it is 5:00 a.m. here at cnbc global headquarters. welcome to the "worldwide exchange." here is your "five@5." investors await two key inflation reports this week. rally on. stocks in japan surging as traders push the nikkei back to break even erasing what was the largest single day drop for that in index since black tuesday in 1987. and technical difficulties. the live stream conversation is off to a rocky start as the

former president gives his followers something for the first time in a year. and home depot results due out. the numbers you need to be watching ahead of the tape. later on, vice president kamala harris taps some familiar faces as she develops her economic policy platform. it's tuesday, august 13th, 2024. you're watching "worldwide exchange" right here on cnbc. ♪ good morning and welcome to "worldwide exchange." thank you for being with us on this tuesday morning. i'm dominic chu in this week for frank holland. we will check on the u.s. kmekt equity futures with the nasdaq and s&p riding a three-week winning streak. many implied for the dow is up 20. the nasdaq is up 100 points. if the futures move hold into

regular cash equities trading. wall street is chipping away at the historic losses with all of the major indices between 5% and 16% off their record high levels. again, trying to give back, especially the russell 2000 index, which is 16% off. investors are gearing up for the inflation reports over the next two days. we are checking on the bond market. the ten-year note yield below the 4% level at 3.92%. the two-year note at 4.2%. we are watching oil prices after hitting the highest level in two years on rising middle east tensions. also, the international energy agency keeping the forecast unchanged, but trimming outlook for the next year. this morning, u.s. benchmark crude is 79$79.74.

down .50%. similar for ice brent crude at $81.90. we have modest gains in the u.s. this morning, but nothing measured in asia. we have dan murphy in the london newsroom with the asia trade and early market action in europe. dan. >> good morning, dom. let's look at how asia closed out the session. broadly green on screen here, dom. that is supporting u.s. equity futures and should provide a tailwind. stocks in china managed a gain. the asx 200 in australia up.2. dom, the nikkei 225 is better by 3.45% here. up 1,207 points. dom, great news for investors who got wiped out in the

nikkei's 12% pull back last monday. we are seeing more signs of stabilization and recovery coming back to the markets. what drove the nikkei? the technology and financial services stocks. rakuten up 6%. decent gains for japan today which is certainly helped to support the overall asia equity market momentum. here's what it has meant for europe. not too much to write home about. we have seen markets drifting lower in the last 15 minutes. right here and right now, ftse 100 in negative territory below the flat line here. the paris 40 index also down 0.04%. we are seeing gains in germany, switzerland, italy and spain. right now, the spanish index leading those gains up .3%. dom, that's where we stand. back to you.

>> down murphy, thank you very much. let's now get a check on the top corporate stories and a rough start for elon musk's highly anticipated one-on-one with former president donald trump. silvana henao is here with those now. silvana, good morning. dom, good morning. after a 40-minute delay caused by technical difficulties and elon musk is calling a denial of service cyber attack. musk had a more than two-hour chat covering immigration and green energy policy and government spending, though little new was learned from the cor conversation. according to x, the interview and one of trump's only campaign events so far this month attracted 1.3 million listeners. ahead of the interview? trump posted a campaign ad on his personal x account and first tweet since august of last year. investors in trump's truth

social not too keen on those developments with that stock closing sharply lower and under pressure this morning. trump has 89 million offfollowe compared to truth social. cnbc learned that former council director under president biden, brian deese, is now advising vice president kamala harris as she develops her economic plan. one she is planning to release in the coming days and harris is working with deputy security adviser. and google is looking to gear up on apple with the launch originally scheduled in october is releasing today. it will seareletase the latest

operating phones and integration. dom. >> silvana henao, thank you. see you later on. markets are in the wait-and-see mode ahead of the reports due today. we get the july producer price index which is expected to be unchanged followed by the more anticipated consumer price index or cpi tomorrow. if the data misses estimates in either report, it could rattle investors similar to what we saw in the weaker jobs report earlier this month. the expectations show the outlook on inflation in the next three years at the lowest level since june of 2013. joining me to discuss this is alan mcknight at regions wealth management. this shifted from fearing inflation continuing to bring on the worst we have seen in a

generation to all of a sudden worrying about a growth scare. what do you make of it? is it okay for investors to stay invested in this market? >> we think it is. we think we saw over the last week and a half and dual mandate of the federal reserve is the market aggressively responded to the job side of the mandate. now, as you know, we're on the inflation side of the house. do we think that inflation is m coming down? without a doubt. it is the elevator up and escalator down to a more reasonable number. we feel the cpi and ppi later this week will showcase that. >> if that is the case and inflation -- we don't want to use mission accomplished, because we understand they are begging to have the situation come up again, but if we are close to having mission accomplished and expectations of inflation over the next three years being the lowest we have

seen in over a decade, is now a good time for investors to look at other parts of the market besides the big technology trade we have seen play out over the last several months and quarters that the point? >> without a doubt. what we are not negative on some of the sectretors that have don well, but we have done in the last couple months is re-balance the portfolios in sectors that under performed and take advantage of the lofty valuations we have seen to re-balance some asset into the under performers, if you will. the one caveat is we are not convinced the small-cap rally will come back. we feel there are challenges there. the earnings look good in the small-cap world. if the economy is able to make that soft landing, we could see some interest there. >> we also got a lot of retail earnings out this week, a lot of which are considered bellwethers. do you believe the consumer

picture with the cpi and ppi and home depot and walmart are enough to give you comfort as a chief investment officer for strat diffiegy for the coming q. >> we do. i believe home depot and walmart is an example of the consumer. think of the number of consumers they touch every day and are the consumers shifting to inhouse brands or buying more larger brands? what will that look like? the bottom line is the overall u.s. consumer is in pretty good shape. the challenge is on the low-income consumer side where they have continued to get hit by the cost of rent, by food, by gas. if they can get a little bit of wiggle room there, we feel there could be an opportunity for the consumer to feel a little more confident. >> alan mcknight, thank you.

>> thank you, dom. >> for more on the latest, go to cnbc.com/pro. we have more to come on "worldwide exchange," including the one word investors need to know today and then first the tesla comepetition in the lucrative markets. eunice yoon is on the ground and in the driver's seat. and s.a.l.t. caps ahead of election day. what they are doing ahead of a red wave in the house. and why china's stock market rebound could be hitting another brick wall come january. we have a very busy hour sllti ahead when "worldwide exchange" returns after this commercial break.

welcome back to "worldwide exchange." it has been a red hot ev maker market. names like li and xpeng and byd all down sharply from the 52-week highs as you see there. that is not stopping eunice yoon from getting in the driver's seat for a first-hand look at the beijing best ovffer ings at

evs. eunice. >> reporter: there have been unfair subsidies and dominate the world market. i test drove several competitors of the tesla model y to see how they stack up. on a long road trip with your family in consider li awuto. chinese ev makers are packing tech features into their cars to win over drivers at home and around the world. voice activated a.i. like nomi. >> i feel cold. >> reporter: nio cries tries to

you on the road with the stations like this. >> we're 92% charged. that took ten minutes. >> reporter: if you miss the roar of the engine, just adjust the setting. the chinese ev makers cram in the features at lower prices. it has the same dimensions as the model y, but it is $9,000 cheaper. in other ways, they are still getting up to speed. please park the car. i can tell the a.i. assistant to park the car without me. or maybe not. this is a seven seater and $11,000 less than the model y, but the backseat is a squeeze and interior trim basic. >> reporter: dom, the big problem that we had with all of the vehicles was the steering and handling. all of them weren't so great on

the performance issues, especially when compared to the tesla model y. i was thinking when i was driving around all these models, that's going to be a big test for the chinese ev makers as to whether or not people outside of china will accept some of the performance issues. >> eunice, you tested all of the different cars. what do you think the biggest obstacles will be for them to dominate the global market? is it going to be the production side of things? do you think it's global tariff policy? what is in your mind that big hurdle? >> reporter: well, i think the big hurdle for a lot of the chinese ev makers is whether or not they can convince people outside of china to not only switch away from the brands they're loyal to like toyota or gm and move to an ev, but move to an ev by a chinese company

they never heard of. that's where some of these designs on occasion for some of these and performance problems we had with some of the cars really do count. at the end of the day, when people buy the car and you know you are putting your family in the car, that is something overseas buyers are more sensitive about. >> eunice yoon testing the evs. thank you very much. see soon. still ahead on "worldwide exchange," your big money movers and why one of warren buffett's stocks is facing fresh pressure this morning. we're back after this.

welcome back. time for the big money movers. three stock stories of the morning. boeing reports july delivery numbers today. they are expected to be below average as boeing restricts production of the 737 max models due to the limited fuselage coming from the supplier. boeing shares are down 10% from a month ago and 40% lower from the 52-week high. watching shares of jetblue as well set to add to the 20% drop this morning. this is all after s&p and moody's downgraded the rating on

the concerns of the airline financial health. the move coming after jetblue announced it will raise $3 billion in debt with half of that backed by the true blue customer loyalty program. moody's expects jetblue to burn more than $2 billion of cash this year. shares down in pre-market trading. and crown rock holdings expect to sell 30 million shares of occi occi occidental petroleum. occidental shares down .50% of 1%. back now to the election and there's done seem to be much that democrats and republicans in congress can agree on these days. one of the more contentious issues ahead of the november election is what to do with the cap on state and local tax deductions which affects new york and new jersey and

california. and, by the way, is set to expire next year. our emily wilkins is joining us now with the story and state of play on the s.a.l.t. cap regulations. emily. >> dom, republicans want to win the house next year and they need to hold on to new york and new jersey. moving over the races is the deductions on the state and local taxes. that is set to expire in 2025, but it is likely to come back. it is such a great way to help pay for other expiring tax policies republicans want to extend and there is debate with the cap helping the wealthy. this gives republicans in high tax states leverage as nick lolodo told me if this is not raised, a handful of republicans are set to pass that bill. >> i'm all in on the s.a.l.t. deduction. there are several house

republicans that are all in and we will not vote for any tax bill that does not have a reasonable increase in the s.a.l.t. deduction. >> lolota proposed raising the cap to $60,000 and eliminate the penalty for married couples and take a $120,000 deduction. another long island republican said eliminating ithe cap is no possible, but supports a compromise. >> we are not looking to get up to the plate and smash a grand slam. we are working toward base hits and getting around the diamond to eventually score. >> the democrats and republicans from high tax states are supporting the higher caps, but they face bipartisan opposition who say this is a move for a tax break for the rich. dom. >> how big of an issue will this

be? how much will it resonate with folks not just on the blue wealthy residents as opposed to the red states in the interior of the country? does it have an affect on what the electoral college outcome with the s.a.l.t. being back on the table? >> dom, for an issue like this, if you are impacted by it and used to taking a big deduction and now have a smaller one, yes this is a campaign usual you for y issue for you. it is something the residents in the blue states speak about all the time. if you were never taking that deduction to begin with, you don't riealize it is missing. republicans only have two or three or four-member majority at this point in the house and you have five republicans from new york and add new jersey and california as well, it clearly becomes an issue while it might not impact the entire country,

but the parts it impacts are really going to decide whether or the not republicans or democrats control the house next year. >> emily wilkins with the current state of play on s.a.l.t. cap deductions. thank you very much. let's get a check on the headlines outside of business. we turn to frances rivera in new york with the latest. good morning. >> dom, good morning. the ukrainian offensive inside russia continues saying it captured 400 square miles of territory in the kursk region. american senators visiting kyiv celebrated the developments. e the fbi is investigating a hack into the trump campaign. some have been sent files stolen fro campaign. abortion rights will be on the ballot in arizona this

november. arizona secretary of state officially signed and certified an abortion access initiative last night. voters will now get to decide whether to add the right to an abortion with the 24-week limit to the state's constitution. a 4.4 magnitude earthquake rattled california on monday near south pasadena east of l.a. the water pipe burst at city hall. luc luckily, no reports of significant damage or injuries. you are up to date with the headlines. dom, back to you. >> frances rivera, thank you very much. coming up on the show, the magnificent seven not living up to its moniker as it struggles to regain some of the lost ground. we'll take a look just ahead. > if you haven't already, check you us out on "worldwide exchange" on spotify or apple

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it is 5:30 a.m. in new york. there's still a lot ahead on "worldwide exchange." here's what's on deck. inflation ahead. investors embracing for the two key economic reports and stocks recover losses. futures pointing to gains at the opening bell. earnings ahead. home depot reporting results in under an hour. we will see if the stock has what it takes to get past of the recent rate shock.

pardon the interruption. elon musk and donald trump's x chat off to a rocky start after a possible cyber attack. it's tuesday, august 13th, 2024. you are watching "worldwide exchange" here on cnbc. welcome back to "worldwide exchange." i'm dominic chu in for frank holland. let's get the check of the futures with the nasdaq and s&p riding a three-session winning streak. wall street continues to move with 5% and 15% off the record highs. you see the s&p is now implied higher. the worst still happening for the magnificent seven. the group is struggling to find its footing. take a look where we stand from

the 52-week highs. as you can see, tesla down roughly 29% from its recent highs. nvidia down 22%. amazon down 17%. apple 8%. meta, the out performer, off 5% from its recent highs. this is all as investors gear up for a pair of inflation reports over the next two days. right now, checking in on the bond market, the ten-year note re yield at 3.92%. the two-year note is 4.02%. we are watching crude oil prices coming off a bit after hitting their highest levels in two years on rising middle east tensions. right now, benchmark crude prices are $79.91. the iea is keeping the demanded forecast unchanged, but trimming

the outlook for the next year. home depot reports at the top of the hour. analysts are expecting another difficult period for the retailer with consumers not spending as much on home projects with inflation rates stul still relatively high. same-store sales are expected to drop down 2% for the sales growth at existing locations. joining me now is jeff kilburg. he is a cnbc contributor. kkm owns home depot. jeff, if you own it, are you worried about what's going to happen today or are you slightly more optimistic? >> dom, i am optimistic. i think the worst is priced in. if you look at home depot, it has been flat on the year. there is technical strength here at $344. when you talk about the tepid growth, i really do think it has been priced in. you talk year over year

expectations of 1.6%. however, the flat year over year sales is a concern. i think with interest rates coming back under 4%, maybe home improvement gets an uptick here. it has been a laggard to the s&p 500 one year in and three year in. we saw the boom with covid, but we will see how particular the homeowner is. >> how do you factor in the investment rates for home depot and lowe's? how much do rates have to go down and stay low for consumers to go back out and spend on not just the small do it yourself projects, but bigger ticket things like appliance purchases and everything else? >> that's a great point, dom. rates are the overarching theme, but sentiment is the issue. sentiment this last monday with the reverb ration with volatility hit the marketplace. consumers get scared.

it is understandable. with the last couple days, the resiliency of the marketplace, if you see interest rates come lower, we have a forecast of 3.5% and stay there as we move into the fall, that is the opportunity in the sentiment change for all types of investors and consumers to go in and hand hale home improvement. post-covid, people are willing to spend or if they work from home. it is a different ball game. that is where home depot is positioned at a forward pe of 22 times. i think it is at a discount. i want to own this name and i own this name and it has the ability to regain popularity for investors. >> from the portfolio managers' standpoint with the difference of do it yourself retail customer like myself who was at home depot this past week buying gabe gardening equipment and tools.

>> love it. >> the business mix is important for the likes of home depot and lowe's. what do you need to see out of that pro side to make you feel better of home depot and lowe's as well? >> that is the key. they talk about pro and that forward guidance, if you will. it will be optimistic and talking about how that is regaining traction among the contractors. that's going to be the input. the forward guidance, dom, the forward guidance took a backseat as we wanted to see growth. we are so concerned about growth. i think this specific report shortly will reposition investors toward that forward guidance. if we see optimism because it has been a laggard, will allow the opportunity for home depot to move higher. short-term, dom, $360 is the price target i have. >> before we let you go, is there a particular trade with regard to get exposure to home

depot? >> when you see a stalemate in the price in the last one or two years, we utilize ofcovered cal to produce income when it is not moving up. at this point in time, we have to consider selling puts. i think 344 is a line in the sand, dom. that's a technical support area. you can sell puts as long as you're comfortable owning home depot. >> jeff kilburg, thank you very much. see you soon. >> see ya', pal. coming up, your morning call sheet and the tech trade that has this tech stock popping. it is a cruel summer for taylor swift's competition. the longest running number one album in the u.s. for the 14th consecutive week. taylor swift's ending kanye west's winning streak. the first time a kanye album did

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welcome back to "worldwide exchange." time for the morning call sheet. barclays is upgrading dell to equal weight. barclays is cautious on the enterprise server and storage. that was our mystery chart heading into the break. bern bernstein's is cutting warnerwa.

and citigroup supporis upgradin hormel to a buy. time for the global briefing. nikkei 225 closing 3% higher today erasing the losses from last week. tokyo and rakuten were some of the biggest gainers boosted by shifter endment sentiment. u.s. officials warn on the iranian attack on israel is likely. the u.s. is preparing for a significant set of attacks after deploying more forces to the middle east and geopolitical risks weighing on the sovereign debt outlook with fitch downgrading from an "a" to an

"a" plus. and global funds have been pairing back exposure to china in recent years due to the weakening economy and failed stimulus measures. investors are finding other opportunities like india which is now neck and neck with china. and still ahead on the show, the one word that every investor needs to know today and plagued by technical grlitches. the live event on x with elon musk and donald trump marred by issues. steve kovach will have the latest when we come back. dude, you gotta work on your trash talk. i'd rather work on saving for retirement. or college, since you like to get schooled. that's a pretty good burn, right?

welcome back. 40 plus minute delays and technical glitches and possible cyber attack. the rough start for the one-on-one between elon musk and former president trump. steve kovach has more. >> the project just collapsed last night. let me explain what happened. the whole thing was supposed to start at 8:00 eastern. trump posted a link and there were errors for several minutes.

musk tweeted it took 40 minutes to get resolved. it was a ddos attack. he claimed attackers flooded x with fake traffic to take down the site. he also said it had already been tested with 8 million listeners and just trying to explain away the problems. i will note the rest of x was working fine. if it was a cyber attack, they managed to take down one portion of the site. finally, the whole thing did start after 8:40 p.m. take a listen to musk explaining the delay. >> hello, everyone. my apologies for the late start. we had a massive attack against our servers. saturated all of our data lines. basically hundreds of gigabytes were saturated.

we think we overcome most of that. it is now time to proceed as this massive attack illustrates, there is a lot of opposition to people just hearing what president trump has to say. so, i'm honored to have this conversation. i'm going to emphasize it's a conversation. >> that is the answer from musk what happened. from there, it went smoothly. the first question was about the assassination attempt a few weeks ago. trump just dominated the whole thing. overall, the event seemed like a mini trump rally that was on your iphone. it lasted a little over two hours. look, it is more so than what was said on the call. the question is what does trump and musk get out of this? on the musk side, x with political ads. the trump campaign appears to

have paid to promote the conversation that happened last night. on trump, it is less clear. not exactly speaking to the voters and messaging that the independent and swing voters. this is a talk between two people with a similar viewpoint. it's kind of unclear, dom, how this reaches out to other voters. >> similar viewpoint is, pl perhaps, an understatement. elon musk has endorsed former president trump. i'm kcurious about the platform. truth social is a massive platform run by former president trump. x is run by trump supporter in elon musk. is there any reason the former president wouldn't have wanted to host this particular event on his own social media platform?

>> that was an interesting thing we saw yesterday, dom. truth social shares, the djt stock ticker was down yesterday partly because the earnings were not great. it was 16 million losses on just 800,000 in revenue. not to mention the fact we saw trump again posting on x yesterday. it was his first time posting since he posted a picture of his mug shot after he was indicted. yeah, that's really interesting for owners of djt who believed that the value in that stock is going to come from a potential future second trump presidency. he went ahead. this is elon musk's platform and that's where he chose to do it. >> my next question is about elon musk. did you get a sense that musk was looking to be part of the administration possibly or hypothetically in any trump administration coming up? he did allude to and talk about

a government efficiency operation or expert. >> yeah, he talked a lot about that kind of stuff. it didn't seem like he was begging for some job in the second trump administration. it was agreeing with trump on um gra immigration, to the assassination attempt. they got into a whole lot of things. trump was talking about global warming and raising ocean levels to have better beachfront property. it was a trump rally on your phone. >> steve kovach with the trump-musk session. thank you very much. coming up on the show, getting defensive. the stock our next guest is breaking out with and why you should do the same. if you viceyou haven't done follow our podcast on apple or

spo spotify. we'll be right back.

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welcome back to "worldwide exchange." time for the "wex wrap-up." cnbc learned former economic council director under president biden, brian deese, is advising

vice president kamala harris. we are watching shares of jetblue set to add more than 20% drop this morning after moody's downgraded the earnings about the financial health of the airline. boeing reports july orders as boeing tun continues to redistrict the delivery on the 737 max. and brown rock rollholdings expected to sell 30 million shares of occidental. here's what to watch today. the july producer price index, ppi, due at 8:30 a.m. home depot reports in a few moments from now.

we get earnings from madison square garden sports. atlanta fed president raphael bostic speaks this afternoon. he is a voter on the fmoc this year for policies and rates. google is holding the made by google event where it is expected to reveal the hardware and the pixel 9 smartphone. let's get a check of the markets. futures indicating a modestly higher open. the dow implied higher 99 points. nasdaq up by 100. joining me now is matt powers, founder and adviser of powers advisory group. matt, this market recovered pretty much everything it lost on the monday downdraft. do you feel it is comfortable for investors to get back in? >> good morning, dom. thank you for having me. yeah, i do. even though the downturn left a few names untouched, others were

retreating to safe havens. utilities and reits benefitted and the bounce back on tuesday and thursday looked look a typical selloff rather than a warning and big board losses. >> the big story over the course of the last few months is the broadening out of the market rally before the market downturn. do you feel that broad ening ou trade is something we can bank on? >> yes. overconcentration really works both ways. the mag seven impacted the market negatively as it drove it higher. the market is increasingly on narrow leadership until last week. we saw how that changed quickly. our advice is hold the tech trade. hold positions. don't pay too much. as an entry point, investors are focused in. >> what are your top sector

picks right now? >> so, we look defensively. if the fed shifts and cuts in september, there is a tailwind at the back of the sectors. it is consumer staples and healthcare. >> what is your word of the day? >> our wordof the day is refocus. there is a myopic focus on stocks for these reasons. it is important to not overreact, but you should look at under valued areas of the market. >> okay. if you look at the inflation data, how important will it be there week for you? >> of course, inflation is in potential interest rate cuts driving everything. we will see where we land with ppi and cpi.

>> matt powers, thank you. >> thank you, dom. appreciate it. thank you. let's look at the markets right now. trying to get back a lot of what it lost. we're almost there right now. dow jones industrial average implied up 24 points. the nasdaq higher by 105. the ten-year benchmark yield at 3.92%. that does it for us. "squawk box" starts right now. good morning. a busy trading day ahead. we will get you ready for the first of the big inflation reports and producer price index due at 8:30 ac.m. we have home depot results seconds away. we will have the numbers and market reaction. and the elon musk interview with former president trump hit technical glitches last night. we have the highlights from the online event that lasted more than two hours. it is tuesday, august 13th, 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 and robert frank in for joe and becky today. thank you, both. the coat always looking good on you. >> i'm not there yet. >> she's got a coat on, too. >> i knew robert frank was going to be on set. i had to up my game. >> equities fultures are lookin good. dow is up 27. nasdaq up 92. let's look at treasury yields. the ten-year note at 3.92%. the two-year, i have to cran