i'm andrea canning. thanks for watching. this is "street signs" live from london. i'm dan hughes. welcome to "street signs." after the bell today analysts are expecting another blockbuster quarter from the ai dollar. the dow posts its 24th record close of the year. u.s. equity futures set for a

muted open. also today, uk businesses are on high alert, but the country's property sector enjoy some reprieve as listings are at a seven-year high. we'll discuss with executive director richard donell this hour. former president trump is hit with a fresh indictment over his involvement with the 2020 election. welcome in to the program. thanks so much for joining us this hour. as we take a look at how stocks are trading right here in europe, the stocks are better by.22%. of course, the main event is state side when nvidia will

release earnings. it is, of course, a key bellwether for tech and ai. the question is do we need to see an outperformance from that stock in orders for the broader market gains to continue? a look at the kriedriving drops we're going to continue this hour. let's break it down across the region. here's how european markets are trading. and you can see broad-based gains right across the region. london's ftse holding onto gains, up by 0.01%. in paris, the cac 40 up by 0.34%. sectors also looking like this, and with regard to what's actually moving this market, well, insurance is better by more than 0.71%. on wall street we saw the major

indices actually closing higher here, and this was quite an interesting session overall. the dow saw a record close. and when you look at what is expected here coming into the nvidia result, options pricing slows trading at nearly 10% or $300 billion market swing, the largest move of any company. that's part of the reason why we saw the nasdaq eeking out a gain here. the 500 and dow also closing higher on the day. when you look at what to expect when it comes to the u.s. open, you can see here futures are called mostly higher. the s&p 500 and dow expected to eke out a modest gain. the nasdaq is in negative territory. watch this space. a lot could change as we track into the u.s. open. nvidia is looking like this as well. in the premarket trade. you can see moving higher as well. year to date, the stock is up

160% here. how about nvidia earnings. they influence the bottom market given the modest movement we've seen to the s&p 500 this year. what are the potential ripple effects on the tech sector if earnings fall short of expectations? as it stands, we're seeing some buying in premarket nvidia trade, up by 0.08%. we have to watch and wait to see what happens here because this could ultimately determine the next move. the market looking like this as well. the currency trade has been interesting to watch as we see broad usd weakness continuing to driving money into these other curb encys. eurodollar at 0.01%. the swiss franc at 84 u.s. cents,sterling tracking at a 2 1/2-year high as we speak.

two others were asked for their take on the fed and what's driving this market. take a listen. >> if you think about what the fed has beening down and how it usually reacts, it was to be doing this sort of very deliberately, so in my read, that would be 25 basis points and a series of 25 basis points would be appropriate at this point given where the economy is and where the fomc thinks the economy is likely going. >> we priced in four cuts for '24 and nine cuts through next year, getting the cuts right down to 3. so the rate market is certainly anticipating at least a 50 in there and going 100 basis points for the bans of this year. so the market's already priced it in. >> and we also wanted to flag for you what we're seeing into the news room.

a live shot of the blue sky day where uk prime minister is on the ground to meet with chancellor scholz, trading with germany as part of a broader reset of european relations under the new government that he leads. t this agreement is expected to include collaborations regarding energy security and technology and access to certain markets. he's also planning to meet scholz and then meet emmanuel macron and attend the paralympics later today. we're going to continue to follow these developments for you. it looks like a lot of pomp and ceremony taking place for that visit as well. we'll watch these pictures as they continue to come in. let's continue the conversation and bring it back

over to business. richard kelley is head of global strategy at td securities, and who better to unpack what we're seeing in these markets. richard, i wouldn't normally ask you about a single stock here, but nvidia is just so important. it's been called the world's most important stock. as i mentioned before, up more than 160% so far ytd. is it fair to say as goes nvidia today, so goes this market? >> it's really the only game in town right now. everyone's taking their leads. the other side is we had this flash crash at the start of the month. positioning is already back to where we started on that side of the things. you can take nvidia into the magnificent sechbld and look at the carry trades, the pressure on the dollar. this is one of those key numbers today. >> what happens if nvidia disappoints? >> i think right now the concern we have is if you look at kind of where things have gone, on an

equity side of thing, the magnificent 7 has gotten the rally picked up. there's a lot of investors that have poured into that trachltd when we talk about carry trades, there has to be something on the other side. if your expectations starts to be these exceptional returns are starting to pull off, maybe you need to adjust. when you think of the carry trades, that's where that pullout starts to go. if you look right now within the cta, the systematic community, right now we see sort of buying skpaupgs. the downtrend can get exacerbated by what's sitting there. if you look at the dollar, that looks cheap. that starts to unwind. and you're in an environment again where there's low liquidity. i think these things feed upon themselves. it's not one little incident. >> investors question the tech and ai trade, which is what

you're explaining here. i remember the last time you were on, you thought whether the indexes had seen their highs for the year. we have now retraced those lows from earlier on in the markets. markets are performing yet again. i'll ask you the question again. do you think we move higher from here? >> it's very hard for me there because i can put those scenarios on both sides of things. ultimately you want to be tied to fundamentals. it's telling you there isn't a lot of upside for the s&p from here. risk overall has priced in better news, but look at how quickly we washed off the sense, is there a u.s. recession? we've sort of retraced that? i think we w're set up for a rebound with payroll, some of this looking a bit better. at this stage it's about the tactical side of when this comes in. that can feed into risk sentiment. i think at the end of the summer, it still looks like

we're a bit over our skis. it's more natural to pull back, but it doesn't take that much to keep moving until the fund menials turn. >> let's talk about the spaces as well. the usd has also been pulling lower, now at more than a 12-month low. what's driving that, where do you see usd go, and what do you see with usd equities and beyond? >> a lot has to do with carry trades. i think that's not entirely accurate. it's been a broader reendwajment with risk with fed easing, rising. i think those are different areas to get involved with. in a carry trade perspective, that carry side is actually diminishing. it doesn't go through. if you look across fx space right now, the strong correlation has been within market pricing over for central banks over the next two years

and their fx cross. so the more the central bank easing is in, that's what's really driving fx. it's been the central bank trade. i think that's relevant because it means at some regard equities themselves aren't necessarily the primary driver. they, in fact, are being driven by what's the expectation for central bank easing? that means i can look at some of these revenues and say, all right, on a discounted basis, it's not as bad. you try and sustain that perfect landing zone that the fed and the bank of england are trying to do. >> indeed. so when you look at what could potentially happen next year, with regard to the dollar trade, how much lower do you think usd can go because there's also a conversation out there that suggests the current easing priced by markets is a little overdone. >> i agree with that. our expectation is they're cutting 25 basis points per meeting. that gets you to 75 basis points for the rest of the year.

the risk is there's the data in there. that means the market is already 25, 30 basis points over fed easing. i think if you look at the u.s. election, we sorts of swung to the other side in terms of harris coming through. that starts to mean more as you get both campaigns really going. that opens up more risk sort of premium that gets into the market. if you look at global growth, china is struggling. that's actually slowing fatter t faster than what you're seeing on the u.s. and at this point you start to look at long dollar trade. you start it on a short-term basis, but between now and then, you're likely to see the dollar higher than lower. >> interesting. one of the other questions i've been asking guests this week, how do you want to be positioned as the rate unwind takes place? one of the interesting areas you have been speaking about is what's happening in the fixed

income space. you want to stay long, is that correct? do you want to unpack that for me? >> while there's probably an overpricing for what's most likely from the fed this year, you can get more fed easing next year and going into 2026. central banks, the fed and everyone else is trying to be very cautious. they're generally okay with where inflation is in the aggregate. this is why they're going at a more measured pace. if that starts to come in overall softer next year, they can keep us at that sort of neutral raid. that means overall from fixed income, there's more for rates to rally. it might be a little more up and down this year. >> quickly, where do you see the 10-year by the end of the year? >> you're probably looking at 350 and below three or at three next year. >> fascinating. richard, i appreciate your time. that's richard kelley, head of global strategy at td

securities. do stay with us on the program. on the other side, lego building up momentum as well as a surge. we'll bring you more con very sausage with the ceo on the other side. we're back in two minutes. plus, on the market, house listings surge to a seven-year high in the uk. we'll dig through the state of the housing director with richard o'donnell. that's next. what is cirkul? cirkul is what you hope for when life tosses lemons your way. cirkul is your frosted treat with a sweet kick of confidence. cirkul is the effortless energy that gets you in the zone. cirkul, available at walmart and drinkcirkul.com.

welcome back. gsk looking at shares. it's considering it heartsburn drug zantac. other giants are appealing a decision by delaware's highest court which allowed thousands of lawsuits claiming the discontinued drug zantac cause causing cancer to go forward. they deny the allegations. meanwhile prudential posts a 9th rise. it says it's confident of hitting its strategic targets by

2027, adding it's focused on converting its new business profit to gas. and burberry could lose its spots on the ftse 100 after 15 years in the blue chip index after the ftse russell flagged it as potential candidates for relegation to the ftse 250 index. it comes after a 50% decline for the luxury brand so far this year. plus e, easyjet could have reprieve. the rebalancing could bring good news for raspberry pi after the index provider said it could be moved into the ftse 250 next month. changes are expected to be announced after the market close on september 4th based on data from the trading day before the rebalancing itself happens on the 20th.

and novo knee sis raises its fy outlook after reporting a 10% growth in q2 sales. the company is well positioned going into the second half. >> we said we would have a soft start of the year in human health. mainly looking at comparatives and driven by extremely extraordinarily strong hmo year last year that led to a softer site this year. the ungds lying market continues to be on the penetration of our union, appears to be strong. we feel very confident, also the way we started the second quarter. how we finish the second quarter, 5% growth and a good start of the second half, we very very comfortable for a

stronger second half and year end. and the lego group has experienced a rise driven by a strong demand in europe and the americas. the danish toy company plans to boost its segments. i spoke to the ceo o niels christiensen christensen. take a listen. >> we're growing up on topline by 26%. it's in a period where the toy industry is rather flattish. we've been gaining quite a bit of market share to get to these results. >> consumer sales up 14%. what are the product lines driving that growth? >> luckily it's a bit across the board. we have great excess with higher priced pawns and lower priced pawns, so it is very much across the brand. it's also across markets.

it's also driven by a lego brand that stands really, really strong all over the world and a good product line. >> there's a higher market share as well. given the fact we've seen double digit growth in the top and bottom line, the question is how sustainable is that? >> it's a good question. it's hard to say. we've sight it now more or less over the last four or five years, so we're dedicated in our investment into both long- and short-term growth. we're gaining the benefits and continue to do so. i would hope we can sustain the momentum going forward, but, of course, these kind of results are quite unique, but i'm pretty comfortable. >> the lego ceo also touched on his outlook for china. >> if i look at it right now, we have tremendous momentum in the u.s. and europe. we seem a bit more stagnant in

china for now. two years ago i would have said china is growing fast. right now most of what we know of is rather flattish. we believe in the long-term potential in china as well. a lot of people and kids particularly, the lego brand stands strong. we continue to invest in the americas and europe but also in asia and china because we believe in the longer term potential. but i would say right now it's really hot in the u.s. and europe. >> the prime minister has warned the budget announcement, quote, is going to be painful and the country will need to suffer short-term pain for long-term good. he's accused of being dishonest about a $22 million black hole in government finances, however, he said they'll stick by the government pledge not to raise national insurance income tax or

v.a. t. there's speculation the uk homebuilders could pledge some 1.5 million new homes over the next five year. the supply of homes in the uk has hit a seven-year high according to zoopla's latest price house index which found 25% of homes in august have reduced their price by 5% or more to attract buyers. let's unpack all of this with richard donnell, executive director of zoopla. welcome to the program. thanks for being here. this shows up home prices are rising, but so are supplies. characterize it for me. what are you seeing out there? >> the market has been adjusting to higher mortgage rates. we had a number of drops in

transactions. the transactions are back, dropping to below 5%. obviously means more buyers, means more sellers. the prices are up, volumes are up. you're still having a certain proportion of peegs asking to cut the option price to actually find buyers. >> indeed. house prices were up around 1.4% the first seven months in the year. that's a dekrenlts turnaround from some of the performances we've seen in the last few years driven by the fact we have interest rates coming down. what is the trajectory for home prices in the country and what will ultimately determine where values move from here? >> i think we're on track for home values in the uk to be up by 2.5% this year. prices fell by around 2% last year. there's quite a big divide across the uk. so in the south of england,

prices are still falling modestly year on year, but actually values are rising at a faster pace across the rest of the uk where prices are more affordable. it's really about two things. the trajectory for mortgage rates. you don't see it falling below 4% any time soon. so we've got mortgage rates at the moment. the most important thing is growth and incomes we need to see incomes rising fast ore. >> richard, i also need to ask you about what's happening on the fiscal side as well because the government is already warning of what will be quite a changing autumn budget, the pain is to come, and so what should we expect from the property sector here, and is it likely we're going to see higher property taxes or an increase in the capital gains tax, which would ultimately impact this industry and this market?

>> that's right. it's very unclear at the moment what the current thinking is. i don't think we'll see more taxes on property transactions. it's a real hit. clearly the focus is on the wealth side of things. the valued housing assets is about 75% of the uk's wealth, so it sounds like if you read some of the headlines and speculation, it sounds like potentially the capital gains tax charged at a marginal rate of tax, inheritance tax, i think one of the areas, the biggest tax break is people can sell their main residence tax-free. i don't think the government will go that far, but i certainly think for people to own more than one property with particularly large-sized asset bases, then taxation is likely to increase, it seems. >> you're representing the industry. what's your message to the

government if we did see capital gains tax coming in at the same rate as income tax in the uk at around 45%? that would be really damaging to the market, would it not? >> it will certainly make a lot of people own more than one property reconsider kind of what they want to hone, whether it's an investment property or whether it's a second home. look, we're already seeing tax changes in the second homes market. counsel taxes have been doubled. there have been tax relief for people who run holiday. it's have an impact on housing and will continue to do so. landlords have been hit with tax changes going back to 2016. we've seen a steady flow of private landlord's leaving the market. people with more than one property have been facing tax changes already. if the government went as far as norma norma

normalizing income tax and capital tax, it might bring the prices down. there's already shifts happening in the market at the rate of fiscal activity. >> all right, richard. we ale leash it there. really interesting conversation. richard o'connell, executive director of zoopla. up next on the program, the countdown is on for nvidia's results, but can the chipmaker deliver? we'll unpack on the other side. stay with us.

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recapping the headlines. nvidia expecting another blockbuster quarter from the ai darkling. the dow posts its 24th record close of the year. u.s. equity futures set for a near open.

the ceo telling cnbc what drove that move. >> double-digit growth. growth across all of the segments, strong ploemployment engagement. 80% already from the target run rate, so we do feel in a good place. in politics, former president donald trump is hit with a fresh indictment by the special counsel over his attempts to overturn his loss in the 2020 election. welcome back into the program. okay, it is the big one today. nvidia earnings are due after the bell. analysts are expecting another blockbuster quarter from the chip giant with revenue and earnings seen rising over 100% on the year. the company's profit margin is seen shrinking higher on the quarter on higher production costs though. according to goldman sachs,

there's a suggested swing of as much as 9% in either direction on the results. arjun kharpal joins me around the desk here in london. you've been following every story, certainly the expectations run high for the market darling for later today. >> there's a few things. with those expectations, the focus is going to be on the quarter we've just seen, but actually a lot of the guidance. that i hope to hit the target revenue representing around 74% year on year growth. i think nvidia is going to at least need to hit that, but definitely surpass that to show demand remains intact. the second big topic on the earnings call is going to be around black well. this is nvidia's next generation chip. there have been reportswe could see a delay in the release of this chip because of production issues. so i think the market is going to win commentary about if there is this delay, how long is this, is it going to impact revenue in

the coming quarters. there's no doubt nvidia has this sort of tailwinds behind it and a lot of strengths going into this report. there's a strong demand and constraint supply. they can't make the chips fast enough for the demand currently. that's giving nvidia very, very strong pricing power at this point alongside the fact that it is the leader in this market and that's why we're seeing projections of margin well above 70% at the moment as well. and the final piece of the puzzle as well is this limited competition for nvidia. yes, amd has jumped into the space and is ramping up the efforts, but nvidia being one of the first players has managed to get a real grip on this market and lock in some of those customers' orders. it's copping into the tailwind and i think the market is going to be very focused what the next couple of quarters looks like. >> indeed. looking out for your the guidance. with the stock already up around 160% ytd, certainly a lot of

expectations here, but arj, stay with us. we're joined by josh. what can we expect with nvidia? is it going to make or break the market? >> first of all, thanks for having me back. i always appreciate it. so much of the index relies on the nvidia report. individuals thought about index. breadth has expanded a bit. you've seen some risk-off activity, but not much. they're sitting at all-time highs. a lot rides on the ai team. so much has been created by nvidia. the issue that we see is really at this point it's so consensus to be long in nvidia and that these numbers are going to be good. going into the all previous reports, one of the reasons why the nvidia setup was really so good was that the company was doing so well that the estimate

revisions ahead of it were higher than the amount the stock was going up intraquarter, so the company would beat by 30%. the stock would go up by 20% into the next one and you actually have a cheaper stock than the print before that, but the beats have been getting smaller and the stock increases have been getting larger. nvidia is going in there with all-time crowdedness and an all-time high multiple, and so much riding on these numbers. so it feels to us like an inline report probably sends the stock down. a beat needs to be good but not too good to signal a peak, and to take another leg up, they're going to surprise investors the way they're thinking right now, but given the fact they're so positive on the story, what really do they have left to surprise that's going to convince people it's not a peak. it feels to us like the risk/reward is somewhat skewed to the downside. we wouldn't rush to sell it if

we owned the stock, but if we didn't own it, i wouldn't be putting on a fresh position here just a day ahead of the sprint. >> josh koren, good to speak to you again. how much is the going to be putting on blackwell and any kind of delay? is there any sort of timeline, say, if there's a quarter delay, that's okay, or if it's any longer, that's not going to be as good? >> hey, arjun, always good to chat. think of how you described nvidia before the first question that you asked me, right? that sounds so peak, right, that it's just supply constraints and margins are super high and they have all of this pricing power because tmc can't make the chips fast enough and indiana nvidia is the only game in law. competition is coming in. there's going to be more supply. margins are going to have to come down. it's just natural.

the biggest concern on nvidia right now at the multiple that it's at is have we peaked because if we've peaked, then we all have estimate revisions coming forward and we're coming into that environmental from a super high multiple. that is no good. how do we combat that? blackwell. that i have to have a new growth story coming out that's going to sustain this situation for longer, and really it's what they've got. if you've got a scenario where blackwell is getting delayed, what you've got are no estimate revisions going forward higher and a stock with a super high multiple. so we think that it's really important that they're able to articulate to the market how quickly this is going to get out, and people are going to be watching this commentary for a reaction on how to value a stock on amd, also going forward who's a competitor and potential beneficiary from that delay. >> do you have any forecast or visibility around this pricing power because we know that as you were talking about, the

supply constraints and demand is working in nvidia's favor right now, but when that kind of works itself out and it doesn't have the strong pricing power coupled with increasing competition, then those markets can come under pressure. do you have a view as to when that might happen? >> i think that to understand that, the way you track it is to look at the increase in the capex guidance from the hyperscalers when they report. so the encouraging thing going into this nvidia report is the main takeaway from mag 7 earnings the last season is not that their revenue was so good, but all of the companies, they raised their cap index by 50%. as long as that's going on, you can expect this margin situation that nvidia has right now to continue. but when we start to see those capex guidances trail off, suspend from the actual customer guide start to come in a little

bit, that's how ow you know that the pricing is going on. so given the fact that all capex increases were significant last quarter and that's the main theme from big tech earnings, we don't think that's a big discourse event, but wher it is, we're talking down 20% or more for the stock, and i don't think that it's too many quarters away. we don't think it's this quarter, but i wouldn't be surprised to see it happen within the next maybe two or three-quarters. >> josh, just before we let you go, you spoke about the competition land skaup. which of these businesses stands to benefit the most if we continue to see nvidia perhaps stumble on this blackwell chip rollout or if we see earnings kiss appoint today or money moving within the sector? >> for sure. it's amd hands down.

when you think about it, arm is more of a play. it's kind of still a relic of that meteoric rise that it had earlier in the year and hasn't really come down from. you know, micron is kind of more in the memory space, much cheaper stock but not really in direct competition. it's amd. why? also from a liquidity standpoint, it can handle those flow of funds. people are looking for a new story if nvidia starts to erode or this market share story we have starts to wain, it's going to be amd who's probably chipping into that share. that's a lot of stock a lot of people have wanted to see work better than it has. the stocks with well over 200 back in march, numbers that were lower than here. it just kind of came down because funds flowed through nvidia. as that starts to unwind, we think amd is the larger beneficiary. >> thanks for the conversation. that's josh koren, founder and ceo after musketeer. for more on the pressure for

nvidia to perform, you can check out our earnings preview at cnbc.com. that story is live for you right now on the website. let's move forward and get you a check on what's happening in the oil patch right now. brent crude now down 7%. wti also sub75 usd. we are continuing to see oil move just a little lower here. prices looking volatile as traders assess potential supply losses from nvidia and also weighing global demand services at the same time. also in geopolitics, a great flag oil tanker attacked by the you thinks last week is still on fire and appears to be leaking oil. according to the pentagon, the vessel that was carried 1 billion barrels of oil was attacked on august 21st. the question is this an independent action by those houthis or is this part of a

broader response in the region. of course, tensions running high with iran volling to retaliate against israel and at the same time israel also responding to that most recent hezbollah attack as well. so clearly a very volatile situation in the region now, impacting markets as we assess what is happening right now in the red sea. some extraordinary pictures there. israel's military says it has rescued a hostage who was kidnapped by hamas on october 7th while conducting a complex operation in an underground tunnel in southern gaza. the 52-year-old was brought by helicopter to a hospital in southern israel where he is said to be in a stable medical condition. he's the eighth hostage rescued by israeli forces since the start of the war in gaza. following his release, he called on israel to call on a cease-fire deal and for hamas to

release any further hostages. how this affects the ongoing peace talks. >> freed after more than 320 days in captivity, us real defense forces say this 52-year-old israeli man was rescued from an underground tunnel during a complex mission in southern gaza. >> these kinds of operations are very, very difficult. the risks are to the hostage as well as potential for collateral damage, civilians who are in the vicinity. >> reporter: the idf says the fare of 11 is in stable medical condition, the state welcoming the news and the u.s. is determined to see all hostages held by hamas including american citizens freed. this offers renewed hope for families of hostages. some spoke at the democratic national convention last week. >> needing some of all of the

trust hostages at home is not a political issue. it is a humanitarian issue. >> reporter: elsewhere in the middle east after israel and hezbollah traded strikes over the weekend, officials say tensions over a wider war have eased. >> what i believe now is that it is incumbent on all parties in the region to work toward de-escalation and stability. >> reporter: calls for a breakthrough in cease-fire negotiations between israel and hamas continue with homes of seeing the release of more than 100 hostages believed to remain in captivity. this is the eighth hostage rescued alive by us real since the war began. the hostages' family forum says military operations alone cannot free the remaining hostages, and they are urgent gently calling on the international community to maintain pressure for a deal to be reached. in washington, brie jackson, nbc

news. coming up on the show, prime time. kamala harris and tim walz gear up for their first sitdown interview together since securing the democratic ticket. plus, the grand jury hits out at donald trump yet again. we've got all the details just ahead.

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welcome back. nfl owners have given the green light regarding private equity investment. you can give unto 10% including blackstone, cdc, and six straight. meanwhile "mad money" was told nfl would support the move. >> this is something we've been considering as a league for five years when institutions started investing in other sports leagues. we felt it was the right time for the nfl. we're definitely taking a baby

step, limiting the investments of 10% of the franchise. we think the capital will be very helpful for teams as they look to grow the business and improve the fan experience. meanwhile vice president kamala harris and minnesota governor tim walz will sit down for their first joint interview since securing the nomination. it will be conducted by cnn anchor dana bash at 9:00 p.m. on thursday and marks the first time harris will sit down for an in-depth conversation suns she dropped her bid. and donald trump has picked robert f. kennedy and gabbert to join him. elsewhere trump is facing a new federal indictment over his efforts to overturn the 2020

presidential election. the revised indictment carries the same charges as last year but removes certain allegations. the move comes just a month after the supreme court said former presidents would receive broad immunity from criminal prosecution. well, let's get more on this. we're live with alice barr joining us from warkds. alice, great to have you as always. what do you think the latest indictment could mean for trump's campaign? >> dan, it comes at a critical stretch and brings donald trump's issues back into focus. people know that the former president has been embroiled in a number of legal challenges and it's unlikely to have a major change certain willy on the people who support him, but it is a reminder for people who may

have forgotten some of what he's, you know, bogged down with, that if he is elected, he's got these things hanging over his head. now, important to note, if he is elected, this goes away. he would make sure the justice department efforts into trying to overturn the 2020 efforts wouldsquashed. what you're seeing is effort is by the current justice department and jack smith to streamline this and get it as far down the tracks as possible before the election, although, everyone agrees the appeals process agrees it's not going to be settled before november. if kamala harris were elected, then it would continue. you laid this out well. what it does is keeps the original four charges intact including conspiracy to defraud the united states and conspiracy to obstruction a proceeding. but it part of a supreme court

decision that said former presidents including this one cannot be prosecuted for many official acts carried out while in office. for example, the supreme court had specifically said they could not charge trump for things he did with his former department, leaning on the doj, trying to get them to support his false claims of a rigged election. it also takes out some references with discussions with white house aides, but critically it keeps in some to try to pressure former vice president mike pence in not certifying the election results. it adjusts the language to reiffer to pence as a candidate for office since he had a reelection bid as well at the time or in his capacity as part of the senate, not as vice president, in order to remove the official conduct aspect and thereby argue that trump was not acting officially either.

that's the line to walk here. with know the trump legal team is going to try to get this dismissed. they still think there are fatal flaws under the supreme court ruling and this appeals process is going to stretch past november. >> we'll continue to follow that. while we have you, it seems like only yesterday you and i were talking about when we might see kamala harris agreeing to a sit-down interview. it's now been confirmed. harris and walz are going to sit down on cnn for their first sitdown interview. what do they plan to achieve and do we have any insight into what the potential questioning might be? >> yeah. ask and you shall rereceive. it's not surprising you asked that question the other day, when are they going to sit down for a sitdown interview because they've been pressured to do that. i think you're going to expect to hear about immigration. that is really the biggest sort of weapon against vice president

harris that certainly republicans are levying to try to get her to stake out her position on that more clearly, and the economy. she has put forward some of her policy positions on the economy. but the interviewers are going to try to get her nailed down on some of these policy positions, and then she and governor walz, i think, are going to try to keep it as loose as possible. you know, at this point, they've been riding this momentum. they've been trying to stay out of the way of former president trump who's been dropping in the polls. the more consistent they are, the more fodder they'll get. yes, they'll try to answer the questions but keep it as broad as possible and try to keep the momentum of the excitement going. >> always appreciate your analysis. thanks so much for joining us today. that's alice barr live in washington, d.c. before we track into our next break, let's give you

another look. the ftse 100, little changed over the last hour. we have just seen it flip into negative territory, but it's just below the flat line there. the cac 40 up by 0.4%. the german conac index up. we're on countdown watch for the big one in the united states. you can see up by-of 1%, a lot riding on these earnings after the bell today to ultimately determine the direction of the market, given the gains we have seen nvidia contributing to the s&p 500 so far this year. thanks so much for your company today. i'm dan murphy in london. stay with us. "worldwide exchange" is up next. switch to shopify and sell smarter at every stage of your business. take full control of your brand with your own custom store. scale faster with tools that let you manage every

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it is 5:00 a.m. at cnbc global headquarters and welcome to "worldwide exchange." here are your "five@5." it's the main event, and the countdown is on to nvidia earnings. this is a critical report for what some have called the world's most important stock. and futures are higher ahead of the results, the dow closing with its 24th record this year as investors find other alternatives to tech. in addition to nvidia today, you have crowdstrike and an earnings report that will likely be overshadowed by lingering questions over