it is 5:00 a.m. at cnbc global headquarters and here is your top "five@5." stocks snapping their losing streak with tech leading the charge and the nasdaq poised to knock its -- get this -- best first half of the year in four years. futures searching for direction this morning shares of chipmakers very much taking a hit at opening bell on new reports the biden administration is taking fresh action on that sector. we'll have details in just a moment. investors keeping a close eye on that summit, that massive

central bank summit between leaders in portugal, also digging for tea lives on policy. we're live on the ground from the ecb's forum. plus a potential big win for boeing as a key supplier reaches a new labor deal to end an ongoing workers' strike, and it's the battle of the fests as we take in the winners and losers of the fast food restaurants. you can see there, a lot of fasts going on it's wednesday, june 28th, 2023 you're watching "worldwide exchange" right here on cnbc good morning and welcome to "worldwide exchange. i'm dominic chu in for frank holland this morning let's check on u.s. equity futures after yesterday's very strong session futures right now trying to

figure out what's happening. you can see the dow industrials poised for a gain at the opening bell, the s&p down by about 9 points and the s&p down by 67. a big day for the accept turning to the market, yields are in focus just about 3.75. the 2-year yield note is in place. getting a check now on energy, west texas intermediate, u.s. bench prices continuing hold at $70 a barrel right now 67.42. ice brent crude, $71.94. and then we have to check with cryptoco with bitcoin holding above that key 30,000 level. right now prices are lower than 1.5% 30,258 either prices, $1,856.25, dow by

2% let's get a check on some of this morning's top corporate stories. silvana henao is here with those. >> hey, dom. good morning the biden administration is apparently considering new curbs on exports of chips for artificial intelligence to china. according to reports, the commerce department could unveil the updated controls as early as next month the move would be part of a final rules expanding measures first announced in october now, that cut off the most advanced ai chips by nvidia and advanced micro devices shares are falling ahead o aerod leaders of its company are set to vote on a four-year deal which improves on a previous offer of health insurance and wages tomorrow now, if union members approve

the agreement, it would wrap up a dispute that's threatened output for customers including boeing ja and shares of regeneron looking to bounce back after shedding 9% in yesterday' session after the fda declined to approve a higher dosage of its treatmentst it was due solely to an ongoing review of a third-party filler, suggesting it could still win approval down the road, dom. >> regeneron shares up about 0.1% we'll see you later on. back to the markets, putting a stop to their skid and preparing to close out a very solid performance for the month of june. the dow now up over 3%, its best monthly performance since november while the nasdaq is on pace for its fourth positive month in a row and even a better picture, tech, as we clear out the first half of the year, that would make it

its best first half of the year since 1983 so for more, let's bring in robert shine, chief investment officer. this is pretty impressive right now, robert, but maybe not all that surprising given that nasdaq took a beating last year. is this a rally, though, in the first half that can take us back toward the record highs in the second half? >> well, as you see, markets are known to climb walls -- wall of worry. that's all we've had in the debt crisis no one would have thought at the beginning of the year that we would have seen a rally like this that's exactly why you have to have a balance and at the end of the day york view to be cautiously optimistic. we've seen a substantial rally.

>> with that rally you point out is this something that has to continue or the markets have set it for the year and forget it for the second half of the year because things are going to keep on going higher? >> it really comes down to three things, inflation, the fed, and corporate earnings we're going to get that after this quarter end that's where the markets will be focused. especially with the global fed funds and forum that you're having you're going to have the hawkish tone out of the global central bank leaders you have to look at the higher inflationary costs and come super costs and how the consumer is dealing with the credit across the spectrum right now. it's going to take some time to wok our way through this in the meantime there's value and opportunity in the markets as we see it. >> by the way, we'll have much more on that big ecb forum coming up. our own sara eisen is moderating

a massive panel. you mentioned some of the value that's out there where exactly would you find it right now? it's certainly arguably not in some of the stocks that have been runaway winners like nvidia, am dominican republic, or other tech names. what exactly do you focus on after a market that's run some 30% for the t nasdaq >> what we biron doing is trimming our large cap for our clients to rebalancing where we're finding values is with our defensive heads raytheon has been a consistent global leader and we're seeing a lot of value there, and we see t rowe they've raised their dividend yield and they're discount relative to value on that particular name, and there's

also -- you know, we also like special names like knonovartis they're a global leader. it's a discount right now to its future valuations again. you want to basically rebalance your portfolio, take system trim off your high exposure to global growth and large cap growth and rebalance into undervalued opportunities that we're presenting. >> all right that novartis trade something everyone is looking at. a lot more to come on "worldwide exchange" including one word that investors have to know today checking on the health of the banks, by the way, following this year's sector shock we preview what you need to watch in today's stress test

results. and the latest target of an activist investment battle. and latter on, man chess tur you night letting its frustrations be known ahead of the shares of the football club. a busy hour ahead as "worldwide exchange" continues after this commercial break

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welcome back that's a live look at the city of london. the world's central bank is meeting. let's stay in london and get a check on the action in asia and the early trade in europe. our joumanna bercetche is standing by in the london newsroom there with the latest good morning, joumanna. >> good morning, dom how lovely to see a shot of the cathedral this morning it seems the theme of good news in the u.s. is also good news for europe because every single one of these indices is trading in the positive. we've got the ftse 100, a lot of pressure on the bink of england. curious to hear what the governor is going to say today clearly the pressure is on them with the inflation in the country. the indices is up about half a percent.

again, a lot of focus of the commentary coming out. namely hawkishness a more positive day. over in asia, however, the action has been somewhat muted you can see the hang seng is only up about a tenn't of a percent. shanghai up. a couple of data to watch out for there. the profits to watch out for with the major chinese companies on a big decline of about 18%. there's this "wall street journal" article overnight indicating the biden administration is considering restrictions for some key ai technologies that has impacted sentiments in asia as well, dom. >> joumanna bercetche with a check on the markets thank you very much. the federal reserve is looking at the health stress tests of the biggest banks this is after the collapse of

several much smaller firms our own leslie picker has more to watch on the big bank stress tests. >> the fed is set to disclose the results of its stress test later this afternoon these showh changes every year this year's severe scenario encompasses an unemployment rate of 10% in the third quarter of 2024 cpi falls to 1.25% by quarter 3. a yield curve becomes positive and steepens over the course of the see nir owe. banks' capital must exceed a certain threshold. they should be able to return a certain amount of shareholders

in the form of buybacks and dividends. those figures won't be announced until friday afternoon, but analysis expect the firms to be conservative because there are additional regulatory requirements coming down the pike with them expected later this summer. all in, the macro backdrop could lead to less buybacks despite lower stock prices that would otherwise make the purchases more lucrative back to you. ahead on "worldwide exchange," president biden set to hit the road to tout his economiced by ahead of the election his outlook for the poteiantl for recession risks. bidennomics so to speak. we're back in a moment

welcome back to "worldwide exchange." the fed meeting is taking place this afternoon as they look at possible takeover offers for the club our own arabile gumede has been following the twists and turns of this saga and joins us from london with the latest arabile, this is playing out more dramatically than an episode of "ted lasso" at this point. >> it certainly is, isn't it, dom? one thing for sure, there hasn't been a lack of drama in this it's been seven months, nosh,

when it was to happen, the takeover, but it certainly hasn't had p yet the fans call themselves the 1958 fans. a t-shirt was created for this very notion and they went and petitioned outside of old trafford stadium in manchester saying they would like the glazer family out of the club, but we're no closer to finding out who the new owners of manchester united would be we have, of course, one of the leaders in the race. also jim ratcliffe is another in the race of course, the financials did come out as we 4.7 million pound loss is what we saw for the third quarter for manchester united. commercial revenue did go on to the up

the big one was the revenue went up. >> arabile, this is interesting. it's a modest live for the size and scope of a team like manchester united. are those losses go doing impact the possible takeover bids i can't imagine that they would because here in america and elsewhere around the world, it's very rare that the possibility of acquiring a major sports franchise comes up, so roy exact ly are these bidders going to be looking at when it comes to possible takeover bids. >> some are calling it a vanity case, right? when you buy a sports team, it's not necessarily for the profit this might be the case when it comes to the purchase of manchester united. it's unlikely will the losses would impact the sale of the club at all. in facting one might look at this year as perhaps a record revenue year that may be on the

off off -- they're set to have that because they're going to participate as well in the elite sports competition the champions league as well plus it seems with years of being able to sell an awful lot of the high end players at a reasonable or high end price, they're looking to try and do so of course, a lot of that has been held back in that they haven't been able to sell or get this takeover across the line thus far, so a lot of work still needs to be done one thing's for sure, the on field antics are probably more important or significant and with the coach unable to get the signings into the club that he'd like, the on-field antics are unlikely to go ahead as smoothly as you'd like. >> manchester's united story maybe not playing out like they'd like. let's get a check on some of this morning'sed to headlines. nbc's frances rivera is here with the latest.

good morning. >> good morning. after the failure of a leader was exiled to belarus, a clear message was sent to moscow and to minsk by increasing military presence it said it was unlikely some wagner forces would also relocate to belarus to join leader yevgeny prigozhin and call it a possible threat to neighboring countries. the u.s. has now imposed sanctions on one person and four companies linked to the wagner group. that's according to the treasury secretary. americans have been hit by thousands of flight cancellations brought on by a round of severe weather. summer storms have led to ground stops, long lines, and boiling frustration. more than 600 flights have been canceled for today. the smoke in canada is again making it harder to breathe in the u.s.

chicago and detroit had the worst air quality in the world today that dangerous air is expected to drift east engulfing cities like new york and philadelphia once again, i hope you keep those masks handy because we might need this thing with it coming back to us. >> i was out of town and came back and everyone said you couldn't breathe i said, it's crazy, i missed it. i hope it's better this time around. still ahead on this morning's show, your morning's global briefing and tesla striking another agreement over its charging technology with one overseas automaker. and if you haven't already done so, please follow our podcast. if you missed "worldwide exchange," check us out on apple or spotify or spotify app of choichlts "worldwide exchange" in audio format. we'll be right back.

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it's just about 5:26 a.m. eastern time in the new york area, and there's still a lot ahead on "worldwide exchange." here's what's still on deck. stocks birthday to get the rally back on track facing pressure yet again after the dow snapped its six-day losing streak. futures facing pressure ahead of the opening bell right now. investors are keeping a close watch on portugal of all places as central bank leaders gather together to look at the hurdles a ahead. our own sara eisen is live at

that summit. she's coming up in just a minute. fast food versus fast casual we take a bite out of the performances of the stli it's wednesday, june 28th. you're watching "worldwide exchange" right here on cnbc welcome back to the show let's take a check on u.s. equity futures right now we're seeing modest moves to the downside after a big up move yesterday. the dow was implied just about a point higher we also want to get a check on chipmaker stocks reports this morning are the biden administration is considering new curves on the export of chips on artificial intelligence to chai nachlt taking a look at nvidia, down

3.5%, microing micron, qualcomm, broadcom moving down to the tune on just about 1.5% turning to one part of the market getting more attention from the investors and that's the ipo side of things gen, it's expected to start trading today, a small offering, expected to raise around $30,000. it follows the success of cava earlier this month, giving inspiration to other restaurant chains to follow its lead. cava down. restaurant stocks have been also at the top of mind for wall street for another reason. they offer insight into consumer spending trends amid stubbornly high food inflation. it's also been a mixed picture for the industry with names like

shake shack, chipotle, jack in the box, all up between call it 33% and 80%. it's a different story for domino's pizza, for starbucks, for wendy's, which are negative year to date domino's has shed about 6% year to date. so let's talk more about where restaurant stocks can go with jeffrey bernstein. he's a senior analyst at barclays it's an interesting move we have framed it fast casual versus fast food with ease hot with consumers given that maybe some people have second thoughts of eating out, dining out because of inflationary concerns. >> sure, good morning. yes, so in the restaurant industry, there's been some varied performance as you mentioned. i think it's safe to say broadly speaking it's stir verily

defensive. they're on the very staple end you definitely need to eat and eat every day and the consumer prefers food away from home rather than food at home, but performance does vary widely because the consumer has not slowed down or shown a demonstration of slowing down in the short term the more traditional quick service restaurants have not yet gotten the love from investors. >> so is it just about, though, that kind of fast food kind of things i think chipotle, shake shack, they're more upscale, but they're certainly not like going to sit down for a meal at, say, an applebee's or chili's or capital grill, that sort of thing. what are the trends and do the stocks actually reflect what you're seeing in terms of

consumption trends >> sure. what we do see in the restaurant industry, consumers will often decide they still want to eat out. they don't necessarily have to spend as much as they might have formerly, so we often see a trade down across the group. so a casual dining consumer may decide to trade down to a fast casual experience. a fast casual consumer may go down to a quick service. it's the quick service that proves the most resilient because they inherit a lot more from above than they loose from below. that's where the fast casual players have benefitted. being in the middle. giving a trade down from casual dining but, zbe, because the consumer is holding down, they haven't traded down to the quick degree of service and more importantly investors have decided in the short term they're holding up pretty well. they'd rather go after some of the higher quality fast priced

names that are higher growth rather than the a diggsal more v quick service. >> there are assumptions you're making about what the coming quarters and years, and because of that macro backdrop, you make some top picks what are those top picks and what needs to stay in place in the economy for that to come to fruition >> sure. yeah so, again, through the first half of the year, we have been pleasantly surprised with the resilience from a consumer perspective and the desire to eat out. in that scenario, the names you mention, fast names like chipotle and shake stack we cover wing stop they're performing quite well. those casual names are holding up extremely well. but in our view, we do expect the consumer will slow in the

coming months as we look to the back half of the year, and in that scenario we expect they will shift their preference. again, the consumer will likely trade down and investors will decide those are the more defensive plays based on both what they sell, which is value, versus who sells it like franchisees. a name like mcdonald's, which is holding its own, we view mcdonald's as the most defensive in the quick service world not only are they franchised and very balance oriented, they own a fair amount f their real estate, so it's very deefensivel positioned otherwise we look at burger kim, tim horton's, and others

we think they're very well positioned especially with them starting to show signs and maybe a turnaround those are a couple of names we would highlight. we recommend wendy's, which i know you mentioned earlier i think the defensive nature of the quick service category, the franchise nature will lead them to shift especially if we see a consumer slowdown in the back half of the year, which is our expectation. >> jeffrey bernstein, you've got me thinking about dinner if anybody has a cheeseburger o it there at 7:00 a.m., we'll be heading your way thank you very much. we'll see you soon. let's get a check on some of this morning's top morning stories. silvana is back now. >> i'm also very hungry right now. let's get you some headlines president biden is reportedly saying he thinks the u.s. will avoid the potential recession the economist and banks have been predicting for a year according to bloomberg he made that forecast last night citing

the strong labor market to end his efforts to tamp down inflation ascii drivers of the recipient communication. they come ahead of his address on economic policy in chicago later today. activision ceo bobby kotick and microsoft ceo are supposed to both testify today in the ftc's legal challenge against the company's nearly $69 billion merger, the testimony coming after sony testified it would be a blow to the console business and gives the playstation gams a blazing experience they're pushing for more independent directs and asking the companies to offer investors more transparency, "the wall street journal" reporting that blackwell, which is among one of

the ten largest shareholders ihs says they're unable to reverse the growing losses and weak stock price that's been falling more than 40% over the last two years, dom. >> silvana, thank you very much. coming up on the show, the supreme court taking on weather congress can tax wealth. robert frank lays out this major case and what it could mean for your money, your wallet, when "worldwide exchange" returns after this hi, i'm katie. i live in flagstaff, arizona. i'm an older student. i'm getting my doctorate in clinical psychology.

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welcome back to "worldwide exchange." the european bank set to wrap up its conference as global central bank leaders talk policy and strategy to continue to clamp down on that inflation air threat our sara eisen is live -- of course, th she is -- in portugal ahead of a significant sitdown she's set to lead. sara, it's essentially every banker of note in portugal an you're going to talk to all of them what's been the central read so far in sentra? >> it's the big four good morning it's the focus for investors around the world because action you know, invests have been hyperfocused how much more tightening are we going to to get after more than a year of tightening in places like the united states how much is too much before damaging economic growth how much is not enough to deal with inflation these are the types of questions

that we are going to talk about today in sentra. i'll be leading a conversation with the head of the federal reserve jay powell, with christine lagarde, the head of the bank of england, a surprise to the markets, and the bank of japan governor for his first comments ever. so far there's been a bit of hawkishness with christine lagarde setting the pace she said it's too high and set for too long the inflation challenge is changing she's referring to the different pockets of the economy that are showing higher prices. for instance, services now instead of the goods prices, which have moderated as well we cannot waver, lagarde says. we cannot declare victory yet. it a message to the market that the rates are going to go higher in the eurozone and stay higher

for longer similar messages for the fed chair powell, also saying more rate hikes are to be expected. these are all the hot topic wes're going to get into today, dom. >> we've got news out, sara, and i know you've got your eyes on it as well we're awaiting broader european inflationary data. but italy has a level roughly lower in 14 months, so it looks, though, like in the u.s., european rate increases are starting to have a dampening effect on inflation. just how much of a threat do they think central bankers around the world and inflation still remains? are they just vigilant about it or do they have to be really, really forceful how they tackle it >> they're not satisfied with the inflation model. they're encouraged by it we get this common refrain yes, so far it's moderated a bit, but overall it's around 6%

at the heise it was almost 10%. so it's come down, but they've got inflation target of 2% and they have to communicate to the market that think still have work to doing otherwise financial conditions loosen and the market starts looking ahead to pauses and cuts about and that works against them. it's the tricky communication chachlkt we've seen it moderate significantly. it was 9% last summer and it's come down all the way to 4% according to the latest cpi. should come down to 3% as well in the next weeks when we get the next read. but it's still on target and we need the stay on message the market is fighting them a little bit pricing in one more price in july and that's it and looking for cuts next year it's threading that needle of how they can communicate there's

still work to do and still some credibility on the inflation flight without the market getting too excited about cuts it's another reason, dom, i'm so excited to hear from the bank of japan governor because that market has been on fire. it's at a 30-year high it's up 30% so far year to date and they're still easing so it's always fun to have a conversation when central banks are going in certain speeds. kazuo ueda, jerome powell, christine lagarde, andrew bailey it doesn't get much better than that good luck this afternoon sara will have much more, moderating that panel. as i just mentioned, jerome powell, christine lagarde as well as the heads of the bank of england and bank of japan all

starting at 9:30 eastern time. joumanna bercetche is standing by in london with your global briefing. hi, yjoumanna. >> hi, dom in an exclusive conversation with cnbc, google's leader said they want to build a path safely and responsibly. they're working on technologies to make it easier to distinguish between hue panhandle an ahuman and ai-generated and as part of the deal, volvo will add the north american charging standard port to all new cars starting in 2025.

>> joumanna bercetche with the headlines. thank you very much. back here, the supreme court is taking on the constitutionality of wealth taxes and whether congress can have any say on that whatsoever. the court's justices could put a stop to the major democratic policy before it's even enacted. robert frank is here with more at what's at stake, and it's really about a lot of money, rohnert. >> it is a lot of money. a huge amount of stake with this possible ruling especially as it relates to taxes the case is called moore versus the united states. it's about the trump taxes that were cut the ruling can be a much bigger question what counts as income when it comes to taxes specifically can an unrealized gain, an unrealized value of an investment that's not sold be

taxable. if the court's rule in the 16th amend realizes that, that could kill the democratic hopes for any kind of wealth tax or biden's proposed billionaire's tax. it would be a huge windfall for american multi-nationals those are the companies that paid the tax on their offshore profits in 2017 and 2018, they would get hundreds of billions of dollars in refunds. a clear ruling against the plaintiffs could change the way markets and financial markets are currently taxed. the u.s. chamber of commerce and other groups have filed briefs in support of it their tax bill in this case was $14,700. so, dom, it's about the money, but, more, it's about the money. >> of course so in this case here, this is a

huge, huge center of policy and precedent going forward especially if if it comes from the supreme court. what exactly would financial markets, would asset classes, taxes look like if it was ruled unconstitutional to tax unrealized gaines? it kind of makes sense they call it paper profits for a reason, right? >> that's right. if they rule against the plaintiffs, there would be a couple of changes in the way certain taxes are taxed. coupon bonds, there's an aspect of that that's taxing unrealized gains. same thing as what they call an exit tax if you leave the country and denounce your citizenship, you pay a tax on all your assets even if they were not sold the bigger reason or the bigger change is if they rule for the

plaintiffs, that would basically prevent any kind of discussion going forward for a wealth tax, for biden's task that is unrealized they've also proposed it it would basically shut down the entire debate over a wealth tax and any kind of tax on, as you put it, a paper profit as opposed to cash that you actually received some of this would be one of the biggest tax decisions we've seen in decades. >> it can also change some investor thinking and psychology if you're not a billionaire. thank you very much. we'll be watching intently and the reports on the outcome still ahead on the show, the one word every investor needs to know today, plus why our next guest is warning of caution ahead as markets put a stop to their game june is p.r.i.d.e. month and they're sharing stories all month long here's goldman sachs partner

michael broad bury. >> throughout my 20-year career at goldman, some of my experiences come from the fact they i'm an out professional and an ally to others at the lgbtq and queer community firm this part of our community has grown. it's often invisible, but it has grown, and these colleagues need forums to help them connect torsion help them share, and to help them be seen and heard by others so as our community's needs change, we have a unique opportunity to be there for one another. let's take the opportunity

back now for "worldwide exchange." what we like to call a w.e.x.

wrap-up. chipmakers are falling on reports the biden administration is considering a ban on sales of ai chips to china. the ban would follow similar actions from last year. president biden will be in chicago today to deliver what the white house calls a major speech to sell his economic agenda his growing confidence among administration officials, the president can gain more credit for his so-called bidenomics policies. spirit airlines strike as deal with its machinists union potentially ending a strike in kansas boeing is one of spirit's biggest suppliers. a bankruptcy judge approves overstock's deal for bed back and beyond it will hold a separate auction for its bye-bye baby chain, the crown jewel. that happens tomorrow.

google will cut unspecified number of jobs at the waze unit. it's part of a plan to consolidate its mapping services disney beats the investor lawsuit over the dispute with desantis tt ruling means disney will not have to turn over records including board members' emails being sought in a shareholder lawsuit. gaering up for the training day ahead, weekly mortgage applications are out at 7:00 a.m. eastern time ochbl the earnings front, we get results from micron and general mills. after the "closing bell," the fed releases its annual stress tests. back to the markets and digging into some of the action, take a look again at some of the moves we've seen the s&p 500 market cap weighted versus the equal weighted s&p 500. you see the big gap showing some of the biggest market caps dropping in action as for the big market cap

stocks, no surprise that the massive rally we've seen in the s&p and more so in the nasdaq so far this year have been because of the three important sectors out there, technology, consumer services, and consumer discretionary. let's bring in lizzy stocks seem to be driving out. is it enough for every investor ott there to feel more comfortable about this market overall? >> good morning, dom yeah, i think that there's, i think the top are 4% year to date the media, 1%. we're seeing some over particularly the last several

weeks, but we've been bullish all year long. we were bullish going into 2023. we thought tech would lead us out of the bear market now i think it's time to pivot and be a little bit cautious in the short term we're long-term goals, but in the short term, i think the market has moved up very quickly. nasdaq is up year to date. i think now's the time to rebalance, take a look at profits, use options to mitigate some of the downside risk. we could see the market retest 4200 before we move high sneer so your beat becoming a little more conservative on this. you mentioned using the options. the vix is still around 14, 15, something like that. volatility is cheap right now. is that one of the main driving fang tors for why you think options represent a good way to

hedge some of that downside risk insurance wise >> yeah. i think, you know, if you look at -- there's a really interesting report that goldman sachs put out yesterday that looks at the four stages of a normal market cycle. there's despair, hope, growth, and optimism we're certainly in the optimism phase, which is traditionally characterized by price growth as a result of pe expansion and at the same time you have higher interest rates, which sounds counterintuitive with buh is part of a normal cycle where you have high valuations, high interest rates and slowing earnings growth is actually a recipe for moderate growth and equities, albeit positive moderate growth. so if you look at options, particularly market linked investments that provide downside protection that use options but allow upside participation given how much the market has moved up year to

date, it allows you to remain invested in the u.s. market but still participate in the upside for the long term. >> lizzy, i've just got a few words ahead. what's your word of the day? >> my word of the day is fomo or fear of missing out. let's not forget how much the market has moved up year to date so don't chase a fomo trade, and be cautious. >> wise words, lizzy ensva thank you very much. that does it for us on "worldwide exchange. "squawk box" picks up next we'll see you soon

good morning president biden out to make a sales pitch today on his

economic record. we'll show you what the white house is saying about bidenomics. trouble mounts on travel operations details ahead. plus, it's a big day for banks. we'll get the latest fed stress test results this wednesday, june 28th, 2023, and "squawk box" begins right now. ♪ good morning welcome to "squawk box" on cnbc. we're line from the time scare market site in times square. i'm becky quick along with joe kernen andrew ross sorkin will join us later. you'