it is 5:00 a.m. here at cnbc global headquarters. here is your "five@5." the tech wreck set to continue with the nasdaq moving lower. and is meta platforms echoing snaps over the ad uncertainty. a sigh of relief and breaking news as ford and uaw reach a tentative deal to end the strike. plus, uncertainty on capitol hill as investors gauge the impact of the new house speaker. one of the most inexperienced in

u.s. history later on, the search for a successor is over at morgan sasan stanley. it is thus, october 26th, 2023 you are watching "worldwide exchange." good morning i'm frank holland. let's start your day as we kickoff with stock futures we show you they are in the red across the board looking at percentages nasdaq is down 1%. the dow and s&p also in the red. we will talk more about what is going on in a moment this action here after a rough session for stocks yesterday with the s&p fall by more than 1% also the nasdaq now in connection territory it closed down nearly 2.5% its worst day since february the focus of that selloff is on alphabet

logging the single worst session since 2020 and the largest decline in market value of $166 billion wiped out. that number equals all of amd or disney shares are lower again this morning. down 2.25% we are watching surging yields.. 10-year treasury is at 4.95% the 2-year treasury is also showing a yield above 5% as well as the long bond. we will have more on the sector in a moment, but breaking news uaw reaching a tentative deal after 40 days on strike. we have phil lebeau with more on the story. phil, good morning >> reporter: good morning, frank. if you compare the tentative

agreement with what was offered by ford six weeks ago, it is double this is the final -- not final because they could tweak it. the tentative agreement is a 25% wage increase over four and a half years and cost of living adjustments goes north of 30%. they are reducing or eliminating wage tiers and more profit sharing for retirees here is shawn fain talking about the tentative agreement. >> ford knew what was coming on wednesday if we didn't get a deal that was checkmate on day 40 of the stand-up strike, we reached historic agreement. >> reporter: shawn fain doing a bit of crowing because they have worked the negotiations to their benefit and incredible degree. jim farley stating we reached a

tentative agreement. as you look at shares since the strike began and keep in mind the company reports after the bell tonight and there will be the analyst call tomorrow morning. likely during that call with questions of the tentative agreement. that will be a focus of the agreement in addition to the other issues that are front and center with ford and gm and stellantis speaking of gm and stellantis, those negotiations thwith those automakers continue. typically, frank, when you see one approved, one gets done and we are still a way away from the rank-and-file approval then in a week or two, you see a similar agreement with another automaker and then a couple more weeks and a third agreement with

the third of the big three we will see if that holds true frank. >> a lot of people in the detroit area are breathing a sigh of relief to see the tentative deal we are watching the ford stock you mentioned the slide since the strike started this morning, it is up 1.5%. investors are enthusiastic about the possibility of the deal going all the way through. how long before the workers get back into the plants >> reporter: very soon they don't give an exact date. they didn't give an exact date the uaw as opposed to the past, where in the past they will wait until the contract is ratified, but they are telling the members to go back on the job while they learn about the contract and vote at the local level and then the overall rank-and-file take a vote some time in the next week or week and a half depending on the facility and how quickly ford and the uaw workers can get the facility up and running, we could see

workers back on the job in a matter of days t at this point, they have not said when they will operate again. ford has three final assembly plants on strike, including the kentucky truck plant. >> we will continue to watch looking at shares of gm and stellantis in the red this morning. all eyes on those companies to see if they make a deal. phil lebeau, thank you turning attention back to the tech wreck yesterday was alphabet and today is meta. wild pre-market action following the record-breaking quarter in terms of sales it was the earnings calling where things turned sour we have arjun kharpal with more. arjun, good morning. >> reporter: good morning, frank. it was a 150% rise in meta stock this year and expectations were high going into the report which had very little room for error

revenue came in at $31.5 billion. fastest revenue growth for two years. year of efficiency iss going well 160% margins highest in two years after that, the stock was higher the guidance for the fourth quarter that upset investors meta saying q4 revenue is expected to be between $36.5 billion and $40 billion. susan li addressed the reasons for the guidance on the earnings call listen in. >> we are also seeing more volatility at the start of the quarter. that is why we widened the range. for instance, while we don't have material direct revenue exposure to israel in the middle east, we have is softer ad spend in the quarter >> reporter: meta did enough to

turn shares around 4% lower. frank. >> advertising is the core business i have to ask you what witelse we hear with reels and threads and augmented reality business >> reporter: interesting on that reels has had a 40% increase on inst instagram. it is net neutral to ad company. on threads, the company has 100 million monthly users and looking to grow that further this is the competitor to x. reality labs which houses the meta quest hardware. this is a concern for investors.

the company in the third quarter lost $3.74 billion now it has lost close to $25 billion in that division this year alone that's a question mark for investors going forward and questions over why meta is spending this much money on a market that is nascent >> arjun, thank you. time for a check on the other corporate stories with silvana henao. >> good morning, frank morgan stanley says chief executive over will be replaced next year. ted pick will be succeeded by gorman pick and gorman will join leslie picker for a first on cnbc interview at 10:00 a.m. eastern time today be sure to tune in.

shares of endeavor are suffering in the pre-market up 21.5%. this is after private equity group silverlake management is looking to take the company private. silverlake holds a 71% stake in endeavor this move follows the announcement of weighing options for the businesses which includes the wwe and ufc and the parent company tko group which is controlled by endeavor. and berkshire agis increasi the occidental stake with 3.9 million more shares. >> it is up in the pre-market. silvana, thank you

a lot more to come on "worldwide exchange," including the one word investors have to know today and more on the tech wreck and why it is not all bad for meta and no one is smiling in the c-suite in align and house republicans have a new speaker, but will his inexperience be a thorn in the side of investors? we have vea ry busy hour ahead when "worldwide exchange" returns. to find your personal style. endless hardie® siding colors. textures and styles. it's possible. with james hardie™. 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." looking at futures with the dow opening up 100 points lower. let's see how europe is shaping up with julianna tatelbaum in the london newsroom with more. julianna >> frank, good morning here in europe, we are firmly in risk-off mode. investors are selling equity at pace red across the board d dax is down 1.4% a selloff in the auto stocks downbeat earnings from mercedes-benz. volkswagen warned on profit and came out with a set of results today. that stock is down volvo is selling off sharply a lot of concerns with the outlook for ev sales in the auto space. it is not just autos you see every sector is under pressure this morning. the banks also under particular selling pressure standard chartered in particular is selling off heavily

eyeing the biggest one-day fall since 1988 after the lender pov posted a bigger drop in profit with the $1 billion hit in the china exposure trading was halted, but now is trading again which is down 11%. the banks are in focus for another reason the ecb meeting. it is expected to leave interest rates unchanged today. the move would come after ten consecutive rate increases or 450 basis points of rate hikes that meeting in a couple of hours. you see the negative back drop as we head into the meeting. frank. >> julianna tatelbaum live from london. and thes in nasdaq down agn dragged down by alphabet the nasdaq slipping into

correction territory the 52-week high was set back on july 15th. let's talk more about this and the broader market with ben emons at newedge wealth. >> good morning, frank. >> you are watching the magnificent seven basket of stocks with alphabet and meta. the revenue was supposed to grow 35%. they met that estimate, but the stocks are down. does that change your thoughts about the market >> not entirely, frank, but it is giving uncertainty for the outlook. they he ave to make huge in investments in a.i the revenue was softer in the case of meta that is why the market takes the a.i. premium back and that's why you see it selling off. >> you see a selloff on news mike johnson, the new speaker of the house. you are focused on this

appointment. you are focused on his fiscal manifesto. why is that important for investors? >> in the gop, there is a strong trend of people wanting to cut spending we're at a really high rate of borrowing. that is driven up treasury yields if there is going to be slow spending next year, you will see low treasury issuance. that will be significance. that could impact the bond market and we see lower rates. that would be a big impact on the equities next year >> more issue or lower >> likely. we are considering a strong economy and borrowing a lot of money to invest in the economy that is the reason yields have been higher. if you change the issuance and the economy will slow down, the rates will slowdown. >> two big macro things happening today. ecb decision and also the u.s. gdp numbers at 8:30 this

morning. in that story on cnbc.com, the estimates for growth in q3 is 4.7% is this good news being good news or is that an increased concern that the fed will hike one more time? >> that could be the case, the latter, that the fed may raise rates. you are talking about the economy that is 4.7% or hotter than that. the reason is inflation could come back up and that would lead to the fed having to raise rates more >> you see that weighing on the market today. >> it could. if you get dguidance from meta and the economy may hike, that is a combination >> ben emons, thank you. coming up on "worldwide exchange," why the train nsport could be at a tipping point and if the fourth quarter is the worst it can get for brown

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welcome back to "worldwide exchange." time for the big money movers. shares of align reporting third quarter prorfits that missed forecast it is cutting guidance for the year patients are not visiting the dentist as much. shares are down 25%.

mat talemattel shares are dg as the company is warning of dem demand for the toy industry. shares of mattel down 4% and whirlpool trims full year profit forecast on slowing demand for washing machines and dishwashers. shares down 5%. we are looking at the transports shares of u.p.s. are moving higher those are still down 20% since announcing a tentative agreement with the teamsters in july for q3, revenue is forecast to decrease by 11% and earnings are expected to drop by 50%. top of mind for investors is guidance for the next two

quarters last season, it revenue guidance with the teamsters deal margins with estimates for the core u.s. business at 4.4% compared to 11% a year ago joining me to discuss is the transportation research analyst at bernstein dave, good to have you here. >> hi, frank >> how do you think that will impact the stock if it is able to meet that margin estimate >> you already highlighted what happened to the stock with the third quarter number stock has been weak. what u.p.s. did when they negotiated with the teamsters is pull forward several years of inflation into the first year. it was important to get membership paid up front the rate of inflation moderates as we move forward and this cost

hit at a time when u.p.s. was looking at shipper concerns about the upcoming strike and gearing up for peak season you end up putting a slug of inflation on lower productivity and the margins got crushed. what vinvestors are focused on i the fourth quarter and the company is confident they can recover as we move past the hyper inflationary period. >> what do you expect with volumes? u.p.s. lost 1.25 million packages per day during the negotiations softness is the word we hear from companies like old dominion and others that reported >> we expect third quarter to be a trough you will see some of the share

loss move away i think you have a slightly easier fourth quarter holiday period it is going to come down to a consumer strength and how it plays out. u.p.s. is starting from the lower base i expect the volume numbers to improve as we get through fourth quarter and you get back to the operating leverage you lost in this period. >> i think the question for people is is this the bottom for u.p.s. what do you have to see change >> i do think this is the worst it will be for u.p.s. in the next several years as we get past the fourth quarter, there is risk of the macro. when you look at 2024, the rate of inflation with the cost is 50% of total operating cost. that moderates from 6% to 7% in the current period to something closer to 2% and the pricing power of the industry is very

solid. it is going through the cost issues and it is disciplined around price u.p.s. will be disciplined with price and you will see the opportunity to recapture the margin the question the u.p.s. ceo is how quickly can she get the company back on peace to the 12% margin if that is quick in the back half of 2024 and 2025, that should be amplified for the next up cycle >> that call is very important when it it comes to u.p.s. and outlook going forward. david vernon, thank you sd >> thank you, frank. catch my interview with marty freeman about earnings and the state of the committee and transportation section at 11:00 a.m. straight ahead, we will see

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home of the xfinity 10g network. it's 5:30 a.m. in the new york city area there is a lot more ahead. investors get set for the busiest day of the earnings season futures under pressure meta seeing pullback on the

back end of earnings and worries of ad spending. and breaking overnight auto workers striking a tentative deal to end the strike it is thursday, october 26th, 2023 you are watching "worldwide exchange" here on cnbc welcome back to "worldwide exchange." i'm frank holland. let's start your day with the half hour check on the u.s. stock futures with the s&p sitting below that key psychological threshold of 4,200. red across the board the nasdaq is off the lows of early this morning, but down almost 1%. the dow also off the lows of early this morning investors bracing for the busy day of the earnings season. earnings from amazon, ford, u.p.s. and intel and merck

we see the 2-year treasury and 30-year treasury above 5% here on the board the energy sector with wti crude at $84.72 a barrel down 1%. similar for brent crude do down .20%. that's the is set up for the u.s. markets let's return to the top story. meta is popping on the 23% rise of revenue the fastest growth rate in two years. you see right here with a sharp reversal right here after cfo susan li warned of the softer ad environment after hearing from snap earlier this week >> we don't have material direct

revenue exposure to the middle east, but we have observed softer ad spend in the fourth quarter. >> joining me now is the risk reversal co-founder and cnbc contributor. i'm calling you the dean of fast money. >> i have a lot of titles, frank, and they don't mean anything good to be with you. >> you are a meta investor how concerned are you with the ad environment >> think about what this stock has done in earnings yesterday, it sold off $340 yesterday was a rough day. i thought the quarter was really good reality labs is a disaster everybody knew that. the cfo made comments and traded

down to current levels fascinating move in the stock. it concerns me because of the ad environment. if you look at the small cap stocks with the russell and micro caps, all of the names have been rolling over you have to ask the question of small or medium businesses with the ad spend on facebook and that starts to deteriorate, then it stands to reason the stock will move. that is what we see now. >> the cap x comment and they are moving away from the metaverse and now trying to be a a.i. play. >> i think it is still too much of a spend gene munster compared the spend to apple he said there is no way this should be comkcommecommensurate when things are going well, they will look past it. when things look sideways,

people become focused. i get the move away from the metaverse. it is long overdue shiny object think about facebook and google as well. now people are talking about it more it comes down to ad spend and that's what people are concerned about. >> one more point on meta, guy you are talking about the valuation of the companies meta trading 21 times forward earnings does that justify the valuation? >> the trade is cheap. you can make a compelling argument the problem is if things start to decelerate on the revenue side of things, the market will say valuation out the

window when it is decelerating, they say it is a value trap that's the move you are seeing now. >> guy, i want to turn to another part of the magnificent seven. amazon reports after close today. deidra bosa has more let's watch. >> reporter: frank, good morning. amazon has under performed over the third quarter and it is seen as a third to google and microsoft. it is heading into the holiday quarter which should give the ecommerce business a boost the number wall street is likely to review is the growth of aws cloud unit revenue growth has been decelerating for over a year investors hoping andy jassy can say it finally bottomed. it has given mixed signals the cloud business is getting a

boost from a.i. tools and google disappointed as customers reviewed spending. back to you. >> what do you expect, guy, after the close? >> it comes down to do they want to turn the knob up with margins? aws is something everybody looks at here. when they decide they want to show strength in margins, the stock goes higher and if they decide they want to spend in march, the spend goes down if we put up a longer chart, frank, it was november or december of 2021 when the stock indicated with the all-time high at 190 the recent low in january of of $81 that is a textbook 50% retrenchment of the move i don't know i think it is a pair with twos you will see a similar move.

>> guy, it is great to see you >> thanks for having me, frank we turn to the breaking news with the uaw with a tentative deal this comes as ford gets ready to report results phil lebeau is back with the latest phil >> reporter: we will get results after the bell tonight the expectation is q3 earnings is 50% greater than the third quarter of last year not a surprise strong demand especially for trucks and suvs. you know the cash cow the f-150 is here in the third quarter the strike impacted the last two weeks and costs are expected to be fairly limited relative to what the costs are for october 1st through now in terms of the uaw strike wh we'll get the numbers after the bell

then we will bring up the conference call. the uaw costs are a factor and how do they estimate that for the future and then what is the ev plans and did this mean greater move toward hybrid models given the slowdown in demand in electric vehicles? shares of ford are moving up as they agreed to a 25% pay hike over the next five years for the uaw members. that is a tentative agreement, frank. it needs to be ratified by the rank-and-file. good news for ford investors and ford is those uaw members, as opposed to waiting for the agreement to be finalized, they are going back on the job. when remains to be seen. they will go on the job while they look tat the contract. they are expecting to work soon. >> it is a sigh of relief for

people in detroit. ford shares up 1%. now we see one tentative deal struck, which will be next >> reporter: i would assume it is going to be gm based on what i heard from talking with people in the state of negotiations then you would probably see stellantis that could change. as we saw with the uaw calling out stellantis sterling heights truck plant on monday and gm with one of the largest plants in arlington, texas on tuesday, were gut punches that got the attention of gm and stellantis, but it got the attention of ford i know from talking to people that ford did not want to risk the uaw -- shawn fain talked about it last night. they were ready to bring in more strikes. were they going to take down the

f-150? possibly you have the automakers saying what can we do to wrap this up the uaw will throw gut punches >> lebeau live in dallas right now. phil, thank you. coming up, will the fourth time prove to be the charm for republicans ending the speaker standoff what this means for the markets and your money much more when "worldwide exchange" returns.

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welcome back to "worldwide exchange." you see futures sharply in the red right now. dow off the lows and looking to open 70 points lower nasdaq is falling sharply down 1% right now in the pre-market meta platforms is dragging the index lower along with tesla and trade desk shares down 2%. turning back to d.c. after weeks with no leader, they elected mike johnson from louisiana. johnson receiving a unanimous vote from house republicans on the floor yesterday. johnson is the party's fourth nominee for the job since kevin mccarthy was ousted three weeks ago. he is the least experienced representative to win the gavel in 140 years joining me now is brian gardner

from stifel. brian, good morning. >> good morning, frank. >> mike johnson. what should investors know about him? >> not experienced you hit it in the intro. he doesn't have a lot of experience he is conservative one of the most conservative republican nos in the house he comes with a moderate temperament. we will not see a bomb thrower like jim jordan. he can build consensus, but it is untested. you have to take a wait-and-see attitude >> you are saying wait and see we have big stuff coming up. including a spending deal. one of the earlier guests talked about the fiscal manifesto how do we get a deal done on time >> it is viewing him and his philosophy, but his role now as

speaker of the house the two can come into conflict a little bit he won the speakership because a number of moderate republicans were not supporting jim jordan in the previous run. they backed johnson because of the demeanor and attitude. johnson has to keep those folks on his side. moderates on his side. he also is going to face the same problems that kevin mccarthy faced on his right. getting the spending bill which will be coming up is going to be his first test can he keep his party together they don't have a lot of time to pass individual spending bills before the continuing resolutio expires. he will probably have to pass an extension of the cr. it is a big test for him a lot of conservatives want deep

cuts. >> continuing resolution expire on november 17th >> wait and see, but don't wait too long >> speaking of other pressing matters. mike johnson being voted as house speaker and how does that impact aid for ukraine and israel >> another big test. you know, conservatives in the house or conservative republicans have been cooling for some time aid for ukraine. some republicans in the house want aid for ukraine, but johnson will have to balance that with the aid package that has been put together will move through the senate with israeli aid and ukraine aid and aid for the border with a few other matters. conservatives want to decouple those and take the ukraine spending out

that will be an early test for him. as we talked before, the ukraine funding issue is a big geopolitical risk going forward because it plays into china and something investors need to pay attention to >> quickly before we let you go, brian, kevin mccarthy was ousted how secure is mike johnson >> he gets a honeymoon especially given the events of the past three weeks we just don't know how long that will be. in a couple of weeks, we will be into 2024 and it will be election season. maybe he gets a little bit more room to move because of that republicans are going to be wary of more chaos as the election gets closer. this is a fractured party at this point it's really tough to see how anybody can govern effectively this group with differentpolicy.

>> brian gardner, thank you. >> thank you coming up on "worldwide exchange," the one word that every investor needs to know today and jenny harrington lays out why she thinks the shares of the beaten up telecom giant are just right we will reveal the mystery chart coming up. endless hardie® siding colors. textures and styles. it's possible. with james hardie™. with cirkul, your water is deliciously flavored at the turn of a dial, with zero sugar and zero calories. and cirkul has over 40 flavors, so your water can be as unique as you are. try cirkul. your water, your way. now with even more flavors. available at walmart or drinkcirkul.com. with gold bond... you can age on your own terms. retinol overnight means... the smoothing benefits of retinol. are now for your whole body. plus, fast-working crepe corrector diminishes wrinkled skin in just two days.

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even manage your rental right from the app. so you can give some quality time to a quality cause. swing by to see one more customer... [audience cheering] and really get down to business. go national. go like a pro. welcome back to "worldwide exchange." time for the "wex wrap-up. we start with morgan stanley with ted picking the new ceo.

shares of align technology on the profit miss and cut to the guidance it is facing pressure from the slow in consumer spending. shares down 25%. berkshire hathaway boosting in oraccidental again. berkshire holds a 25.8% stake in occidental and private equity firm silverlake management is taking endeavor group private standard chartered shares falling double digits and bringing down the european banking sector before the halt in trading this is after a slump in profit we are watching the european markets as we await the latest

decision from ecb which is coming in a few hours. ecb raised interest rates in the past ten sessions it in the fight to bring inflation back down to 2%. shares are slower with the decline in profit in revenue with lower than expected an adoption rates for evs and the broader sector with shares down the board. volvo shares down 9%. investors are preparing for the earnings season before the results start rolling in you see futures under a bit of pressure nasdaq down 1% for more on the trading day ahead, let's bring in jenny harrington from templeton. good morning >> good morning, frank sdplchlt

>> good what is your take with e mega cap tech and the impact on the broader market >> your first guest said it all with no room for error i have been thinking about stocks with room for error over stocks with no room for error. that is the problem with the mega cap companies the numbers they are reporting are spectacular. when you are up 150% or 30 times earnings, there is no room for error. i have been thinking the most r -- no room for error is evaluation the stock has been moving up there is too much hope in them all year. >> this is the busiest day of the earnings season. what is your wex word of the day? >> inflection. i think we're at an inflection point with market leadership guy was talking about amazon

valuation and results. he said something about november of 2020. i look back and see how that was an inflection point for the market leadership. it is significant. from the fall of 2020 until this year, they lost leadership they did well, but they were not leaders. we are at another inflection point right now. >> you own meta. how does that make you think about the amazon report after the bell with owning meta? >> it makes we nervous what can you do? i was trying to explain this to my daughter last night it is really hard. they had revenue up 34% and stock down 3%. it's all that anticipation there is too much in the mega

caps up 50% they are all trading at valuations that are six multiple points or more ahead of the other 493 stocks in the market there is a disconnect in valuation. >> i want to get to the mystery chart. we are talking about verizon came off earnings a few days ago. what has you liking this stock right now in a higher rate environment? >> so much room for error. they have 8% dividend yield and trading seven times earnings they were up 9% after the earnings call. all they did was say we will raise free cash flow guidance and lower cap x. the consumer is competitive, but not as bad you know what the earnings will grow at here 2% a year for the next couple years. dividend will grow i2% a year. when you see that and 9% growth

with little expectation, this is where you want to be sdplchlt i w >> i want to talk about american express. >> if you look at american exp express, you see the stock is down 17% and 20% for discover. american express is seeing 1.2% of credit card loans in excess of 30 days american express trading 12 times earnings and guiding for double digit growth. you have overconcern or intense concern p concern of the consumer. you need to sort through some differences. >> jenny, thank you very much.

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good morning futures pointing to more losses after the nasdaq dipped into correction territory yesterday we will show you what's moving. breaking overnight israel launched a targeted raid in northern gaza using tanks details straight ahead. the uaw reaching a tentative deal with ford we will tell you what that means for gm and stellantis. it's thursday, october 26th, 2023 and "squawk box" begins right now.

good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site on times asquare i'm becky quick alongside joe kernen and andrew ross sorkin. dow futures down 102 points. s&p futures down 25. the nasdaq off by 135. again, comes after the rough day yesterday. joe mentioned the nasdaq the nasdaq had its worst day since february nasdaq fell into correction territory tumbling 2.4%. it closed down 10% from the prior peak in mid-july it was dragged down by shares of alphabet which closed lower by 9.5% with we