it is 5:00 a.m. here at cnbc global headquarters. here is the "five@5. we begin with back in the red. futures under pressure with the stocks coming off the worst day it weeks investors are looking ahead to the jobs report after the adp beat and what it means for the fed and jay powell and the next move. and janet yellen making the first public comments expressing concerns over the country's recent actions. plus, amazon ceo andy jassy

weighs in on a.i. and everything in the economy. and the second half for the economy and the legacy big three. it is friday, july 7th, 2023 you are watching "worldwide exchange" here on cnbc good morning welcome to "worldwide exchange." thank you for starting your day with us. i'm hollafrank holland. let's look to the third straight day of losses with the dow and s&p with the worst sessions since may. futures are in the red across the board. however, off their lows of earlier this morning nasdaq is hardest hit down almost .25%. the bond market has a lot of movement yields moving higher on the heels of the adp private payroll report with the 10-year treasury back above 4% for the first tim

sign may and the 2-year treasury is hovering highest in 16 years at 4.982% we are looking at the energy markets with a move higher wti unchanged at the moment. now just about $72. brent crude at $62 this is pressure on the fears of rate hikes in the u.s. all this as investors await the june jobs report due out at 8:30 a.m. the report is likely to be a metric for the fed as traders continue to price in a rate hike this month it is not just bond prices this week the so-called magnificent seven trade under water. the mega cap names nvidia trading in line and in the red with the s&p and nasdaq. all following the big run-up in

the first half of the year and following evaluations and recession. goldman sachs saying, despite the recent gains, we estimate a.i. productivity could boost earnings for s&p and stock prices over the medium to longer term substantial uncertainty and risks remain despite the risks, our next guest says the strong guidance from the a.i. names justifies the valuation. joining me now is joe fahmy. you are a bull on these names. you believe these names are still growth at a reasonable price despite high valuations. amazon started 43 times forward earnings and now 72 times. explain. >> thanks for having me on, frank. the market is resilient since it broke out of its recent range in may. i have been writing about this

on my blog the past couple months the reason for that strength is a.i. throughout history, a lot of strong moves in the markets have been fueled by inventions and innovations that have revolutionized our lives and disrupted what we do the list is endless with railroads and internet and pcs and smartphones, et cetera my thought is a.i. is the next innovation which will change the way we do things all of the innovations have in common is they he hlp increase productivity a.i. will increase the productivity as you noted in the goldman sachs note, but changes the way businesses interact with customers and will be the growth driver going forward >> agreed. consensus on the transformational power of a.i. what makes you believe the rally can keep going and justify the valuations to make this growth

at a reasonable price? >> in 27 years of doing this, i have never seen guidance from the two biggest beneficiaries of microsoft and nvidia 30 analysts cover nvidia they expected revenue last quarter to be $7.2 billion it is $11 billion. it is 50% growth microsoft got to $500 billion revenue by 2030. i have to look they are doing over $200 billion. the growth is being vastly underestimated by the wall street analysts annd wall stree community. >> this is guidance and companies miss guidance all the time let's say they don't reach this guidance does that put the a.i. trade in a tailspin does it pause it what happens next quarter and we have these companies reporting like microsoft, amazon and

alphabet reporting >> most companies and ceos will guide conatservatconservatively a.i. is in the infancy stage and there will be hiccups and bumps along the way. i still think the guidance is still conservative >> i want to bounce something off you. this is a sound bite from jon fortt with the interview with andy jassy take a listen. >> there is one chip provider. it is scarce and expensive >> you are talking about nvidia? >> why we invested last few years in our custom training chips. it will have better performance. we are on the second versions of the chips. we are optimistic machine learning will be done in aws

chips. >> bullish on the transformation, but flagging issues takes more cap x spending and supply chain spending with chips. how does that impact your thought on the trade >> i think nvidia is way ahead of the companies and it takes time for the chips to develop and ftest i know amazon and google is working on its own it is the software platform and so many sharp investors. i like to listen to people smarter than me. sharp tech minds which have been talking about the potential growth here. i think it will take time if those companies catch up >> joe fahmy, thank you. time for the check on the corporate stories with silvana henao. silvana. >> frank, good morning did you get on threads yet >> i did >> i haven't yet i might get there. 24 hours into the life and meta's threads is the number one

free downloaded app on the google and apple stores. mark zuckerberg boasting more than 30 million users so far early success is not coming without a fight as twitter's lawyers accuse meta of quote systematic and unlawful m misappropriation of trade secrets and poaching former twitter staff. claims meta denies. what is a rough week for stocks and meta is still holding on to gains. it is looking to open slightly lower in the pre-market. turning to canada and the port strikes on the west coast the first instance of a widespread rerouting of ships to avoid the backlog. as of last night, two tankers bound for the port of vancouver changed course and heading to seattle. canadian labor officials remain

in active talks on the impact of the slowdown of north american trade. and the private equity firm backed by lvmh is considering options including a u.s. ipo for birkenstock. the sandalmaker could catch a value of $6 billion if it decides to go public it is working with goldman sachs and jpmorgan chase on a possible listing, frank >> interesting i thought the birkenstock era was over i thought people moved on. do you own a pair? >> several pairs >> fancy or the regular ones >> all different styles. i love them. they are comfortable they are great for traveling you can wear them all day. >> i didn't know there were different styles >> you have to look them up. >> silvana, thank you. more to come here on

"worldwide exchange," and the one word investors need to know today and janet yellen prepares for more face-to-face meetings in beijing. the second half playbook and if tesla can stay atop the ev price wars and shares of denim for levi is opening lower there is one concern in the market findut wre ohe that is when "worldwide exchange" returns >> announcer: this cnbc program is sponsored by ibm. i ibm. let's create analyze data— from hvacs to elevators to lights. what if we use ai-driven insights to pinpoint inefficiency? yep. and act on it. saving energy, money... ... and emissions. yup. that's a big one. now you've built something better for everyone. that's the sustainability solution ibm and a global real estate company created. what will you create? ibm. let's create.

welcome back to "worldwide exchange." time for the check on the action in asia and trade in europe. arabile gumede is standing by in the london newsroom with more. arabile, how is the response to the u.s. jobs data that led to a selloff here >> frank, to say things started soft is an understatement. that shifted from soft look to now a mixed trading day. if you look at the board, we are seeing some jumps in france. cac 40 going up .40% a jump in the dax with .25% to the good having seen another ipo coming to the floor there new listin list .50% for the ftse mib. positivity is filtering through. we are seeing a stronger jobs market in the u.s. and that will

mean interest rate hiking, of course the look in asia pushed the board to negativity across this one. the australian index going down 1.7% it follows on from janet yellen in china and has been putting out word she is worried about the export data and trade all through that region as well. negligativity pass through to europe has been seen, but the market is mixed in europe. frank. >> arabile, thank you. sticking with the overseas action, janet yellen resumes the three-day china trip today speaking with reports since landing in beijing in this hour, she is sitting down with the premier. eunice yoon is joining me now. eunice, what is the treasury secretary saying what is the response so far?

>> reporter: well, frank, the treasury secretary currently as you said is meeting with the country's premier. he is the highest level person that she will likely meet. he has been the point person by xi jinping to woo foreign investment and try to convince governments in the west not to de-risk ties with china. this could be the most important meeting that she will have during the trip. this meeting with the premier follows a whole day of one-on-ones with other folks within the chinese officials one is the former vice premier as well as the outgoing central bank governor, both of whom are well known within the international financial circle as well as to her. she met the american chamber of commerce as well and some executives who attended the event. those executives were from

companies like boeing, cargill and bank of america and s&p and amgen's president said he and his members were encouraged by the fact that she was pressing the u.s. case against a lot of the chinese business practices that have been really plaguing this relationship for quite some time michael hart had said this not only included the longstanding issues, but the export curbs this is what janet yellen said >> i'm communicating the concerns that i've heard from the u.s. business community, including china's use of non-market tools like expanded subsidies for the state-owned enterprises and domestic firms as well as barriers to market access for foreign firms i've been particularly troubled

by punitive actions that have been taken against u.s. firms in recent months. i'm also concerned about new export controls recently announced by china on two critical minerals used in technologies like semiconductors >> reporter: frank, what is act actually a really interesting development during her trip is how the chinese are portraying this trip. they reported when her plane landed, there was a rainbow. it is played up in the state media and social media and what is interesting is that kind of messages would not be in social media if the chinese government didn't allow it. they are trying to portray a positive tone for the direction of u.s. and china ties. >> a rainbow is a good sign of something. eu eunice, i want to come back to something you hit on

you pointed out yellen's concerns and the ones shared by the u.s. business community. i want to say something that andy jassy spoke out about yesterday. >> for the businesses doing a meaningful amount of business in china, we have access. what would be helpful is if the rules were more or less similar to what we could do in the u.s >> do you think janet yellen will make headwind on that issue during the trip? >> tra >> reporter: difficult to know if she would make headway, but it is coming up with the convc conver conversations. when talking to the executives at the event said we know you want level playing field that is something we will fight

you on obviously on the mind of the government as well as the business community >> all right eunice yoon live in beijing. eunice, get out of the wind. windy day. thank you for the report >> reporter: it suddenly all came up. ahead here on "worldwide exchange," a closely look at the great migration and which remote cities are cooling off and others remaining red hot "worldwide exchange" back after this

welcome back to "worldwide exchange." turning to housing and the great pandemic migration the number of people moving locations slowed since the height of covid, it has left a lasting impact our diana olick has been digging into the migration patterns and impact on prices diana, good morning. >> good morning, frank moving patterns are holding, but home rises are weakening in the hottest markets due to mortgage rates and the demographic makeup of those moving in and out this is according to the study from bank of america look at the top five markets for population growth in the first two years of the pandemic. tampa, orlando and austin and phoenix and vegas. price gains between 30% and 50%. they are seeing population growth which is now a third.

prices in the markets are reacting differently in 2022, home prices remained str strong in tampa and orlando. vegas and phoenix saw smaller price gains. why is that? demographics and home building austin's flow is younger americans. many of whom are renting or buying less expensive homes. compare to tampa and orlando where baby boomers are heading boosting prices. there was heavier home building in phoenix and austin leading to more supply which, of course, tempers prices as for cities with the biggest pandemic outflows, new york, boston, san francisco and san jose and seattle in the first two years of the pandemic, prices there gained despite outflows because of low supply last year, those markets still lost population. prices held positive in new york and boston although negative in the other three. that is pre-pandemic prices in

the west had overheated so much they had farther to fall and there is less supply interesting trends going on with prices frank. >> interesting trends. a lot of people are making housing decisions based on the pandemic and remote working. i want to ask a question of mortgage rates a hot read yesterday how is that impacting the story about post-covid migration >> it was really cooling down prices last year from last summer when prices started to fall last july to the peak of the mortgage rates in october. now we're actually seeing prices heat up again. in fact, we have seen three months from january to march of month-to-month price gains in some of the markets that were expensive, you know, they are cooling off a little bit prices are starting to find a bottom we saw higher mortgage rates at 7.22% on the 30-year fixed

the highest since november the ceo of compass said on air yesterday that is the new normal and people are used to that. there is an affordability limit. you can only buy what you can afford that goes into the monthly payment which is higher now than it was literally a week ago. >> that's an excellent point diana olick, thank you for the great report good to seeyou straight ahead here on "worldwide exchange," alzheimer's breakthrough drug gets the fda stamp of approval more on this story stay with us

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it's 5:30 a.m. in new york a lot still ahead on "worldwide exchange." treasury yields hit fresh highs on the back of fed and growing economic worries with futures pointing lower. the monthly jobs report coming after a much stronger than expected adp report we tee up whether another surprise labor report could happen today. and the growing fight for ev dominance and the detroit big three. it is friday, july 7th you are watching "worldwide exchange" here on cnbc welcome back to "worldwide exchange." i'm frank holland. thank you for starting your day with us. let's pick up with the check on u.s. stock futures taking a look here in the same place we started this morning in the red across the board however, off the lows of earlier

this morning we are also checking the bond market yields moving higher on the adp report yesterday the 10-year treasury yield above 4% for the first time since may. even sharper move for the 2-year treasury hovering below the highest yield in 16 years. south of 5%. this morning moving higher 4.99% right now. something we continue to watch that yield going above 5%. we want to talk energy, specifically oil wti back above $72 a barrel. moving a bit higher this morning. brent crude at 76$76.75 the biggest move in natural gas up over 1% let's check on the top corporate stories with silvana henao. silvana. >> frank, remaining short of the sh shareholder votes needed to sign

off on new stocks. nikola adjourned the meeting until next week to try and secure more support for the proposal while the majority of shareholders voted in favor of the move the total number fell short of the legally required threshold in delaware where it is incorporated the state could change the rule at the beginning of next month. shares of levi under pressure ahead of the open after cutting annual profit forecast and expectations for net revenue growth the clothingmaker is dealing with high costs. levi eco telling jim cramer he is bullish on helping lift the company up >> our china business is back and ahead of expectations. we have taken our expectations for asia up for the second half of the year and in part largely driven by the strength we are seeing in china.

that will help offset the weakness partially that we are seeing in u.s. wholesale. the fda signing off on giving more alzheimer's patients access to the drug to treat the disease. the agency granting full approval to leqembi allowing medicare enrollees to get fully covered treatment if they qualify. eisai developed the drug with biontech said leqembi could generate $7 billion in sales globally by 2030 eisai shares down in overseas trading, but up 24% in the past three months, frank. >> silvana, thank you very much. turning to the jobs market t-minus three hours until the june jobs report employers are expected to add 240,000 net new jobs last month compared with 340,000 in may if yesterday is any indication,

those estimates may be way off following the june adp private payroll report showing 500,000 new hires and largest gain since february of 2022 the job numbers are the most important economic data points later this month two other reports to watch, producer price index this week joining me now is julia. >> good morning. >> as we countdown to the jobs report, how insightful to the monthly jobs report is the adp report doubling estimates a blowout report >> zooming out, they do track each other not month to month well there is a lot of noise in the data there are lots of reasons to expect another blowout report. just zooming out, anyone who has gone on vacation lately ore has

gone to a restaurant, knows america is under staffed employment is still not. we can expect higher than average highering going forward >> i'm with you. i took a flight. the restaurants are packed everything is packed a lot of the gains in the hospitality sector and leisure sector those places are hiring. what other areas are we expecting to see possible job gains or losses? >> so, job growth has been historically broad based even in the most recent months and despite this increase in interest rates we have seen gains many months in industries that usually shed enormous numbers of losses when interest rates go up you know, all eyes should be on the areas where we are seeing more weakness in goods related industries that are suffering

from a return to normal pre-pandemic behavior in manufacturing and construction which is interest rate sensitive. tech remains the biggest weak spot in the jolts report this week that is an industry where quits are now lower than they were before p the pandemic the rest of the economy is doing quite well >> you mentioned the jolts re report there were mixed signals there give us the latest >> yesterday was the mixed signal 500,000 drop and 500,000 gain in the adp report that is the economic sdata for the last 18 months it is difficult to see if we are slowing down or if we are approaching a soft landing or if

the slowdown is something larger and more concerning. you know, we need more data and more data and more reports all eyes will be on the jobs report today and cpi and inflation reports next week. >> you sound like the fed. more data, more data, more data. i want to ask if we see a hotter than expected jobs report, a lot of people think it will mean we see a rate hike this month and another one later this year. if we see one more hike or two more, how does that impact the job market with the increased cost to capital? >> first of all, i don't think that is necessarily the case of the inflation is coming down quite markedly now the private sector measures of inflation suggest that we are much closer to the 2% target than the official stats suggest. last month's cpi report was much higher than it should have been because of used cars and things

we already see have reversed in private sector data. >> quickly, what private sector data are you looking at showing cooling than what the fed is looking at with pce? >> real-time indexes use rent from zillow and house prices are online marketplaces. there is a really nice online inflation index that comes out that is called true-flation. that suggests closer to 3% >> interesting stuff julia pollak thank you. coming up here on "worldwide exchange," demand for electric vehicles looking to further shift into high gear can the auto industry's old guard keep pace? a look at the latest when "worldwide exchange" returns stay with us

welcome back to "worldwide exchange." time for the morning call sheet. we look at the biggest upgrades and downgrades we start with morgan stanley raising ferrari bumping to $310 a share. earnings revision and a bullish picture. fer ferrari is down 2%.

and tesla driving profitability at scale for mizuho. we will have more on tesla in just a moment. shares of tesla are down 1% this morning. and rbc capital with an out perform. rbc says bloom is positioned for growth and improving through the decade as it plays a role in the energy transition. shares up over 2%. time for the global briefing a check on the headlines dominating conversations on trading desks around the world shell saying earnings will be significantly lower in the second quarter due to seasonal shift noticein the market. the company adding oil and gas production will be down from the first quarter due to field maintenance. new data showing base salaries

grew at the fastest pace in may. the bank of japan viewing it as a gauge for the next policy steps. shares of alibaba popping ahead of the report that china is likely to announce a $1 billion fine against the a.n.t. group as soon as today. the move will bring an end to years of regulatory overhaul to the fintech affiliate. turning to the battle with the ev old guard and new generation our phil lebeau is digging into the second half road map for the red hot sector and joins us now phil >> frank, i want to look at the second half by looking at the first half this is new data that was collected for us by motor intelligence we said we don't want to hear about anything with internal

combustion engines we want evs. how much is tesla market share eroding or is it strong? the answer is it is still holding strong tesla has 60.4% market share of the evs in the u.s this is ev sales in the u.s. only it was 64% in the first quarter. it is slipping a little bit. still they dominant the market the gap betweens tesla and ford and gm, it is widening tesla sales up 29.76% year over year they are having solid growth here in the united states. the model 3 and model y has the case for the last couple years continues to dominate the business for tesla it also dominates those two models in the u.s. which account for 56% of the evs sold in the

u.s. think about that more than half of the evs are those two models as you take a look at shares of tesla, keep in mind they report q2 results on july 19th after the bell we will see what happens with the auto gross margins which were 19.5% in the first quarter and most believe they will come in around there in the second quarter. it could be slightly lower due to the price pressure in china that we are seeing now i want to look at rivian rivian shares have been on a tear in the last month in part because the company reiterated guidance to build 50,000 vehicles this year that's twice now where they reiterated full-year guidance. r1 it is -- the r1t is the best

selling pickup in the u.s. what about the lightning no the rivian r1t that may change as ford ramps up production of the lightning. the r1t is getting traction here. >> interesting the f-150 is a popular vehicle phil, two price targets for the detroit players courtesy of morgan stanley >> from adam jonas these are not ev related it is him saying when you look at the legacy business here and the pricing power, in the first half or month or second quarter for gm, the average transaction price is up $482 they still have incredible pricing with the models. that is what adam jonas is saying he is not changing the projections of the ev growth and

what may be coming in the next year or two. same with ford what he is saying is this is a company, both companies spewing out cash off the legacy business that is one reason why he is bumping up the price targets on those companies. >> phil lebeau, by the way, phil, shocking to hear a truck the size of the silverado as the most popular option, electric or not. what a shift >> that's the key, frank electric models. in terms of overall, the f-150 is the best selling vehicle. internal combustion engine in the united states. i will hear from people the f-150 lightning is selling like hotcakes there is demand, but demand for other models we get the silverado e version will come out later this year. you will see more competition.

>> that is interesting to watch. phil lebeau, thank you for the great report let's talk more about evs and the second half of 2023. the managing director of auto equity research at jefferies is with us. >> good morning. >> we had phil lebeau with the second half of the year. i want to start with the legacy players for ford and stellantis and your price targets >> all three detroit based have had a good first half of the year we all worried about auto demand in the beginning of 2023 q1 was okay. we continued the same trend. gm mixing pricing stable no weakens in q2 from q1 from

what we see. we have to worry about the macro environment into the second half of the year and the uaw negotiations which is a tense period for the auto industry i think a lot of observers are looking at the aggressive stance from uaw and try to figure out if they will try to look more and they have zooming in on stellantis and history >> one of the stories is ev sales up in the first half of the year the growth has slowed from last year where higher gas prices were catalyst. where do you see the ev transitioning going forward as rates rise and possible recession? >> there are a lot of ways they will accommodate to make it more attractive to leasing. we have seen this in europe as well it is true in the u.s.

the surprise in the u.s. is the i.r.a. subsidies have strengthened demand more than what we see. at the same time, there is not a lot of supply. >> phil lebeau mentioned something i found to be surprising the rivian r1t is the best selling electric pickup truck. the ford f-150 pickup truck is still the best combustion engine truck. tesla is the best selling ev maker, but more cars move to evs and does that make rivian and tesla bigger players with the legacy automakers? >> we have seen everywhere and especially in china with the move to electrification a leveller it puts everybody back to the starting line and that creates opportunities for new commerce to acquire significant share we saw tesla and in perspective, two electric pickup trucks to

buy in the u.s rivian and f-150 lightning excluding the hummer for the moment we haven't seen a huge supply. this opportunity with the two is sharp. that is why this makes it interesting in electrificelectr. >> certainly a lot to watch. thank you. coming up here on "worldwide exchange," the one word that every investor needs to know today. shocks face pressure ahead of the big jobs report and the moves to make with your money. much more "worldwide exchange" back in just a moment. ahhh! icy hot pro starts working instantly. with two max-strength pain relievers,

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welcome back time for the wex wrap up. six stories you need know. janet yellen says u.s. seeks a

healthy competition. two tankers changed course and heading to seattle as labor strikes at the west coast ports continue the move marking the first instance of the first rerouting of ships. meta's threads topping the app stores mark zuckerberg boasting 30 million users so far just launched yesterday. lvmh is considering a u.s. ipo for birkenstock. one that could fetch the value of $6 billion. tesla offering new buyers in china a $400 cash bonus. and rolling out an a.i. image generator for alibaba. shares of alibaba this morning up 2.5%. turning to the trading day ahead and monthly jobs report expected to be the key driver for the markets on the back of the data yesterday showing the

labor market is hot. that is raising concerns with investors that the fed could keep up the rate hiking campaign longer and keep up the pressure on the economy the uncertain economic outlook top of mind for amazon jassy. he spoke with jon fortt yesterday. >> i don't think we're out of the woods with the economy i think there is a lot of uncertainty. i don't think anybody knows the next several months. you know, like everybody, we have a plan. you know, we had a plan the last few years, too, and things changed. >> a lot going on. pandemic and more. for more on this, let's bring in katrina dudley thank you for being here. >> thanks for having me. >> the ceo of amazon is looking at uncertainty what do you think of the uncertainty today with the jobs report coming up after the adp report that was very hot

it could be another blowout report which people think ceilingsseals the deal >> we have not been in that position for long. what is on the positive side which makes you say the second half would be okay wages are increasing if you have real wages increasing, that means risk of recession is low probably nonexistent you have a really strong labor market that is why you said today's data is going to be so important in terms of the labor market data you saw the jolts number yesterday. the jobs are continuing to be strong we are focusing on the strength of the economy the offset is the manufacturing uncertainty. people are focusing on that and the commercial real estate market which has associated weakness there >> a mixed picture >> yes. >> what is your wex word of the day? >> anticipation of the we will

get information and that information is coming in the form of earnings and what companies will talk about for the second half outlook. >> still looking at the jobs report what will it tell us about the economy? a lot of gains in the leisure and hospitality sector what gains or openings could influence the second half of the year >> where we see openings and unfilled positions is manufacturing. that is driven by a couple of things first is the drive to re-shore and on-shore manufacturers we have not had demand for many years for those workers. what is that doing it means ceos and i spoke to a ton of industrial ceos of they are holding on to labor tightly. the labor is still employed and that's really good for the economy. what we're seeing is the ceos are balancing the fact that i've got some labor, but i don't have

enough they may need some automation. >> labor shortage. with that in mind, i know you have stock picks how do you play the persistent labor shortage >> that is what we talk about with automation. we are looking to automate various things the two places are rockwell automation based in the united states they help factories automate work flow. you are also looking at competitor in germany which is siemens. they have a global presence. this is the kwquintessential replacements for capital >> you are talking a long-term trend. would you put money today or invest today on the back of the jobs report? >> we own siemens. we think it is a strong automation trend supporting it, but other catalysts make it an interesting stock for investors. it is a great company you can

buy. >> katrina, thank you for your time and insight we appreciate it >> thank you that does it for us on "worldwide exchange. "squawk box" is micong up next thank you for watching enjoy your weekend 's changed my in so many wa. before, i was over 300 pounds. now, i literally have the ability to take a shirt off and go out in the sun where i would have never done that before. try golo. it works.

good morning stock futures are relatively calm as we await the june employment report. payroll predictions ahead. yesterday, it looked like it would get out of hand, but still orderly as rates did go higher on the 10-year treasury and 2-year treasury. the fda approved an alzheimer's drug now medicare is outliechbning ht pay for it dr. scott gottlieb will weigh in. and twitter is accusing meta of stealing trade secrets to

launch threads which it calls a copycat app. we talk to the reporter who broke the story. it is friday, july 7th, 2023 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times area. i'm becky quick with joe kernen. andrew is off today. we have been looking at the markets. check out the u.s. equity futures. there are red arrows these are modest declines. the market waiting to see what happens with the jobs report right now, dow futures off 23 points s&p futures down 4 nasdaq off 27. the dow was down 1% after yesterday's surprisingly hot adp report the s&p