it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." half a trillion down and counting. nvidia is trying to bounce back after the historic stock slide and some are worried the a.i. chip trade is falling. and looking to bounce back from the worst day in weeks. futures are trying to hold on to gains. secretartor sliding. airbus is drankgging the entire supply chain with it. the price wars in full

swing. we have a trend looking for a fuller wallet and stomach. swim is taking a dip. it's tuesday, june 25th, 2024. you're watching "worldwide exchange" right here on cnbc. ♪ good morning and welcome to "worldwide exchange." thank you so much for being with us. let's get you ready for the trading day ahead. we kickoff the stock futures with the dow opening up slightly lower. the nasdaq is up over .25%. the s&p is solidly in the green. key to all this market action, of course, is nvidia. not in a good way. look at the chart. the stock is looking to put a stop to the loss. you see it is down 11.5% this

morning. we see a reversal in shares and continuing to climb up 1.5% and pushing to 2% rise in the pre-market. intraday, the company has lost nearly $550 billion in market value. nvidia stock slide hitting other names in the sector. broadcom and qualcomm and arm. we will talk more about this coming up later in the show. we are checking the bond market today. look at yields. benchmark at 4.24. the yields are moving side ways. we are building up to pce at the end of the week and the seven-year treasury at the end of the week. we will get a check of the top corporate stories with silvana henao. silvana. >> good morning, frank. boeing is reportedly changing the terms of the offer for spirit aerosystems. boeing is proposing using mostly stock after burning through

billions of dollars of cash due to the safety issues that plagued the company. bloomberg is reporting it is offering $35 a share. that is a premium to the 6% close yesterday. that is the day before the takeover talks became public. boeing has declined comment. bloomberg reporting apple rejected an approach by meta to integrate the company's chat bot into the phone months ago. the report says that the two aren't currently holding talks. initial discussions which happened around march never reached the formal stage as apple reportedly didn't consider meta's privacy practices to be strict enough. and wikileaks julian assange is going to court that could free him over the classified case.

assange is scheduled to appear in court tomorrow in the u.s. commonwealth. a filing by the u.s. justice department shows he is expected to plead guilty. if the judge approves, assange is expected to return to his home country of australia, frank. silvana, thank you very much. turning attention now back to the markets. nvidia's pull back is raising fresh worries about the tech trade stocks and the influence in the broader market and the chip maker gaining 135% year to date. before it started falling on thursday, nvidia accounted for one-third of the gain in the s&p. on the flip side, 200 members managed gains this month despite new intraday highs. for more on this, let's bring in jay woods. jay, great to have you in the

studio. >> great to be here. >> we have to talk about nvidia. i was speaking to a big manager of the bank. profit taking and note change to the fundamentals of the stock and no real change until earnings. an agree? >> i to tally agree. this stock has had runups and pull backs. we had a 20% drawdown once this year. we get a 20% drawdown and technically it's a bear market. look at the timing of it. we just cape through the historic stock split. the stock was rebalanced to be the number two holding in the xlk. portfolio managers are remanaging positions now. if you had $10,000 invested in nvidia at the beginning of the area, now you have $25,000 in this one stock. people are taking profits and

rebalancing. what i liked about yesterday's price action was the market was notn't. we rotated. money is not leaving the market. money is still in the market. >> by the way, jay, we saw that yesterday. including you, people said we will see a broadening of the marke market. one day doesn't make a trend. >> no. >> i want to talk about the trend of inflation. we have pce coming up later this week. how do you see that as we wait that and how does that impact the bond market? >> i think the pce is the one thing we are watching on friday. we are starting to get inflationary numbers slowly tick down. the one that has consistently gone down, slowly, of course, is pce. if we get numbers of 2.6%, i expect that to be be the green light for the fed to say september. you get that one cut. what have the small caps been waiting for? the green ight. yes, a little early on this trade. they have been stabilizing. when they go, they go quickly.

>> i want to get into what you are feeling bullish about. i want to talk about the frothiness in the market. ubs out with a note yesterday. one year after the record high, the s&p 500, 12%. any other year you pick, they say 12%. are we worried too much about the concentration and frothiness? >> frothiness is a weird word. the tide is not lifting all boats. the ipo market still slow. a few stock splits. okay, that's exciting. frothiness? i don't think so. 31 new highs this year. that's fantastic. when you see rotation like we saw yesterday, that's positive for the market overall. >> really quick, we have to get out of here. you like financials. not concerned about the economic slowdown we have seen with the financials? >> i like the big financials.

i think jpmorgan chase and goldman with the great day yesterday. bank of america with new highs. up 11% year to date. when the xlf goes up and tends to go up quickly over time, 22% on average for the xlf over the last 25 years when it is an up year. >> it's up 10% year to date. >> it has room. >> jay woods, good to see you. thank you very much. for more what is driving the markets and the trading day ahead, go to cnbc pro for the insights and analysis. we have more to come on "worldwide exchange," including the one word investors have to know today, but first, airbus shares are taking a hit dragging the entire sector down with it. we are live in london with the update coming up. plus, defending the industry and what the chinese premier just said about the chinese made electric vehicle. we have a live report coming up next. and getting set for the dow transports and on pace for the

worst quarter. stay with us. more "worldwide exchange" when we return.

welcome back to "worldwide exchange." take a look at u.s. futures. the nasdaq moving up over .13%. we have the latest from the london newsroom with silvia amaro. good morning. >> good morning, frank. always good to see you. even at this stage, what we are

having in europe is a different story from the equity session yesterday. the benchmark stoxx 600 ended monday's session up by ab about .75%. look at it today. we have red across the board. naturally, we are keeping a close eye on what happens in france. the cac 40 is down by .8%. we are approaching the first round of the parliamentary election which is due on sunday. we are seeing more pronounced moves in germany. the benchmark is down 1.2%. some of that pressure has to do with airbus. the company has cut its delivery and earnings targets for the year as the company faces supply chain and space system challenges. the planemaker expect to deliver 770 aircraft in 2024. that is down from 800 previously targeted. this announcement from airbus is already having implications for some of the peers in the sector. let me show you how some of them are trading.

for instance, rolls-royce down 5%. thales is down 2.6%. significant pressures across the sector in france after that announcement from airbus. >> silvia amaro live in the london newsroom. thank you. we stick with the overseas action. china's premier firing back at western leaders this morning over the green technology imports. we have sam vadas in china with more on the story. sam, good to see you. >> reporter: very good morning, frank. lovely to see you. the truth is, it is fair to say premier li had to speak about evs here in china today. this is the world economic forum against the back drop, of course, against the rising political and geopolitical tensions we are seeing play out across the u.s. and also from

europe. we have got to remember this is really the elephant in the room right now and he is a business guy. he is the one that was really behind successfully and quickly bringing tesla to shanghai all those years ago when he was the party chief in the commercial capital. we have got to keep in mind these foreign companies are also feeling the heat in terms of the tariffs from the ue. it is not just chinese ev makers. take a listen to what he had to say about some of the products that are facing pressure from western trading partners. >> translator: the advanced electric vehicles, batteries and products made by chinese companies have not only met domestic demand, but also enriched supply in the international market. it has also eased pressure of inflation worldwide and made our active contribution to the global climate response. >> reporter: so the take away

here, really is the message is about you wanted these cheap products, you wanted these green products. we gave them to you and it eased inflation and we contributed to global climate action. don't accuse us of having an overcapacity problem, frank. >> very interesting conversation there. a lot of talk about evs and tariffs. sam, did he touch on economic growth and the country's 5% this year? >> reporter: he did. he was consistent with the messages we heard from chinese authority over the last few months with regard to being confident they can achieve that 5% gdp growth. we have to keep in mind this is an $18 trillion economy growing around 5%. what really is the problem? what we're seeing is the reality is china is facing a transition to structurally lower growth of higher quality.

that has got some people concerned because the recovery that everybody was anticipating off the back of covid remains somewhat elusive and the record unemployment at a record high and the property sector problems. the question is now what is going to replace the housing market in terms of the driver of growth? hopefully we will get those answers over the summer with the major economic meetings, the third plenum and the policy meeting in july. to wrap up in summary, the good news is the bad news is not as bad as it was before. frank, back to you. >> sam vadas at the summer davos. good to see you. coming up on "worldwide exchange," the stocks that come uron. top and the fight for yo mey we'll have them coming up next.

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ownership remains strong. shares of birkenstock are up this morning as it would offload $14 million through a second overing. shares are still up 15% year to date. and trump media and technology snapping a weeks long losing streak. shares are higher after closing up 21% yesterday. shares are up more than 10% right now. the company that owns truth social has had the stock cut in half since trump was found guilty of falsifying business records. today is the day. mcdonald's is serving the $5 value meal in stores across the u.s. it comes as wendy's and burger king launched $5 value meals looking to attract consumers. according to the may cpi report,

prices at fast casual prare up year over year 4%. mcdonald's admit average prices are up 40% since 2019. price pressures are impacting the stocks down 10% to 14%. joining me now on the news line is nick setyan at wedbush. nick, great to have you here. >> thanks for having me. >> $5 value meal. we have not seen it in a while. this will increase customer traffic and overall discount on the value meal, will this increase sales? >> i do think it will increase customer traffic. ultimately, the question is it is profitable sales and add to the profits of the bottom line? it will increase traffic. >> what do you make of the $5

value war? it's a chicken sandwich and it is a chicken war. the fact that burger king and wendy's is doing the same, what does that mean for the group of stocks long term? will customers come back and stay with the $5 value meal or come and enjoy the discount and leave when the prices go back up? >> frank, it is not surprising this is happening. we have seen it in previous periods in the past two or three deca decades. every time we have restaurant inflation above grocery inflation for an extended period of time, there tends to be a share shift to grocery and away from, particularly qsr. that is because the lower households tend to use qsr as meal replacement. a third of transactions of qsr is the under 70k household

customer. they tend to migrate between grocery and qsr. historically, we have seen it in previous periods. it will go away once the grocery inflation normalizes versus restaurant inflation. >> mcdonald's admits prices have gone up 40% since 2019. according to your research, that is for every company in the fast casual space. prices are up 40%. what does it mean for the full-service restaurant group in the medium term? you say short-term, these $5 value meals are getting a boost, but medium term, they have not seen the same price increases? >> we have been hoping full-service benefits to fast casual. we have not seen that materialize necessarily because those prices remain still very high. you know, there is some hope

that over the longer term, because that gap is smaller, that will end up benefitting full service in the longer term. >> let's talk overall about the pressures on some of the fast food companies. we mentioned the $5 meals c competing on price and the minimum wage hitting california. overall, as the companies continue to focus on price, what does it mean for profit as we continue to look at these stocks? >> even with the prices up 40% in it qsr since 2019, prices are up across most brands. there are a lot of cost pressures and ongoing cost pressures that are not necessarily easing. so, the outlook isn't too bright for profitability across the restaurant space, not just qsr. things like labor remain in that 4% to 5% range with annual

inflation. if you look at guidance across the industry in 2024 and 2025, especially on the labor side, inflation has remained sticky. in that 4% to 5%, that means we will probably have to see the 3% pricing and 3% plus pricing within restaurants to offset overall inflation depending on what food cost inflation lands. >> a lot to watch in space. mcdonald's kicking off the $5 value meal today. stock is trading 260 this morning. nick setyan, thank you very much. coming up, why relief at the gas pump may be coming to an end and oracle is warning of a possible tiktok ban. we have more "worldwide exchange" coming up. stay with us.

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it is just about 5:30 a.m. in the new york city area. there is still more ahead on "worldwide exchange." here's what's on deck. nvidia wiped out half a trillion dollars of value. we will dig into that pull back. and investors pivot out of tech and rotate to other sectors. futures are fighting for gains at the open. the pain at the pump. the summer driving season gets into full swing. it is tuesday, june 25th, 2024.

you are watching "worldwide exchange" here on cnbc. ♪ welcome back to "worldwide exchange." i'm frank holland. let's get you ready for the trading day ahead. we pick up with the stock futures with the dow coming off the fifth positive session. the dow swinging into positive territory. it was lower a bit ago. the s&p and nasdaq firmly in the green. the nasdaq continues to move higher. we will dig into that right now by looking at the stocks that are fueling the nasdaq 100 pre-market gains. at the top of the list is illumina. the spinoff of grail and nvidia gaining all morning long after looking to set to open up in the red. nvidia shares up 2.25%. they were lower in the pre-market. we will get to more on nvidia in a moment.

we are checking the bond market ahead of the consumer confidence data coming up today. the ten-year yield at 4.24. it is going sideways. we will be watching pce as well as a seven-year auction. wti is coming off a 1% gain with crude on pace to lock in the first positive month in the last three. look at the oil market right now. in the red. wti down .50%. similar for brent crude, the international benchmark when it comes to oil. that's the morning set up. let's turn back to the market and the stock story today is nvidia which is working to rebound after falling 6.5% yesterday and gaining the past two hours after it was negative in the pre-market a short time ago. we have seen a number off other chip names under pressure along with nvidia and making up lost ground.

micron and qualcomm and marvell tech. they are some of the nasdaq 100 gainers. the pre-market rebound coming on the heels of nvidia is $550 billion in market value reversal from its all-time intraday peak when it briefly took the crown as the u.s. listed stock last week. joining me now is the product manager nicholas frazzi. nicholas, great to you have here. good morning. >> good morning. thanks for having me. >> i want to tubalk specificall about nvidia. the pullback is just natural. it doesn't change the fundamentals of the story or momentum. it is simply profit taking or insider selling. agree or disagree? >> for sure, we 100% agree. stock is up 182% over the one

year. some consolidation is expected at that level. investors wanted to take chips off the table. ultimately, their business model hasn't changed. none of the fundamentals, we think, we're not equity analysts. their story is strong and they will continue to be a leader especially where the pace of a.i. is going. i don't think much of that is going to change in the near term. the fundamentals are still the same. >> you may have a future in the tv business. chips off the table. that was a pretty good line. >> there you go. >> kind of interesting. nvidia goes into the xlk. it was supposed to be a big boost for the stock and it moves into the decline. have you ever seen something like this before? >> it is out of my purview, ultimately. we haven't personally seen it. we try to focus on the fundamentals. what i do know is we have to give our investors the best ride

possible. i think nvidia is doing everything that they're supposed to be doing in a market like this and continuing to take profits and their revenues are outstanding. i don't think any of that has changed. if there is any volatility like that, i think it boils down to headline risk. ultimately, that's it. >> some of the pullback with nvidia and other chip names as we mentioned, do you believe that may be a sign of increased volatility or some reversal of momentum going into the second half of the year? >> you know, i'll premise this by saying semiconductors traditionally are cyclical. we had a very long bull run here and i don't think we're in for any large pullback. now, we're facing an election and facing potential rate cuts. what those things do to individual stocks, especially tech stocks being more volatile than the broader markets, i think that is left to be seen. you know, i don't think it is

signaling something larger looming for the industry because i think we're still in the early innings of the a.i. push. there are many markets that need semiconductors and not just a.i. se servers. the supply and demand imbalance is still there largely. i think that's probably going to continue moving forward until we see, you know, true fundamental change. >> nicholas, you are talking about fundamental change. you think it will continue moving forward. how important are the upcoming earnings for nvidia and other trades? how big is this upcoming earnings report? >> i think for short-term investors, it is largely big. nvidia has continued to out perform every earnings call. do they continue to do that? ultimately, you know, for short-term investors, i'm sure that's important. us as an etf manager, we are

worried about the long-term funda fundamentals. largely, i don't expect that you will have huge volatility swings this next earnings round. >> all right. nicholas frasse, thank you. coming up on "worldwide exchange," the pain at the pump is continuing to ease for drivers as the summer driving 'lha.n shifts into high gear wel ve that story and more when "worldwide exchange" returns. stay with us. what is cirkul? cirkul is what you hope for when life tosses lemons your way. cirkul is your frosted treat with a sweet kick of confidence. cirkul is the effortless energy that gets you in the zone. cirkul, available at walmart and drinkcirkul.com. (aaron) i own a lot of businesses... so i wear a lot of hats. my restaurants, my tattoo shop...

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welcome back to "worldwide exc exchange." we have a market flash on airbus after it was cutting the deliveries for the year in 2024. shares down 11.5%. reaction across the aero sector. rolls-royce down 5%. turning to the u.s. and gas prices. if you have been at the pump recently, you probably noticed prices pulling back a bit. that may be short lived. we have pippa stevens with us with more. >> the national average is $3.44 according to aaa. that is down 17 cents in the last month and 14 cents lower from where prices were this time last year. part of the decline is thanks to soft demand.

people are working from home more and vehicles are more efficient and people are taking more flights and when budgets are stressed, one area to cut back on is driving. gas buddy told me this time of year has demand 10% below pre-covid levels. this pricing could be temporary. we are in hurricane season and noaa is predicting an above average season. more than 40% of refining is in the gulf coast meaning that severe storms can have an impact. marathon has the largest exposure to the region according to estimates with sinclair and pbf looks more insulated. the fourth of july is coming up, frank, and 61 million americans will be hitting the road. >> i'll be driving myself. bar barbecues, pippa.

the energy sector bounced yesterday. one of four sectors in the red this month. what can we expect in the second half? >> the energy sector hit a high that stood for a decade. since then, the enthusiasm has tapered off a bit. the sector is now 7% below the april all-time high. it seems like other areas of the market are so much more attractive here. investors are looking nor growth. some of the high earning stocks. the oil and gas sector looks a little less exciting. it does feel as the second half approaches, we will be looking for a catalyst to push the group out of the trading range it has been caught in. thatcould include escalation of mention the middle east. if we could see the record-high temperatures continue, we could see reduced elevated storage

levels which could be a catalyst of energy stocks. i think right now we are in a pause as investors are favoring other areas of the market. >> pippa, thank you very much. coming up on "worldwide exchange," the one word that every investor needs to know today and looking to deliver an earnings win. we tee up what you need to watch and fedex and why our next guest is bullish despite the numbers for the next two years. we're right back after this.

welcome back to "worldwide

exchange." time for what could be the big money movers today. fedex are trading lower since the last earnings report with the surprise beat on earnings. since then, the u.s. global freight markets have dropped. guidance is equally important this quarter with the revenue forecast which is expected to show return to growth at 3% and eps is forecast to slow a bit. how much will fedex get from the cost initiative to flow flethro to the bottom line? china and europe have both seen manufacturing pmi figures swing in contraction in recent months. that could include the express air delivery business which is

half the herevenue. joining us is kevin from london. >> good morning, frank. >> by the way, you have a higher price target. price target of 340. what makes you bullish on fedex? what are you expecting from the report? >> you mentioned the key forecast for next year. it is all about the $2.2 billion of drive savings. what will think bring into the bottom sfline? we think the loss of the postal service contract will cost $1 hit to earnings from bigger earnings. when you talk about a $2.2 billion plus savings potential, to bring that down to the bottom line and the soft savings program is the excitement for fedex. they are trying to align their cost structure with the comparable u.p.s. their peer. they need to focus on the cost cutting which will bleed into

next year when they combine express. if they can tell that story that it is working and you see the savings, that is the take away for fedex and that's where we find value. earnings will increase and we have a multiple to set that target. it is all about the beginning of the story and getting the cost savings through the earnings. >> it is not like this is a big quarter overall with the activist investor pressure to make changes and some of the changes are coming to fruition. i want to go back to the u.s. postal service contract that fedex lost. when fedex lost the contract, they downplayed it saying it wasn't that big of a deal. i spoke to others at wells fargo and they believe this is a $500 million hit to profits next fiscal year. does that jive with the $1 million profit you are seeing?

you are seeing the similar numbers? >> we talked about the $4 million loss. they went from $1.9 billion of revenue to $1.5 billion. when the contract ends in september, that remaining $1.5 billion, which they said is running at break-even operations that will go away. in september is when they start pulling back the costs. they can realign the network and 110 daily flights. you can start getting red of the cost of pilots and the extra equipment you had in place for that business and that's where you can start at the end of september eliminating those costs. >> where are the heexpectations for the b2b and the truck delivery? what are you expecting from those segments? >> on the ground side, we expect

with very little volume. barely positive on volumes. they've been down mid-single digits. we're looking for a break-even. it is about pricing. they are charging a blittle bit better in terms of getting paid for what they do. that is what is missing. that's why they got rid of amazon in 2019. u.p.s. is suffering as amazon pulls more on the network. fedex, the story is as they realign the network, it is to fix the cost structure which is still bloated. that is why you have the $4 billion cut. you will see how it comes to the bottom line and has fedex fixed the capital spending. >> we saw a big logistics deal from rxo. does that impact fedex as t all?

>> not really. what rxo is buying is more truck brok brokerage. they are getting $86 million of properties. a low-end margin business. that is rxo specialty. they are looking to gain scale in the brokerage business and compete better on the truck brokerage operation. u.p.s. and fedex are asset heavy with the final mile delivery. fedex is the largest ltl. given the yellow bankruptcy last year, others have taken off. these companies have benefitted from that and fedex is the leader within the ltl sector. >> ken, great to see you. thank you very much. your price target for fedex is 340. thanks. coming up on "worldwide exchange," a choppy path to recovery. why our next guest says the

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welcome back. we are following breaking news this morning following the charge against apple. the european union accused microsoft of breaking the antitrust rules with the teams app. shares are down .35%. the unbundling of teams from other products is insufficient to address the concerns and more changes are needed. microsoft's president brad s st

stevens will work to address it. and time for the "wex wrap-up." boeing changing the terms for spirit aerosystems. it is proposing mostly stock and offering 35 d$35 of a share for spirit. oracle said the ban on tiktok hurt its business. telling investors if it cannot redeploy the assets quickly, revenues and profits will be adversely impacted. shares are down .13%. bloomberg says apple and meta are not in talks. the report ads apple did not consider the meta privacy policies strict enough and gamestop extends losses following the stock's rise last month. shares of gamestop down 1.5%.

shiers of pool are down 11%. the supplier slashing the outlook for 2024 citing weak demand for new pool construction as selling season is now just wrapping up. shares are down 11%. futures are pointing to a positive session today after the worst day since april. that move coming since nvidia is in the three-day slide as investors are moving out of yi a a.i. and chip shares. let's bring in jeff kleintop with schwab which recently put out the mid-year market outlook. >> good morning. thanks for having me on, frank. >> how do you see today shaping up? what is your "wex" word of the day? >> my word of the day is hidden.

the indexes are hiding losses for the stock this quarter. the s&p 500, the index is up 4% this quarter, but the average stock with the equal weighted s&p 500 is down 1.5%. that is true around the world. the average stock in the world, all country world index is down slightly this quarter with the global benchmark up 3% which is fueled by the mega cap a.i. if you didn't know them, frank, you may have lost money. >> what do you make of the pullback? i spoke to a managing director of a big bank. no choange to the fundamental story. >> there doesn't seem to be a change in the fundamental story. volatility is par for the course. >> i want to get to your mid-year outlook. the first half of the year followed a u-shape recovery.

where are we in that recovery and how do you see things going the rest of the year? >> we are finally seeing the manufacturing recovery which is helping to lift europe out of the recession it experienced last year. that's great news. we are starting to see that with the earnings momentum. elections pose a risk to inflation and trade. important things to the markets. we saw the stock markets in india and mexico fall 6% the day after they reopened after their elections. we have french and uk elections in the next couple weeks. markets may price it more un uncertainty ahead of the u.s. elections in november. >> i want to get to your picks in the overseas markets, particularly in europe. the earnings estimates for q3 are higher in europe than the u.s. you use a different system. you are looking at the ides. we look at the lseg. european earnings are up 11%. that makes europe your pick.

>> it has been a long time since we have seen europe's earnings growth out pace the s&p 500 or match them, whatever the numbers turn out to be at the end of the q3. it has been five quarters since we have seen that. it is due in part to easy comparisons to last year with the recession we saw in europe and also because of the economic recovery that lifted europeout of recession. investors may consider european stocks offering similar earnings growth to the s&p 500 at lower valuations for the first time in many quarters. >> all european stocks are not the same. it is not a monolith. does that change your opinion with france and the european story? >> it doesn't overall. france and the u.s. tend to behave u.s. is a tech etf despite the volatility, the relationship remains in tact.

we like energy and materials and moving away from the technology for the second half. >> jeff kleintop, thank you for being here. that will do it for "worldwide exchange." we have "squawk box" starting right now. good morning, nvidia shares now down 13% from last week's peak as investors tapping the brakes on the chip sector. we will show you what's moving this morning. airbus shares among those we will talk about, plunging overnight. the company cut its earnings guidance and expected deliveries for the year. the holiday travel rush is on. the tsa broke a record for passenger screenings on sunday and is expecting a jump of more than 5% for the week around july 4th holiday. it's tuesday, june 25th. july 4th is almost here.

stop. "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 melissa lee along with joe kernen. becky is off today. andrew is at the aspen ideas festival. he will join us later on in the show. why are you giving me the side eye? first thing in the morning? >> all that pleading worked. here you are again. you pleading? me pleading for you to be on. all that begging. >> which way? >> all that begging. >> i'm glad to be here and joining you this morning. equity futures at this hour. we are looking higher in the s&p as well as the nasdaq. the dowdown 16 at the open. this coming after the drop of 1%