it is 5:00 a.m. here at c nbc global headquarters. here's your "five@5." futures suggesting there may be even more pressure on tap. also, oil pulling back after testing the $90 mark as saudi arabia and rush announce new production moves. we're going to dig in to where prices are heading next. shares of chinese property stocks, they're soaring on reports of fresh government intervention in the embattled sector. we're going to cover the details and steps beijing may take.

getting on the arm bandwagon. tech companies signaled interest in the ipo as the chipmaker continues to draw up support ahead of that offering. and heading back to school and the office, our all-star panel lays out whether the consumers are in spending mood as they turn to the critical holiday shopping season. it's wednesday, september 6th, and you're watching "worldwide exchange" right here on cnbc. good morning and welcome to "worldwide exchange." i'm frank holland. let's get you red to start the day. we kick off u.s. futures after stocks kicked off the holiday shortened trading week with modest losses. as you see right now we're in the red across the bore. the dow looks luke it opens up 45 points down. the s&p down just about a quarter of a percent. but, again, it is early. we're also checking the bond market as we always do. we're beginning with the

10-year. the yield back to just below 5%, a story we'll continue to watch. we'll talk a lot more about bonds later in the show. we're also turning to energy. a number of headlines to watch including saudi arabia and russia announcing they're extending oil production cuts and we're seeing oil pull back right now with the u.s. benchmark wti under $86 a barrel, brent crude down to 89.26 just now. touched 0 bucks a barrel yesterday. natural gas seeing a little bit of an upside, just about up one quarter of a percent. we'll dig into the price action later in the show. time now for a check of this morning's top corporate stories. our silvana henao is here with those. good morning. >> frank, good morning. ta taiwan's semiconductor the latest company toway in on arm's ipo. it will decide whether to join

in. apple and nvidia are the companies showing interest to buying up $75 million worth of shares. the ftc is reportedly gearing up to file a lawsuit against amazon later this month. this according to "the wall street journal" which says the potential move comes after the e-commerce giant's lawyers offered no concessions and talked with agencies last month in search for a possible sentiment over antitrust claims. it will target a number of amazon's business practices including its fulfillment logistics program and pricing by third party sellers. and philip jefferson's confirmation taking a critical step forward. the senate voting overwhelmingly to clear the way for its confirmation with a closure vote marking the next to last step in the process.

final approval of jefferson is expected later this week, frank. >> it's certainly a story to watch. changes in the fed. >> oh, we sure will. turning our attention back to the markets and september's disappointing stocks. according to cfra research, the s&p 500 has delivered an average los loss of 3/4 of a percent. our next guest said there could still be surprises looming for the rest of the year. kevin, good morning. thank you for being here. >> good morning. >> so you have a pretty broad client base. you have $9 billion in assets under management. i have to ask. you have a lot of clients. what are you telling them? what are the positive surprises we should be looking for? >> as we came into the year, there's been a lot of negativity.

we've got a better economy than thought of at the beginning of the year. we've got expectations rates may stop rising as they have, and that's been reported as inflation data is coming in. what we're seeing is an economy better for stocks and not threatened as it was a year ago by the prospect of ever higher interest rates, and that's set up for a very bullish market this year. >> right now i'm looking at the 10-year, 4.25, one of the highest levels of the year. when you say stopped rising, what do you mean exactly? >> i'm saying in general, the big rise, the big surprise came in 2022. it's hard to believe because we've been talking about high inflation and rising rates seems like forever. but at the beginning of last year, what you had was a market expecting essentially zero

percent interest rates off into the horizon. the shock came when the inflation rate began to come in very strong in the spring of -- fall and spring of 2022 and the fed had to get very aggressive in terms of tightening. that's where we are right now. >> also is the yield curve. it's certainly narrowed 70 basis points. the other thing i'm seeing is the euro. doesn't that prevent positive surprises you're seeing? >> we've played catch-up. even if you think about the companies, the growth tech stocks that ruled the roost for the first half of the year, a lot of that was coming off a very significant downturn in 2022. so you've gotten to a point now where stock valuations are above average. i think the forward looking pe for the s&p 500 is about in the upper teens, 18 times earnings.

higher than normal. at some point you're right, interest rates will begin to compete against equity returns, and if there was a risk kay case this year, that's probably it. >> let's look at the consumer. they just had the jobs report come out. wanls didn't rise as much as expected. the labor market is not as tight. give us a sense of what we're seeing with that and what you're seeing when it comes to consumer spending. how does that impact the market? >> well, we just published a piece on our website that talks about why we focus on the consumer. we want to own quality companies, which for us require owning companies that are dependable. if there's one aspect of the economy that has been dependable for a very, very long time, it's the consumer. consumption is really the thing that drives the economy. it's what businesses look to when they make their spending plans, and ultimately what we're seeing this year has been a good amount of strength in the

consumer despite fears of a potential for the consumer rolling over your y'all. retail sales have been strong. even the uptick in the unemployment rate, that has people coming off the sidelines re-entering the labor force. that's showing signs of strength. at the same time as inflation comes down, that's suggesting that the fed at the moment appears to have gotten it right this year, and that's a very positive thing for stocks. >> kevin caron. thank you. we have a lot more to come here on "worldwide exchange" including one word investors have to know today. plus the latest on china's venture. sending some of the shares of its bigger outputs. and 90 buck as barrel. 100, could that be far off? and microsoft looking to get anleg up on the competition d

the gaming sector. we have a very busy hour still ahead when "worldwide exchange" returns. ness... it is. is it possible to use predictive monitoring to address operations issues? we can help with that. can we provide health care virtually anywhere? we can help with that, too. is it possible to survey foot traffic across all of our locations? yeah! absolutely. with the advanced connectivity and intelligence of global secure networking from comcast business. it's not just possible. it's happening. ( ♪♪ ) sometimes, all the tenacity and grit in the world... ...can't overcome the boundaries we face. ( ♪♪ ) so morgan stanley is partnering with the women's tennis association to remove them. ( ♪♪ ) because this game is for everyone. ( ♪♪ )

welcome back to "worldwide exchange." taking a look at shares of chinese property stocks, they're surging in overseas trading with hopes of stepping in with more stimulus. officials might roll out new measures to shore up the sector. that including dropping home buying restrictions. that coming after embattled developer country garden afoyed

default on its debt. shares up more than 20%. the rest of the sectors are up between 20% and 80% jo let's see how trading is shaping up overseas. our arabile gumede is live in the newsroom with much more on the early action. good morning to you. >> good morning to you. it's a negative down. our key focus will certainly be on the oil situation. russia and saudi arabia both agreeing to extend their oil production cuts by another three months. effectishly saudi arabia saying they're going to call 1 million barrels a day as they have since july up until the end of the year. it will be reviewed on that basis as well. oil prices have certainly surged and gone a lot higher and it's felt across european markets. you're finding household goods going down today. oil and gas sector getting a hit. so, too, basic resources. the ftse 100 houses some of the

basic resources going down 0.8% of the ftse 00 so far. over on the asia market, the property sector being the key focus. you're seeing the hang seng dip off marginally. australia is down, but the nikkei and the shanghai composite are up on the back of that surge then in those property stocks. very significant. mixed trading boards across here, down across europe, frank. >> arabile, thanks very much. well, as arabile mentioned, oil's moving on saudi arabia, extending production cuts until the end of the year. they're cuts agreed to by essentially opec plus. let's talk more about this with the senior energy trader at cbc equity wealth. good morning. >> good morning. how are you? >> a lot to talk about. let's cover the big news.

the decision by saudi arabia to extend the cut. you say it's a pop quiz for investors of all kind. who failed this quiz, who passed? >> all right. so i think the market jechb rally got a c on this quiz. they had expected that saudi arabia and rush would roll over their cuts through october. so the real surprise is the last two months, november and december of extending the cuts. most has projected saudi arabia and rush would bring back 300,000 barrels in november and 500,000 in december. they had been was fehr perring an extension through december was possible but nobody has done the work to adjust their balances. so i given them a c on that an saudi arabia a c plus to keep the market on their toes and

making sure that short sellers know they will be sent to detention if they start to get too aggressive in the market. i think saudi arabia really wanted to prevent a december 2022 event where we had massive volatility into the year end. >> interesting met for. the saudi arabia ministry being the teacherer in this met for. oil is up $3 a barrel since the start of september. does that deeply impact short sellers and i'm also looking at dollar up 2%. where's the equilibrium there? >> that's a great question. short sellers got flushed out of the market in the last two months. if you look at the ftc data, they had been reduced significantly. they're no longer the prevailing force in the market. they're on the sidelines right now. in terms of the dollar, i have been surprised that crude has held up so well in the face of the rally. i think what we're seeing today as we're seeing the crude give

back some of the gains we had yesterday after this announcement is a reflection of what's happening with the dollar and the broader macro picture of how this move and the move is starting to change the narrative as we talk about inflation globally. >> let me jump in, rebecca. before we let you go, i've got to ask you about one thing. that's china. what demand are we seeing from china? is that part of what's supporting this price action when it comes to oil? >> yes. i think that's a misnomer in the market that china is lagging and not doing well. the big picture has been weaker, but under the surface on a micro level. crude demand has held up exceptionally well and actually hi outperformed so far in 2023. it's underpinning part of the rally and the support in the market. what has been the headwind is macro and supply from u.s. producers outperforming and additional supply from iran. >> we've had a big windup.

a question for everyone out there, are we headed toward $00 a barrel oil this year? do you see that as a strong possible? >> i don't think we see $100 this year. i think there's a huge factor, which is the upcoming political elections and i think nobody in saudi arabia or opec plus wants to start to take the heat politically of letting crude rip higher without bringing back supply. let's be clear. they have supply to bring on, and i don't think it's in their best interest to do so. i think we see 95 brent, 95 ti at some point toward the end of the year. not quite 300. >> rebecca, thank you for being here. we appreciate your time and insight. coming up on "worldwide exchange," a tough month for some of the retail trader mevorites as the once beloved me stocks are down. we'll have more when "worldwide exchange" returns. stay with us.

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investors are looking to put together their work. let's talk about it. we don't talk about them any longer. what are meme stocks? i know game stop is one. why are we seeing these? >> queue them. this is all twhere action has been. this year it's been tupperware and a.i. stocks that soared early and got crush. if you look across the board, august was terrible for the meme stoxx. you know when the stock goes down 35%, it takes a 50 p rally to get it back. a lot of these stocks may be done. >> we have some younger viewers. b.b. king, the thrill is got,

but retail investors are still singing. you gave me the chart, this year compared ed to 2022 and 2021. what's the trend? >> the trend is we keep buying. retail investors are still engaged. if you look at data, we oar still buying. the activity is high, but we're just not buying a whole lot of these meme stocks. when you hook at the vacuum behind them, it's nowhere where it was in 021. the higher interest rates may have something to do with that. there may not be government stimulus money coming our way. the volume is gone. the options activity is pretty muted. it used to be when the stocks were shorted and the short interest was high, you'd see the red army and apes swoop in. >> we were stuck in our houses

and couldn't go anywhere and retail spike. this year it's higher, at least year to date. when we see the meechl stmeme stocks, what are they looking at? >> they're buying apple, microsoft, nvidia, teslas, disneys, paypals, and pelletier. it's a path to strong profitability. they're not playing around. >> what ships are they jumping off of? >> carnival cruise lines. well played there, nice assist. meta which had a great run through the first six, seven months. airbnb and other places. johnson & johnson, i thought that was interesting. these are big stocks. this is activity with wide hi held stocks, some on the buy side. very strong balance sheets, very popular, this is the nasdaq 100

plus a couple of others. you're not seeing the gaming with the game stocks. meme stocks, you're seeing much more meme stocks. >> what's the big takeaway when it comes to retail traders? are they smartening up? is there a certain direction they're going or are these just aberrations? >> i think this is call of back to normal because meme stocks, they come and they go. we're going to have another round of them eventually. we had it with a.i. and crypto. right now, tried and true, good balance sheets, looking for quality, and not trying to find the fast gains. >> my friend, you are quality. always great to have you here. time for a check on some of this morning's headlines. we have nbc's jessica layton in new york with the very latest. good morning. >> frank, good morning to you. the one-time leader of one of the major extremist groups involved in the events of

january 6th was sentenced on tuesday. enrique tarrio got 22 years in federal prison. it's the longest punishment in the ongoing prosecution of those who tried to overturn the 2020 election. he was convicted back in may. a panel of judges have thrown out alabama's congressional map. the court found which the map, which was just redrawn by republican, failed to follow a supreme court order to create a second majority black district in that state. this ruling now ordered a court appointed special master to submit three new raps for the 2024 election. alabama's attorney general's office says it plans to appeal. meet kipake. this giraffe was finally given a name. it apparently means unique in swahili. i thought it should be name spot. but i i guess kipake is a goo

name. >> i like spot, i like the name they gave them. jessica layton, i like you. still on deck on "worldwide exchange," the u.s. commerce secretary talking about what she talked about in china. if you haven't already, follow our podcast. check us out on spotify or podcast apps. much more "worldwide exchange" coming up after this. let innovation refunds help with your erc tax refund so you can improve your business however you see fit.

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it's right around 5:30 a.m. in the new york city area. here's what's still on deck. september slump looking look it won't roll on for another day. futures looking to more losses at the open. and microsoft rolling out its highly anticipated video game. the tech giant is shooting for the stars with an exclusive offer. back to school and back to office, our panel lays out what the end of summer could mean for the retail and real estate sectors in the months ahead. it's wednesday, september 6th, and you're watching "worldwide exchange" right here on cnbc. welcome back to "worldwide exchange." i'm frank hollande. the dow looks like it would open 40 points lower.

the s&p down a quarter of a percent, the nasdaq down half a percent. as we always say, it's early. we begin with the benchmark 10-year yield. 4.26. the eer back below 5%. eased a bit from the action we saw yesterday. we're also looking at the energy market. specifically wti, the u.s. benchmark right now at 86.06 just off of its lows earlier. brent crude back below 90 bucks a barrel. down almost 1%. natural gas actually taking a dip to the downyo side. it was up a quarter of a percent higher earlier. time now for a check on some of this morning's top corporate stories. our silvana henao is back with those. >> dominion energy announcing its plans to sell some of its gas units for $9.4 billion.

they will pay the $9.4 billion in cash as well as assume $4.6 billion in debt making enb enbridge's gas prices, surging on the news. u.s. commerce secretary gina raimondo stressing the dialogue between u.s. and china following her high-profile trip to the kun tu last week. raimondo says u.s. companies need equal opportunities in china. >> u.s. business leaders are practical and pragmatic. they've been doing business in china for decades. they do business all over the world in some difficult places, but they to need a level playing field. they can't operate and think that there's going to be a raid on their business and they're not going to be told exactly what they did wrong. >> and elon musk reportedly taking on a billion loan from

spacex while acquiring his social media platform x. spacex approved the loan last october with backing from spacex stock which musk has a 42% stake of and a nearly 79% voting power in. the journal asks that he pay the loan a month later, but it's unclear what he used the funds for, frank. >> interesting story. silvana, thank you very much. turning our attention to the gaming sector, most rolls out its latest game. it's hooking to get a bigger piece of the action from fellow gaming competitors. our steve covax joins us with more. give us a sense. just how big of a deal is this? are we talking madden big or a different size? >> different size, different kind of game. this game is a new xbox game. it's called starfield. and for microsoft on this,

frank, the stakes are huge. it comes from a studio called bethesda which was made for $7.5 million a few years ago. this will be the first major exclusive release to come out of that deal. you just heard me sea the word exclusive. if you've been following the drama behind microsoft's $69 million acquisition of activision, you know exclusive games like this are one of the key reasons they killed the deal. sony is by far the leader with the playstation 5 you selling the new xboxs. the big reason for that, sony and intendo have more. microsoft hasn't had a hit since the new generation of xboxs launch nearly three years ago. bethesda is this legendary stew owe behind hit franchises like fallout and elder scrolls.

just to give you an example, the last major one out did 750 million dollars in the first 24 hours and continues to generate more sales to this day. ice it's another reason why microsoft wants activision. call of duty made $800 million in the first weekend. grand theft auto brought in $1 billion in the first three days. we talk about "barbie" grossing. but the others can do that within the first few days. i em going to dive into this later on "squawk on the street." >> interesting stuff, steve. i want to hit on one point you hit on. one of the key issues for regulators is microsoft can't have exclusive rights to some of its cloud games. how does that impact potential

regulation or a deal that will let them acquire activision blizzard? >> this came up during the ftc's effort to block it in that trial we covered this summer and they brought up starfield as an example saying, hey, you bought this studio and you made it exclusive. microsoft's view is existing franchises, we'll keep that going. call of duty, they're going to keep that. playstation and other platforms, but they are leaving the door open. so if they docile the deal with activism and activism comes out with another hit franchise besides call of duty, there's a really good chance they're make that exclusive as well. >> you and i have talked about it in the office. i only play playstation. i never play exposition. i'm not going to switch just for a game. >> right. that's kind of what microsoft is hoping will happen. coinciding with this big lapp. they have a new version of the

cheaper box x model hoping to juice sales that so many people have been anticipated. the hope is probably it will drive subscriptions for the cloud gaming service and sell the hardware, frank. >> thank you very much. the labor day holiday marks the end unofficial end of summer. we all wish it could last a little longer with millions headed back to school or the office this week. two parts of the market likely impacted. we're talking retail and commercial real estate. 4 billion was driven by consumer electronic purchases. meanwhile office utilization is expected to gain traction as companies crack down on policies for at least part of the week. let's talk about both sides of the coin with our two guests. we have the global head of occupier thought leadership who's covering kmernl real estate. great to have you here, both, so

good morning. >> we'll start off with you. let's talk commercial real estate. i heard a lot of companyies really encouraging their employees back to the office. how does the last third of the year look? >> i'm excited for the last third of the year. i think over the last nine months we've felt a little stagnated. i've felt goo. we have not experienced that great of a pullback. we have a lot of companies that are much more decisive about the type of company they want to be, being an office or remote company. we would expect as summer traffic comes back to the office, we'll see a post-labor day. >> really. even in the wintertiming you're expecting more people to make the track back to the office? >> i do. i think they're going to be much

more clear around their communication about expectations. >> jerry, over to you. let's talk retail, back-to-school shopping. 41.5 billion dollars this year. actually up 2% from a year ago and electronics is feeling that. what electronics are fueling the rise? we hear pc sales are down and people bought them during the pandemic. >> sales are down. they're not up in a robust fashion and that's because of inflation. best buy said their sales are negative and they're going to to stay negative for the rest of the year. what we see in services, they're buying services and not things, not the goods that retailers sell. they're buying things they need, necessities, not their wants.

we want you buying things you want, not what you need. that's not where the heads are at right now. it's going to be a challenging holiday season. >> what are you expecting for the holiday season? >> what we're seeing with the consumer is challenge. we know why. inflation, interest rates, credit card debts rising. then we have the restart of student loans. so we do expect kind of the best . retail trend is your friend. we expect a continuation of what we're seeing, which is the holiday season is going to be fair, but not great. it's not going to be one of the best holiday seasons on record. it's going to be a struggle every inch of the way. a lot of retailers have told you our sales are going to comp negative over the holiday season. so it's not goemg to be that strong. >> all right. let's talk about the commercial real estate sector. julie, i want to come back over to you. your estimates have 5 billion in

commercial loan losses in the rey sector. going forward, about half of that will impact the banks. give us a sense. what does it come to the commercial real estate sector long term and the impact of the banks? >> so the commercial real estate sector is obviously challenged right now. we're in a soft market especially from an office perspective. however, we do not believe these loan losses that are expected are anything to destabilize the financial system. the reason for that is because really the loan losses that are expected that you just talked about are only about 1.5% of bank assets today, so, again, not anything that we expect to destabilize. it's important to know although the next year is challenging in the office, there's a sector of office being high-quality office that's quite resilient right now and we expect to remain resilient before we start to see a rebound in the overall market, hopefully in the 2025 time.

>> i want to come full circle. julie, back over to you, as we see more people go back to the office, jerry is talking about people buying what they want, not what they need, shouldn't that be a tail wind as we see more and more people going back to offices? in many cases, offices are close to shopping stores and retailers. >> absolutely. many districts are anchored by retail and the service sector and the services that those retailers actually provide. so as more foot traffic falls upon these areas in the fall and wintertime frame, then it will certainly be a ban for the retailers in the districts also. >> gerald storch and julie w

weylen, thank you. >> thank you. online servicings provide messaging to video sharing. the move stems from the eu's new digital markets act which came into effect late last year. companies with more than 45 million monthlitive users and a market cape above $82 million are known as gatekeepers. they'll let users decide which apps to preinstall on their devices. certainly a story we'll follow on "worldwide exchange" and here throughout the day on cnbc. coming up on the show, shares of chinese property developers and the potential steps beijing may take, but first as we head to break, we're going to share some of your top trending stories in the messy, messy world. "wall street journal" reporting the streaming services, they've got a major boost on the day of lionel missy's first match with

miami. seeing more than 10,000 new signups. there may be only room for a few at the top. new data showing only 4.5 the million using crypto, 1 million have $1 million and six own $1 billion worth of bitcoin. taylor swift eras tour concert film expect to top $100 million when it premieres in movies this october. we have much more "worldwide exchange" coming up after this.

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signups. we have much more "worldwide seeing more than 10,000 new movies this october. welcome back to "worldwide exchange." time for your morning call sheet. toast remains well positioned to capture the restaurant's industry from the ongoing shift from legacy to ongoing solutions. take a look at toast. they're up 4%. intapp has 60,000 firms they could target. those shares up just over 2.5%. and morgan stanley is naming bloom energy a top pick in clean tech. it says the company's a

beneficiary of several key themes including rising grid instability, the green hydrogen tax credit included as well. the shares up just over 1.5%. it's time now for your global briefing. shares of chinese stocks are trading. a state media report says officials might roll out new measures including dropping home buying restrictions. "the wall street journal" reports china has ordered government officials not at to use iphones or other foreign branded devices for work. the chinese restriction mirrors similar bans against huawei as well as against officials owning chinese owned tiktok. and opting out of regular views of price caps. they say it challenges enforcement of the existing price cap. reuters says the g7 has not

reviewed the cap since march and does not have any plans to do so despite the initial agreement to conduct those reviews every two months. >> coming up on "worldwide exchange," we have the one word every investor needs to know. and offering your investor a golden opportunity for potential gains. if you haven't already, follow our podcast. check us out on apple, spotify, or other podcast apps. >> also, on cement 28th rnl new york city with investors and leaders coming together to help you balance risks with maximized returns. scan the qr code orrer go to cnbc.com. we have much more "worldwide exchange" coming up after this. with comcast business... it is. is it possible to use predictive monitoring to address operations issues? we can help with that. can we provide health care virtually anywhere? we can help with that, too. is it possible to survey foot traffic

across all of our locations? yeah! absolutely. with the advanced connectivity and intelligence of global secure networking from comcast business. it's not just possible. it's happening. ( ♪♪ ) sometimes, all the tenacity and grit in the world... ...can't overcome the boundaries we face. ( ♪♪ ) so morgan stanley is partnering with the women's tennis association to remove them. ( ♪♪ ) because this game is for everyone. ( ♪♪ )

welcome back to "worldwide exchange." breaking a short time ago the european union is designates

alphabet, amazon, apple, meta platforms, and most as gatekeepers. that's businesses that will be required to make their message apps operable with rivals and let users decide which apps to preinstall on their devices. tsmc's chair saying this morning it will design whether to invest in the chip's public offering. the ftc brings on an antitrust suit against amazon set for later this month. there's a clearing of the way for jefferson. final approval of jen jefferson is expected later this week. u.s. commerce secretary gina raimondo telling our jim cramer u.s. should be o laevl trading

field with china . and chevron holding final labor talks. if they don't meet, the union will have plans for a full strike next week. here's what to watch today. weekly mortgage application numbers are out. that's followed by the trade deaf silt at 8:30. services at 9:45 and the services index at 10:00. look for game busters and game stop. the fed beige book is out at 2:00 p.m. eastern. we hear from boston fed president susan collins before the opening bell and dallas fed president lorie logan this afternoon. turning our attention back to the markets, the s&p 500 is up 17% this year and is a little more than 6% off of its record kloss back in january of 2022.

barry bannister says it's exceptionally unlikely the s&p will hit a new high this year which will require very favorable earnings and favorable conditions. he expects the year to end at 4400, 2% lower. let's bring in patrick fruz fruzzetti. what do you think? agree or disagree? >> i think it's very fair. august was the week or month. seasonally september historically over the past number of years has been the weakest month in equity markets. that's a lot going to on here. you have continuing pressure, inflation air pressures, higher energy costs. we were just talking about, you know, increased labor strife. we're seeing, you know,

potential strife from the uaw. i think there's a number of headwinds particularly for earnings as we go into the end of the year here. >> you're saying 4400 is reasonable. we might see a decline throughout the rest of the year. isthat a straight path? >> i don't know if it will be a straight path. obviously we could go down more and rally into the end of the year like we often to. >> okay. we want to focus on the day ahead right now. coming off a down day yesterday, looking ahead to this day, futures in the red. with that in mind, what's your w.e.x. word of the day? >> given we just celebrated labor day, i would say service, you know? there's certainly a call to not only, you know, serve your company, but, you know, serve your community, serve, you know, your family and the people around you. i think that's a very important word. >> all right. i'll have to keep that in mind after the labor day holiday. how do you see today playing

out. looking at the 10-year at .25. the nasdaq the hardest hit in the premarket at least. what does that tell you about what we're expecting today? >> look. on a day to day basis, you know, i look certainly much more long term. but for today, you know, as you said, there's some companies reporting. you have some fed speeches. but honestly for the day, i continue to see a choppy market, okay? with interest rates fluctuating and as much as bonds have sold off, you know, over the course of thesummer. i expect to see, you know, a little bit of volatility today. >> you also have a pick for us. it is f & v, shares are deeply underperforming. shares are only up 7%.

why fnv. why is that your pick? >> you look at a future stream of gold production or revenue. it's a labor light business model and no debt to boot. it's a very secure business model with a tailwind, i believe, with gold prices for the foreseeable future. >> would you advise your clients to put money there today? >> yeah. we've been buying the company in this market. that all right. patrick fruzzetti, always great to see you. thank you for being here. >> you're very welcome. a quick check of futures. as we mentioned, they're in the red across the board. taking a look at dow futures. it looks like the dow would open 50 points lower. however, both off of their lows. i want to watch oil.

we mentioned we saw $90 a barrel when it comes to brent crude, now at $89.48. that's going to do it for us quk x" "sawbo is coming up next. thank you for watching. trade mas 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. i was told my small business wouldn't qualify for an erc tax refund. you should get a second opinion from innovation refunds at no upfront cost. sometimes you need a second opinion. all these walls gotta go! ah ah ah! i'd love a second opinion. take the first step to see if your small business qualifies.

good morning. the ftc preparing to file its long-awaited antitrust suit against amazon after reports that amazon failed to offer any con segs to avoid a trial. china is reportedly banning foreign mobile devices including the apple iphone from government offices. we'll talk to the u.n. ambassador to china, nick burns. and the anti-defamation league responding to elon musk's

defamation lawsuit. it's wednesday, september 6th, 2023, and "squawk box" begins right now. ♪ good morning, everybody. welcome to "squawk box" here on c nbc. we're live from the nasdaq market site at times square. i'm becky quick along with joe kernen and andrew ross sorkin. we see modest pullbacks. s&p down by about 9 points. the dow future's off by 2. the nasdaq by 43. guys, accept is above 4. that was the close yesterday. stocks were down in yesterday's