it is 5:00 a.m. at cnbc headquarters. 23 and counting futures are higher since the first record close in july and the 23rd this year. but the rotation out of tech gaining traction why our jim crammer said this move is just getting started. just weeks ahead of the next iphone release, apple is making moves at the top, replacing one

of tick cook's lieutenants. and the spacex space walk. and media billionaire, edgar bron withdraws his goal to take over paramount global. it's tuesday august 27, 2024, you are watching "worldwide exchange" here on cnbc. good morning, thanks for being here with us i'm frank holland. let's get you ready for the trading day ahead. we check futures with the dow off the first record close since july. also its 23rd this year. and the s&p and nasdaq look to recover from moderate losses yesterday. the dow looking to open about 40 points higher and the nasdaq up

31 points. speaking of that rotation out of tech, check out the utility sector since the highest close since september of 2022. you can see big upside moves with utilities obviously seen as a picks and shovels trade when it comes to the a.i. trade that's pulled back in recent days. looking at oil this morning, it's a bit lower, pulling back a bit closing 3% for its best day in a week. you can see wti and brent both back half a percent. wti trading at almost 77 bucks a barrel, up 5 bucks. similar for brent crude, trading at 81 bucks this morning. let's see how europe is shaping up, dan murphy is in the london news room with more. dan, good morning, good to see you. >> frank, good to see you as well. good morning, everyone. cash trade across europe showing

green on screen on our boards here. it is rate cut optimism that's driving some of the markets higher. with the exception of the smi and switzerland, markets are in broad based territory here. london's ftse coming back from the holiday with a vengeance up .6%. and germany is up by .4% despite some disappointing data this week. all things considered markets are looking good on this part of the world. one of the other reasons why is because we are seeing gains in the mining and material sector today as well. mining stocks getting a decent boost here with copper prices now at the highest level in six weeks, gold near record highs and new data from china showing industrial profit growth up 4.1% in july. so some positive momentum coming through as well.

bhb had been the big one to watch, up by 1.3% right now. that's where we stand, back to you, frank. >> thank you, dan. time for a check of the top corporate stories including an executive shake up at apple. >> good morning. just weeks ahead of the next big iphone unveil apple said the chief financial officer will step down from his current role on january 1st. he'll be succeeded by long-time apple insider kevin perec. he's been tim cook's money man since 2014, has seen apple stocks surge 900% under his watch. the incoming cfo has been a top lieutenant serving as apple's vp of financial planning and

analysis. billionaire media executive edgar bonfman jr. is withdrawing his bid to take care of paramount global. he said he notified the board of the decision late last night saying it was a privilege to participate in the bidding process. following the decision, paramount confirmed the go shop period is over and expects to close the deal with sky dance in the first half of next year. we're seeing shares of paramount lower by 4%. and spacex has delayed the polaris dawn mission until early tomorrow morning. the mission that's set to see the first ever civilian space walk was scrubbed for a final

check. it's scheduled to be on the third day of the flight when two crew members plan to step outside for a 15 to 20-minute space walk. >> if this happens tomorrow it happens here on "worldwide exchange." >> i know. it's exciting. >> might have a special guest appearance. i don't want to say who it's going to be but it could be cool. >> yes. >> we'll see you later in the show. but the launch happens on "worldwide exchange" if it happens tomorrow. turning our attention back to the broader markets the markets coming off the first highest close since july. of the more than 90 new highs on s&p 500 yesterday, there were only a handful in the tech space, e bay and electronic. and according to our jim crammer it's just getting started. >> right now, mutual funds know they have to pivot out of the

growth stocks, especially tech socks like semis that don't benefit from rate cuts they have to swap into companies that can increase rates. >> joining me with more is ross mayfield. good morning, great to have you in. >> thanks for having me. >> i want to get your take with what kramer had to say, agree we see this rotation out of tech, it's big funds into industrials and cyclicals. and he said hold off on buying the dip at least for now. >> yeah. i think broadly i agree. i think you're seeing the rate cut trade and big tech with their big balance sheets full of cash low debt that bring their own growth to the table, they're not a rate trade seen as low duration stocks.

there are some cyclical spots in tech, i think semis could benefit from lower rates and a soft landing. but you're seeing utilities, rate proxies, real estate and that probably has room to run as the fed pulls forward three, four rate cuts. >> and nvidia earnings are coming up, such a big and important stock not only when it comes to its weighting, 10% to the upside or down side, but it's also sentiment. if there were any other time maybe the cyclical trade could continue on unabated but do you think nvidia has the potential to move back back to tech if this report is better than expected? >> yes. yes. one of the stories of this earnings season has been the kind of, you know, growing skepticism about the immediate profitability of the a.i. trade whether the spending has

applications. i think everyone believes in a.i. as a secular growth, nvidia's report can maintain that sentiment and pull money back to a.i. if it shows another brew below out quarter and there are applications. they are such an important stock and what they have to say on a.i. is so critical it can change sentiment on the whole space overnight. >> talking about sentiment. ubs out with a note talking about the quote/unquote whisper number. estimates have revenue at about 31.5 billion and the whisper number is 33, 34 billion. does nvidia have to get to that number or is sky high expectations good enough? >> i think we're at the point where meeting expectations is probably not enough. we've quarter after quarter of

blow out growth, the big tech stocks have had an aggressive move on the back of the a.i. sentiment on the back of this year and a half, two years. i think to keep the move higher, especially to reignite a rotation into tech stocks and out of the trade built on the soft landing and low rates. you have to beat expectations, come out with aggressive guidance and speak on an earnings call about this optimism and counter the updates we've heard from other big tech and conglomerates. i think the guidance is important because people are getting skeptical about the near-term applications. >> i want to talk about the broader markets before we let you go, ross. yesterday, 93 i believe it was, s&p 500 stocks hitting 52 weeks. i want to get your take on the names that hit the all-time highs. coca-cola, palmolive, packaging

corporation of america, a republic services. these seem like defensive names. is it odd to you that we are expecting to get the fed cuts and these are the names hitting all-time highs? >> i think it's tricky. on one hand you have these defensive names that can be viewed as yield proxies because they bring a dividend to the table so if yields are headed down it should benefit companies you've seen it in utilities as well which are defensive, even in a broad up market and strong economy. i think there's a yield component to it. i also think a lot of the staples you mention benefit from the lower input cost inflation. we're seeing inflation come down across the board whether it's labor or raw materials. those are defensive names but i bet you can pull a similar list for cyclical names it's a broad bull market and a lot of stuff is working. that's what we want to see at

this point in the cycle. >> ross mayfield, thank you very much. for more head to cnbcpro.com for more. a lot more to come here today. first, chinese ev maker has an answer to tesla. and mark zuckerberg calls out the white house over censorship decisions made during the covid pandemic. and 48

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plus ask how to get up to a $500 prepaid card. call today! welcome back to "worldwide exchange." take a look at the premarket action on the s&p 500. insulet is up by 3%. and we want to look at the laggards this morning at the top of the list you are seeing -- i'll show you in a second. we have a number of names including paramount global after that deal -- at least the talks of the deal fell through. you can see paramount global shares down 4.5% followed by netapp down by 2% almost. x peng will launch the efforts to take on the model 3,

eunice yoon is in beijing ahead of the event. good morning. good to see you. xpeng stock more than 60% off the september high. what are we expecting to see and hear from the ev maker? >> the company is hoping to turn than around. the company is celebrating its tenth year anniversary today. so as part of that it's launching the mona m 03. the dimensions are similar to the tesla model 3 but the price is $13,000 cheaper. how is it able to do that? a part of it is because it's using a battery locally sourced. the company also has a brand name mona which is a hat tip to what the company believes is important for cars going forward, which is of course a.i. it's made of new a.i.

the ceo said chips are going to play a role in these cars and there could be an announcement about their own chip. the ceo posted on social media we will definitely not let you down. the question is whether or not xpeng is going to be able to sell a lot of these cars. the first half of the year they delivered 50,000 vehicles. compared to tesla, 837,000 or so vehicles for tesla. so still very far behind when you look at that. x peng on its q2 earnings call say we are confident that mona's delivery in september will be a fast delivery record among ev startups saying they believe that mona is going to be a high volume car. >> very interesting design. also xpeng making news today the ceo saying they're looking to build models in europe to

mitigate the impact in tariffs. expecting to hear more about that today as well? >> yeah. that is one of the big hopes that people are really looking at right now because xpeng is facing a tariff in europe. so the company would have to look around to find a way to be able to sell into europe. the company has said it's potentially leaning on its vw relationship, this is a year-old relationship where the company said that vw is making like an initial look around in europe and they are hoping to be able to find a manufacturing site. >> always good to see you. thank you very much. we'll stick with china market flash shares of pdd holdings they're ticking up today. shares up about 1.5% after falling more than 25% yesterday that wiped out nearly 55 billion

in market cap. the biggest one day decline since pdd listed in the u.s. in 2018. it comes as they missed forecasts citing online competition in china and weaker consumer demand. bringing down shares of alibaba and jd.com. you can see alibaba down your hair can grow 590 miles over your lifetime. it's in your nature to grow. nature's bounty helps you grow thicker fuller hair with just one capsule a day. you are bountiful, it's in your nature.

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shares of nordstrom pretty much flat. and watching the housing stocks ahead of case-schiller reed coming out around lunchtime. it's up about 5% the past week and 2% off the most recent high. among the stocks leading it higher are hovnanian toll brothers and taylor morrisson. you can see the stocks there. coming up, a legal blow for coming up, a legal blow for martin and something amazing is happening here. students are inspired and engaged. that's because school districts consulted with cdw to design modern classroom solutions with preconfigured hp devices making education immersive, accessible and secure. now, when researchers study elephants, kids learn from 9000 miles away.

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it is about 5:30 in the new york city area. here's what's on deck. futures are higher with the do you sitting at a record high but tech took a hit as the broader rotation continues. nvidia earnings tomorrow we look at the transformative impact that stock has had on retail investors. meta ceo mark zuckerberg accuses the white house of pressuring the social media giant of censoring content. it's tuesday, august 27 tth,

2024 you're watching "worldwide exchange" here on cnbc. welcome back to "worldwide exchange" i'm frank holland. a check of u.s. stock futures with the dow coming off a fresh record close. futures in the green, green across the board. the s&p up ten points higher. the dow a bit off the highs of earlier today, looking like it would open about 37 points higher. the nasdaq up about 53 points. we'll look at some of the stocks helping to lead the climb. at the top of the list, johnson & johnson up .75%. amazon up a quarter percent. we want to look at commodities, oil lower this morning after closing 3% higher yesterday for its best day in a week on rising mideast tensions. you can see pulling back quite a bit this morning, we were showing it a second ago. wti pulling back about 1%.

same for brent crude not as hard hit but .75% pull back. and gold, the 32nd new record this year, pulling back a bit as well. back about .3%. year to date up about 23%. that's your morning money set up. we want to turn to industrials lagging behind some other sectors one of the weakest performers with the s&p up about 13% so far this year. dom chu has this month's sector sectornomics. >> it's about 8.5% of the overall s&p 500 compared with the likes of the 32% waiting in technology still a critical sector with regard to movement and the commentary that comes out of it. looking at the sector overall, industrials up about 13% year-to-date, a middle of the

pack performer but still respectable. if you look at that relative move with the s&p and the industrial sector you can see more of that move there as well. the spy, etf that tracks the s&p is up 18% and the select sector spdr up about 13%. you can see the gap has widened out a little bit in the second half of this year. if if you look at the real outperformers there's an interesting kind of almost mini theme developing here and that's the outperformance in the aerospace and commercial side of things. look at the names in the industrial sector like howmet up 80%. ge aerospace up 68%. and look at the lagging stocks, commercial aviation but the carrier side of things. boeing down 32%.

we know the woes happening there. american airlines down 24%. and pay com another name to throw in overall. so looking at the sector overall it's a huge move with regard to some of the things we talk about with the names we kind of look at and that's one of the things we pay attention to as well. >> kind of interesting those aerospace names are doing well. we're supposed to see the space launch today, you mentioned some of boeing's troubles. and looking at the estimates in industrials. the current quarter estimates just 3.5% growth. surprising it's not higher concerning these are cyclicals supposed to benefits from rate cuts. >> they could. it's a huge part of the story there. the names, especially ones with weight in the sector it's about the global side of things as well. you referred to bhp and the earnings report, one of the

concerns is china, the biggest economy in the world. caterpillar could have it tied to the global economic theme. so 3.5% earnings growth an tis paid for a sector like industrials is big but it's not just the fed rate cuts on our side of things. you have to see the global coordinated aspect of it. and one of the reasons that bhp was more optimistic about the outlook is because they think policy on the monetary side and fiscal side of things in china could prop things up going into next year so that's a big part of the story as well. >> dom, good to see you, thank you very much. time for top stories including mark zuckerberg expressing regret over the decisions made in the covid-19 pandemic. silvana good morning once again. >> that's right, mark zuckerberg is accusing the biden administration of trying to pressure the social media

company to censor content during covid-19. mark zuckerberg senting a letter to the economy committee explaining how senior administration officials pressured meta on posts around the virus, including humor and satire and expressed frustration when the company resisted. san francisco's federal reserve president said it's time for the central bank to cut rates. speaking with bloomberg daily said it would be hard to imagine if there's anything that could sway the fed from cutting off at this point. she said it's too early to know the exact policy path and wouldn't say how big of a cut she'd support at next month's meeting. and lowe's has apparently become the latest company to

back off dei initiatives. the home improvement chain revealing the decision that it would be the next target of an activist campaign against companies pushing back. >> thank you very much. coming up on "worldwide exchange,"

welcome back to "worldwide exchange." time now for your morning call sheet. we start with ever core raising the target on netflix to 750. the streaming giant is in the strongest position ever financially, fundamentally and competitively, adding live events and gaming will provide two re kvenue opportunities. and blackarclay says blackr is a performing leader amid its peers. and morgan stanley raising the target on coca-cola. coca-cola shares hitting an all-time high yesterday. bhp is moving higher after a

2% rise in annual underlying profit that beat forecast. bhp's ceo said it's working on growing the copper business through existing and incoming projects following the failed bid to buy their rival. >> we're expecting 70% growth in copper demand between now and 2050 but at the same time copper resources are becoming harder to find and develop. so supply side constraints against the backdrop of growing production and we're a large incumbent producer of copper. so we think fundamental demands are robust. >> trip.com posted strong second quarter earnings revenue rose by 14%. the company pointing to strong demand for cross border travel. and shares of pdd holdings are ticking up after falling yesterday. you can see shares are up three

quarters of one percent right now. yesterday it was the biggest action since the owner of the temu brand listed here in 2018. it comes as they reported revenue misses and weaker consumer demand in china and abroad. we have a market flash for you. shares falling on word that cava's ceo and other executives have sold shares in the company. shares are down more than 7 pbt 7 -- 7.5%. the stock surging on friday on earnings beats and revenue grth > ming up, a deeper look at the nvidia effect on investors and the strategy in investing in the company's high-profile ceo jensen huang. more after this break. our bag. how does that sound? that sounds terrible.

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and welcome back to "worldwide exchange." taking a look at the biggest gainers in the nasdaq 100. pdd holdings we just told you about, a bounce back after the stock fell big yesterday. following disappointing earnings and commentary from management that shook up investors. we want to look at the laggards this morning, the top of the list, warner brothers discovery down over.75% followed by caden design, gilead science as well.

nvidia looking to bounce back after shedding more than 2% yesterday as investors brace for the chip giant's earnings tomorrow. shares up about half a percent right now. the stock has been on a tear this year up 150% but that's nothing compared to the longer view on the stock which has skyrocketed about 26,000 percent. that's not a mistake. as we've been telling you here on "worldwide exchange," it could have annism impact on the broader market. it's 6% of the s&p 500, 7.5 on the nasdaq 100. and the stock has potential to swing 10% either positive or negative. and the pros are not the only people to take advantage of that big rise in nvidia shares. the stock has had a transformative impact on the lives and portfolios of

investors. >> i've been following nvidia and jensen really since the founding, but i didn't start buying the stock until maybe about eight or nine years ago. i was surprised when they pivoted into crypto and some of the a.i. applications and i was pretty impressed that jensen could navigate this company from graphics into a mud bch broader market. i really want managers that i believe in that i know will be able to and a half navigate the downs of the market. so i bought when jeff bezos was running amazon, steve jobs and apple and thought in 2019 during

the crypto winterer when nvidia was not getting any credit for what they were doing i wasn't going to give up on jensen at that point and that's when i bought more. and this is mostly about a good leader who understands how to build a business over the long term. i don't think he's done yet. i think he's got more room to run. >> let's bring in digis wright. he and decatur are nvidia investors. good to see you. >> good to be up with you frank. >> we heard what that retail investor had to say. are you a believer in the fundamentals of nvidia, chips, huge when i comes to the a.i. space or are you more invested in the vision of jensen huang? >> we think that's a good strategy because we're using the

ability index and it quantifies a ceo's contribution to a company's operating efficiency and we see with jensen he has led this company for 31 years and we expect a high ability ceo to produce higher quality earnings based off their knowledge of the industry. >> so a lot of it for you is the confidence in jensen huang he's become an icon. you heard the other person call him jensen, he's on a first name at this point. investors sky high on nvidia after the bell tomorrow, more than 100% revenue growth, eps growth at the same time we're getting whisper numbers about their guidance. i want to show this to the audience and you. the street estimate is $31.5 billion in revenue, the whisper number is 33 to 34 billion. now, do you believe that whisper number is largely based on

confidence in jensen huang and the fact that he's not be hiding, he's been very vocal about the company and its future? >> we do because ultimately if you look at the free cash flow to return on investment to capital it's 76%. this is a good platform to hit those numbers. >> there's also the law of big numbers. sooner or later nvidia is not going to able to double revenue, eps. if and when we get to that point -- you have to say if and when because we don't know when it's going to happen -- if they miss estimates this quarter does that change your view of nvidia or jensen huang? >> it doesn't change either the nvidia or jensen huang because we're looking at the fact that he is a visionary as been stated and he's doing so well the way we measure it. if you look at one aspect, he has over the last three decades

invested almost 20% of revenue into research and development. so that's going to pay dividends much more into the future. >> any concerns about an investment strategy based on a personality, even if that personality is the ceo. i think tesla investors have seen volatility. people believe in elon musk but even when things don't happen on time they continue to believe in his vision. is there any down side risk based on the confidence in the person in the c-suite? >> market sentiment can go against the measure and also we're using proxies to measure ceos' albilities and that may b an inexact science. >> you don't see an immediate down side risk. this company has a big mote with a.i. chips and people believe jensen huang is a visionary, leading this company for 30

years. are you concerned about being a long-term shareholder if and when he decides to step aside? are you worried about succession plans and things like that. >> we have to cross the bridge when we get there. if jensen huang has done a great job building the company we believe he's going to take the next step and find the successor that is going to continue nvidia's run. >> believer in jensen huang, next time i see you if they beat you got to wear a leather jacket on the show. >> will do. >> good to see you, man. always a pleasure to see you. >> thank you. coming up on "worldwide exchange" we stick with nvidia and the contingency plan our next guest is vingadci just in case they come up short with earnings. check us out on apple, spotify and wherever you get your podcasts. more "worldwide exchange" after this. ks rash! you've got more options than you know. book now.

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welcome back to "worldwide exchange." time now for your wrap up. we begin with apple announcing the chief financial officer will step down on january 1st and be succeeded by kevin park. he'll continue to lead the security and real estates development teams. shares of paramount are under pressure after edgar announces

he's withdrawing a bid for the company, paramount's board confirming. it expects to close the deal with sky dance in the first half of next wryear. spacex delaying the launch of polaris dawn until at least tomorrow morning. shares of tesla looking to bounce back after shedding 3% yesterday it comes as canada announced it's going to put fresh tariffs on chinese car imports that includes tesla's made in china. and xpeng is launching a model three competitor today. goldman sachs said the s&p could look at a new all-time high this week. and a federal judge ordering martin shkreli to surrender any companies he may have of a rare unreleased wu tang album. a crypto group is accusing him of keeping digital companies

violating the purchase agreement. and the home index is out at 9:00 a.m. we get earnings from box, nordstrom and pvh, the owner of tommy hilfiger and a number of other brands. and investors are awaiting nvidia earnings tomorrow and july pce on friday. let's bring in bill blue always great to have you here. >> thanks for having me. >> i want to get a sense how you see today shaping up. we've seen a rotation out of tech into other names. how do you view that today? >> i think tech is on its back foot here as everyone is waiting nvidia's earnings it's front and center here now we're a week removed from jackson hole i think it's also a consolidation.

for me looking at the way the market came out of that april 2nd to 5th volatility event, it was pretty clingy so the fact we're consolidating back is healthy. there are other parts of the market running, small caps traded higher on friday, breaking out on the pattern for the past week but i wouldn't be surprised to see everything settle in a little bit this week and lean into how nvidia and not only what they do but how the market interprets the earnings report on wednesday. >> that's interesting we did a story about goldman sachs believing we hit a high this week and i don't know if you're talking correction or pullback overall. how would you play today with the thoughts we could see a bullback? >> i am playing a little bit of a pull back. i am positioning myself short and how i'm trading from my

futures fund, futures and commodities. overall i remain bullish. the important way to look at it is nimble. stay nimble. strong opinions held weakly. in this environment here, there's money to be made on both sides depending on what your time frame is, it's important to be nimble. >> coming up we have a big event, nvidia earnings i want to get a sense how you see nvidia earnings you gave us a playbook if it misses not saying it's going to miss but if it misses you're focused on median sector performance, rolling annual correlation to the u.s. dollar and median sector performance after the yield curve uninverts. we're close to it un-inverting. what are these factors going to help you find when it comes to stocks? >> nvidia is our largest position. it's leg and leg with apple and amazon. i'm heavy tech in how i'm positioning portfolios on the wealth side at blue line

capital. i think the data that e we've seen falling behind providing to the chinese company and what nvidia is talking about the china central, a regulated chip in the u.s. it's important. but if they miss you have to look at other places, health care, financials. one of the things we're liking to lean into is materials. and those factors you discussed that we're looking at really favor materials so we're looking at contingency plans if nvidia misses or the market interprets their report poorly it could put tech on hold for a couple of months. >> i know you're looking at energy also. we'll show a chart in these moves since friday, jackson hole, jay powell inferring we're getting the cuts. are you looking at the middle east tensions giving the energy

sector a boost? >> no doubt that the tensions out of the middle east got things -- you know, started to move higher at the end of last week early this week as well. of course, the force in libya, that's a lot of barrels on the line. that also aided crude oil to get back above $77. very heavy in energy relative to the s&p. we sit at about 15% weighted in energy and the s&p roughly 3% weighted in energy. i like to look at the portfolio how it's related to the s&p. yes, we're heavy tech but what other areas can be a backbone or ballast if tech falters. >> i'm looking at chubb, hit a high yesterday and also cf industries. that's a material play. why these names now? >> chubb is a great way to diversify away from tech. they're very steady earnings, steady revenue.

a top pick of warren buffett's. he's selling apple but leaning into chubb. solid business. the insurance space has been strong as well. cf industries, ammonia surprises have been strong the last couple of months they're a low multiple and materials upon those factors that you mentioned a little bit ago here those are favorable, especially the u.s. dollar is weaker. i think the u.s. dollar is oversold recently the last couple of days so keep an eye on that. this favors cf industries, low multiple, strong ammonia prices and i like the way they could be a centerpiece within