your time on earth here was well done. that's all for this edition of "dateline." i'm craig melvin. thank you for watching. [music playing] ♪ good morning. welcome to the program. dan murphy with you. this is "street signs." first up, sweden cuts the key interest rates. i'll be speaking to the governor erik thedeen today. and the eight-win streak within striking distance of fresh record highs. slowdown fears are overblown.

>> if the data doesn't support 50, they should do 50. i think they will do 50, but i think it is much more likely that things will look good enough for a series of 25-basis point cuts to do the job. also today, posting the torch. emotional joe biden highlights the urgency to elect kamala harris. >> standing up for workers. growing the economy. lowering the cost for american families so they have a little more breathing room. the u.s. ups the pressure on hamas after secretary of state antony blinken says israel has agreed to cease-fire talks. >> there is a sense of urgency here across the region on the need to get this over the finish line and do it as soon as

possible. the united states is deeply committed to getting this job done and getting it done now. good morning again. welcome to the program. if you are just waking up or watching up, we begin with developing news. sweden cuts the interest rates to 3.5% after inflation undershot the 2% target for the second straight month. the riksbank said it could cut two or three more times this year if the inflation outlook remains the same. jens told cnbc the decision was in line with the expectations. >> the 25-basis point cut was within the decision. we will keep an eye on the press conference later on. i would say this shift adding one more rate cut to this fall

was also more or less in line with the expectations. we thought maybe they could take it one step further and say it is likely to be three flat, but we said two to three more. >> i will be speaking to the riksbank governor later today. stay tuned for that. we will see what the dovish move means for the outlook. in the meantime, a number of americans are expected to lose their months has hit a new high. 4.4% polled expect to be out of a job in the coming months. it showed 22% of respondents expected to get a new job by the end of the year. jan outlined.

>> i don't think he will let himself be nailed down one way or the other. i think if the data supports 50, they should do 50 and they, you know, i think they will do 50, but i think it is much more likely that things will look good enough for a series of 25-basis point cuts to do the job. >> of course, jay powell is due to deliver his keynote from jackson hole this friday. let's unpack the market moves. lorilene is with us. she joins us live for more. lorilene, thank you for joining us. as we see more european central banks cutting rates here ahead of the u.s. federal reserve, i want your outlook on what it means for the fixed income space and how has fixed income p

performed through the selloff and recovery. good morning to you. >> good morning and thank you for having me. i would say in general, fixed income markets have done quite well during the equity selloff. we have seen credit spreads moving slightly higher, especially in the high-yield space. when we look at core service bond yields, they fell in terms of price movement. i would say what is important in the selloff, because we have the inflation going on in the u.s., we saw treasury rallying strongly. we believe that now on, they will be protector in the portfolio and seen as a safe haven in case of a slowdown in the u.s. economy. >> interested in the numbers there. do you want to stay overweight? >> our position now is the

seven-to-ten-year treasury and we have the short curve with the yields moving lower with more aggressive rate cuts from the fed. >> i think it is also really interesting here because what we see is essentially the u.s. federal reserve under pressure to message cuts coming into jackson hole. i want your take on what that is ultimately going to mean for the u.s. economic outlook pabecause you don't expect a recession, but a softening in the data, particularly on the economy and jobs front. can you expand on that? >> sure. when we think about the labor market, we would see a healthy slowdown from the current level. eventually, a rebound from the july numbers and august with the hurricane and data. we feel the slowdown is positive for inflation and we see further

disinflation as well. that will enable the fed to be very reactive. if they realize they need to cut more aggressively, faster, or even to stop, they think that is what they can do because inflation is on track. >> 50 basis points in september. is that still plausible at this point? >> so the market is seeing 30 basis points for now. i would believe that the fed will keep the door open at jackson hole. whether he does 25 or 50 because they don't have the preliminary report for august. this would be key to watch and decide if they need to do 50 because they are too much behind the curve or go slowly with 25 and potentially regular cuts. we expect three times in 25 in our scenario. >> on another issue here, you also said the terminal rate could potentially be influenced

by the u.s. election. i'm wondering if you can outline the scenarios and what it means to interest rates linking into which candidate could emerge victorious in november ? >> if we look at the pricing terminal rate, we see it is 3.4%. when we think about the u.s. election outcome, we could have either trump winning the election. we know he has been speaking about tariffs and he wants to do more tax cuts. that could lead to further upside to inflation next year. that could potentially impede the fed rate cutting cycle. in this scenario, we would see the terminal rate close to 4%. higher than corrupt market pripr pricing. in the case of kamala harris, she will probablys do some tax cuts, but more limited one.

she doesn't want to do tax cuts for the wealthy. we imagine a terminal rate closer to 3% in this scenario. >> we have gone through some of your calls on where markets could move from here. one is overweight usd. i want to go close to europe. your high-yield corporate bonds. why are you interested in that space right now? >> currently, we are neutral on the euro and u.s. corporate bonds and high yield. we are looking at the yield spread widening to provide a good entry point. honestly, we didn't reach the 400-basis point spread on the u.s. and this is not enough in terms of the cushion you would hold such risky assets. we want to see more stress level

on the credit spread before entering this space. going forward, we would see a bit more volatility with spreads given the economic slowdown that we expect. that could provide an entry point. >> what do you think is going to be driving that specifically? >> so, when we think about what has been key recently, one has been obviously the earnings season and the second is the i am flimplement report. we know the fed is going to see that as a key sign they need to accelerate or not with the rate cutting cycle. on the earnings front, we have seen pressure on profit margin from companies. this is also something we will watch going forward it seems consumer is less ready to take price increases. that's going to be key as well. >> what about in local currency and sovereign bonds where we see

yields falling? like? dislike? >> we are overweight in currency in bonds. they had a tough first half of the year honestly with the strength of the u.s. dollar which impeded the credientral b in the rate cutting cycle. looking ahead, we see that the narrative has shifted recently because the dollar has been weakening on the back of the more rate cut expectations from the fed and economic slowdown. we believe this will enable more on the rate cutting cycle. we would believe you will get the carry of around 6% going forward and the cherry on the cake would be the position of currencies against the dollar. >> around the world in the fixed income space.

thank you for being here. we'll check in again. loriline at wealth management. let's move on and greater risks to the growth outlook has boosted the case for the september cut according to the ecb governoring council member rehn. the central bank chief emphasized the justification of the cut and the path to the 2% target is likely to be bumpy. we are watching the final eurozone print for july. r the month on month read is seen coming in flat. china central bank left key rates unchanged in line with expectations. the pboc leaves the rate at 3.35% and the five-year at 3.35%. the move comes after thers cut

rates and making further adjustments to the lending program. lori green at ts lombard told cnbc that consumption in china will require shifts. >> there has been talk about raising consumption and boosting demand around the third plenum to perform more structure changes to welfare. closer to home, more cyclical outlook which has been a push on upgrading equipment and upgrading electric vehicles as well. i would expect that to come and prove moderately supportive the consumption in the second half. it will not change the outlook. we need something bigger from the government and stronger

monetary easing to change the trajectory of the economy. until then, it will be a grinding weakness. >> trending right now on cnbc.com, more bad news for the country. youth unemployment in china topped 17% in july. the highest level since the new record keeping system began. head to cnbc.com for all of the details. let me give you a live look of what is moving across europe. major markets are actually moving higher. the stoxx 600 is at 515. what we have seen here is markets trading cautiously higher according to analysts today. still up for six straight sessions. the stoxx 600 is actually lingering near a three-week high. let's get the look at the bourses. markets are trading with some degree of uncertainty as we track to jackson hole later this week which is a key catalyst for

markets. la analysts suggests we need to see a key cut from the fed. as we have seen reflected through the last few trading days, the ftse 100 is actually trending lower here. the outlier down by .50%. we are seeing the major markets across the continent tracking broadly higher. ftse mib up by .50% as it stands. also gains in paris and germany as well. here is the sector breakdown for you. this is interesting to watch. oil and gas among the biggest losers. crude prices easing on geopolitical risks and weak demand from china. oil and gas is 1.2% lower as you see on the board. technology stocks helping to act as a counter weight here. better by 1.25%. travel and leisure also moving up by around 1%. coming up on the program, blinken hailing a constructive meeting with netanyahu saying israel accepts a key proposal

amid cease-fire negotiations. we'll have the latest micong up. we're back in two minutes. switch to shopify and sell smarter at every stage of your business. take full control of your brand with

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welcome back. to politics now and the harris campaign says the vice president is backing a proposal originally put forward by president biden to raise the corporate tax rate from 21% to 28%. the proposal would make the country's corporate tax rates among the highest in the advanced economies. harris said it would put money back in the pockets of working people. meanwhile, harris delivered a surprise speech on the first day of the democratic national convention in chicago taking to the stage to rally supporters. the dnc first day was headlined by the u.s. leader who appeared he mo emotional as he took to the stage followed by his wife and daughter. brie jackson filed this report from chicago. >> reporter: president biden taking the stage at the democratic national convention to a hero's welcome.

nearly a month after the 81-year-old ended his own re-election bid, he's passing the torch to his vice president kamala harris who addressed the crowd. >> joe, thank you for your historic leadership and for your lifetime of service to our nation and for all you will continue to do. we are forever grateful to you. >> reporter: biden touting the accomplishments they made together while laying out a vision for the country's future under her leadership in contrast to former president trump. >> donald trump promised infrastructure every week for four years and he never built a damn thing. >> reporter: first lady dr. jill biden among those honoring her husband's legacy. >> joe and i have been together for almost 50 years.

and still there are moments when i fall in love with him all over again. >> reporter: former secretary of state hillary clinton also speaking on this first night of the convention after breaking barriers by becoming the first woman to clinch a major party's nomination in 2016. she's now urging voters to help shatter the glass ceiling by electing harris as the first female president. >> kamala has the character and experience and vision to lead us forward. >> reporter: biden and clinton, two former trump opponents, making the case to defeat him in november and send harris and walz to the white house. and tuesday's theme here at the democratic national convention is a bold vision for america's future. featured speakers ws will be for president barack obama and former first lady michelle

obama. in chicago, brie jackson, nbc news. and in the meantime, antony blinken said benjamin netanyahu told him he accepting a bridging proposal for the cease-fire calling on hamas to also agree to the same terms. blinken called for a resolution between israel and gaza as soon as possible. >> these are still complex issues and they're going to require hard decisions by the leaders. ultimately, it comes down to those decisions, but there is, i think, a real sense of urgency here and across the region on the need to get this over the finish line and to do it as soon as possible. the united states is deeply committed to getting this job done and getting it done now. >> brokering a cease-fire could have an impact on the global economy according to the capital

kmek economics. a collapsed deal would end up in a spike in crude prices and fears of greater iranian involvement in theconflict. our next guest says this translates to softer demand for oil and fears in the middle east diss dissipated. we are live with the founder. carol, thank you for being here. is this traders basically reassessing the geopolitical risk premium now? >> good morning, dan. this has been like a roller coaster and far from the quiet months many hoped for. you have the uncertainty that this is effecting various markets, but the economic outlook has focused on china with the chinese economy disappear pointdisappointed. we are looking at greater

probably for the recession for the u.s. economy which is dangerous for the global economy. it is a likely scenario, but people are concerned about this. that has kind of created this activity we saw in markets among others. in all markets in particular, there has been a development on the geopolitical front with the potential of the cease-fire in the middle east which dissipated the fear of the major escalation, especially between iran and israel and potential supply disruption. that by itself weighed heavily on concerns about oil markets and that fear has dissipated to a certain degree. i don't want to say with great certainty it will happen at all because you don't know what will happen between iran and israel and the deal has not been sealed yet, the cease-fire deal. so far, no supply disruption and

no fear of the disruption. plenty of capacity and the demand gives us the prices we are seeing today. >> nevertheless, traders also monitoring the news flow out of the middle east. ca carole, when you look at the situation on the ground there, do you think an israel-hamas cease-fire deal is a game changer for oil prices? >> it is never one factor that will shape or determine the direction of oil prices. we are seeing different forces pulling the market in opposite directions. you do have the concerns about the demand and we saw in its latest oil market kind of confirmed concerns about demand growth for this year. those who are really worried about seeing weakness in the demand growth. the revision downward was small, but it was a major change in opec's position vis-a-vis the oil demand growth for the year. on the supply side outside of

opec plus, the supply growth remains robust with the u.s. with the countries overproducing. this is what i would say traders see as the situation. if there is a cease-fire with israel and gaza, the potential of the iran and israel attacking each other weakens because i'm not sure what iran would gain from further escalating that progress in the region. we cannot rule that out. if there is a cease-fire, that would be a plus for consumers around the world and for the middle east in particular. >> indeed. what is also interesting, ca carole, opec is no doubt watching these headlines and well. you flagged opec and the iea revising down the 2024 global demand forecast based on primarily concerns out of china. of course, other issues at play

as well. how do you think opecwould respond to potential cease-fire deal for example and offer the downward revisions to the growth outlook coming given the current macroeconomics state of play? >> opec and the market outlook, the one they published in august confirmed the revisions to oil demand were drive n by the economic uncertainty. the uncertainties have not diss dissipated. that said, the downward revisions have been small and the most ambitious and most sang sanguine if you want with 1 million barrels a day difference with the iea is expecting. we are going to watch and see if they will be further downward revisions to the outlook in the coming months. that said, they acknowledge we are heading to the hurricane season and that could disrupt supplies from the u.s.

that could justify the increase in some of the cuts which they decided upon for the remainder of this year and more for next year 2025. that decision is not cast in stone and if price goes below, let's say the $75 or $80, they may want to reconsider. there are so many factors and moving parts at the moment that indicate that opec can make the decision if demand growth is not supported. >> indeed. just pass through this summer and see what happens next. carole, that is fascinating to watch. just on another major macro headline here, one other issue is going to be the fed r's jackn hole summit. we are looking at the central banks with the trajectory of the interest rates particularly in the united states. if we saw chair powell signaling cuts are coming and giving the

green light to equity markets, could we see a reaction in oil as well? would oil traders see this as a bull or buy signal off the back of a fresh declaration from the fed that cuts are coming? >> dan, you touch oded on the important factor for the oil demand forecast. that is monetary policy and interest rates. policy particularly in the u.s., a major economy in the world. many expect the cuts to be introduced as early as may and this did not happen. today, the majority consensus is interest rates are happening as early as september, so next month. the question is not whether they will happen, but by how much we are going to see the reduction in interest rates. mind you, it is not cast in stone and the central bank or the federal reserve of the u.s. is still see the visions between the various representatives and

those who are the decision makers, not just chairman powell. there are other people involved. we see a number of positions, vis-a-vis, when to cut the interest rate and more importantly by how much. that remains a big uncertainty for the oil markets and the global economy. let's wait and see. we will learn much from the meeting this week. we will see decisions hopefully next month with the interest rates. >> we watch this space. carole, thank you for coming on today and speaking to me from london. looking forward to seeing you in the middle east soon. thank you. that is the founder and director of crystol energy. when we come back, are consumer goods set for a boost after mars announced its takeover of kellanova. we'll discuss next.

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you are live on cnb cnbc. welcome back to the program.

riks bank further offers cuts this year. also today, the s&p 500 clocking a rare eight-day win streak with the momentum pushing wall street within striking distance of fresh record highs. goldman's chief economist says slowdown fears are overblown. >> if the fed supports 50, they should do 50 and i think they will do 50, but i think it is much more likely things will look good enough for a series of 25-basis point cuts to do the job. plus, passing the torch. biden highlights leadership on the democratic national convention opening night urging americans to elect kamala harris. >> growing the economy. lowering the cost to american families so they have a little more breathing room. the u.s. ups the pressure on

hamas after secretary of state antony blinken says benjamin netanyahu accepted a cease-fire talks proposal. >> there is a sense of urgency here, across the region, on the need to get this over the finish line and do it as soon as possible. the united states is deeply committed to getting this job done and getting it done now. if you are just catching up, here is the tuesday trading day across europe. markets are looking a little more mixed now with the spanish ibex drifting lower in the last 30 minutes. below the flat line. london's ftse is down .6% of 8,305. when you look at the other broader market moves, the paris cac 40 is up 2%. that appears to be the best performer right now. european equity markets trading

cautiously up at the moment. of course, as we come into jackson hole, a lot of the market trader focus right now is on whether or not we are going to see chair powell signaling cuts coming. that's what the market wants and that's what the market is looking for. ultimately the check on the green light for equities the rest of the year. let's look at the fx markets as we do this time of day. dollar-yen is interesting to watch at 146.34. we are seeing some yen strength come through here for a second day. you can see that currency moving just a little higher. euro-dollar flat at 110. sterling moving up at 1.3 and the swiss franc at 1.85 against the greenback as well. in terms of the mover, b, it is lower after signing a contract

with city fiber. you can see the stock is down by almost 5.5%. that deal due to begin next year which could hurt bt as all of sky broadband customers use the open reach network. it will expand to more than 1 million homes. bt saw the steep decline in the second quarter. bt is owned by comcast. edgar bronfman makes a 4.5 billion bid for paramount global. this is another move after skydance struck a deal last month, but that had a 45-day go shop provision. that period will end tomorrow. s. amd in focus signed a deal

to acquire zt systems in a cash and stock transaction. this comes to help speed up the data center chips and challenging nvidia in the semiconductor market. seema modi files this report. >> reporter: amd ceo lisa su joined cnbc today and said this will help own more infrastructure which nvidia already does. zt systems is an a.i. service provider that generating $10 billion in sales. with this deal, amd will bring in 1,000 engineers with expertise and plans to find a buyer for the manufacturing business. zt competes with super micro.

amd is projecting the data center market will grow in the coming years which is one of the reasons it is making the acquisition. zt systems has the second acquisition this year. both transactions are seen as a way to increase roads for amd and help it better compete with the likes of nvidia. for cnbc business news, i'm seema modi. more m&a is in the market according to kepler. this is a week after kellanova announced they are set to acquire pringles maker for $36 billion. it is 16 times ebitda. we have john cox here with us at

kepler to help us unpack some of the moves we are seeing in the sector. john, on the mars-kellanova deal, why is now the right time? >> i think there's a variety of things going on, particularly in that north america market. you had very fast growth in the snacks end of the market over the last five years. close to 10% annually. first on the back of covid, people are at home eating snacks and recently with the high food prices food companies have put through. recently, things have come to another a standing-stop if it were. there are two issues. one is transitory. all of the food companies in north america are trying to reboot a volume mix after a few years where they just relied on price to drive top-line growth. i think that is transitory. i think things will slowly improve there. secondary, there is a massive

transition going on in the food space overall, particularly in the packaged food space. that's really to do with concerns of obesity and ultra processed foods. mars were thinking defensively and food multiples at a decade low on the relative basis. they decided to get into snacks and bulk up the confectionary business to the $60 billion business of pet care and half in the snack space. >> it is fascinating because as you say, there is more m&a activity in the space. what are the european stocks in the landscape as you see in acquisition or takeover target right now? >> within north america, a lot of the m&a will be there.

they tend to have more commodity portfolios in unhealthy foods. the shift to glp-1s in north america is putting pressure on unhealthy foods. people wanting to eat more protein for example and more selective and looking at the premium end of the market. if you look at the europeans, they tend to be in the healthier parts of the food space. of course, there are a couple of chocolate makers and premium chocolate rather than just eating a snickers bar or a mars bar. people are having that one lindt ball per day. that is interesting from the m& a perspective. other companies in the like of the nestle, where they do have parts of packaged food, i think the multiple that mars paid for kellanova, 23 times pe and 16

times ebidta. that could make them think what they could do with the main confectionary business and u.s. frozen pizza business. in the case of nestle, i think they would be looking to divest the most traditional packaged food. unileverdivest of the ice cream business. maybe not do great in a brave new world where people are on glp-1s. you come to danon with the he healthiest portfolio in the space. half of the product is the c chilled dairy and yogurt. that is the fastest growing in the market with the glp-1s. it has nutrition with medical and water. i think danon could potentially be in play structurstructurally.

it certainly is in north america currently. that's the landscape in europe. they detend to be healthier and exit the commodity business. danon and other big players out there. >> you were talking about the macro trends. one thing is inflation and higher costs on the sector. give me your preliminary thoughts on that and what you expect to see before year end. before i let you go, jon, what are your top picks within the space from the investment perspective? >> i think you touch on the point where we come close to double digit price increases over the last two years and consumers are fatigued and down trading and consumers are looking for value with packaged food particularly in the environment where things are more difficult with regards to

the economy. when things are fine, everybody is quite happy to look for products to make them feel better and live longer. when things are tough, they start to downtr trade. the food companies are starting to crank up the innovation and looking to increase the volumes again as the pricing component decelerates. i think that will become good. you are starting to see volumes improve, but, of course that pricing component is contracting much quicker than people expected. overall, the food sector will have a pretty average year this year. as i mentioned, the multiples have compressed and coming down for a variety of reasons, not the concerns of the glp-1s and not helped by higher interest rates. we like danon. it is the preferred pick in the space. it has the healthy portfolio in

food, we believe, and still attractively valued at 15 multiple for next year. another one in favor is nestle. nestle probably shot itself in the foot the last year. the stock has been under pressure. multiples compressed by one-third. once you dig into the portfolio, you see two-thirds of the portfolio is pet food, coffee, nutrition and water. these are all healthy and faster growing categories. where we are in terms of value creates a long-term interesting entry point if you are an investor looking in the next year or two particularly where everybody is concerned about the rally in tech stocks. now is maybe a time to look at the defensive names. >> opportunities out there. you just need to find them. jon, we appreciate the opportunity to chat. jon cox at kepler. moving on, british tech

entrepreneur mike lynch remains missing after a storm sunk his yacht off the coast of italy. one body has been found. lynch's teenager daughter is missing and the morgan stanley international chair jonathan bloomer. lynch and his family friends were on the yacht to celebrate his courtroom acquittal. he was cleared in june after the 12-year legal battle over the sale of autonomy to hp in 2011. up next on the show, an emotional president biden laying the path for kamala harris to top the democratic ticket. we'll bring you all the details on the other side. stay with us. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your

way. cirkul, available at walmart and drinkcirkul.com.

to politics and vice president kamala harris delivered a surprise speech on the first day of the democratic national convention in chicago taking to the stage to rally supporters and pay tribute to president joe biden.

>> joe, thank you for your historic leadership and lifetime of service to our nation and all you will continue to do. we are forever grateful to you. with optimism, hope and faith, so guided by our love of country knowing we all have so much more in common than what straeparate us. let us fight for the ideals we hold and let us remember, when we fight, we win. >> the harris campaign says the vice president is backing a proposal originally put forward by president biden to raise the u.s. corporal te tax from 21% t 28%. it would make the country's one of the highest among the advanced economies, but a harris spokesperson said it would put money back in the hands of working people. the first day was headlined by president biden who appeared emotional as he took to the stage after speeches from his

wife and daughter. biden used his address to criticize donald trump to throw his support behind harris and walz. >> they will continue to lead america forward creating more jobs and standing up for workers, growing the economy. lowering the costs to the american families so they have a little more breathing room. we made incredible progress, but we have more work to do and kamala and tim will continue to take on corporate greed and bring down costs of food. >> we will have plenty more action from the dnc this week. we will see barack and michelle obama take the stage before nominee tim walz and bill clinton on wednesday all culminating with kamala harris accepting the nomination on thursday night. we are live now with nbc's alice barr. alice, great to see you. thanks for coming on. i'm curious as to get a sense of how all of this is being received on the ground and

what's going to happen next. >> reporter: dan, there are a lot of, you know, a lot of things come to mind when you say that. inside the united center here in chicago, no question, really strong unity. there's been this complete shift in momentum since vice president kamala harris moved to the top of the ticket. last night was really kind of a nod to what came right before that when there was all this tumult over president biden and whether he was going to continue his -- his bid for re-election and he ultimately chose to step aside. he sort of nodded to that last night when he said there's been a lot of talk and he's angry at all the people who urged him to get out of the race. he said that is just not true. while he loved this job, he loves his country more and it was more important to move the country forward. he talked about his 50 years of

service and thanked the american people and said he had given his best to america even though he said he made mistakes over the period of his career. it was a retrospective. a lot of people stood up and gave tributes. vice president kamala harris made the surprise appearance giving her thanks to president biden and they had an extraordinary moment on stage together. standing side by side, but no parallel to this moment in american political history for what is unfolding right now. certainly a lot of true and excitement inside here. we do have to note out sside th united center, there were protests that were strong. there was a moment when the protesters broke away and came through an outer perimeter. that seemed to get under control fairly quickly. they are, of course, protesting against the war in gaza. it is not to say there is absolute harmony and unity

within the determocratic party within the country right now, but what we are seeing inside the united center is real unity. >> alice, before i let you go, we are expecting to hear from president obama and first lady michelle obama as well. just give me your take on the extent and role they will play in this campaign for kamala harris and what you expect of president obama and the first lady to say. >> reporter: yeah, there are really interesting characters in all this. they have outsized significant in political life. there was a turning point when there was a will he or won't he

when president biden would step aside when it was leaked that former president obama raised concerns if they would be able to pull off a victory against former president trump. when he didn't refute that strongly, that started to be a moment we there was a momentum shift. there is that to consider. they have been long-time allies of vice president harris and fierce defenders. >> thank you, alice. alice barr reporting live. a quick check of the wall street trade before we leave. stay with us on cnbc. "worldwide exchange" is up next. shopify's point of sale system helps you sell at every stage of your business. need a fast and secure way to take payments? we've got you covered. how about card readers that you can rely on? yep, that too. want

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it is 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here's your "five@5." the longest winning streaks of the year. futures working for gains. kamala harris pulling back the curtain on her economic agenda looking to hike taxes on corporations. her vision for the country. >> kamala and tim will continue to take on corporate greed