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 soon enough.

tracking the big bitcoin wipeout. and volatility is back from utilities and staples. we are tracking the best strategies you can use right now. it's tuesday, august 6th, 2024. you're watching "worldwide exchange" right here on cnbc. ♪ good morning and welcome to "worldwide exchange." thank you so much for being here with us. let's get you ready for the trading day ahead with the stock futures pointing to relief. remember, it was a big selloff yesterday. futures in the green across the board. s&p up 37 points. basically .50%. excuse me. .765%. the dow up 125 points. you see it moves slightly. it is up .50%. the nasdaq up nearly 1%. just about 140 points.

these green arrows are coming after the dow and s&p had the worst day in nearly two years. the dow falling 1,000 points. the s&p 160 points or 3%. those declines yesterday adding to the global market rout that shaved about $6.4 trillion from equity markets over the past two weeks. even with the morning's modest bounce back, the major averages have a long way to go with the nasdaq and russell 2000 in correction territory from the recent 52-week highs. nasdaq down 13%. russell down 17%. this morning, the russell is trying to bounce back from three straight sessions of 3% losses. that is the first time that has happened since black monday all the way back in 1987. the moves for the russell down 9%. we are keeping a close eye on tech after the mag seven lost

$653 billion yesterday. you see a bit of a rebound here. all of them in the green. these five here. apple up .50. nvidia up 2%. you are seeing green from the five of seven mag seven. we watch the volatility trail off and watching wild moves in the vix. big moves to the upside here through the recent days. you can see right now the vix sitting at 33.65%. for a lot of the year, at least recent weeks, you saw it in the 12% to 14% range. a big upside here. we are checking the bond market with the 10-year yield near the lowest level since june last year. take a look. the ten-year yield at 3.84. we have to look at the energy market this morning. oil prices bouncing back, but

still hovering near the lowest level in months. wti up fractionally, but trading $73 a barrel. brent crude is up trading at $76.30 a barrel. we will look at the impact throughout the show. we turn attention back to stocks. there is nothing modest about the gains we are eseeing in asi. we have silvia amaro with the action in london and jp ong in singapore. jp, good morning. >> good morning, frank. what a bounce back after the drubbing on monday and a weak handoff from wall street overnight, markets shrugged us off and no more than nikkei 225. stocks on a tear surging 10% in the today's session. this is on the back of the yen veh weakness. as we know, the weaker yen

supports the exporters in japan. we have to remember a lot of the selloff in japan actually happened on the back of the yen strength on the back of the unwinding of the carry trade. a lot of analysts we spoke to here in asia did tell us it is very difficult to term whether that unwinding is indeed done. the top currency diplomat in japan say they continue to watch out for market volatility and want to ensure the currency moves are done in a smooth and non-volatile fashion. the kospi and taiwan are up a bit this morning. the central bank decided to keep rates unchanged because they are still seeing pesky core inflation looking to ease rates. the hang seng closing up in the red today. we have to remember we get the trade data tomorrow from china

and we will see if there are more signs of economic slowdowns and perhaps macro caution at least from the world's second largest economy. that may keep traders a bit more cautious leading up to the release of that. overall, it was optimistic for asian markets. the question now is whether we can continue that or build on that in the coming days. that's the question for wednesday. for now, back to you guys. good morning, frank. >> jp ong live in singapore. now to the check in europe with silvia amaro. silvia. >> good morning, frank. what an interesting session. we're just two hours into the equity session here in europe. we started the day with that same narrative that you just heard from jp. a rebound trade. however, look at it at this stage. it is red across all of the major bourses so far. we are witnessing a lot of

volatility here in europe. early this morning, investors were focused on earnings and economic data, but that rebound is definitely easing for the time being. let's see how we end up at the end of today's session. i want to briefly mention the dax is trading lower despite some positive economic data earlier this morning suggesting the manufacturing orders climbed for the physfirst time in six months. we witnessed a rebound in the car industry. however, that is not translating into positive moves for the dax. i want to take you to the different sectors to get you a picture of the kocorporate fron. technology is up by .8%. it was one of the worst performing sectors yesterday. it is seeing a bit of a rebound at this stage. travel and leisure is trading higher as well as oil as gas. some of the moves are related to corporate earnings with investors here in europe very

much focused on that and what is the message from corporates. indeed, with those concerns about a potential u.s. recession, frank, a lot of questions we have for corporates here in europe at this stage is what is the outlook and are they going ahead with layoffs as well? that is one of the things we are monitoring closely and we'll keep you updated. >> silvia amaro looking at the mash markets. silvia, thank you. turning back to the worst day in nearly two years. recession fears are raising bets that the fed will cut rates by 50 basis points, not 25, as previously expected in the meeting in september. the odds are above 73%. let's discuss where markets go from here with david waddell from waddell associates. good morning. >> good morning, frank. >> you saw the odds. increasing thought of the

50-basis point cut. i want to ask you. you are somebody who manages money. do they need the 50-basis point cut or is the 25-point cut good enough? >> we're conflating issues here. the u.s. has gone through a growth scare and that's okay. that's what the fed wanted. the 114,000 jobs is still consistent with sort of stable unemployment levels, although the unemployment rose because more people entered the work force. i was concerned when services ism slipped negative in july -- june and came back positive in july. i think the economy is fine. the fed is at 5.5%. they need to be at 3% fand if i is a normal economy, it is 3%. that's why they are aggressively pricing in because there is no need to be restrictive anymore as a couple of fed heads said

yes. the reason i'm conflating issues is the fed issues is one thing and what is going in the market is a currency issue. because we spend time talking about stocks and bonds, we don't often talk about currencies. the fall apart yesterday was forced liquidation. it happened because back on july 10th, the mag seven stocks topped and the yen bottomed. since then, the yen has gone up 14% and the mag seven stocks have gone down 18%. people that were short the yen and long the mag seven are 30% upside down before applying leverage. somebody got taken out on a gurney yesterday. that's what really moved the markets around. >> david, you are referring to the carry trade. the yen carry trade. >> oh, yeah. it has been going on for a month. >> we have done a lot of talk on the network. i want to get more focus on the markets. you want to talk about currency,

but let's talk about stocks. stifel out with a note and they believe the s&p will correct to 5,000 in october. they believe there is a risk of the bear market if the slowdown becomes a recession. do you agree or disagree? do you think right now is a good time for portfolio protection and if so, what would you do? >> seasonally we're in a weak period. in an election year, the markets have 14% correction. they go up 26% over the next year. to me, this is a window of opportunity for investors to get in. if traders are batting this market around and when you have a big move, everybody comes out and comes out with bearish notes. think the economy slows, not recesses. i think the fed is forward looking. i think he will cut

conversationally at jackson hole. for us, we're buying into this at dollar cost averaging into halloween. >> where? it is easy to say buy the dip. where do you put money right now? >> we went from the mag seven trade to the rotation trade to recession trade. we go back to the rotation trade. the midcaps and that part of the market. >> david, we have to leave the conversation there. david waddell. thank you. >> thank you, frank. >> for more on the trading day ahead, go to cnbc.com/pro. we have a lot more to come on "worldwide exchange," including the one word investors have to know today, but first, the one sector with the massive selloff that is still trading at a discount to the broader

markets. fresh comments from fed officials saying the fed not behind the curve. and did the recent selloff send the crypto faithful running? a very busy hour still ahead when "worldwide exchange" returns. stay with us. to help sharpen your skills, you can stay on top of the market from wherever you are. e*trade from morgan stanley power e*trade's easy to-use tools make complex trading less complicated. custom scans can help you find new trading opportunities, while an earnings tool helps you plan your trades and stay on top of the market. e*trade from morgan stanley how am i going to find a doctor when i'm hallucinating? what about zocdoc? so many options. yeah, and dr. xichun even takes your sketchy insurance. xi-chun, xi-chun, xi-chun! you've got more options than you know. book now. what is cirkul? cirkul is

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hynix $450 million from the chips act. look at shares this morning up almost 5%. last week, part of the selloff down over 13%. while that is hitting effort every part of the market, there is one positive sector which is utilities. the potential for rate cuts and falling treasury yields make utility earnings more attractive especially if the dividends increase. another catalyst for a.i. infrastructure which benefit pgm and edison international. that is according to my next best. anthony from mizuho. >> good morning, frank. >> we are highlighting that recent relative out performance by utilities in the last week.

i want to ask is that a flight to safety that utility stocks will weather this storm or a function of bond yields decl declining? >> you know, we're going to give you both with the a.i. as you mentioned before. the a.i. back drop and utility stocks never looked better. growing 6% to 7%. we have demand of the product electricity. that's one of the positive sides. also what is attractive is d dividends have never been safer. utilities have cleaned up their businesses. things are looking good on both ends there. >> all right. you gave us utility playbook. attractive low growth and balanced regulations. what is low growth? how does an investor look at low growth? >> you look at low growth as we sell more units than they thought we would sell in the

rate plan. we decide how many units will sell. if we sell 1 million units, everything is good and expenses are balanced with that sell. now the load is growing and it does 1 million units and now it sells 1 million and ten units. that provides the cover on rising the expense for utilities. when you have a utility with positive low growth, that provides sustainability with rate filings. you can deliver on your 5% or 6% or 6% to 8% earnings growth. this is something we have been looking for for years. we finally have it. we have seen sustainable low growth hasn't been seen since 2007 or 2008 and now the beautiful a.i. demand story. >> looking at data from the iea. if you look at a google search,

it takes .3 watt hours and a chatgpt search takes 2.9 watt hours. we need more energy and does this mean utilities have more upside? >> i think the whole sector has a lot more upside. we're very conservative sector. we are giving you 6% to 7% earnings growth. that growth is not baked into the additional a.i. demand you displayed on the screen. we're going to give you in line s&p type growth trading at discount and 200-basis point better yield in this environment. that a.i. is a great tell with additional demand and help sustain and finance this growth story. >> anthony crowdell, thank you.

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welcome back to "worldwide exchange." it's time for the big money movers. palantir surging 7%. reporting q2 profit and raising

annual and revenue guidance for the second time this year. the company forecasting sales above estimates. shares up 7%. lucid says the saudi arabia public investment fund will provide them with $1.5 billion in cash. it looks as lucid will start the gravity model. shares of zoom info cuts full-year outlook. it is changing the board and the cfo will step down in september. shares down 15%. we are looking at shares of rail csx as they beat second quarter estimates. profit getting a boost from high shipment volumes. shares up 1.5%. don't miss the interview with the company ceo at 10:30 a.m. on

"squawk on the street." crypto currencies falling. billions of market value wiped out in the last number of days. cnbc.com's mackenzie sigalos is joining me. >> frank, mega cap coins are coming back, but monday, we saw connection in the market. $370 billion wiped off the market cap of all digital tokens in 24 hours. bitcoin plummeting to $49,000. ether reported the biggest single day drop in years. much of this was the knock-on effect from the broader selloff. what is different this time is a broader base of investors are caught in the crossfire with the spot etfs. for the first time, we got a litmus test to see if the crypto investors who got exposure to

bitcoin and ether through the first time through the funds would flee the asset all together or see it as an opportunity to buy the dip. frank, i was looking at net flow data and it seems like they stayed in the game. across all spot coin etfs, there were $168 million of outflows, but the fund did not see any redemptions at blackrock. that is a fraction of the $50 billion market cap of the funds. with the spot ether etfs, we saw $48 million added. these are not block row funds, but investors did not freak out. >> that's with bitcoin below 50,000 yesterday. it is 55,000 right now. i know you did a lot of reporting yesterday. something else you are following. morgan stanley is the first of the financial advisors to say

they will add bitcoin to portfolio allocations. i have to ask what this could mean for crypto? >> this could be a game changer. we are talking the first of the major wall street players to take this step. up until this point, financial advisers were barred from recommending this to clients while they did due dildiligence. starting tomorrow, morgan stanley will be able to recommend bitcoin to clients. this is what the crypto market has been waiting for. >> you are obviously excited about it. it will generate more stories. i know you have done a lot of reporting on. this what about the other banks? schwab and td ameritrade? >> this will force the move of others who have been sitting on the sidelines since the product launch in january. this could be a great thing for the price of bitcoin. this market run unlike past

cycles we have seen in the crypto market has coincided with the tens of billions of dollars that flowed into the bitcoin. >> mackenzie sigalos, thank you. much more "worldwide exchange" coming up after the break. stay with us. it's in your nature to stand strong. supplement your bones with high-absorption magnesium. nature's bounty. it's in your nature.

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markets looking to regain ground after the selloff. this morning, futures are in the green. investors are questioning the u.s. economy as the fed looks to calm growing concerns. what moves you need to protect your portfolio. we get fresh signals on the economy with caterpillar reporting earnings. we get key figure as they report before the opening bell today. it is tuesday, august 6th, 2024. you are watching "worldwide exchange" here on cnbc. welcome back to "worldwide exchange." i'm frank holland. let's pick up the check of the u.s. stock futures. still in the red, but off the highs from earlier today. the s&p is up .50%. 26 points.

the dow would open 100 points higher. the nasdaq up 90 points. important to note the s&p and nasdaq well off the highs of earlier today. the recent selloff shaved $6.4 trillion in the last two weeks. the major averages have a long way to go. the nasdaq and russell 2000 down more than 10% from recent 52-week highs. nasdaq down 13%. the russell is down more than 17%. we are keeping a close eye on the tech after the mag seven lost $653billion in market value yesterday. look at the mag seven names. they are off the highs of earlier today. apple is fractionally higher. nvidia up 1.3%. mat meta up .75%. we are watching wild moves in the vix. you see the spikes here.

we saw yesterday with the vix sitting at 34 or just under 34. for a lot of times in recent weeks, we see it in the level of the 12 to 14 range. we are checking the bond market with the ten-year yield at the lowest level since june of last year. take a look at bonds. the benchmark at 3.85%. ticking up from the level we saw yesterday. u important to know the two-year is below the 4% yield. let's get a check of the top stories with bertha coombs. bertha, good morning to you. >> good morning, frank. in light of the three-day stock slide, we have senior fed officials, including chicago fed president austan goolsbee and san francisco fed president mary daly calling for calm. reassuring investors that the fed will act when appropriate. goolsbee speaking with cnbc

early yesterday with daly adding her comments last night. >> if the conditions come in on the through line, there's deterioration on any of those parts, on we're going to fix it. that's the chicago motto. there's not bad weather. there's only bad clothing. we'll respond as appropriate. >> my message to you is as we have been doing, the federal reserve and fmoc is prepared to do what the economy needs when we are clear what that is. there's many more pieces of information that come out between now and when we next meet. >> so, what folks think they will do? the bet is they will cut 50 basis points next month have soared. now standing at 73%. that's compared to just 13% one

week ago. crowdstrike's legal issues are far from over after the global outage on top of delta's airline challenge. the furthirm now facing first c action suit for blaming crowdstrike for negligence in testing the software responsible for the outage. they say the company should pay compensatory and punitive damages for anyone's flight who was disrupted. crowdstrike says this case lacks merit. the wallets of the wealthiest people is lighter today. the ten on the forbes list lost a combined of $73 billion.

zuck mark zuckerberg is behind jeff bezos. you know, we don't really cry for jeff. he's got another $180 billion. i think he'll make do. i'm more worried about folks and their 401(k)s. >> bertha coombs, thank you very much. turning back to your money. a key question for investors that fueled the wave of volatility around the health of the u.s. economy. bob pisani has more on the tug-of-war on where the economy is headed next. >> there is a tug-of-war in the markets now. recession or not. there are signs investors are playing both trades which signals confusion. the market opened at lows with the technology down 5% and consumer staples nats names arer flat. tech rallied and consumer names sold off. this is not a recession trade.

who is right? we don't know. we need more data. today, we get caterpillar and uber. there will be a nice cross section of the industrial and consumer world to get a better beat on. here is the key point. if the assumption of recession is wrong, the market will be a buy again. complicating is the japan nikkei index down 12% on monday. the worst drop since 1987 as they unwound the yen carry trade. the rise of the yen has made much of the trade unprofitable, so investors have had to sell positions to cover their borrowing. that has complicated things. that was the factor in the nikkei selloff. back to you, frank. >> the ongoing market volatility has people scrambling on the portfolios. let's bring in lee baker of apex financial and a member of the cnbc financial council.

lee, good to see you. >> good morning, frank. good to see you as well. >> the place i would like to start, lee, if you wouldn't mind, tech. tech hit the high in july. a lot of people put a lot of their money in mega cap tech this year. if you are a big tech investor, what do you do now? >> it depends on whether or not you're overweight. a lot of our clients are invested in funds. if you are invested, you are invested in the big tech. do you have additional holdings in apple or microsoft and nvidia? if you are in a position where you can take on a little bit of additional risk in spite of what happened yesterday and you thought it made sense to focus on tech, now might be a time to take a look at nvidia. it got beat up badly about 6%. if you look at the last month,

it is a good opportunity as long as you think it is a long-term position. >> you think this is a buying opportunity. >> absolutely. >> i want to bounce something off you. a note from stifel yesterday. they are looking to correct by october down 12% from the july peak from the slowing u.s. economy with sticky inflation. they also say there is risk of a bear market if the slowdown becomes a recession. we are seeing more bearish calls. with that in mind, what do do you? when you talk to your clients, they just want to be safe. what do you do? >> absolutely. a lot of our clients want to be safe. we begun to use more and more products where you are down size protected, but still participate in the upside of the market. my base case is not seeing a recession any time soon. are things slowing down? yes. that's what we are all cheering

for. we want things to slow down so the fed would get to a point where they are comfortable cutting rates. i think that is still likely. we will see the 25-basis point cut in the markets. we are not seeing broad job destruction in the economy. things are softening, but we just haven't seen that broad job destruction. still looking for a soft landing. >> with the fed cut coming up, are you telling clients to take money out? >> not particular sectors we're saying to get out of. if we looked at things and say you're in a more cap-weighted structure and something more equal weighted, a good rsp. >> lee baker, great to see you. >> thank you. coming up, fresh optimism with crowdstrike in the wake of the global i.t. outage.

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walmart and drinkcirkul.com. welcome back to "worldwide exchange." take a look at u.s. futures. you can see they moved well off their highs of earlier today. take a look at the nasdaq. flat rootight now. the dow would open slightly higher. time for the morning call sheet. piper sandler saying investors

should take advantage of the stock at current level from the crowdstrike global outage will be shortly lived. loop hikes meta price target and is optimistic about the expanding opportunity as it rolls out more gen a.i. applications. time for the global briefing. nikk nikkei 225 jumping sharply after the index had its worst single day drop since the black monday crash in 1987. australia keeps rates unchanged at the policy meeting today. shares of saudi aramco are higher after the giant topped the second quarter expectations. profits did fall from a year ago. it plans to pay $31 billion in

dividends to the saudi government and shareholders. coming up, the one word every investor needs to know teilr and the earnings from carplaas recession fears continue to grow. we'll be right back after this break. you are bountiful. your skeleton can support two times your weight. it's in your nature to stand strong. supplement your bones with high-absorption magnesium. nature's bounty. it's in your nature.

(grandpa) i'm the richest guy in the world. (man 1) i have time to give. (man 2) i have people i can count on. (grandma) and a million stories to share. (vo) the key to being rich is knowing what counts. welcome back to "worldwide exchange." turning to earnings and caterpillar set to report before the opening bell today.

investors will look for insight on the state of the global economy because of the company's worldwide presence and weaker than expected economic data including the july jobs report. over the past three months, shares are down 7%. they're off 17% since hitting the 52-week high in april. joining me now is our guest from crfa. jon jonathan, great to have you here. >> good morning, frank. >> your price ctarget of $345. that provides a 2% upside from here. what are you expecting from this result? >> we had a buy rating for caterpillar for some time, but after seeing a 60% rise from the lows late in 2023, we actually downgraded to a hold back in april. as you said, it has been down roughly 16% or so. i think q2, we are expecting

sales guidance to come down. if you look at a few macroeconomics headwinds and macro pmi has been down. the last 21 months with one month expansion here which is note able. we have construction spending which is stagnating with the higher interest rate environment. if we look at the direct peers like cmh and volvo group, they revised sales targets down. we think sales expectations are going to be hmoderated with the pusho out of interest rate cuts. >> john, you just said the expectations for interest rate cuts have been pushed out. we hear people will see a 50-basis point cut in september.

u.s. non residential construction which is 75% of caterpillar business, wouldn't a 50-point cut or 25-point cut be a tailwind for the business? >> absolutely. i'm talking in regards to when we entered the year. we view that original guidance for 2024 sales to be in line with 2023 is assuming there would be a cut sooner than what we were expecting here in september. given that july we didn't see that happen, you know, we think that is translating to business investment and capital goods pushed out further. >> the u.s. is a big part of the business, but what about china? china is 5% to 10% of revenue. we have seen a lot of companies with weakness in china. also, competition from consumer brands. does caterpillar face domestic

competition in china ? >> china is a cheap market so far. given what we see in peers and other industrial conglomerates facing china headwinds, it is weaker. this could be additional headwind to crimp sales expectations. we do think it's not a factor that is a net negative for caterpillar. >> what about the read on the broader economy? what should we look for in the report to give us a read on the u.s. economy and the global economy? >> as far as caterpillar being a leading economic indicator of sorts, we don't see much value there. there are other companies that have given that insight as far as what's going on. we think as a lagging indicator, it could be a lot of value and confirming is construction slowing as much as we have seen from peers or is it more

idiosyncratic challenges with those companies? caterpillar can highlight to what degree we are seeing a construction downturn. additionally, manufacturing rights. energy and transportation business is tied to industrial activity. once again, we can see that we get a read on the health and manufacturing and residential spending which is important. >> great to see you. thank you for joining us. i really appreciate it. >> thank you. coming up on "worldwide exchange," why our next guest says investors should embrace the wall of worry. a look at the futures. the s&p is up just about 15 points. the dow up fractionally. the nasdaq well off the highs as well up 41 points. up a .25%. we'll be right back after this break.

welcome back to "worldwide exchange." time for the "wex wrap-up."

the judge rules that google mond monopolized on deals. blue ocean will remain off line today after the two-hour outage. robinhood has not commented on the impact of the site. boeing is heading to capitol hill today over the door blowout in january. shares of csx are higher on the bottom line with shipping increasing 2%. the company highlighting the resilience with the baltimore bridge collapse. palantir rallying after growing 7%. the company is raising the full-year outlook calling for 47% growth in the commercial

business. and vice president kamala harris securing the democratic nomination. 99% delegates cast support of harris ahead of the convention on august 19th. the mrarkets are attempts t claw back from the session yesterday. the dow looks like it would open 100 points higher. the s&p 25 points higher. the nasdaq 75 points higher. all of them off the highs earlier. joining me now is mark smith from wells fargo advisors. mark, great to have you here. >> good morning, frank. >> let's start off with today. futures are well off the highs. what is your "wex" word of the day? >> this is a great opportunity for folks to take stock of what's going on in their portfolio. a lot of folks have been riding high on tech and pretty happy about it. i would say this is a great opportunity to rebalanceyour

portfolio. if youyou have investments up 1, and you did not know to sell or hold, this should wake you up and take your winners off the table, not all of them, and diversify aside from high flying tech. >> you are looking beyond high flying tech. i have to talk to you about high flying tech. looking at tech, it has moved in correction territory from the high on july 10th. if you are looking at tech or holding tech or looking to buy into tech, what would you do? would you buy the dip? would you wait? is there more pain ahead? how are you viewing that? >> i think given the run-up over the last two years, you really have to take stock in that and a lot of companies have valuations that are far exceeding what their forecasts are for next year. you have to look at sectors with more upside. for me, tech is not one of those

sectors. you had a.i. be the theme of the year and now you are starting to see are these companies going to perform based on their valuations. a lot of them are astronomical. for me, i'm a value investor. you have to look for the value. tech is not where it is right now. there are a number of sectors. the number one sector i'm looking at right now that i like, because i don't have a crystal ball, is the financials. you have seen chairman powell has said and he has given everyone some clues that the fed seriously is starting to cut rates. who cares if it is 25 or 50. we may be done with the tightening cycle. >> mark, i want to get to your pick which is municipal bonds. quickly, why municipal bonds? >> if this market continues, there will be a flight to

quality. munis is a safety. you are seeing the presidential election in november is happening. if the democrats win, you will see higher taxes and a ton of wealthy individuals will look for tax-free income. this is the place to be. >> mark smith, thank you very much. one more look at futures. higher across the board. well off the highs of earlier today. "squawk box" starts right now. good morning. u.s. markets, well, they're not down. they're -- they're stable. they were growing better ea earlier, but better with the dow dropping 1,000 points. the tech mega caps erased about $1 trillion in market cap. stocks in japan, though, helping the cause gaining more than 10% overnight. that's a big turn around from a 12% decline on monday.

the worst session for the nikkei since the crash of 1987. earnings back on the caller d calendar. caterpillar and uber reporting. it's tuesday, august 6th, 2024. "squawk box" begins right now. good morning. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm andrew ross sorkin along with joe kernen. becky's off today. call it a turn around tuesday so far this morning after yesterday's big selloff. take a look. joe mentioned earlier, u.s. futures are up a bit. dow up 79 appoinpoints.

nasdaq up 70