that's all for this edition of "dateline." i'm andrea canning. thanks for watching. ♪ this is "street signs." on cnbc. i'm dan murphy. let's get to the headlines. first, the stoxx 600 looking to recoup the losses from the monday market sell-down. the s&p is pointing higher. japan's nikkei closing 10% higher as investors see opportunities on the back of that historic plunge. also today, buyer trades

higher, but under performs dax after the second quarter operating profits come in lower, but it is good news for germany industrial profits moving. and saudi aramco profits fall less than expected in the second quarter. welcome to the program. let's go straight to the markets because european equities are testing asia's recovery today and what happens in the coming hours could force the travel for the week. was the july report just an excuse to sell an overbought market or did it flash a recession that fed chair jay powell cannot ignore? investors are showing appetite within european assets today. silvia is joining us with the live look at what's moving.

silv. >> that's right. good morning. first and foremost, what we are seeing is the calm after the storm. indeed, yesterday, we were talking to you about how investors were worried about a potential u.s. recession. they were worried, perhaps, the fed was being too aggressive with the monetary policy stance. of course, the end carry rate showed steep declines on monday, but today, we have a rebound trade. we have the stoxx 600 up by .50%. yesterday, though, the stoxx 600 actually posted its third negative session in a row. it logged its steepest three-day decline since june 2022 as well. all of that as investors were trying to figure out where to go and how the potential u.s. recession could have ramifications also here in europe. as we look at the session today, it is a rebound that we are witnessing. when you look at the different

bourses, this is the picture in the equity session. you can see we have green mostly across the board. for instance, the ftse 100 is up by .20%. actually, i want to take you to germany at this stage up .50%. early this morning, we got important data out of germany as well. manufacturing orders climbed for the first time in six months in the month of june. we witnessed the rebound as well in the car industry, too. that is actually fooling some of the momentum with the german stocks. i want to take you to the sectors to get a better picture in terms of the corporate picture. we have technology, the best performing at this stage, up 1.5%. tech, as well as banks, were the worst performing sectors yesterday. as you can see this morning, they are among those rebounding the most. for a moment, i want to mention

travel and leisure is an important sector we are monitoring this morning after the moves in the space. the intercontinental hotels posted better than expected results. when it comes to retail, we are tracking a change in cfo. i want to show you how the session in asia panned out because the rebound that we are witnessing here in europe at the moment started this morning in asia. as you see, the nikkei 225 saw steep, steep declines yesterday. it ended the session up 10%. we are seeing an important rebound in asia as well. i want to mention briefly as well, when we mentioned japan, the nikkei has seen its best day since october 2008. no doubt, an important story with the rebound and equity trade. the question is will it continue

for the rest of the week? >> exactly. that's the question. silv, thank you for the update. let's go to jp ong for the update in singapore. jp, call it a turn around tuesday? >> absolutely, dan. after the drubbing the markets received on monday, this is the rebound on tuesday. silvia mentioned one of the best sessions on record. on the back of the weaker yen which seemed to give back the sharp strength general the dollar over the course. last 48 hours. the question of the unwind of the yen carry trade. hiking rates slowly, but surely, it means the yen is a funding currency of choice for many traders. suddenly, it doesn't make sense and these trades unwind. the point of discussion out here in asia that we have across

"squawk box" will say it is difficult to tell if the unwinding is over, but it is taking a breather. he did speak to the press after the bank of japan and the finance minister saying they do think that ensuring smooth movements of the currency markets is important and excessive movement is something they have to avoid and financial stability is paramount for the japanese markets. this smoothness or stability seems to smooth over and see gains in kospi up 4.3%. they actually had the trading again because they saw futures hitting at a very excessive rebound. taiex up 3% in the session. it was a bit softer for the s&p

asx. you saw the subdued gains. the hang seng looks a bit touch and go. it is cautious for greater chinese markets because they will await the key trade data for china to see if it points to more slowdown in the economy. overall, the trepidation in the chinese markets. you saw the stocks in the region ending tuesday on a good note. we will see if it carries over to the wednesday session. dan and silvia, good morning. >> thank you, jp. i think the message from the market right now is keep your seatbelts fastened. thank you, jp. let's give you a live look at the u.s. equity futures. look at this. markets are higher. nasdaq up 223. in the regular session, the dow

and s&p seeing their worst day in nearly two years while the nasdaq plunged deeper in correction territory. analysts are warning to say the low is in for the markets. we will continue to unpack exactly what to expect when wall street resumes trade. let's look at u.s. tech in the pre-market trade. when it comes to the open here, well, a lot of these big names are called to rebound. apple, amazon, nvidia and microsoft are up. and in the regular session, anything linked to a.i. brought on the plunge. apple down 4.82%. nvidia down 6.63%. a lot at stake when trading gets back under way. take a look at this seven-day nasdaq chart and pay close attention to the range.

at monday's session lows, the nasdaq was down 6.4%. at its high, it was down 1.9%. that is a range of more than 4% and the widest intraday swing in almost two years. actually, from the high on thursday to the low on monday, the dow fell 11%. that shows how wild the monday trading day was. even that pales in comparison to the monday vix move which puts the fear gauge not seen since the early days of covid. at one point, spiking 120%. look at that chart. meanwhile, traders are cutting back the fed expectation. now see a 70% chance of a 50-basis point cut in september down from the 90% chance before monday's market open. this as the san francisco fed president expects rate cuts later this year.

now she is more confident the fed is hitting the 2% target. and chicago fed president austan goolsbee did not rule out a cut. listen. >> the fed's job is very straight forward. maximize employment, stabilize prices and maintain financial stability. that's what we're going to do. we're forward looking about it. so, if the conditions collectively come in on the through line, there is deterioration on those parts, we will fix it. >> we have neal wilson of ejf capital with us. neal, thank you so much for being here. look, just begin by giving us context here. how do you explain monday's market meltdown and the tepid recovery across asia and into the european trading day. good morning, sir. >> good morning. thank you very much for having me on.

i think you have to look at it as immediate cause and underlining cause. the immediate cause was the yen carry trade and the manufacturing issue with berkshire selling apple. the underlining cause is more important to focus on. they really, in my view, and i have been saying this the last two or three months, the fed has really kept rates for too high for too long and they're in the danger zone of breaking something. what do i mean by that? it would come in two flavors. it would be a problem with the fed auction this week of three, five or ten years or a leveraged situation of a blowup somewhere. a hedge fund or highly levered player. i think the underlining causes are also the consumer in america is really, especially at the low-income level, is having real

delinquency issues. auto loans a telling sign. the consumer, which is 70% of the market in the u.s., you are seeing real deterioration. that is why the fed should have acted earlier and they are running a risk by letting things unfold. although, i do think dpaustan goolsbee and mary daly's comments were designed to calm things down a bit. >> i think you are exactly right. i think that had the intended affect and see if it will happen when trading gets under way. neal, you are not the only one suggesting the fed is behind the curve here given the moves from other global central banks. how should they react to this? do we need to see an emergency rate cut? >> i think the fed will probably not do that because there's risk in doing so. it would cause panic. people assume correctly that the

fed has great information and better information in the market, maybe not in its ent entirety. if they did that, it would cause real panic. i think the way investors should look at this as a trading opportunity here. you are calling it turn around tuesday. there is a trading opportunity. i think the smart money thinking longer term, what are rate-sensitive areas? clearly, the fed is going to cut 50 basis points in september. i think they will message that very strongly at jackson hole later this month. powell will give a speech and he'll say something along those lines. what are rate sensitive trades that you want to buy now o opportunistically and do well? those are areas in reits and banks. if you bought with huge selloffs yesterday, not as high as the tech area, for example on nasdaq, but they did go down, those are real buying

opportunities. >> you are looking at reits and banks. are there other classes that you believe could benefit from this high volume environment and period of volatility? >> i think just being right now in the short-term, you would expect that when the fed raises rates, there is something called a j-curve where the economy actually weakens a little bit before it gets better. going into alternatives in general is a very smart idea. in that area, we like things like regulatory trades where you have high returns on a relative basis on loan books where banks are trying to build up capital. in the volatile times, they will not want to issue equity. they are doing things like capital relief trades or srts in europe. those are interesting trades because you are taking advantage of a situation that will

probably only exist for 18 months or two years while we go through this rate cycle period of declining rates. >> it's a fair point. neal, before i let you go, what else are you watching as we track into the u.s. open? is there anything that investors are missing that's on your radar that we're not talking about? >> i think the key thing is to focus on the remaining earnings that are still coming out and listen to what that's telling you. i think in terms of the large cap magnificent seven, an ggaga there is a trading opportunity before us with turn around tuesday, there are really high valuations there. i think folks should really focus on where they can get good value and look at the smaller russell 2000 companies that traded down in the last two trading days and take advantage of those situations because you will want to buy those and hold those through this cycle. >> opportunity in crisis. neal, thank you for your

analysis today. looking forward to speaking to you soon. neal wilson of ejf capital. when we come back, bayer posting a drop in q2 on the back of the market. we'll be back in two minutes. stay with us. what is cirkul? cirkul is the fuel you need to take flight. cirkul is your frosted treat with a sweet kick of confidence. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul is your gateway back home. so what is cirkul? it's your water, your way. cirkul, available at walmart and drinkcirkul.com.

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welcome back. german life sciences company bayer posted a 16.5% drop in the second quarter earnings as the company felt the hit amid lower demand with falling crop prices. e e ebitda fell in line with estimates. manufacturing orders rose for the first time this year in june. orders were up 3.9% compared to the previous month. the growth came from the car industry as well as autos for aircrafts and ships and trains. let's get another perspective with the global head of macro at ing. he will unpack what is happening

in europe. first, what is your take on the last 24 hours in the markets? i have heard people say the july jobs report in the u.s. was a recession warning signal. is there anything to suggest the monday meltdown is underlining weakness? are kyou in the camp that says recession is coming soon? >> i see a soft landing coming in the u.s., but not a big recession. i think we're still coming from a very high level and strong roll from the u.s. economy. i am in the camp of a big thunderstorm, but this is not something fundamentally really changing in the economy. it was known that the european economy was not doing well without falling into recession. we are seeing more a reality check for the markets especially

when it comes to a.i. and i hope and i think that we will have somewhat calmer waters ahead now. >> certainly adds pressure on fed chair jay powell. are we going to see a 50-basis point move in september? >> i think that's pretty much what we are going to see. i don't believe in the emergency meetings. this situation is not severe enough. i think it would be a good signal for jay powell to start a good rate-cut cycle with 50 basis points because this would be symbolic and signal to markets that the fed is serious in withdrawing the monetary policy restrictiveness and really starting a rate cut cycle. >> okay, let's say we get the 50-basis point move in september from the fed. what does that mean for current market pricing for cuts to come from the boe and the ecb as well which have already moved in advance of the fed?

does it change the narrative for other global central banks? >> not really to be honest. the other central banks started ahead of the fed. if it changes the narrative, then only marginally. in the case of the ecb, if the fed goes for 50 basis points at the september meeting, then we don't have to doubt whether or not if the ecb will continue to cut in the september meeting. they will continue to cut. i think the only thing this will change with the narrative on other central banks is that we should reduce the doubt that we had whether or not they will continue cutting. i think once the fed starts to cut, once we see the soft landing of the u.s. economy unfolding, then there will be reasons enough for the other central banks to also focus a little bit more on their economies and slightly less on inflation and follow suit with further rate cuts. >> it's a fair point. let's unpack this more for what it means for europe. in particular, i know you had your eye on the german factory

figures. why are we stuck in stagnation? >> we are stuck in stagnation in germany because we are stuck in the headwinds. those won't change quickly over time. this will take a long while. what we are witnessing in the german economy, stagnation since the start of the pandemic, basically. we see the cheaper energy prices may be coming from russia and exporting like hell to china is no longer working. germany has to find new energy sources as many other european countries do and germany, as other european countries need to do, they have to adjust to the fact they can no longer export their way out of stagnation to china. china is a system rival and no longer just open for a european export. this explains why we have the

stagnation. on top of that, we have higher interest rates and higher inflation and uncertainty as we have in so many other countries across the globe. >> what's needed to address the cyclical and structural headwinds you have been talking about this your research reports. fascinating insights there. do you feel germany is in place to deal with these issues? >> i would hope for really more clarity. that's what we see happening. we have a lot of the policy uncertainty. not only geopolitical uncertainty, but many businesses and many consumers don't know what's going to happen with the green transition. they don't know how much it will cost them. they don't know whether or not there will be subsidy. clear guidance from the german government and european governments in general would help to stabilize the economies. another thing you could think of is give more clarity when it

comes to energy prices. why not introduce a big price cap not only for one year, but for five years? also, do investments. invest in infrastructure and digital and education. this, of course, is hard to move with the shift to austerity that we see across europe. something has to give. we will see governments engaging in austerity and then stuck in stagnation. we see governments with forward-looking investments and we could get out of stagnation. >> thank you. karsten, thank you very much. global head of macro at ing. let's push forward to see what is happening with the global shares. a net income of 58 million euros in the second quarter. that is down 2% on the year and narrowly missing estimates amid

what the firm swdescribed as a challenging environment. it does see him improvement in q3. the ceo told cnbc the labor market has been fixed. >> i think the data we saw last week was not where people were expecting it to be. to be fair, and we've spoken about this before, karen, the u.s. labor market is quite mixed. there are pockets of growth and there are areas of pressure. for all of the recruitment players, whether it is professional recruitment or professional labor, this is a challenging market for the number of quarters. ihg shares are moving higher after a 3% rise in global revenue in the first half of the year boosted by the rebound in travel demand in the second quarter. the holiday inn owner raised revenue by 10% despite the fall

in china. the ceo told cnbc the group has its sights set on expansion despite the broader market risks. >> we focus really on the fundamentals and hospitality and travel with the middle class growth and gdp growth which continues. we do know it makes higher highs and higher lows. we know the industry is cyclical. we stay steady to capture that demand across a very broad diversified segment diversified and globally diversified business model. you see that business model in the first half of the year. up next, we will shift focus to oil. saudi aramco tops forecasts. we'll break it down on the other side. stay with us.

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dan murphy with you. welcome back to the program. here is a recap of the top

stories. european stocks stop the flat line after the monday meltdown. even so, nasdaq and s&p 500 futures point higher ahead of the open. japan's nikkei closing more than 10% higher as investors see opportunity on the back of that historic plunge. also today, oil giant aramco delivers with profits falling less than expected in the second quarter. and kamala harris is the official democratic nominee for president as her vp short list narrows with the last two standing. we've been with you the last few hours tracking these

markets. silvia amaro here live with another look. silvia, we have called this a turn around tuesday, but signs the recovery may be losing steam now. >>essence, what we have is the volatility and if this will continue for the week. what we have is a rebound story. ultimately, you can ask what has changed because we saw such steep declines on monday. ultimately, the answer to that is this one comment from one fed official, mary daly said yesterday it is really important to make sure we don't see a significant down turn in the labor market in the united states. on top of that, she also said she is open to any sort of rate cuts in september. of course, depending on upcoming data, but those comments made everyone a lot calmer going into today's session. what you see to my right is green across the board at this

stage. i would highlight the dax is up .50% at this stage. this morning, we got important data out of germany. manufacturing orders climbing for the first time in six min months. let's look at fx markets as well. not just in terms of the outlook for the economy, but adjusting central banker comments at this stage. we have the dollar strengthening a bit with the concerns around the u.s. recession have eased going into today's trade. i would briefly mention the dollar-yen trade is 145. it is an important part of the fx market as investors continue to try to understand what the bank of japan is going to do next. yesterday, some investors suggesting we could see the yen reaching 140. let's see what's going to happen in the coming weeks. i also want to take a look at

the bond market. at this stage, throughout this morning, we have seen european yields actually moving higher as those recession fears have eased. at this moment in the session, it is a bit of a mixed picture f. ipicture. if i look at the benchmark ten-year yield. it is trader higher at 3.91%. when it comes to u.s. futures, this is how we are shaping up as we approach the start of the trading session on wall street. they suggest it could be also a rebound session over in the united states. it is important to keep in mind as well that investors will continue to monitor all sorts of economic data trying to understand what is the real picture of the u.s. economy. i also want to like at wti brent. we also have been looking at what is happening in the oil market, too. yesterday, we saw some significant falls in the level

of oil price. however, when it comes to what we are witnessing today, prices are bouncing in early trade. for instance, brent at this moment trading higher by .40%. brent at $76 a barrel. back to you, dan. >> silvia, terrific. thank you. to the geopolitics and israel is braced for a retaliatory attack from iran after an secretary of state antony blinken said the attack could come within 48 hours. this comes after the assassination of the political leader haniyeh and shukr. saudi aramco profits hit $291 billion. the ceo saying global oil demand

remains resilient despite concerns of the global downturn. he expects demand of more than 104 million barrels a day this year with significant growth in china. i'm pleased to say the head of the s&p joins me around the desk here in london. great to see you here in london. >> great. thanks for having me on the show. >> first, we have seen talk of recession spooking investors not just within the oil market, but globally. what is driving these markets in your view? >> i think there is a great deal of concern over demand going into the fourth quarter. we saw a bit of a bump in the middle of the year. prices trending up toward $90 a barrel. we lost $10 in the space of two weeks. despite the positive news we saw today with the aramco earnings, it is making money. $19 billion of free cash flow. it is having to pay a lot to the

government in terms of dividends. when you pay a $30 billion plus dividend at the same time, there is a mismatch there. aramco, saudi arabia, they need oil prices higher to sustain the levels of investment and to replace barrels and the level of investment to meet future demand. >> it is interesting because aramco joined bp ande beating expectations. we have seen broadly positive expectations, but that is despite the lower prices. when you assess the market, where do you see the oil moving in the second half of the year? the reminder of the year. as you alluded to, there is no shortage of challenges. >> it is very difficult going into the fourth quarter. the current economic environment with the stock market in the last two days makes it more

complex. our forecast for the remainder of the year is $84 a barrel brent. that could be a stretch in my opinion. i think the news you are seeing in the last two days around markets and whether this feeds to through economies. we have 1.45 million barrels falling and a weaker market in 2025. the bigger issue aramco has to face and this is the difference with the oil majors you mentioned, is it is constrained by opec. the chevron and exxon all benefit from the great u.s. oil story at the moment. the u.s. will produce 13.2 million barrels a day this year. saudi is constrained. 5.81 million barrels a day of opec capacity on the sidelines. saudi arabia has to take the brunt of that and that owen

aramco's shoulders. >> do you expect that in the market the last couple days? you think saudi arabia shoulders the burden of the opec cuts, but it seems like they have a strategy to maintain the market stability? do you think the market can move forward? >> a big $10 move. opec produces that volatility in all markets to stretch out a month or two months. you know, are we going to wait until the end of the year for an official opec meeting in december? yes, you have the jmcs which meet on a monthly basis. if the stock market volatility moves and we go into the low $70? at what point does opec blink? i think we are starting to get into the territory where people

will be asking does opec need to take action to put a brake under this? >> i want to know if we are still waiting for iranian response for killing of senior figures within hamas and hezbollah last week. if there is a response, what do you expect it to look like and what is the geopolitical risk in oil premium right now? >> it is a good question. i'm not a security expert, but we all saw what happened. it was well flagged and it is the case now. it it is a tit-for-tat. i spent most of my career reporting in the middle east. covid and the 2003 invasion of iraq and the impact on the oil markets. you know, 2015, we were talking about a $25 risk premium in the

market. there wasn't anything like the level of attacks of the physical infrastructure or anything like attempts now. we will crow at $4 a barrel risk premium. it is not matching the risk you are seeing in the roegion? why is that? it is the 5 million barrels a day. it is the u.s. producing barrels a day. >> that supply could be a buffer to the volatility offer any iranian response. i have to leave you with the wild card question with the outlook to oil. kamala harris is the confirmed democratic nominee. who is better for the oil market? trump or harris? >> that is a good question. i think the u.s. oil industry

and market has proved resilient to politics, actually. whoever sits in that white house, i think the industry is dictated by market fundamentals. what is remarkable with the u.s. industry players, they focus on efficiency and they focus on the market and at that point you will see u.s. production fall depending on whoever gets into the white house? no, i think the industry is resilient. >> fantastically measured response. always appreciate the conversation. >> cheers. thanks, dan. >> the latest on energy and oil. of course, we are expecting more key earnings. we hear in uber and fox before the bell and airbnb and reddit will release after the close. we are watching uber shares moving higher ahead of the

results as well. the ceo will appear on cnbc. do not miss that interview at 1:00 p.m. google has created an illegal search monopoly with apple as well as browser developers and telco companies. the court proceedings will enter a second phase to decide penalties and recommedies googl needs to take. google plans to appeal the ruling and will focus on making helpful products. if you are an apple user, this ruling must impact you the most because google is paying apple billions of dollars a year to be the preset search engine on your phone. that is a huge advertising market for google and a critical helpful product as you heard it described for apple. the court is now saying that is illegal. if the ruling is upheld, apple

could be forced to offer users a choice of search engines, which opens the door to more competition and more innovation in that space. that's a good thing. it is also a blow to google's efforts to protect its market share. google says, of course, it will appeal this ruling and any ruling well take time to work its way through the system. it does reflect one important thing and that is a growing pressure on big tech to play fair even as a.i. changes and disrupts their businesses and business models. watch this space. really interesting story. we are going to hear from the doj anti-trust chief jonathan kanter at 3:00 p.m. cet. we will take a look at the economy and consumer confidence with the head of barclays. that's comg . ayitus.inup

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welcome back to "sport." we approaching the final sprint to the olympic games in paris.

it is a memorable day ten for team gb. gold and silver in the kayak cross before keely hodgekinson taking gold. it was gb's first olympic track medal since the 5 ,000 and 10,00 goals in 2016. and mondo duplantis leaped 2.65 meters. he is the first to retain the gold in back-to-back olympics since the 1950s. this is the ninth time he broke the world record. and rebeca andrade takesexercis.

she beat simone biles by .033 points. and barclays spending report comes despite a boost of travel and the euro football tournament with transactions tripling on the day of the final. we are live now with karen johnson at barclays here to unpack more in the report. karen, i thought this was fascinating as it always is given the level of insight. first of all, consumer card spending went up june from july. what is behind the latest numbers? >> i think as you say, dan, our data demonstrates the impact in season weather which has on consumer spending and the impact of the number of events. behind the data this month, we have some interesting movements

both in terms of, obviously, the euros and the bars and clubs spending up 4.9%. when england reached the final with spain, we saw transactions tripling on that sunday representing the busiest sunday of the year. the other extent in terms of areas where we are seeing businesses, you know, transactions under performing or lower than last year, we've seen household goods continue to be down 5% as people aren't investing in the diy or improving the outdoor or ex-peer y exteriors of their home. we have seen them coming out in other results that people aren't investing in bikes or outdoor equipment for the children because the weather hasn't been there to support it. going forward, we're hoping that

will change. we have seen an increasing consumer confidence coaling thr coming through. it was up 5.2% which was the highest since february of 2022. we are seeing confidence in the outlook improving. this hasn't yet translated into consumer spending. it is according to the interest rates having an impact on the mortgage rates and hopefully warmer weather and conclusion of the olympics, we're hoping suggest will result in an increase in spending. >> karen, it is a fascinating insight into the consumer as well because one of the other things the report highlights is this shift toward more discretionary spending. i'm wondering if you can unpack that for me. what are the retail categories with the shift to perhaps the more concerned belt-tightening consumer, if you will? >> we have seen this with trends

over the last year where consumers are continuing to spend and where they are selective of what they are spending. the weather has had a big impact on the clothing sector and also in terms of the diy and home improvement sector in particular. however, we have also seen increases in health and beauty which has continued to rise month on month. this month was up 4.6% year on year as people invest in their well being and investing in beauty essentials as they prepare for holiday traveling. >> just finally, what does it mean for profit margins and pricing strategies? how are retailers responding to the current consumer spending environment? >> we know that from our research that consumers are very cost conscious. they are driving toward

promotions and own label and loyalty is paylaying a big partn that. we see two in five consumers reducing their spending because of the weather and retailers are having to adapt the product changes and promote accordingly to drive that spending patterns in the scores. >> really fascinating, karen. thank you for joining us. karen johnson, head of retail at barclays. i want to bring across breaking news. we are seen commentary from lebanon's phforeign minister. reuters is saying we are trying to prevent a response to the wider war. this is given the influence that hezbollah has on the middle east and the iranian proxy group. the foreign minister speaking on behalf of the lebanese

government. we are still waiting to see exactly how iran and its proxies will responsibility to the killing of the senior figures within hezbollah and hamas last week. we'll continue to monitor developments for you. over to the united states now and u.s. vice president kamala harris has secured the democratic presidential nomination. harris has reportedly narrowed her running mates down to two. minnesota governor tim wahls or pennsylvania governor josh shapiro. we have susan maginnis joining us with the latest. what can you tell us and where could this ultimately lead? >> reporter: good morning, dan. we understand that harris has not actually made a decision yet. she sent a text to her staff indicating that the timing of the announcement could change because she literally hasn't

made a decision yet. there is lots of speculation and don't count out the others that have been on her short list. after so much anticipation and guesswork, today is the day. we expect this announcement could be imminent and happen anytime. she is holding a rally in philadelphia tonight. we are expecting to know that running mate before that happens. this includes a social media component and digital video and text messages to supporters and calls for donations. in the final hours, the smart money focused on josh thatshapi governor of pennsylvania. he is providing a lot of ele electoral votes. after the philadelphia rally, harris and her new running mate, will kickoff a tour starting in philly for the next week or so,

they will hit wisconsin, michigan and north carolina and arizona and nevada. dan, all very important states and considered swing states. >> absolutely. susan, thank you. reporting live from washington, d.c. thank you for the latest. we appreciate it. before we go, let's look at u.s. equity futures shaping up. markets are called higher, but off the session highs. nasdaq up 182. dow up stronger. s&p 500 up as well. that wraps up this edition of "street signs." i'm dan murphy in london. stay with us on cnbc. "worldwide exchange" starts right now.

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it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." the relief rally trying to take hold after an wall street's worst day in two years. in asia, history in the making after japan's worst day since black monday. stocks there trying to rally as well bouncing back in a big way after plunging into bear market territory. calling for calm. two senior fed officials look to ease investor nerves and doubts the fed did not act so