♪ ♪ welcome to allstate. where everything just seems to go your way. ♪ ♪ you're in good hands with allstate. click or call for a lower auto rate today. it is 5:00 a.m. at cnbc headquarters here is the top five at 5:00 stocks look poised to continue the brakes on the slide from the dow and s&p snapped the five-day losing streak. those could be the big win according to ark's cathie wood apple preparing to pull back the curtain with the expectation of the iphone to propel that stock. democrats unveiling their

tax plan to pay for the president's trillions of spending as the white house looks to lock in key members of support. hurricane nicholas officially making landfall in the battered gulf region as it pushes to get operations back online from hurricane ida. it is tuesday, september 14th. you are watching "worldwide exchange" here on cnbc good morning i'm dominic chu in for brian sullivan here is how your money is setting up futures are indicating modest moves at the opening bell. dow implied higher by 870 points

the dow climbing more than 260 points s&p gained .25%. let's get a check on the treasury market ahead of the consumer inflation report at 8:30 a.m. eastern. right now, benchmark 10-year is a hair below 1.234%. the long bond is 1.915%. we want to look at the cryptocurrency market. bitcoin is on the rise $46,000. ethereum prices up by 3% $3,354 litecoin, the subject of controversy yesterday. .50% speaking at the annual s.a.l.t. conference yesterday, cathie wood saying the price of bitcoin

could surge to $500,000 in the next five years if investors continue to pour into the sector more of the comments in a few moments here first let's go worldwide with the markets with julianna tatelbaum in london. >> dom, good morning we are off to a slow start we bounced off lows, but seeing the stoxx 600 is the main benchmark a touch below the flat line a mixed picture with no major moves. a bit of red on the board for the french market. cac 40 down. ftse 100 seeing losses outside of that, modest gains. italian market up .60% investors here waiting anxiously for the inflation numbers from august coming out later today.

we are in a holding pattern. we are now 12 days away from the german federal election. investors bracing for that election outcome this is what the split looks like this morning. even picture here. autos out performing up 1.3% oil and gas also catching a bid this morning real estate is up 0.2% news from anovia dropping the closing conditions and takeover bid for rival it is a lot of back and forth with the companies on the down side, basic resources down 1.3% of the household goods and insurance and utilities. we also got news from the online grocer that stock trading toward the bottom of the stoxx 600. dom. >> julianna tatelbaum in london. thank you. let's get a look at the top

stories. we have silvana. >> reporter: codom, apple is urging customers to install the security update. this is after researcherss warnd a spyware company had the way to take over an apple phone, watch or computer. it takes control of device by sending a message and hacking through the flaw in how the company processes images researchers say the group has been exploiting the vulnerable issue since february cases in the u.s. of covid are easing following the surge the seven-day average is 117,000 as of september 12th according to the cdc that is down from the number of 184,000 at the beginning of the month. there have also been promising signs when it comes to covid related hospitalization and deaths falling as well

and cathie wood is making the case for the market. speaking to andrew ross sorkin yesterday, she said millennials are key to the investing landscape. she believes deflation will be a big investing teheme going forward. >> i believe we are seeing incredibly confusiconfusing. look at what happened to the bond market this year. against all expectation, yields have dropped from 1.75 down to 1.3. as inflation expectations are exploding. we believe the reason for that is that we are probably when all is said and done and the dust clears from the supply chain, we are probably in the highly defl deflationary world

>> reporter: wood says costs should come down as technology changes the world order. dom. >> innovation. thank you, silvana let's get more on the market with the cnbc contributor let's talk about whether or not deflation is the cause for worry right now. that is not the consensus view especially as everyone looks toward that big cpi later on this morning >> at least in the short-term. i would say if anything, the headline that i'm reading from the strategists, the title is it transitory i think one of the things that we need to be careful about as portfolio managers is using confirmation bias. that is where you seek something out that supports your theory. deflation supports the high tech and high growth stocks

that might be a bit of confi confirmation that is really human nature. i do the same thing from my portfolio which is dividend oriented i probably skew on the other side of that and think, oh, no we have inflation coming we need to be careful. i need to be careful and listen clearly to cathie and say is she more right than i am this is transitory who knows? i think the reality is it is the level of inflation we are worried about. i actually think there ill inflation. we will get back to the pace of life with the economy. >> jennie, we know you are a dividend oriented investor that means inflation has to be front and center in your mind. is this an environment right now where the dividend paying stocks

are the most attractive option for you given what your worries are with inflation >> you know what is funny? it is not front and center not at all the reason for that is when you have the 10-year persistently 1.3% and bond yields so low, that they basically giving you no attractive investment opportunity. you get to actually invest in the stocks if the 10-year were at 3.5% or 4%, it then becomes competitive. we are nowhere near there. no, that's not what i'm looking at i'm looking at things like what do i expect earnings growth to be or the economy to look like will people shop in brick and mortar stores? less digital world than last year those are the things that are driving investment decisions. >> corporate fundamentals

matter, jenny. if those are what you are looking at right now, is there any part of the market attractive given the five-day losing streak, but still less than 2% away from the market highs. >> it is so funny. preparing to be on, i was looking at what was attractive and the previous segment supported. real estate investment trusts. a lot of activity. energy is down 10% over the last couple months. there is a lot of attractiveness in energy. actually in health care, too some concerns that there would be price controls and a lot of the stock trading down 5% to 7%. i can throw out stocks >> i would love to hear what the ideas are. health care we know has been so front and center with the covid pandemic it is not just covid

not moderna or pfizer on the top of the list? >> for example, we invest in abbvie and amgen these are down 5% to 7% in the last month if the market were down 5%, you would say great buying opportunity. they are trading at 13 times earnings you look out to 2022 earnings growth it is mid to high single digit it is positive as we return to normal and people and hospitals full. that will not persist forever. as normalcy returns and we go to the hospital for normal vaccines and procedures and everything, and that is happening. we can't pretend it isis armageddon when that happens, i think these

are really under valued. that is in the health care space. i was looking at the portfolio and you have the pipeline companies like enterprise. trading 13 times earnings. enterprise with 8% yield oil prices have sustained around 70 very solidly there are good things you can do there. on the reit side we own sl green. a large office building owner in new york city. we can't pretend people will not go back to the office. when you have an eight-year lease term, you can't ignore that there is a lot to do out there when you think the market is

frothy or over valued. >> jenny harrington. thank you. we appreciate the picks. see you later on when we come back on the show, rbc's helima croft is talking about what is pumping the oil market higher. plus, an automaker battle over tax breaks. tesla and toyota take on ford and one of this country's top auto unions. your morning's big money mover. oracle sliding with the latest quarterly result a busy morning ahead when "worldwide exchange" returns after this break

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welcome back oil prices hitting six-week highs on the worries another storm could impact the gulf coast as the industry is struggling to return to normal following hurricane ida. nicholas is making landfall in texas as a category 1 hurricane, but downgraded to a tropical storm. the iaea is coming out with the monthly report the iaea saying the impact of hurricanes and other psupply outages will take a chunk out of the production it is cutting the supply rebound forecast and demand forecast by 100,000 barrels per day.

citing the delta variant let's talk about this with helima croft at rbc capital markets. she is also a cnbc contributor helima, oil prices creep higher and my gasoline bill is there any end in sight? >> the big concern for the market is the u.s. supply disruption we have not fully recovered from hurricane ida. both oil and natural gas the focus on the latest storm. further supply shut downs. also watching the demand picture. u.s. gasoline demand remains strong shi china, which hadloc lockdowns i the summer chinese demand is still holding up the picture looks solid for oil. big looming questions. if oil moves higher, opec is meeting every month. will opec come under pressure

from the white house to put more barrels on the market? china and india are tapping stockpiles to cool off prices. i do think watching the response from consuming nations is important as well. >> helima, if you look at what is shaping up with the price action, is it more balanced in your mind given what you expect with demand and the delta variant with supply? are these prices justified at this level or are they due for any pull back anytime soon >> i think these prices are justified at this level, but important factors to watch some analysts are talking about oil prices moving higher next year it is worth noting we have 5 million barrels and opec production off the market. if opec decides more barrels are needed, they have the monthly mechanism and put more barrels on the market. i think we should be watching if we think about the breakout to

the upside do we see supply disruption beyond storms in the united states libyan production struggled. do we see something else in terms of outages that propels prices higher? that is what i think we would have with oil prices moving materially higher. >> if we talk about the oil prices, materially or otherwise, is there a relative advantage in the markets to the u.s. shale, oil and gas producers or those in opec plus i wonder if it is good for our producers here in the u.s. to pump more barrels out. saudi arabia and others are thinking the same thing. is it a time where you take advantage of the high prices because demand is there? >> i think shale producers are looking to ramp up production. they remain under pressure for investors for discipline the question is what does opec do they are the ones which are

sitting on 5 billion barrels in the dry market to put on the question is at what point does saudi arabia need to cool things off i think concerns of demand destruction might kick in at $80 brent. i don't think they will be particularly concerned about demand they are meeting every single month. they have the ability to adjust quickly. one other wild card factor to watch is what happens with iran. iran is sitting on 1 million extra barrels of ohil export. there was progress with the agreement, but it looks like talks will continue, but no imminent sign of the breakthrough to bring the iranian barrels back on the market the barrels stay off the market, the market is tighter next year.

>> helima croft, thank you very much we appreciate it. still on deck, the world's biggest retailer in a fake partnership with the cryptocurrency details on the fallout of the drama that let to the spike in litecoin process and the subsequent fall. keep it right here

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a live look at 5:23 new york

time times square midtown manhattan where our colleagues at "squawk box" are a half hour away from their show let's get a look at the headlines. phillip mena has more. >> good morning. president biden campaigning for governor newsom. he compared larry elder to former president trump before this election, a web site paid by elder's campaign predicted his defeat making claims of voter fraud. he said we should be worried the met gala returned to new york on monday night this year's celebration was dedicated to the metro museum of art called in america of the a

lexicon of fashion alexandria ocasio-cortez kicks off the night with a bold statement with the white dress with the words tax the rich. okee osaka was right there along with lil nas x with three outfit changes. we have an overtime thrill near the monday night football game the ravens struck first on the road with tyson williams dashing in on fourth and 1 raiders responded in the fourth quarter, including a late field goal to force overtime in overtime, derek carr helps put the game away. vegas rolled double threes they win 33-27

dom, the nfl is back and week one in the books. >> what an amazing week one if this is a preview for the rest of the season. phillip, thank you still on deck for the show, democrats looking to get party members in line to get the economic agenda delivered to president biden's desk andy block lays out the s.a.l.t. deduction could be key keep it here we'll be rhtac ig bk. the personal loan from sofi helped me consolidate my credit card debt into one simple monthly payment. debt free! thanks to sofi. ♪♪ i'm 53, but in my mind i'm still 35. that's why i take oste bi-flex to keep me moving the way i was made to, it nourishes and strengthens my joints for the long term. osteo bi-flex, plus vitamin d

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stocks look to build on the bounce back yesterday after snapping a five-day losing streak futures are holding on to slight gains. we could see it at the opening bell. cathie wood thinks bitcoin could bounce back. the $500,000 price tag she is predicting. and apple pulling back the curtain on the iphone. what the hardware could mean for the stock price. it is tuesday, september 14th. you are watching "worldwide exchange" on cnbc. welcome back to "worldwide exchange." i'm dominic chu in for brian sullivan here is how your money is looking halfway through the 5:00

a.m. hour. futures, as we showed you pointing to slight gains dow implied higher by 60 points. this is after the dow and s&p both climb for the first time in six sessions yesterday dow climbing 260 points. s&p gained .25% thanks to the energy related company rally let's get a check of the top stories with silvana >> dom, walmart is looking to the fake press statement over accepting litecoin the statement release from globe news wire glclaimed the largest retailer would accept the cryptocurrency online. that led to the spike of litecoin walmart said the press release was fake and the notice was

taking steps to prevent a similar incident from happening. sticking with crypto cathie wood is making a bet on cryptocurrency speaking with andrew sorkin, she said bitcoin could surge over the next five years thanks to the interests by institutions and investors. >> we believe that the price will be tenfold of where it is today. instead of $45,000, over $500,000 confidence in ethereum has gone up as we have seen at the beginning of the transition. we would still do 60% bitcoin and 40% ethereum reuters is reporting that tesla and toyota is clashing with ford and others over tax breaks for electric vehicles the plan is part of the

democrats' $3.5 trillion spending bill. it would give union and u.s.-made evs an extra $4,500 tax incentive. tesla and foreign automakers in operating in the united states do not have unions toyota does not currently build any full evs in this country dom. >> clash developing with the automakers and unions. thank you, silvana. let's stick with the $3.5 trillion spending plan with the curtain pulling off that plan to help pay for all of it the proposal is top corporate and tax rates of 26% and nearly 40% respectively the plan comes as the white house tries to tamp down inflation fears among moderate democrats which would keep them supporting the agenda. i'm joined by andy blocker

andy, let's talk about the current state of play. it is not $3.5 trillion that we are expecting. it is not exactly $1.5 trillion that we are expecting. what exactly is the compromise going look like if this plan comes to fruition? >> dom, that is what we are looking at from the very beginning, we didn't think $3.5 trillion was the number we have been in the $1 trillion to $2 trillion range we are looking at the higher range near $2 trillion partly because there is a need to keep all of the liberals in the house caucus on the vote for the package and not just this package, but the structure package that comes first >> you mentioned the house and the senate as well this is tight. no matter how you slice it the senate, you can't have any defects in the senate right now. the house is only three votes at

this point in terms of the swing or can afford. what exactly has to be done to apiece the progressive side of things and moderates trying to get something moderately passed through this market? >> so, that's the tightrope that nancy pelosi and chuck schumer have to walk it is not just about senators sinema and manchin that you hear about. it is about the house members from high tax states like new york and new jersey who with want s.a.l.t. relief we see s.a.l.t. as a sweetener to allow the moderates to put more in the package to get close to the $2 trillion range you saw congress member gottheimer say no s.a.l.t., no dice you see chairman neil saying i'm looking to put s.a.l.t. in final package. the other hand, you have fully

reinstating s.a.l.t. costs $600 billion. that is almost unpalatable to do that, you have to raise taxes elsewhere or forego the social promgrams. it is a tough road to hoe. >> we are in the new york area many of us are part of the picture. it is fairly bipartisan. republicans and democrats and some of the states with higher relative tax rates are trying to campaign for s.a.l.t. tax relief meanwhile, progressives, perhaps like alexandria ocasio-cortez and senator sanders view it as helping the healthy people out how do you reconcile that voting situation and get a deal passed when you can't have any real defects on the house or senate. >> you hit the nail on the head.

you have republicans supporting the concept of s.a.l.t., but you will not get their vote. the issue is the moderate wing in the democratic party and those on the progressive wing. the question is what do the liberals really need to allow there to be a s.a.l.t. if you look at it, they need all of the different packages with respect to child tax credit, paid family leave. all main parts in the package. they also need the environmental things that did not make it into the physical infrastructure package. this is the toughest job that house speaker nancy pelosi has had. you normally satisfy the progressives bypas passing the g bill there are moderates saying i don't want to pass that in the house unless i know the senate is taking that on.

>> andy, one thing your clients have to ask is the tax rates with the capital gains tax and the possible 40% top tier for the highest paying taxes out there. how exactly then do markets or the economy react if we see a move higher in the top end of both capital gains and individual marginal? do you think the markets will handle that in stride or derail the market rally we have seen? >> we have already looked at this as we expected all of the things that house ways and means chairman put out we expect 21% to 25% to 28%. it did we invesexpected the individuale and gcap gains. there is nothing new here. we are looking at the size $1.5 trillion range or $2

trillion or does it get bigger and more to the $3 trillion? if it moves to $3 trillion, that would be a newsmaker >> andy blocker, thank you we appreciate it coming up on the show. your big money movers. apple. what we can expect from the very, very highly talked about product event. as we head to break, some of the other top headlines today. president biden plans to nominate georgetown law pro professor to the ftc he is viewed as a privacy hawk it is time for investors to cut investors to technology stocks and increase on economically sensitive companies like energy. they argue the negative effect from the delta variant is an issue. and amazon with the future of concert tickets in your palm.

amazon one technology allows you to swipe your hands over sensors. now starting today, visitors to the red rocks theater will use the same technology to connect concert tickets to the account and hover their hand for entry others will set this up in the coming months. biometrics on a whole new level. stay tuned you are watching "worldwide exchange" on cnbc.

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welcome back time for the big money movers. first up, oracle falling short of the expectations oracle is looking to second quarter profits above estimate stock number two intuit buying company mailchimp it is the company's biggest acquisition ever last year, it bought credit karma for over $7 billion. m m m mailchimp. finally, fox corp.

buying tmz terms have not been disclosed. the platform is valued at less than $50 million fox already has deep ties with tmz with local stations airing its shows and tmz propduced primetime specials for fox. another big money mover is apple. expected to unveil a new iphone line with other hardware josh lipton has more on what to expect from the california streaming event. >> reporter: apple is tight lipped about what is coming today. here is what we expect four new iphones mini, regular, pro and max open questions for investors here will apple raise prices due to memory costs and price increases? the baseline iphone 12 starts at

$799 how does the chip shortage affect prices? and the new iphone watch estimates say the watch is 5% of total company sales. apple did face production issues with the new watch, but issues have been resolved the impact on the release schedule and shipment schedule is not significant potentially, we could see new airpods. it could sit between the existing with smaller or no stems. apple does not breakout that product. air pods account for 5% of revenue. that is part of the wearable category it accounts for 30% of market share. back to you. >> thank you, josh lipton.

for more on apple's event, we have our cnbc contributor. alex, josh laid out the broad strokes. i have seen this many times. this is about evolution and not revolution with apple products here what does apple need to say today to help move the needle for this company >> it is interesting i think it is less about what apple says today and more about how it is positioning the software business. we think about the event and typically these are massive events for apple you get a chance to look at the business and see where it is going. these are fairly underwhelming upgrades to the iphone a smaller notch at the top of the screen who will upgrade with that smaller notch? it is about moving the needle and how do they make money from the existing customers that is why it is fascinating.

we just had the epic ruling last week we see a hit to apple as the software and services business that is the headline coming in it is going to be looming over the event. as for the phone itself, we know what is coming we still look forward to the events now they are more refinement events >> if that is the case, what investors are looking more at then what needs to happen for apparent apple? we know apple is trying to move that narrative toward that services side of the business and the margins as well. what exactly can we expect on that side of things? any big releases on that front >> i don't think there willbe any big releases on that front today. we do know last year 2235 millio

people bought an iphone. you have to be happy with that number apple has 700 million people subscribed through the device. the question is how does it grow the base over time you have a new iphone. whether buying last year or follow along this year those are the ripe targets for apple to continue to extract money and grow the higher margin businesses for apple, this is the more stay the course moment. you will not see the wow moments you are used to seeing in the past obviously, that is fine for the company's business that is what it is looking at doing. i think we should get used to the release events are not as exciting as the past for apple's business, that may be okay. >> if it is okay, and no doubt, as a mature company, it has to face different hurdles comming

up we know this hasn't led to the big stock moves. in recent memory, it has been to the sound side what is the larger macro catalyst what does apple need investors >> i think that it needs to show that it is growing that small base of services revenue we are talking about a few billion. still, put that alone and it is a massive company. give apple credit. apple has been telling us that is where it is moving. so, if that is where it is moving, we should see growth i think as it continues to show growth, it will obviously fend off more legal challenges. epic was the first it dealt apple a setback apple can claim it won what will we see come down the pike next? that is really important of course, i don't want to minimize the device sales which

is important to the company. iphone sales have maintained half of apple revenue. that will be crucial i do think it is foundational part of the business it is going to be less exciting. it will be all about growing the pie and showing the higher numbers on the services. business on the software side is super important for apple. >> alex, thank you very much we appreciate it big apple event this afternoon in addition to the big event, a big interview on cnbc later this morning amazon's ceo andy jassy. here is a preview of what he says about perceptions that amazon is a monopoly >> we don't have the ability to raise prices in any unfettered way. if you look at what we do, we are taking prices down because of the competition in the markets. again, it is sometimes the rhetoric sounds good you have to look at reality.

at 1% of worldwide retail. it is hard to argue a monopoly >> don't miss that conversation later on andy jassy at 11:00 a.m. and coming up, the big question for stocks as we race toward the fourth quarter. if you haven't done so, follow our podcast check us out on apple or spotify or podcast platform of choice. we'll be right back. that's why i take oste bi-flex to keep me moving the way i was made to, it nourishes and strengthens my joints for the long term. osteo bi-flex, plus vitamin d for immune support.

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founder of pracotomac is there anything on the radar for you that should derail that market rally >> well, we had the biggest market worry taken off the table at jackson hole. that is the federal reserve. jerome powell said we will taper, but not tighten too tightly. the biggest worry, the worries of the crash are taken off the table. it could be a death by a dozen cuts here. especially with the list you mentioned and impact of taxes which hasn't been resonating with investors and how it hits the bottom line in corporate earnings these tax cuts are significant the market varally, a few years ago, why not reverse or the same

sentiments on the other side with talk of significant tax hikes for corporations and individuals. >> we talked about what is in the market and not in the market it is obvious things are priced in the markets keep pricing in more positive news. how much positive news needs to come out what else is left? >> we got the positive news last quarter with the earnings gains. they will be hard to repeat. that's an expectation that i think we need to begin to manage a little better as investors in terms of catalysts, i don't really see a heavy new catalyst coming in between now and year end. i think we will be in a holding pattern. the next big news is coming out of d.c whether the size of the infrastructure bill which had driven up. that driven up cyclicals and the values trade and material stocks it rocked them to the upside

now we're barely talking about the infrastructure bill. maybe $1 billion that was already passed or agreed to verbally by the senators we are not seeing major catalysts that are positive. >> i want to bring you back to the catalyst that people are following. the argument of inflation is here it is not just transitory. we heard cathie wood that the concern is deflation and prices come down. is there any view in your mind how inn vvestors position the notion of developing a tug-of-war here with those who fear insurance flation? >> inflation is not a permanent 1970s style inflation. investors need to realize the

biggest macro facing inflation is the innovation and return of globalization. once we get through the supply shock and reopening and impact that it has had on prices. the other point about inflation is everyone saying these wage gains are not going away that may be correct. inflation is measured year over year and we are not going to have the same wage gains in 2022 as 2021. i don't see inflation as a problem. i think the fed needs to taper, maybe not tighten. i think any movement by the fed will take froth out of the tech stocks that is something that concerns me as a money manager. >> all right mark avallone, thank you

let's look at futures. they are pointing to muted dgain at the opening bell. keep it here that does it for "worldwide exchange." "squawk box" picks up coverage next

good morning the futures pointing to more gains as the dow and s&p snapped the five-day losing streak. apple big event. the tech giant expected to unveil new iphones and watches and airpods today. rolling out the red carpet highlights of the met gala andrew had a camera with him "squawk box" begins right now.

good morning welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen and andrew ross sorkin. joe mentioned the equity futures. there are slight gains for the dow and s&p. breaking the five-day losing streak yesterday with the gains. nasdaq was down for the fourth day in a row futures are indicated weaker nasdaq futures off 4 points. dow up 14. s&p up close to 3. if you look at the treasury market treasury yields at 1.39%. and there is