it is 5:00 a.m. at cnbc. here is the top "five@5. we begin with stocks hitting the reset button after the dow snaps a month-long win streak. and candidates making the push ahead of the election looking to fend off the red wave we are live in washington with the latest. and apple out with the new warning on the impact of the china covid lockdowns on one of the most popular products. why getting a new iphone may be

more challenging. and meta preparing to roll outla layoffs as the tech secto gets hit. and twitter looks to bring back some of the fired workers it is monday, november 7th, 2022 you are watching "worldwide exchange" here on cnbc good morning i'm frank holland in for brian sullivan i hope you had a great weekend let's kickoff the hour with the check of the markets and your money. futures are slightly higher this morning. we are seeing the dow could open up 100 points higher s&p and nasdaq up .25% it is still early. stocks off a tough week last week all three indices with solid losses you see the chart. nasdaq down more than 5.5%

the dow snapping four straight weeks of gains checking the bond market 10-year treasury still above 4%. right now at 4.14. still seeing the inverted yield curve. something to continue to watch something that people often look to as a recessionary signal. and wti is just above $92 a barrel both lower this morning as you can see. taking a look at cryptocurrency. right now, bitcoin is trading above $20,000. down 2%. ethereum down 2.5% at this moment as well as xrp. let's get a check of the overnight action in asia and europe joumanna bercetche is live in london with more good morning, joumanna >> good morning, frank

we had weak trade data from china overnight with exports and imports showing the first contraction since may of 2020. not supportive on the trade front. authorities putting down any hopes that the market had of reopening due to the pandemic. both negative data points with positive price action. shanghai up .20% hang seng up .76%. you can see over in australia as well with the index up .60%. as the commodities sector catches breath here. in the european markets, it is positive tilting negative now we opened in positive territory. the ftse 100 in the uk is down .10%. house prices have started to show month to month decline for the first time since the beginning of 2021. dax is up .68%

we had better than expected factory import numbers better than markets had been p anticipating particularly because of the forecast us on the german manufacturing. cac 40 is pulling down a bit renault is expected to show a spin off of the automaker. frank, back to you. thank you, joumanna bercetche. let's get to the top stories with bertha coombs >> good morning, frank apple is warning of ongoing covid restrictions in china are hurting production of iphones. the company temperaorarily scald back the production of the iphone 14. the factory where the pro and pro max models are made is operating at a significantly reduced capacity the company says it will likely ship fewer devices and customers will face longer waiting times

all of this coming amid the holiday sales period for apple. berkshire posting a big jump in operator earnings the third quarter results. that figure totally up $7.76 billion. the company suffered a $10 billion loss on the investment during the quarter due to the ongoing market turmoil berkshire revealing it spent over $1 billion over share buybacks bringing the total to more than $5 billion employees at home depot store in philadelphia overwhelmingly rejecting a plan to become the retailer's first to unionize. the national labor relations board reported 51 workers voted in favor and 165 voting against. the company and union organizations both have five days to file objections. i guess it is just a losing

weekend in philly, frank >> you know, that is a low blow, bertha the phillies lost, but the eagles won. >> i was rooting for the phillies >> i think most people were rooting for the phillies we will not talk about the issues the astros have bertha coombs is a boston red sox fan. thank you very much. candidates are racing to shore up support ahead of the mid-term elections tomorrow and president biden and two former presidents hitting the campaign trail to sway contests nbc's brie jackson is joining from us washington with more on this story brie, a lot of political star power on the trail >> good morning, frank it is crunch time. president biden will spend the day campaigning in maryland while former president trump will hit the road and hold a rally in ohio. a final pitch to voters and the final days leading into the

crucial midterm. >> the election is not a referendum it's a choice. a choice between two visions of america. >> reporter: on the campaign trail, president biden is touting the administration's investment in climate, warning of threats to democracy and praised job gains under democratic leadership. this weekend was filled with last-minute campaigning by mr. biden and past presidents in the keystone state at republican rallies, former president trump who is poised to make another run at the white house, putting the blame on those in power now for the economic woes. >> if you want to stop the destruction of the country and save the american dream, then this tuesday, you must vote republican in a giant red wave >> reporter: the final nbc news poll before election day shows president biden's approval at 44%. >> this election is about the biden agenda people don't like high inflation

and high crime and open borders. >> reporter: abortion is also on the ballot and among the key issues democrats are focused on. >> we will defend the democratic an values we will protect women's freedom. >> reporter: in the latest nbc poll, it is dead even for republicans and democrats a aat at 73% what is at stake on tuesday? all 435 house seats, 35 senate seats and majority power in congress frank. >> certainly a lot on the line, brie which senate races are tightest as we bump up against election day? >> reporter: a handful of races are close. one that was mentioned in pennsylvania nevada and arizona and wisconsin

and the closely watched senate race in georgia. all eyes on those races. >> certainly all eyes on this midterm. one of the highest we have seen in a bit brie jackson, thank you. tune in to "business on the ballot" tomorrow night at 7:00 with the business topics and the results can impact your money. when we return here on "worldwide exchange. scaling back the lower earnings outlook. one major bank issued this and the concerning signals it sees. and tech stocks off the worst week of the year we dive into the opportunity in the beaten up sector. and the chrisis in lebanon a they bet on bitcoin. a very busy hour still ahead when "worldwide exchange" returns.

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welcome back to "worldwide exchange." back to the marnkets with the earnings season rolling on with disney and roblox reporting this week and in a note to clients, david koston is citing margin headwinds and the outlook would dim further if the u.s. enters recession.

we have seema shah with more on this we spoke about the growth forecast for the s&p down to 0 from 3% saying recession to lead to further rescission to the down side. how do you see the markets playing out for the rest of the year and 2023? >> i think for the remainder of the year, there is potential for a technical rally. we know around the mid-term elections you typically get a bit of an upturn where the market rallies that is standard action for markets historically we think that could happen because sentiment has been negative as we get into 2023 and what you have from goldman sachs is we expect earnings to take a bit of a drop back. margin pressure coming to the forefront and we are expecting recession in the u.s. from the second quarter that will drag down and put renewed downward pressure through next year.

>> a lot of pressure on markets in general right now so, another thing we have to talk about is the jay powell comments saying rates could go higher than expected how does that change your portfolio management we have been talking about the 60/40 portfolio coming back. does his comment change that >> we have a negative view of the broad market outlook for a while. we expected u.s. rates to be higher than what the market had anticipated. for us, to see fed funds rate above 5% could not be surprising at all not much has changed we think this is a time to have a defensive portfolio. within both of those, it is really time to look defensive and quality as we get into next year with the macroeconomics challenges are looking up. beyond the 60/40 and fixed income and focused on the

alternative space which typically will do well in the low growth and high inflation environment. >> interesting there are certain sectors you are keying in on and be defensive as you say >> within sectors as well. it is important to look at the companies. do they have margins resilience and continue with pricing power as things get more and more difficult through next year? we continue to rely on energy. this is more of a mid play versus large cap play. which countries do we think will perform better we do think the u.s. will out perform the others you want to look more domestic that plays in the midcap story which has the greater exposure to outside of the u.s. with the markets in europe. we are looking at quality and

defense and replaying sector by sector and saying which is the most resilient as we go into 2023 >> the elephant in the room. the midterms tomorrow. how big of an impact will that have on the markets? >> what we have seen over the years, it has a short-term impact the clearing up uncertainty weighing on markets for several months in the run up to the midterms, the markets like certainty as you know, and it starts to rally. in this situation this year, we have much bigger issues. inflation and rising rates and potential recession in 2023. it could be a short-term bounce through the end of the year, but as we get into 2023, the issues come back and we expect that would really weigh on markets and push them back down. >> seema shah, thank you still on deck here on

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welcome back this week marks one year since cr crypto the overall value of the market is down $2 trillion since november the last year despite that, countries facing inflation and crypto plummeting. we have mckenzie sigalos and lebanon is turning to crypto mac, you have a new piece up on cnbc.com what are localing telling you about the impact of the financial crisis and where crypto fits in >> frank, after bad decisions, lebanon's economy is in ruin a local currency lost 95% of the value and money trapped in the bank people are robbing banks at gunpoint to demand access to their cash because of this, a sort of

shadow crypto economy has e eme emerged. locals mining for bitcoin and dogecoin and litecoin. others are trading bitcoin because they feel it is the safest way to store savings. i spoke to people arranging meetings to swap the stablecoin for u.s. dollars which they use to buy groceries what i keep hearing is people are desperate for connection to money that makes sense and decentralized digital currencies outside the reach of bankers and politicians. it makes more sense than the lebanese lira. >> if there is wide spread power cuts and fuel shortages, how does this make sense of making money? >> in certain pockets of the country south of lebanon, there

is inexpensive energy. i spoke to a 22-year-old and he runs a mining network across the country. he has 40 employees working for him. some mining farms are running on solar power close to the syrian border what i find compelling about the business model is he allows people to remotely invest in the operation and earn a monthly dividend in crypto some customers are at the opposite end of the country. some in syria, turkey and egypt. it is an interesting set up. >> i know how well versed you are on crypto. you have to explain this one tether as a form of currency or money. can you explain? we saw the issues previously. >> in some cases, people are using tether as a way to get a hold of physical cash. remember when the lebanese banks let you withdraw, there are caps on it and taking a huge chunk from the deposit other people are turning to

online forums. this can be $30 of tether in exchange for u.s. bills. there are more formal channels what we are talking about is the black market the over-the-counter exchange traders who deal with crypto and take a cut of the transaction and, frank, there are merchants getting into the business of accepting tether directly. restaurants and markets. they say it is a better way to do business. >> more and more seeing different utilities for cryptocurrency kenzie, thank you. you are shedding light on it thank you. still on deck on "worldwide exchange." potential deal in the health care space as they arie diving deeper in health care.

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stocks looking to bet back on track as investors look to data inflation this week futures look to gains for the trading week. china's covid curbs is impacting the biggest company. apple issues a warning over iphone production. and meta reportedly carrying outl layoffs

and it is monday, november 7th you are watching "worldwide exchange" here on cnbc welcome back to "worldwide exchange." i'm frank holland in for brian sullivan let's get this monday morning started. a look at the markets and your money. the markets and your money futures are in the green the dow right now could open up 150 points higher. the s&p and nasdaq fractionally higher nasdaq coming off the worst week since january. look at the sub sector within tech software and services. etf down 9% last week. the ticker wcld with the worst week ever. it holds salesforce and snowflake. two suffering losses on disappointing earnings with

twilio and atlassian shedding a quarter of the value on friday let's talk to rob oliver about all of this. rob, great to have you here. >> thank you, frank. >> certainly the worst week since the pandemic what is going on is this pressure losing conf confidence >> i think this is both. the selloff in software is a rate issue software companies are sensitive. particularly on long-term discounted cash flow initially it was that. that evolved what it evolved is the question of demand. most recently, the demand for the cloud companies has slowed what investors are looking at right now is what the 2023 growth look like and when do we get out of the demanded decline we're in right now

it is important to point out, frank, software business models have changed tremendously since the last real economic downturn. you have many companies who have never gone through a recession you have business models not tested you have a lot of unknowns in the sector >> which is most tested by the situation we're in right now with the pressure from rates and recessionary talk? one reporting this week which would be a litmus test for that? >> a lot of excitement in the software sector is the new models those models are much more land expand and low cost. the poster child for that model has been at atlassian. they have benefitted during this time period. the beautiful thing about the models is they are not as top

heavy as old software. software used to be steak dinners and deals that were seven figures. that changed there is a convergence with the seller and buyer that has come into enterprise software that is all good until recently. what we see now is the free users that converted to paid in the case of atlassian and others are no longer converting to paid we think the models are durable. through this time period and typically through tougher and more challenging spending times, companies like salesforce and service now, companies that are tested and have big platforms to gain share, those are the companies that we expect to come out really strong. >> we are seeing a lot of layoffs with tech. one of the things we have seen before the run of layoffs is

people increasing sales team previously said they increased sales team a lot of companies were trying to do that the product led growth do you see a shift of that or will the layoffs hurt ability to grow >> that is a great question, frank. you are right. at the end of the day, software or sales or marketing or front office is discretionary. it depends on the number of people you hire. if your hiring plans is to hire 100 sales people and that is in the software and you talked about that with the software vendor or you freeze hiring all together, that has an immediate impact on the businesses there is no doubt absolutely why i think they will be fine and come out the other side of this is because you have ex extremely long-term secular growth unlike previous cycles with old license models that were up and down and swung wildly.

you have to inventory in the sector a lot of concerns of inventory this is an inventory free business that is compelling you are not as dependent upon labor in the sector. you asked about the cloud very early on i happen to think we're in the middle innings of the cloud move i think there's a strong secular growth story for the sector. there is no question to your point in the near term, changes in hiring and seat based assumptions will impact the group. >> certainly something to watch. coming off the worst week since the start of the pandemic. rob oliver, we appreciate it >> thank you, frank. let's get a check of the top stories with bertha coombs good morning, bertha >> good morning, frank meta platforms preparing large scale layoffs. the announcement could come as soon as wednesday and impact thousands of employees the company has already told staff to cancel non-essential travel the cuts would be the first

reduction in head count in the company's 18-year history. meta forecast a weak holiday quarter and higher costs next year meta has declined comment on the report. twitter delaying the launch of the verified account system until wednesday. twitter blue will let anyone who pays $8 a month who gets the blue check mark. the report comes amid concerns of the spike of misinformation of unverified, but check marked accounts twi twitter laid off half of the employees on friday, but now calling some back. they made a mistake and now realizing the experience of others is necessary to build the changes sought by the new owner elon musk. a major health care deal appears to be in the works

a report reporting that village md owned by walgreens boots is in advanced talks to combine with summit health the deal worth $9 billion including debt could be announced as soon as today cigna is expected to invest in the combined company village md runs primary care centers. about 150 of them in the new york and new jersey area summit owns medical practices and urgent care centers. those under the brand city md in new york and new jersey area this would be a big deal, frank, as there continues to be the land grab to try to get primary care more integrated with other services >> a lot of moves in the healthcare space bo bertha coombs, thank you. apple out with a new warning saying the covid restrictions in china will impact the popular

florida intern iphone production in china we have eunice yoon with the latest a lot of people worried. >> reporter: absolutely. good reason for it foxconn, the apple supplier, which has been handling a difficult situation at the factory here in china, one of the major ones, said it will revise down its q4 forecast. this is traditionally an important time for the company it said it would have to do so because of the covid curbs even so, it is trying to manage the fallout as best as it can. foxconn said it is working with the government to resume full capacity as quickly as possible. that means improve the conditions at the factory to make sure that it is just more liveable for people who have to live and work. there it will ramp up recruitment drive. they will reorganize the facilities to restrict movement with the factory and dorms

they are offering one-time bonuses for anybody who wants to return to the factory to try to ramp up what they are seeing as a worker shortage there. they are, of course, trying to encourage more people, new workers, into the plant by offering a salary hike of 20%. $4.20 per hour at the factory. official media have been quoting people at the factory saying they are hoping they will see a full production by the end of november the local authorities have been under tremendous pressure, frank, as you can imagine. not only are they having to deal with the economic conditions, but getting criticized by beijing. beijing singled out the town as saying that they had beings ce excessive control. we may see more measures

>> eunice, any examples of the targeted approach and what it may look like? >> reporter: there are in fact, the authorities said that instead of having to be in the situation which is what we see all the time here which is one case triggering the shutdown of the entire community or several blocks or just one building this time the authorities said that they will fine tune the approach so if there is less than two cases, which means one case, that they would only shut the person up in the apartment as opposed to shutting down the entire block or residence. of course, the real issue and one that the beijing leadership didn't take much blame for over the weekend is the idea if you set the goal at zero or near zero covid, because of the top-down approach of the country, most of the people on the lower levels are going to

try to reach that goal >> certainly something to watch. eunice yoon live in beijing. great to see you. coming up here on "worldwide exchange." washington bracing for the mid-term elections where voters say they stand on the state of d.c. and the country overall. more on this story coming up stay tuned to "worldwide exchange." even if you got ppp. and all it takes is eight minutes to find out. then we'll work with you to fill out your forms and submit the application. that easy. getrefunds.com has helped businesses like yours claim over $1 billion in payroll tax refunds. but it's only available for a limited time. go to getrefunds.com powered by innovation refunds.

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ahead of the mid-term elections tomorrow the results are in from the latest nbc news poll the final check of the pulse of the voter before the mid-term elections. ylan mui is here with more on this a lot of excitement and tension and apprehension when people go to the polls tomorrow. >> reporter: frank, the latest nbc poll shows america is growing more pessimistic and republicans are gaining ground a whopping 81% of voters are dissatisfied with the state of the economy. that is a record for president biden's time in office and the highest in the average of the great recession. half are unhappy with the economy. that shows you the depth of the frustration among the electorate right now. democrats are not pleased either more than a third gave the

economy a negative rating. the state of pennsylvania where both parties tried to spin the numbers in their favor former president trump blamed democrats for squandering a strong economy >> i hope you are not counting onn having turkey for thanksgiving you can't get a turkey if you do, it will cost three times what you paid last year. so good luck on thanksgiving >> reporter: meanwhile, former president biden highlighted the progress since the pandemic. >> a lot of folks thought with historic pandemic like that and the shutdown that we would potentially go into a great depression we did not unemployment is very low right now because of the actions he took >> reporter: president biden's approval rating has dipped over the past month frank, that means democrats will

be swimming up stream heading into the elections tomorrow. >> i don't think it is any coincidence that former president obama was in philadelphia a battleground state question to you. what impact does president biden's approval rating have on the mid-term elections >> reporter: so according to nbc, biden's approval rating is 44%. that is lower than last month at 45%. what is really interesting is when you dig down into the approval rating by party democrats give him a sky high rating in the 80s. republicans give him a low rating in the single digits. approval rating among independents cratered. 28%. the lowest level in at least a y year that is important because right now you have the very divided e electoate. it is really going to be up to the independent voters in the swing states who make the

difference and if president biden is not doing well among that group, that means democratic candidates have to prove they are more popular than the president and that's a tougher sell. >> ylan mui live in d.c. with the latest thank you. joining me now on what it means for investors is stifel strategist brian gardner grail to have you on good morning let's jump into it we heard ylan's report excitement and engagement. what is the base case for the mid-term elections >> good morning. happy election day eve the base case is the republican sweep. i have been confident that republicans would flip the house. the senate was always more challenging for them based on where the seats are and the map. the momentum in the last month is clearly in the republican

direction. as we sit here this morning, i'm expecting about a 53-seat republican majority in the senate a gain of three seats tomorrow night with the provision that georgia could go toa runoff. everybody remembers two years ago with the georgia runoff. it could be "georgia on my mind" the wholemonth through. >> i was in georgia when the elections were happening a lot of excitement. i want to clarify. you see the republicans winning the house and senate what does it mean for the markets? >> in the short-term, it is positive for the markets i think there is a market rally in the wake of the republican sweep. longer term is a little more comp complex. there are challenges for the republican majority. keeping the government open and raising the debt ceiling there are conservatives within the house that will push back on

their own leadership if we don't get a government funding bill in the lame duck session that takes through the fiscal year, we have to revisit government spending in the early part of the 2023 that raises the prospects of government shutdowns short short-term trading issues. the bigger issue is the debt ceiling. we could see a repeat of 2011 with the standoff with president obama and speaker boehner. markets did not recover right away there is a lack of confidence in the government there is a risk-off trade that can last several months. >> the government shutdown is an issue for not only the markets, but the general country overall. let's assume that doesn't happen let's look at the glass half full in the situation and republicans do sweep as you mentioned. what sectors do you see as the

biggest beneficiaries in the mini rally you are forecasting >> i think broad relief, but energy in particular because the biden administration has gone hard at energy carbon based energy does well. i think financials do modestly well those are two that i look at i think investors have to temper their expectations the sweep blocks the legislative agenda there will not been any tax hikes on the horizon the regulatory agenda stays mostly in place. when i say there are positives for energy and financials and a couple of others, don't get overly exuberant because the regulators will still pursue the biden regulatory agenda. >> speaking of regulation, cryptocurrency overseas. what does that republican sweep

mean for cryptocurrency? >> keep your eye on a couple of things house financial services committee, if the republicans take the house, that committee will be led by patrick mchenry of north carolina. he has been very interested and involved in fintech and cryptocurrency related issues. he is engaged on the issue i think he pushes for legislation. the senate is complex. it has to be bipartisan and you have a little more compromise necessary in the senate. there are a couple of bills floating around last couple months there would be a new head of the banking committee. probably tim scott of south carolina we don't know that for sure. senator scott is lessen engageo cryptocurrency there are some members that want to push for clarity on rules around cryptocurrency. there is a push with the

republican sweep at passing cryptocurrency legislation it has been better than the last couple months. it is far from a slam dunk. >> a lot of material for the potomac perspective podcast. brian, thank you tune in to our special "business on the ballot" at tomorrow night at 7:900. still on deck, investors look to the big week ahead with the focus at inflation we have david katz with what you need to watch and the stocks where he is finding opportunity. follow our podcast if you miss "worldwide exchange" if you miss "worldwide exchange" check us out on podcast apps or an important event for their family. for them, it's the first and only time. we have seen this literally thousands of times, in thousands of iterations. "worldwide exchange" will be "worldwide exchange" will be right back

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from loretta mester and susan collins. we get earnings from activision/blizzard. on wednesday, john williams and tom barkin speak again we have a big day for wall street on thursday with christopher waller speaking. and on friday, we have the fed speeches from patrick harker and laurie logan as well as loretta mester and esther george with that, we dive into the things you need to know with david katz david, great to have you here.

>> thank you. >> david, you are an optimistic voice on wall street why are you optimistic >> basically, we think stock prices have declined to the level which takes into account the negative the economy is slowing and issues with china and we are not clear on the cpi number this week we think the fed will talk hawkish for the moment the good news is inflation is breaking if you look at 12 months after inflation breaks, stocks are higher valuation from 21 times earnings to 15 times earnings on the stock by stock basis, we are seeing a lot of good businesses at great prices historically, that is a good time to buy stock. if you turn down the volume and look out 12 months rather than 12 hours, you will make good money in stocks. you have to be willing to put up with bad news in the near term

>> apple with the warning about the slowdown due to slowdowns and covid lockdowns in china you are mentions there are great businesses at great prices right now due to the pressure we had can you give us examples of the companies you are talking about? >> google, microsoft, paypal, qualcomm all really good business good long-term prospects google and microsoft back in the teens. paypal had a good quarter the other day. they announced they are slowing revenue. they are finally cutting cost. that stock at 16 times earnings. good growth company. qualcomm sales at 10 times earnings business is slow with the scell phones that will end. this will be a company 30% to

50% higher we only are good about stocks when the news is bad 12 months, you are kicking yourself with not buying more. >> you are a bold person picking a chip name after all of the ups and downs in that sector i'll get to another pick usb. >> the banking group is one of the few group was better than expected earnings and outlooks the stocks are down 25% to 30% usb is paying 4.5% dividend which is going up. it is under ten times earnings they are about to close on an acquisition. you are buying at a great price. banks are a group in the sweet spot if we have a recession, it will be mild and banks come through well get a multiple expansion on it get your buying at great prices. >> looking ahead obviously another fed meeting coming up. before that, another inflation report this week

how do you see the fed playing into the markets and how does it impact your thesis with a 50 basis point hike or 75 basis point hike >> whether the fed raises 50 or 75, they are close to ending we are hopeful they will do a 50 there is a lag effect. when you raise rates as much as they have, it doesn't happen immediately. it happens three to six months out. you see the labor market slow down today, you talked about the story with meta laying off people a number of technology companies slowed or stopped hiring in the upcoming year. housing markets are slowing significantly. commodity prices are hopehopeful look at the cpi rather than the past number and as soon as they start to talk a little bit more dovish game and we are not expecting that this week, but we are expecting it in the next one to two months, the markets will rally significantly. you want to be there before the

fact >> david katz. optimistic voice on monday morning. thank you. >> thank you have a great day. one last look at the markets. in the green dow could open up 150 points higher the s&p and nasdaq both up .50% in the pre-market. remember, it is early. that does it for us on "worldwide exchange. "squawk box" is coming up next ♪ finally? this is financial security. and lincoln financial solutions will help you get there. as you plan, protect and retire. ♪ xfinity rewards is a program whose sole purpose is to say as you plan, protect and retire. "thank you" with experiences big, small and once-in-a-lifetime. sometimes it's about cheering hard enough to shake the stadium!

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these are pretty good gains. up 400 points on friday. up 100 and change this morning after a down week after the ind indices. meta is reportedly planning large scale layoffs in the real world this week. details straight ahead.

plus, apple warning that covid rules in china are hurting iphone production. now more worries it could take more than a month to get the high end models it is monday, november 7th that's right tomorrow "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm rebecca quick along with joe kernen and andrew ross sorkin. as joe mentioned, u.s. equities are higher the dow futures up 165 points. s&p futures up 20. nasdaq up by 56. of course, this comes after a pretty tough week. despite friday's gains whe