it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." stocks looking to close out the first half and quarter on a high note. the big event today is pce ahead of the rate decision next month. former fed vice chair roger ferguson is here. and sounding alarm after president biden and former president trump in the debate last night. we will look at the top issues, including inflation and jobs and

the economy. and nike selling off. we will see what executives are saying about the market share. apple capping off a stellar quarter. it's friday, june 28th, 2024. you're watching "worldwide exchange" right here on cnbc. ♪ >> good morning. happy friday. let's get you ready for the trading day. kickoff the final day of june. we want to get you ready for the trading day. the nasdaq doing the best. the dow would open up 20 points higher. as you know, the quarter has been all about big tech. nasdaq on pace for three weeks of gains. the s&p higher for the quarter. the dow is set to close in the red. you see the chart here.

back to the s&p. the top gainers is nvidia. first solar and teradyne up 30%. we see vistra and ge vernova. we see the declines here. walgreens down and builders source down 34%. today is really all about may pce inflation. that report due out at 8:30 a.m. eastern time. you see the benchmark at 4.30. rising seven basis points from its low a week ago. continuing to see the move as we creep into the pce report. we continue to watch bond yields. oil is about to close out the first winning month in four. the u.s. benchmark up ov

ovover ..75%. brent crude there as well. that is the morning money set up. let's see how we europe is shaping up the first quarter with arabile. >> it has been. that has come up late in the cycle, in fact. you are seeing quite a bit of gl green in the day as 's trading. the cac 40 is showing nervousness. having to note on the back of nike's numbers yesterday and pointing to weaker guidance. you are getting the retailers with puma and adidas and jd sports here in the uk measuring to weakness as well in the early morning trade. that has certainly impacted things. the rest of the market seems to be in black and in the green for this part of the morning. very quickly out of asia,

particularly the quarter to date. out of the last three months, this is what you are getting. it has been about yen volatility and how much weakness in the yen and whether more intervention is needed to prop up that currency going past $160. only the hang sendg is moving higher. in europe, quarter to date, you are only seeing a marginal gain of 0.2% uptick across europe. this is the market so far. the ftse 100 is more than 3% to the good. of course, occupying a large part of the stoxx 600. on the defensive side, italy and ibex 35 going down while the cac 40 with the election cycle significant. 8% down for the market in france while germany's market is down 1%. significant moves, but clearly a mixed picture across the last

three months, frank. >> arabile, thank you. arabile gumede in our london newsroom. wall street on track to wrap up the first half of the year. the good times could keep rolling if history is a guide. dow jones industrial average market shows july is the best for the market with the average gain of 1.7% going all the way back to 1928. the dow gaining 1.4% in july going back to the 1800s. and the nasdaq rising less than 1% going back to 1971. joining me now is janet mui. >> thank you, frank. >> janet, we are talking about concentration or momentum. i want to bounce something off you. wolf out with a note yesterday. stick with momentum with the mag seven over the summer. volatility will continue to pick

up over the summer, but we expect this to benefit the mag seven secular growers. they go on to say a bit more. saying the companies have a strong q2 earnings season. agree or disagree? >> i agree with that. we are currently overweight u.s. stocks and favoring high quality growth. i think the reason why is because the macro environment is okay, but we are starting to se some weakness in the u.s. data and consumer spending. i think in this kind of environment, investors would prefer to hold stocks irrespective of the business cycle and irrespective if the economy is oving. what you get from the u.s. mega cap tech stocks because you have strong balance sheets, all of the strong fundamentals growing and the profits, you have secular theme of growth and innovation. i think investors are likely to

be still favoring positions like that in the economic environment that is slowing and a little bit of uncertainty -- >> janet, speaking of investors, we got the results of the alpha survey. they are out right now. we are asking portfolio and money managers their best investment idea for the third quarter. big cap tech, we just talked about that and then energy and healthcare and s&p 500 and industrials. what do you think about the results of this survey? >> it is interesting. we are not too dissimilar. we are overweight in u.s. stocks. we have a favorable long position in semiconductor stocks across the value chain. at the same time, we also feel that energy stocks are a good catch against overweight in the u.s. because they havecharacter. when one goes out, one goes in theopposite direction. if that actually happens over the past couple of years.

this means we are more favorable on the uk stocks in the weighting in the u.s. stocks a while ago with the high weighting energy stocks and generally 50% of that uk investment on the defensive sides. >> i want to talk another area you are long in which is energy. i want to talk about energy. i want to talk about energy in general needed for a.i. we need to build up our nuclear abilities to meet the demand. i'm looking at the charts. the energy sector is down this quarter. utility is getting the gain. how are you playing the energy? where are you seeing the opportunities? >> we generally recommend basket of global major energy stocks. i mentioned as a portfolio hedge and that is a hedge against the inflationary downturn potential. at the same time, our analysts

believe that the fundamentals of this global energy companies have actually improved. for example, they are much more disciplined in the capital deployment and there is evidence they are returning more cash to shareholders. that is the main thesis. >> janet, we have to go. is there one name we can peg an idea to a company? >> in the uk, bp and shell. i'm not advocating any individual stocks. i'm not advocating that. >> janet mui, thank you very much. enjoy the weekend. we turn our attention to the campaign trail and the debate with president biden and former president trump touching are issues from inflation to immigration. top fund-raisers are sounding the alarm from the current president. one who plans to attend the

fund-raiser in the hamptons this weekend is it is worse than i thought possible. another calling it an absolute train wreck. polling reflecting a similar sentiment. a 53% that trump will take the white house in november. nbc's alicie barr joins us from washington. >> reporter: it appears that president biden got off to a slow start. his allies said he did little to resolve the age and vitality and sharpness. former president trump leaned into grievances. >> in addition to that -- >> reporter: with the stakes sky high, president biden delivering an uneven performance that left many allies concerned. with muted mics, president trump appeared okay. >> you are destroiing our country. >> reporter: slamming mr. biden

on the economy. >> inflation is killing our country. >> reporter: he said he inherited a country in chaos. >> 50% unemployment. >> reporter: the two sparring over the border and immigration. >> we are living right now a rats' nest. because of his ridiculous and stupid policies -- >> reporter: and reproductive rights. >> i'm restore roe v. wade. >> reporter: president biden calling out mr. trump's legal troubles. >> how many billions of dollars for molesting a woman in public and doing a range of things and of having sex with a porn star. >> reporter: the former president denying wrongdoing. >> i didn't have sex with a porn star. >> reporter: president biden later saying of his performance. >> it is hard to debate a liar. >> reporter: many voters frustrated. >> the feeling i had inside is

trump? hell no. he lied through the whole thing. biden? oh, no. he is really in bad shape. >> reporter: the fallout beginning from the debate that could help shape this race. former president trump also downplayed the january 6th attack and asked if he would accept the results of this election if it is a fair and legal and good election. the candidates are set to debate again in september. frank. >> alice barr live in d.c. thanks very much f. we have more to come on "worldwide exchange," including the one word investors need to know today and nike is falling ahead of the open. we have the full story coming up next. plus, apple's vision pro breaks into china today with the stellar turn around for the $3

trillion company. we have a very busy hour when "worldwide exchange" returns. (husband) we just want to have enough money for retirement. (wife) and travel to visit our grandchildren. (fisher investments) i understand. that's why at fisher investments we start by getting to know each other. so i can learn about your family, lifestyle, goals and needs, allowing us to tailor your portfolio. (wife) what about commission-based products? (fisher investments) we don't sell those. we're a fiduciary, obligated to act in your best interest. (husband) so how do your management fees work? (fisher investments) we have a transparent fee, structured so we do better when you do better. at fisher investments, we're clearly different.

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wealth welcome back to "worldwide exchange." time to get the check on the corporate stories with bertha coombs. happy friday. >> happy friday, frank. the court is ordering the nfl to pay $4.7 billion for violating anti-trust laws with the sunday

ticket tv package. the money well go for games they didn't want at inflated prices. the nfl says it is disappointed with the verdict and plans to appeal. watching shares of pet supply retailer chewy after the roller coaster ride yesterday that saw shares soar as much as 34% after keith gill, aka, roaring kitty posted something in the channels to the company. and shares of infinera is surging as nokia is going to buy the c the company presenting a 30% premium of wednesday's swednesd price. nokia says this is a strong and

strategic fit with a shareholder value of 20% growth by 2027. frank. >> bertha, thank you very much. now is time for the big money movers. nike shares plunging in the pre-market on the mixed fourth quarter results with the miss on revenue. the company cutting current and full-year guidance warning of the 10% sales drop with the sales slump in china. the sportswear giant showing the slowest pace of growth in 15 years. nike is the third worst h perf performer. joining me now is brian nagel here from oppenheimer. >> thank you, frank. >> tough quarter. shares down double digits. you didn't change your rating. you didn't change your price

target with the rest of the street at 110. what are you seeing in the stock? what are you seeing that other people aren't seeing? >> look, i want to be clear. i have recently upgraded nike. i upgraded with this report. as i look at last night's report, it's messy and its 's week. i think this is the last bad report. this is a clearing event. nike has had its issues. the biggest positive here and i was talking with management last night. they get it. they're repositioning this company. behind all this noise and miss that you highlighted in the fourth quarter and guide down fiscal 2025, we are seeing nike putting in innovation and products. those products are selling well. that gives me confidence as we look over the next several quarters and couple of years, we will see improving trajectory

for nike and now you are getting the stock on sale. >> you are the person who has confidence in the innovation pip pipeline. we spoke to an analyst yesterday and they have questions about the pipeline. ubs saying it takes 14 to 18 months to get a product online. you have confidence. you know who else was talking to nike management? sarah eisen. the lifestyle business declined. i think that includes jordans and air force one. direct-to-consumer business and traffic in china declined in april based on macro. how big of a deal is the china issue? >> china is important for two reasons. one, fundamentally. it sis a relatively decent business. when you have slower growth in china, that is where the fundamental line is. when i think about china, i think the bigger implication for

nike is the valuation would sell the stock trade. anyone looking to the longer-term growth trajectory of the business will be dictated by china given the small size in the large market. china's important, okay? they called out china again as weaker than they wanted to be. that is one of the reasons they lowered further guidance for 2025. as i look out, i still have a lot of confidence in the nike brand within china. >> you are saying long term. i want to talk short term. one thing that management mentioned is the nba finals. it wasn't great. it went by so fast. they were high on that. i don't remember anybody talking about it. i'm a huge nba fan. i don't think anybody was talking about the jordan brand heading into the finals. the fact that jordan and nike

did not come up during the nba finals. is that a read to the olympics? >> this is one of the more difficult times for the company is branding. they typically use the olympics as a branding event. i think the paris games this year will be an opportunity for nike to introduce new products. it will be an opportunity for nike to establish the brands. is that an all-out positive? no, it's a step forward for nike. i think that's a positive. i think the nba is positive. >> nike shares down double digits in the pre-market. brian nagel not chgianng his price target. thank you. coming up, why china holds the edge for apple's vision. stay with us. we'll be right back. a lot of code. if an application needs to be modernized then you'll need time, resources...

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welcome back to "worldwide exchange." we turn to tech as the vision pro goes on sale in china today. apple has yet to report vision pro sales numbers and the buzz has quieted down since the

unveil, but the company is doing something right. take a look at the chart. with an 11% loss in the first quarter, the last three months have been rocketing. joining me now on this is ben harburg. an early investor in uber and nio. he is the founder of core value alpha. good morning. good to see you. >> good to be with you. >> we were talking about a huge quarter for apple. it included wwdc and the apple intelligence. i want to get your take. what was the driver this of performance? what led to the second quarter turn around for this name? >> certainly the a.i. hype. the explosion around nvidia and anything that seems to be able to enter or integrate generative

a.i. consumer facing is doing well this quarter. there was obviously a lot of hype early on about the vision pro, but my overall view is a rising tide narrative where stock investors are excited about these type of names around the buzzing industry. >> people got excited about apple intelligence and wwdc. what do you think of the vision pro? how meaningful is this to apple? where do you see this going forward? will it see big consumer adoption? what is the view in your mind? >> out of the gate, you have a lot of folks saying this was the best hardware they've ever put their hands on and a lot of hype. i bought one. to be honest, i haven't used it since the initial demo. the sales here are lagging. they're hoping to see a rejuvenation out now opening up the market in china. my fear is there are already a

lot of chinese competitors doing similar products. now with china being walled off against the likes of openai, you could also see china a.i. potentially walled out of some of the applications within china. chinese hardware makers and headset makers and more app integrations. i don't think china will necessarily be a game changer for the vision pro and overall, i would be bearish on the apple prospects in the market forward. >> bearish on the prospects with the iphones or vision pro or everything? the wall street journal out with apple looking for a partner for the artificial intelligence service. no chatgpt there. >> right. i wouldn't want to compete against china on any of the hardware fronts, be it handsets or evs or home appliances. all of their dominance is

emerging at home and abroad. now with the openai decision to wall off china, you will have to see the likes of microsoft and apple scramble to find local partners and integrations. that means they wouldn't have the access of the algorithms coming out of the u.s. there are challenges where the chinese will build competitors. they are probably two years out with building something on par with chatgpt. that means apple will not deploy the suite of products like for western clients. >> apple shares up 25% for the quarter. ben harburg, thank you. as rehewe head to break, lot walgreens boots. falling as much as 25% at one point for the stock's worst day ever. full-year adjusted profit

getting slashed. take a look at the stock right now down .50%. week to date, down4% 2. much more "worldwide exchange" coming up. we'll be right back. 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. how am i going to find a doctor when i'm hallucinating? what about zocdoc? so many options.

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with the fed's favorite inflation gauge. former vice president chair roger ferguson is standing by for what it could mean for the central bank's rate cut path. and the first debate between president biden and former president trump and investors weighing in on which candidate they think is the best pick for the next four years. it is friday, june 28th, 2024. you are watching "worldwide exchange" here on cnbc. welcome back to "worldwide exchange." i'm frank holland. thank you for being with us. we pick up the half hour check of the u.s. stock futures with the final trading day of the week and quarter and first half. you see the futures in the green across the board. the nasdaq creep up as well as the dow. the dow would open up 30 points

higher. the s&p with a more than 4% jump. look at the chart here. the dow, as you can see, down 1.5% in the last three months. big tech just continues to dominate with the nasdaq up roughly 9% on pace for three straight quarters of gains. it's longest win streak since back in 2021. among the top gainers for the nasdaq 100 this quarter, nvidia up 37%. we see arm holdings up 34.5%. alphabet is up 23%. we talked about apple a short time ago. shares up 25.5%. we have, of course, the flip side. walgreens boots alliance down 34% in the quarter. mongodb and intel and costar getting hit hard. speaking of laggards, nike is plunging in the pre-market. apparel giant out with mixed quarter results and cutting

full-year guidance warning of a 10% sales drop with the slowing demand in china. let's go to the big economic report later. the fed is waiting for inflation news. it could get some in the pce data. that number is expected to slow to 2.6% year over year in may and show no change on the monthly basis. that will be the first time in six months that inflation did not go up. the core rate strips out food and energy and dipped to 2.6% last month which would be the lowest level in years. let's get more from former fed vice chair roger ferguson. roger, good morning. >> good morning. thanks for having me on. >> if the pce comes in line with the estimates or possibly lower, how meaningful is that to the fmoc? >> i think this time it actually could be meaningful in it will

be the third month where things look like they're improving. remember in the first quarter, there was a scare that inflation was not returning down toward trend. i think this is one that will be watched closely. the second thing is the fed speakers are out there and seem to be on the fence waiting for guidance. this might be the one to help them clarify their picture as well. >> of course, pce is important to investors because we have the belief to get insight on when the fed may or may not cut. we recently did our d.a. survey on money managers. i want your take on what they had to say. we asked the fed on when they will cut. 67% say we won't see a cut until the autumn or winter. 23% saying no cuts in 2024. 10% saying the fed should start cutting rates at the next meeting in july. the one that is 30 days away from now. what is your take on the survey? >> i think this survey is not

very surprising. highly unlikely they will cut in the next meeting. they need to see more evidence. i think some of the fed speakers that i've been listening to fan you can't also assume anything yesterday and it is possible, maybe 30% or so that there will be no cut at all this year. i think that survey reflects what we understand based on the incoming data up to today and this arrest or this morning mig clarify a lit btle bit. >> we got the final reads on gdp yesterday. ticked up slightly from the second read. you are looking at the fed now showing the estimate of 2.7% in the second quarter. why is this meaningful to you and is this meaningful to the fed? >> i think it is meaningful to everyone.

this one point, let me be clear, the atlanta fed gdp now has been a pretty good barometer. it takes the most recent readings and tries to factor those in. what was interesting most recently is the gdp now number had been roughly 3% for the second quarter. still positive, but down 2.6 or 2.7. it is consistent with the economy that continues to be cooling somewhat. i don't want to overstate it. i don't think we're falling into recession territory. all of this is good news for the fed that the economy appears to be both growing slightly more slowly and inflation hopefully coming down. things seem to be get are into better balance and that allows greater confidence of the possibility of the first move or first cut not being a mistake. >> a lot of anticipation for pce. roger ferguson, great to see you. thank you very much. coming up, france set to

hold a major election this weekend with the potential for massive market ramifications. where investors may find buying pounieinhe political turmoil. we'll have that story when "worldwide exchange" returns. stay with us. ♪♪ ♪♪ citi's industry leading global payments solutions help their clients move money around the world seamlessly in over 180 countries... and help a partner like the world food programme as they provide more than food to people in need. together, citi and the world food programme empower families across the globe. ♪♪

did you ever worry we wouldn't get to enjoy this? [jeff laughs maniacally] (inner monologue) seriously, look at these guys. they are playing great. meanwhile, i'm on the green and all i can think about is all the green i'm spending on 3 kids in college. not to mention the kitchen remodel, and we'd just remodel the bathrooms last month. with empower, i get all of my financial questions answered. so i don't have to worry. so you're like a guru now? oh here it comes— join 18 million americans and take control of your financial future with a real time dashboard and real live conversations. empower. what's next. welcome back to "worldwide exchange." we are looking at the intersection of politics and money in europe. the investors react to the changes on the continent. now with the first round of snap

french elections, they could pose a bigger risk according to citi. if there here is a win by the f right or the far left, there is a 10% difference in the cac 40. citi sees the elections to put downside pressure on euro falling on the ecb cut ex expec expectations. i spoke to citi's head of equities. >> they will have issues in the country as well. then, the flip side, because they are so internationally driven and dollar earners, what is happening on the dollar-euro front is positively effects them as well. >> analysts are seeing

opportunities no european tech anid small caps. they are expected to get a boost from expected ecb rate cuts. ben emons says the valuation discount compared to u.s. tech creates an opportunity to buy the dip. >> whatever comes out of the french election is really a french domestic issue. it really is not going to lead to an exit out of the european un union. it seems there is a bit of a dislocation. >> the first round of french elections wrap up on sunday. the second round finishes on july 7th. that between time could be a time of volatility. uk elections are july 4th to add another consideration. coming up on "worldwide exchange," we pivot from paris and go to d.c. with the first match up with president biden

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welcome back to "worldwide exchange." president biden and former president trump facing off in the first debate in the lead up to the 2024 election. these two sparring over the economy and both leaders trading shots over who is to blame for inflation. >> he causes inflation. i gave him a country with no,

essentially no inflation. it was perfect. all he had to do was leave it alone. he destroyed it with his green new scam and the money thrown out the window. >> decimated the economy. that's why there's no inflation at the time. there were no jobs. >> the survey showing two-thirds of those polled think trump is better for the markets. let's bring in tina fordham. >> good morning, frank. >> tina, i know you watched the debate. i want to get your take on it, especially when we talk about how it manyimpacts investors. what should people pay attention to? >> the fact that it was a disaster for the biden campaign in the short term and put up the odds for trump winning. remember, we also introduced a

new variable and changed the entire calculus here that the pressure will be on biden to step aside. there is still time before the august democratic party convention. >> a lot of stories out about that, including our brian schwartz who wrote an article about the top democratic donors sounding the alarm. i'll get to that in a minute. first, i want to get your take on something. biden and trump focusing on the 2014 corporate tax cuts. i want to play a piece of this for the audience and get your take. >> we pride ourselves on the situation where his economy rewarded the wealthy. he had the largest tax cut in history. erhe raised the deficit larger. >> the only thing he was right about is i gave you the largest tax cut in history and the largest regulation cut in history. the jobs went down and bounced back and he is taking credit for

bounceback jobs. you can't do that. >> you see former president trump seems to take a lead in the minds of many people. how should investors view this idea that it's president trump taking the lead and the corporate tax cuts on the table which is key for the election? >> frank, what struck me with the conversations with the investors in the u.s. and globally, the extent to which market participants made up their mind a long time ago that not only was trump the best candidate for markets, but that he was certain to win. what i'm suggesting is that biden's poor performance yesterday, i think has up ended the odds and dynamics of this race. so, for the time being, you know, we didn't learn more about the policy on reducing the u.s. debt. trump reinforced his position on

taxes. i just think the optics really overshadowed the policies the candidates were trying to communicate. >> you think this one debate up ended everything? a lot of issues with the democrat donors sounding the alarm. people are throwing out a different ticket. how should viewers look at that possibility? >> there is plenty of time to run. the august democratic national party convention, an open convention is not something that i was advocating before seeing this. what i'm saying based on my experience is it will be very difficult to reverse the optics of biden's performance. he looked haunted. he looked old. we didn't see the vigorous kind of performance like we have seen in the january state of the union address. he had an off night.

he could not afford an off night. >> two names i heard were governor wes moore and gretchen whitmer. >> all bets are off. yes, we all watched the predicted odds, as least i did go from 51 for trump to 62. that's what investors think. i think people who support president biden were watching and heart broken, frankly, that someone who has been a strong leader for many years in public service came across as frail. i think the odds completely shifted. i think this is more than a vibe shift. how the path transpires from here is really unclear. former governor, as you mentioned, is probably the most likely choice. remember that biden can't be pushed. he has to come to this decision.

>> tina, wow. i don't know you to be alarmist. you say this completely up ended. tina fordham, thank you. coming up on "worldwide exchange," we have the one word every investor needs to know today and the markets are closing out the strong start to the year. the next guest says what is hanging over the back half of 2024. if you haven't already, follow our podcast on apple or spotify or other podcast apps. much more "worldwide exchange" after. this stay with us. . so i don't have to worry. empower. what's next.

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welcome back to "worldwide exchange." here is what you need to watch today. several key economic reports out this morning, pce and chispendi. we hard from tom barkin and mary daly who joins "squawk box" at 8:45 a.m. and banks are expected to unveil plan fors and banks are expected to unveil plan f for the excess capital at the close today. futures right now in the green across the board. it looks like the dow would open up 25 points higher. nasdaq hitting the highs of the morning. joining me now is gunjan

banerji. great to have you here in studio. the article came out. what is that one big question? >> frank, a lot of investors i've been talking to have been saying we throink this expansio is in the early innings and stocks could be rising. what they are wondering is tech and is it leading the way for the second half of the year? the s&p 500 total return in the first half of the year and people are looking at the conu conundrum. do we sit on the sidelines and miss out more? i think that is a really challenging point for a lot of investors heading into the second half. >> everybody i talked to is basically saying the same thing. market at all-time highs. is this run up or frothiness.

what is your "wex" word of the day? >> my "wex" word of the day is trump-trade. after the debate, that puts the election front and center for some many investors. people have been pushing for volatility in the november and december timeframe and pushing for turbulence as is the case historically. after the election, people will wonder what is the trump trade and which sectors will benefit from a trump presidency or a biden presidency. we could see volatility in the electric vehicles. the sicyclical corners of the market. it is interesting to see where investors place their bets in today's trading day alone. that can get priced in quickly. >> we just had tina fordham on. she said it was an inflection point in the election.

it sounds like you agree. this election, or dembate i should say, is an impact going forward? >> one big thing to watch in the second half of the year is the election. that was a wake-up call. it's coming. we're seeing that in a few months. people have been pretty quick to place their bets on how could those tariffs ripple through the stock market? which sectors benefit? which are hurt? people will try to figure that out really, really quickly. it could be evident in the trading day today. >> interesting. i want to talk about wolf research out with a note saying stick with tech. i want to circle back to the one big question for the second half. the momentum trade. there are other ways to play it outside of the magnificent seven? in your mind, where else do you see money going? we heard money going to cyclicals and other areas. we continue to see the same stocks.

>> it is crazy. the s&p 500 is outpacing its w equal weighted version since 1990. it is powerful. people are piling into the same stocks. retail investors are piling into the same stocks making it really, really tough for individual investors and institutional investors to play other parts of the market. i think that's one big thing to watch in the coming months. >> we talked about two big questions for the second half. you know what we haven't talked about? the fed. first half of the year, all we talked about was the fed. i guess three big questions. >> i wonder how much the fed matters for investors right now. >> really? you are saying this debate has taken the focus off the fed? >> i think the focus has already come off the fed. we entered the year hoping for six rate cuts. we're down to two, maybe even

one. i think you could make an argument for investors all looking past the fed at this point. >> gunjan, with the new article out. word of the day trump-trade. thank you. one quick look at futures before we let you go. futures have been higher all morning long. the dow would open up 20 points higher. that's going to do it for us. "squawk box" starts right now. good morning. democratic party fund-raisers are sounding the alarm after president biden's debate performance last night. some long-time backers are raising the prospect of changing him on the ticket. we will have the latest from the candidates and the comments on inflation and the economy. later this morning, we get the fed's favorite inflation gauge. we will tell you what to expect from the core pce data which is due as always at 8:30 a.m. it's friday, june 28th, 2024 and "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. andrew is at the aspen ideas festival. he will join us a little later in the show. if you want to take a quick look at this friday morning at the equity futures. you see green arrows. dow up 23 points. s&p futures up 18. nasdaq up 76. the dow not getting much help from the nike shares. the company cutting its full-year guidance and expects sales to slump 10% in the quarter because of china consumer trends. that is a worse forecast than the drop for theuaer