it is 5:00 a.m. at cnbc global headquarters here is your five at five wall street's record run taking five this morning as futures point to some losses crisis in asia unrest in hong kong flaring up, again, as police and protesters clash after a weekend of unrest. goldman under fire the investment bank facing new investigations after allegations of bias in its new apple credit card approval process. and jamie diamon on the defense. speaking out with new comments on the wealth tax in economy and

another record for alibaba on its 11th annual singles day as "worldwide exchange" begins right now. ♪ nothing like a little guns n roses on a monday morning. i'm dominic chu. happy veterans day to all those who are serving and have served our great country. here's how your money and the global markets setting up. the dow will open down today by just around 120 points at this stage. the s&p off by about 12 and the nasdaq off by 42, as well. taking a bit of a pause from the record runs. stocks are coming off their third positive week in a row and the eighth record close of the year the bond market is closed for veterans day and that holiday banks, as well let's go now worldwide in the early trade for europe we are seeing the negativety

carry over there the german dax off by 0.3. now, in asia red across the board as unrest in hong kong hit a new level overnight. cnbc own emily has the latest. >> hong kong as weekend unrest rolls into the citywide protests on monday. drops close to 3% with benchmark hea heavyweights off more than 1%. hong kong police opened fire this morning at protesters hitting at least one man, the 21-year-old is in hospital and is in critical condition protesters blocked major thoroughfares across the city, resulting in major traffic disruptions. at lunchtime police fired tear gas in the central business district after they gathered in front of a luxury mall only a

few blocks from the hong kong stock exchange protesters started a fire on a train. there was vandalism at numerous stations and objects thrown on to the tracks. tensions were inflamed this weekend following the death of a 22-year-old student last week after he fell in a car park during a police dispersal operation. at least eight of hong kong's universities canceled class today with several rounds of tear gas being fired into one of the universities i'm emily tan, back to you. >> thank you very much emily, for that the dow will open by over 100 points at this stage joining me chief investment officer at bleakley advisory group and also a cnbc contributor. peter, this is an interesting move here for markets because we're at record highs, not out of the realm of reason for a pull back. but is this something we should be worried about because the data out there may not support the market at current levels

>> well, the catalyst the entire year had been fed rate cuts and trade deal, even though we, obviously, had bumps in the road on that trade deal but now we've gotten the rate cuts and we seem to be on the cusp of a trade deal of some sort of. so, in a way, we may maybe exhausted those two catalysts in order to sustain this. we need the economic data to respond positively and we need the earnings slow down to reverse itself to the upside but that may not be until 2020 >> so, the whole market globally speaking has been kind of part of this rising tide. we've been focusing so much on the u.s. because it is the driving force behind what is happening in the markets globally speaking. but when you see action like in asia overnight these are some sharp moves to the down side. is it kind of calling to question a little bit about what will happen if the rest of the world cannot get its act together with regard to markets? >> well, overseas markets are finally caught up in terms of

performance. they have been underperforming for many years and hopes on this deal in the rate cut have helped in addition to recent weakness in the dollar. in order to sustain that, you need to see details on this trade deal you need to see, are we going to see tariffs come off, not just the december ones, but the existing ones. and that remains to be seen here but the economy is slowing and we have to deal with that reality. earnings growth is not reversed to the down side that is the fundamental basis. a lot of the rally has been on hopes that this would reverse itself, but, again, the reality is that global growth continues to slow. >> every time there is a major piece of economic data, one thing that you're great about doing is telling your clients and telling those of us and kind of breaking down all the information. you mention the economic data is weaker these days and economic growth turned negative with that being said, is this a situation where the markets can continue that way if the fed

does what it does and the markets kind of turn around the way they do at current highs. >> with respect to the fed the three cuts were insurance, mid-cycle adjustments. any cuts from here would be addressing deeper economic slowdown on the other hand, hopes that this is a soft landing and three is all they need to do and that would be enough to stimulate growth further on the trade side, if there is a deal of some sort, a calmness, even though we will still have remaining tariffs. would that be able to inflict higher the slow down in manufacturing and trade. >> we had a number of guests on our air over the course of past couple weeks over the past we said a lot of these indicators have shown a deterrid deterization >> a short-term stabilization

but whether that inflects higher is how we respond, again, to those rate cuts and what kind of deal we get. i think if the tariffs still remain on in bulk, it will be hard to get this inflection point much higher. so, that is a 2020 that remains to be seen let's be hopeful i'm not sure that weakness in manufacturing is spilling over into services services at least in the u.s. is the predominant part of the u.s. economy. >> all right peter bleakley, thank you very much >> thanks, dom. new this morning, apal and goldman sachs caught up in a new controversy over the apple credit card and kate rogers joins us with the latest there hi, kate >> new york department of financial services is launching an investigation into apple credit card services the algorithm of gender discrimination apple launched the card in

august and in a series of tweets david hanson said his credit limit was 20 times higher than his wife and she has a higher credit score after his complaints, goldman raised his wife's credit limits with service reps explaining it's just the algorithm. hanson tweeting, it does not matter what the intent of the individual apple reps it matters the algorithm does and what it does is discriminate steve wozniak said his limit was ten times higher than his wife hard to get a human for a constructi correction, it's big tech in 2019 applicants are evaluated independently and goldman says we have not and will not make decisions based on factors like gender, dom. >> kate rogers, thank you very much. let's get a look at some of the other top stories we're following this morning

jamie dimon continuing his war of words with elizabeth warren in an interview with "60 minutes" last night he wausz pressed on the growing wealth gap separating the rich from most of the other americans out there along with his comments to cnbc last week about what he called the vilification of billion ir as. >> what i was commenting on is that anything that vilifies people i just don't like i think that most people good, not alll shouldn't vilify people who worked hard to accomplish things i think it's an american society and the notion that i'm not a patriot, that's just dead wrong. so, my view is let's all work together and i don't mind if a few barbs are thrown my way by anybody. >> that was jamie dimon on "60 minutes. uber ceo is backtracking after calling the murder of khashoggi

a mistake. referred to it as a fatal crash by one of the company's self-driving cars. he called back an hour after the interview expressing his regret for what he said and later e-mailed a statement saying, i said something in the moment that i do not believe. and ali baba said it set a new record for its single day shopping event sales so far have topped $30.5 billion. alibaba expects more than 100 million more to participate than last year. the hotly accepted ipo we're live in abu dhabi coming up next. boeing may deliver some 737 max jets to airlines as soon as next month and later on, what instagram is

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news out of hong kong. the protesters are destroying

society and demonstrationstratoe now the people's enemy l all of this comes amidst another weekend of protests that have spilled over into today's session. we did see some moves in hong kong markets to the down side. those protests playing a big part in some of those moves, as well. saudi aramco its perspectus over the weekend as they kick off their offering period. dan murphy joins us from abu dhabi with the latest. dan, this is a massive ipo what are investors expecting given this drop? >> hi, dom saudi arabia came out over the weekend and released more details of this highly anticipated ipo. 650-page document. indeed, the most information we have received so far from the kingdom and the company relating to this ipo. however, the devil is in the

detail and key questions for investors remain unanswered, including exactly how much of this company is going to go public exactly where a potential secondary listing could be taking place and other big questions like how much is the company worth and exactly how much of the time frame is really going to come into play here the date for the listing also remains unclear. what we did learn across the weekend, though, is that saudi arabia and saudi aramco plans to list 0.5% of shares to retail investors. that is quite significant. clearly the saudi arabian people are going to play a big role in the po and the bill is likely to be completed by december 4th. that is also significant because that will be the next time frame we will look towards when it comes to getting some of those questions answered and more information coming forward about this ipo dom, we are here today at the

conference in abu dhabi and it is key among the discussion point for investors here and policymakers in attendance this is one of the most important oil and gas conferences in the region and arguably the most consequential week about $16 billion worth of deals being announced here just last year i have been speaking to a number of policymakers including the armani energy minister and he said perhaps this could play into the december opec meeting this issue of aramco and the question of whether or not the saudis and saudi arabia may actually pressure the group to perhaps deepen production cuts in order to elevate oil prices coming into that ipo a big question, of course, he suggested to me, though, that it is likely that we will see the deal being extended and deeper cuts aren't necessary at this point. certainly a lot to discuss and aramco on the top of the list here back to you, dom. >> you mentioned a half a percent of shares being floated out there.

what we sold to retail investors in saudi arabia or else where we also heard reports that billionaires in the country itself are being pressured into subscribing into the ipo itself. what can you tell us about the latest there do we expect the crown princes to put up their own money to back this ipo? >> yes, dom, that is correct influence from the company in order to perhaps attract local investors into this mega ipo but, the real reality is, even though it's just 0.5%, that really reflects how saudi aramaco is not relying on the saudi population to fill the book, right. it's still looking out for the institutional investors, including massive nocs from around the world like malaysia, for example, which is also reportedly been tapped to take part in this ipo and it sees the internuitutiona

book build it so desires up around $2 trillion u.s. dollars. however, the reports would suggest the company's valuation is probably closer to 1.2 and 2. so, this is going to be interesting to watch, as well, when it comes to determining exactly how much the company is worth and what kind of demand it will receive moving forward. >> dan murphy in abu dhabi with the latest. new revelations around wework and the scrapping of its ipo. plus, remember those solar eclipse sunglasses from two years ago. you might want to break them out again but not for the reason you think. it's trending and it's cominupg when "worldwide exchange" continues after this sundown vitamins are all

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concerns the "wall street journal" said the sec was concerned on how they were framing the heavy losses it was shelved back in september. and kaiser permanente says ceo chairman bernard tyson died unexpectedly in his sleep on sunday tyson rose through the ranks through a 30-year career becoming its ceo in 2013 during his tenure, the company grew to serve more than 12 million members with a workforce of 218,000 folks bernard tyson was 64 years old. still to come, a look at the other top stories of the morning, plus, a return to valla. why our next guest says markets are doing something they haven't done in 20 years and it's a huge buying oorpptunity "worldwide exchange" is back right after this

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all right. just a hair after 5:25 a.m. eastern time that is a live shot of new york city from the top of rockefeller plaza. a place near and dear to many nbc universal hearts we head to philip mena with the latest philip >> good happy monday to you. inside rockefeller center plaza as we speak.

temperatures plunging 20 to 30 degrees lower than we normally see. break nearly 200 records that have been set for decade many areas in the great lakes have already seen their first snowfall, but this could just be a preview of what is to come for dozens of states and of course today is veterans day and businesses across the country are showering veterans and active military with freebies and deals. weekly or everyday discounts, some are offering some extras for the federal holiday. amc theaters is offering a free popcorn with the purchase of a military price ticket. good different ye goodyear is giving checks for free vets and planet fitness is offering free workouts through november 15th. a one of a kind grand master time wrist watch just set a world record this past weekend it is sold for $31 million at a charity auction and now makes it

the world's most expensive watch. dom, back to you >> philip, thank you very much we appreciate it still to come on the show, a valuation call on qualcomm which has that stock lowering the market by 2% as we head off to break. today's big number $30.8 billion. that's how much was sold on alibaba's single day last year that is more than black friday and cybermonday combined we'll be right back after thisag n me and the other candidates. i don't think we can fix our democracy from the inside. i don't believe washington politicians and big corporations will let that happen. the only way we can make change happen is from the outside. for me, this comes down to whether you trust the politicians or the people. and if you say you trust the people,

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the market's record run facing new head winds on new trade deal questions and unrest in hong kong not slowing down alibaba singles day as the company smashes sale records, again. a live report from china and the rise of the robots the video of mini robots going viral. the second half of "worldwide exchange" on cnbc starts right now. ♪ welcome back and thanks for being with us on cnbc, i'm dominic chu. happy veterans day to all of those out there who are serving and serving right now.

wall street is looking to kick the new trading week off in the red. the blue chips coming off their third positive week in a row and eighth record close of the year. the bond market is closed for that veterans day holiday. the dow opened down by 120 points if the future losses hold into regular cash equities trading. turning overseas to asia markets saw losses throughout the region as shares in hong kong tumbled amid new violent protests you can see they were off by 2.5% the shanghai composite off nearly 2%. let's see what is happening in the early trade. carrying that negativety generally speaking the german a dax off 1% a number of calls on stocks to tell you about this morning, including piper downgrading cisco and kate rogers has all the upgrades and downgrades. kate >> cisco from overweight to neutral and reducing from $55 to

$51 citing a slowing macro environment across the provider sectors. morgan stanley has downgraded shares of qualcomm to equal weight from overweight the semi conductor peer has closed among other factors moving price target from $89 to $90. evercore from inline for xer ox's bid for the company it says it sees multiple and the stock could work higher as a result of xerox's bid for the company. >> thank you for that. joining me now is mark equity portfolio manager and i got to say, those upgrades and downgrades are very focused on old world tech names, right? that could be considered value these days >> for sure. >> are technology stocks amid those that you consider value oriented >> they can be obviously, depends on valuation. but we are actually overweight

we have the highest weight in technology we had for a while at the firm again, still significantly less in the overall market and including qualcomm when we look at the downgrade today. the stock has had a huge run even for us, we see some upside left but i understand a downgrade like this because valuations moved up significantly recently. >> let's talk about value versus growth we talked about the rotation within sectors now it seems though within the longest stretch we have seen growth-type stocks outperform value. in the last month to two, we have seen values, is that the beginning of a new trend >> a question of when, not if. we've seen the longest growth trend longer than the nifty 50 and the tech boom in the late '90s over the nine to ten years we've seen growth outperform value. the good news as a 40-year value firm we've seen the things when it turns and a significant

period of time and an average of seven years and, you know, a significant run over that period of time. so, we see the factors starting to happen. it's hard to say if today's the day or not but, clearly, we think it's overdue and we believe in this trend continuing for a long time >> when you say value, what exactly are you looking for factor wise to match your value? is it dividend growth or price to earnings ratio or price to sale what is the biggest factor you're looking at? >> we tend to combine the three factors we prize the most. p/e below the market and yield premium to the market is the way to tend to find value and build our portfolios cash flow, et cetera but those are the three components we look at the most and the three we believe over time add to the most value >> when you say yield premium, you are looking at that dividend as part of that picture. what types of companies right now are the highest on your shopping list? >> you know, it's interesting.

the yield is an interesting paradox right now because generally highest yielding names we call them defensive names like real estate, utility, staples, telecom that's traditionally where you go for high yield. unfortunately, those sekctors of the market are highly valued right now. rates are so low for a long time we have to go outside those areas to find significant yield. the good news is lots of companies have started focusing on growing yields and you can find industrials and you don't just have to go to the traditional markets to find yield because they don't look attractive >> are there favorites right now that you are looking at? >> within those sectors. since we think defensive is expensive. we're generally moving to the more traditionally called the areas of the markets that are good valuations and the ability to grow earnings, dividends,

cash flows >> do you care about the fed right now? >> of course so, those are the two big factors in the market. it looks as though the fed is accommodative and let's start by saying that. the whole world seems to be saying that there is an inflation of asset values or continuation of this growth pattern. that's a positive. the tariffs are a huge issue for the market and continue to create uncertainty the problem is it's hard to know what is really happening out there when it could be trade related and softening related to that or is it an economic cycle. until there is some clarity around it, it sits in my mind, the largest issue for the market >> mark giambrone, thank you for joining us. chinese e-commerce setting a new sales record on the single sales day. the largest 24-hour shopping event. joining us now live on the scene. good morning or good evening, arjun. >> good morning to you, dom.

this day got off to a flier 18 1/2 hours ago within one hour of single day alibaba hit 12 billion you can see the number behind me continues to tick up they beat the record in the early afternoon here in china that they set last year of $213.5 billion they tore through that that number continues to go higher let me dig into what chinese consumers are buying and what is driving that number behind me now. there is a big focus on imported goods and those are usually very expensive in china and the heavy discount has attracted chinese consumers and what is interesting among that, the u.s. is one of the top companies from which chinese consumers are buying from brands in the u.s. we have seen apple doing very well today the iphone 11 among the top-selling items. nike is doing very well. i spoke to an analyst earlier who said jewelry and apparel brands are doing very well from the u.s. there was a concern that some

anti-american sentiment with the ongoing trade war and that has not been the case. live streaming very, very different, dom. this screen here is full of live streams. if i click into one of these, an internet celebrity talking about a product and offering offers on these products within the stream, which is very, very different to how we're shopping say on amazon. that helped drive some of that growth, as well. another interesting aspect, alibaba driving into some of the lower tier or smaller cities in china and that is helping to bring new users on to its platforms and also drive some of these. that is the trend we're expecting to see from alibaba. something it will focus on going forward over the next couple years, as well let me set the expectations. analysts told me today that this number behind me this figure, they're expecting it to reach somewhere around $37 billion. right now we're just over $32

billion. now, if that is the final figure, that will be a slightly slower growth rate than we have seen in previous years as, of course, this event matures and that bigger figure continues to grow. but, of course, it might also speak to some of the growing competition here from alibaba, as well. that figuring is continuing to tick up and i'll be here until midnight when we get the final tally. dom, back to you >> singles day one of the big, i guess personalities that we always associate with alibaba and singles day is jack ma is his presence still kind of there? i know taylor swift was a headliner. but jack ma and his own persona really does have and set the stage for the entire singles day, right >> that's absolutely right i'm told that actually jack ma is unlikely to make a physical presence here today on stage as later on as he has done in previous years we know he stepped down as

chairman of the company and that role has been taken over by the ceo. but is interesting, watching from the sidelines he said in one of alibaba blog post he is excited to be a consumer on this day they are letting some of the business sites drive a lot of that this year one thing you said, the presence of jack ma, somewhat of a spiritual thing, as well if you talked to the alibaba employe employees, the entrepreneurial spirit is alive. a vibe on the campus today they set up studios and booths for some of these internet celebrities to come down and there are various things happening around the campus and i think the spirit of jack ma is very much alive in singles day, as well. >> the next generation of alibaba leaders in full force. let's get more insight in singles day and the lessons it

may hold for retail in the u.s joining me is a cnbc contributor. jan, you saw that scrolling ticker and the number in terms does this speak to the health of the global consumer? >> we knew they were going to blow through the day from last year the real question is are they going to get to 37 or $38 billion. right now they have to do a lot of business between now and 11:00 eastern to get there it tells us the consumer is pretty healthy, but the other thing it told us is that u.s. products are selling very, very well we're all waiting for that >> we were waiting because all this talk about how the u.s./china trade war may lead to some nationalistic views in china with regard to buying their own products and it doesn't seem to be the case. >> it seems that price and product quality are what really matter

>> shocking. >> just like here. no, we weren't surprised to find that out but we were really hoping we weren't going to find out something different. what we also didn't want to find out is that they couldn't get to their $37 billion because that would tell us the slow down in china is greater than we thought. looks right now like they may make that number and if they blow through that number, we will know just how strong the middle class consumer continues to be and the really good news is that we know they are continuing to buy u.s. products. that tells me that the trade war is between china and the u.s. and not between the chinese people and u.s. people and we would love to find out that is the case >> the middle class in china is still spending the middle class in america has been spending and has for the better part of the last decade so, does this bode well for the u.s. holiday shopping season >> well, you know, isi just raised their forecast this morning to 4% for the holiday shopping season. i have been at 4% for a while. people have been from 3.6 to and

if we get 4 it will be a strong year and i think we'll see that this season because there is nothing wrong with the consumer. there is nothing wrong either with the 500 million people that are buying on alibaba. but in the u.s. we're seeing record unemployment and we have 3.5% where have we seen that before never. record employment and 3% raising wages and 3.5% if you are supervisory and it's great if you're target, dollar stores >> we have been talking so long about the health of the american consumer and they are a driving force behind the u.s. economy. is there something that might maybe tell us that that spending is going to start slowing down at some point here i only say it not because i'm thinking it is going to be recessionary i'm just thinking at some point cycles do take a turn, right >> yes

if we start to see some overall concern about the u.s. economy or about the world economy that starts to translate to people at the level they spend at like the people on the street, not people like me and you that are talking about it every day what would it be >> what i'm saying is that we are talking so much about how trade wars have dampened sentiment. and talking about this idea that perhaps there are the signs out there for leading indicators like market isms saying things are slowing down and yet not taken a toll on consumer sentiment. moestpe most people are still spending. >> i say all the time, do you have a job will you keep your job if you lost your job, could you get another job paying just as much or more if most people can answer yes to that, they keep spending unless something happens or unless

credit stalls out. there has been concern about the banks maybe not lending as much into consumer credit that has been a concern. but i think that would have to change by a lot to slow down christmas spending i don't think we're seeing that. all those other measures which is employment, employment, employment, they are really good >> all right jan the bullish take on retail right now. thank you very much. a look at the stories generating plenty of conversation this morning, including likes getting the love at instagram reinanit cinupomg nextnd i'm sti my joints for the long term. osteo bi-flex - now in triple strength plus magnesium. ♪ ♪ i've been a caregiver for 20 years. no two patients are the same. predicting the next step for them can be challenging.

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prevagen. healthier brain. better life. that's what happens in golf nothiand in life.ily. i'm very fortunate i can lean on people, and that for me is what teamwork is all about. you can't do everything yourself. you need someone to guide you and help you make those tough decisions, that's morgan stanley. they're industry leaders, but the most important thing is they want to do it the right way. i'm really excited to be part of the morgan stanley team. i'm justin rose. we are morgan stanley. all right. as you can see there we have now an implied open on the dow down 130 points. down 13 for the s&p and down 44 for the nasdaq this does represent a move down toward the lows of the session so far so, we'll keep an eye on those markets. re remember, we did hit record

highs this past week. what else you'll be talking about today. top trending stories and that we turn back to kate rogers >> mercury is taking a trip between the sun and the earth offering people a rare glimpse at the solar system's smallest planet it will start around 7:35 eastern time and take roughly 5 1/2 hours. those interested in watching the planet as it crosses the sun must remember to bring either binoculars or a telescope that is outfitted with a special solar filter the view isn't worth losing your vision, of course. this phenomenon won't be seen in north america until 2049. >> so, i'm going to get the welding glasses and/or whatever i had for the last eclipse because this could be pretty cool >> this looks really amazing and, again we won't see it for a long time. >> all right i'm going to go out there at 7:35 and we'll see if squawk will give me an opportunity. if robots aren't scary enough, mit robotic labs are

testing mini cheetah robots. they can even do backflips, dom. each robot weighs 20 pounds and powered by 12 motors and could achieve speeds of five miles per hour they are also pretty smart, which is scary each mini cheetah has to make more than 30 decisions per second to keep itself upright. they are cheaper, miniature versions of cheetahs also created at mit's lab >> what makes them cheetahs? >> they look like cheetahs. >> they look like dogs to me but the robots themselves. i mean they're jumpling up and down this is very much like, okay, these are the things that could be seen in a terminator movie. >> how creepy. i don't like any animal that doesn't come when i call it. this would fall under that category >> they could make it come >> i guess but it's just so crazy >> all it takes is algorithms. finally instagram ceo says it will hide likes counts for

users this week. once the change takes effect a number of likes a post receives will be hidden from public view but users will see the like count on their own post. the move is to depressurize instagr instagram. it tested in canada, australia and japan. what do you think of that? >> this won't change the metrics that social media influencers use to sell their product. >> which is so important >> people make millions of dollars because of the number of followers and likes they have. >> that feeds into the hype. not being able to see that could be a negative for them when you think about young kids and the social media pressure and cyberbullying and all that, it could be a positive for them. >> kate rogers i still like you >> i still like you, too in sports the dallas cowboys hosted the minnesota vikings last night the vikings come out

hot out of the gate scoring two touchdowns for an early lead the cowboys answer with two of their own tying the game at 14-14. a field goal will put the vikings up by halftime that changes in the third quarter of the game. dallas briefly takes the game after prescott nails a pass to cooper for a touchdown the vikings respond quickly and hold on to their lead to beat the cowboys 28-24. so, that race in the nfc east, though, still the cowboys to lose. on deck for the show, what else will be driving the markets in the week ahead. goldman sachs facing new scrutiny from regulators over a tweet. the allegations being laid out against the bank coming up next.

welcome back time for your executive recap. the headlines you need in 60 seconds. a protester in hong kong has been critically wounded after being shot by the police amid the anti-government protests hog chief executive said the violence of the demonstrators has now far exceeded the call of democracy. jpmorgan ceo jamie dimon says the growing wealth gap is an issue that needs to be resolved he says he thinks middle class incomes have been flat for the last 15 years. his remarks come amid a recent spat with 2020 presidential candidate senator elizabeth warren on wealth in this country. new york state officials are now investigating goldman sachs and their credit card practices. the move comes after a user of the bank's apple credit card claimed the card's algorithm discriminated against women when determining credit card limits the record run by the markets will be tested once

again this week with key economic data and an appearance by jay powell on capitol hill. joining us now is portfolio manager at needham growth fund thank you for the early wake-up call let's talk about markets can be heading back towards record highs and beyond >> look, the way we look at it, we separate out stocks and separate activity. we moved away from the discussion with yield curve that has steepened in the last month or so. has the market been rewarded for those benefits already we think we are in an overextended period right now. but that could just be more backing and filling as we begin to hear from companies over the next kind of four to five weeks. you know, is this sustainable? what we were seeing this summer is a taiwan semi conductor, which are generally good forecaster of economic activity and i think we've seen that for the last couple months the question is, again, is that

sustainable? is it stuff that was pulled forward with companies like huawei and companies that couldn't buy and then you stockpile. we don't know yet, but that is what we are going to be watching >> you mentioned the semi conductor as a leader indicator. a lot of folks use that as their tell we also look at small cap stocks as a leading indicator for what could happen small caps have not made the record run small caps have been far behind most of the large cap market you manage a small cap, are the small caps something to be trusted whether the market overall is healthy >> i think two things with small caps one is we are watching the high yield market which is sometimes a good parameter are small caps going to be healthy and holding in well so far. but what we need to see is reaccelerated growth which then filters down to a lot of the small cap companies. as the economies change in the last couple decades, small caps have more global exposure.

so, what occurred in the trade tariffs and wars and with huawei, it did impact our small cap companies. but we're coming into an election year and i think the rhetoric should get toned down a little bit and that should be a positive, you know, growth for the economy, which we think should be good for small caps and money is flowing there at this point in time >> how do you think 2020 is shaping up how are you positioned portfolio manager and have to allocate money cash to equities and certain parts of the spectrum. what exactly is the stance that you have right now going into 2020 >> at this moment, we are heavier in cash than we have been because we had a great run for the last couple months but what we'll be looking for is that rotation that we think is going to begin to occur. an area that we would love to see come back is more industrial names. you know, capital investment that has been held back. so, things like, you know, fiber

optics and fiber lasers. things that are out there that are technologically driven, you know, have good technological motes where investments will go to modernize but we need to see a little bit more of, is this sustainable you know, again, the rhetoric has been pretty tough out there. and, you know, we'd like to see the trade agreement come through, but the right agreement. don't just do one to do one. >> what is the biggest thing that keeps you up at night as a portfolio manager right now? what do you think about when you think about 2020 and what could go wrong >> a tweet >> really, a tweet >> we're one tweet away from being down 500 points. it's that uncertainty. if we don't know we can't predict what is really going to be said what is giving me a little bit more confidence is it's going to be an election year. so, are those tweets going to help the polls or hurt the polls? and i think your last guest on was talking all about unemployment, unemployment, unemployment and i think that gets the confidence and the confidence of

voters so, i think that's going to be something that takes a lot more intensity, as opposed to let's just fight with our trade partners >> all right, chris over at needham. thank you very much for that monday morning call. that does it for "worldwide exchange" this morning "squawk box" begins right now. >> good morning. stock futures are under pressure as we get ready for another busy week of earnings data, as well. key speeches by president trump and fed chair jay powell something else going on this week, too. slipped my mind. oh, yeah, public hearings. violence erupting during a work day in hong kong. public hearings might be something people are watching. one protester was unfortunately shot by police and he is hospitalized in critical condition. goldman sachs and apple facing accusations that its credit card algorithm.

"squawk box" begins right now. good morning, everyone welcome to "squawk box" here on cnbc live from the nasdaq market square in times square sitting in with us we have tom farley the chairman and ceo of far point and the cnbc contributor great to have you here >> great to be here. >> you ready to go. >> i'm ready to go veterans day >> singles' day. 11/11. >> i was there three years ago for singles' day with jack the big screen where they tally up the sales and it just keeps going and going. >> the sales they've seen overnight is far stronger than they saw even last year.