it is 5:00 a.m. at cnbc global headquarters. i'm frank holland. here is your "five@5." j.p. morgan is holding out two rate cuts before the ends of this use. wall street climbs to fresh records and apple sitting it on. we will look into the response following their big intelligence unveil. along with that bearest sentiment on apple, elon musk making bold claims about his planned response to tim cook's new participate with sam altman

and open a.i. later 17% from all time highs, tom lee is here with a bold case for small caps. it is tuesday, june 11th, 2024. you're watching "worldwide exchange" here on cnbc. good morning. let's get you ready for the trading day ahead. a check of u.s. stock futures with the s&p and the nasdaq once again at fresh all-time highs. look. you see futures are in the red across the board. looks like the dow would open almost 100 points lower. these records coming despite a very poor showing from apple. it shaved more than 30 points from the s&p 500 yesterday and it also notched its post worldwide developers reaction in

over a decade even on the back of that a.i. announcement. the stock dipped when tim cook actually came up on the screen talking about the announcement and investors really not liking what they heard. >> the introduction of powerful new apple intelligence features to aio team and ipad ios team and make these releases game changers. built in a uniquely apple way, we think apple intelligence will be indispensaable role to the products that change our lives. >> declines over half a percent in the premarket. if you're looking for any confirmation that -- ai chip maker looking to extend monday's three-quarter of a percent game

following a stock split and trading lower on the premarket down a quarter of a percent. it was lower in the premarket yesterday as well. we are checking the market as the fed kicks off two-day meeting today. 4.43 is the benchmark. 15 points higher than it was before that hotter than expected jobs report and we will continue to watch yields as we go into the fed meeting today. we are looking at energy and specifically oil off the best day since february but this morning, it's lower. crude down fractionally down right now. that is your morning setup. let's see how europe is shaping up as its trading day is under way. a rough session yesterday following the early results from parliamentary election. arabile gumede is live in london with the reaction. >> good morning, frank. unfortunately, no dice on the resources uptick or the uptick

in the market picture in europe. you see the same amount of red you saw yesterday perhaps a little bit of a lower pace. a flat line cac 40 in front as it stabged a comeback from yesterday with the macron calling for snap elections and loss in the eu parliamentary elections so that shift to the right seems to be hurting things quite considerably. it is that instability and lack of understanding knowing where things are going then across europe is basically hurting a lot of the equity markets. you're seeing red then across the board, even ftse down. yesterday, retail stocks are coming up but mining stocks and bake resources dipped down yesterday. they are still continuing that downward move 1 2/3% weaker and

banks falling on yesterday's decline down 1%. a third of a percent higher for retail managing to find some sense of gain. all eyes on the cpi number as well as the fed's two-day policy meeting. all eyes will be all over that. >> back here in the united states, the records come for the nasdaq and s&p. 26th record finish for this year and highs could keep on coming even if there is a surprise on inflation or kind of a surprise from the fed this week. that is according to a new note from yesterday saying, in part, a tame on inflation would be likely sufficient. usb adding any disappointments on that front or from the central bank, that could slow market momentum but investors should brace for the records just to keep on coming. for much more, let's bring in nancy prio of investment

management. good morning. good to see you. >> good morning. we are talking about the u.s. note. cpi tomorrow, fed decision tomorrow. do you agree with uba all we need is a tame reading on inflation to keep the rally going? or after what we saw yesterday, apple actually down 2% and nvidia up. can tech keep us going? which one do you think? >> well, i could think that ubs is right, as long as the cpi remains kind of where it's been 3.4%, that should be enough to keep the momentum and the market going. not necessarily this week. but certainly over the next couple of months as we get closer to election season. we do know that markets tend to be up in election years, at least until the fall. and we know also that economic growth remains resilient and that combination of looking for better earnings, particularly after the strong quarter and the first quarter combined with inflation that is slowly, slowly

moderating, should be enough. whether or not tech remains the leader, i think, is a little separate from the discussion about apple, in particular. we do think that we are starting to see a broadening of the market and we expect that broadening to continue as those parts of the market that are less extended, that are less expensive, play catch-up to their more expensive brethren in technology. >> i understand what you're saying but in all fairness apple is second or third biggest stock in the market right now. back to apple. investors didn't like the announcement. stock was down 2% yesterday and down in the premarket today. some people think that maybe it's going to take time and may be a slow burn until the products get unveiled. are you worried about downside risk it comes to apple? such a big part of so many portfolio. we brought you on to talk about apple before. >> what i meant by my comment was that apple and nvidai are

two somewhat different stories at this point. we think the announcements that apple made yesterday were as expected. apple is an evolutionary company and these announcements were that. we think a lot of features embedded in the integration of a.i. and open a.i. in the operating system using your iphone as more of a productivity tool. remember that apple's stock is up $30 since the end of april, so that is a sharp move up. we do need to see that acceleration in revenue growth. revenue was down last quarter. we expect it to be up a couple percent in the june quarter and more in the september quarter and that will drive the next big move in apple stock. >> okay. >> i wouldn't take these two-day readings, though, as a sign that the stock is going to go down more than it's going to take a little time to -- >> one other question. one of the most vocal proponents of the small cap we will talk to

him later. i'm looking at the charts. since the last fed decision on may 1st, small cap are outperforming half of what the s&p has been. as we continue to see this environment, what is the case for small cap? they don't want to seem to take the rally everybody thinks they should. >> well, this has been very frustrating in that it is certainly taking longer for small caps to rally than expected. the key really remains with revenue and earnings growth and proving to investors that small cap companies broadly can outperform in an environment of higher for longer rates. what we think will be the catalyst is individual companies that are doing well even in this higher for longer space. companies with strong balance sheets, strong earnings growth and strong revenue growth are seeing margin expansion, ironically, we think that -- >> before you get to that, we have to run. i know you gave us pick and i

wish we would more time. for more, head to cnbc pro at cnbc.com. much more to come. one word that investors have to note today. first, apple's big artificial intelligence unveil and the rough stock reaction. our next guest is saying the latest from cupertino may drive a massive upgrade circle. breathing new life into old energy. the boom the sector is seeing from a.i. and the stocks potentially set to benefit. much more on what is on tap later from jay powell and the moanthis week. jprg joyce chang is here and she will weigh in. es for weight loss drugs known as glp-1. even with unliked and inconvenient injections, dehydratech processing of a glp-1 drug demonstrated

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apple had its worst performance on the day in a decade. ipad and max to help with writing and cloud computing. ceo tim cook calling the platform a game-changer for the apple ecosystem. >> recent developments and intelligence and large language models offer powerful capabilities that provide the opportunity to take the experience of using apple products to new heights. >> joining me now to discuss is richard kramer, managing partner and senior analyst. good to see you and good morning. >> good to see you, frank. >> all right. so a lot of investors didn't like what they heard from apple or i guess they weren't really impressed. what was your take? i think the bottom line question what you saw yesterday is that enough in your mind to accelerate growth of iphone sales? >> so, first of all, let's set aside the immediate stock market reaction because the stock had been up 15, 20% the last few months, so it had a phenomenal run. if you take the chart back to

mid april, had a phenomenal run from mid april or late april up to that sort of event. that puts it much more in context. this is a classic sell the news rally. i think three things you can take away from this is apple has focused squarely on the consumer and practical real world applications of a.i. instead of coding prompts or something that is highly complicated. second, this is going to drive iphone replacement sales it only works for now on the 15 pro so you have to wait until the model comes out to experience the a.i. services and they have a huge installed base coming up or overdue to replacement. i can give you a third point as well but maybe you want to stop this. >> you're on a roll! what is the third one? button it up. >> third point this is the number one brand in the world and in terms of being able to deliver a.i. services to its 1.2

billion user base in i iphones an incredible position. they talked a lot about privacy but when they turn on a new ios version, it goes to about 70% of phones in about two weeks, so their ability to create demand and create actual usage of a.i. services far surpasses most of the other companies we have heard and you can see microsoft, for example -- >> richard, all fair points. apple a.i. strategy will leverage golden installed base and a lot of what you are saying and installed base is huge. i want to pull up a chart on iphone revenues appear we can show the audience the decline and that slope but a little bit of a reacceleration lately. a big decline. is there downside risk here? you said they are focusing on consumer tangible things, not coding but if people don't like it or not willing to buy iphones

to create their own emojis or have siri tap into open a.i., is there a big downside risk? again, this is the third biggest stock in the market. >> no, i don't see that in the sense the last time you and i talked about a.i. specifically we were talking about the companies run on a.i. today. for the consumer, it's a matter, a very long-term familiarity. when they launched siri 13 years ago there was initial usage but it tailed off because people didn't find the use case in the pl platform and now them to convince services can add value and i thought interesting they focused on a relatively small number of very simple use cases, not some grand, you know, this is going to be take over your job and let you sit back on the beach while someone works for you. >> got it. what about the services business? do you see this as a potential

to reaccelerate that as well? could this possible -- the announcements you saw yesterday lead to transformation in the app store? >> very interesting to see the linkage between the mac. using your mac you can tap into your iniphone and use the same apps from your iphone and mac screen and that will drive mac sales and also bring that whole richness of an ecosystem into the computing platform world. >> do you have any criticism what you heard? everybody else seems to be criticizing them and basically it was a little flat. >> yeah. look. i think there were so many expectations coming into this. i think where i'm constructive or bullish is on the absolute solidity of apple's ecosystem and the fact people don't tend to leave once they join the ecosystem.

i think you have to be bearish all tech right now stocks have performed. apple had a phenomenal year in 2023 and you're coming off that somewhat and it had a phenomenal run into wwdc. i think they want to step back and look at this company in a year to two years' time and say have they been able to execute on refreshing that installed base with perhaps more extensive products? >> all right. a lot to look at. also important to note, apple -- negative of the year following the wwdc this time. richard kramer, thank you very much. great to see you. coming up, we are digging deeper into the apple a.i. privacy debate and elon musk and what he calls creepy iphonspe y ware. don't miss this one. stay with us. (♪♪) the road to opportunity. is often the road overlooked. (♪♪) at enterprise mobility, we guide companies to unique solutions,

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welcome back. time for your big money movers. we start with gamestop and trying to bounce back after a weak showing and fell 12% yesterday after a downturn after the company reported disappointing earnings ahead of schedule. said it's selling an additional 75 million shares and last but not least, the first live stream for kitty. c g gamestop is reboundsing a little bit. eli lilly is paving the way for

alzheimer's drug. if cleared, it would become the second alzheimer's drug of its kinds behind the treat from biogen. shares of eli lilly up 3%. huntington bank largest decline since 2023. lowering guidance saying a smaller amount of net interest income this year. they are rebounding and up fractionally. huntington is the 25th largest u.s. bank by total assets holding 153 billion of deposits. now to energy. natural gas crossing back above the $3 mark for the first time since january but not the summer heat feeling the need for more energy. we have the role that artificial intelligence is playing in the demand for power. >> this is all about data

centers and energy is the backbone here with mackenzie forecasting that power consumption from data centers in the u.s. alone will more than double by 2030. wells fargo put it, quote, gas to the rescue. location is important since companies closest to demand growth centers could have the most upside. drillers like the ones on your screen all have operations in the northeast while williams and enbridge and kineder morgan in the southeast and data center buildouts are concentrated. then there is the utility responsible for supplying power to that data center. dominion operates in northern virginia. duke is in the carolinas. and southern company is in georgia. jpmorgan saying low rates and

speed to market should attract data centers to these areas. frank, this all comes in addition to growth from electric vehicles, and manufacturing meaning on top of data centers, there is a whole lot of changes coming toour power grid. >> a lot of changes, indeed. companies have net zero targets 2030 or 2050. what part does renewables play in this story? >> wells fargo says of the incremental demand they think 30% from wind and 30% from solar and 10% from others. but the issue here is that renewables are not base load power and not 24/7. if you're a data center operator the number one thing you need is reliable 24/7 power. so what we are seeing increasing big is that we are seeing coal location with storage. think solar where wind

facilities being built alongside batteries in order to hold things over when the sun isn't shining or the wind isn't blowing. the batteries aren't able to provide power for days at a time just yet meaning that natural gas, even nuclear, is the backbone of that base-load power. for solar, they make bifacial panels and sails and developers will see upside. the reality is they are not quite there yet meaning that at least for the time being, fossil fuels will certainly play a role in the data center buildout. >> thank you. coming up, economists are d'ra disn.wkish ahead of the fes teecio we will be right back. ♪♪ ♪♪ citi's industry leading global payments solutions help their clients move money

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it is tuesday, june 11th, 2024. you're watching "worldwide exchange" here on cnbc. i'm frank holland. thank you for joining us. let's pick up with a check of u.s. stock futures with the s&p and the nasdaq hovering at fresh record highs. look at futures. they have been in the red all morning along across the board. looks like it would open 100 points lower. the records we saw yesterday came despite a poor showing from apple shaved more than 30 points from the s&p and notched its worst post worldwide developers conference reaction in a decade. two big dips there is the reaction to that big a.i. announcement. >> the introduction of powerful new apple intelligence features

to ioa 18, i pass ios 18 and make these releases gain changers. built in a way we think it will play an integral role in our lives. >> this morning looking at apple shares down nearly 1%. investors unimpressed or unhappy what they heard. nvidia looking to extend yesterday's modest gains on day two of its ten for one stocks split. flat right now and lower but, remember, yesterday, they were lower in the premarket as well before finishing high er investors are holding their breath as the fed kick off a policy rate and a decision

expected tomorrow at 2:00 p.m. eastern time. a survey, they have grown hawkish since last month's meeting and lower number of rate cuts extended this year in reducing its balance sheet. 40% say a september cut is likely. 62% saying that a december cut is likely. both of those numbers, they are down from may. economists survey targeting 5% for the fed funds rate by the ends of this year a slight uptick from may and pushing the end of qt by two months to march of 2025. joining me on this and much more is jpmorgan chair of global research, joyce chang. great to have you here and have you back. tough questions for you today. where do you stand on rate cuts? when is the first one coming? >> we think the first one is in november now. really, what everybody is going to looking at is the messaging that is coming out and the summary of economic projections. i think you'll see the u.s. growth forecast come down to around 1.5% but core pce up to 2

point 6% and kind of sticking with the story we have been telling all year that inflation is sticky here. >> but you changed it? >> the sticky inflation part we have been with but the slowdown in growth is one where we do see that continuing into the second half of the year. not a recession but a slowdown growth. >> results may be more hawkish in the fed survey but the ones surveyed are concerned with 66% saying the fed may be cutting too late. >> well, look. we see one fed cut this year and then it's really the messaging for 2025 and 2026 where i really don't see a lot of changes. i think the market had been getting way ahead of itself earlier in the year. and partly that is because financial conditions have just been so easy. but the key thing is the inflation numbers. and that is where we still see

sticky inflation. inflation 3.3. for the next read coming out to 3.6% on an annual basis close to where we started this year, so really the key thing we are focused on here. >> let me ask you this europe. the ecb cuts we saw and parliamentary election a big impact on europe. has your view on europe changed? >> no, we still the forecast more cuts to come and two more and sort ofon the higher side what the market is expecting for the rest of the year. but there were surprises with the elections. it's france, the snap elections that were the big surprise. we see the centre right and some of the far right parties gaining more ground here. i don't think that changes the outcome over the medium term. the focus is still on the consumer confidence still isn't back even though the pmi numbers are looking better. >> we are always talking about where you can invest. right now looking at where you invest ahead of this fed

decision coming up tomorrow. you're liking commodities and gold is up 12% this year and copper up 15% and both off their highs. aren't the gains mhere, don't we know this story? >> we have seen commodities weaken a bit the last couple of days and we think this is a good opportunity to buy even for brent where we think you could come back more into the high 80s. but for commodities, the story is really a structural one. we see commodity stock piling and greater demand from emerging markets for gold. we see that still the upside risks for oil demand are still there, particularly when you look at the summer inventory draws. >> it's not all about the fed. we saw apple decline yesterday 2% and nvidia up.

what does it tell you about the market and investor sentiment? >> i think financial conditions still remain very easy here. and so a lot of this trade that we have seen just to keep risk on, you know, i think that is going to remain in place at least through the elections. then we are going to have what the election outcomes are. we are seeing elections around the globe just more focused now on the lexs elections in europe and marketplace. i think the near term through the summer you still see a risk on trade. >> we have seen investor reaction at elections in mexico and india as well. i think the last question for you before we let you go, what about fixed income? is this a good time to lock in the higher rates? do you believe we are on a path for rates to decline? >> we are -- we have ten-year treasuries around 10.4% and staying in this range right now. we are neutral on duration here. you go back to the levels we were at a couple of weeks ago when, you know, we would adhere but in the high for long camp which is where we have been all

year. >> there is an alternative for stocks? >> there is an alternative as to symptoms and see in high grade bonds the record flows going in. >> we have to have you back and talk about the vibes because that is off especially in apple. >> the sentiment has been off, it has and still the story today. the disconnect between the macro, and also the micro. >> great to see you. >> you too. >> thank you. >> coming up, a pair of new bullish calls around two of the mag seven members. your morning call sheet is next.

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time for your morning call sheet. oppenheimer raising its price on nvidia. benefiting from full stack hardware and networking and other solutions. evercore raising price on alphabet on the share and evercore saying its position shows it has a strong market share when it comes to search. jpmorgan downraiding its risk on cleveland-cliffs. coming up here, the one word that every investors needs to know today. elon musk is slamming apple's

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>> recent developments in intelligence and long language models offer powerful capabilities that provide the opportunity to take the experience of using apple products to new heights. >> it's not just the apple bearers throwing cold water on these announcement. tesla's founder elon musk so ban iphones from his businesses. in a post on x, also known as twitter, he calls it creepy spy ware saying apple has no clue what actually going on once they hand your data over to open a.i. he also threw in there they are selling you down the river. joining me now is r.j. capel. good morning. >> good morning, frank. the source was this the announcement of chat gpt and open a.i. and around siri that

can tap into chat gpt when required. apple's voice assistant will ask if you want to share your query into chat gpt. musk saying he would ban apple devices to his companies and that they will be asked to check the apple devices at the door. apple says it uses ip addresses and chat gpt only data use policies will apply for those who use to connect their account. remember the history. musk co-founded open a.i. in 2015 and stepped down from the board in 2018 and critical of the ceo and musk sued over a.i. and altman and among other things. that is really the scene here

being set. >> i know you're talking to a lot of different people in the tech space and investors and other skoufs. w executives. is there any validity to all of this on elon musk's claims? >> i think difficult to tell. you look what apple is saying. effectively siri has on outsource some of the queries can can't answer to open a.i. and they are saying your ip address is obscured and in theory that means that open ai won't know where -- which device that query is coming from or where it's coming in and saying it won't store a request. if you're asking siri something that request is open to open a.i. and chat gpt and you get answer back on your apple product. however, no comment here as to what happens to that data. will open a.i. use that data in order to train its models? that is quite likely. but it won't necessarily know where that is coming from. that is really, i think, what is being set out here.

apple spoke a lot at wwdc about privacy around all of these a.i. products and it seems like apple is playing catch-up here. i think it's trying to differentiate the a.i. offerings it has with the privacy piece of the puzzle. >> iphone sales are a big part of it. you cover tech. what did you make of apple's announcements? was anything there that wow'd? you it didn't seem to wow investors as the stock closed down about 2%. >> i think it felt like a big catch-up from apple. we have heard the announcement from microsoft and google and from others around the device point of view. apple had not really had an answer to that as of yet. a lot of the features they are bringing out are very interesting and classic apple they are putting the customer at the heart. they didn't say a.i. too many times. but they were saying here are all of the things that our a.i. are powering. for example, the mail app that organize your mail into different categories.

a big thing. some of the image generation around the photos, et cetera. these aren't necessarily new features. you look at some of the android devices. one thing i thought was surprising was the deal with open a.i. if you think classically about apple. apple has loved to control every aspect of its software, its ecosystem. so partnering with open a.i. on such a critical part of the strategy seems like a very big deal an unusual step and perhaps underlines something that elon musk mentioned in his tweet he said apple, quote, isn't smart enough to make its own a.i. perhaps here -- >> can i ask you a bottom line question? i'm looking online right now. a lot of people tweeting and talking about this whole announcement. jim cramer saying these announcements will make you upgrade your phone and, obviously, apple's hope.

what about you? you have the latest technology. is this something would make you buy an iphone 16? do you need these things? >> i don't think you need them. they are nice to have. i think that is why you're seeing a lot of the sort of cold water being poured over these announcements. iphone 15, for example if, bought that, it's cutting edge and nice device and like the leading flagship phones. are you new upgrades wanting you to upgrade your phone? maybe iphone 13 or maybe before this will make you upgrade because you're getting new features and something new. it's trying to work out the install base of users and analysts have put in the 200 million plus category who might be willing to upgrade and the key question for investors. >> we have to leave the conversation there. great to see you. thank you. coming up, tom lee is standing by with a key catalyst that could push the markets to new heights in theomg ek cinwes.

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welcome back. time for your wex wrap-up. rocket labs chips act funding. receiving $24 million in funding to help expand production of

semiconductors that power spacecrafts and satellites. reports that apollo global and kyndryl are in talks. romero currently serves on the commodity trade commission. raspberry pi to raise $10 million ahead of its london debut today. new filings showing that united i

autoworkers president is under investigation. the wnba finishing may with highest attendance in 26 years and indiana's caitlin clark is one of those driving the interest. fed's later policy meeting kicks off today. decision coming tomorrow. let's see how the trading day is shaping up. s&p and nasdaq off another day of record highs. looking at the futures. in the red. looks like the dow will open about 130 points lower. joining me now is tom lee, cofounder of global advisers and a cnbc contributor and a bull on the small caps' get to that in a minute. to the fed meeting kicks off today. a big week when we look at cpi and fed decision. i want to focus on today first. how do you see today shaping up? >> well, the wex is visibility

because that is what is getting investors anxious about the next couple of days until we hear from the fed and cpi. i think investors are anxious and they want visibility. >> so looking for some visibility. we got some visibility yesterday from apple. we have been waiting for wwdc and their big artificial intelligence unveil. stock closed down 2%. i want your take on what you heard and what you saw and what you think about the stock. >> well, you know, apple is one of our granny stocks. it's a stock that we think investors need to hold for the long-term. the company has always been at the center of everything that is happening around consumer and new technologies. so, to me, you know, there might have been some head scratching because these features may not be part of someone's life just yet, but as you know, apple gets a lot of these things right. >> for the audience your granny shot is like almost a very easy shot. you think it's almost a no

brainer when it comes to that stock, right? >> that's right. i think investors should look at it as a core portfolio holding. the granny shots is a portfolio that buys the strongest stocks in a specific theme. >> your picks w, why is apple n there? they are pushing into the a.i. space. >> mainly because apple is more than an ai company. i don't think it's intentional that we left out apple when we talk about a.i. trades, but when our clients are looking for direct data exposure, you know, to them, the complex is nvidia and stocks with high correlations to that which are the ones we listed. >> small caps. you're one of the biggest bulls when it comes to small caps and i'm looking since the last fed

significance unp 3%. is there a case for small cap to rally this year? >> definitely. one thing investors have could keep in mind that they get hampered when you worry about lack of availability. we have shown this to our clients. the number of expected cuts begin to creep up, that has been correlated with the -- the reality is the stock market is saying, look, i don't want to touch small caps until the fed starts cutting. medium is ten times in the russell 2016 compared to the s&p so better growth. lower multiples. i think it's a great risk reward for investors right now. >> aren't they also more rate sensitive and more sensitive to the higher cost of capital and

environment? you keep saying investors don't want to touch them. we might get answers tomorrow but unlikely. the fed is clear they are data dependent. >> sure. i think what you've just described, which is higher cost of money, or, you know, high bar for borrowing money, i mean, that is the existing conditions. so when the fed starts cutting, you know, that starts to ease. what would investors benefit from is having exposure to things that are levered to an easing of financial conditions and i would argue for small caps. a bit of a waiting game but i don't know who has made money trying to trade this week-to-week any great ideas. all of the great ideas take time to work. >> wow. fair enough there. is there any part of the small caps you think are better than others? all small caps aren't created equal. >> well, you know, one thing i think investors have to keep in mind they think a small cap is a weak company but actually small

caps, especially some are small companies that dominate a smaller market and not a trillion dollar company but may be number one. >> thank you for that thesis on small caps. one more look at the features. dow hit its lows of this morning. "squawk box" starts right now. good morning. stock futures pointing to a lower open. the fed kicks off its two-day policy meeting. we will get you ready for the trading day ahead. apple unveiling long awaited artificial intelligence features for its software and devices but a partnership with open a.i. sparking backlash from elon musk who is threatening to ban apple's devices from its companies. an independent panel recommending fda approval for eli lilly's alzheimer's drug. details ahead. it's tuesday, june 11th, 2024.

"squawk box" begins right now. ♪ >> good morning, everybody. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and aunedndrew ross sork. this is feeling like a broken record when we see this again and again in the morning with lower futures in the morning but higher closes at the end of the day. dow futures this morning down by about 150 points. s&p futures down by 13 and nasdaq off by 61. we did see new records yesterday for the s&p 500 and the nasdaq. check out what is happening in the treasury market, a little bit lower this morning. the ten-year is yielding 443 and