it is 5:00 a.m. here at cnbc global headquarters. here is your "five@5." the five-day win streak, but don't expect a rally between now and year's end something is changing. new developments as open a.i. has an open revolt on its hands from investors and staff hear what microsoft's ceo is saying about the situation. shares of nvidia are sitting at the all-time high

we talk to one investor who is long on the stock. and elon musk is taking action against the media outlet responsible for the ad outrage. and we are taking the pulse of the consumer. we speak to the ceo of the company behind banana boat and schick and playtex y it's tuesday, november 21st, 2023 you are watching "worldwide exchange" on cnbc. good morning welcome to "worldwide exchange." i'm frank holland. we kickoff with the check of the u.s. stock futures take a look here you are seeing futures under pressure the dow would open up 60 points lower at the open. similar story for the nasdaq this morning we are checking the bond market as we begin with the ten-year bond that yield at 4.41%.

it is close to the same level as yesterday. the two-year note is creeping up closer to 5% however, the long bond is down 4.55%. the energy sector here is under pressure wti crude is trading at $77 a barrel down 1%. brent crude is similar trading at $81.60 a barrel that's the money set up this morning. let's get to the top story and the very latest at microsoft and open a.i we have silvana henao here with the headlines from this story which has a lot of people talking. >> it does, frank. good morning the open revolt at open a.i. showing no signs of easing as the future of the company is in jeopardy the latest developments is reuters reporting open a.i. investors are exploring legal action against the company's board fearing they could lose

hundreds of millions should the startup collapse following the firing of co-founder and ceo sam altman bloomberg reports investors like thrive and tigerglobal are pushing for sam altman at open a.i. satya nadella said he would not oppose this move sp speaking on cnbc with our jon fortt, he said change is needed at open a.i. listen in. >> i think it is very clear that something has to change around the governance we will have a good dialogue with the board on that and we will walk through that as time evolves. the most important thing for me for customers to know is we have all of the capability today. >> for its part, open a.i. is in intense discussions to divide

its staff after more than 700 of the company's 770 employees threatened to quit management and the board is still in touch with altman and emmett shear frank, should open a.i. staff follow through with the threat, nadella tells cnbc microsoft is a fantastic home for people who want to continue >> it sounds like he is offering a job. and marc benioff tweeting as well for those employees marc from salesforce silvana, thank you see you in a bit let's see what this means with sara kunst it is always great to see you.

good morning >> good morning. let's get into this. you call this a debacle. great word for the situation a lot of moving parts. if it is a debacle, are there winners or losers? >> the funny thing is this whole thing has felt a little bit like a meme stock we are seeing microsoft, despite the chaos, have the best day ever in trading. it is clear the street likes it. i don't know if satya and sam are in it for in sickness and health or if it is clear that microsoft is deeply committed to a.i. they are liking this the reality is this is not a great look for the governing chops of open a.i. and sam altman this is a very, very messy situation. >> microsoft ceo satya nadella

spoke with our jon fortt yesterday. one thing he talked about is sam altman chose open a.i. and now choosing it trying to bolster the sense that microsoft will offer the products and then marc benioff trying to poach p employees. what is the path forward >> i think the path forward for the investors is you can only lose money once the bets have been laid. you hope for the best. the question of open a.i. is of the billions raised and how much do they have in the bank we know this cost a tremendous amount it costs millions of dollars to run. they are on track to do decent

revenue this year. what happens to the business has a lot to do with what happens with the microsoft relationship as well as what happens with the engineers. if they are all gone, the company goes as well >> i want to play sound from you after the interview with snadell and jon fortt. >> i care about making sure to innovate microsoft has the capability to do that on its own we want to continue to work with open a.i that depends on the people and open a.i. and staying there or coming to microsoft. i'm open to both options. >> i referenced this earlier satya nadella making clear microsoft could go through the a.i. journey all on its own or with a different formation of

open a.i how did you take the comments? >> the reality is open a.i. is tremendous for the microsoft stock price and people seeing it as a relevant tech giant instead of a really big one. i think they needed open a.i i think he is extending a 700-plus person recruiting call means they are confident that they will keep a lot of these people in one way or another that being said, i don't think it would be great if, you know, nobody jumped. if everybody stayed at open a.i. and sam went to microsoft, that would be an interesting challenge for microsoft. >> sarah kunst, always great to see you. thank you. we have more to come on "worldwide exchange," including the one word that investors have to know today, but first why a

stock is changing its tune and why our next guest is advising on clients. later, elon musk takes legal action against the media outlet partly responsible for his latest advertiser outrage. we have a very busy hour still ahead when "worldwide exchange" returns. stay with us ng inventory quickly and securely. that's because cdw designed and built a solution with cisco security. end to end protection, defends against attacks and makes better decisions in real time. so warehouse and customer data stay protected every step of the way. make amazing happen. cisco and cdw. trading at schwab is now powered by ameritrade, giving traders even more ways to sharpen their skills with tailored education. get an expanding library filled with new online videos,

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welcome back to "worldwide exc exc exchange." nasdaq is creeping into positive territory. the dow is in the red opening up 45 points lower. we want to check the bond market this morning the ten-year bond is 4.41% 45 basis points lower than it started the month. looking at shares of microsoft this morning as our previous guest called a debacle which continues to unfold with the sam altman deciding to go to microsoft at least for now jon fortt talking to satya nadella. we will show you more coming up. still ahead, the morning mystery chart and the stock about to go higher today it is all about infrastructure the name to watch and the

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welcome back to "worldwide exchange." building materials crh out with earnings this morning. sales up 14% and margins up 100 basis points thanks to strong demanded and progress in the customer business. crh is acquiring a cement

portfolio from martin marietta materials. as you can see, shares are up 3% this morning on the news and the report adding to an already impressive 50% year to date gain joining me in the first on cnbc interview to discuss the quarter and outlook for infrastructure is crh ceo albert manafold shares are higher after the news on the deal to acquire the cement business from martin marietta what were the drivers for the quarter and what is leading you to make the deal >> crh is the largest material business in the world and largest in the united states texas is our largest state within the u.s. in terms of business and sales we do over $2.5 billion of sales in texas alone as the largest building materials company in the united states, with the infrastructure

act, we see a once in a generation growth cycle the with infrastructure and investment to rebuild the infrastructure and we are positioned to deliver on this within texas, the second most populous state, it has more road miles than any in the united states we are the largest road builder in the united states buying more businesses and investing makes great sense going forward. >> i want to ask about the higher rates i heard ceos saying they would not make deals in the environment. what brought you to buy this from martin marietta >> we are significant about the cash we erhe raised forecast with $5 billion of cash. over the next five years, we have $35 billion to invest in businesses we believe our stakeholders want to invest and grow in our

business we have the cash available it makes sense at the start of the growth cycle to invest that cash in the u.s. >> i want to talk about the things that started the growth cycle. the infrastructure and jobs act which is a $1.2 billion bill and the chips act. what are you seeing from the two pieces of legislation? >> i think this is a really forward thinking investment program across the united states it is building back the super structure of the american economy across three areas the traditional infrastructure with the roads and airways a lot of investment in the next five-to-ten years. we have modern infrastructure with the modern life we have with the transformation and telecommunications and information technology and water and waste systems. all of this as the cities grow out and the chips and i.r.a. act is showing support for the re-shoring and on-shoring of supply chains we want to bring

back to the u.s. to help rebuild the u.s. economy you are seeing those rebuild the heart of america with the technology and chip manufacturing and bio-science. the jobs we want to bring back to the u.s. to build back the economy. it is a good support from the u.s. government. we need us to execute against that. >> albert, crh is not a household name in the u.s. i think people know the projects name a few the kennedy space center the london underground to mention a couple here. >> in the u.s., that mario cuomo bridge >> absolutely. we're talking a lot about government funded things when we are talking about infrastructure and chips, but give us a sense of commercial construction what do you see with demand there? since the collapse of svb we

heard a lot of issues with the commercial construction. >> as you say, there has been a shift away from the retail and office space it is moving to high-tech manufacturing into the likes of critical complex facilities. the samsung and toyota of the world is building across the united states which takes complex production to help them do that. that is where the focus is on residential and commercial construction is going forward. >> albert manifold of crh. we will have to have you back to talk about the effort to get on the new york stock exchange. thank you. >> thank you straight ahead on "worldwide exchange," the number one thing

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altman and the dramatic exit from open a.i. what he is saying about the future with the startup. and speaking of the results on one of the hottest stocks of the year which is continuing to cash in on surging demand for chips. it is tuesday, november 21st, 2023 you are watching "worldwide exchange" here on cnbc welcome back to "worldwide exchange." i'm frank holland. we pick up the half hour with the check on the u.s. stock futures with the s&p and nasdaq riding five-day win streaks. you are seeing a change in momentum the nasdaq is slightly higher. the dow is off the lows of early this morning it would open 30 points lower. we look at the u.s. treasuries

the ten-year bond is 4.40% the two-year is close to the 4.5% the stock rally is helping to lift the s&p out of correction territory after 16 trading days. the fastest move in a decade one of the shortest comebacks since the 1970s according to dow jones. let's bring in john stoltzfus. >> good morning, frank >> we see the lift out of correction territory for the s&p. you actually lower your s&p target you are known as a bull. what led you to do it? >> we wanted to right-size our target after the three-month correction we had. we were at 4,900 as we had gone to at the end of july.

we changed it. we went to 4,400 after that three-month correction that we saw. our expectations are that 4,400 is likely to be exceeded by the end of the year. it is a little bit late. i don't know if we will try to adjust this target the biggest problem for the equity market here is our expectations for three to four cuts next year we think it is likely the fed won't begin cutting until the fourth quarter next year we remain positive on equities although the market is tested. >> i want to talk about this quarter. 94% of companies reported earnings eps is 3% higher year over year. isn't this the boost that justifies some of the rally we are seeing earnings are actually moving to the upside >> no, we think absolutely we are very positive on the earnings and, in fact, we point

out eight of the sectors as of last friday were showing positive gains and earnings and three were negative. they were energy, materials and one that i can't think of at the moment my point -- healthcare, are you ready for that what has been positive here is we have 8 of 11 sectors with positive earnings growth a lot that have is to be expected with the fed remaining in the high mode we don't think they will move higher, but maintain rates around this level through next year >> i want to drill down on a sector the sa&p consumer discretionary sector dick's sporting goods is releasing before the opening bell does that make it a tttractive right now with better than expected earnings as the

consumer is spending into the holiday season >> we have to think so, frank. when we look at consumer d discre discretionary, the consumer is 70% of gdp in the u.s. when we look at that, we can't help but think we see significant resilienceconsumer. we have seen very good results from many names in retail. our expectations are here that we could see more surprises this week and we think it's tech and consumer discretionary and industrials which are favorites at this point in terms of the sectors. >> john, i want to go back to something you said in the beginning. you sounded like you had waivering in your voice. what are you seeing with 90% of companies reporting? do you think they will raise

that price target again? >> we will the have to consider it it is late in the year our 4,400 target we put in last december and market went through that in late june as i recall. that is when we went to 4,900 and made the adjustment after that three-month pullback. it looks like the bears would hold us hostage like the fourth quarter of 2018. they didn't. the most important things is it looks like a positive environment for stocks with fixed income highly complementary, but not competitive to the potential the stocks have here >> john's price target at 4,400. it could go up again this year i'll not make you commit to it have a great day. >> thanks, frank speaking of stock rallies. nvidia reports after the closing bell today the stock booming over the past few months on the surge of

demand on all things a.i. and trading at the all-time high rate now with shares up .30% in the pre-market it expected to report $7.5 billion with the adjusdjusted of $3.3 billion big numbers there. let's talk about nvidia with degus wright at decatur capital. his firm is an investor in nvidia you have skin in the game, degus. >> great to be on with you, frank. >> obviously, a blowout year for nvidia on the a.i. trade what do you expect from this report >> what we expect from this report is we are looking at the u.s. restriction on selling to china. that is the biggest risk we see in the report.

we will listen to what is the strategic plan to deal with that right now, nvidia is selling chips to have performance to not get into the restrictions. what is the plan going forward that is is what we are looking in the report. >> what kind of stock is up 250% year to date with big gains and you hear the china restrictions that you don't like or softness in demand means this is the time to trim the position >> we are buyers of the company. as you said, prices went up 240% what we look at this, we compare nvidia to other semiconductor companies. right now, their valuation is about in the bottom quarter based on free cash flow less than 1%. we look at profitability they are producing 28 cents in free cash flow for every $1 of

investor capital lastly, expectations, the for-profit margin is 45% this is still a company that we are a buy on >> you mentioned the valuation in nvidia which trades at 33 times forward earnings i want to mention something here if there is weakness in the report, you say you are a buyer on the weakness? >> we are. we are looking at the long term. what nvidia has been able to do with their agility of the leadership team led by wang means they are going to pc and computing. they are spending 25% of revenue into research and development. compared to 15% of the industry. 10% greater.

lastly, they are building off the success of the gaming chips and data center chips and accelerating computing chips they are really building on the success. we see this as a short term and long term this is a buy. this will be an impact on the a.i. industry. >> degas wright. 250% year to date for nvidia are you a buyer on weakness and also on strength great to see you we appreciate the insight. >> thank you time for the check of the top corporate stories with silvana henao. >> frank, good morning the open revolt at open a.i. showing no signs of easing the latest developments is reuters reporting some open a.i. investors are exploring legal action against the company's board fearing they could lose hundreds of millions of invested dollars should the startup and

chatgpt creator collapse following the founder sam altman's firing. some investors are thrive and capital and others as satya nadella said he would not oppose speaking with our own jon fortt, nadella said he is open to the future without open a.i. >> i care about making sure to innovate as i said, i feel confident. microsoft has all of the capability to just do that on our own. we chose to explicitly partner with open a.i. and we want to continue to do so. that depends on the people and open a.i. and staying there or coming to microsoft. meanwhile, elon musk's x

filing a lawsuit as advertisers flee the platform. they blame media matters after the non-profit released a report on ads on x running next to anti-semitic and pro-nazi con content. the lawsuit claims that media matters content alleging the testing testing methods is not how users experience the site. the white house launched accounts for president biden's on meta's threads plot atform >> i see people tweeting they are moving to tolhreads steve liesman is moving to

threads. the s silvana, thank you. black friday is a few days away one name with a pulse on demand for lifestyle products is staples. shares under performing in the market since reporting erarning and offering guidance within estimates. the maker of schick and banana boat as well as playtex continues to see pricing power in the current fiscal year joining me now is rob little thanks for being here. i can't hear you we will give you a second. >> good morning, frank >> holiday shopping season is coming up. we heard a lot of conflicting reports. some people say the consumer is stretched. we see the estimates of a record holiday season

we mentioned your names. what consumer spending are you seeing >> we are seeing a very resilient consumer the past 13-week trends for consumer spending domestically in the united states and beyond is in line with the past 52 of-wee52-wee trade. sun care and skin care we have not seen that change we grew 4% last year we are guiding to a similar range to a year ahead. we start our new year october 1. what is interesting for us is we are seeing a good mix of volume and price growth two-thirds of growth from here is pricing and a third is volume >> i want to talk about one thing you mentioned on your call which was inflation impact and also higher rate impact. give us a sense of higher rates impacting business is it impacting business internally or impacting the

consumer >> it impacts us internally. we are leveraged 3.4 times which are working to reduce that to below 3% by the end of the year there is a p&l impact from that. the bigger thing to worry about is the consumer and impact over time with the higher rates as i said to this point, we have not yet seen that dent consumer demand it is something we are watching closely and prepared for as others would be where if we saw consumer demand fall is less frequency of use or trade down products, we will respond with spend adjustments. >> i want to talk about the consumer we talk about the consumer as a monolith you rolled out a line of beauty products designed to target

gen zers why is it important to grow the area >> it is the consumer of the area i have one millennial and two gen zs in my household we spent a lot of time getting to know the consumer gen zs are looking for value that is not just price point it is price quality. they are looking for value and brands that match their personal values more than ever where they will buy a brand that expresses their personal values. as we look at our product and what we offer to the consumer, we have an eye toward that younger consumer in capturing and getting them into our brands one of the ways we do that is is where do we spend our money? we are almost at 100% digital advertising now. we are the number one brand.

schick is number one on tiktok from the followership. we reach them through social media. >> rod little going to tiktok to advertise. you don't hear that often here on cnbc. great to see you thanks for being here. edgewell personal care thank you. coming up on "worldwide exchange," a potential deal for pi tesla to eanthxpd e footprint. where they are headed next that's on cnbc next. stay with us

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water, your way. time for the global briefing the demand for the japanese bond as u.s. bonds fall which forces speculation that the bank of japan could soon change policy chinese policy stocks could change for 50 real estate firms which are eligible for government financing also in india, closing in on a deal with tesla to import electric vehicles next year and set up a factory within two years. bloomberg says tesla will have an investment of $2 billion. it will seek to make batteries in india to bring down costs. to the nation's capitol.

the democrats launching to capitalize on strong economic data head of the 2024 election despite the numbers, the party is facing an uphill battle in swing voters emily wilkins has more on the story. emily, good morning. >> reporter: good morning, frank. democrats spent the last several months touting low unemployment and falling inflation on the bidenomics term. no one is giving biden's party credit we have seen polls over the last few months that have shown voters increasingly think that republicans would be better handling the economy a recent nbc poll found 59% of voters disapproved of how biden was handling the economy that was from the earlier poll that nbc news had with the gap between democrats and

republicans. suzan deibene is leading the call for democrats to take the house next year. she said the economy is the top issue, but democrats will focus on the dysfunction in congress from republicans >> it is top for folks where you go what really matters to folks is knowing that folks are governing and working to make a difference for families across the country. they have seen the chaos and dysfunction from republicans and they reject that they want to see governance work they know we need responsible leaders. >> reporter: when asked about the white house push on bidenomics, she said it doesn't need to be on macro economic trends, but what is happening on the ground in communities. republicans control the house currently, but only able to afford a handful of seats in the

up upcoming elections that depends on the race and redrawing district lines democrats have a shot, frank, of winning control of the chamber if they can really hone that message on the economy. >> emily, you are saying they are trying to convince voters. there is a difference with demographics and biden's policies and impact of them? >> reporter: there is. she recognized that. there have been recent polls in which shows biden is not doing great with younger americans compared to previous elections and previous polls part of the reason is the economy. there is a sense for a lot of younger americans. the new gen z showing theywon' have the same life their parents have and the economy has gotten tougher for them the way they will try to combat that message is point to specific things that democrats have done.

lowering prescription drug prices and touting bills with more affordable housing. the trick is democrats are not in control of congress there is only so much they can pass of course, you still have that perception that republicans are the ones that can better handle t the economy. >> emily wilkins, thank you. coming up on "worldwide exchange," one word that every investor needs to know today our next guest says the market is finanwh scks acg d atto iat the center of all that action. more "worldwide exchange" coming up after this.

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water, your way. now with even more flavors. available at walmart or drinkcirkul.com. welcome back to "worldwide exchange." time for the "wex wrap-up. i the chaos at open a.i. with the employees exploring the board over the safety of the investments. others are pushing for the return of sam altman which

microsoft ceo satya nadella says he would not oppose. shares of zoom topping third quarter guidance the company says hybrid work trends and a.i. technology into products has boosted demand. shares right now up .50% in the pr pre-market. general motors goes through a safety review of the u.s. suite. the s.e.c. charging kraken as operating as an unregistered exchange kraken saying it disagrees with the s.e.c. and plans to defend its position in court. speaking of regulatory pressure, the senate committee issuing a subpoena to livenation and ticketmaster saying they

artificially raised ticket demand to increase profits. in time for holidays, c krip kreme is celebrating "elf" with the latest release of the doughnuts. we get release information from nvidia after the bell and then best buy and lowe's one more check on u.s. stock fu futures with the s&p and nasdaq riding a five-day win streak take a look at the futures right now. nasdaq in positive territory the s&p and dow in the red joining me now is katie stockton which is the founding managing partner and friend of the show >> good morning. good to be here. >> give us a sense as we talk about the rally in the markets

we are seeing futures under a bit of pressure. what direction do you see the markets going from a technical perspective? >> the pressure is really negligible the relief rally for the major indices is now to the point where we have the nasdaq 100 index above the july high. that is a resistance level to keep an eye on when we evaluate support levels, we make sure breakout levels are made that can be in tim usually, we like to see a couple of closes above the major level. this is not a major level, but a level of importance for the nasdaq 100 if we see the nasdaq 100 hold up near current levels above 15,932, then that is another positive for the market.

we have seen momentum shift to the short side now is the question if it can be sustained. >> we are showing the audience, katie, the s&p moving above the 200-moving day average as well with what you are talking about with the trends we're seeing, what is your "wex" word of the day? >> testing resistance levels testing. that goes for the nasdaq 100 and also nvidia as it comes into tonight's earnings report. this is a really important juncture moment for nvidia to prove to brokeakout to all-time highs or is it testing the resistance of 503 on the chart that is the level to watch today and tomorrow for nvidia as it responds to earnings breakout to new all-time highs it bullish it tends to not relief the chart of resistance, but charge upside

momentum nvidia is a market leader or primary market leader it is the fourth largest leader in the qqq >> in the etf that represents the bond market which is a proxy for the 20-year bond what does that tell yyou about the bond market? >> it is interesting we had a long-term treasury bear market the tlt is down. we have a monthly signal with downside exhaustion in tlt and upside in treasury this is based on 9-to-12 months with that is something that coue

lasting, not three years out, but maybe one year out that would make a better 2024 for equity markets and maybe it won't be as a range bound tape, but broader participation. >> you are looking at one other area of the market we are getting wide ranging here, katie. you are looking at the small caps and russell 2000 specifically what should investors be aware of there >> it is a different chart than the s&p 500 and nasdaq 100 we don't have a cyclical uptrend trying to be reasserted, but rather than the long term trading range with the russell 2000 which came under the corrective phase in the summer highs. it brought the russell into the chart. that is where it is bringing in the conditions where it is essential to do that to bring on the major support level. we have something called the january effect that is when you saw small caps

which tend to get beaten up in the tax season which is close to where we are right now they see the relief rally in absolute and relative terms. it used to be in january and february now i feel it starts earlier perhaps we'll see it manifest in earnest than what we have seen to date in the russell 2000. >> katie stockton watching for a january effect for the small caps katie, great to see you. thank you. >> good to see you that will do it for us on "worldwide exchange. a mixed picture this morning dow close to the lows of the morning. nasdaq fractionally higher that will do it for us "squawk box" is coming up next thank you for watching

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good morning, investors. good morning investors cheering microsoft's intervention in the open a.i. bo boardroom drama. the stock closed at a record high what ceo satya nadella told our jon fortt last night. elon musk making good on his threat of the themonuclear lawsuit. details from the legal filing straight ahead earnings alert we hear from lowe's, best buy

and dick's sporting goods before the opening deal and nvidia after the close today. it is tuesday, november 21st, 2023 "squawk box" beginnis right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. yeah we're here we're ready to go. look at what is happening with the u.s. equities. yesterday, you saw big gains a pull back for the dow down 40 points s&p off 2. the nasdaq is indicated up 5.5 this is after another day of gains for the averages dow up