it is 5:00 a.m. here an cnbc global headquarters, here is your five at five. we begin with wall street whipoff. investors come to terms with the real world impact of higher for longer. also, just days to go, and congress still has no answers on avoiding a government shutdown before that october 1st shutdown. we are nbc with the very latest. in detroit, president biden becomes the first sitting u.s. president to visit a union picket line voicing his support for workers and their right to ask for more. next up is former president

trump. plus, apple now closing in on crossing below a key technical level. we debate whether growing action from u.s. regulators will push it over the edge, and then later in the show, it is day three of our week long spercial, looking for fourth quarter ideas. it's wednesday, september 27th, 2023. and you're watching "worldwide exchange" right here on cnbc. ♪ good morning, welcome to "worldwide exchange," i'm frank holland. let's get you ready to start the day. take a look at this, futures are in the green across the board. the dow looks like it would open 100 points higher, the s&p and nasdaq just shy of a half percent higher. closing down more than 1%. also his fifth down day in the

last six. the dow now on pace for its worst month since may, and on pace for a second down month in a row along with the s&p and nasdaq which you can see right here they're tracking for the worst month since september. all of this is the prospect of higher for longer. it becomes a reality for many. the ten-year sitting at 2007 highs. right now at 4.50, basically flat, the two-year note, back above 4%. we're looking at the 30-year since 2011 highs at 4.63. we're also looking at the energy market. taking a look at oil. as we talk about higher for longer, we have seen fluctuations in the oil market this morning. wti crude, the u.s. benchmark up higher back well above 90 bucks a barrel. brent crude, similar story, just under 1%. natural gas making a move to the up side, up over 1/2%. also, we got a big stock story this morning, we continue to

watch amazon after the monster stock move yesterday on the news that the ftc is going after the ecommerce and cloud giant. fractionally higher, you can see the big dip yesterday. you see the downside move. shares are down week to date. we'll continue to watch this. we'll have much more on the regulatory head winds facing tech later on the show. we want to bring in news street adviser group founder, delano sequary. always great to have you here gl good morning. >> bad month for the markets all around. we're dealing with higher for longer. what are you telling your clients about their portfolios and the situation that seems to be shocking the market. >> we're telling them to stick to the plan. you were just talking about the storied energy prices, if you look at deep into cpi, food

prices have steadily been going higher. it is making it harder, if you look at it pulling back for the feds to kind of realize either employment is going to tick higher or inflation will go lower, and i think those are the things that, you know, is being juggled right now. when you're also looking at the ten-year yields you mentioned moving up, the bond markets seeming to indicate symome of t same things. the yield kucurve looking to invert. higher for longer is something that's probably going to happen. potentially seeing a rate hike before the year is out, and potentially also in 2024, so i'm still waiting for things to price into the market which i don't think have fully priced in yet. >> probably going to happen. we don't talk a lot about it, but pce coming up on friday. you look at the chart, generally going lower. last month, it did tick up one basis point. are you looking ahead to that?

what does that make you think about the fed's path going forward. they told us higher for longer. does this cement it when we look at the data if there is a tick back up? >> 100%. looking back at the data we got over the past few weeks, that's it for me. from my standpoint, i'm looking at what makes the most sense for investors going forward. and i think a lot of investors are going to be looking for defensive plays. a lot of investors looking for yield plays and generally places where they feel like their portfolio will be safe to really overcome any sort of volatility. >> i want to bounce something off of you. ahead of tomorrow's delivering alpha summit, scan the qr code on your screen or go to madmoney.cnbc madmoney cnbc.com/events to register. where to find the best returns for the remainder of this year. take a look at the data, 27%

says short-term treasuries, 23% says the s&p 500, the remainder were split between other ideas. 0 for bitcoin. where do you land when it comes to this? >> 0 for bitcoin. not surprising. but i think, you know, i don't want to be a run runner here. i think short-term treasuries looks like a smart move for the remainder of the year. basically the fact that i don't know all of what the moves the potential fed will make will be priced in. that's an area where people potentially get yield and honestly, protect their portfolio. i think if folks out there, investors are looking at areas in stocks that are defensive in nature, if you look at health care and some areas there, those have actually not been so g glamorous year to date, but potentially moving forward could be, if you're looking at stocks, strong dividend yield, attractive yields and growing at

a steady pace, those might be also a strong play for investors. >> delano sapuro, thank you very much. turning our attention to washington, days to go to the october 1st deadline, no deal in sight to avert a federal government shutdown. that's not stopping the senate from taking measures all of its own. drew petrimoulx is in washington. neither seems likely to find a solution that avoids this government shutdown. >> it is now an order to consider amendment -- >> with the house making little progress, the senate is moving forward with its own short-term funding plan to keep the government running through november. >> this is a temporary solution, a bridge towards cooperation and a way from extremism, and it will allow us to keep working to

fully fund the federal government and spare american families the pain of a shutdown. >> reporter: the plan maintains current levels of government spending plus additional funding for ukraine and disaster relief, but faces dim prospects in the republican-controlled house. >> in the house we'll take up ours. i did talk to leader mcconnell tonight. >> reporter: speaker mccarthy says the house will put forward its own temporary spending plan before the end of the week that also focuses on border security. it's unclear if mccarthy has the votes to pass it. >> this place is broken, and we need to stop spending the way we are. we need to get spending under control, and it should be the top priority. >> reporter: with the shutdown looming, federal agencies getting contingency plans in place ahead of the september 30th deadline. >> this is so unnecessary. this doesn't need to happen. >> reporter: a shutdown would impact a broad array of federal programs from pre-k to

agriculture. 4 million federal workers will be affected with some being furloughed and others being forced to work without pay. now, late tuesday, the house did take the first steps toward passing long-term spending bills. they would likely face stiff opposition in the senate and do little to avoid this shutdown. on capitol hill, i'm drew . the one word investors have to note today. but first, it's not just wall street coming to terms with higher for longer, so are ceos across all sectors of the u.s. economy. that includes my next guest. we speak with the ceo of jack henry and associates. plus, president biden becomes the first sitting u.s. president to visit a picket line voicing his support for workers. next up is former president trump. we are in detroit with a live report, and we he ava very busy hour still ahead when "worldwide

exchange" returns. stay with us. is it possible to help keep our online platform safe from cyberthreats? absolutely. can we provide health care virtually anywhere? we can help with that. is it possible to use predictive monitoring to address operations issues? we can help with that, too. with the advanced connectivity and intelligence of global secure networking from comcast business. it's not just possible. it's happening. personalized financial advice from ameriprise can do more than help you reach your goals. i can make this work. it can help you reach them with confidence. no wonder more than 9 out of 10 of our clients are likely to recommend us. ameriprise financial. advice worth talking about. ♪ is it possible to fall in love with your home... ...before you even step inside? ♪ discover the magnolia home james hardie collection. available now in siding colors, styles and textures. curated by joanna gaines. the power goes out and we still have wifi

styles and textures. to do our homework. and that's a good thing? great in my book! who are you? no power? no problem. introducing storm-ready wifi. now you can stay reliably connected through power outages with unlimited cellular data and up to 4 hours of battery back-up to keep you online. only from xfinity. home of the xfinity 10g network.

. welcome back to "worldwide exchange" the dow is up just about a hundred points in the premarket, the s&p and nasdaq up 1/2%. let's see how europe is shaping up as the trading day gets underway. we have julianna tatelbaum live in our london newsroom with much more in the early action. julia, good morning. >> frank, good morning. european markets have been off to a somewhat muted start. right now, we are hovering

around the flat line. we have come back off the highs of the morning. we were trading higher across the board. now you can see ftse in italy teetering between gains and losses this morning, after the main benchmark in europe logged a 0.6% lost yesterday. we saw selling in europe yesterday not to the same extent as wall street but stabilization coming through this morning. breaking it down by sector,i we've got h and m in focus from a corporate perspective. delivering a q3 earnings update. profit beating estimates thanks to cost cutting. but did warn of a slowdown in sales in september. that stock trading toward the top of the stock 600. technology the leading sector this morning, 1% higher, media and industrials holding up well. on the downside, utilities the big under performer. that basket of stocks down 1.4%.

telecom and insurance lagging s somewhat. >> our julianna tatelbaum live in our london newsroom. coming up on "worldwide exchange," what president biden told striking auto workers yesterday and what president trump anpls to do tonight instead of debating fellow candidates. we're live in detroit right after this. stick with us.

meet the portable blender we can barely keep in stock. blendjet 2 gives you ice-crushing, big blender power on-the-go. so you can blend up a mouthwatering smoothie, protein shake, or latte wherever you are! recharge quickly with any usb port. best of all, it even cleans itself! just blend water with a drop of soap. what are you waiting for? order yours now from blendjet.com before they

sell out again! ♪ explore endless design possibilities. to find your personal style. endless hardie® siding colors. textures and styles. it's possible. with james hardie™. welcome back to "worldwide exchange," taking a look at futures, the dow looks like it

would open up about 100 points higher. looking at the s&p and nasdaq, up 1/2% in the premarket. this after a down day for the markets yesterday. we'll continue to look at futures throughout the morning. now it's time for a check of some of this morning's top corporate stories. our silvana henao is here with those. good morning. >> good morning to you. after nearly 150 days, the hollywood writers strike is officially over. the writers guild of america voting unanimously to lift the restraining order on members after reaching the deal with studios. the agreement which lasts until may 2026 includes a 5% minimum pay increase upon approval along more pay bumps over the next two years. it adds that ai cannot write or rewrite literary material and ai generated material will not be considered source material. cofounder and chief product officer of peloton is leaving the company after nearly 12

years. he'll be replaced by nick caldwell who previously held leadership positions at twitter, google and microsoft. and the u.s. banking industry seeing a major first, s&p global revealing the industry's total deposits cleaned year over year for the first time since going back to 1994. that's down nearly 5% to just over 17 trillion. s&p says charles schwab saw the largest decrease, and that's primarily due to outflows from br brok brokerage acts, frank. >> we'll see you later in the show. borrowers are facing increased pressure from rising rates and the prospect of higher for longer with $270 billion of leverage loans at risk of default. the default rate for the past 12 months sitting at the highest level since 2014. one of the companies with a finger on the pulse of it all, jack henry, a software financial

company with over 7,000 customers ranging from mid sized and regional banks to credit unions. shares are down 12% since the most recent earnings. guidance was below what the street expected. joining me now to discuss banking, cloud computing and the impact of higher rates, david foss, ceo of jack henry and associates. good morning, good to have you here. >> good morning, frank, good to be with you. >> let's start with this, higher for longer, shock the market a little bit, how is it impacting your business, and how is it impacting your customer, mid-sized and regional banks and credit unions. >> it's an interesting time in banking. a lot of people refer to what's happening to regional banks a crisis. i wouldn't call it a crisis. in the report you just shared, for example, the outflow of deposits, much of that is attributed to the fact that there was a big inflow of deposits when stimulus checks were going out. a lot of balances increased and consumer accounts and business

accounts with ppp. now that money has been spent or is being spent, and so there's a drain on those deposits that have been made over the last couple of years as a result of the covid stimulus money, and couple that with what's happening in general, with regard to banking. so a lot of concern about commercial real estate. when you look at the regional banking space we served as opposed to the tier one banks, most of our financial institutions are not big into office space. they're in to commercial real estate that look like manufacturing facilities and warehouses, those types of things, although, there is certainly activity that is somewhat negative in the regional banking space, our customers by and large have not been affected in any major way by what's happening in the overall economy. >> i want to talk about your business. you're always looking for a deal, a big m and a guy, higher cost of capital, rates on the ten-year to 5%. does that change your opinion of m and a, does that change how

your board looks at it? >> it has been an interesting conversa conversation lately, and we have been serial acquirers, we acquired 32 companies at jack henry. this change in the interest rate environment is a big part of the conversation now, whereas for quite some time with cost of capital being almost nothing, you know, now the conversation is different. so it is part of the calculus now. when we're looking at an acquisition, we have to factor in the impact of the interest on that debt when we take on debt to do the acquisition, and what is the long-term impact. as opposed to other uses of capital. we haven't been a big buyer of our own stock. we do that once in a while. now the idea of stock repurchases is much more on the table as kind of a comparative point to doing an acquisition than it has been over the past couple, three years. >> it's interesting a shift in strategy. you mentioned you have done a couple of dozen deals since you have taken over. the regional banks, they are down over 20% since the collapse

of svb. you know, after it happened, we heard there's going to be a lot of bank consolidation, m and a deposits would move to bigger banks. you have your finger on the pulse, you provide software to do different types of transactions, what are you seeing and hearing? is there going to be m and a coming up that hasn't happened yet? what are you hearing? >> first off, not a big outflow of deposits from our customers into other institutions. that was certainly the concern when silicon valley bank failed and the other couple that happened after that. but that was not really a major impact to our customers. the impact was, as i mentioned earlier, more just kind of normal spending that was happening because people have this build up in cash. on the topic of bank m and a, however, there's definitely a lot of demand out there for m and a. a lot of bankers are looking to acquire. the challenge has been for those public institutions, their stock has been impacted and so they feel like they wouldn't get the valuation that they would expect for their franchise, the buyers don't feel like they have a currency to use to do m and a,

and so m and a has really come to almost a stop. i won't say it's literally a stop. very little m and a the last months and years. there's a lot of demand out there. i'm speaking in january called acquire, reacquire. the point of the conference is people coming in to try to match up buyers and sellers. i would expect by january when i'm at that conference, m and a will be happening again in the banking space. >> david foss, you would certainly know, and by the way, i just want to hit on this, one of the reason your guidance was lower is you change how you report revenue after m and a with your customers, i want to give you the credit. david foss, always great to see you. thank you for your insight on banking, cloud computing and m and a, good to see you. >> thank you, frank. a new thing we're doing on the show, today, 42, that's how many weeks of income it would take a typical american household to buy a new car. up from 33 weeks a few years ago, three years ago to be impact. according to mark zandi,

american consumers feeling the pinch of rising rates, and the analysts say the auto worker strikes will not help the situation. president biden met with striking workers on the picket line yesterday, the first sitting president to do so. former president trump makes his way to detroit, and that's where we find nbc's jay gray with the very latest. jay, good morning. >> reporter: yeah, good morning, frank, and once again, the striking union workers are gathering outside the gates, not only of this ford plant in wayne, michigan, but now 40 different plants across the country. the work stoppage doubling right now at least as a campaign stop in the early race for the white house. the politics of picketing continues in michigan. former president donald trump, the current front runner for the 2024 republican nomination scheduled to speak to auto

workers tonight, a day after president biden's historic visit. the first sitting president to join a picket line. >> let's keep going, you deserve what you earn and you earned a hell of a lot more than what you're being pay out. >> mr. trump saying, crooked joe should be ashamed to show his face to these hard working americans he stabbed in the back. criticizing electric vehicles. >> he's selling our automobile companies, everything, right down the tubes. >> reporter: gm and ford down playing the politics suddenly surrounding the contentious negotiations saying in written statements, good faith bargaining and creative solutions will lead to a new contract. pay continues to be one of the major sticking points. the union demanding a 40% raise. the car makers' best counter offer to this point, around 20%. the distance between the two

sides measured right now by what is a growing picket line. and more than 18,000 uaw members have moved from the production line to that picket line, and, frank, union leaders say that number could climb pretty quickly if they can't find some common ground here. >> jay, also want to get your take on another issue i would say in this dispute right now is elon musk, obviously the ceo of tesla, making some comments on x yesterday, formally twitter. he said in part, they want a 40% pay raise, speaking of the uaw and a 32-hour workweek, short way to drive gm, ford and chrysler, bankrupt in the fast lean. he's talking about stellantis instead of chrysler. what did you make of this? >> reporter: it's interesting he would make that comment considering when you look at the overall scope of the auto industry, it's his workers that are right now reportedly being

paid less than anyone in that field. he right now has a competitive advantage because he's still working and churning out vehicles. it seems to me that he's stirring the pot a little unnecessarily. frank, as you know, that's no surprise when it comes to elon musk. it's interesting that he would input himself into this situation. his workers have been grumbling. we've seen reports of that about the situation here, and, you know, why would you stir that pot at this point? unclear, one of the theories is if your competition is struggling, it doesn't hurt to keep them down a little bit . >> i think he likes to be in the middle of controversy as well. jay gray, thank you. >> i think you're right. >> i think i'm right too. yesterday's landmark decision by the u.s. government to take on amazon could spell trouble for the rest of big 'lch, including apple. wel be right back with much

more. s stick with us. icy hot. ice works fast. ♪♪ heat makes it last. feel the power of contrast therapy. ♪♪ so you can rise from pain. icy hot.

♪ ♪ every single day, so businesses everywheren. are asking the exact same question: is it possible? well, with comcast business... it is. is it possible to help keep our online platform safe from cyberthreats? so we can better protect our customer data? aww-yeah. absolutely. what else you got? can we use predictive monitoring to address operations issues? before they even exist? we can help with that. can we provide health care virtually anywhere?

we can help with that, too. even out here. you, sir. something on your mind? is it possible to survey foot traffic across all of our locations? with wifi analytics? easy. order for nina! can i teleport our guests to their rooms? technically, no. or power thousands of mobile check-ins while thousands of other guests check out? now that we can do. with the advanced connectivity and intelligence of global secure networking from comcast business. it's not just possible. it's happening. it's around 5:30 a.m. in the new york city area. there's a lot more ahead on "worldwide exchange." looking to bounce back, futures pointing to a higher open after the dow notches its worst day in roughly six months. our special week long series with the best ideas to make money in the fourth quarter. it rolls on. we're going to tell you about the stock that vic toria green says is a great way to ride a

rebound. >> and hollywood writers prepare to head back to work. it is wednesday, september 27th, 2023. you're watching "worldwide exchange" right here on cnbc. welcome back to "worldwide exchange." i'm frank holland. let's get you ready to start the day. we pick up the half hour with a check on u.s. stock futures after the dow's worst day since late march. a bit of a reversal. in the green across the board. dow opened 100 points higher, maybe higher than that, hitting the highs of this morning. the s&p and nasdaq up under a half percent. investors are coming to terms with the real impact of higher for longer in terms of interest rates, and the bond market, take a look right here, the ten-year at 4.50. the 30-year hovering near 2011 highs at 4.63, and the yield and the two-year notes above 5%, off

the highs from just yesterday. we also want to look at the energy markets, specifically oil, wti, the u.s. benchmark, up 1 1/4% in the premarket. brent crude, similar story, up almost 1% at 94.88. natural gas taking a move to the downside, since we started the show, down fractionally right now. we also continue to watch amazon this morning. really our big stock this morning after a monster stock move yesterday on the news that the ftc is going after the ecommerce and cloud giant for monopolistic practices. we will have much more on the regulatory head winds facing tech, including amazon coming up in just a moment. now we want to go from our market setup to our week long series for investors who may have missed out on the rally, but want to lock in gains before the calendar flips to 2024. we are speaking with some of our favorite stock pickers, giving us their best ideas, and we run them through the worldwide

exchange gauntlet. yesterday, we had malcolm, he made the case for so fie. i'm joined by victoria green, founding partner and cio at g square private wealth, and cnbc contributor, always great to see you. we're going to jump right into what is your pick and why? >> my pick is slb, i always feel a little weird saying that, the artist formerly known as prince. anytime you rebrand it's a little bit funny to me. let's talk the macro. we're at 90 to $100 oil, and this company is so well exposed to international drilling activity, so even though we have seen lower rate counts in north america, we're seeing massive expansion in international waters, especially offshore and middle east. this is a dominant player in the oil field services, and the macro looks pretty good for fourth quarter. higher oil prices and drilling activity, especially international is much higher than we have seen in the

permian. >> i want to push back, as always, devil's advocate to your pick. international revenue is a big part of the story. 80% of their revenues outside the u.s. a big part of that, of course, is china. we're going to show the audience, the pmi data out of china. china technically in contraction. our friends from the china book say it's not really in contraction. it's flat. according to the data points we're seeing at 49.7, technically in contraction, and mexico recently became our top trading partner. does that change the story about china and the rebound? is it maybe time just to lower our expectations for china's oil demand and the rebound we have been expecting? >> no, i do think china is going to stimulate their economy. they seem to have always found a way to continue to push forward and grow. i have faith in their ability to say, hey, look this country is not where we want it to be. our growth is not where we want it to be, and i think the government is going to continue to step in aggressively to stimulate and have more growth. mexico, also, they do a lot

offshore. they're a huge player in the gulf area. they have major partners from saudi aramco to be a new partnership with bp, and such a well positioned company, they have these partnerships and joint ventures, but it's beyond just digging these holes in the ground. it's also digital integration, energy transition, and if you look at this diversified company, you can see the revenue growth opportunities beyond just drilling holes in the ground. >> i want to bounce one more thing off of you. higher for longer is a reality for every part of the market. yesterday, minneapolis fed president neil said there's a 40% chance fed will have to move rates higher. but could even move meaningfully higher. >> not in the fourth quarter. that could come into play next year if that drives everybody into recession with higher for longer, talking about 6, 7% rates. that seems bad for economic growth. when i look at the fourth

quarter, i see a lot of catalysts of how we move forward, and one of those is energy security. everybody wants to have more secured stockpiles, more secured, and we need to rebill our spr. as these companies realize, europe and natural gas, we need energy security. everybody is looking to ensure their sbr's are full. their supply of energy is with trading partners they feel comfortable with. that's going to drive the activity. we need to refill everything we drained the last 18 months to keep gasoline prices lower. >> victoria green, thank you your pick, slb, and tomorrow, james of clock wise capital to go big or go home. he's going to defend this, a mystery chart, a company that has put in solid gains but come under fire from regulators around the world. 50% gain year to date. we're going to talk about that

tomorrow. shares of apple are moving higher in the premarket. as investors assess a fresh batch of risk to the stock. top of mind iphone sales and the demand outlook for potentially stretched consumer, and then number two, china, and the threat of ongoing tensions and growing competition. finally, a renewed push for the tech sector when it comes to regulation on the back of the announcement that ftc is going after amazon for moe notary public -- for monopolistic practices. we have daniel flags of new berger berman, and tom forte of d.a. davidson taking on the bearish view. let's start with the outlook for iphone sales. tom, i'm going to start with you, apple shares down 4% since the debut of the new iphone. what's the bearish view on this? >> the bearish view is that the iphone will not be able to sustain the stock as it has in the past. the company already told us so

to the extent it guided to a decline in september revenue, its fourth consecutive quarter of declining revenue despite the september 22nd launch of the iphone 15. historically the iphone still the most important product from a sales and profitability standpoint has been able to drive shares higher, not this time. >> daniel, over to you. i want to point out, we had steve c steve kovack outside the apple store. >> you're seeing changes to the industrial design with the titanium, which makes it lighter. the action button gives it more versatility. the camera helps with better photography, and video. if we step back and look what's happening. the ecosystem is vibrant, the install base is continuing to grow, and the company is continuing to successfully integrate the hardware, the software and the services to

drive this differentiated experience, and so, sure, there are concerns around the consumer. china, i think, remains difficult, but when we look out, we see apple continues to innovative, and i think the iphone franchise remains durable. >> you just led me into it. we got to talk about china and china risk. restrictions on iphones, the debut of a new huawei phone, tom, i'm going to come over to you. should investors be bearish about this china risk? >> they absolutely should be bearish. the big concern from our end is that rising tensions between the u.s. government and chinese government are going to lead into incremental behavior on both sides and apple could get caught in the middle. 10% of apple's revenue comes from china. couple that with a weak economy in china, and apple may not only be able to rely on strong iphone sales, but in china over the next 12 months. >> investors are bearish about

the china risk. is there some up side in china that maybe isn't being realized in the sock action? >> i think there's tremendous future potential in china, and if we look the what apple has done over the past decade, apple has grown their business in a tremendous way. it's driven by the innovation and the product cycles. the chinese customers, they want the very best. while the market certainly remains competitive, apple has been invesiting aggressively in their ecosystem, devices services franchise remains healthy. we see a lot of potential in china from here. certainly the geopolitical and trade dynamics remain challenging. we have been facing them for several years. i would expect that to remain part of the broader landscape, but i do think apple and we're seeing that they're able to innovative and execute through it. >> all right. last but certainly not least, we're talking tech regulation, tom. >> antitrust regulatory risk for

apple could get caught directly to the extent it takes for app sales could be at risk, and caught indirectly to the extent it's getting billions of dollars of revenue from google, and google is in the midst of its own antitrust, where it pays for replacement on apple. >> dan? >> i think all of the technology platforms, including apple, really kneed to increase transparency with their customers. apple's business with their app store, there are app stores with similar commission and take rates. we'll have to see how that plays out. what i think is going to matter if we look at apple is that this is really a story of empowering others. they have paid out over $320 billion to developers since opening the app store. yes, all of these companies, including apple need to ensure that they're balancing the interests of all parties. ultimately, if apple and the others are able to empower

others to be successful on the platforms, that will matter a great deal to driving their growth, and ultimately their share price out performance, and certainly we like apple here. >> daniel flax and tom forte. thank you both very much for your insight. really appreciate the bear and bull case. have a great morning. >> thank you. coming up on "worldwide exchange," we have new developments in the saga, the he e ry chinese authorities. weavthve latest on this one when "worldwide exchange" returns. stay with us. ♪♪ heat makes it last. feel the power of contrast therapy. ♪♪ so you can rise from pain. icy hot.

[ weather report announcer ] all flights have been grounded. ♪ i had to escape, the city was sticky and cruel ♪ so you can rise from pain. ♪ maybe i should have called you first but i was ♪ ♪ trying to get to you ♪ ♪ i was dreaming while i drove the long straight road ahead ♪ ♪ i drove all night to get to you ♪ the distance is nothing when home means everything.

. welcome back to "worldwide exchange." time for morning calls. we begin with morgan stanley, an overweight rating saying it expects upward revisions as management executes on strategic plan. shares of hasboro up 2% in the premarket. ubs initiating coverage of charge point with a buy rating and a $9 price target saying while sentiment has grown worse over the last 18 months there's an attractive reward scenario as ev adoption accelerates. those shares up 3%. and deutsche bank cutting its price on tesla, $285. it seems meaningful downside risk to next year's consensus. shares of tesla up just about a half percent right now. >> and it's time now for your

negotiable briefing. we're to begin with news out of china. the founder and chair of ever grant has been placed under police control. he was taken away by authorities earlier this month, and is now being monitored at a designated location. this latest move is a type of police action that falls short of a formal detention or an arrest. china's central bank is vowing to step up policy report for the world's second largest economy, which it says faces weakening domestic demand and severe external challenges. the pboc says it will make monetary policy precise and forceful with a boost demand and confidence. and samsung sdi announcing a $2 billion investment to build a second electric vehicle battery plant with stellantis in the u.s. in a regulatory filing. the company says the joint venture will be operational in 2027 and an annual production capacity of 34 gigawatt hours. coming up on "worldwide exchange," the one word investors need to know. and the case for the beat up pandemic play, the name from the

mystery chart right here is coming up. also as we head to break, cnbc is celebrating hispanic heritage, sharing the stories of influential business leaders with you, here's shopify general counsel, jazz hurts. >> given that it's hispanic heritage month, one of my profound mentors was justice sotomayor, i was able to clerk for her when she was on the second circuit. i remember all that she taught me, not only from an academic, how to be a good lawyer standpoint but from a human empathy standpoint, and really paying it forward is an important part of how we all partake in a community. welcome to ameriprise. i'm sam morrison. my brother max recommended you. so my best friend sophie says you've been a huge help. at ameriprise financial, more than 9 out of 10 of our clients are likely to recommend us. our neighbors, the garcias, love working with you. because the advice we give is personalized,

hey, john reese, jr. how's your father doing? to help reach your goals with confidence. my sister has told me so much about you. that's why it's more than advice worth listening to. it's advice worth talking about. ameriprise financial. make a splash with the ultimate pool party essential. blendjet gives you ice-crushing, big blender power on-the-go, so you can soak up the sun with a frosty beverage. enjoy 15+ blends before rapidly recharging via usb-c. and it even cleans itself with a drop of soap and water. stand out even when you're accidentally twinning with our kaleidoscope of colors. make this summer the coolest ever. order yours now from blendjet.com. ♪ ♪ every day, businesses everywhere are asking: is it possible? with comcast business... it is. is it possible to help keep our online platform safe from cyberthreats? absolutely.

can we provide health care virtually anywhere? we can help with that. is it possible to use predictive monitoring to address operations issues? we can help with that, too. with the advanced connectivity and intelligence of global secure networking from comcast business. it's not just possible. it's happening. icy hot. ice works fast. ♪♪ heat makes it last. feel the power of contrast therapy. ♪♪ so you can rise from pain. icy hot. welcome back to "worldwide exchange." it is time now for wex wrap up. days to go until the october 1st

deadline. no deal in sight at least in the house to avert a government shutdown. that's not stopping the senate. coming to an agreement to keep the federal government funded until mid november and provides billions of dollars in aid for the ukraine war and parts of the u.s. hit by natural disaster. after nearly 150 days, the hollywood writers strike is officially over after the writers guild of america voted unanimously in favor of its deal with studios. the agreement includes an immediate 5% minimum pay increase and addresses some of the concerns around artificial intelligence. shares of rocket lab trading lower after the company lowered q3 guidance following the failure of its september 19th launch. rocket lab says its investigating the flight anomaly and does not expect it to incur material incremental expenses. those shares up 1%. costco shares are under pressure, despite an earnings beat with revenue increasing 8% year over year. the shares down 2% right now. miller knoll surging double

digits, following an earnings and revenue beat and a raise to its full-year guidance. the furniture company says it's benefitting from the increasing shift of return to office mandates. those shares right now are up almost 17% in the premarket. and former president donald trump planning to visit the auto workers in detroit today instead of taking part in the second republican debate. that's just one day after president biden joined the uaw picket lines. the first sitting president to do so. here's what to watch today, on the economic front, we get weekly applications and durable goods figures. that's before the open. ftc chair set to speak at 12:30 p.m. at an ai and tech summit following the agency's antitrust lawsuit against amazon. ahead of the speech she's going to speak with cnbc on "squawk box." that's coming up at 8:30 a.m. eastern. we also have paychecks and micron, both out with earnings today. we do have a very busy trading day on tap. let's get right into the moves

to make with our jenny har harrington, a cnbc contributor. you're also taking part in cnbc pro talks during tomorrow's delivering alpha event, sign up for the pro talk at cnbc.com/protalks, good to have you here. >> thanks for having me. >> futures solidly in the green after a down day in the markets yesterday. a lot of volatility, what are you expecting for today? >> what i'm super curious to see is if the green holds. what i think is i think we're range bound. i have been saying this for two years, and i'm pretty sure ki know what the top of the range is. what i don't know is what the bottom of the range is, and i think within that trading range, the rallies are sparked by sentiment, and also the declines are sparked by sentiment. i want to see where the sentiment goes today, and if we're actually able to hold this. i think we're defining the bottom of the range right now.

>> what's your sentiment? give us your wex word of the day. >> thank you, i love this word of the day. my sentiment is purgatory, and i actually thought when i told you that yesterday, i should look up what the definition of purgatory is. i think of it as being stuck in an unpleasant state. it's a super religious explanation, but i think we are stuck in my version of purgatory, which is unpleasant, neither a bull market or bear market. we don't know which side we're going to end up on or how long it's going to take to get there. that's torturous for investors, especially for investors who have become really comfortable over the last decade of positive returns and going out to their clients on a quarterly and annual basis, how great, we're up 30%, 5%, 10%. it was a bad year but we rallied right back. it's a difficult time for professional investors and individuals alike, we're stuck. >> speaking of professional investors, i want to get your take on the latest alpha

investor survey ahead of tomorrow's d.a. summit in new york city. if you want to go, scan the qr code on your screen, there's time to register and watch online. we're asking top strategists and cnbc contributors like you, which area will you be concentrating on to start the fourth quarter? so take a look at the data, 36% saying mega cap tech stocks, 32% saying energy stocks and very distant third, that's health care. what is your take? >> i think it's interesting the way the question is phrased because area of concentration. so obviously i'm in the high dividend space because i run a high dividend strategy with the 5% hurdle. i'm stuck there. it's interesting, when you say where are you concentrating, because of capital gains, a lot of investors are kind of stuck in that mega cap space, and they can't get out of it without incurring huge tax bills for their clients, so i think that's maybe a little more backward looking for investors than it is

forward looking. i don't think people are pulling money out and piling it into high-tech right now. >> we all set to come see you. you always have a pick for us. what's your pick today? where would you put money to work today? >> here's where we're finding opportunity. we're finding opportunity in the fall 2020 bubble stockings. our growth strategy, not the dividend income strategy, we added docusign last week, and this is wild. when you look at docusign here and now today, it's down 90% from its highs but it never should have reached those highs anyway. what you have today is a company trading at 15 times earnings with 7% free cash flow yield. they've got 1 billion users and we all know what they do, they do the electronic signatures. it's a booming market. i'm probably never going to sign physical papers at the rate i used to. nobody is. and if you look atrophy dellty a -- at fidelity and schaub,

they're pushing everything to be signed electronically. the operating margins are 25%. we think there's huge room for margin expansion. it's a company that's going to be with us forever, and they're doing it better than anyone else. it's kind of neat to sift through the rubble of the 2020 fallen bubble stocks and find some golden opportunities. >> it's hard to dispute the fact this is going to be a long-term business we're going to probably all soon sign everything electronically, but looking at the stock, down 20% year to date. what's going to be the catalyst for the turn around? >> a bunch of quarterly earnings for the next five, ten, 20 quarters, where they deliver strong earnings and investors look at it based on today and what's going forward. you know me, i hate buying a stock at the high point, so buying it back in 2022, i never would have done that. i always like to buy low sell high so when i see a stock low like this, this is where i get pretty excited. >> low overall, but up 1 1/2% in the premarket. jenny harrington, always great

to see you. happy anniversary, we're celebrating our five-year anniversary together. the dow opening 80 points higher, have a great day. thank you for watching. "squawk box" coming up next. t hm to make anything healthy. you could if you had a blendjet. blendjet? it's the portable blender that makes the healthy choice the most convenient choice. i don't know. it seems like a hassle. hahaha! wrong. just pour in some milk, add some frozen fruit, and bam! you've got a nutritious and delicious smoothie. mmm! that is good. you're welcome, sad office guy. get yours today at blendjet.com are we in in an ad? we sure are. nice footwork. man, you're lucky, watching live sports never used to be this easy. now you can stream all your games like it's nothing. yes! [ cheers ] yeah! woho! running up and down that field looks tough.

it's a pitch. get way more into what you're into when you stream on the xfinity 10g network.

good morning, futures according to gains in yesterday's route, we'll show you what's moving in early trading, and we'll speak to minneapolis fed president neel kashkari. in washington, no deal in the house, although there were some procedural moves that finally got through, a small victory, but probably going nowhere. there was some movement in the senate. we'll take you there live. plus, target shutting down nine stores in major cities citing retail theft and organized crime.

details straight ahead. it's wednesday, september 27th, 2023, and "squawk box" begins right now. ♪ good morning, everybody. welcome to "squawk box" right here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. okay. the good news is we got through yesterday. it was a bit of a route in the markets yesterday. if you want to look at the u.s. equity futures this morning, you're going to see right now some green arrows, as joe mentioned. dow futures up about 57 points. it comes after a down day for the markets. the dow was down by about 388 points. that was its worst day since march but on a percentage basis it was the best performer or the