it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." futures are higher for the week. and central bank decisions and economic reports we highlight the market moving events on tap. also ahead, as apple

prepares to lift the curtain on the desktop lineup, we speak with another pc maker about their plans to ride the a.i. wave. nelson peltz gets help in his fight against disney and ceo bob iger. and after a whirlwind 72 hours, general motors is the lone holdout and they are paying a high price. it is monday, october 30th, 2023 you are watching "worldwide exchange" here on cnbc good morning welcome to "worldwide exchange." i'm frank holland. hope you had a great weekend let's check on the u.s. stock futures after the worst day for the dow in four weeks and worst day since august futures are in the green looks like the dow would open up 140 points higher.

nasdaq .50% higher investors waking up with a lot to chew on for the week. 30% of the s&p 500 reporting earnings just barely a tick below last week where we should hit the earnings season by the end of the day today. names of berkshire and mcdonald's and caterpillar and apple reporting. also the bank of japan rate decision and the uk rate decision on thursday all that capped off with the october jobs report on friday. ahead of that, we are looking at the bond market. ten-year yield at 4.85%. the two-year yield above 5%. 30 30-year yield above 5% we e are looking at oil $83.95 brent crude down 1.5%.

that is the monday money set up. we turn attention to breaking news. let's get to washington, d.c. and a news alert from the white house. eamon javers is standing by with the headlines. eamon. >> reporter: good morning, frank. this is an extraordinarily wide ranging executive order from the white house today. it is directing just about every federal agency to regulate and shape the growth of a.i. in the effort to protect the public and economy and national security. president biden's power is limited here to the executive branch remember with congress unable or unlikely to produce any new laws until next year, if at all, this is likely to be the most aggressive piece of american regulation over the fast-growing industry for some time among the safety measures the white house is announcing, biden will require developers of the a.i. systems to share safety test results with the u.s. government, u.s. standards will

set standards for extensive red-team testing before release of projects the department of commerce will deliver guidance for content and authentication and watermarking for a.i. content and prevent cyber attacks. the administration will use a.i. tools to find and mfix vulnerables. there is an order to provide d guidance to landlords and federal contractors to keep algorithms from being used to worsen discrimination. the civil rights offices will train on how to investigate and

prosecute violations related to a.i. and a nod to concerns that a.i. is on the brink of eliminating millions of jobs, biden is asking the administration to deliver a report on labor impacts and options for strengthening labor disruption from a.i back to you. >> eamon javers with breaking news from the white house. eamon, i kept hearing you say guidance and framework how much teeth does this executive order have >> reporter: it has a lot. the president here is ordering a chunk of the federal government to take a.i. related action. it is just an executive order. some of the things within the workplace announcement are just reports that need to be written. the other process here that you go through with the federal government is writing these measures of guidance and write regulations around this takes process and time i would not expect necessarily

huge changes to happen immediately here, frank. it is an indication that a.i. is top of mind for the administration >> absolutely. while we have you, we have other tech news in d.c google anti-trust trial today. what is happening there? >> reporter: we will see google ceo to testify and this is his opportunity to meet his accusers at the department of justice google and alphabet bought their way to market dominance improperly by paying to have google being the default search engine on devices. we heard huge numbers and pichai will defend that saying that is proper behavior. we wiln devices. we heard huge numbers and pichai will defend that saying that is proper behavior.

we will have to see what he says in court today we expect him to be on the stand for a couple of hours later this morning. >> eamon, alphabet shares up in the pre-market that is on enthusiasm over the investment in the open a.i. competitor anthropic top of mind in d.c. today. eamon javers, thank you. we turn attention back to wa wall street ahead of the busy week for stocks. october is living up to the reputation as the worst for stocks averages on pace for the third straight negative month. nasdaq down 4.5% the tech names that power nearly all of the rally this year felt most of the pressure in the downturn the magnificent seven, alphabet, amazon, apple, meta, microsoft, nvidia and tesla, shared $1.25 trillion of value since the s&p peaked on july 31st.

apparenle reports on thursday ad lost the most value since july $481 billion it is not just the u.s. market, ishares is down 4% let's discuss this with the chief market strategist at fs investments. troy, good morning great to have you here. >> good morning, frank how are you, buddy >> we laid out the pressure on the markets. what is your view on the markets in the near term big market moving events and the administration moves >> in the near term, we are oversold, so we expect a bounce in the short-term. when you think about the next several weeks, it is yields peaking at the ten-year number you say 5.1 to 5.2, you will certainly have more downside the bottom line is the fed is

almost done hiking on the front end. we think they are close. they continue to drain the balance sheet. money supply is continuing to shrink we are in another round of compression. we went from 21 times earnings to 50.765. it is time to be defensive. >> you say it is time to be defensive. if we are near the peak in rates, is this the buy the dip moment >> for the next several days, potentially. until we have a recession or there is some market calamity far worse than here, but more in line than the eurozone crisis, the fed will continue to drain their balance sheet and suck liquidity out of markets it is hard to have a sustainable bull market. >> let's talk about bonds. you believe the bond yields spiked for fundamental reasons better than expected growth.

fed saying higher for longer why not put money in short-term bonds right now? >> we think most investors should have more cash than historically whether that is ultra short bonds or cash, because yields are attractive, means how much cash do you own? if you take more risk, do it through alternatives with 7% or 8% and reach for more risk and make sure you have attractive wa waterfalls of cash to dampen that activity. >> your firm, fs investments, focuses on alternatives. you are saying now is the time to get involved in alternatives. give us an example of what you are talking about. >> in terms of true alternatives, commercial real estate lending and middle market

lending and even daily strategy funds with income with the potential to generate 200 basis points broadly, think about this not as a lost decade, but challenging market for equities and fixed income there are alternatives to generate high single digits in the right environment. >> troy, great to see you here have a great day >> thanks, frank. we turn attention overseas to europe and see how its trading day is shaping up. joumanna bercetche is in the london newsroom with the action. joumanna, good morning >> good morning, frank we still have cautiousness prevail in the asian session over here in europe, every one of the indices in the positive territory. we are gearing up with earnings with bp and shell and gsk and novo reporting this week

you can see this morning where we are brushing off the negativity from friday ftse 100 is in for news the uk up .90%. we had bad news in the banking sector last week with nat west and standard chartered with double digits. now they are doing well. dax in germany is up .70%. a boost of siemens energy which came under selling pressure last week is up right now travel and retail and media is one reason why the french index is doing well. i want to take attention to one stock in particular that we are watching today that is hsbc up .70%. they have announced a new $3 billion share buyback program after reporting third quarter profit which missed estimates.

pre-tax profit rose to $7.7 billion from $3.2 billion a year earlier. the net interest rose 19 basis points on the year to 1.7%, but dipped 2% on the quarter as customers moved to fixed-term deposits despite that, investors are cheering on the fact they introduced the $3 billion share buyback program. one sector of green in the banking sector frank, we have the bank of england meeting on thursday. frank. >> joumanna, thank you very much. loota lot more to come on "worldwide exchange," including one word the investors need to know plus, nelson peltz gets help from his friends as he puts the squeeze on disney. we will also speak with pc maker lenovo with the very

special partner. and later in the show, the ten-year yield hovering close to 5% we speak to the old national bank ceo when "worldwide exchange" returns. stay with us 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.

the power goes out and we still have wifi are likely to recommend us. 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." time for a check of the top corporate stories with silvana henao. happy monday, ilvana >> good morning, frank

the united auto workers widening the strike against general motors over the weekend targeting the spring hill, tennessee plant. the largest in north america gm is the last holdout among the big three after the union secured a tentative deal with stellantis on saturday that deal mirrors the one with ford last week which includes $8.1 billion of plant investments and $5,000 in bonuses and 25% wage increases it turns out nelson peltz has more power in his corner with the proxy battle with disney former marvel executive is offering logistical and financial support for peltz as he pushes for changes at disney including board seats.

according to the report, perlmutter has given voting control of the company which boost peltz's stake. now peltz has four times voting shares over the first campaign. ozempic may have competition. eli lilly's drug helps people lose weight for almost a year during a stud any y in china wi 16% weight loss in weeks late stage trials begin later this year. shares are higher in the pre-market 4.5% for innovent. >> losing 16% of the body weight >> that sounds like a lot.

>> i'll get a calculator later silvana, see you later on. we turn attention to the developing story with the war with israel and hamas. over the weekend, israel started the second stage demploying ground operations. deborah haynes, from sky news, joins us give us a sense of what is going on right now >> reporter: good morning. we heard another israeli war plane up ahead all morning, a lot of air strikes into gaza. we they have been hitting across this part of the strip we saw a strike to the northern tip over there you see a few strikes there, but earlier this morning, we counted about eight war planes, some moving in formation of four and

they seem to be targeting in that direction which is toward gaza city. you might be able to hear a boom there is artillery positions over in that direction firing on to gaza in support of these ground troops currently operating inside the city. we are not down there on the ground with them we can't independently verify exactly what is going on we have to relyon the israeli military and updates it described the battles happening on the ground in the recent update with israeli forces engaging hamas in buildings and in the underground network of tunnels which hamas uses to hide from the air strikes and launch strikes back on israel. it is not going on in one direction, but israel has super positioning. we had rockets coming from in

the direction over that way and not from our location, but we could see the iron dome defense system firing up the intercept missiles and patches of smoke in the sky as the rockets were intercepted. this mission that israel launched in the wake of the october 7th attacks by hamas here is designed, according to the prime minister, to destroy hamas, but also to rescue more than 200 hostages that are being held captive inside gasza the military operation will take time, but they want urgency in terms of rescuing hostages >> i want to ask you over the weekend with the israeli prime minister benjamin netanyahu warned this would be a long and difficult fight. what are you hearing on the ground about the situation when it comes to the fight? you mentioned israel has superior military. how much progress is israel making in its campaign >> reporter: well, it is quite

difficult to see what the progress is. it is clearly not a full-scale invasion it seems to be smaller scale we don't know the numbers of troops involved. we know the military is saying its best soldiers. it seems more surgical trying to go in and hit specific targets supported by war ships directed to firing missiles on targets as well as war planes this morning. it is really important as well to talk about the civilian population inside gaza suffering huge casualties. the israeli military asked civilians to move to the north in large numbers some still remain in harm's way. israel, too, has talked about how hamas is using hospitals to, in their words, wage war from and warning that the use of hospitals in this way, by hamas,

could mean that they lose their protections under international law. that is a hugely controversial area because there are injured people in the hospitals and also people taking shelter there, too. israel is under pressure to ensure its operation maintains the boundaries and operates within the boundaries of war >> deborah haynes, thank you very much. coming up on "worldwide exchange," mcdonald's has been beaten up, but webbdbush says te have a new case to layout for the golden arches. "worldwide exchange" will be back right after this. ♪ ( seems impossible to face) ♪ ♪ (a lovely day) ♪ ♪ (lovely day) ♪

♪ (lovely day) ♪ ♪ (lovely day) ♪ a bank that knows your business grows your business. bmo.

as an independent financial advisor, my promise to you is simple. as a fiduciary, i promise to put your interests first, always. i promise that our relationship will go well beyond just investment decisions. it's the intersection of your money and your life where we can make the biggest difference. [announcer] charles schwab is proud to support the independent financial advisors

who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com welcome back to "worldwide exchange." apple holding a scary launch event today. this coming days after pc maker lonovo announced a $1 billion in a.i. innovation through the a.i. for all vision as part of the vision, lonovo will expand with nvidia as it looks to bring generative a.i. to every enterprise. joining me now is the lonovo ceo. glad to you have here. >> great to see you. thank you, frank >> first off, you have three quarters of revenue from pcs and

laptops and et cetera. how does a.i. change that state of business? >> as you mentioned, frank, one thing we did last week, is we had the flagship event in austin, texas. we introduced a.i. for all initiative this is something that is taking advantage of all of lonovo product offerings for the market we talked about the vision of a.i. and where it is going and talking about the public foundational models and private foundational models and personal foundational models for a.i. that will actually span our portfolio from the pocket to the cloud. when you look at the motorola cell phones, they have a.i. in them you look at the award winning laptops, they will have a.i. in them what this is really going to do is create a vision of a.i. for all. there is certain information, frank, we want to make sure is private. private to you as a consumer.

>> that is a key issue a short time ago on the show, i don't know if you heard it, our reporter eamon javers, spoke about the issues with the white house. lonov investing $3 billion in the next three years >> we will come employ to all regular -- we will comply to all regulations in all markets we will respond from the appropriate business standpoint we invested a lot in a.i over the last two years, we said we generated $2 billion worth of revenue. particularly in areas like edge a.i. for retail and healthcare and manufacturing. through a.i. innovators program. this is an area we will make sure we are focused on in the public space and private space and personal space >> i want to go back to one of the first things you said. what is a foundational model

>> great question, frank one thing you think of is c cha chatgpt. chatgpt is a public model that everybody can take advantage of. it takes all that data that's collected on the worldwide web basis and using that as the basis for the foundation as i have been off talking to cios, there is a concept of making sure you have private foundational models like for corporations who want to keep data safe and in the i.p. information. they want to make sure that is held private that is the vision lonovo has with a.i. for all. you look at the personal foundational model, those can be the private areas within the cell phone or pc where it doesn't go to the public cloud sdpcloud. >> i have a feeling we will hear more about this with the executive order moves forward.

you have seen a sales slump recently apple has a big event focused on pcs and macs how does apple reinvigorating their lineup and how does it impact the business? >> frank, one of the things we see is if you track the gdp model, i.t. and technology tracked above that if you look at last week, you saw good results from the u.s. gdp. we are tracking that closely lonovo looked at the channel issues in the last year and you look at the slumping areas, those are areas we have actually invested in and we made sure we cleaned up and we feel good about the promise of the pc market >> that's your business. what about the apple event coming up? >> it is interesting apple is a leader in their ecosystem. one of the things you look at is

if you look at the partnership with customers and clients like microsoft and look at what microsoft is doing, at our tech event, we had all of those other competitors there. >> thank you very much. >> thanks, frank as we head to break, big consumer stat. 4.2% inflation up a full percentage point since last month according to the university of michigan we will see if sticky inflation hits mcdonald's bottom line when it reports later today more "worldwide exchange" after this ♪ 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. ♪ ♪ 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.

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 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. it's 5:30 a.m. in the new york city area here's what's on deck. futures are higher bonds yields moving the other way as the treasury moves to the fourth quarter debt auction. we'll plain. a-- we'll explain and later, regional banks across the country and we check in with old national ceo in the first on cnbc interview coming up it is monday, october 30th, 2023 you are watching "worldwide exchange" here on cnbc

welcome back to "worldwide exchange." i'm frank holland. let's check on the stock futures after the dow's worst week since sug august dow would open up 150 appoipoints higher the nasdaq is leading the losses in oblctober down 4.5% here bond traders and big banks are keeping focus on the announcement for fourth quarter bond auction sizes boosting the ten-year auction each month by $3 billion morgan stanley is looking to similar changes for the 30-year yield as well. to earnings and mcdonald's set to report before the open

this morning ahead of results, shares are down 12% in the past three months compared to the s&p loss. top of mind for investors is concerns weighing on the stock since the q2 beat in july. currency concerns and long-term impact of weight loss drugs on o appetite and demand. joining me now is the wedbush managing director. nick, thank you for joining us >> thanks for having me. >> good morning. let's start off with the rating and price target and expectation force the report l-- for the report later today >> i think all of the forecast us is on any potential slowdown in october you know, that is weighing on the stock in my opinion, of late the credit card data and et cetera and conversations with

franchisees. there is nervous news that october has slowed >> a lot of talk about ozempic and impact on food companies and consumer staples we had chipotle's ceo saying his company was somewhat ozempic proof with healthy options how does this compare with ozempic? >> there is a lot of focus of ozempic. it is hard to state the near-term impact there may be a little bit of impact on the margin, but it is very difficult to look at numbers and say that it could have any meaningful impact anything above 1% of comp headwind >> not meaningful. we are looking at higher interest rates with the

stretched consumer how does this impact the long-term thesis for mcdonald's? >> higher interest rates, i don't think that will be meaningfully impact the quota or near-term guidance i think information in the u.s. with the inflation rate and food cost inflation in europe is more persistent than the u.s. i think the spending habits in the immediate term is in the u.s. which will be a focus thus far, with the markets being under pressure, mcdonald's is compingi high single digits. the question is can they out-do

themselves it is all a tough comparison opposed to macro headwinds >> nick, ozempic is not a f factor, but inflation is thank you. old national bank is acquiring capstar financial in an all-stock transaction there is after a 3% growth of total deposits with discipline total loan growth. shares of old national have been out performing the market. for more on the acquisition and state of regional banking, i'm joined by jim ryan, ceo of old national jim, great to have you back on the show >> thank you happy to be here

>> you joined us not too long after the collapse of svb. give us a sense of where we are with regional banks and why you felt the confidence to acquire a community bank >> i believe the banking industry is healthy overall despite the interest rates being up over the last year. our industry continues to be successful and continues to help consumers and communities out and small businesses out i think you are seeing a nice rebound with deposit growth this quarter. we were up 3% which was better than the market. we were pleased we continue to grow deposits in this challenging environment. >> give us a sense you actually saw growth when it came to net interest income. that is a metric for every bank for the audience's edification give us a sense of what gave you the ability to grow that >> i think it is the ability to

grow deposits and use the deposits to grow commercial and mortgage loans if we continue to do that, we out performed our old expectations with the balabilito do that. how much does it cost us to acquire a new deposit? we were able to dissuccessfully that. >> we continue to see rates move higher give us a sense of what is going with the treasury holdings and what losses are realized or unrealized and how do you manage that portfolio >> like all of us, we continue to think of managing portfolios shorter in this environment. the reality is much of those investments will re-price in the next 12 months in addition, we have another several billion dollars of fix rate loans that will re-price in

the next 12 months that will give relief in the net interest margin. we feel comfortable with our position today it is just timing more than anything else. the next 12 months and after balance sheets will rebound and adjust to the new higher interest rates >> we talked about the discipline loan growth the 2% stat we gave excluded commercial real estate you are in the midwest, different from the coast of san francisco or new york. where is the midwest with commercial loans specifically tied to real estate? >> commercial real estate is softer than it was there are still projects getting done you mentioned the partnership we announced last thursday and in my hotel room, i was looking out across the landscape and i saw seven cranes in the air building new projects i think there is still a lot of

great projects getting done. they are tougher than before it there is still a bit of demand out there. we are seeing strong demand overall for the right borrower, we are open for business >> jim ryan, always great to see you. thank you very much for coming back on. >> thank you, frank. >> have a great day. coming up on "worldwide exchange," a rough morning for newell currenourtesy of jpmorga chase. we'll explain. and eggo teaming up with bissel on a robot vacuum that looks like a toasted waffle covered in butter and syrup. it is a testament to innovatio and convenience.

five nights of "freddy's" is bringing in $138 million in global sales in the debut. and travis kelce taking on barbecue revealing a new line of barbecue even -- entrees. specific business for travis kelce. riding the wave of the taylor swift popularity see you after the break.

ai has the power to automate, but if it's using untrusted data can you trust the results? your business doesn't just need ai, it needs the right ai for your business. introducing watsonx a platform designed to multiply output by tailoring ai to your needs. when you watsonx your business, you can train, tune and deploy ai, all with your trusted data. let's create the right ai for your business with watsonx. ibm. let's create. with powerful, easy-to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley. 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 time for the morning call sheet. we start with barclays upgrading abbvie to $170 price target. the selloff was likely due to the sector o overshadowing a solid report jp morgan is cutting the price target to $7 for newell. it has shares down 1.5%. baird is hitting datadog and

downgrading to neutral and put cutting the price target there are still several po positives surrounding the company, baird believes the growth target numbers are too high time for the global briefing we are watching shares of hsbc following the 235% jump in after tax profit compared to a year ago. the bank announcing $3 billion in share buybacks and noting costs due to technology and operating spending will increase up to 5% this year shares of evergrande hitting a low today after the hong kong judge addressed the wind-up petition for liquidation the judge called it the last adjournment and the court is unlikely to issue the order unless it sees the restructuring

plan. and canadian union unifor begins a strike at all stellantis plants. ahead, we have the one word every investor needs to know today, but first, president dee n revealing a new executiv orr focused on a.i we have the details when we return stay with us and deliver solutions that meet complex needs. massmutual. partnering with financial professionals, benefits brokers, and institutions. icy hot. ice works fast. ♪♪ heat makes it last. feel the power of contrast therapy. ♪♪ so you can rise from pain. icy hot. ♪ explore endless design possibilities. to find your personal style.

endless hardie® siding colors. textures and styles. it's possible. with james hardie™. (♪♪) business can happen virtually anywhere. (♪♪) but there's nothing like being there.

at national, you can skip the counter... and choose any car in the aisle... 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 the united auto workers widening the strike against general motors over the weekend. gm is the last holdout of the big three after the union secured a tentative deal with stellantis on saturday billionaire and marvel executive ike perlmutter is offering support to nelson peltz

as he pushes for changes at disney. and shares of eli lilly and innovent reporting that they have ozempic competition with the latest results of the clinical trial. and sticking with d.c., alphabet ceo is expected to testify today in the anti-trust trial. the testimony is expected to last half of the day. here is what to watch today. 30% of the s&p reporting we should hit the earnings season halfway point by the end of today names of note reporting today are berkshire and mcdonald's and cater ppillar and qualcomm.

a bank of japan due on thursday and capped off with the october jobs report on friday. let's talk about the week ahead and the trades within the trade with amy wu silverman at rbc capital markets. amy, good morning. >> good morning, frank >> we talked about everything going on out there with that in mind, what is your wex word of the day? >> my wex word of the day is heavyweight. heavyweight as it refers to the mega cap tech stocks that could work with heavyweight apple reporting this week. >> you are talking heavyweights. you have the growing influence of the magnificent seven and mega cap tech on markets overall. the s&p a year ago, the mega cap names with a 20% rating in it the s&p. now it is 27%. what does that mean for

investors? >> it is more contribution to return if you look at how the s&p has done year to date, 90% of the contribution return has come from the magnificent seven if you drill down to the sector level, i gave you the communication sector as well went from the weight of 30% to 40%. huge weights in the tech stocks. what makes me nervous is the sentiment change has really gone from positive and optimistic folks buying call options. a lot of waning interest in the upside and continued demand for the downside and becoming more b bearish on the names s>> the sentiment is turning bearish.

what does that tell you? >> to make it more helpful, when nvidia first reported earnings, it was a blowout earnings with the beginning of investors says a.i. could be a thing. we saw the demand for call options. go to 100th percentile it has gone down to zero it has gone from the high point in the summer to now the lowest it has been historically we talk about waning sentiment, we are at polar ends of the spectrum for all of the names in the magnificent seven, not just nvidia >> >> very dramatic reversal there with nvidia. big jump this year i want to talk about apple biggest name in every portfolio and an influence al with that sc in the market. how do you view this stock and report right now

>> when you look at the option sentiment, it is different from the magnificent seven with the waning sentiment the one wrinkle to apple, it is a name which has been hit with the exposure to china. the revenue exposure to china. it is worse than the stocks in the magnificent seven. that has already been hit. one thing we are seeing that is interesting, frank, there is a lot of upside purchases going on in the china-related etfs. you are seeing people say could we be at a point, a tipping point, where china could rally you don't see that yet if it does happen, that is mis-priced with options. we are seeing waning options there. >> you know, amy, i want to be clear. you are seeing more bullish bets on the line. will that hurt or benefit apple?

>> it is independent fxi is the etf related to china. what i'm saying is if investors are right about the call on fxi that china could have a rally from here, that would be a benefit to apple with the revenue exposure coming from the china region with the supply chain and any reversal in some of the order >> amy wu silverman, thank you very much. good to see you. that will do it for us "squawk box" is coming up next

c'mon, we're right there. c'mon baby. it's the only we need. go, go, go, go! ah! touchdown baby! -touchdown! are your neighbors watching the same game? yeah, my 5g home internet delays the game a bit. but you get used to it. try these. they're noise cancelling earmuffs. i stole them from an airport. it's always something with you, man. great! solid! -greek salad? exactly! don't delay the game with verizon or t-mobile 5g home internet. catch it on the xfinity 10g network.

good morning news just in the last hour the white house unveiling executive order directing agencies to regulate and shape

the growth of artificial intelligence we will take you live to washington. united auto workers, on the one hand, reaching a tentative deal with stellantis, on the other hand, expanding its strike against general motors details ahead. plus, it's fed week and jobs on friday. jobs week and continuing heavy flooding of earnings. plus trick-or-treat tomorrow big day. turn the lights off. w the we'll get you ready it's monday. >> raining outside. >> oh, gosh, it's monday "squawk box" begins right now. good morning welcome to