it is 5:00 a.m. here at cnbc global headquarters. here is the "five@5." the september slide with the nasdaq notching three straight days of losses. the pull back may continue today. the fed's latest beige book revealing the strong signals the economy could stall out as they gear up for the next policy meeting. and economic woes continuing in china as fresh data reveals another month of trade troubles. plus, dpoogoogle looking to

crackdown on a.i. and misinformation about elections. the steps by the tech jogiant. are you ready for football? the nfl will kickoff the season providing a big boom for gambling and streaming platforms. it is thursday, september 7th, 3 2023. you are watching "worldwide exchange" here on cnbc. good morning. welcome to "worldwide exchange." i'm frank holland. we kickoff the hour with the check of the u.s. stock futures. a bit of a mixed picture. dow up fractionally. the nasdaq down almost .75%. this is important because the nasdaq is riding a three-day losing streak with all three indices taking the nasdaq's lead down 1% this week. we are checking the bond market as we always do.

the 10-year treasury at 4.27. important to note the 2-year treasury has eased off 5%. under 5%. in the energy market, we are looking at oil. we begin with wti. $87.13. you see a bit of movement. down .50%. brent crude above $90 a barrel. natural gas is flat. we are watching shares of apple this morning. shares falling on new details of the china's ban on iphones on government officials. beijing will extend it beyond government agencies to state-owned enterprises and other government controlled agencies. shares of apple down this morning on the report. down 2.5%. time to take a look at the european markets and how they are shaping up with arabile gumede live in the london newsroom with more on the early

action. arabile, good morning. >> good morning, frank. some breaking news for you this morning. eurozone gdp numbers refreshed. revised numbers for you this morning. on the breaking side at 0.1% with the revised number quarter on quarter for the eurozone. that is from the previous estimate where we saw gdp growth of 0.3% initially as the statement. on the year on year basis, that number moved to 0.5%. it was actually 0.6% initially. a tick below from 0.6% to 0.5%. both dropping off a little bit. not in recession territory yet, but worrisome for the eurozone which increased interest rates with the president of the ecb christine lagarde saying that the hike in interest rates will continue to be the case as they

fight off inflation further. we also have unemployment numbers for the second quarter. 0.2% quarter on quarter. 1.3% up year on year then for the employment figure as well in the eurozone. across the market, a little bit of a mixed board. generally higher. ftse 100 is up .10%. cac 40 is up .40%. all of the markets taking that data in, frank. >> arabile, thank you very much. great to see you. turning attention back to the u.s. the latest beige book revealing the majob market slowed in july and august and many businesses expect wage increases to ease and consumers will remain strong. the report coming two weeks before the next policy meeting. let's bring in skyler for the

latest. thank you for being here. >> thank you for having me. >> the beige book is the primary objective of 90% chance of a pause when the fed meets in two weeks. how do you see this impacting the markets from now until then? >> the market has been prepared for a fed pause. it has been clear for a while that it is not at the end of the tightening cycle. we are very close to the end of the tightening cycle. the beige book confirmed that trend which is fast downward. inflation coalescing around the fed's target. that gives the fed more confidence it can pull off a soft landing sdpl. >> a lot of confidence we will get to the soft landing. i want to touch something you are watching which is the inverted yield curve. you have been watching that. we know the inverted yield curve is a recession indicator.

what does the narrowing mean for you? >> what we have seen is significant steep eening. it has been driven by bear s steepening. that is an indication of stronger growth. there is a lot of focus on this inversion. that inversion can't stay where it is because it has been a long inversion. the longest one before this was 200 daydays. at some point that needs to change in terms of you need to have higher yields at the long end or yields at the front end to come down. >> speaking of yields, a lot of people talking about the impact on the market. the nasdaq in the futures are hardest hit. nasdaq on a bit of a losing streak. how do you see the high yields

impacting the market going forward? >> it depends what is driving the yields. if yields are driven by higher growth, that is a positive figure about growth. they care about the outlook and it is more positive. if you get the yield rise with growth being resilient, then that is what we have seen in the past few resilient equity market and you could get some upside. if it turns and your gains are driven by the possibleility of higher rates, that is more worrying to the equity market. >> a lot to follow there. skyler montgomery-koning, thank you very much. time for a check of the top corporate stories with silvana henao. silvana, good morning. >> good morning, frank. google is looking to crackdown on election ads containing a.i.

content. the company said starting this november, it will require election advertisers to disclodisclose when an ad contains altered content. this moves comes as the federal election commission is addressing a.i. ahead of the presidential election. instacart is preparing to set a price range for the ipo in the coming days. bloomberg reports that along with the start of the investor road show could come monday. the report ads the online grocery company is considering pricing its listing september 19th with trading starting the following day. texas power grid operator triggering emergency operations on rolling blackouts as the state faces soaring temperatures. the agency marks the first since

the deadly winter storm two years ago. ercot called off all emergency measures, but temperatures are set to reach 110 degrees today and tomorrow. >> we hope we don't experience disruption. silvana, thank you very much. a lot more to come on "worldwide exchange," including the one word that investors need to know today. plus, president biden heading abroad as he prepares to meet with the g20 leaders to tackle the long list of global issues. u.s. and eu preparing for tariffs on chinese steel. we have big money movers getting hit hard ahead of the open. look at the mystery chart. we will give you the name when "worldwide exchange" returns. stay with us. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders

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welcome back to "worldwide exchange." a live look at the u.s. capitol in washington, d.c. before the sun comes up. focus on d.c. today. of course, president biden is expected to depart for india later today to attend the g20 summit. top of the agenda is securing support for ukraine in the continued war with russia. we have brie jackson with more. what else is on the agenda? >> reporter: good morning. president biden heads to india for the g20 summit. frank, he is expected to discuss the ongoing war in ukraine as

well as global economic challenges. the president will focus on reforming the world bank and helping invest in climate change and infrastructure projects. as you may recall, back in august, the white house asked congress to approve additional $3.3 billion for the world bank with others to contribute as well. the white house is pitching to g20 as important as ever. xi jinping and vladimir putin are skipping this summit this year. president biden said he was disappointed that xi was not going to be attending the summit, but added he will get to see him. the g20 has been divided on the war in ukraine. blinken is in kyiv on the two-day trip to ensure that ukraine has what it needs to fight off the russian attacks now and in the long term.

blinken met with volodymyr zelenskyy an announced $1 billion in aid for military and humanitarian needs. a lot to keep an eye on. president biden heading to the g20 and secretary of state blinken in ukraine. >> brie jackson live in d.c. thank you. another story we are following is u.s. and eu working on agreement for tariffs of steel production. the rules would be focused on imports from china that benefit from non-market practices. china is the largest world producer of steel and exporter. it is aimed to settle tariffs on metal imports from europe imposed from former president trump. we are following data from china today. the second largest economy in the world continues to struggle over weak consumer spending and

falling demand. exports dropping 9% in august and imports were down 7%. with those declines, both numbers were actually better than expected. despite the improvement, china is still at risk of missing the growth target of 5% as the government deals with the slump in property sector and lack of consumer confidence. let's get more insight from louise lui. >> good morning. >> let's talk about the export numbers which are better than ex expected, but 9% decline. is this a big deal? >> there is a big deal with that and we have been seeing declines in exports for over a few months p now. it seems like it will get worse for are likely to see worse numbers in the months ahead. when it comes to exports, the local governments can't go much

about it. >> i'm looking at the numbers here. it is interesting. exports down 9% year over year. the exports to the u.s. fell more than the average down almost 10%. steel is the one outlier of the trend. we had a story about the possible steel tariffs of. if these tariffs are put in place, what does it mean for the chinese economy? is there contagion of chinese equities? >> absolutely. i think the immediate ramifications will be quite big. that will lead to inflationary pressures on china. weakness and context of the inflationary pressure is welcome. if you have all of these restrictions in place, china will have to start stockpiling steel which is not a positive development which is a sector in

oversupply. i think it will weigh on the property sector which will impact the equity prices we have seen. >> we are looking at chinese steelmakers. all except one in the red this morning. we talk about contagion. what other sector in china? what would be the next impacted if the tariffs news continues or gets put into place? >> i think especially those which are construction related will be impacted. >> let's ask the big question that everybody asks. china is in jeopardy of missing the 5% growth target. why aren't we seeing more stimulus directed at the problem to boost the economy? >> i think the data continues to be weak over the next few months. we would likely see both

measures come to play. the policymakers are facing this with the big stimulus. are we going to be reversing the programs we made in deleveraging? i think they are focused on the longer-term issues. that means they are hamstrung with the response it can give. >> i think investors in the u.s. and overseas are looking at the short-term. a lot of pressure on the chinese economy and stocks. louise loo, thank you very much. coming up on "worldwide exchange," seeking a solution. comments from warner bros. discovery calling for an end to the ongoing labor strikes in hollywood. stay with us. more after the break. is sa, who's feeling glown up. ♪

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welcome back to "worldwide exchange." look at futures. the dow will open up 30 points higher. we say it's early. the s&p is down .25%. the nasdaq down .50%. again, it is early. we will continue to watch the futures. time for the big money movers. game on for gamestop. rising on a quarterly relate knew beat. the company posting a narrowly expected loss over demand of video games and software. that beat helped by the shift

from physical stores to online pre presence. shares up 6.5%. a different story for c3.ai. the company says it inntends to be cash positive for the future. it will not be for the current year. shares of c3 down 9.5%. and bverint systems posting a loss of $6 million during the fiscal second quarter as tough macroeconomics conditions weigh on demand and sales cycle. shares down 17% in the pre-market. time for the check on the headlines outside the world of business and your money. jessica layton is in new york

with the latest. >> frank, good morning. david weiss says he intends to seek an grand jury indictment. the exact charges are not known, but this came after the plea deal fell apart. this would allow hunter biden to agree to the charges. biden pleaded not guilty and his attorney says some part of the deal is still valvalid. prosecutors dispute that deal being in effect. and as covid cases are rise, boosters are be available next week. four people familiar with the plan say the fda could give approval tomorrow. the shots would be available once the cdc signs off on them. glory days for bruce. the boss shared he and the e street band are heart broken to postpone the eight remaining

tour dates. springsteen is sttaking the iss in stride based on the advice from his doctor. >> were you at metlife? a lot of colleagues went over the weekend. >> i wasn't there. i did get stuck in the traffic. >> you are a good sport. jessica, great to see you. thank you very much. still ahead on "worldwide exchange," the biden administration pulling the plug on trump-era drilling policies. if you missed us, watch us on your favorite podcast appapp. more "worldwide exchange" coming up. now and they'll give you nfl sunday ticket from youtubetv, on them.

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it is 5:30 a.m. in the new york city area. there is more ahead on "worldwide exchange." here is what's on deck. stocks fighting to stop the september slump. also, seeking an end to the hollywood ongoing labor dispute. new comments from the ceo of warner bros. discovery. and the nfl is looking to start the season. we dig into the big winners in the sector. it is thursday, september 7th. you are watching "worldwide exchange" here on cnbc.

good morning. welcome back to "worldwide exchange." i'm frank holland. we pick up the half hour with the check of the stock futures. take a look. the dow would open up 40 points higher hitting the high point of the morning. the s&p is down fractionally. nasdaq down .50%. we are looking at the bond market with movement there. the 10-year treasury is 4.26. it has risen 15 basis points in the month of september alone. the 2-year treasury is notching below 5% yield. 4.98. that is a story we will watch throughout the day. we are looking at the energy market. specifically oil. we begin with wti at 86.91.

brent crude just fell a cent below $90. down .23%. natural gas is up .25%. we are watching shares of apple. apple shares down 2.5%. hitting the low of the morning. it was down under .50% earlier. this on the ban of the chinese use of iphones by officials. beijing plans to restrict beyond government agencies to a larger number of state-owned enterprises and other government controlled organizations. shar shares of apple down 2.3% this morning. time to get a check of the corporate stories with silvana henao. >> frank, good morning. the biden administration announcing plans to cancel all existing oil and gas leases ins alaska and propose rules of

drilling activity in the petroleum reserve. this move reverses the decision to drill oil in alaska which is intended to protect 13 million acres of vulnerable land and honor the culture of alaska natives. shares of west rock are juj jumping ahead of the open after smurfit is in talks with the american rival worth $20 billion. it would combine the two largest packaging companies. reports suggest that a deal could be announced as soon as next week. warner bros. discovery ceo david zaslav says the strikes in hollywood must come to an end as they go through a transformation. speaking at conference, zaslav emphasized the issues on the

streaming business. his comments coming a day after warner bros. revised the full-year joutlook was based on the strikes ending for the company guidance. >> this is becoming a big issue. >> it is. hopefully they can come to an agreement and settle this and get everybody back to work. >> i hope for the writers and actors it is a fair deal. and for us, we are waiting to watch shows. i heard people saying i'm worried about "bridgerton." >> where is it? >> we have to wait and watch. hopefully we can watch. silvana, thank you. it is one of the most wonderful times of year in the u.s. the nfl officially kicking off the season tonight and the return of american football is expected to provide a big boost for gambling. contessa brewer has more. >> reporter: frank, a record

number of americans, 73 million, anticipate betting on the nfl this season. that is up 58% from last year according to the survey released by the american gaming association. americans have more legal options to wager. 34 states and washington, d.c. now offer sports betting. over the past week, it has seen a 52% increase in sports betting location checks over last year's week leading up to kickoff. >> we are seeing consistent growth as players are converting from operators offshore. we have bills continuing to be introduced. >> reporter: with sports betting, comes more fan engagement. the nfl is embracing the revenue opportunities that come with wagering. even licensing nfl slot machines for casinos.

football tonight is kansas city chiefs against the detroit lions on nbc and peacock. betmgm is expecting the biggest season yet for sports betting. frank. >> let's talk more about the sports betting landscape as the season kicks off and which stocks benefit. jordan bennett joins me. >> thanks, frank. >> we're an international show. the nfl is a culture event in the united states. it is now america's pasttime. according to your data, by the time the super bowl comes around in february of next year, 53% of americans will have access to online sports betting. what does that trend and return of football mean for the gambling stocks? >> it has been a busy five and a half years since the u.s. legalized sports betting.

we are now over 50% of the u.s. population with access to sports books. we have some of the legacy companies. draftkings and fanduel. they retained some of the highest market share within the sector. and coming into football season, there are new entering the fray. s so, you see espn and other companies entering the competition. it will be a busy time. a lot to watch with for in the next couple weeks. >> i want to talk about the companies entering the space. let's go to the top picks. what are your top picks for the space and why? >> like i mentioned, a lot of new companies coming into the space of the a space. a lot of marketing spend and

promotions in the next couple weeks. with that, we still like the legacy companies. draftkings and fanduel. we think they have the time advantage and they will continue to dominate. they have about 75% of the sports betting market share and we think with all of the noise, they will be the ones to come out unscathed into next year. we still have bigger companies with bigger balance sheets. those are the ones to watch with genius sports. they own the data rights to some of the leagues. there are other ways to play this sector, but we still think it will be an interesting time with some of the newer companies coming in. >> it is interesting to hear you say legacy companies for an industry which has been around for a few years. clearly you have legacy companies and new players. for investors that want to

invest in space more broadly, give us a trend that is more important with tech -- by the way, i don't gamble at all. we have a few gamblers on the staff. i won't name names. what about parlays and teasers? i hear people talking about that. how does that fit into the stocks? >> you know, it is funny they talk about legacy companies and we're five years into it. over the course of five years, it is all about who can open acquisition funnels the most and who can get the most people on the platform and retaining players with the product offerers. the big product that we have seen over the last couple years is the parlay product and adding multiple teams into one. it is a high risk-high reward. wit we have seen that take off.

for the operators for the companies, it is higher margin which means they are generating more revenue. at the end of the day, the companies want to provide customers with the best product. how many things you can log on and see and do and how easy it is to find some of the betting products. you know, it is really the technology part that feels like every football season is the best season for technology and products. you know, i'm saying that again this football season. i'm sure we'll say that next season. it is the evolution of being able to keep people on the platform and get continuing bets. >> the house wins more often, right? >> that is correct. >> i think i have to explain that to a few colleagues. one last question. according to data, average nfl game is 17,000 viewers.

a playoff game about viewers. what does it mean for gambling? is that where the companies make the bulk of revenue? >> the way we look at it is the start of the nfl season is the most important period of the year. as the year goes on, as we go to the playoffs, that is an important acquisition period for customers. you have more people entering the fray. it is the last push before the nfl super bowl. you know, i would say the nfl season is important for the companies, but at the start of the season and playoffs is definitely the most important times to retain players. >> i'm a philadelphia eagles

fan. i don't gamble. i don't know what it means. it seems like a smart bet. jordan bender, i appreciate it. interethere is another parte story. the media business getting a boost as it pivots from lineal tv to bundles to streaming platforms. the focus this season is the sunday ticket launch on youtube tv which the nfl calls a great opportunity for more subscribers and higher ratings. others broadcasting are espn and hulu and peacock as the hollywood strike is driving more subscr subscriptions. we have john hodulik on the phone with us from ubs. >> good morning. >> what is the return of the nfl mean for the streaming companies? >> it is big for the streaming companies and the ones you

mentioned that show the game. as you have seen the growth in stream in the united states has ground to a halt. i think with the return of nfl and to a certain extent college football with espn plus, the streaming companies and media companies are hoping it restarts growth for the kickoff this weekend. >> after we saw colorado this weekend, it is interesting the pac-12 doesn't have a tv deal. i want to talk about the hollywood strikes. how does that impact the streamers? what is the nfl season return? does that give the streamers more leverage to hold out? how does it change their business? >> first of all, the nfl is the biggest thing on tv. you said it earlier. 17 million average viewers on the season. by far, the biggest thing on tv. live sports are more important

with the strike. the fall season starts up in a couple of weeks and there will be less scripted general entertainment content. live sports like espn and fox which rely on sports in the fall. >> without the other hollywood content, scripted shows, what does that mean for the streamers to raise prices and ad tiers? does that change the story? >> sports are built for the ad tier. getting the ad tiers out and funding the stack and the ad infrastructure is a precursor to going into the sports segment with streaming because of the natural breaks in the game means it is made for advertising. as you have seen in the game, there is a change in the

streaming atmosphere. companies are cutting back and raising prices and focusing on profitability and advertising and sports is a big part of that. >> i want to ask more about the broader space of. a dispute with charter and disney. that means a lot of people will miss out on the nfl, including the jets and super bowl favorite and bills, which is another popular team. what does this tell you about about the future of streamers and live sports and cable companies going forward? >> that's a great question. you are right. monday night football game spectrum and charter is the major cable provider in new york. you know, especially a big focus with that and fans will not see it. i think it shows the stress put on the system by the streamers. charter had a call on friday where they talked about the lack

of profitability in video now. now they are competing against the streamers, most of whom are their suppliers. they are calling a time-out and saying we need to rethink the system. at the end of the day, it will accelerate the move from traditional lineal tv to streaming depending on the contract or dispute works out. >> john hodulik, thank you. coming up on "worldwide exchange," we have more to talk about, including one top lawmaker calling on steps to crackdown on china over semiconductor concerns. as we head to break, we have the top trending stories. freddie mercury with good old fashioned love. sotheby's auction netting $15 million for his collection. rolling stones announcing a

new album. the 24th album release and marks the first music since the death of drummer charlie watts back in 2021. youtube is testing more ads on smart tvs. the same is to show people ads in a better way that is better in line with each platform. youtube cites research showing 80% of viewers would prefer bunched ads together rather than spread out. more "worldwide exchange" coming up after this. ♪ old school wisdom, with a passion for what's possible. that's what you get from the morgan stanley client experience.

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welcome back to "worldwide exchange." time for the morning call sheet. loop capital says there is less margin of error for roku ratings. shares of roku down 1.5% hthis morning. another ground grade on crocs. moving to neutral and 101 per share. riley saying oversupply and slowing sales will require the company to revise earnings estimates and guidance. look at shares of crocs this morning down 2%.

barclays downgrading dell's rating to underweight. valuation has moved out of the near term and long term trading range. look at shares of dell this morning which are down over 2.5%. it is time for the global briefing. we begin with the data from china this morning pointing to another monthly decline in imports and exports. exports falling 9% last month p f from a year ago. imports dropping by 7% and falling every month so far this year. the chair of the house committee on china calling on the commerce department to end all technology exports to huawei. mike gallagher making that discovery over the phones which may violate trade restrictions.

chevron workers in australia pause the planned strike actions. a reason for the pause is unclear. and ahead here on "worldwide exchange," we have the one word that every investor needs to know today and why the next guest explains why investors should not underestimate the consumer. joining us for the delivering alpha summit on september 28th in new york city with investors and leaders coming together to provide insight and ideas to help you balance risk with maximized returns. scan the qr code or go to c cnbc.com/alpha to sign up. we are coming right back on "worldwide exchange." i wanted to try something that was over-the-counter. i saw the prevagen commercials. after a short amount of time taking prevagen,

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welcome back to "worldwide exchange." time for the wex wrap up. apple shares falling following the bloomberg report that china will restrict iphone uses beyond government agencies. google is looking to crackdown on election ads on a.i. generated content. it will require election advertisers to disclose when an ad contains synthetic or altered content. and instacart is preparing for an ipo and kickoff the investor road show on monday. shares of gamestop rising on the quarterly revenue beat due to a stronger demand for video games. c3 a.i. shares are moving in the opposite direction.

the company no longer expects to be profitable due to ongoing investments in a.i. solutions. and texas grid operators triggering emergency operations teetering on rolling blackouts as the state faces triple digit temperatures. let's bring in victoria fernandez with more on the markets. >> good morning, frank. >> we are looking at the day ahead with the nasdaq and s&p pressures. what do you expect with the release of the beige book showing inflation is cooling? >> it is interesting. you have that information coming from the beige book. at the same time, brent is going higher back up to $90. food prices going high neaer in u.s. and globally.

this is why we have seen the volatility in the market that we have and i think we are going to continue to do that. i don't think the beige book changes anything at this point. everyone will look for the cpi numbers next week and see how that feeds into the fed's plan. we know the number of rate cuts has continued to come down in the expectation from the market. the question is how much higher does the fed go until they pause? >> with that in mind, what is your "wex word of the day" here? >> my word is simmer. i say that because that is where the market is right now. it is not at a full boil. it is simmering waiting to see where the fed path is going to lead and waiting to see if we continue to get disinflation or do gas prices and food prices push that inflation number back up? do we get a moderation in rents or does it stay sticky? now we're through second quarter

earnings, everyone is focusing on that component. >> i know you are watch wiing t technical indicator. you did research on this. one-third of s&p stocks are below the 50-day moving average. what insight does that give us? >> you are looking at momentum in the market. the market has continued to trade on a lot of momentum swings we have seen. it is why we have the volatility we had especially in yields. this tells us that strength in the market and upward trend could be at risk as we go back to the 50-day moving average. we had energy move above its long-term moving average, but the stock market as a whole, s&p, moving below the 50-day moving average. you have to be cautious and look at companies specifically of the find the companies with strong balance sheets that can do well

in the volatile market. >> one pick is dick's sporting goods. the retail space has been under a lot of pressure right now. why is that a pick for today? >> as i mentioned, we want to find companies that have pulled back a little bit, but we think can do well going forward. dick's sporting goods had a pull back after earnings talking about shrinkage. they can fix inventory for the next quarter and we are going being into the holiday season. >> the other picks are vmware. victoria, thank you. >> my pleasure. looking at the stock market. the dow could open up 25 points higher. s&p and nasdaq lower right now. we want to look at apple. shares under pressure this morning on reports that the

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good morning. new data from china showing the trade slump continuing. details strayight ahead. and gamestop shares rising. brian cohen leads that company as it operating with no ceo or cfo. and the streaming landscape may look familiar to cable customers. david zaslav is saying companies are working on bundles. remember those?

it is thursday, september 7th, 2023 and "squawk box" begins right now. good morning. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick with andrew ross sorkin. joe is off today. it is thursday of the. >> -- thursday. >> we are working through. >> take a look at the u.s. equities this morning. the dow futures are up. the s&p futures and nasdaq futures are down. the s&p futures are off 10. the dow off 25. nasdaq indicated off 80 points. by the way, we have seen three days in a row of losses for the nasdaq. not just this week