an ending that neither side had hoped for, a family saga with so much love and so much loss, an imperfect conclusion. [music playing] ♪ welcome to "street signs" on this friday morning. i'm silvia amaro with your headlines this hour. president biden defies calls from democratic lawmakers to step down from the top of the ticket even as he makes a string of mistakes during a closely watched press conference. >> i think i'm the most qualified better than to run for president. i beat him once and i will beat him again. and european equities shrug

off the u.s. futures despite c per pi coming in the lowest in years. and ericcson sales drop 7% on the year as north america helps counteract a slump in 5g demand. apple's vision pro headset goes on sale in more countries outside the u.s. and asia with customers in central london today able to buy the product if they are willing to drop a cool $3,500. good morning, everyone. happy friday. we start the show looking at u.s. politics after the u.s. president joe biden says he is the most qualified person to run for president. he said he won't step aside

unless polls show he can't win. speaking at a press conference, biden aimed to address concerns over his age and health as more democrats call on him to step aside. he defended his track record and said he's determined to see through the rest of his economic plan. >> i'm not in this for my legacy. i'm in this to complete the job i started. as you recall, understandably, many of you and many economists thought my initiatives that i put forward can't do that and will cause inflation and things will sky rocket and that's going to go up. what are you hearing now from mainstream economists? 16 economic nobel laureates said i've been a hell of a job and under my plan so far and what's going to happen in the future if i'm reelected, things will get much better. our economy's growing. >> however, the president made a

noteworthy mistake during the press conference mixing up his vice president kamala harris with donald trump hours after stating volodymyr zelenskyy was vladimir putin. >> i won't have picked vice president trump to be president to not think she is not qualified to be president. >> ladies and gentlemen, president putin. president volodymyr zelenskyy. i'm so focused on beating putin, we have to worry about it. mr. president. >> i'm better. >> you are a hell of a lot better. >> naturally, a lot of pressure at this stage on the u.s. president joe biden. those mistakes did not help those concerns around his age and health. i'm pleased to say the cio at crossbridge capital is joining us for more. good morning, first and foremost. i would like to understand when you think about the outlook for u.s. markets, lhow are you

reading what is happening on the u.s. political scene and any concerns if joe biden steps aside and this has an issue for markets? >> it is not good. it is not just embarrassing. in the market, we are concerned about policies. that is something to bear in mind. i would say that, you know, as we discussed last time, if trump was to win, i would be concerned about inflation because we got the cpi data in line and falling rapidly and coming down and looks very good. if trump wins, that would be in risk because he is on record saying he would do the tax cut and probably tariffs as well. that raises concerns. the other part is if the democrats win and continue with the policies they are and i think we are in for more rate cuts down the line. politically, policy wise, the

economy means a democrat w wins wi wins eases the inflation risk. that is still in doubt with that happening. on the face of it, of course, things are very bad. >> i would like to clarify your point on the potential re-election of donald trump. markets have been pricing in that prospect more and more so. ultimately, though, are markets failing to price in what a trump presidency would mean for inflation? >> i would say if you take into account the sort of tariff he is talking about, 15% and 20%, that has an impact on input prices which will be worrying for everyone. now, if that comes into play and he does tax cuts as well, that

will be inflationary. equities will do well. i don't think equities will do bad. you will have greater concerns of how long you can run deficit at 4% or 5% with stimulus. >> and several rating agencies are concerned about that. stay with us. i have more to talk about. before we get there, i would like to show our viewers what we are seeing in terms of the equity futures. looking at the u.s. futures, they are painting a mixed picture as we approach the open on wall street. it was also a mixed session we obtained yesterday on thursday with the s&p and nasdaq breaking their seven-day streak. however, when you think about the russell 2000, impressive moves there. it reached its best day since november 2023. why? because of that cpi print. it was the main market driver yesterday. we had that cpi print suggesting

inflation is more than what analysts were expecting and that has actually motivated a lot of the moves state side. we'll have more on the cpi print. before we get there, i want to show you the european stocks. we have the stoxx 600 up .3%. also important to note, we are seeing the stoxx 600 trading around the highest levels since mid-june and because of the cpi print, too. it has ramifications for european investors because there are growing expectations we could see the fed cutting rates in september. as a result, that is also boosting some of the moves here in europe. i want to take you to the european boards so we understand a little bit better what are the different drivers across the european markets. looking at the ftse at this stage, it is up .3%. it is an important weekend for europe. we have the finals in wimbledon

and england is playing in the finals of the euro. you may wonder why is she mentioning sports? these two could provide a significant boom to the uk economy. we heard from sainsbury, the second largest grocer in europe, the forecast of weakened beer sales will increase year on year apart from other drinks as well. we will see what happens on the sports front and ramifications they will have for the uk economy. looking at the cac 40, also tracking higher moves up by about .8%. it is also an interesting session when it comes to the cac 40 because yesterday, with the cac 40 gaining, too, but when you think about the week-to-date p perfo performance, the cac is dodow down .60%. it is important to keep in mind

because investors are digesting the outcome of the second round of the parliamentary elections. at this stage, we are seeing the cac on track to end the week lower and that is the only european board to do so at this stage. let me take you to the sectors. a come ofuple of stories so far. look at tech. down by .3%. this is continuing that movement that we saw yesterday on wall street with investors rotating away from tech in the wake of the cpi print. i want to take you to the best performer telecom up 1%. some of the moves are related to earnings. we heard from ericcson despite expectations coming in lower on the year amid sluggish demand for 5g. as you can tell, shares up by more than 8%.

i want to take you to inflation dynamics at this stage. inflation data confirmed a 2.5% in june. that is down from 2.6% in may. while in spain, the final may looked reading came in higher than the flashes estimate at 0.1%. and let's look at the dollar. it is interesting in japan. you are seeing the euro moving slightly higher against the u.s. dollar. let's see what will continue to happen as we await further data from the united states. let's get into that critical cpi print because consumer prices fell in the month of june and providing further impetus for the federal reserve to start cutting interest rates. consumer prices dipped 0.1% since may. the year over year rise of 3% is

the lowest in a year. when it comes to core cpi, which excludes volatile food and energy items, rose 3.3%. the smallest rise since april of 2021. breaking it down by categories. gasoline prices saw the biggest decline falling 3.8% on the month and 2.5% on the year. there has also been a pullback at the grocery store. food at home prices rose 1.1% compared to last year. meanwhile, used vehicle prices fell 1.5% on the month and were down more than 10% from a year ago. now, our u.s. colleagues had a chance to speak to the vice chairman gary cohen and was asked what the next moves would be. >> clearly the trend was big right now. if you take chairman powell's

testimony this week, that he clearly does not want to be late to cutting rates as we all accused him of being late for raising rates when we saw inflation rear its head, they were trying to dismiss it as transitory. i think on the way down, the fed will be in front of cuts and not being late. >> and we have the cio at crossbridge capital still with us. this seems to have been a huge market event. what do you think this is telling us in terms of what to expect next? >> i think the fed will be very happy with this front. it looks like it with the market pricing. we are pricing 100% rate cut for september. i think the july rate cut should be on the table at least. so, the discussion at the fmoc will be of interest to see what they are thinking about. if you look at the jobs report

and the jobs number, all of the jobs numbers are revised down. the job market is weakening. the other thing i worry about is if you look at the bull steep e steepening of the curve is happening again. the spread is getting negative and the bull steepening. that causes a recession. you are seeing steepening signs now. we are at 5.25. even if they cut rates by .25, it will still be 5. it is not easing by any means, but a good start to get on that. >> i think posing that question to several guests because if we get a rate cut from the fed, it will not imagine a huge difference where the rates are sitting. ultimately, why is that an important part for the markets? i was reading commentary this morning and them don't need to see the cut yet, but the cpi

print and the comments from the fed is enough for investors to be rotating out of tech. >> sure. why this is important is if you look at the s&p as a whole, there are a few stocks that have done well. a majority have not done well. the mid-cap stocks. the rate cut is good for those companies more linked to floating rates rather than the ten-year rate. i think that's a good sign. the second is if you are looking at this time, if it is not for deficit funding that we are seeing with $2 trillion as the u.s. treasury said yesterday in terms of the deficit this year, these are like how long can you continue with deficit funding or y equity funding higher? that will probably be a much more long lasting thing than continue to have stimulus spending. the u.s. has dollar and u.s. can print it. >> yeah. >> richmond is 5% last may and

the gdp growth is 3% annualized in the last quarter. the world is envious of the u.s. they can do that and do it too long and too far and the whole thing is under question for the whole system. >> i like to get your thoughts on the rotation we are seeing out of tech at this stage. do you think this is going to be short lived? >> i think it is short lived because i saw the spread yesterday with the russell 2000 and s&p at 4.4%. that's massive. it also tells you how the market structures have changed. we have seen $1 trillion company falling 10% or 15% on the day. the spread should not surprise you. we are not in what used to be ten years ago. there is far more leverage in the system. you have daily expiring options. the market structure is making the spread higher.

i personal feel the big tech will continue to do well. you know, they have become monopolies. they are in every part of the economy and they will concentrate. those earnings will come true. i'm not looking to get out of that and go into buying small cap. if i can quote your stat, if you look at since 1979 with the spreads wide from the russell 2000 or on the s&p as it happened yesterday, there have been seven occasions. on five of those, p s&p has don better than russell 2000. >> what about the vix? when you think about what is happening there, the lowest levels we have seen in a while. why? >> i think it comes down to stimulus and deficit because you cannot be short the market when you see the u.s. will continue to do tax cuts or deficit spend ar ing or i.r.a.

as long the rally continues, the more everybody one keeps going on the same side of the trade. >> in an election year as well as we talked about the pressures on the fiscal front. manish, thank you. manish singh at crossbridge capital. coming up on the show, m&a is bouncing back in two particular areas. we'll te y wreft ts eak.ouhe aerhi it's hard to run a business on your own. make it easier on yourself. with shopify, you have everything you need to sell online and in person. you can have your inventory, payments, and customers in sync across all the places you sell. it doesn't have to be lonely at the top. join the millions to finding success on their own terms. start your

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do it all on the network made for streaming, and bring on the good stuff. welcome back to "street signs." china's trade surplus with the u.s. widened in the month of june as imports fell 2.3% on the year and exports surged more than 8.5%. the most in 15 months. this has the trade surplus for the world's second largest economy rose to $99 billion. let's check on asia markets. this morning, we did see some asian stocks moving higher on

the growing bets for a september rate cut by the federal reserve. at the same time, i want to take a closer look at the nikkei. it closeddown 2% which was dragged by the tech names. we continue to see the rotation out of stake that we have seen stateside. that continued in asia, particularlyin the nikkei 225. that is how we ended up at the end of today's session in asia. looking at the currency space, it is also a very, very interesting session for the yen. it's been a very volatile session ultimately. this as there has been a bit of confusion about whether authorities have intervened in the currency space with some traders say this happened yesterday. on top of that, there's also the fact that we are approaching that bank of japan meeting later this month and also some investors expecting that we will see a rate hike taking place in

japan. in other corporate stories, softbank acquired chip maker graphcore for an undisclosed sum as they push into a.i. graphcore was arrival to nvidia, but has struggled to secure the investment to compete. and the billionaire kkr are in talks to break up the media empire axel springer according to the financial times. the deal would separate the media assets from the digital classified operation. still in the media space, vivendi is considering a streaming service in what will be a boost to the uk stagnating ipo market according to bloomberg which no final decision has been made.

conglomerate is looking at a four-way split pending final agreement from the board. and ck infrastructure is considering a listing overseas. the secondary listing could provide a bigger market for tra trading. the m&a market has been revived this year with the pent-up deals according to our next guest. i'm pleased to say nigel well at clifford chance is joining us with more. good morning. first and foremost, i would like to understand what has driven this interest in the first half of this year and whether this is likely to continue for the second half really. >> thank you. i think what is really driven the performance is the comparative improvement in inflation and in rates. you look back to the comparative

period of 2023, we had a difficult inflation environment and difficult rate environment. now this first half, you have seen inflation under control and rates and the direction of travel is expected to be downward and issues around the timing of that, but much more stable environment. in the uk, we just reported some growth and the market is better as well. all those key factors have allowed people to understand the value of businesses and talk about the valuations and, therefore, reach a price point to contract on m&a. we have seen that in the public markets in particular. >> this morning, we are seeing further news that rio tinto is studying mining deals after the collapse of anglo america this year. is the mining sector the one where we will see further activity in the second half of this year or would you highlight

other sectors? >> i think the second half of this year will be positive across a number of sectors. transacting is still there. the ambition of the ceos and the pent-up demand and the transactions across the market. that is a great point for stability and transacting. there will be sector drivers. you mentioned tech and energy transition. i think mining is interesting in that market. more on the distinguishing factor is all mining transactions. those guys reare really looking out with mega deals. i would expect that to be a positive and one of the drivers in there is the whole ev battery and fine metals and minerals needed for latter element of the sector. that is fueling the energy transition. that is a strong market there for transactions

>> and thinking about the uk alone, to what extent is the politics driver here now that we have overcome that potential uncertainty around the election. is that now the necessary certainty that some companies would like in order to move ahead with further deals? >> absolutely. i think in the short-term, for this year, the fact that the election has come a bit earlier was better than expected. that is certainly what we are seeing ate cl clifford chance. that short-term is positive. generally, yes, stability is great for m&a transacting. the government indications have been around growth and been around investment and partnering with private capital in that conversation. all positive from that perspective. >> i would like to get your

thoughts on the role of private equity in this space. there's a couple of reports suggesting that private equity firms is snapping up ipo candidates at this stage. i was just wondering whether you have seen any sort of implication here about how private investors are playing a role in this space and, therefore, that could lead to less activity in the second half of this year. is this a risk basically? >> i think they are playing a huge role in the private capital market and the real estate sector and infrastructure and clean energy. it's been a massive driver. i think that alone will continue in the latter half of this year. you have seen that ambition to put the capital to work. you have seen a year or two they have not put as much capital to work. there has been a need there. the valuations, as we've said, are in good place. you have seen that inflection

point where the buyer feels they can grow and make money out of, but a board can recommend this is a good share price. you have seen recently the key word led by consortium of private equity and sovereign wealth is a great example. that will definitely be a driver in the next six months. there are a number of deals in the marketannounce. >> it could be an exciting second half of the year. that was nigel wellings at clifford chance. still to come, $3,500 mixed reality headset. arjun kharpal has more. >> reporter: that's right, silvia. after the break, we will hear from the first person in line to buy from the apple store and the

analyst view on how this device might sell. stay tuned. 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.

welcome to "street signs." i'm silvia amaro and these are your headlines. president biden defies calls from some democratic lawmakers to step down from the top of the ticket as he makes a string of mistakes during a closely watched press conference. >> i think i'm the most qualified person to run for president. i beat him once and i will beat him again. european equities shrug off jitters that knock the s&p and nasdaq off record highs despite the cpi coming in the lowest in more than three years. tesla looks for another downbeat session after slumping thursday on the reported delay to its robotaxi rollout. apple's vision pro goes on sale in more countries outside the u.s. and asia with customers in central london able to buy it today if they are willing to

drop a cool $3,500. let's look at tesla. shares are pointing lower in pre-market trade after sliding 8% in the wake of the bloomberg report that the electric vehicle company delayed the unveiling of its highly looking robotaxi. this follows an 11-day rally that delivered a 30% surge driven by better than expected deliveries for the second quarter. apple's vision pro mixed reality headset hits the uk market today. it got off to a lackluster start in the u.s. where it retails for $3,500. with analysts expecting sales in the current quarter to plunge 75% of the previous three months. we have sent arjun to one of the

apple stores in central london. arjun, tell us if we are seeing more eagerness for this product in london. >> reporter: there was more excitement here in london here wh at the apple store which opened at 8:00 a.m. this is very different from the international space station ph iphone. this is apple booking these demdemo spots in hopes apple gets people to splash $3,500 or 3,500 pounds for the headset. it has gone on sale in the uk and canada and france and australia. i caught up with the first person in line and asked why he is buying the item.

he likes the applications and the ability sto see things in te big screen. he said some discomfort was around the size of it and the way it feels, although that can be adjusted. i asked about the 3,500 pound price tag. his name is liam nicholson. >> i think worth it because of the apple ecosystem and all of the apps makes it worth tit. i have an iphone and watch. i'm not too worried about it. maybe ask me when i come back out and we'll see. >> reporter: the big question here for apple investors is when does this become a meaningful part of apple's business. they are expecting to sell 400,000 units this year. much smaller than smartphone sales. investors are focused on the

iphone business for apple. tim cook, the ceo of apple, is clearly positioning this device as a big part of apple's future. this is going to be the next paradigm shift in the way computing moves on. i had a chance to catch up with francisco geronimo and got his opinion. >> we look to sell 6.9 million vision pro devices. there is a rumor there is a cheaper version coming out and that will bring higher volumes. that will represent $14 billion in u.s. revenue. this is a remarkable result. even in comparison to the iphone which is smaller. if we think about the content and services that apple will be

able to drive and generate from the mixed reality product, that's a very impressive result. >> reporter: francisco jeronimo bullish over the growth of the vision pro. actually, a cheaper version, we heard rumors of that, would help it be a mass product as well and compared to the apple vision pro doing well. the question is when this becomes a meaningful part of apple's business might take a few years. clearly, as we have seen with many apple products, the iphone or the mac or the iwatch, the customer base is loyal and sticky. they like apple products and willing to buy multiple products tied together by the company. it is interesting to see how this product in particular will

be brought into that mix as well. silvia. >> we it will continue to monit those sales. let's update you on another story. stay with us. apple will allow the tap-and-go payment system after the and ty regulators agreed to end the four-year investigation. this comes as the anti-trust chief warns that apple has yet to change its broader practices to comply with the bloc's digital market act. apple is facing three issues within the act. arjun, we are not hearing much positive developments between the eu and apple. we are finally getting a bit of an improvement here in this relationship. outline for us what ultimately this means for apple. >> reporter: i honestly don't think it will be that huge a

deal for apple in terms of the wallet space. when you buy an iphone or iphone users, they integrate into the apps, whether it is apple store or messagimessaging. most will up lload cards to app wallet. if you are an apple user, you are likely using apple wallet. you will not download google wallet. if you are on an android phone, you will use google wallet. it is not a huge deal in the respect of apple. the ecosystem is sticky. some of the other popular apps are those samsung and google wallet which is on android.

some of the other changes we have seen made, of course, across the apple ecosystem over the past few months is designed to open up ios, whether that be browsers or app stores and those changes may be more meaningfull different browser, you get access to different apps. perhaps those are more meaningful. on the wallet front, ios users will stick with apple in that regard. >> it speaks to the broader narrative of competition experts suggesting we have all of these rules, they are not leading to meaningful changes in terms of behavior for big tech. thank you for your reporting this morning. with the vision pro headset available in europe for the first time today, customers have

booked time for the demo. would you part with $3,500? check out cnbc.com for more. and let's look at friday's session. it is positive across the board. we are seeing more pronounced moves to the upside in frank w france with the cac 40 up .8%. the cac 40 is on track to end the week lower, however, today's moves might change that narrative as investors are still digesting what has happened in terms of the parliamentary election. let me take you to u.s. futures as we approach the open on wall street. it could be a slightly higher start to the trading session as well. yesterday, we had a bit of a mixed picture with the s&p and nasdaq breaking their seven-day winning streak. however, when you think about the small caps, the russell 2000

saw the best day since november of 2023. all in all, we saw the rotation out of the big tech on thursday. let's see whether or not that will actually continue into today's session. in terms of the today's data, we will see producer pricing index figures in the united states and consumer sentiment numbers as well. we will bring you those as well. when it comes to geopolitics, ukraine is urging nato on long-range weapons against russia. saying allowing it to hit targets in russia would be a game changer. nato allies have taken different positions on the issue during this week's nato summit in washington, d.c., members issued a declaration pledging additional aid and irreleversib path toward nato membership. nbc has confirmed reports that

u.s. and german authorities foiled a plot to assassinate the ceo of rheinmetall. the discovery follows warnings by nato and european governments that russia is expanding efforts to disrupt arms deliveries to ukraine. the spokesperson told cnbc they cannot comment on security issues. coming up on the show, we will take a look at u.s. banks. they are set to kickoff the second quarter earnings season. we will dig into what to expect after this break.

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welcome back to "street signs." shares of delta closed 4% lower as forecasts missed analyst expectations despite third quarter revenue off the back of surging summer demand. delta forecasts earnings per share of 1.7$1.70. with the company also warning of

1 $100 million hit from the paris olympics. the ceo ed bastian said the industry is correcting for the oversupply it is seeing. >> the capacity is up 8% for the summer. particularly in the domestic marketplace. real demand in the summer, summer between june and august, is probably closer to 4% in terms of real organic demand growth. do you you do have an oversupply. the industry is overcorrecting. by the end of august, that 8% is back down to 4% and more in linr demand. we expect in september, the revenues back and reflecting positive once again. >> now, i'm going to let you in on a secret. it is friday. the newsroom is excited today, but because it is the start of

earnings season. stateside, we hear from the u.s. lenders across the s&p 500 with earnings growth moving higher this quarter with names outside the magnificent seven expected to make a big contribution in the first quarter. america's biggest banks begin reporting today and analysts are projecting a mixed picture with higher deal making activity and boosting investment banking fee activity. commenting will be key as investors assess the impact of potential fed rate cuts later this year. growth in the metric has slowed in the recent quarters as deposits have increased and customers move to higher interest rate savings accounts as well. one key interest for the banks is loan loss provisions. they are seen rising with all three lenders reporting today amid concerns of the commercial

real estate sector. now, the professor of finance at the business school is joining us. arturo, i would like to understand the potential impact of the changes to the rate policy in terms of the outlook for u.s. banks in specific? >> i really think the interest rate expectations with lower rates are looking to decline. we need to realize whenever margins decline, the major risks show up. i think we are going to see that coming out as well. we need to see increasing risks and increasing loan with subsequent decline. the expectation is this today. >> overall, what do you think will be the main message today?

we are going to hear from citigroup and jpmorgan chase and wells fargo. what do you think will be the main message from u.s. lenders at this stage of the economic cycle? >> you pointed out the declining markets and bigger concerns. increasing in the m&a and dealmaking revenue. at the same time, you are going to see increasing risks and more positions made to increase the capital position. the prices in the u.s. combined with the uk is we are more exposed in the banking sector to newer risks and i think that will mean leaders will have to

more cautious of the risks. >> arturo, it hasn't been that long since we have been digesting the collapse of svb and we had credit suisse here in europe. what do you think the banking industry has learned overall in the wake of those two events? >> we will see the economic risks. the risks with the information. if you think back to what happened last year, credit suisse had the spread of information or rumors led the bank to default. that is a concern because to what extent banks managing the information out there beyond the

stakeholders, they will be paramount. what we have learned is there is no way to prevent the banking crisis when there is information out there that creates that panic. this is something that we need to take a stance on. >> it is also an interesting time to think about regulation. i would like to get your thoughts on that really now we have changes to the basel 3 rules. what is the outlook for the banks in the wake of these developments? >> i think how you say the dichotomy relationship more in the united states than europe. i think the european approach is more realistic. particularly the bank has been more lenient with the medium-sized banks. i think the relation creates a

competitive advantage for the institution. the european experience shows that when you give banks clear rules, they can innovate and create new business opportunity. the risk is waiting later. the more favorable approach to the basel 3 rules. it will benefit from regulation much more than before. >> we will continue to monitor this space and digest all of the earnings coming through. in the meantime, arturo bris at imd business school. thank you for your thoughts this morning. we will hear from two lenders today. wells fargo cfo michael

santomassimo and we will hear from citi's cfo, mark mason as well. stay tuned for those interviews that we will bring you later on today. let's get a check of the european markets. it is a positive session. the cac 40 is higher by .8%. it has been an interesting time for the cac 40 in the wake of the french elections. the ftse here in the uk trading higher by .4%. i was telling you earlier in the show it would be important to see the economic ramifications from all of the sports taking place this week. of course, we have england playing in the finals and -- finals of the euro, i should say. we did hear from sainsbury saying they are expecting higher sales for beer and other drinks as well. let's look at the week-to-date performance. this is one of the reasons why i

was telling you earlier it was an interesting time for the cac 40. among the boards in europe, it is the only one on track to end the week lower. let's see whether today's performance will have any sort of changes when it comes to the main narrative. it has been an interesting time when you think about germany with the cpi print confirmed yesterday at 2.5%. it has been an interestingtime in inflation dieynamicdynamics. p we have seen inflation lowering in the eurozone. we will not see the ecb cutting rates next week. of course, we will continue to monitor that next week. in the meantime, when it comes to the week-to-date performance stateside, i would like to get your -- pay attention to the russell 2k. it is on track to end the week higher by 4.8%. let's see what today's moves will be. we have been seeing this rotation out of the big tech

names and, indeed, going into some of the smaller caps. let's see what sort of changes might be later on today. i want to tell you about coffee prices today. you can see both have been moving significantly higher this year. this week, we actually heard from the chair of lavazzo, one of the big coffee roasters in europe. they would like to see prices moving higher. not good news for the coffee lovers. of course, we'll have more on that in the coming weeks. that is it for today's show. i'm silvia amaro. enjoy your weekend. "worldwide exchange" is coming up next. switch to shopify so you can build it better, scale it faster and sell more. much more. take your

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it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." inflation inflection. investors are confident after yesterday's cooler than expected cpi report. small cap comeback. stocks left behind in the recent rally did something for the first time since the financial crisis. big tech with a massive wipe out and one veteran said this could be the start of hot new trade. >> this is the day where investors are starting to rotate ou