tv Worldwide Exchange CNBC November 14, 2023 5:00am-6:00am EST
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it is 5:00 a.m. at cnbc global headquarters. here is your "five@5." bracing for cpi. wall street preparing for a fresh read on consumer prices that will show the fed how far it remains from the 2% target. if recent history is any guide, that is not necessarily a bad thing for stocks. also, retail on the radar and what has been a mixed quarter for the sector as home depot gets set to report this morning. in san francisco, world leaders meet for the apec summit as details emerge ahead of president biden's and president
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xi's meeting tomorrow. plus, two big for boeing as that stock set to increase on the impressive gains. and later, premium gas and prices for one rare ferrari that sold for a record at auction it is tuesday, november 14th, 2023 and you are watching "worldwide exchange" here on cnbc good morning welcome to "worldwide exchange." i'm mike santoli in for frank hol holland. it was a mixed day for the s&p which held at the 4,400 mark it held on to the 7% rally in the last couple weeks. this morning, we see modest gains. nasdaq is the out performer of the morning. the dow is up four points.
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boeing closed up 4% which was part of the dow's gains yesterday and accounting for the gains on the net basis historic day for chips nvidia capping off the longest daily win streak in seven years. that makes it up nine sessions in a row 20% u.s. on a month-to-date basis. today is when home depot kicks off for the sector home depot, target and walmart and tjx trying to firm up ahead of the reports checking the bond market the ten-year yield peaked a few weeks ago. now we are down a bit as we wait for the cpi reading. two-year note is hovering at 5%. in energy, oil prices tried to get traction after the recent slide. they are pretty much hanging around below the $80 mark
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let's see how europe is shaping up with julianna tatelbaum in the london newsroom julianna mike, good morning here in europe, we are trading higher to start the session. the only exception is the uk market ftse 100 is down .30%. it has been a busy 24 hours in uk politics. before "wex" kicked off yesterday, we got news that former prime minister david cameron is returning to the political scene in the uk. the conservative party has been polling poorly against the labour party outside of the uk, the dax is .30% higher .40% higher for the spanish and italian market today's trade comes after a 75-basis point gain for the benchmark yesterday.
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things have been positive here in europe for the last few trading sessions from the sector perspective, we have basic resources out performing alongside real estate those sectors are up .80% a and .90% basic resources with glencore declining a deal with teck resources. and telco is on the down side this morning i would say overall, fairly muted trade as investors here in europe also brace for the u.s. cpi print. mike >> it is the catalyst of the morning. julianna, thank you. investors are gearing up for the key data point this week which is the cpi due out at 8:30 a.m. this could create problems for the fed and the fight to bring inflation down to 2% the headline cpi is expected to rise .10% thanks to lower gas prices which puts the annual rate at 3.3% down from 3.7% in
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september. core inflation remains stubborn. economists expect 0.3% for the month. that could keep the annual rate at 4.1%. let's talk about this with gene goldman here who is joining me >> good morning, mike. >> the whole story of the year is will inflation come down faster than the economy slows or perhaps gets toward stall speed? that is okay that is how things have gone how has today's number fit into the story as we see technical adjustments and the core level show little progress on the month-to-month basis >> thank you for having me on the show housing will be fully impacted in the cpi what we are watching are the
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medical costs. the weirdness of how they calculate it the annual adjustment. we are watching it carefully inflation is going in the right territory. the economy is starting to slowdown all of this says the fed will cut rates next year. >> fed, as we mention, has the specific inflation target of 2%. they are not planning to get there by their own outlook until 2025 they are giving themselves a long glide path. >> if you look at the september dot plot, they look at next year with no recession and they plan to cut rates it will be interesting. >> that is the best guess as of september. we will see how it plays from there. the big question for investors has been can the economy and valuations handle what has happened to long -term yields what is your take on whether
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that jeopardizes the economic expansion? >> yields are going to range between 4% to 5% if you think of zero interest rate policy, that makes sense. that's where we expect it. the economy cools into a soft landing. we say this because what is in recession today? housing and manufacturing. they are starting to stabilize the kicker is third quarter productivity up 2.2% a year we are not saying we will have big groewth in the fourth quarte next year, but it is enough to keep us in the soft landing. >> is the market in position for that scenario? if you look at the difference with the mega cap growth stocks and dominating the index with the small caps and financials have struggle thstruggled. if the fed is cutting rates
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without recession, you think the other parts of the market are doing better or are too cheap. >> the correction in july and september pushed stocks down 10% and created opportunities. valuations improved. when the fed cuts rates next year, the key point is what we are telling clients is we are over the earnings recesrecessio. earnings were down .50%. profit margins are stabilizista. we are optimistic. what does this mean? we are buying value. financials, industrials, healthcare we are overweight in small caps. >> the bank of america fund survey out this morning said professional investors have migrated toward bonds. they believe rates have peaked and heading lower. this have overweight fixed
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income and equities. does that imply people are too optimistic or in the right place? >> we're optimistic. you think of the 2/10 year interest rates there are huge opportunities we have been slowly adding to . >> gene, great to talk to you. >> thanks, mike. a lot more to come here on "worldwide exchange," including the one word investors have to know today first, detail into the hack attack that hit the largest bank in the world and why it could have been prevented. plus, getting ready for the biden and xi meeting at the apec summit a very busy hour still ahead when "worldwide exchange" returns.
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suggesting this hack could have been averted the icbc is the world's largest bank and services unit formed the inner workings of the u.s. treasury market. stellantis is offering buyouts to roughly 12,500 u.s. salary employees to reduce head count and costs. the move is necessary to protect operations and prepare for the transition to electric vehicles. unionized starbucks baristas are going on strike and starbucks says the union is refusing to fairly negotiate adding it has been months since they agreed to meet for contrac
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talks. mike. the apec summit kicks off in san francisco ahead of the bilateral meeting with president biden and xi jinping tomorrow. we are getting word on what they are discussing we have eunice yoon from bingbingbeijin with the latest. >> reporter: mike, as this summit draws closer and closer, there appears to be a wholesale change in the narrative around china's relationship with the u.s. as well as about the u.s. for years, under president xi jinping, the government, as well as the state media, has been very critical of the u.s saying it is a war monger and it is trying to contain china and stop china from becoming or obtaining its rightful place in the world.
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in the past 24 hours, we see a wholesale change of the narrative. the government has largely been saying the efforts to stabilize and esfforts have paid off president xi jinping is talking about ways to solve must-answer questions on u.s./china ties the narrative here is despite the u.s. problems, president xi jinping has been gracious enough to come into place and overlook the issues to reach out to the biden administration as well as to the american public at large. what is interesting here is that if you look at this positively, it could mean the chinese want to have a more stable relationship with u.s. and repair it and possibly because of the economic conditions here in china also, there is a growing expectation that the leaders will announce a deal on a crackdown on the fentanyl trade.
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we are seeing some progress potentially here china, under the terms would get tougher with companies that export ingredients for the drug. the u.s. would, in turn, lift restrictions on the forensic police institutions on human rights violations. that could be a positive based on what we are seeing here in the state media. we can't jump to conclusions, mike, too quickly, because this could be temporary and that a lot of the messaging we see here is aimed at the domestic audience >> still, it does seem if it is tacking in the direction of deescalation or looking for common ground. i guess we got the results for the potential for reopening orders for boeing aircraft are there issues that you think we can potentially look out for though that might complicate the
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situation? will they take up matters that are more cause for friction than for deescalation >> reporter: i think the overarching fundamental difference that we see between the u.s. and china more and more with the policies. we know here in china they want them to lift the export controls and they are concerned about the sanctions and they want the tariffs limited. as you know, the biden administration hasn't indicated they are willing to do this or that from the political standpoint, especially going into the election year, it is really difficult for the biden administration to look soft on china. just the overarching differences are really seen as the major hurdles for china as well as the u.s. to make major headway what people are hoping for is the two will stabilize the
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relationship enough so we're more in a crisis management mode as opposed to really seeing the relationship flourish from here. >> obviously the starting point is tense we will see where it goes. eunice, thanks so much. ahead on "worldwide exchange," shares of boeing coming off the banner day helped in part by big news from the dubai air show, but rival airbus has a different tone a live report from dubai right after this
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time for the "big money movers." shares of fisker plunging after the reported wider than expected third quarter loss and the production target down from the previous 20,000 goal fisker delivered 1,100 suvs stock indicated lower 13%. coty shares increases share buyback program bringing the total to $1 billion. this to assist in 25 million more shares. the shares are up 2% this morning. the ishares medical devices
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etf is coming off the best daily performance since april. driving strength in the sector as a bounce following wegovy weight loss drug on cardiac care turning to airlines and boeing riding high after securing a more than $50 billion order from emirates air at the dubai air show this week airbus is counting on deals of its own this morning we have dan murphy with the latest on the deal >> reporter: good morning, mike. if you need confirmation that global aviation is back in full swing, look no further than the dubai air show there are thousands of people here shaking hands and making deals to tap into the recovery
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the big winner in the last 24 hours has been boeing. as you say, shares surging the most on the dow overnight and leading the pack here in terms of volume after it secured $52 billion deal with dubai emirates for 95 new wide body aircraft adding to the existing fleet as one of the largest boeing customers on the street. i had a chance to speak with the emirates president for more on the deal and get his take on where he sees the aviation recovery trending. >> i think you are seeing not necessarily a paradigm shift, but something has happened and i often get asked if this will go on for the next three-to-five years. it has remained strong through the summer of next year for emirates i remain confident it will stay
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that way >> reporter: tim clark sounding optimistic on the outlook moving forward. mike, you mentioned airbus orders they managed to secure smaller deals here we arefirmation of the order from turkish airways. we have not seen any sign of confirmation just yet. it would tilt the register in volume of transactions from the dubai air show this year >> for sure. israel's war against hamas is an ongoing concern in the region much has region has this had an impact for investment in more air capacity? >> reporter: absolutely. this is something i have been speaking with aviation executives on the ground here about. clearly israel's war against hamas in gaza has been going on for more than a month now.
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we have seen a short-term impact with travel demand, but most of the executives are sounding upbeat about the resilience of the sector post-pandemic and how forward bookings look as well. tim clark saying emirates is basically booked at near and above 50% capacity all the way through until next summer. he is seeing numbers really returning here despite the fact we have this really unfortunate conflict in the region, mike >> dan murphy in dubai thanks so much. let's check on the headlines with nbc's frances rivera in new york with the latest good morning, frances. >> mike, good morning. we begin with the reaction at home to the israel-hamas war tens of thousands of people are expected to march in washington, d.c. today for a rally in support of israel. the organizers expect 100,000 people to gather at the national mall calling for the release of hostages taken by hamas.
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after months of pressure, the justices are now bound by a formal code of conflict and the activities to avoid and recuse and reaffirming the existing rules with gifts the question is how the rules will be enforced and what happens if they break a code. and the bills managed to take a lead over the broncos late in the fourth quarter on monday night football. after the broncos moved down the field, will lutz closed out the week of a record of walk-off field goals to give denver the upset win 24-22. mike, that's the news and sports headlines. back to you. >> frances, thanks so much. as we head to break, today's consumer stat. 0.5% of total card spending including debit and credit cards
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fed policy path going forward. also top of investors' minds, home depot results due out in 0 mi30 minutes. and averting a potential government shutdown. how lawmakers will reach across the aisle with days to get a deal done. it is tuesday, november 14th, 202. you are watching "worldwide exchange" on cnbc. welcome back i'm mike santoli in for frank holland. let's pick up the half hour with the check of the u.s. markets are shaping up as investors get ready for the 8:30 a.m. cpi report futures are holding steady putting in a bit of gains at the open s&p is up a little bit more than .50%. dow industrials up .50%.
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yesterday, major index around the flat line. that cpi report set to show a slight uptick thanks to falling gas prices looking back at the last ten months, the s&p seeing the average gain of .30% on the day of the report with the index closing higher seven out of ten reports so far in 2023 disinflation this year helped markets stay supported i want to get a check of the bond market ahead of the cpi yields are down slightly yesterday, the ten-year yield is 4.61 two-year note above 5% speaking of the falling energy prices that will help soften the
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cpi also hit oil which is at the flat line. wti crude at $78.50 a barrel up only modestly today below the recent highs natural gas up slightly more on the morning. home depot kicking off the busy week of retail earnings at the top of the hour. key focus for investors is the potential slowdown in consumer spending with home depot logging negative contraction growth in last quarter watching for operating margins and expectations for what is the weakest quarter for the company. joining me now is the chief investment officer and portfolio manager at north star asset management good morning it is great to have you here with us. home depot is the stock which has gone sideways for a year and a half now well below the pandemic highs as the home depot spending
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normalizes over contrast to the home builders. what are you expecting from home depot's report what is most important to you? >> mike, this has been characterized as the year of moderation by home depot we, like everyone else, fully expect the comps will moderate from here. they have been moderating the last two yquarters it is the degree and form of the moderation which is on the minds of investors, especially us. it is too early as they don't give dguidance for the next year for 2024 they will talk about the fourth quarter and what it will look like a lot of focus on what we are expecting and how quickly is the consumer moderating or pulling back spending. >> so much attention on the impact of higher interest rates on consumer spending on the one hand, you have rates reset on credit card loans and
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home equity lines and new mortgages which restrain spending you have others locked into their home with the low rate mortgage and they don't want to move they might do more spending on their houses how do you think it nets out in terms of what we will see with the home depot numbers >> home depot gives the statistic 40% of homeowners own outright, no mortgage, the rest of the mortgage holders, three fourths have mortgages locked in under 4% rate. when we think there is the ongoing maintenance repair is the key. mike, if you look at the trend, especially with the pandemic, the homeowners invested into the homes. we expect that normalization and
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trend to continue. i think we will see that one thing to watch as you mentioned in the opening comments is the negative growth in the last nine quarters, but the transaction growth is not as negative on the flip side, the ticket growth has helped to stay positive that is because of inflation coming through what the management has noted is that inflation is rolling back the cost increases are coming in from that perspective, we don't expect the ticket growth will continue to deviate from the transaction growth if you put that together, the guidance is 2% to 5% negative comp growth for the year second quarter was negative. back half is at 3% range that is what we would expect anything worse than that would
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definitely take a lot of attention from the inn vvestment community. >> where does that leave you with the stock home depot is one of the most aggressive companies at buying back its over shares and sharing capital with investors where do you see it valued and what is the opportunity here today? >> right home depot is a stock that yields 2.9% on dividend yield. it has grown 15% over the last five years if you look at the long-term history of the company, we believe the management can navigate the cyclical downturn here and position the company for long-term growth make the important investments from that perspective, the key multiples have moderated quite a bit. on a mid-to-long term view, we think home depot is a very attractive stock to own. of course, they have that 15
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billion share authorization that they can put to work they have 2 billion in share buybacks every quarter >> one of the companies which reduced the public share count in the last 15 years nimrit kang, thank you. happening now, phillip jefferson is speaking at a conference in zurich, switzerland and he said policymakers may need to take more action to keep inflation expectations anchored when it is unclear how long high inflation might persist. we will be per participating in the creditq&a. the job is not done by the fed on inflation which is the message right now. let's get the check on the top corporate stories with silvana henao. >> mike, good morning.
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potential progress in congress to avoid a government shutdown by saturday's deadline house leaders signaling some in the party are open to backing speaker mike johnson's plan to fund the government. some conservative house members ba bashed his idea. his plan is getting support from chuck schumer and mitch mcconnell with the pair suggesting the cr will clear the chamber if the house approves it speaker johnson will have more on his plan coming up on "squawk box" at 7:30 a.m can't miss that one. amazon and snapchat striking an advising agreement. amazon will let snap users in the u.s. buy some products listed by the ecommerce company directly from ads on the social media app. the deal is similar with the
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meta platforms and amazon deal last week. and expect thanksgiving travel to be strong. according to aaa, it will be the third busiest thanksgiving since it started tracking data in 2 2000 a an aaa says it will be below the 2005 levels. >> we'll see what traffic is like silvana, thank you. the cpi is set to be released in a few hours offering a view on the economy with prices falling over the last year which is the sticky part of inflation food joining me now with what he is seeing in business is chris
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tomasso. ceo of first watch with 500 locations in 29 states chris, it is great to have you here this morning. how have you as a company and your customers been navigating what is going on with inflation so far this year after the inflation shock and then it comes off the boil, but seems like there is persistent price elevation? >> this year has been a relief versus last year you know, our recent earnings announcement, we talked about expecting our inflation to be flat-to-negative 1%. deflation for us it has been an easier year for us than last year. >> in terms of how customers are responding and if look at traffic and we keep monitoring the aggregate numbers for signs of consumer fatigue. maybe a slowdown in october.
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what are you seeing in business? >> i think in the restaurant industry, we look for is check management first and traffic count. for us, we have been fortunate that we reported a couple of quarters of positive traffic in dining rooms we have not seen signs of check management we have seen softness in the off premises occasion. the third party delivery for example which is a more expensive occasion for the consumer it started during covid and continued. for us, povhosting and treating km customers in the restaurants is where we have not seen slowdown. >> you are out performing with the deceleration with food and beverage spend totally somewhat below the rate of inflation in the latest month. what about your exposure to how much people are actually comm commuting? is that part of your business?
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that is skewed to the early part of the day is that something you have a read on? >> it is you know, our portfolio is diverse. we have urban locations and we havepredominately. we benefitted a bit from the work from home aspect and we will continue because i don't see a return to work at the levels we saw pre-pandemic we are set up well to benefit from that. also, you know, our restaurants perform similarly from the geography standpoint our coverage in 29 states and having more than 500 restaurants insulates us we are not all urban focused our real estate strategy over the year has put us in a great position going forward. >> that is interesting your take is work from home is a benefit for you because people have the ability to sit down for a meal whereas things like quick service restaurants, if it is a
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drive-thru business, it is people driving past to go to work >> exactly we are seeing a lot of work from home folks in restaurants. we are open from 7:00 a.m. to 2:30 p.m. for breakfast and lunch and brunch people get their day started and we see an increase in power breakfast where people meet for breakfast for meetings versus what we have seen with lunch in the past it is a benefit for us, we believe. >> definite trend in recent years. power breakfast. displacing lunch chris tomasso, thank you >> thank you. coming up, shares of key apple prior foxconn getting a boost on the back of the earnings surprise. the warning it is giving about the critical holiday season. as we head to break,some o the top trending stories a friends inspired central perk
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coffee shop set to open in boston this opening was delayed after the passing of matthew perry it will offer coffee sleeves features chandler bing's quotes. and mcdonald's reveals custom line of mascot-themed crocs. you can pair it up with the mcdonald's charms as well. and a 1962 ferrari selling for a record $51.7 million at the auction this week. the sale is the most expensive ferrari at auction "worldwide exchange" is back in a moment pricey. so we use gametime. gametime checks ticket prices in real-time and finds you all the best last minute deals. we got our seats twenty minutes ago for sixty percent off! last minute tickets at the best price, in seconds. download gametime now! i think i'm ready for this.
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welcome back time for the morning call sheet. roth initiating coverage of marvell technology ross saying the broad data structure portfolio is well positioned to benefit from upgrades. bernstein upgrading kraft-heinz. the cheap valuation and positioning of ozempic is giving the protein forward u.s. portfolio in the u.s. another upgrade with barclays raising the price target on the mosaic company moving to overweight and $42 per
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share price target barclays seeing more upside with the company's exposure to pot ash for the new agriculture season. time for the global briefing china weighing new steps to bolster the struggling economy according to bloomberg the central bank will provide $137 billion of low cost financing aimed at new home purchases. and glencore is buying a 77% stake in teck resources coal business glencore offered to merging giving $23 billion for all of teck which would create two separate companies and later spinning off the coal business. and india's trade minister says tesla is aiming to double the exports and imports for the electric vehicles.
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the trade minister making the comments after visiting the factory in freemont, california. and apple's largest supplier, foxconn, is boosted with electronics ahead of the holiday season, but there was weaker demanded for pcs. foxconn predicts holiday sales will decline as they face concerns for the demand for the latest iphone and other devices. ahead, one word every investor needs to know today, plus why our next guest says the beaten down ocstk at 35% this year is a buy. that name is next. bringing you an elevated experience, tailor-made for trader minds. go deeper with thinkorswim: our award-wining trading platforms. unlock support from the schwab trade desk, our team of passionate traders who live and breathe trading.
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welcome back to "worldwide exchange." time for the "wex wrap-up. rivian is looking to borrow $15 billion in taxable bonds to finance the plant in georgia shares of fisker the company lowering the production target as it deals with internal control issues. and starbucks baristas are planning to strike stating the stores are failing to negotiate fairly stellantis is offering buyouts to 7,500 u.s. salary employees in the effort to cut costs and reduce head counts. and nvidia stock is riding a
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long win streak which is seven years in a row and the latest bank of america fund manager survey is out saying investors are cautious on macro, but bullish on interest rates. investors are overweight equities for the first time since april of 2022. 74% of people responded predict a soft or no landing from the economy and fed. speaking of the fed, we are keeping a close eye on the major data point october cpi due out at 8:30 a.m. joining me is jenny harrington of gilmore >> good morning, mike. >> cpi today coming into the market which celebrated the decline in longer-term bond yields bank of america survey is interesting because investors are taking the opportunity to correct in the stocks and drop
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in bond prices to raise expo exposures. where are you sitting for how much more the market can give us this year? >> i think it is max 2%. i think there is probably more downside risk. the way i look at it is at best, if we make consensus expectations of 250 next year on the s&p, that is assuming an 11% increase year over year.mplausie i just do not see how the market as in the s&p goes higher from here. >> judging from the scare quotes you used around the market, i know you are thinking there are lots of different segments of the market that aretreated differently by investors you mentioned the s&p is fuller rich you have the equal weighted s&p is 14 times forward earnings what is better or worse within
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that >> in your first guest laid it out with value and small caps and things under priced. i think people forgot investing 101 which is buy low and sell high i'm looking at it like google which is alphabet which is s&p and trading at 25 times earnings and 15 times earnings growth we like things like schwab with 14 times earnings. it is time to sell the big winners and repurpose that money into stocks where there's really decent earnings growth in the multiple which is more modest. that is the move right now. >> what is your word of the day for investors that fits in this with stance? >> this is where it is good i'm happy and smiling because my word of the day is miserable
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winter i think of the phrase winter is coming we look at the biggest winners which were meta and uber and xpo which are up 150 and 170%. why? why were all of those stocks up so much? cost cutting and head count reduction. that is awesome they were up, but when companies are doing the best and are up -- by the way, apple's earnings were up when they were up so much because they reduce head count and spending, that is bad for the economy. i look at it as i don't think we are getting to consensus expectations the multiple on the market is the best it will get right now i don't see the winners next year coming from huge earnings growth i see margin improvement through
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head count control that doesn't translate to a strong economy winter's coming. >> get ahead of the recession. winter is coming jenny, good to talk to you jenny harrington, i appreciate it "squawk box" is next ted about what a do for business. introducing watsonx a platform designed to multiply output by training ai with your data. when you watsonx your business, you can build ai to help coders code faster, customer service respond quicker, and employees handle repetitive tasks in less time. let's create ai that transforms business with watsonx. ibm. let's create. 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 little changed ahead of the key inflation data. we are momentis away from the home depot results. and the house is looking to avert the latest government shutdown we have the latest with house speaker mike johnson his debut on "squawk box." plus, president biden traveling to san francisco today. the pristine and cleaned up
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city this is for tomorrow's meeting with president xi. we will tell you what's at stake. it is tuesday, november 14th, 202 2023 and "squawk box" begins right now. good morning welcome back to "squawk box" here on cnbc we are live at the nasdaq market site in times square i'm andrew ross sorkin with joe kernen and melissa lee is here with us. becky is on assignment today we have a lot going on u.s. equities at this hour the s&p is up three points dow up nine. the nasdaq opening up 33 points if we did right now. here is what happened yesterday. stocks shock off moody's warning on the u.s. outlook. dow gaining 55 points. nasdaq falling
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