it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." roller coaster week. wall street coming off the best day in two years wiping out the losses. powell under pressure. this time from a familiar foe making a case for fed independence. and travel trouble signaling consumer spending slowdown. and paramount picturing looking for a play book. one area that could play out

when the fed starts cutting rates. it's friday, august 9th, 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 on this friday morning. we'll kickoff the hour with the check of the stock futures and the s&p 500 with the 2% gain. best day since november of 2022. the nasdaq 100 is coming off a 3% gain and best day in more than a year. futures are here in the green across the board. s&p is up 25 points. the dow would open more than 100 points higher. the nasdaq, the best performer, more than 115 points higher. it looks like it would open up .50% higher. it has been a wild week. let's go back to monday. become back here on monday, we saw the global recession fears.

a lot of people worried about the u.s. economy. the dow and s&p having the worst day since september of 2022. then we saw moves to the upside. some people thought that was a dead cat bounce. we saw another dip. i want to come over here. you saw selling going into thursday morning ahead of the initial jobless claims recoport. a lot of pressure on the jobless claims report. you see the big moves to the upside and then it was euphoria in the markets. the nasdaq -- excuse me, s&p having the best day since november the 2022. as you can see, the markets are still on pace for a down week. the dow down .75%. the s&p down .50%. great day for the markets yesterday, but still a negative week here on wall street. we want to look at the treasury market. look at monday. the global selloff. yields hit the low back here on monday. they continue to move to the

upside. right now, they have are very close to going back to 4%. we'll continue to watch those throughout the show. we want to look at the rest of the yield curve. the ten-year at 3.96. the other ones also moving higher. the 30-year ticking up as well. something we'll continue to watch and the impact of the treasury market yields on the stock market. if there is any doubt the bounce back lacks conviction, look at thursday's volume. the spdr s&p 500 seeing action above the 30-day moving average. that's the money set up. let's go to the earnings picture and your big money movers. paramount global shares are higher up over 5% after the company reported it's streaming division povrofited a profit. the company cutting 15% of the u.s. work force as the cost

savings plan. sales did miss, by the widest margin, since 2020. parmamount taking a $6 billion hit in the cable networks. shares up 5%. shares of ulta beauty are under pressure despite the top and bottom line beats. reporting a 50% jump in quarterly sales. investors are focused on that soft guidance. the company ceo telling analysts he is bullish on the macro as consumers have become choosycho. it was an ugly holding for capri holdings. the company badly missing estimates as performance gets hit by soft global demand for luxury goods. core sales in the americas sinking by 10%. time for the check of the top corporate stories with silvana henao. silvana, good morning. >> frank, good friday morning.

fed independence back in the spotlight on new comments from former president trump. >> i feel the president should have at least say in there, yeah. i feel that strongly. i feel in my case, i made a lot of money and i was very successful and i feel i have a better instistincts than people the federal reserve or the chairman. >> the comments seem to feel the advisors would be looking at a series of changes to the central bank should he win in november. meanwhile, chinese consumer prices coming in above expectations rising .5% in july. pork prices playing a major part in the higher prices surging by 20% and its biggest increase since december of 2022. car price wars lower and cell

phone prices and decline in rent offsetting some of that surge. delta says crowdstrike's outage cost it $380 million in revenue due to canceled flights and consumer compensation. the company reiterating plans to sue crowdstrike and microsoft calling the disruption unacceptable. crowdstrike says the narrative is misleading and microsoft says delta doesn't have the technology to withstand that kind of outage, frank. >> the question is if all of the controversial with the global i.t. outage is over and other companies were able to recover, a lot of questions here. silvana, you have another guest coming up to talk about crowdstrike. thank you. turning attention back to the markets. it has been a volatile week of trading for the markets. it started with the selloff on monday on worries of the slowing u.s. economy and the fed

possibly waiting too long to cut rates. yesterday, the better than expected jobless numbers eased fears. it helped the s&p 500 shave off all but .50% declines. the s&p and nasdaq are on track for the fourth straight negative week. joining me now is the global equity strategist with citi. good morning. >> good morning. likewise. >> i want to get your reaction to the bounce we saw yesterday off that initial jobless claims report. do you have confidence this is just a resumption of the momentum or do you see more volatility ahead? i'm just looking here at a number of reports. pce and fed minutes and jackson hole. so much other data points that could be market movers ahead. >> precisely. that is the big question mark. we had a great data point yesterday, but great data points before hand and the market reaction shows you how

vulnerable it is to positive or negative news coming through, right? i worry that this is going to continue. so, back a few weeks ago in the quarterly outlook tying in volatility, we have been pointing out many reasons why the market -- why you should expect volatility ahead. some of this worries we had have come down after the big market reaction and correction we've had. some is still ahead of us and we need to see how it plays out. >> you have a new report out. i want to show one part of the report. you have a graphic you shared with us. according to the report, the markets are pricing in more eps growth and the consensus is right now. approximately 20% according to your pro proprietary data.

what does that say going forward? >> this is the u.s. mrarket, no the global market. this is trying to capture what eps outlook is priced in by the market. so, back months ago, the u.s. market was pricing in double the eps growth of what the consensus has been expecting. you could have argued it is too exuberant and too expensive. enough the market has come down 10% and we had a meaning correction. the report in the u.s. has been pretty good. you could say the market is more fairly priced. what is interesting with markets outside of the u.s., japan or europe, especially concentrate on, from pricing in above consensus above growth is now pricing below. what it means is if you are

bearish on the global outlook and the u.s. economy is slowing down and it has been slowing down for quite a few months right now. if you are worried about the outlook and you think the analysts are too bullish, that means there is a buffer that has opened up for europe or for japan and japanese equities to absorb the downgrades. if it turns out global growth is in tact and everything is okay, these markets can move down totoo much. >> you are overweight on the u.s. market. if you don't mind, i want to bounce something off you from a note that came out earlier this week from strategis. according to the note, the drawdown for the s&p is about 15%. we are halfway through the h historical average. nvidia is set to report to the latter half of this month which may be the final arbiter for the

a.i. trade and broader market. that nvidia report, is that also one of the next big inflections? >> i think the market will start moving back to the mindset of looking at what the earnings outlook is going to be and the economic data is going to be and the momentum going. the biggest part of the growth coming from the u.s. market has been coming from the tech sector. definitely all of the big tech names reporting better than expected numbers is very, very important. now, to the point or quality, of course, what it tells you are corrections are a natural thing. a 10% correction almost every single year for the last 30 years. now, we have this framework that is bear market check list which tries to differentiate between another correction you buy into

or the correction you tell because it is the beginning of the next bear market. right now, a bear market check list is telling us to buy into it. one thing that worries me is positioning after the selloff has not come down completely. it is still in elevated levels. it is vulnerable to bad news. >> we have to leave the conversation there. we can always talk. we never have enough time. you see a 50-basis point cut in september and another 50-basis point cut in december. great to see you. for more on what is driving the markets and trading day ahead, head to cnbc pro at cnbc.com/pro for insights and analysis. we have more to come on "worldwide exchange," including the one word that investors need to know today. from doom and blgloom and possie real estate recovery. and the growing disconnect with the young americans and need to spend on travel.

the latest on the youth and money survey coming up next. and later, we dig into the investor playbook when the fed cuts rates, this is one area of the market that could be prime for a breakout. we have a very busy hour still ahead when "worldwide exchange" returns. don't go anywhere.

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minute ago, but up 100 points. the nasdaq up over .50% and up over 100 points. let's see how europe is shaping up after a volatile week. silvia amaro is in the london newsroom with more on the early action. silvia, good morning. >> very good morning, frank. indeed in europe at this stage, it is rebound mode. we are seeing the stoxx 600 trading higher at this stage with decent gains in basic resources as well as travel and leisure names. as you see to my left, we have all of the major bourses trading in the green. let me show you asia. it was a volatile week over there. looking at the nikkei 225, it ended today's session up .6%. let's not for get the nikkei 225 started the week posting it's steepest losses since 1987. we know august to be a quiet month, but that is not the case

this week whatsoever. let's show you the nikkei 225 and how it ended the week. it posted lower by 2.5%. looking at europe as well, the stoxx 600 is actually on track to end the week higher. what we have witnessed, frank, is a lot of volatility in global equities and traders are telling us this volatility is here to stay. >> silvia, thank you very much. silvia amaro live in our london newsroom. turning attention back to the u.s., the question is not if the fed cuts in september, but by how much. the debate of a 25-basis point cut or a 50-basis point cut is 50/50. the looming recession is impacting the economy. that could bring home buyer and sellers back into the market. a lower rate environment would be welcome by real estate

markets after the foreclosures hit the highest level. let's bring in our next guest. david, welcome. >> thank you. >> your portfolio is diversified. one is office. 7% of the portfolio. what are you seeing with the office market right now and when you see a divergence with older buildings and newer buildings and issues getting people back into the markets? >> what a week for the markets. i agree the sentiment is changing on interest rates and where that's headed. we do have a diversified portfolio and investing in all asset classes. most focused on living and retail. office is something on our radar, u.s. in particular. it is interesting to see the by

f bifurcation. >> what's a trophy building? >> best of the best buildings. we are 6% of the total inventory of the stock you can invest in. it is 6%, but garnered 25% of the leasing activity the last 20 years. that alone represents the bifurcation. >> is everybody trying to downsize and right-size their space? >> they are taking more and more share of the leasing. they are looking to bring the experience to the workers. it is out performing. >> let's go to other parts of the portfolio. 41% is industrial. 33% is multi. 12% retail. i want to go back to the industrial. is that data centers? >> we're active in all the major elements of industrial. big box for us is not as

interesting. data centers is, obviously, what everyone is talking about. that is something we are as well. what is interesting in data centers is to think about where the market is headed and think about the future of energy and intersecting with the future of data centers. following the new threats of demand of energy and being able to supply that energy for the future of data centers is an important way to think about the investment theme. >> we see the cap ex increasing 60%. are you seeing demand on that same level? obviously, that money is going to physical space for data centers. are you seeing that demanded? >> the hyper scalers and those active is all about site control. they are trying to get ahead of the market and access to the right sites and have the planning and energy needs. >> david steinbach, thank you. >> thank you. coming up on "worldwide exchange," why shares of one

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welcome back to "worldwide exchange." a pair of market flashes for you this friday morning. the shares of take-two interactive up over 5%. the company expects net bookings

to grow in 2026 and 2027 as it gears up for the launch of grand theft auto vi next year. we are watching the price of bitcoin above the level of 60,000 after falling below 50,000. this was the biggest one-day drop since the collapse of ftx in 2022. shares of bitcoin back above $60,000. time for the check on more of the headlines outside of the world of money and business. frances rivera is in new york with the latest. >> hi, frank. good morning to you. we start with debby, now a tropical depression bringing another deluge across the southeast. tornadoes wreaked havoc in north carolina. a man died after his house collapsed. the thrift shifts up the east

coast this morning. the stage is set for the suspect showdown with kamala harris and donald trump. both candidates have confirmed they will debate on september 10th. former president trump is open to three debates in september, but the harris campaign has only committed to one. in donald trump's election interference case, the timetable for the pre-trial proceedings w with a delay requested. the filing says mr. trump's attorneys do not object to the delay. you are up to date with the friday news headlines. frank, back to you. >> frances, thank you very much. have a great friday. coming up on "worldwide exchange," chip stocks pop. why shares of this chipmaker are surging ahead of the open. we will show you your fray id morning mystery chart coming up. stay with us after this break.

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it is just about 5:30 a.m. in the new york city area. there's still more ahead here on "worldwide exchange." h here's what's on deck. wall street looks to close out a wild week of trading and what was the single best session in from years. raising red flags over demand in a consumer spending slowdown. we debate if the fed needs to pay attention to the troubling trend.

we break out the playbook and our next guest says what is prime for the fed to start cutting. you are watching "worldwide exchange" here on cnbc. welcome back to "worldwide exchange." i'm frank holland. thank you for joining us on this friday morning. let pick up the half hour check with the stock futures and s&p coming off a 2% gain and its best day since november of 2022. the nasdaq coming off the 3% gain and best day in more than a year. let's look at the board. green across the board. the dow looks like it would up 111 points higher. the nasdaq is still the best performer up 105 points. you have to remember despite the green on the board right now, it has been a wild week. remember monday?

the global selloff and the markets having the worst day since september of 2022. we saw a lift and they fell again. you had to come back to thursday with the jobless claims report. right here is the key moment which led us to the best day since november of 2022. we have to point out it is still a negative week for the markets. the dow down po.7.75%. let's turn to the treasury market. the ten-year yield is moving higher. back here hit the year low as part of the global selloff. rates moved 30 basis points higher throughout the week. we will continue to watch the action here. the yield on the benchmark just about at 4%. 3.96%. similar story for the yield curve. moving higher. two-year yield above 4%. the 30-year ticking up higher as well.

if there is any doubt the bounce back lacks conviction, take a look at this. this is thursday's volume. the sa&p 500 etf and the qqq seeing well above the 30-day moving average. we will see if that trend continues today. we will switch gears and check out shares of expedia as the second quarter results beat estimates as it warns of a slowdown in demand for travel and uncertain economy. expedia the latest to raise the red flags. airbnb and booking holdings are warning that consumers are trading down to cheaper options or booking trips at the last minute. disney flagging weakness in the parks division and american is saying americans have less disposal income. we have our guests with us now.

good morning to both of you. >> good morning. >> good morning, frank. >> tim, i want to talk about expedia for a second. we talked about weakness in the travel sector. they guided 3% bookings growth. is that a sign of trouble to see continued growth? >> it is less about the results and more what they have said. that is what we have seen this enter earnings season. the consumer is slowing down. you need to be cautious on stocks that are exposed to the consumer. if you see inflation, inflation starts to come down and margins start to get squeezed, right? that's what we are seeing across the board. with the consumer stokes, you n need to be caution in the game. >> bill, i want to go back to

you. unemployment at 4.3%. that's pretty much normal. you see wage gains above 3%. actually above 3.5%. that seems to me that if you look at this picture, a snapshot and backwards looking, in all fairness, but it seems the consumer would be in great shape. >> you would think so, but the consumer is spending higher than the growth income. as a result, the consumers are having to deplete their savings. the only people with savings are the rich people. it has helped a lot of people, but those tend to be the rich people. poor people are having to go to second jobs and third jobs in order to make ends meet and dip into their credit cards. >> tim, over to you. bill touched on this. the consumers with the middle-income consumers and

welth wealthy consumers. are there areas in the travel that are immune or get more percentage of the revenue from the higher-income people? >> i think it is tough to say, frank. it is an area we are cautious on all together. i think there are better opportunities out there and really what we're focused on is pockets of the market not as exposed to the consumer slowdown. specifically pockets where we won't see a big hit to demand even if the economy slows. think about a.i. infrastructure plays. this is not an area where i think you will see a lot of companies slowing down spending. other pockets of the market like defense, again, not an area where you will see a slowdown should the economy slow. for us, it is really about where we are in the cycle right now. this is not a mid-cycle slowdown. we are coming to the end of the fed cycle. this is always a time where we see earnings back up and we need to be cautious and focus on the

companies where you will not see them as exposed to an economic slowdown. >> bill, coming back over to you. you have been around for a while and seen just about anything that can happen. have you seen a situation where the consumer continues to spend and they face credit card levels at historic rates right now? i think we are all trying to figure out how this plays out. >> this trend doesn't end well when you stretch it out and only people who have discretionary spending are people with a lot of wealth. it is absolutely true that these non-consumer areas, a.i. and other enhanced activity is how you raise wages and productivity where people can afford to do things better now. a.i. is the hope for allowing people to be able to be more productive and we're hoping the

kind of applications put in place will be able to make a high school kid into someone as productive as a graduate student. >> i think that is the hope. a lot of companies are trying to figure out how to make that happen. last question for both of you. expectations of a fed cut in september. we mentioned it earlearlier. 50/50. bill, does that make a big difference for today's consumer in the near term? >> what makes a difference is what it signals. if there is a break in rates coming up, there is some hope the consumer will be able to build back some of the wealth they had to dip into and not have to spend more on interest payments. i think the trend now is the expectation of a decline in real interest rates allows companies to also invest and expand the productivity enhancements. >> i want to ask one question

before i come to you, tim. we have results from the generation poll. we asked them do they count travel and experiences as a priority. they do. then 70% of them are saying they are just getting by or living paycheck to paycheck. is there a disconnect in your mind? >> oh, absolutely. when you live paycheck to paycheck, how do you hope to have the experiences you are hoping for without a second or third job? we are seeing that in the data. the payroll data is showing people have to get second or third jobs in order to make ends meet. for younger people, that means aspirational experiences. >> tim, rate cut. 25-point cut or 50-point cut. does that make a difference in the near term? >> to bill's poibnt, it will hep with confidence. i don't think we will see 50 that people were pricing in earlier this week.

the economy is slowing, but not falling off a cliff. we need to see more to reignite the consumer. >> bill and tim, thank you very much. coming up here on "worldwide exchange," why bank of america sees red hot spending in the ultra high end cooler market. the morning call sheet is coming up next.

welcome back to "worldwide exchange." time for the morning call sheet.

bank of america raising the call sheet of eli lilly following the better than expected earnings. it is raising sales estimates for zepbound and mounjaro. general dynamics stock is looking to get a rate cut. and yeti holings sees a saeles increase for the second half of the year. and china sees the biggest increase since february for the cpi. pork prices playing a role in the increase. shares of taiwan semiconductor closing higher on the increase of revenue in july.

the demand for the chips suggest it masy surpass the forecast. it is the only supplier of iphone processors. and hargreaves lansdown is accepting a takeover offer worth several billion dollars including from cvc and abu dhabi sovereign investment fund. hargreaves says this is an attractive opportunity for shareholders. coming up on "worldwide exchange," one word that every investor needs to know today and the stock our next guest says out performs the broader market. more "worldwide exchange" when we return. stay with us. sharpen your skills, you can stay on top of the market

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welcome back to "worldwide exchange." turning to the fed and the jobs report. doing two things for investors, easing at least for now, recession fears and lowering the odds of the 50-point basis cut next month by a significant margin. one thing is certain, a 100% chance of a cut in september. when that happens, which stock will you ride when that happens? my next guest at ed davis research is here. great to see you.

>> great to see you, too. >> let's start off with the headline of the report. the first nine months of the easing cycle, dividend stocks out performed. do you expect that trend to continue during this earnings cycle? >> we do. we go back 50 years of the easing cycles. the fed is cutting rates for a reason. the economy is slowing, you expect rates to moderate. you want a company paying a d dividend versus one that is not is a good thing going forward. >> by the way, we will show a number of stocks that increased dividends up here. i'm not saying you are recommending them. i want to show examples of stocks that are increasing dividends in this environment. i want to come back to you. we have seen a change in the

markets. the a.i. trade has dominated this year. the idea that a.i. will increase productivity and investors want to buy into the trend. does that dhchange the thesis wh the dividend paying sdox? stocks? >> a lot of the mega cap growth stocks pay dividends. if you compare a.i. to the dot-com boom, if you look at the biggest dividend paying stocks in terms of the dollar amounts, those are the same companies you are talking about. the a.i. theme may cool with the earnings growth moderating, butbut overall, the theme of the dividend stocks will come through and we can talk about which kind of dividend stocks is important as well. >> that is my next question. when i think of a dividend stock, i think of reits.

is the dividend in your mind more important than the price action? >> so, not all easing cycles are created equal. we think easing cycles makes the fed cut rates. that happened the last the several times. if the fed is moving slowly because the economy is just slowing, but not actually going into recession, which is our base case, in our environment, you want to focus on dividend growth and not yielders. you look at the top 25% of stocks year over year, they out performed 25% during those slow easing cycles. think growth is slowing and investors will pay a premium for what is scarce which is growth and dividend growth is a great signal that the company has good prospects going forward. in some cases, that's going to marry with other growth themes you think about that investors have been gravitating toward. >> ed clissold.

thank you. >> thanks for having me. coming up on "worldwide exchange," paramount global shocks miss. we will show you what is behind that miss. and now one of the most hawkish fed heads appears to be changing their tune. if you haven't already, follow our podcast on apple, spotify or our podcast apps. much more "worldwide exchange" coming up after this.

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welcome back to "worldwide exchange." futures a bit off the highs from earlier. the s&p is opening 17 points higher. similar story when it comes to the nasdaq. the dow week to date gainers. caterpillar at the top of the list up 5%. goldman sachs up 3.25. we have to look at the laggards. united health down 4%. disney down 3.5%. time for the "wex wrap-up." we begin with the trump statement saying he has better

instincts than fed officials with his wealth and success. and delta says crowdstrike outage caused it $350 million. it will plan to sue crowdstrike and microsoft for damages. shares of paramount moving higher to an unexpected profit for the first time ever. paramount is cutting 15% of the u.s. work force as a broader cost saving plans. capri holdings missed estimates as it is hit by soft global demand for luxury goods. and suitegreen raises full-year outlook with s same-store sales rising 9%. and jeff schmid is more confident of the 2% path for the fed. he will consider adjusting rates if inflation continues to fall. let's see how the final

trading day is shaping up as the s&p is coming off the best day since 2022. we are looking at futures across the board. joining me now is malcolm ethridge. malcolm, good morning. great to see you. >> frank, great to see you. >> malcolm, how do you see today shaping up? what is your "wex" word of the day? >> my word is opportunity. i understand in hindsight we can look at the decline that started last week, friday nointo this monday, created a buying opportunity for investors willing to put money to work. for those who didn't, i don't think all is lost. we will have more similar opportunities between now and the first rate cut to capitalize again. >> you are seeing opportunity. i want to ask where you see opportunity. we chat about the markets here and there. you like mega-cap tech and the

magnificent seven, without nvidia. it is not just because of the declines, but how much cash they're holding. explain that thesis to me. >> if you think of what it takes to weather a storm in the recession is having the ability to continue to pay your workers without laying anybodiy off and continuing operations, but it is able to invest in growth. if you look at the companies with most cash on the balance sheet, microsoft, apple and google, those companies have so much cash on the balance sheet, they become the safe haven trade. the rotation and everybody is looking for safety. it comes back into mega-cap tech. it is a heads, they win and tails, they win scenario. >> i want to focus on the information out this week. strategas says the drawdown for the s&p 500 is 15%. we're halfway through the historical average. excluding the macro, nvidia is

set to report later this month which may be the final arbiter for the a.i. trade and broader market. we talked about nvidia. you don't like nvidia too much, but what about this statement from strategas? >> it is not that i don't love nvidia, i don't love nvidia at this particular price. we forgotten the fact they are cyclical stocks. the majority of chip stocks are. they allowed ourselves to focus solely on growth and not the fact that pendulum swings both ways. to your point, i don't think the a.i. trade is close to over. i think maybe in this particular cycle, we're at risk of it cooling a little bit and investors starting to look for immediate returns whereas before we were focused on investing and growth coming in the next two or three years. the story definitely needs to shift to how here's how we make money today. i don't think that trade is over. >> i want to get to your pick

today. i alluded to it in the show. it is crowdstrike. you are a big buyer in cybersecurity. crowdstrike since july 19th has been a bit of a falling knife. delta plan to sue crowdstrike and microsoft. why are you looking to buy crowdstrike here? >> i have been saying since monday that investors should be focusing on the yen carry trade and focusing on finding deals on companies they loved two weeks ago that are trading at a discount. you saw nvidia fell 14% at the open. tesla about 11% at the open. apple about 10% at the open. the focus for me is when we get to a place where we believe the worst of the news is out there, it's time to buy crowdstrike. if you loved it at 350, you should love it at 250. there is no follow-on headline

from any other company saying, me, too. i feel comfortable this is about the floor for this crowdstrike saga. >> if it is the floor for the crowdstrike saga, what about the rest of the sector? is that also a buy? >> the cybersecurity sector in aggregate is a buy for me. i like that space more than b.u.g. for reasons we debated on the show before. i think the importance for investors to consider is cybersecurity is one of the sectors that regardless of whether we go into recession or not or regardless if companies pull back on spend or not, the one line item in the budgets that cannot be messed with is cybersecurity because bad actors have a.i. with the wind on their backs. wehave to get even stronger in our cyber defense regardless of the broader economy is doing. >> malcolm, we are showing the

cibr year to date up 1%. it sis a laggard. malcolm ethridge, thank you. one more quick look at futures. in the green across the board. still important to note wall street on pace for a losing week. that's going to do it for "worldwide exchange." "squawk box" are starts right now. good morning, still more to go to make up for monday's selloff. paramount slashing its work force and the streaming service posts a fed's independence. it's friday, august 9th, 2024 and "squawk box" begins right now. good morning. welcome to "squawk box" here on

cnbc. we are live from the nasdaq market site in times square. i'm andrew ross sorkin along with melissa lee who is in for joe and becky. the markets are continuing to claw back from monday's selloff. it is a claw back of sorts. looking at fair value. dow would open up 95 points higher. s&p up 19 points. yesterday, the major averages rallying after the weekly jobless claims. the data helping to soothe concerns of the state of the labor market and the s&p 500 jumps 2%. the best session since 2022. the dow adding nearly 2% and the nasdaq adding nearly 3%. i don't know which jobless claims number or unemployment number -- what are we supposed to look at? >> andrew, think about it. you have