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tv   Worldwide Exchange  CNBC  August 29, 2023 5:00am-6:00am EDT

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it is 5:00 a.m. here at cnbc global headquarters. we go two for two in the "five@5." big pharma on alert. it is not just drug prices, washington taking a fresh look at the banking sector. set to propose new rules today. if that weren't enough, lawmakers scheduling a face-to-face meeting with the biggest ceos in d.c. talking
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a.i. and future red tape. later in the show, a closer look at the i.t. spend slowdown and if there is any highway patrol -- hope for a bounce back. it is tuesday, august 29th, 2023. you are watching "worldwide exchange" here on cnbc. good morning. welcome to "worldwide exchange." i'm hollafrank holland. we kickoff after modest gains yesterday. looking at red across the board. the dow would open up 20 points lower. similar for the nasdaq at this hour. we are checking the bond market. the 10-year treasury is 4.20. it was ten basis points higher the last few days. the 2-year treasury yield is up
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above 5%. we are looking at the energy ma market. wti crude is back above $80 a barrel. also brent crude is up .50% at $84.83. natural gas market is flat right now. let's see how things are shaping up overseas with julianna tatelbaum. >> great to see you, frank. as for trade, we have green across all major regions. the asian trading session is showing strong gains. hang seng is nearly 2% higher for the benchmark within the index with byd surging overnight. they reported more than 200% jump in first half profit. that company continues to go from strength to strength gaining market share in china. outside of hong kong, nikkei up .20%.
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in the shanghai, trading 1.2% higher as investors continue to watch the visit from the u.s. commerce secretary to beijing. as for europe trade, green across the board. ftse 100 is up 1.25%. uk was closed for the bank holiday yesterday. a catch-up trade in that index. outside of the uk, modest gains with the dax up .25%. ftse mib up .40%. the data points on thursday for european investors. flash inflation prints due which will be important in terms of where we go from here for ecb policy. frank. >> julianna, thank you very much. julianna tatelbaum live in the london newsroom. time for the check of the corporate stories with silvana henao. silvana. >> frank, good morning. the biden administration is expected to announce the first
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batch of prescription drugs. the administration will target prices and lowering medicare costs. this is the first since the inflation reduction act was passed which requires the government for the first time to negotiate drug prices with the companies that make them. the head of the bank supervision in san francisco is retiring effective october 15th. they have been under fire for the failed oversight of the silicon valley bank. the bank said the former fed in minneapolis will take over in october. following a story we brought yesterday, 3m agreeing to pay just over $6 billion to settle 260,000 lawsuits stemming from defective military earplugs. according to reuters, the money will be paid to victims over the next five years.
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the stock had popped 5% yesterday on early reports of a settlement which is far less than the $10 billion some analysts had been expecting, frank. >> big story there. we will continue to cover that here. silvana, we will see you later on. now to a developing story. u.s. commerce secretary gina raimondo wrapping up the face-to-face with the chinese premier as she prepares for an evening meeting. we have eunice yoon with more on the story. eunice. >> reporter: frank, i'm outside of the beijing train station where the commerce secretary is going to show up minutes from now to head to shanghai after a very full day of meetings here in beijing. her main message has been the u.s. and china can work together. obviously in her area, economics and trade, but also outside of that as well. you mentioned she met with the
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premier. in that meeting, she hoped to see the two work on climate change and fentanyl crisis as well as a.i. the vast majority of her meetings were on economic affairs. earlier in the day, she met with the vice premier who handled that area. she repeated the message we hear that we never compromise in protecting national security, but we do not seek to decouple or hold china's economy back. in addition to that, raimondo met with the culture and tourism minister. in that respect, she made an announcement that was seen as deliverable. she was able to revive a tourism leadership summit which had been shelved because of the pandemic. it will now be set for the first half of next year. frank. >> eunice, it seems like the secretary is making progress on the agenda she was sent to
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address. what is on the docket for tomorrow? are there more meetings with business leaders? >> reporter: a ton of meetings tomorrow. she will start her day with the american chamber of commerce branch in shanghai for a f fireside chat and show up at the women empowerment meeting. then in addition to that, she will visit the nyu shanghai campus as part of the message to push people-to-people exchanges. she will then take a tour of shanghai disneyland. then she will end the day at the boeing facility. a lot of meetings for her in a short period of time. >> our phil lebeau covering that for boeing. eunice yoon, great to see you. more to come on "worldwide exchange," including the one word that investors have to know
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today. first, what my next guest sees as an inflection point for the markets. and why the i.t. spending slowdown could be nearing an end and what earnings from hp could provide. later, when chuck schumer plans to discuss when he meets slth the heads of google and tea next month. we have a very busy hour when "worldwide exchange" returns.
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welcome back to "worldwide exchange." markets are flat right now as wall street assesses the impact of rate hikes this year. we have a new note that recommends investors move to long-term treasuries. according to the data, historically, the bond market yielded 5.5% in a three-month rolling return following the last rate hike compared to a yield of 2.1% of short-term treasuries. let's talk about this in the current environment with robert teeter, head of silvercrest asset management. >> good morning, frank sdp. >> longer-term bonds performed well. two questions for you. do you think we saw the last rate hike or are we in a pause and headed toward a cut?
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do you think the trend will continue? >> i think we have seen the last rate hike. for me, the big open question is when will we see cuts or get more clarity on what will lead to cuts happening? i think the time thereline is critical. it is great news we solved inflation or the fed is at or close to a pause. we have uncertainty on the path for the fed and when they will cut back a bit. >> robert, who is "we" here? core pce at 4% f. the fed tar get is 2%. is pce still a market mover? >> i think that's one of the reasons we're in a holding pattern on stocks here. i think from the equity investor st standpoint, inflation is not a problem. the trend has been in the right
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direction. they may remain pabove 2% targe for a while. the fed is resolute in maintaining the 2% target and not willing to take action until we get there. the positive gains we have had this year are coming to an end and fizzle thing -- fizzling out. >> is that something that will influence the markets? are you advising clients to position ahead of it? you would think it would give insight into the fed's path. >> i think pce is important. it is lagging a bit behind pci in terms of how it is coming down. it is stickier. it is what the fed is focused on. i do think it is important for the fed proceeding from here and one reason they maintained the posture of being resolute in keeping rates where they are because of the rates remaining elevated. >> does it change your view of
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equities with the inflection point coming up? are you advising clients to move to something different? >> i think in the short-term, things are choppy here. i think they will remain way until we get more clarity on the fed fed. i prefer a longer-term view and think about what happens next year and markets after labor day focus on the upcoming year. i think the outlook for the year looks better. here in the short-term, we are looking at short-term metrics in two weeks. cpi is a market moving metric. that is unlikely to provide clarity or great optimism for equity investors in the short term. >> seince you are looking long term, doesn't that make growth stocks more attractive right now? wouldn't that be an opportunity
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to buy? >> i think because we have hit a ceiling on valuation here and the reason i think we hit a ceiling is we are unlikely to see cuts from the fed any time soon. because of that, valuations are capped here. i look to the earnings side and say where do we get earnings? i think investment in productivity is likely to lead to a nice cap x cycle which benefits the technology space. i think you have a strong job market which is compelling from consumer discretionary stan standpoint. and those monies are still flowing through the economy. that is leading to earnings in that space. i have been on following the earnings message and not looking for positive developments until middle of next year. >> robert, thank you very much for your time. >> thank you, frank. coming up on "worldwide
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exchange," d.c. regulators taking a fresh look at the banking sector and set to propose new rules today targeting the risky part of the market. we talabt k outhe names most exposed in the financials.
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hp and dell reporting earnings this week bringing the snapshot on the health of the consumer and the demand for pcs.
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it is following a record surge of sales in 2020 and 2021. there are promising signs. the research firm reports global shipments fell 12% in the first quarter. that is the change from 30% in the previous quarter. let's talk about this with the analyst from canalys. >> hi, frank. >> pcs is a cyclical business. sales down 12% in q2. are we now on a clear uptrend? >> i think we are getting there slowly. the signals are improved in the last quarter and this quarter as well. two of them we're paying attention to are the inventory levels from oem which is improving. a lot of correction has been happening with high inconventor levels from last year. similarly, the end user rate that the companies in the pc space are reporting which are
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trending possible positively. the demand is slowly coming back. we expect slight decline in shipments for q3. some growth to come back in q4 and accelerate through 2024. >> we are on an upcycle right now. you mentioned something right now. i want to ask about the end user activation rate. why is that important? >> what is happening in the industry is a really big build up of inventory in the pc space. channel partners taking on a lot of devices to manage the difficult demand conditions in the pandemic when the industry exploded. we are seeing the actual purchases by consumers and businesses which translates into thectivated. it has been a mismatch. the activation rates are trending higher bodes well for
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the inconvventory correction. >> the global pc maker chart is up now. one thing is apple is the only computer maker which saw growth. chrome books versus mac demand. is there a difference? why is apple the only one to see growth? >> apple, since they launched the proprietary line, has been doing well in terms of refreshing new customers as well as gaining share from windows. it was strong from the business line in how innovative the new product was of the . we saw that gain in the core consumer base with the lines gaining additional demand as we face wider problems in the
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ind industry. the point of chrome is tied to the success of the education sector which has boomed since the pandemic. we see that as a growing market in the long run. it will provide assistance sales for the chrome book oem. >> apple is 50% year over year growth in data. and return to growth back to the office policy. how does that impact hardware? >> it will save a notebook versus a fixed desktop. this is beneficial for the desk sto desktop and fixed demand. it is trying to gain value through accessories or conference room equipment. all of the services in making
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the office as capable and efficient as possible. we see this as an upside and potentially somewhat limiting from the hybrid boom which happened in the pandemic. >> so many things are a double-edged sword. thank you very much for joining us. >> thank you, frank. let's check on the headlines with nbc's frances rivera in new york with the latest. frances. >> good morning, frank. we begin with the familiar, but ominous threat for the state of florida. idalia has strengthened to a hurricane as it churns in the gulf of mexico. the tampa airport shutdown at midnight. it will make landfall as a dangerous category 3 hurricane tomorrow morning. the shooting at the university of north carolina chap thel hill left one faculty member dead and left the campus in lockdown.
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the gunman is now in custody. the investigation will take weeks. we learned two important dates for trials featuring former president trump. the judge set a start date of march 4th in the federal election interference case. that is one day before super tuesday. trump will appeal the decision. meanwhile, the former president and other defendants are set to be arraigned on september 6th. and the super blue moon should come over the horizon at 9:35 eastern time wednesday night. the closest full moon of the year bringing our nearest neighbor 222,000 miles away. frank, i don't know about your bedtime, 9:35, i'll be fast as asleep. i guess the only blue moon you have is the one you drink and lift with a lemon, not an orange for pme.
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>> we also get up early in the wee hours in the morning. >> you got it. >> frances rivera, great to see you. as we head to break on "worldwide exchange," we are watching shares of vinfast coming off a 20% gain yesterday and actually down right now in extended tratrading. the stock gaining 120% over the past week. since completing the spac to list on the nasdaq, it is up 200%. it is now the third most valuable automaker in the world behind tlandes a toyota of. vinfast. get to know it. more "worldwide exchange" after this.
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it is 5:30 a.m. in the new york city area. there is more ahead on "worldwide exchange." here's what's on deck. investors continue to digest the impact of the fed committed to higher for longer. the white house expected to announce the first drawback with prices and medicare costs. we look at the possible stocks at the center of it all. it is not just pharma, but washington looking at the banking sector proposing new rules today. it is tuesday, august 29th, 2023. you are watching "worldwide exchange" here on cnbc.
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welcome back to "worldwide exchange." i'm frank holland. let's start the trading day with the check on stock futures. you can see flat to lower right now. the dow would open 3 points lower. s&p and nasdaq fractionally lower. we see a bit of movement in the bond market. the 10-year treasury at 4.20. down a few points from what we have seen in recent days. the 2-year treasury yield back above 5%. we have a market alert breaking moments ago. china banks considering cutting the rates to boost the economy and an consumer spending. if confirmed, it would be the third time this year. we see the asian markets moving higher. hang seng is doing the best up 2%. the nikkei is fragsctionally
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higher. back to the u.s. and washington where it appears no private sector is off limits with new regulation or government intervention. starting with the banks, the fdic is set to reveal new rules for small and mid sized lenders should they experience a panic similar to silicon valley bank, first republic for signature bank this year. the white house is expected to announce the first batch the administration will target with prices and lowering medicare costs. the announcement is the first since the inflation reduction act passed which requires the government for the first time to negotiate drug prices directly with the companies that make them. in tech, chuck schumer sayshe is set to meet with the ceos of the biggest tech companies in the world next month to discuss issues of a.i. and responsible regulation.
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wall-to-wall coverage on all of the issues. we start off with emily wilkins. >> good morning, frank. elon musk and mark zuckerberg are meeting face-to-face, but not for the cage match. they are two of the several executives coming to congress for a forum on a.i. the forum is hosted by chuck schumer as part of his work on bipartisan legislation to regulate a.i. and protect national security and personal privacy. other tech leaders attending the meeting include sam altman and top officials from nvidia and alphabet. they will be joined by civil rights workers for a closed-door meeting to discuss the congress role in a.i. all senators will be invited. schumer made progress on a.i. legislation. he held three bipartisan forums
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this summer and released a broad framework for policy for national security and job security and accountability and transparency. frank, lawmakers have a long way to go before producing a.i. legislation here. the outline lacks details of what will be regulated and who with the will oversee it. schumer is not the only one ready to tackle the regulations of the kevin mccarthy wants a foundation of bills on a.i. and another caucus has 57 members and democratic group to begin the a.i. task force. a lot of interest on capitol hill in a.i. right now. we're still waiting to see what happens. >> a lot of us are waiting. it is early days with regulation. do you have any sense of the timing for new laws for regulations or anything that might change how the companies
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operate? >> reporter: i think it is clear from the forum we are seeing and outside interests that we're having in a.i. regulation. this isis something lawmakers wt to move quickly on. they don't want to wait too long. the issue is congress has a lot to do in the next couple months. including funding the government. it is difficult to see when they will just found the oxygen in the room to get to a.i. >> emily wilkins, thank you. we turn to banks and the industry regulators are set to reveal new rules for small and mid sized banks aiming to avoid the complicated failures with silicon valley bank and first republic this year. regulators are paying close attention to pnc and citizens financial with market caps of 47.2% and 12.9% respectively.
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we have chris from stifel here with more. >> good morning, frank. >> the two names to watch in the regional bank space. how do the potential rules impact the broader bank space? >> we're going through the new rule making initiative post the collapse of silicon valley bank in march. we see the collapse with a need for greater regulation. silicon valley bank and first republic, these are $200 panhandlbillion companies. they slipped through. we are going down in size and market cap and asset size. the banks, $100 billion and above, are subject to regulation. >> let's talk about the $100 billion and pabove. we talk about jpmorgan chase and
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citibank. what changes could you see to the balance sheet and how do the rules impact the potential m&a. we heard that after the collapse of the banks. >> the largest banks have been the most regulated forever. certainly post the financial crisis in 2008. now what we think will happen is some of the regional banks and banks above $100 billion are subject to liquidity rules and capital rules. what it has is implications more on what they put on the balance sheet of the they will not put any asset on the balance sheet. loan growth will slow. that will have an economic implication. buybacks are on hold. to your point, m&a, with the reduced earnings power this has, m&a is a consequence the next couple years. >> i want to go back to the regional banks. at times after the collapse of silicon valley bank, they traded on sentiment. we saw short selling
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speculation. how does this impact the broader sentiment with the regional banks going forward in the near term? >> we need to know the rules. investors and banks are ad adaptive. after 2008 w, a lot of calls th banks would not be profitable. we will see that again today. i think near term, there are pressures on earnings and pressures on returns. one of the things that investors and banks will do over the next several years is consolidate. there are 80 banks between $10 billion and $40 billion in assets. as the banks need to build more scale beyond $100 billion, this is the effect of regulation. >> we talk about goldilocks scenarios. these rules won't impact them or help them. >> sure. we think the no-man's land is between $80 billion and $120
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billion in assets. you need to get scaled beyond 100. one of our names is new york community. they are $120 billion in assets of tassets. this is a stock that has done well. we think there is another ch chapter to the growth story. that's a stock trading 1.3 times tangible book. if you look below that, one of our favorite names is east/west bank. $70 billion asset bank. this stock trades 1.3 times tangible book. the capital rules proposed have plenty of capital to absorb a hit from increased regulations.
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>> chris mcgratty, thank you. >> thanks, frank. turning our attention to health care. president biden will speak later today on lowering costs. the administration is announcing the first prescription drugs included in the inflation reduction act to allow the government to bargain for medicare drugs with producers. any new prices are not likely to take effect until 2026, but the impact may grow. let's discuss this further with matt fitz. matt, thank you for being here sdp. >> good morning. >> this is a big story for americans. we will get to the broader impact. i want to talk about this and how historical this is. for the first time in the history of medicare, medicare is negotiating with the drugmakers.
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>> this is a big impact for the industry and something that those of us in the industry have discussed since the i.r.a. was passed. we get the list of the drugs subject to the negotiations. this will take time to play out until we see the prices. a a lot of people don't know it is coming or how it works or how it impacts their pocketbook. there are nuances of who makes the list. we expect blood thinners which have been blockbusters in the class. >> i think it is important to note the biden administration is critical of big pharma. you are clearly targeting them and saying this is an industry that doesn't care about people. four companies awhich say they
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are expecting to be targeted of the negotiations. you mentioned bristol with eliquis. they don't roll off the tongue, but well known drugs. how impactful are these negotiations for the four stocks? >> the problem is we don't know the exact price will be. there is a minimum discount written in the i.r.a. that is something we will find out a year from now. for the company to talk about the value or is it cms writing a number on a piece of paper. one thing for these drugs coming up in the first list are toward the end of the life cycle. two years where you have a 35%
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haircut in the costs of the price. not something that is necessarily changing the narrative for bristol given the patent expiration. >> can they make up the money somewhere else? is the government the biggest customer and this takes a chunk off the top and bottom line? >> it depends on each situation. it is hard to make a blanket statement. it is going to have impact toward the tail end of the drugs life cycles. it will with force the industry to make cuts with expenses on the r&d side. there may be development moving to less exposed drugs to medicare and these nuances of how the drug is selected. >> let's talk more broadly. i was shocked by this number of
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the the -- number. the cbo has an eye popping number. is that the revenue the drugmakers get or does this change the long-term in investability about of the names? >> that is what people think. this is something that will need to be worked out in the next couple years. there is litigation going on. we will wait for that. it will depend on how the company approaches this. we heard from companies which say they are changing strategy as far as moving away small pills from the pharmacy because they have less time until the negotiations start. moving to more autoimmune diseases with a mix of ages for
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patients. less patients under medicare and giving you exposure for the negotiations to kick in. a lot of strategies. i think some of the numbers are optimistic because there are things like generics that come in to take a drug out of the negotiations process. clearly it will be impactful. you know, we have talked about the broader market and when does it participate in the industry. this is one thing that is keeping it from doing that of the. >> matt phipps, we will have you back. thank you for being here. coming up on "worldwide exchange," a big win for warren buffett in an unlikely region of the world. and as we head to break, the next airbnb state could be a home run. the florida baseball team listing on airbnb.
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the stay includes two queen beds and unlimited access to the entire ballpark. uber eats is developing a chatbot. it will ask about budget and food preferences and help place an order. it is not just the streamers, but amazon hiking free shipping minuimum to $35 fr non prime members of. it is not impacting prime members. see you right after the break.
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welcome back to "worldwide exchange." time for the morning call sheet. citi upgrading at&t and verizon to buy. the wireless market is showing signs of stabilizing and it should help the operating performance. still picks t-mobile as the top pick. ubs upgrading oracle to 140. ubs is confident that oracle is carving out an edge in the gpu and cloud infrastructure. that should be enough to attract new customers. shares are up 2.5% in pre-market. and morgan stanley
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downgrading farfetch to equal. it says high volatility and limited path for a catalyst makes it difficult to be overweight on the stock in the medium term. shares down 2%. time for the global briefing. shares of apple are moving higher in the pre-market as the company prepares to challenge a $2 pa$2 billion lawsuit. apple has hidden defective batteries in software updates. and toyota halts operations at 12 plants due to a computer error. it doesn't believe it was caused by a cyber attack. and shares of byd are
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surging. profits jumped 200% compared to a year ago. byd is the biggest china auto brand and counts warren buffett as the biggest investor. coming up on "worldwide exchange," the one word that every investor needs to know today. plus, the key piece of economic data that jenny harrington is watching today and what it means rer the equity outlook. mo "worldwide exchange" coming up after this. dynamic charting and risk-reward analysis help make trading feel effortless. and its customizable scans with social sentiment help you find and unlock opportunities in the market. e*trade from morgan stanley. with powerful, easy-to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley
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♪ ("please don't go" by harry casey, richard raymond finch ) ♪ (ping) ( ♪ ♪ ) ♪ please don't go ♪ ♪ please don't go ♪ ♪ please don't go ♪ ♪ please don't go ♪ ♪ don't goooooo! ♪ ( ♪ ♪ ) ♪ don't go away ♪ ( ♪ ♪ ) ♪ please don't go ♪ welcome back to "worldwide exchange." time for the "wex wrap-up." china central bank looking to
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boost the economy. we have u.s. banking news. the federal reserve in san francisco is retiring effective october 15th. he along with mary daly has been under fire with failed oversight of the defunct silicon valley bank. and 3m is looking to pay $6 billion in the lawsuit over defective earplugs. lords town motors is hopeful it will find buyers for all or parts of the business. we are watching catalent stock up 1.5%. the company is close to reaching a settlement which will include new directors and promise to review alternatives to a sale. and google selling mapping data.
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it could generate as much as $100 million in the first part of the year. partners range from sun run and tesla to zillow and marriott international. taking a look at futures this morning. they have been flat all morning long. we have upside movement. the dow jones industrial average moving to the upside. opening up 30 points higher. s&p and nasdaq is moving higher after a winning session on wall street yesterday. joining me to discuss is jenny harrington at gilman hill. jenny, great to see you. >> good morning. frank. >> we see a upward trend for the markets. what are you expecting today? >> mini is key here. i think it is funny. if you look back, we're flat.
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s&p has been stuck at 4,400. i don't want to get behind a mini uptrend or downtrend. you can take advantage when you see individual stocks bottoming out in the two-year process. i don't think you get behind the market strongly at this point. i don't think you short it strongly. you pick off individual stocks. >> you are meh. with the meh attitude, what is the "wex word of the day" here? >> impatience. that is what i see the market being. it wants to go higher. investors want a mini rally that turns into a real rally. people are addicted to growth. they got used to the past decade before the past two years where
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we compounded 10 plus a year for the last decade. they are used to that. they are rushing the healing process. they are impatient. the rate increases took a long time to move through the economy. rolling off the fed's balance sheet from the $4 trillion that was dumped into the economy. rolling that off into the economy in the healthy way. growing the earnings. that takes a long time. digesting 20 times mull tiple takes a long time. impatience, if we succumb to it, it creates an unhealthy market. i would like to see a stable foundation. have a little patipatience. >> you are telling me to be patient. you have clients and you get
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nmonew money. where would you put money today? >> i don't know if the fed is dovish or hawkish. where do you find opportunity in a market? you can find opportunity with low valuations o svaluations. we added the owner of timberland. it is trading ten times earnings. i think your first guest is talking about the consumer not as weak and it has cash. if they are not that weak, then it is discounted on the weak consumer consumer. >> i'm sorry. we have to leave it there. great to see you. >> thanks, frank. one quick look at futures.
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the dow would open up 50 points higher. s&p and nasdaq in the green. we have "squawk box" cominupg next. thanks for watching.
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good morning. pharmaceutical news on the way. this could be market moving. the biden administration set to name the first ten prescription drugs for medicare price negotiations. some customers will have to spend more to get free shipping at amazon. we'll tell you -- spend more to get free shipping. we'll tell you more about that change coming to markets. and idalia has strengthened to a hurricane.
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florida's governor, who would that be? he does have a name. he is kind of well known. ron desantis declaring a state of emergency as florida braces for landfall. it's tuesday, august 29th, 2023. "squawk box" begins right now. good morning. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site on times square. i'm becky quick with joe kernen. a a andrew is out today. you will see the gains from yesterday. the dow futures are up close to 50 points. nasdaq up 20. s&p is up 6 points. in the sessi

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