5:00 a.m. at cnbc global headquarters and here are your "five@5." win streak snap. stocks coming off their first down day in four as investors gear up for one of the final pieces of economic data before next week's fed decision. apple waking up to generally a positive reaction. new iphones and operating systems. is that enough to fuel a breakout in the stock. and it could be the ipo of the year. arm holdings set to price shares after the close today. ahead of that, another big name

in tech joining the anchor investor list. plus coming down to the wire. the uaw leaders are strategizing about a potential national strike. and later, a dream job posting for swifties in the news business. it's wednesday, september 13th, 2023, and you're watching "worldwide exchange" on cnbc. ♪ good morning and welcome to "worldwide exchange." i'm contessa brewer in for frank holland this morning lchlt it's kick off the hour with a check on u.s. stock futures with the dow coming off its first down day in four, and you can see we're indicated to open in the red across the bore. s&p 500 indicated down by 6 points, dow jones off by 50, and the nasdaq down by 14 now. let's check the bond market, the 10-year. mostly range-bound. it's hovered just below the 4.3% root now.

the 10-year is at 4.304%. oil trading at its highest level since november 2022. wti up more than half a percent. brent up about the same. natgas is off by a third of a percent. the big market story this morning is the august consumer price index out at 8:30 eastern time this morning. it could show the biggest jump in inflation in more than a year. the headline number is forecast to rise 0.6%, which would be the biggest increase in 14 months. the annual rate could climb to 3.6% from .2% in july, and from a more than 2-year low of 3% in june. the main reason we're seeing this is higher oil prices. crude is up well over 20% in the past two months and gas is averaging 4 to 5 bucks a gallon in some states. if you strip out energy. inflation is actually easing, which could give the fed the

green light to pause and possibly end its tightening cycle. cpi is forecast to rise 4.3% year over year versus 4.7% in july. let's talk with our guest. annie ka, it's great to see you today. give us a sense of what is fueling the higher energy ray. we said energy prices. is there likely to be a trickle-down effect in other sectors? >> it's all about the energy prices but the fed is talking about its core inflation, its cpe numbers. it's looking at what about the stickier elements, what's going on with shelter inflation? it's going to be the broader print that will be influential to the fed's dough sigs next

week further on. >> when you're looking at the core cpi, how much are you looking at, for instance, the savings rate or credit spending we've seen with u.s. consumers? >> yeah, so let's take a step back, contessa. you could actually -- you could take quite a cynical view and say, look, the fed has been extremely aggressive but it's not working. yes, of course, inflation has come down, head line and core, but it mathematically had to anyway. you look at the war, covid, reopening, et cetera. to answer your question, if you look at the real economy, if you look at unemployment -- if you look at the labor markets, look at consumer spending, it's rock solid. now, some are saying that's funded by savings and it's unsustainable, but ultimately we're not seeing companies lay off workers, lay off people, and as long as that is the case, consumers feel confident. let's be honest. balance sheets are not stretched. they're not stretched in private

households. they're not stretched in corporate situations or banks. that's what makes this thing so complicated. >> when we look at sort of the headwinds that have been factored in, one, the resumption of student lobe payments and, two, when you talk energy prices, for much of america, you're right. that doesn't stretch the budget, but there is a part of the u.s. consumer that is still experiencing a cost-of-living crisis, and when gasoline hits $4 to $5 a gallon, it does crimp the budget, and they're pulling back in other ways. where do you see the fall going? what do you anticipate we're going to see from cp i about those core cost-of-living items that affect so many consumers? >> true. and the trickle-down energy effect pinches consumers' wallets. but let's take for example things like social security benefits which due to the index

has had an uplift, which is sticky. one part of the consumer wallet is being pinch, but other parts of the consumer wallet are being supported and protected by fiscal policy. so student loan benefits are rolling over, but other benefits are still coming into play. that's why you've got the look at the aggregate picture and look at the fact consumers are still in relatively healthy shape. >> anneka, thanks so much for union joining us this morning. let's get a check of the news this morning with silvana henao. >> the uaw plans to carry out strikes if it doesn't reach deals with general motors, ford, and stellantis. the negotiations could change right until the deadline at

midnight eastern on friday. a work stoppage is only at certain locations versus a national strike in which all workers walked off the job, which was the case for general motors. catch shawn fain on "squawk box" at 8:00 a.m. today. and in june the s.e.c. accused binance u.s., its holdings and founder of mishandling customer funds and misleading investors and regulators. in marc they charged him with a violation of federal law. it dropped briefly for the first time in three months yesterday. and shares of oracle are facing pressure again today after suffering the biggest

one-day decline since 2002. down more than 13%. the loss is coming after oracle's first quarter revenue slightly mised forecast and it gave weak guidance for the first quarter. a lot more to come on "worldwide exchange" including one word investors have to know today. first, gearing up for the arm's ipo tomorrow and tech giants getting in on the ground floor. the latest private company set to test the private waters one letter-bound sandal at a time. and later, we speak with number four ranked andrew grinstadt who's giving advice to one of the most historical stocks. we have a busy hour ahead when "worldwide exchange" returns. to use predictive monitoring to address operations issues?

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it looks like u.s. futures are lower on the morning. s&p 500 down by 5 points, dow jones down 38 points, and the nasdaq down 12 points. let's see how europe is doing. joumanna bercetche is in the newsroom with all the action. hello, joumanna. >> good morning, contessa. shanghai caomposite down half a percent. no new stimulus, which is why we

haven't managed to get a sis stained bid over here. attention is on soft bank within the nikkei. that's down 0.2%. all eyes will be on the arm ipo as we have been covering on the show. in terms of the european markets, the picture is a lot more subdued. you can sew they're all trading in the red. we had industrial production numbers come down. so the macro is not so pretty ahead of the ecb meeting tomorrow. we're watching bp closely within the ftse 100. the ceo bernard looney had to step down overnight. the reaction is somewhat muted. we had gdp data coming in, also quite disappointing for the month of july. we're also watching inditex, spanish stock. that's down 2% as well, likely on the expectations they'll have to start cutting prices in the coming months.

and the story within europe is within the auto space. we saw a little bit of a green pop in automakers after the european commission president ursula von der leyen announced within the state of the union they're going to be launching an investigation into anti-subsidy investigations into chinese carm carmakers. joumanna, thank you for that. chipmaker arm holdings set to price its nasdaq listing after the close today with early reports suggesting it will go at the top of the range and fetch a valuation of more than $54 billion, and this morning yet another big name in tech says it wants a $100 million piece of that action. cnbc's senior tech reporter arjun kharpal joins us now.

who is it? don't keep us in suspense. >> that's right. taiwan manufacturing or tsmc has purchased $100 million. it manufactures chips for companies from apple all the way through to nvidia and qualcomm, and a lot of these companies, particularly apple, qualcomm, and others, base a hot f o their chips on arm architecture. tsmc has some here. we have heard there are other big names interested in investing in the likes of nvidia, google, media tech amongst other names as well. it's interesting they want some skin in the game. clearly there is a lot of demand there as you mentioned. arm looking to price this potentially at the top of the range of $51 per share later today. now, only 10% of shares

outstanding are being floated by sof softbank. this has driven a lot of demand to players like institutional investors. it's created a lot of high demand and hype and there are questions over the valuation of this company as well. is it too high given the fact that this is a company that's shown slowing growth in recent quarters and is playing in the smartphone market that's stagnating, slowing down as well. more than 50% of its revenues come from smartphones an consumer electronics which is facing a number of headwind. this are a number of risks the company is flagging in particular. its reliance accounts for 25% of revenues as well as the fact all of its revenues come from an entity it doesn't own. on top of that, geopolitical headwinds and rising competition in the space. all eyes will be on it, contessa to see whether arm can come on that pretty high valuation. >> perhaps no one watching with

as much scrutiny as one who thinks that's enough not enough of a valuation. there's a lot of talk and he ice fueled a lot of it being the stock play or arm, and nvidia is benefiting from it this year. how is arm any different than what we're seeing with nvidia? >> these are two completely different companies, contessa. arm plays in the space of graphics, processing units. its chips are going into data centers that are undertrading. the likes that pin applications such as chatgpt. arms architecture is the blue print for chips known as cpus. these are sort of processing units often in smartphones and laptops and elsewhere. they're not the chips nvidia is making. where arm's strength lies is

perhaps more in the future when a.i. processing stops happening as much in the cloud and happens actually on our devices, on our smartphones, on our laptops. that's going to require low powered consumption but high computing powerchips, the likes that arm is known for. the question is when does that materialize? this is not a one- or two-year play. it could be three, five years down the line. by then, what will the competitive landscape look like? >> you're reminding us patience is a virtue, arjun. thank you. be sure to catch the full coverage tomorrow on cnbc. i a head on "worldwide exchange," lyft's new plan to enhance passengers' safety and a new flavor. and non-swifties need not apply. your top trending stories when we return.

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the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ welcome back to "worldwide exchange." despite dwindling expectations, investors have been forced to evaluate their finances. a lot of people are doing so with the help of an investment adviser, and cnbc has just released its fifth annual adviser 100 list, recognizing firms helping clients successfully navigate in uncertain times. we're joined by andrew grinstead, ceo of level investment management, number 4 on this year's 100 list and up

three spots from the previous year. andrew, congratulations on the upward trajectory. >> thank you, contessa. it's an honor for our firm. we appreciate being recognized. >> one of the things that i think is interesting about the way your firm operates is there doesn't have to be consensus on investment strategy. you've made it clear your portfolio managers come to the table and debate ideas, but you don't have to leave with all the same strategy. can you tell me where you're coming together and have some consensus? >> yeah, sure. so we're really believers in iron sharpens iron, and we want our decision makers to be at the table with the client. and one of the areas that we're having consensus is in the fixed income side, i think we're all in agreement of sort of short of duration and high quality right now. >> where are you differing then? it sounds like if that's the one place you can come together and see some agreement, there's

probably a lot more areas where you're disagreeing. >> sure. i think if you put a bunch of cfas in the room, you have a lot of differences. rather than have consensus, which will duke it out a little bit, and we think that's best for the client, but china's an area that's really tough right now. and i think there's disagreement over what exposure we want to have in terms of asset allocation in china. i think you've got some things on the positive side in terms of valuation there and it's a beat up market. we also think they've got more room to stimulate if they choose to do so. but on the other side of the coin, you know, they've investigate a long demographic headroom. the property market is still a mess. you know, i think with all the sort of saber rattling and geopolitical risks there, that, you know, creates a lot of caution as well. >> let's talk a little bit about the cpi report due out this morning. what are you expecting, and how does that inform the advice

you're geshingiving your client andrew? >> sure. i think like you said earlier this morning we're going to see a print in the 3-6 range. i agree the core's going to come down a little bit, but really we think that stagflation narrative is going to sort of linger at least through the year -- the end of the year. really just looking at sort of year over year, the numbers are going to be rolling off and the numbers are going to be coming on. so that's a tough narrative for the market because, you know, there's still sort of this lag effect of what the fed has done in terms of raising rates. it puts pressure on the market. we think the banks are still struggling. you know, you saw truist announce they were going to lay off some people. so we think that there's still sort of an economic, you know, cloud over the market. and we think with cpi printing higher, probably above 3.5 for

the rest of the year, that's not going to look good. the other thing i would add, the political environment, we're coming into an election year, and certainly one sigh is going to play that narrative, you know, echo that inflation because that helps them, so that's going to also, you know, create that narrative out there that we're still battling inflation and yet the economy, you know, with higher interest rates, you know, can't really move higher. >> andrew, congratulations again on landing on the top five on our nbc financial adviser 100 list. a reminder here, join cnbc's financial adviser summit and key conversations on how they can position their client for the best possible outcomes as we approach the last quarter of the year. you can scan r the qr code or g

to cnbc.com. hi, contessa. north korean leader kim jong-un met with vladimir putin this morning. the two greeted each other at the space port in the city in the far east. they're likely to discuss weapons and technology deal. the meeting came hours after south korea and japan reported that the north fired two possible ballistic missiles into the sea of japan. aid groups are calling for urgent assistance to libya as more than 10,000 people are presumed dead after a storm hit the country sunday causing severe flooding. entire neighborhoods were swept away in the city of dur na after two dams failed. speaker kevin mccarthy announced an impeachment inquiry on president biden. the president's son hunter has been a major focus of these probes. a white house spokesperson said in a statement house republicans

have turned up no evidence of wrongdoing during their nine months of investigations, something that several republicans have conceded. those are your headlines for this morning. we send it back to you. following the fallout from mgm's hack attack and what industry insiders say today. if you haven't already, follow our podcast. if you missed "worldwide exchange," youan c check us out on apple, spotify, or other podcast apps. we will be right back. ♪ and brands you love on the shelves. ♪ behind the counter, or in the aisles, healthier's better when it happens together. cvs pharmacy. healthier happens together.

coming up on the half hour mark, still a lot ahead on "worldwide exchange." and the latest look at inflation one week before the fed's next policy meeting. futures searching for direction ahead of that report. apple pulling back the curtain on a line of new products including its latest iphone. can a new version breed some fresh life into the stock? and a.i. heads to the hill. a number of tech leaders set to speak with lawmakers about how to navigate the red-hot technology. this swens, september 13th, and you're watching "worldwide exchange" on cnbc.8er 13th, and you're watching "worldwide exchange" on cnbc.er 13th, and you're watching "worldwide exchange" on cnbc.

i'm contessa brewer in for frank holland. you can see the s&p 500 down 5 points. dow jones off 37 and nasdaq futures town by 5 points. the benchmark holding under the yeeding right now. oil, crude, hovering at its highest level in nearly a year. you've got wti up three-quarters of a percent. brent up and natural gas off. the key takeaways from the wanderlust, the iphone 15 and iphone 15 plus with now usb-c charging starting at $799 along with the iphone 15 pro and pro max starting at $1,500. apple unveiled a new watch and micro processor that will be

manufactured by taiwan semi. will any of this move things? let's ask about this. do you expect to see the stock move? >> i do not. it's heading into the announcement the product launch and temporarily sold off during the launch. i think the sustained pressure is possible given there weren't a lot of things that got me excited. i think they're taking the de facto price increase on the 15 pro max and having the usb-c connectivity be good for accessory sales. but the china overhang and higher interest rates are going to slow the progress for the stock. there are concerns about the

weak economy and protections of the government, not allowing employees to have iphones. >> you say de facto price increase, how do you get there? >> yes. so on the pro max, they're not having an entry-level 128 mega bit device. it's $100 more for the consumer who wants the highest end next generation iphone. it's a de facto price because they're not offering the lower memory model this year. >> if you're looking for a change and you look at the uvbc plug-in, is it your sense you need a new car charger, whatever, or that so many devices are already using that, that we have these all lying around anyway? >> the former. so to the extent there may be a lot of apple i phone buyers who ma, they would

be buying them. apple's selling a $29 dongle or something of that nature, should have a very nice margin. that's, i think, good news. but the fact we're talking about accessories on a new iphone launch, that's bad news. >> give me a sense, tom. how closely are you watching some of the broader headwinds about consumer spending and credit card spending and savings and the fact that you've got students now or graduates who are starting to have to repay their student debt? >> these are all challenges. i wasn't the first to suggest that the iphone is almost a staple and not a discretionary device. i didn't want to take credit for that. but historically, the devices

continue to sell well despite macroeconomic challenges. my concern is they had the initial boost in china following the reopening at the end of the covid zero policy, but the weak chinese macroeconomic environment is concerning. as you pointed out, students having to pay their student loans again could be a slight headwind, but historically the device sales have done well, more consumer staple than discretionary item. >> if you're giving the new consumer product launch meh, what do you think could draw it higher? is it services? new machine learning advances? what do you think could actually propel apple? >> now that we have the iphone 15 launch in the rearview mirror, i don't think it will happen. but if they're able to achieve any kind of mass adupgs for the visual pro, which is the next

major release on track for the next calendar year, that could be tremendous for the stock. if we saw things outside their control, improving macroeconomic environmental, interest rates coming down, things of that nature, that could be beneficial to the stock, but now we need vision proto exceed expectations. >> tom forté, thanks for getting up early with us. let's get a check on the top headlines. silvana henao is with us. >> birkenstock officially filing for its ipo right here in the u.s. the german shoemaker plans to issue stock under the ticker birk. it did not say how many shares it would list. reports suggest that the ipo could value birkenstock at more than $8 billion. shares of virtu financial under pressure after the head

announced its suing the company. the agency is accusing the broker leader of giving misleading statements and leaking out information over protections of potential misuse of customer information. virtu handles markets in the u.s. and the holiday shopping season looking like it may be a little less jolly this year. bain is forecasting a 3% increase. it expects shoppers to pull more shopping around october during the main sales event. a bigger optimism from deloitte. it expects retail sales to rise from 3.5% to 6%. >> my take is they've got it all wrong. if you want people shopping, don't put christmas stuff out in september. we saw halloween stuff out with

go back to school. >> it's too much. >> supply and demand. pull back on supply, more on demand. that's my thought. and mgm resorts is still dealing with the major fallout. the company says it's continuing its operations in a fashion that guests have come to expect, but the guests have endured long lines at check-in and check-out, long lines at slot machines waiting for human beings to come and manually cash them out. multiple machines are inoperable. i'm told by someone close it's intentional to keep the amount of play manageable for staff who need to handle things. they're not calling it an attack, but the fbi confirms

it's investigating too. today the massachusetts gaming leaders have set up a public meeting to address it. it's not the first time a casino has been crippled by a failure in cybersecurity. in 2014 las vegas sands was hit by iran in retaliation for remarks made by founder and c the ceo. it cost the company tells of millions of dollars. i frequently have asked gaming leaders about the threat of cyber incur jens. >> what's changing is the advent of digital. now you have applications passing information to third parties. from third parties to the operators. that's a new frontier and requires at lo f o vigilance.

it's not rocket science, but it requires a real focus and dedication. the strong is scaling very rapidly, so this is something you have to constantly monitor. >> our industry is like every other industry in that we are, you know, a tar get for cyber, ransomware attacks, but my view is if they're able to penetrate the pentagon, the gaming industry is not going to be immune from the ability for cyber terrorists to go in and, you know, compromise data, compromise systems. we have to be vigilant. >> if you think about the information t financial information that ore customers are giving to us every single day, as an industry, we have an obligation to make sure we can protect that. when you look at the purchase drivers, consumers want to know they can trust your platform. and so if you don't take this seriously, we're not going to have a particularly successful

long-term business. >> a gaming insider told me mgm should serve as a warning not only to the gaming industry but to corporate america about the enormous financial potential consequences of cybersecurity breaches and attacks. when i asked, well, could it be an existential threat, he said undoubtedly. artificial intelligence set to be the hop topic on capitol hill today. they'll talk about the concerns and potential steps around the red-hot technology. emily wilkins joins us with on who's speaking, and where are they focused? >> this is really meant to be a general education session, which kind of sounds like no big deal, but this is a very big deal. tech giants are heading to capitol hill today for really what is a one of a kind-meeting on a.i. all 100 senators have been invited to attend the all-day forum to hear from mark

zuckerberg, elon musk, sam altman, bill gates, and a number of ceos from took leaders as well as leaders from civil unions and civil rights group. the whole value is to educate senators on a.i. for lawmakers, it's not usually the most tech-savvy group but lawmakers understand they want to focus and prioritize legislation. the three-hour session that will begin at 10:00 a.m. will focus on technology and then an afternoon session will focus on policy. yet, contessa, the real world work is going on in a handful of committees that are forming legislation on a.i. both the senate judiciary and commerce committees held hearings yesterday. democrat richard blumenthal and republican josh hawley held one of those hearings on their framework for a.i. that includes creating an independent oversight body that companies would need to register with and other pieces of the framework would include limiting china's and russia's ability to access u.s. technology plus

letting consumers know when they're seen acting with ac.i. it was said commerce needs to treat a.i. differently based on their risk. >> there should be oversight by an independent agency of, say, the most advanced models at the same time other agents are responsible for how they use achlt. for example, whether you or i are going to get a loan or mortgage for our house. >> senator blumenthal says he hopes to turj the framework into legislation before the end of the year. it show use the priority it is on capitol hill. >> how much lobbying is happening here, emily. what's your sense about whether the tech players are going in and trying to convince legislators they can self-regulation? >> i mean, to a certain extent you have heard messages from the

a.i. space, from sam altman who say, hey, congress, we need you to step up. brad smith with microsoft told me similar things yesterday that congress absolutely does have a role. at the same point, there is a lot of skepticism. josh hawley told me he's not even sure he's going to be coming to the meeting today because he says, why should i sit here and listen with a bunch of major tech organizations. they dropped the ball when it came to social media. he doesn't have a lot of confidence when it comes to a.i. >> emily, great to see you. thank you. coming up, a shakeup at global oil giant bp. it's raising questions around the company's plans for a massive reinvention. as we head to break, some of your great top trending stories. taylor swift fans are getting a chance to speak now. she's on the hunt for a journalist who can capture the music and cultural impact of the singer. that seems like a lofty job. the newspaperades only true

swifties should apply as it wants a writer with an undeniable thirst for all things taylor swift. by the way, it's not sitting well with other reporters who poijed out major cities in tennessee who don't have an investigative reporter. lyft announces a new feature for its ridesharing experience. it allows women and nonbinary riders to match with riders of the same gender if they prefer. lyft says it's a highly requested feature. why settle for regular soda when you can savor the flavors of the future. coca-cola launched coca-cola y 3,000, using achlt technology to understand key flavor preferences and to imagine what the future tastes like. well, where is it? i want to sttae it now. "worldwide exchange" back in a moment. in' about! (josh allen) is this your plan to watch the game today? (hero fan) uh, yea. i have to watch my neighbors' nfl sunday ticket. (josh allen) it's not your best plan. but you know what is?

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i'm having trouble seeing that, i won't lie. concerns around the automaker are priced into the stock and overdone in its views. let me see if i can get it this time. shares right now up 1%. there we go. ubs initiates cover for buy rating and more bad news for oracle. jpmorgan down grading the company to neutral and priced $15900 per hare. they're saying the solid come u pewter be peaking and that's down in the red. time now for your global briefing. oil jigiant, bp ceo looney is resigning. he began with a promise to reinvent the more than 100-year-old company with plan

to achieve zero net emissions by 2050. china is clarifying reports last week that it's looking to ban iphone use among top government officials. in a statement this morning the country's foreign ministry says it's not issued a ban on the purchase or use of the iphone as long as they abide by china's data security laws. and vinfast says it plans to expand into seven more markets in asia including in indonesia where it hopes to start deliveries next year by 2026. share this morning as you can see are up by more than half a percent. sticking with autos, shares of european carmakers are popping after eu executive ursula von der leyen says brussels is planning to investigate state sub cities for

chinese made electric cars and what she calls artificially lower prices. as we head to break, join us for the delivering the alpha investors summit on september 28th. leaders come together to provide insights, ideas, and analysis to help you balance risks with maximized returns. you can scan the qr code or you can scan the qr code or visit p inside? ♪ we'll be right back. rdie collec. available now in siding colors, styles and textures. curated by joanna gaines.

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agreements are not reached with gm, ford, and stellantis. the deadline is tomorrow night at 11:59. it's similar to what m saw four years ago. taiwan plans to invest up to $100 million in arm ipo joining the likes of nvidia, samsung, and others. ford plans a double production of its f-150 pickup truck as it deals with slower than expected-sales of all electric vehicles. the company expects hybrid f-150 sales to increase 20% as a result. t-mobile is spending between 1.2 billion dollars and $3.3 billion to buy wireless spectrum from our company comcast. that deal is expected to close in the first half of 2028. amazon is planning to boost wages for contracted drivers this year. the company is not providing specific numbers, but it's part

of its $440 billion investment into ids tts third party delive fund. oregon pension funds are suing fox over 2020 election coverage and fighting damaging defamation lawsuits. >> ahead of today's cpi data, let's get a check on futures now. we have seen across the board looks like futures are going to open in the red. s&p 500 implied opening at 3.5 points and the dow by 3% and the nasdaq off by 12.5 points. let's bring in degas wright. how do you think the cpi report plays into the market day ahead, degas? >> yeah, so one of the things we believe that the fed's going to focus on the data, and so we're

seeing that the core is really going to be driving what we're going to look at, and so we're looking for the core to be less than 0.3% month over month-change. if it's under that, the market will move on and continue, but if it's hotter than that, we're definitely going to be concerned because that could say the fed needs to tighten rates continually. >> okay. where do you see a real problem ahead? like have you seen -- have you seen cracks in the system? regional banks, for instance -- that would indicate we have more trouble in front of us? >> regional banks could be the canary in the coal mine, so for economic growth going forward, also we're seeing that the energy prices have surged, which is a concern for us, but we have unemployment rate up to about 3.8% from a level of about 3.5%, and it had been about a level

3.5% since march of 2022. so there's a lot of data coming in, and so that's where the fed is probably going to pause. and so we're seeing that the overall market is going to be in a range between 4400 and 4700 by the end. >> word of the day. >> the word of the day is "core." it has to come in under % month over month. >> degas wright, appreciate you being here on hump day. thank you. >> thank you, contessa. let's take a quick look one more time at the few the urs. it looks like the s&p 500 down by 5 points. the dow jones industrial by five and nasdaq half. thanks for being here for "worldwide exchange." "squawk box" is next.

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good morning. we're starting to do this a lot from china. begin, the spokeswoman there says the country has not banned the purchase of iphones but says they notice reports of security incidents with apple phones. those comments just ady after apple unveiled its latest iphone offerings as well as a new watch. it's faster, hopefully, i guess, and updated airpods. and stock futures slightly lower ahead of today's key inflation data. maybe that's the lead. we'll get you ready for the cpi

report. it's wednesday, september 13th, 2023. "squawk box" begins right now. ♪ good morning, everybody. welcome to "squawk box" here on cnbc. we're live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. the numbers are down. dow futures are off by about 22 points, s&p 500 off by 2 and the nasdaq off by f, and if you're watching the treasury market like we are, the 10-year is yielding back above 4.3%. andrew? >> meantime