it is 5:00 a.m. here at cnbc global headquarters. here is the "five@5. we begin with stocks on track for the worst month of the year as september looks to live up to its bad reputation. three days to go and no deal in sight after house speaker kevin mccarthy rejects a bipartisan plan. and progress in hollywood and the studios and actors head back to the bargaining table no such luck in detroit. apple's iphones may be too hot to handle.

a and putting the eye on the funding measure for yoshi son. it is thursday, september 28th, 2023 and you are watching "worldwide exchange" here on cnbc good morning welcome to "worldwide exchange." i'm frank holland. let's start the day as we kick off the hour with the check of the u.s. stock futures basically flat across the board. dow would open up 30 points lower. it is early. stocks coming off a mixed session, but down for the month and quarter ahead of the open. the s&p and nasdaq are on pace for the worst month since december of 2022 you see the down side action here the nasdaq is hardest hit down 6.5% we are looking at the bond market yields at the 5 and 10 hitting the highest level since 2007

4.63% for the 10-year treasury the 2-year treasury is rising since yesterday now at 5.13. we are looking at the energy market and oil is moving higher to the upside. oil at the highest level since june of 2022 $9 $93.85 brent crude is up with natural gas down .50%. let's turn attention back to equities stocks in september is the worst month since 1928 according to the dow jones industrial average, the s&p averaged 1.1% decline in september. we are down 5% with two days the trad trading. joining me is ryan dietrick from carson the fourth quarter is the best month which is up 4% on average. with the rising dollar, oil

prices at the year high and rates above 4.5%, do you believe the set up is still possible for the fourth quarter >> good morning, frank one of the amazing things is the idea that seasonality played out this year. now we hit the rough third quarter. i think people forget this after seven months, this was the best year, this was the best first for the nasdaq now the weak period. we understand the scary headlines. now you talk about the fourth quarter. frank, we are optimistic here is one thing to look at here, we are up. when you are down 1% in august and september, like this time, october has had huge jumps the fourth quarter is higher 12 out of 13 times.

what i'm getting at is weak seasonals are stronger in the fourth quarter we're optimistic of a rally here. >> we saw a reversal yesterday markets were down deeply during the trading day and they kind of rallied to ink out a gain. what is creating the volatility? >> we are aware of the headlines. the dollar is up ten weeks in a row. a stronger dollar. the market is not crazy about that we need the dollar to stop going up one thing about yesterday, yes, if you look at it, the market was flat all caps are above 1%. i'm aware that small caps are hit hard we saw breadth yesterday it is one day, i get it. it was a good reversal that would be the start of

carving out the bottom here and as we get later into the year, we have the potential for the fourth quarter rally. >> one of the biggest stocks is apple. you are talking about bottoming out. we continue to see slides for apple and they face more headwinds from regulation and china restrictions can the market turn around >> we think it can apple may go sideways. it is a huge part of the market. we get it. apple and microsoft. you need to stop going down. maybe that is where the opportunity is look at energy stocks a month ago. we understand the strength of energy we are overweight energy and cyclical we are even weight with large tech the market can two okay here if it stops going down. if it goes sideways, maybe we can have other areas that will lead to the fourth quarter. >> we have to keep watching the

market apple closing down you don't see that too often ryan, thank you. have a good day. >> thank you. time for the check of the top corporate stories. it is great to see silvana henao. >> frank, good morning with just three days to go until an all but certain government shutdown, kevin mccarthy rejected a bipartisan funding deal from the senate in favor of the house plan crafted by conservatives. mccarthy wants to cut spending to $1.47 trillion and leave out aid for ukraine or disaster relief uncertain if the bill has enough support from republican hardliners to pass some of the first owners of the iphone 15 are apparently complaining about the devices getting too hot to use while charging according to posts across reddit

and x and others, customers say the back or side of the phone becomes too hot to touch during phone calls, facetimes and gaming bloomberg says apple's technical staff has been receiving calling on the issue we have reached out to apple for a comment. shares of peloton are surging in the pre-market. the company announcing a partnership with lululemon to promote each other's products. lululemon will stop the mirror to stream workout classes by the end of the year. >> peloton shares up double digits >> as a fan of both, i hope they put it on sale. >> a lot of the guys here wear the pants. i'm not in the category yet. i like to be comfortable silvana, see you later on. a lot more to come on "worldwide exchange," including the one word investors have to

know today first, with hispanic heritage month under way, i sit down with one of the ceos pouring money into the u.s. and the big idea series rolls on the stock that my next guest says is the most undervalued company in big tech. and later, delta issues a laa culpa after frequent flyer backsh we have more still ahead when "worldwide exchange" returns stay with us

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it's really important to know that advantages are not always going to be given to you. you need to create your own and find out how to stand out in the room i feel like a minority, but you should rely on mentorship and surround yourself with people to help you reflect on what you're doing is critical and in an executive leadership for hispanic americans, it is important to have that opportunity to reflect welcome back to "worldwide exchange." that was the chief strategy over mario carvajal sharing stories of hispanic business leaders sticking with that theme, a report from the latino donor

collaborative, the u.s. latino economy reached $3.2 trillion in 2021 that is up from $2.8 trillion in 2020 if it was a latino country, it would beat out the uk, india and france to talk more about this and how he is investing into the red hot market is marco rodriguez. marco, great to have you here. >> thank you. >> that was data that came out in the last couple days. eye popping number latino economy would be fifth in the world if it were a separate country. that is today what do you see with growth going forward? >> the growth, frank, thank you for inviting me the growth has been astounding at $3.2 trillion

those are eye popping numbers. to think about it, it is only the u.s., china and japan and germany that are larger economy the youth of the population on average nine years younger and families with three children versus two children. you see the growth is going to continue just by the pure facts of demographics. >> the average latino is nine years younger than the national average? >> 30 for latinos and 39 >> a bigger family means you need to spend more money >> yes >> i want to talk about your business you invested more than $1.2 billion in hispanic businesses when you are investing in companies, are there sectors you are focused on

talk about your strategy. >> that is credit. we -- that is correct we invested $1.25 billion in the last few years it breaks out with the industries which are consumer food which makes sense we have a company called del rio foods. a company which distributes proteins in south florida. we invest in health care businesses and services and financial services and business services and industrial. consumer food services and healthcare are the main areas we look at here >> with we talk about the broader equity we talked about rates with the highs we have not seen since 2007 how does that shape your p perspective when it comes to deals? >> it is a great question. the cost of debt, clearly, has

gone up. it is making deals harder to close particularly as you go up to the higher end with the $1 billion deals. the opportunity and growth that's driving these companies, the latino companies, particularly the microeconomics of it. great deals always get done. you have to be prudent as to how you use leverage and that's where being in the business for a quarter century helps. i think there will be continued opportunities in the hispanic market we have seen it accelerate since the pandemic and the last four years, we doubled our investment pace and doubled our rate of value creation you would have the thought since the pandemic would have been difficult to do. >> i want to ask one thing according to crunch base, 1% of pe funding goes to hispanic founded usinesses. what do you think investors are missing out?

>> i think what they are missing is how to do it. you have the market at 62 million people and $3.2 trillion then you have to segment the market marketing to folks of dominican dissent in upper manhattan and mexican americans in texas and california it is a beautiful tapestry >> it is not monolith. a $3.2 trillion economy. marco rodriguez, great to have you here. >> frank, pleasure thank you very much. coming up on "worldwide exchange," we have wed bush's dan ives and his predictions for the fourth quarter and if the hype train is going to keep on rolling. stay with us

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here dan ives from wed bush great outfit great to have you here. >> great to be here. great time to be here especially talking the white knuckles we are seeing. >> apple big part of the market the slide from apple comes from regulatory concerns. china restrictions may take place and also regulatory concerns in the u.s. thoughts with 20% of revenue impacted with the deal with the search for google. do you see the slide continuing? we saw apple dip below $170 yesterday. >> no doubt. we see it in the eu and here in the u.s. when it comes to whchina, they r gaining share. if you look at the data in the last 24 hours, i think the bark is worse than the bite that will be a positive for apple despite huawei when it comes to regulatory here, we are not concerned

bark is worse than bite there. i think that will be a long-term headline risk. as we see it again and again with big tech, that is something that you ultimately see as a buy into the headlines as it will play out. >> pretty steep decline. i know you are saying it is a headline risk, but 20% of revenue. >> yeah, but that's something in terms of when you look at google search and china story, i think china has been the heart and lung of the apple story. if you look at the share gain, i think it will continue despite many barriers. >> we'll look at the challenges with the iphone 15 the ftc. is this a headline risk? this could be a serious risk to the ecommerce risk >> ftc and khan is the boy that cried wolf i think the street views it as a

multiyear battle amazon will come out victorious. when you look at this, many think there are a lot of flaws here i do not believe this is the ultimate albatross that hurts amazon ftc and khan continue with the black eyes as with amazon here we saw it with microsoft and meta this is another one sdplchlt let' - another one. >> let's look at q4. we are in the higher for longer environment. w can we see a robust m & a situation? >> it will be a golden era with m & a. $1.2 trillion is the amount of crash cash these financials have

they are not going to the market to raise capital you saw it with cisco. you will see oracle and microsoft and adobe and others get more inquisitive. we see the 1995 moment with the biggest transformation in 30 years. it is long overdue this is the first step >> i'll put you on the spot. give us companies or a company that you think is in the sights of oracle or one of the others >> cyber names t tenable or sentinel one. i think this is just the start with cybersecurity as well as cloud. i think strategics and financials -- six months from now, we will look back at this as the start >> dan ives of wed bush, thank you very much. as we head to break, here is

the consumer stat. 46%, half of u.s. consumers plan to cut back on spending on footwear astute loan repayments ramp back up 35% will shop less or buy fewer items. we will talk about what this means for nike after the close today. nike shares are negative for the year down 20% for the year. viigr right now. stay with us here on "worldwide exchange." 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.

it is 5:30 a.m. in the new york city area a lot more ahead on "worldwide exchange." the market slump keeping up with tradition as the nasdaq is continuing for the quarter. and we look at the special week long service with the tech giant our next guest says is a must buy. and the stn nike stock has e room to run. you are watching "worldwide exchange" here on cnbc welcome back i'm frank holland. we get you ready to pick up the half hour check on the u.s. stock futures with the s&p on pace for the worst month since

december look at futures. solidly in the green dow moving lower it is looking to open 75 points lower. you see the s&p and nasdaq fractionally lower right now we are look ing at the bond market 10-year treasury at 4.64 the 2-year treasury is back above 5% 5.12%. the 10-year treasury at 2007 levels right now we are looking at the energy market upside action with energy. we were a minute ago oil is down, but above $90 a barrel brent crude is down at $96.39. natural gas is down .50% that is the market wrap. we are turning to the series for investors who are looking to lock in gains before midnight on new year's eve we are speaking with favorite stock pickers with the best ideas. we will run them through the gauntlet to defend their picks

yesterday, victoria greene made the case for slb today, i'm joined by james cakmak >> good morning, frank >> what is your pick and why >> sure. amazon it has been a top pick of ours for a while. we think there it is momentum in the fourth quarter this has a rate run in 2023. we think it is one of the laggardsmong the mega cap companies. we think the momentum will continue to be its friend. the estimates have peaked in many respects. a amazon should propel the stock higher. >> obviously amazon is a diversified business

i want to talk about p art that is facing the scrutiny the ftc accusing it of monopoly practices. >> i think it is headline risk anytime the ftc puts upwards of 20 charges against you, it is not a good thing if you look at the charges, we think they are mischaracterizing the issues that they're stating. they are overstating the market share of amazon, but not including the retail efforts of walmart and target when talking about the broader retail industry they are not included shopify when they talk about the ecommerce industry landscape >> fair point. >> the mischaracterizations will cause them to lose another case. >> we don't want to get too much

into the ftc i don't mean to cut you off. you mentioned market share amazon is the leader when it comes to cloud computing they are losing market share to microsoft and google cloud how big is that for investors? >> that will reverse they have been the biggest player in aws. they continue to be. they share shifts over the last couple quarters with the growth rates faster to microsoft and google you saw aws growth bottom out in the second quarter i think that trend will continue we will get back to the 30% growth we saw just a year ago. we don't think it will be tomorrow, but it will take time. the only issue, i would say, risk with amazon is the recession risk because you have a question mark as it relates to the demand side with the broader

part of the economy. the expectations are so low and the growth rates have slumped so much that although the slope of that recovery might be flatter, but the recovery is happening. >> one last question amazon trades 59 times forward earnings is that valuation too much as we see the selloff? >> at the same time, trades at only two times sales i understand in an uncertain time, you want to look at earnings you have to think of the earnings potential of the business the last call, the ceo andy jassy said it has the potential to have higher margins giventh logistics. if you look at that, every 1% improvement in the retail margin can yield up to 10% improvement in the earnings picture. little bit can move the numbers

a lot and make that valuation you stated look cheaper in short order. >> james cakmak, thank you we appreciate it >> thanks. >> tomorrow, we wrap up with gordon johnson as we talk about the future o that's tomorrow. turning attention to washington the white house is warning federal agencies to begin to be ready to notify workers about the prospect of the potential government shutdown starting this weekend this as kevin mccarthy continues to face road blocks. we have emily wilkin ss with mo. >> reporter: good morning, frank. the government has three days before the shutdown date, there is still no path to moving the stop-gap funding bill.

the house and senate are on different tracks republicans do not have an agreement on the path forward. in the house, speaker mccarthy says any bill needs to include border security provisions senate will vote on four spending bills which they hope converts people to supporters before a vote on the short-term measure tomorrow over in the senate, they are in the process of moving a bipartisan stop-gap measure to fund the government until november 17th and provide $4.5 billion for ukraine. senator mcconnell has criticized this house plan as hurting border acts gents which would go without pay if the shutdown would occur. s.e.c. chair gary gensler said a shutdown would eliminate key services and hurt companies

planning to make a initial public offering. >> they won't have someone at full force overseeing the market for companies that want to go public we cannot review the documents or documents going effective if you want an ipo which is critical for capital formation >> reporter: a shutdown also means the government won't be able to collect economic data like the jobs report or inflation numbers. frank, if it goes on for weeks, we could see a severe hit to the economy as a shutdown grows longer and longer. >> a lot of concern about the potential shutdown i want to ask what do we expect to see today and how can the s.e.c. or bls do during the shutdown can they do anything i know you said the reports might not come out, but can they still work >> for the government agencies, they are able to have some

employees, they call them essential employees, which continue to work during the shutdown these are basic things you will see social security checks going to go out for the border security agents, they will be at the border, but not paid for it. every agency has their plan they come up with that is detailed. for a number of the agencies, they are saying we have funding and we will be able to remain open for a couple of weeks, but that is all we've got. the longer the shutdown goes on, assuming there is a shutdown, which is seemingly more likely, the more and more of a pain it will be on the agencies to try to find ways to remain open and remain functional when there is no agreement from congress on how to fund the government. >> emily wilkins, thank you. time for the check on the top corporate stories with silvana henao. silvana. >> frank, i am back. the ongoing strike by uaw

potentially set to expand. uaw president shawn fain is set to address members tomorrow morning and could announce new strike targets if there is no progress with ford, gm and stellantis sti sticking with strikes, the hollywood strike talks are resuming the two sides will continue to come together monday. shares of micron dropping ahead of the open. the chip maker expects a loss of $1.07 for the first quarter compared to the 95 cent loss forecast by analysts micron reporting a narrow loss for the fourth quarter as well as revenue that came in ahead of expectations the ceo sanjay mehrotra will have more in an interview at

9:30 a.m. today. and delta says reaching a higher status oraccessing airport lounges was more exp expe expensive. the ceo ed bastian said they will move to overhaul the program. >> a lot of people were upset about that i know >> i think he was trying to say we went too far. >> if i'm not getting the points. >> everyone on social media was outraged >> it may be an under reported story. a lot of people making personal finance decisions. silvana, thank you. turning to retail and earnings as nike gears up to report after the close shares are up right now, but down 18% this quarter due to concerns of the wholesale business and consumer slowdown in the u.s. and china. this quarter, revenue is forecast to increase it 2% and

profits expected to fall 20% year over year margins are set to be watched here with higher input costs it is not all doom and gloom jordan brand sales are up 30% year over year still, goldman sachs is concerned about innovation for jordan and the running shoe business with market share loss from emerging brands like on running and hoka joining us to discuss the quarter is brian nagel at open i -- oppenheimer. >> we have an out perform rating at the $150 price target nice upside from current levels. the bottom line for me, and this is an anticipated report i can't wait for after the market to hear what nike says.

i think the sentiment here on nike is too negative to be fair, there is reason for concerns we talk about a still shaky macro back drop. the prior guest talked about the restart of student loan repayments there is uncertainty out there if you look at nike and the power of the brand, the sentiment on the stock is way too negative >> let's talk about the power of the brand. in big cities, the jordan 1 is everywhere people wear them with suits and workout and everywhere analysts, including goldman, is worried about innovation they are worried it peaked and they are asking what's next. what is next for nike? where do they get the next growth >> innovation is the least of my concerns i think nike several years ago and this is a while back

i think nike may have gotten lacks la with the innovation. now, i think nike is on top of the innovation game. every quarter, they will do it again tonight, they will talk about the new products coming out. technology within the footwear and clothing this is across jordan, nike, running, everything. nike is doing a great job on innovation it is not a concern. >> what are on running and hoka? >> they are small at this point. it is difficult to measure market share shifts in real-time. i follow dick's sporting goods i like it. a key distribution partner for nike if you go into the dick's store today, they have done phenomenal with footwear. they display it well with hoka and on with nike

clearly, you see this is a silly comment, but i watch footwear. you see horka and on out there. this is a massive market these brands are small nike is very large i'm not too concerned with the market share shift. >> maybe overstating the risk. i want to ask about the rising dollar nike with the flags shipping costs. >> the shipping costs is a big positive for the next several quarters this is true for all consumer companies. these entities dealt with rapidly rising shipping costs through the pandemic those shipping costs have come down dramatically. in some cases, i hear container costs are below pre-pandemic levels it is a matter of time before

the accounting catches up. i think that is a positive for nike we will see better gross margins in the next several quarters i apologize. what was the first >> the rising dollar up 3.5% in the second half of the year sdplc >> that is an interesting dynamic. given that nike is a global company and a stronger dollar does have implications the stock tends to trade on dollar neutral results constant currency. i am not as concerned there. the key here is the onset. sentiment is too negative. the brand is solid sales are holding up you will see it. >> brian nagel, thank you for being here >> thanks, frank coming up on "worldwide

exchange," the big money behind a.i.'s new union with the former executive. a few of the top trending stories as we head to break. taylor swift showing no signs of slowing down heinz is dipping in after we saw her dipping into the sauces at the chiefs game. forget the $1 hot dog or chicken. gold bars are the hottest selling item at costco sources stating they are selling one-ounce bars they are in hot demand and selling fast. and it may be time to say good-bye to pandas in the u.s. pandas in washington, d.c. and memphis are set to return to china at the end of the year following the three-year contract expiration. marking the first time in 50

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(all) ♪ toooo youuuuu! ♪ (sean) i wish for the amazing new iphone 15 pro! (jason) sean! do you mean this one - the one with titanium? (sean) no way i can trade this busted up thing for one. (jason) maybe stealing wishes from the birthday boy is not your best plan -- switch to verizon and trade in any iphone and get the new iphone 15 pro on them. (sean) what!? (jason) yup, and on an amazing network (sean) and i don't have to ruin anymore birthday parties! (jason) yeah, that ship has sailed... let's go get you the iphone. here we go, come on hon. (vo) trade in any iphone in any condition for a new iphone 15 pro on us. only on verizon. welcome back to "worldwide exchange." time for the upgrades and d downgrades deutsche bank is downgrading general electric shares are up over .50%.

we have another initiation at ubs with duolingo. ubs says the company is a best in class brand with the language learning space taking a look at shares which are up over .50% time for the global briefing we begin with the massive week long slide of evergrande suspended again in hong kong the chinese property developer has been reeling from the headwinds in recent days and the chairman under police surveillance and failing to make good on the debt restructuring agre agreement. hsbc reported to acquire the health management business which is responsible for $1 billion of assets it would see hsbc taking over a

few citi's staff shares of hsbc moving higher citigroup is moving lower. financial times with the deal with open a.i. and jony ive. open a.i. is tapping the former apple executive to build the iphone of artificial intelligence with funding help from softbank's masa son this would be chatgpt's first consumer device focused on a.i coming up on "worldwide exchange," the one word every investor needs to know today and why september is a month that investors don'wa to t nt remember we are back in just a moment stay with us to find your personal style. endless hardie® siding colors. textures and styles. it's possible. with james hardie™.

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hp is selling being sold by ber ha hathaway shares are down 1% right now. and s.e.c. nears settlement with the firms over record keeping. the s.e.c. is now investigating the communications. despite a looming government shutdown, beirkenstock is bpushn for the ipo. and uber is hiring prashanth mahendra-rajah as the new cfo. and shares of peloton

announcing a partnership with lululemon to promote each others products peloton is up 15%. lululemon is up .50% we are watching shares of apple following the social media posts that the iphone 15 pro and pro max have been too hot to touch while charging cnbc has reached out to apple for a comment. here is what to watch. the delivering alpha investor summit in new york today with leaders helping you balance risk with returns there is still time to register. go to cnbcevents.com to sign up. back to the markets. stocks trying to undo the september slump with two trading days left to close the worst month of the year for the sa&p and nasdaq my next guest is not necessarily buying the dip ali mccartney is here in house

ali, great to have you here. >> thank you >> we are looking at apple which has fall an even hard and other tech stocks. why not buy the dip with the idea where the earlier guest says the fourth quarter is the best quarter of the year generally stocks go up 4%. >> september has done exactly what september does. we will see if the fourth quarter does what the fourth quarter usually does we have been watching in disbelief as markets have soared, especially the big seven in tech, into the quickest and highest pace interest rate increase we have ever seen i think it is probably time to take a little bit of a pause and try to figure out if these markets or multiples can actually earnings have them grow into them. there is a lot of momentum and right now, we're in a pause on fixed income markets and equity

mar markets. >> what is your wex word of the day? >> mine is binary. we have a market waiting to figure out the fed the fed is in control of the market if the fed does follow suit, as it says it will, and it is telegraphing through the comments with the dot plot and we are higher for longer and near the peak, we have to wait for multiples and earnings to come together. if they do move more quickly, we avoid stagflation and have a softer landing, then you will see upside in the market and we turn that out as we see 4,700 as the level for the end of the year, potentially. we said that when we were closer to 44 or 45. >> it is 4,310 right now that is a big move >> you will see range bound markets. whether you are talking about

the government shutdown or talking about really fundamental profit and earnings issues in the u.s. auto industry we have to wait and see on a lot of extraneous data >> we are talking about oil trading at a year high right now. you have a recommendation. you are suggesting people are buying mlp this isn't your pick why is this a good play today in this environment >> we have been saying that we can't figure out why oil hasn't been appreciatappreciating you have opec sticking to cuts and you have the demand side with the resilient u.s. and globe. that has been p pushushing oil . i work with large investors where you decrease the basis down we are talking yields between 7%

and 12%. >> that sounds attractive. allie mccartney, thank you for being here that will do it for us on "worldwide exchange. we have "squawk box" next. you have a great day recommended. 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. the power goes out and we still have wifi 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

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good morning futures are pointing to a higher open for the dow regardless what it says. crude prices surge to the highest level in more than a year we will show you what's moving right now. plus, bank of america ceo brian moynihan reversed its call for recession in the united states the uaw set to expand the strike if there is no

significant progress in talks by 10:00 a.m. tomorrow. there are some that seek alpha we deliver it. good morning it's "squawk box." here we go. good morning welcome to "squawk box" here on cnbc we're live from the cnbc annual delivering alpha conference in new york city. i'm becky quick along with joe kernen and andrew ross sorkin. this is it delivering alpha is a big deal i don't know if this is 12 or 13 years at this point. >> what are we up to >> 13 years. >> lucky 13. delivering falph