it is 5:00 a.m. here at cnbc global headquarters. here is the "five@5." we begin with the markets putting a positive finish on the tough week of trading with the nasdaq coming off a four-day losing streak. could a wave of highly anticipated tech ipos set up a rebound for the markets? the outlook from the ceo of goldman sachs. and investors also digging through fresh comments from two fed chiefs. also, shares of apple looking to regain ground after

two days of losses. concerns over chinese iphone restrictions wipe out $200 billion in market cap. chinese leaders make fresh comments on the crackdown. and u.s. leaders launching a probe into ryan cohen over meme stock trades. it is friday, september 8th, 2023. you are watching "worldwide exchange" here on cnbc. good morning. welcome to "worldwide exchange." i'm frank holland. happy friday. we kickoff the hour with the check of u.s. stock futures. down right now. the dow would open up 64 points lower. s&p lower. nasdaq also lower right now. we will continue to talk about the move. nasdaq coming off a four-session losing streak. a tough week for stocks with the

three indices down between 1% and 2%. you see the moves here. a choppy week. nasdaq down 2% on the week so far. we are checking the bond market. we begin with the 10-year treasury. right now at 4.24. also important to note the 2-year yield back below 5%. we saw it above 5% a few days ago. yield is back down below 5% right now. we look at the energy market as well. wti is $86.57. brent crude below $90 a barrel. a lot of action with natural gas. up 1%. we want to get a check of shares of apple. following the drop yesterday from the china push to ban devices from the government and employees and state agencies. we have fresh comments from china. we will have details in a moment. let's look at shares of apple right now. shares are flat right now. it had been trading lower and

moving higher on the chinese comments for the week. you see down more than 6%. we will talk more about that during the show. we want to check apple suppliers. they got hit in trading. taiwan semi and largan. hard hit down more than 4%. we will have more on the impact of the apple crackdown coming up later in the show. time for the check on the top corporate stories with silvana henao. silvana, happy friday. >> frank, happy friday. the apple and china story. the foreign ministry making comments around the matter responding to u.s. lawmakers claims that china's iphone ban aims to limit u.s. companies. the products and vservices are welcome as long as they abide by the chinese regulations.

and dallas fed president said it could be appropriate to skip the september rate increase, but it is likely to get inflation down to 2%. skipping does not imply stopping rate hikes. the comments followed those from fellow fed president john w williams who said inflation is in a good place. s.e.c. has launched an investigation into ryan cohen over his trades and communications and officers at bed bath & beyond. cohen pushed for changes to the company's sales strategy before selling his 12% stake in august of that year.

that is just days after tweeting positively about the company. frank, that investment yielded cohen a $60 million profit. >> a lot to unpack right there. ryan pcohen at the center. silvana, thank you. turning back to the markets right now. the wave of incoming high profile ipos setting the stage for the bounce in the markets according to goldman sachs' david solomon. he sat down with david faber yesterday. he is watching a.r.m. and instacart. >> i do feel better about the capital markets. if you ask me to look ahead over the course of the next few months, especially if a.r.m. and other ipos go well, you will see a meaningful increase in activity. david, it is anemic amount of

activity. if you go back to the second quarter, investment banking activity was at a ten-year low. it is not hard to improve off that. i think we could very quickly get back to what i call a normalized levelmarkets. >> for more on this, let's bring in gina sanchez. gina, good morning. >> good morning, frank. >> do you agree with david solomon saying we are on the brink of normalized activity and the ipos could give more juice to the markets? >> i think i agree with him that the market has swallowed the rate hikes that we had so far which is a blistering pace by historical standards. we have figured out how to operate in the new environment. the markets are still figuring out what pricing makes sense and

the choppiness we have seen this week will continue this quarter. i think david's point is really that if we can psychologically get successful ipos under our belt, we can move past this moment and what comes next after interest rates stay higher for lo longer. >> gina, speaking of the ch choppiness in the market, this note is if s&p breaks 4,410, it could test august lows. then i suspect it pushing back the 2023 high of. do you see an uptrend with the markets? >> it depends. it is interesting the fmoc members are continuing to hold open the option we may need another rate hike. the pause is not the end.

right now, bad news is good news for the markets. if we hear the lab oor markets e soft, we get a short-lived rally. i think the markets are ready to move past this. if we can get through this without the fed overtightening and turn a mild slowdown into something worse, that changes the equation. it is not all uphill. >> speaking of news, we got news from apple. chinese state officials say they welcome all devices. obviously responding to the announcement of the crackdown of apple devices in china. right now, apple is flat after that report from china. if we continue to see selling pressure on apple, does that mean another down day for the s&p? >> i think it goes farther than that, frank. i think that is the kind of

concern that would affect significant portions of the s&p. the s&p is a very internationally driven set of companies where sales into china are not a significant part of the s&p sales. what is happening with apple is the tip of the iceberg of something that could be far worse in terms of losing the ability to sell into china. >> really? is there any other sector that is especially impacted by restrictions or is this a bigger trend? >> no, i think the point i'm making is this is going -- tech is the sharp end of the conversation. it is not as though the relationship between the u.s. and china is getting better. if anything, i think that -- here is what we know about china. when it chooses to reject some portion of the market, it will

be called an infringement of some regulation that they'll go after certain companies. we saw that internally with the chinese internal politics. i think tech is the sharp end of that stick. it could expand, potentially, to consumer products. it could expand -- i'm going down a slippery slope. >> gina sanchez, thank you very much. for everybody watching, we will have more about apple later in the show. we have more to come on "worldwide exchange," including the one word investors have to know today. we also have historic rainfall bringing trading in and asian trading hub to a complete halt. president biden is on the way to india for the g20 summit. we have the big money movers

and including retailer getting hammered in the pre-market open. that and more when "worldwide exchange" returns. stay with us. easy-to-use tools and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. e*trade from morgan stanley. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities, while an earnings tool helps you plan your trades and stay on top of the market. e*trade from morgan stanley. every day, businesses everywhere are asking: and stay on top is it possible? 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

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take a look at u.s. futures right now. the dow would open up 70 points lower in the open. nasdaq and s&p trading in the red. as we always say, it's early. and europe trading is just getting under way.

we have arabile gumede with the early action from the london newsroom. >> good morning, frank. two hours since the markets here in europe opened. we are on a tear, but to the downside. it has been down for seven days in a row is the stoxx 600 across europe. today is another down day unfortunately as september continues with the woes. eurozone gdp was less than anticipated. the latest was 0.3% which dropped to 0.1% quarter on quarter. negativity across the board. we did see the likes of the travel stocks manage to gain around 1%. tech as well as media managed to head up 0.8%. that was the initial picture. we saw german inflation picture up at 0.4%. that was down, but too high for the european central bank. in asia, we look at that which is negative across this board. japan has been in the headlines

with the gdp number coming in at 4.8% for the second quarter between april and june. the initial figure was 6%. the downward turn on 4.81% continues to show weakness in that market as well. very interesting. hong kong market is not up here because that is not trading today. severe rain up storm has ensued and that is forcing the market to close for the second day this month. that is not happening today. all across has been red today, frank. >> arabile gumede live in our london newsroom. thank you. focuses on geopolitics. leaders are descending on india for the g20 summit in new delhi. narendra modi is scheduled to meet with president biden today for bilateral talks. let's get to tambir with the

latest from new delhi. >> reporter: thank you, frank. yes, the g20 summit kicks off in india tomorrow. president biden will meet narendra modi for the first meeting at this event. the areas of cooperation are energy and trade and defense. you have to remember this is the third meeting with the two leaders in the last five months which signals the growing friendship and fondness for one another. in the wake of president xi's absence, president biden declined to meet his representative which is the chinese premier. president xi seems to be prioritizing domestic challenges. he has been seen visiting the northeastern part of the country that has been hit by heavy floods to appeal to the domestic base.

janet yellen has had comments and doesn't see this as an impact on the economy yet. the most important thing to do is have russia end its war on ukraine. a joint statement is in the works that the u.s. and india is working on, but the consensus is a challenge. frank, back to you. >> tanvir, great to have you on the show. thank you very much. let's talk more on the agenda at the g20 summit. modi flexing his political muscle and that cloud hanging over the gathering which is the absence of xi jinping. josh lipsky is joining me from the atlantic council and former imf member. josh, great to have you here. >> thanks fore having me. >> josh, break it down. xi not coming to the summit.

is that a big deal? >> it is a big deal not to have xi to the summit. it is not just the first time he ski skipped a summit, but any leader skipping the summit. if the world's second largest economy is disengaging from the g20 may not have an impact on the g20 in india now, but when we needed to coordinate stimulus and outbreak of covid and health policies and actions they took. you need the g20 together with a crisis. if we get into a situation and we don't have china full support for that institution, we could feel the impact of that down the r road. >> josh, you said he is snubbing the g20. this is a snub of the organization or is this directed at president biden? >> they will likely see each other in a few months at apec.

he will see how they view the role in the g20. it comes on the heels of the brics expansion. you have to read that together and say china is looking for multilateral channels. it doesn't mean they won't be invo involved, but they are trying to send a signal this is not the only way to do multilateralism. >> josh, you are bringing up the brics. the g20 is in a brics want to . currency is up 2% for second half of the year. do you expect canonversation abt the dollar? >> i think the way to think about that issue is it won't be

discussed directly. currency is not on the agenda. it is in the background with the sanctions. this is a situation for the non-western advanced economies. the dollar and euro have been weaponized in the last 18 months with sanctions against russia. they are thinking in the back of their minds my foreign exchange and what would happen if i got crossed in with the west. that is not a theme of the meeting, but you have to think about it. the u.s. is thinking about it and where they come at the table is saying we do use sanctions with violations of international norms or invasion of another sovereign country. what we bring to the table is positive economic state craft. we want to reform the world bank and revitalize the imf. the u.s. response is saying we hear your concerns and we want to talk about the positive aspect of u.s. financial

leadership. >> josh, one other quick question. india is the third largest world economy. apple is moving manufacturing there. what do you expect from the indian prime minister narendra modi? >> this is a huge moments for india. they invested a lot. this is a national event over the past year. i think you will see the most inafter national market implication is on -- international market implications. it is a major commitment and follow-up on copp this summer. >> josh lipsky, thank you very much. coming up on "worldwide exchange," shares of europe's biggest luxury companies losing luster. why china's economic woes are

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it's time for the big money movers. we start with docusign shares are 3% higher after the second quarter beat. the company remains cautious as pressures weigh on expansion rates a year after the restructuring plan which includes a head count reduction

and $300 million corporate buyback. shares up 3%. smartsheet cites innovation which continues to deliver artificial intelligence and citing scale ability across the aspects of the guidance. shares up 6%. and rh bucking the trend this morning. it is dealing with pressures in the luxury housing market with rates sitting at a 20-year high. it includes headwinds to remain unchanged until the second quarter of 2024. shares down nearly 8%. time for the check on the headlines outside the markets with nbc's jessica layton in new york. >> happy friday, frank. a former trump administration official has been convicted on

two counts of contempt of congress. peter navarro refused to comply with the subpoena from the january 6th committee for documents and testimony last year. each count here carries a minute minimum of 30 days to a year. a federal appeals court thursday put a hold on a wednesday ruling that required texas governor abbott to remove the 1,000-foot buoy barrier ac across the rio grande. he is prepared tieo take the fit to the supreme court. play halted for an hour after protesters in the upper area of the arthur yaashe stadi. one protester was safely removed by the authorities.

the group claimed credit for the protests and those involved were calling for an end to fossil fuels. frank, with that, back to you. >> jessica, thank you very much. great weekend. still on deck here on "worldwide exchange," goldman sachs ceo fires back at critics over his leadership as the bank prepares for a fshre round of job cuts. more on this story coming up. old school hard work meets bold new thinking. ♪♪ at 87 years old, we still see the world with the wonder of new eyes, helping you discover untapped possibilities and relentlessly working with you to make them real. old school grit. new world ideas. morgan stanley.

it is 5:30 a.m. in the new york city area. a lot more ahead on "worldwide exchange." here is what's on deck. markets are fighting for gains to close out the week. now losing steam. futures reversing course and pointing to a lower open. china out with fresh comments over the ban on iphones. apple looking to bounce back on the news of . we will stay on the china front and the economic woes taking a bite out of europe's luxury names. it is friday, september 8th. you are watching "worldwide exchange" here on cnbc. welcome back to "worldwide exchange." i'm frank holland. we pick up the half hour with the check on u.s. stock futures. it is in the red across the board. the dow would open up 80 points

lower. the s&p and nasdaq both down .25% in the pre-market. we are looking at the bond market as always with the 10-year treasury. that yield at 4.24. steady for what we have seen. the 2-year treasury is below 5%. some downside movement with the yields there. we are looking at the energy market. oil is taking a look at wti at $86.59. brent crude below $90 a barrel. more action in the natural gas market which is up 1.5%. we are looking at mega cap tech with apple. looking to extend the losses this week of more than 6% over china's reported ban of iphones for government workers and state-backed companies. we have comments from the chinese foreign ministry saying it welcomes products and

services that comply with the country's laws and regulations. apple gets 20% of revenue from china. any ban could hurt sales and sent the for chinese consumers. it is facing pressure after the eu identified it as a gatekeeper under the digital market act. apple has six months to comply with the act which includes allowing third parties to operate on its platform and giving users access to data and all of this ahead of the iphone 15 launch next week as analysts assess the stock impact. there is something investors needs to look at here. look at the trend. on the day of the iphone 14 launch, shares fell 3%. for the 2021iphone 13 release, the stock fell 1%. on the iphone 12 release, the shares fell 2.5%. joining me he to discuss this is alex kantrowitz.

alex, great to see you sdp. >> good morning, frank. >> the statement all technology is welcome as long as it fits in the regulatory situation. a lot of people are worried about the possible impact on apple. is this something to be concerned about? >> it is a big deal . what chinese officials sound a lot like u.s. officials refer to huawei phones. we talk about how we want the products to adhere to our standards and when we don't, we ban them. china is talking about the same in state agencies. this may come down to other companies that are funded by the state and managed by the state. this is potentially tens of millions s of people in china which cannot use the iphone. it extends broadly.

this is a symbolic ban. china says we have leverage over our companies and we're not afraid to use it. >> apple shares sinking 6% year to date so far. flat in the pre-market right now. it is not all talked about that much is the gatekeeper status for the eu. complying within the next six months. how big of a threat is that to appl apple's business in europe with regulatory headwinds? >> i don't see it as a tremendous worry. big companies like apple have lawyers and lobbyists which try to minimize the impact of the regulations. now with the dma in europe, i see this impacting the services business unlike the hardware business. china banning iphones in certain areas and iphone is 52% of the

iphone revenue for apple. you know, this is something apparle can navigate. >> alex, coming up is the iphone release on tuesday. we looked at the trend a bit. on the day of iphone release announcement, not when the phones sell, the shares sell off. are you expecting a similar response with the upcoming iphone release? >> that is the trend. if you are betting on apple, you don't play on the day of the announcement unless they are introducing the iphone. with the product reveal like the vision pro, you may want to read more the day of. it is how the sales pile up quarter after quarter. apple has had three quarters of revenue declines. it looks like another one. the move on earnings is the

place you want to watch. whether investors are trying to get an advantage or try to navigate how sales or impact of the actual release date looks more tricky than the broader apple play. >> i want to come full circle. apple shares are down 6% for the week on the concerns of the possible iphone ban in china. shares are flat after the statement. we touched on it right now. you are expecting the selling pressure to ease during the trading day? do you expect a better day for apple? >> i can't really predict the day because what with we're seeing more is the broader trend. with this news in china which awoken investors to is it is overvalued. it is trading at a high multiple because of the name and terrific story.

now there are dents in the story. itcientific in how it will fall. you know, i think it is falling more to a place where it belongs. $3 trillion valuation on declining revenue never made sense to me. we have to see in the coming days where it settles. >> we will have to wait and see. apple tevent on tuesday. alex, thank you very much. >> thank you. time for the check of the top corporate stories with silvana henao. silvana. >> frank, good morning. the financial times reports goldman sachs is planning for a fresh round of job cuts. expect it to hit between 1% to 5% of employees. the cuts which could come as soon as next month are performance based and part of the annual review process reinn p s -- reinstated last year.

all this with david solomon firing back over his leadership at the bank. >> it is not fun watching the personal attacks in the press. obviously, we are a big organization and doing a lot of things in the world. scrutinize. i don't che't recognize the cha that has been painted of me. i tell you a lot of the colleagues are not shy about expressing their personal views. look, i reflect on it. you always look at it and we're focused on doing what we're doing. walmart cutting the starting pay for employees stocking shelves and preparing online orders after hiking in march of 2021. new walmart employees joining the stocking teams will make $1

an hour less than they would have several months ago. the move following a wage increase for around 50,000 employees back in july with more in-store experience. former ftx executive ryan salem pleading guilty of money transmitting crimes. salem admitted to making millions of dollars in political contributions ress under his na. salem agreeing to forfeit more than 1$1.5 billion as part of te plea and faces a maximum sentence of ten years in prison, frank. >> silvana, thank you. turning attention now to the luxury space of. a number of europe businesses taking a hit over the continued and growing worries of the chinese economy. robert frank has more on the story. robert, good morning.

how big of a drop? >> pretty big, frank. luxury stocks losing $150 billion in market cap just over the past six months and dragging down p a lot of the european luxury space. lvmh lost the market cap. it is no longer the largest company. you have gucci and richemont as well with losses. china's slowing economy and the property crisis and youth unemployment and falling consumer demand is expecting to hit consumers there. hsbc saying in the research note saying sales in mainland china are bound to decelerate. many hoped wealthy chinese would be immune to this, but many are

leaving the country. a new study projects over 13,000 millionaires will emigrate just this this year which is up 20% over last year. most of the wealthy chinese are moving to singapore and canada and the u.s. you have a lot of the millionaires going to other countries. >> that is an interesting trend. i want to ask about the luxury demand in the rest of the world. is that offsetting the china hit? >> that's the question for investors right now because in the second quarter results, we saw the luxury companies with the exception of hermes decline in the u.s. all of the results were helped by the strength in asia. if that strength declines with china and europe weakens, which we saw a strong europe in the second quarter and many now saying that is weakened. there will not be a lot of

growth momentum for sales in the third quarter. >> speaking of demand. i hear a lot for the frank and frank podcast. you brought it up on "squawk box" the other day. a lot of momentum. >> we are always frank. >> robert frank, great to see you. coming up on "worldwide exchange," the morning call sheet and notes around two alt energy plays with different stock reactions. first as we head to break, we have the top trending stories. joe cool is getting paid. bengals fullback joe burrow agrees to a five-year $275 million contract according to sources that confirm the deal with media. had this contract makes burrow the highest paid player in nfl history and the average salary of $55 million. a.i. may or may not be on the path for an egot. ghost writer was submitting his

a.i. generated song "heart on my sleeve." it mimics vocals by drake and the weeknd. now the vocals were not legally obtained and since the song was pulled from streaming services, it cannot be eligible for a grammy. emmy, grammy, oscar and tony. that is not happening for this one. bmw is dropping the subscription for heated seats. last year, the automaker started charging $18 for that option. now reversing course. we're back in a moment. more "worldwide exchange" is coming up.

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welcome back to "worldwide exchange." we begin with deutsche bank upgrading to the buy for the upgrades and downgrades. shares up over 2%. we have rbc with coverage of charge point with the rating of outp perform. the company's product portfolio and different strategy and asset light business model set it up to be a beneficiary of positive trends. shares down 2% in the

pre-market. time for the global briefing. the hong kong stock exchange halting trading this month for the severe weather conditions. the exchange cancelling all of the trading and securities, including after hours sessions following the black rain storm warning. the city's first since 2021 signals heavy rain, thunderstorms and expectations for extreme flooding. the japan economy growing at 4.8% between april and june. a slump in capital expense and private consumption contribute to the weak gdp data as headwinds from china and the u.s. weigh on the economy. real wages falling in july as households face inflation pressure. and workers at the chevron plant in australia plan to strike today after negotiations over labor conditions and wages

field to reach agreement. the union saying the stoppages are expected to last until september 14 therth. coming up on "worldwide exchange," the one word that every investor needs to know today and why our next guest is optimistic, but saying investors should buckle up. if you haven't already, follow our podcast. if you miss "worldwide exchange," check us out on spotify or your favorite podcast apps. and join us on september 28th in new york city to help you balance risk with maximized returns. you can scan the qr code or visit cnbcevents.com/delivinlp sn up.aha more "worldwide exchange" coming up after this.

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welcome back. time for the wex wrap-up. we begin with the china foreign ministry making comments about the iphone ban st. the ministry saying the products and services of any country are welcome as long as they comply with the laws. and dallas fed president logan says more tightening is likely needed. the skipping in september does not imply stopping rate hikes. the s.e.c. launched an investigation into ryan cohen about the trade and communications with officers at bed bath & beyond in 2022. he took a $20 million is stake

-- stake in the retailer before selling that stake. and disney drops part of the lawsuit against governor ron desantis on the claim that the governor politically retaliated against the company. disney was asked to drop the other claims in the case. and more than 53,000 vegas hospitality workers are set to strike if agreements of wages and protections are not met. and apparent francois-hehri pinaul. it is -- pinault is adding to the family stake in the hollywood agency. and let's get up to the trading day and beyond with my next guest. stephanie link is a cnbc

contributor and she is also with hightower investments. >> good morning, frank. >> we have apple which is 7% of the s&p and 12% of the nasdaq. if we continue to see selling pressure in the regular session, what does it mean for the trading day ahead? >> i think it is a big component of the s&p 500. it is 12% of the qqq. it is a sentiment indicator. if it continues to sell off, it is not going to be by itself. you will have the magnificent seven and you will have as interest rates remain higher, growth struggle the -- struggle th a bit. i do think you could have volatility if the ban goes in place and along with a seasonal

volatility. >> you are not the only person who thinks it is a volatile time. mark newton's note says if the sa s&p breaks 4,410, i expect it pushes back to new 2023 highs. do you agree with the set up? >> it is entirely possible. we had a nice run up 16% in the market. i would not be surprised to see some profit taking. i do think the overall economy remains pretty healthy. that should bode well for earnings, frank. i think earnings have troughed last quarter. if the economy remains resilient, which i think it will, at least in the near term, that bodes well for the demand side in earnings. we know companies have done a really good job in terms of

margins and restructuring and pricing power. so, stocks follow profits, as you know, frank. if earnings are going higher, that's a good sign. >> we mentioned at the top you are cautiously optimistic. with that optimism in mind, what is your "wex word of the day" here? >> it is apple. we have to see if it can stab stabilize. we have a lot of unknowns. at the same time, apple isn't cheap. it is easy to take profits. 29 times forward estimate for earnings down 1%. total revenue down 5%. we have to watch if we see the profit taking. >> i want to be mindful. one pick is cdw. trades 21.5 times forward earnings. why is that a good buy for right

now? >> sure. the total addressable market is $1 trillion. they have a great customer base. 45% is enterprise. 55% is small and medium businesses and governments and healthcare. they have a diversified mix. they are transitioning into software and services which should help margins. the reason i like it, frank, is 30% of business is pc. we know from amd and intel and dell that pcs are in the process of bottoming. i think there is strong earnings power. >> stephanie, thank you. i appreciate the time. that does it for us on "worldwide exchange." we have "squawk box" coming up next. thank you for watching.

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good morning. apple shares down more than 6% this week on reports that china could expand the ban on foreign mobile devices. even local government officials. details straight ahead. officials in ukraine ripping elon musk for disresupting the attack on russian ships by shutting off access. that is according to isaacson's book. we are waiting for the autobiography. goldman sachs' ceo david

solomon addressing negative leadership coverage. he calls it a character he doesn't recognize. it is friday, september 8th, 2023. "squawk box" begins right now. good morning. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick with joe kernen and andrew ross sorkin. happy friday, everybody. let's look at where things stand. you will see red arrows for the u.s. equities. dow futures are off 76. the s&p and nasdaq were down. s&p now indicated off 10 points. nasdaq indicated off 42 points. you are talking about four days in a row of losses for the nasdaq and three days in a row of losses for th