckets. one is building of the data centers. nvidia and hv saac companies th cool the servers you have advent on the

electrification and power side there are the veconvvendors sel into the data centers. that is a.i. infrastructure. we think that is more of a 25 story which is an a.i. driven software we are selling into the companies with the cap ex from microsoft. >> nancy, you say investors are picking and choosing where they want to put their money and some areas are in consumer staples and discretion sary with home depot or walmart what does this mean for the market >> walmart has out performed year to date it fits our theme of the old economy company that pivoted with innovation. you want to look for those names. as james rightly pointed out, we were trimming tech names last week in the case of palo alto.

we were putting that money to work in things like emerson electric which we already own, but we wanted to add to it i think that's the name of the game look for the old economy companies that are engaged in the pivot. those are the survivors and they will have proving margins and earnings growth. >> nancy and james, great to see you. thank you. let's check on the top corporate stories with silvana henao. silvana. >> frank, good morning self service for at&t customers is back up and running after the outage across the u.s. the company revealing the issue which disrupted calls and texts and emergency services in major cities was caused by a technical issue and not cyber attack the fcc said it was investigating the incident and was in contact with at&t

at&t shares are looking to recover the 2% drop yesterday ahead of the company. goldman sachs scaling back the expectations for the fed to start cutting rates in may this is according to the note from the bank analyst who says they see four 25-basis cut points happening this year the updated outlook coming after three fed officials yesterday reiterated the message the bank is on track to cut rates this year, but not any time soon. general motors cruise unit is set to resume on roads with safety drivers in the coming weeks. according to bloomberg, cruise is looking at dallas and houston as potential locations cruise suspended operations in the u.s. in october after the incident involving one of the robo taxis dragging a pedestrian struck by another car. >> silvana henao, thank you.

coming up on "worldwide exchange," wall street's highly traded debut is taking a major step forward as reddit prepares to go forward. we'll back in a moment

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date dow gainers walmart shares up 3.5% followed by coca-cola and johnson & johnson. time now for the global briefing we start with troubling signs for the china real estate market official data show new home prices fell for the seven straight month in january as policymakers try restore confidence announcing the biggest cut in the mortgage rate this week. apple is blessing spotify that could lead to a $500 million fine for the iphone maker. apple claims spotify wants limitless access without paying for the value. the european commission is expected to impose that big fine against apple next month following the probe into allegations it hindered spotify on its platforms. shares of standard charter

are jumping in london trading. rising 18% in fourth quarter earnings which is helped by the higher net interest income the bank is boosting the annual dividend by 50% and launching a $1 billion buyback shares up 7.5%. coming up on "worldwide exchange," the one word every investor needs to know today and stocks looking to ride the nvidia earnings wave, but there is fresh concerns that the surge is creating around the market's concentration in the magnificent seven. during february, cnbc is celebrating black heritage as we head to break, here is the general mills cfo. >> the companies that invest in building the network of support around employees who are different and in this case, african american or come from a different ethnic background or sexual orientation or veterans

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ticker rddt. it has a post valuation of $10 billion. fed governors cautioning against premature rate cut expectations they need time to review before making any decisions. intuitive machines stock surging in pre-market after making history as the first private company to land on the moon the mission marks the first moon landing since 1972. block shares rallying after the surprise fourth quarter property after the increase in subscriptions. carvana reported a narrow fourth quarter loss than expected it is a track for growth despite the issues. shares of mercadolibre with the fourth quarter miss. shares up 2%

markets are coming off the post-nvidia earnings high with the s&p and dow with earnings. the dow has moved into positive territory. it would open up 15 points higher nvidia's surge raising fresh questions about the markets and the concentration in the magnificent seven. our bob pisani has more. >> reporter: how much should we worry about concentration risk after a brief break, the magnificent seven stocks hit new highs. they comprise 30% of the s&p 500. the top ten stocks are about 33% of the s&p 500 think about that ten stocks making up 33% of the s&p 500. that's unusual, but not unprecedented. during the 1950s and 1960s, it was not unusual for the top ten to make up 30% or more in the market cap in the 1950s, the companies like

ibm or polaroid or xerox jumped to 40% of the s&p 500. it jumped to 30% at the end of the 1990s in the dot-com bust. other countries like china and france and germany have far higher concentrations in the top ten names than the united states here is the bottom line. concentration is a characteristic of market cap weighted index like the s&p 500. why? these indexes reward the winners and penalize the losers. the magnificent seven are the big winners. this concentration has been a boon to investors. investors who own the s&p 500 don't have to pick those winners. they go along for the ride second, u.s. stocks are global market leaders and when a small group like the magnificent seven become market leaders, it almost

always means the u.s. stock market out performs the rest of the world. that is what is happening. the u.s. stock market was roughly 40% of the global market cap a short while ago. today, 50% of the global market cap is u.s. stocks the u.s. is 50% of the value of all of the stocks in the world u.s. investors have benefitted from the a.i. boom and innovation of u.s. tech companies. frank. >> for more on this, let's bring in tiffany mcghee. tiffany, good morning. great to see you >> good morning, frank >> tiffany, we have to talk about the magnificent seven. you are a holder of the number of stocks in the magnificent seven. our data team showing 52% of th gains in s&p coming from the magnificent seven. are you holding on to the gains or trimming or buying more

>> i know we will get to my word of the day in a second, but bob laid out great stats when i look at portfolio moves, especially given all of the good drama from yesterday that we hope continues today -- a lot of people own these stocks. these are popular stocks i would look at stocks and we have the tendency to buy low and sell high. these are stocks that are driving the market it is a good idea to own these stocks really looking at what you have in your portfolio and i would be looking at what's driving behind this issue we mentioned a.i >> sounds like you are riding the momentum wave. give us your wex word of the

day. >> my word of the day is influence. as in how much influence one stock can have over a sector like tech and over indices we are seeing this with nvidia bob dropped great stats. 30% of the market value in the s&p is tied up in the top ten stocks same thing with the nasdaq 52% of the value is tied up in the ten biggest stocks looking at what nvidia really has been able to do, but these la larger stocks have influence on the daily movement of the indices and long term. >> you are practicing what you preach arm is a chipmaker with the boost off nvidia shares up 70% year to date forward pe is 126 times. why is this a good stock to buy right now? we are worried about stocks that have run up in high valuation

stocks >> it is okay. tech finds a way to win. it is driven by innovation we mentioned a.i. earlier. that is driving this outside of the magnificent seven, arm holdings is still an a.i. play. semiconductor company. they make the chips that are in most cell phones and they are breaking into the data center business which is caught up in a.i. it is an alternative >> tiffany, great to see you thank you very much for being here that's going to do it for us "squawk box" is coming up next have a great weekend as the head of hr, i help lead a successful home security firm. our teams work hard to secure our customers' most valuable assets. and while they do that, i work hard to secure ours...

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good morning the nvidia bulls stampede down wall street. in fact, stampeding globally from nvidia. figure that out. new records for the dow, s&p 500 and nasdaq not far behind in global averages. reddit going public. about to give the slumping ipo market a charge. is now the right time? something we haven't seen in more than 50 years successful u.s. moon landing with the private company celebrating the big win.

not much has changed up there, apparently it's friday, february 23rd, 2024 and "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. becky is off today u.s. equity futures, before we go to the moon, they are not going to the moon yet. the dow is up six points nasdaq going down from the moon at 38 points s&p 500 is off 3 points after the nvidia party yesterday that was a remarkable ride let's show you where -- i don't know if we show you where nvidia is