it is 5:00 a.m. here at cnbc global headquarters. well come welcome to "worldwide exc exchange." we await what is arguably the most important event for the markets this year. this is the september federal reserve policy decision. our bob pisani lays out the bull case in what has his toretorica been a down month. and taking on elon musk social media platform x as as

you will csilicon valley allies rush to his defense. we have a mixed season of retail reports as inflation shows signs of easing. retail watcher dana telsey is here with her hot stocks to watch. and elliott management hits a threshold in the campaign with southwest airlines. later on, why the massive hotel strikes already gripping cities across the u.s. are about to get bigger. it's tuesday, september 3rd, 2024. you're watching "worldwide exchange" right here on cnbc. ♪ good tuesday morning. thank you for being with us. i'm dominic chu in for frank holland this morning. let's get a check of the u.s. equity futures after the dow

coming off the 26th record close of the year. the s&p is a percent away from the all-time high. futures are slightly off. the s&p down 23. the dow jones implied lower by 167. the nasdaq 100 down by 130 points. keep an eye on the moves in futures. continuing to watch that focus outside of big tech with financials and health care and industrials and materials all gaining in august and sitting at all-time highs. you see southwest airlines on the move and the sectors are the financials and health care moving solidly to the upside over the course of the last month. checking the bond market ahead of the august jobs report friday. the two-year note move at 3.93%. the ten-year note drifting below

3.91%. the 30-year long bond at 4.1911%. on the oil sector, cwti crude up .25% of 1%. ice brent crude futures down .50% to $76.27. we'll have more on that story later this hour. turning to overseas with the stocks and europe sitting at their own record highs for the first time since early june. arabile gumede is in the london newsroom. over to you, arabile. >> dom, good morning. while you have been sleeping, we have been working. we saw trade across the european market picture trying to find direct to the data deluge week. today, finding negatively across markets across europe.

marginal downturn for the ftse 100 in the uk. uptick for the cac 40. as you can tell, this is floating around the flat line. it is about key directional play and what exactly is moving the markets. volkswagen will certainly be looking at in the auto sector. interestingly, one that effects rolls-royce, cathay pacific announced inspection of the entire airbus a-350 fleet following a failure in the engine component. the problems were identified soon after takeoff from the flight to zurich. rolls-royce fell sharply following that news. the company said it is working closely with cathay pacific with the investigation. that turned the stock price around. it was significantly higher up as we started the day's trading. as you see, that petered off a

little bit. so, good morning to you and welcome back, dom. >> thank you very much. dp arabile gumede, trying to get back to work here. trouble for elon musk in the key south american market. silvana henao is here with those headlines. silvana. >> dom, good morning. that is right. a panel of the brazil supreme court justices voting monday to uphold the ban on elon musk's social media platform x. this after brazil's top justice issued an order last week to ban x from the country for failing to comply with regulations concerning content moderation. the brazil president da silva is weighing in saying his country should be an example for the rest of the world for how to deal with elon musk adding that the world is not obliged to put

up with his far-right ideology because he is rich. bill ackman said the shutdown could put brazil on the rapid path to becoming an uninvestable market. we are watching shares of southwest airlines which we are seeing slightly lower in the pre-market. elliott investment management now holds a 10% stake in the company crossing a key threshold that allows the activist investor to call a special meeting should it choose to do so. this comes days before the scheduled meeting with elliott and southwest management next week. elliott is pushing for the removal of ceo robert jordan and announcement of then new board members. and vice president harris speaking with president biden in pennsylvania over the weekend. she said she is opposed to the

u.s. steel sale to nippon steel. this echos biden who says he opposes the deal saying it would hurt american steel workers. nippon, for its part, sweetened the offer saying it would invest $2.7 billion in steel u.s. plant should the deal be approved. we are seeing shares 6% lower in the pre-market. dom, we will absolutely keep an eye on this. >> silvana henao with the morning headlines. thank you. turning back to the trading day ahead and kickoff september with the dow hovering at a fresh all-time high, bob pisani lays out stocks in september and this historically bad month for wall street may not live up to its reputation. >> the markets in september are likely to be complicated. the bad news is september is the

worst for the year for everything. the good news may be outweighing the bad news. the market broadening trend we saw in august is very real. equal weighted s&p 500 out performed the s&p. it closed on the high on friday. the leadership wasn't tech, consumer staples. that's a broad market advance. second, earnings had been really strong. s&p 500 topped 13% in the second quarter. that hasn't changed in months. third, inflation is waning. the pce dropped within the 2% inflation target. finally, this may be the best indicator of all. fed rate cuts are expected. at jackson hole, powell made it clear the fed shifted attention from fighting inflation to the jobs market. with the job market still relatively strong, most don't

expect to get aggressive unless it has to. still, most market observers believe any sign of significant job deterioration will be met with aggressive rate cuts from the fed. the put is helping support the bull position that any selloff around job deterioration will be short lived as the fed is putting a floor under the market. dom, that is the bull position. back to you. >> thank you for that, bob pisani. joining us is paul march um. he also heads up the firm's star disruptive growth and star worldwide equity funds. paul, thank you for being with us. you heard bob pisani reporting the compleplexity this septembe

ho holds. what are you doing about the markets? >> morning, docm. it is likely we are coming into september for the coming year. there's the ongoing fight on inflation, the trajectory of the fed and the election and the war in the background. i think this week is important for the data perspective because of the jobs number and ism which we will see today and friday. i think in both cases things have calmed down from the dislocation we saw a few weeks ago. we are not likely to see the 50-basis point put. markets will find that reassuring as we saw in the broadening out of markets is important for the major indices. >> at this point, is there

anything that can happen with the data that we anticipate with the jobs and inflation front ahead of the september rate meeting that could upset with the markets already see as a certainty in terms of rate cuts at this time and this point for this month? >> yes, my sense would be this is a question of quantum rather than if. unless we see a very significant higher inflation number and lower or higher job creation number and lower unemployment, then we're unlikely to see the fed stand pat or put rates up in that off the table. the latter is off the table. my sense is between 25 and 50 basis points is the choice. the number for the jobs number is below 100,000 and we are likely to see a more bigger and aggressive cut from the fed. the number is above 100,000. >> paul, the individual stocks

that have been driving a lot of the stories around the market are the montgega cap technology names. i know they are the ones broadly owned and may be in some trouble in some investors' minds with regards to valuations. can you take us through as a portfolio manager who we are doing now? >> it's a great question, dom. certainly for the last several months now or the last year or more since the a.i. store y has come through, it is necessary to go further out with the earnings and multiples. no doubt that nvidia is the 200-pound gorilla in this space. to that space, you can justify

the long-term valuation. it is well owned. there are regulatory restrictions for portfolio managers in how much they can own in the individual stocks. that can cap. also, you know, it is not just bifurcation in the market. i think it's easy to try to replicate the growth dynamics by buying lower stocks, but it comes with challenge and headwinds and more difficulty in terms of creating a product to rival to get up to speed with the a.i. story. it is whether you are willing to swallow that and continue unabated or lower the heat and take more of a chance around business strength of the individual company you are inves investing. >> paul markum, thank you very much. see you soon. for more on the trading day

ahead, head to cnbc.com/pro for insights and analysis. a lot more here to come on "worldwide exchange," and including the one word investors need to know, but how apple's biggest china rival is looking to one-up the iphone maker next month. sticking with apple, a look at what locals in china call iphone city and its questionable future as the global manufacturing hub for tim cook and company. an and a mixed bag for the retail sector that would be pe r reund.ri we have a very busy morning when "worldwide exchange" returns after this commercial break.

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welcome back to "worldwide exchange." the tech world is waiting on baited breath. huawei wants to steal the company limelight. it will hold the product launch on september 10th just hours after apple's main event.

teasing the product, huawei says the product has turned science fiction into reality. all of this as the future of the key hub in the apple global supply chain grows more uncertain. eunice yoon is taking a closer look and filed this report. >> reporter: in the chinese factory hub known as iphone city, people are gearing up for the iphone 16. foxconn has ramped up hiring. they have starter kits and that includes a blanket. recruitment agent says there aren't as many jobs as there used to be. foxconn hit its peak, he says. he recalls when the factory employed 400,000. in 2018, the province shipped 216 million smart phones. today? less than half that. it is generating interest at

foxconn, but with that is trepidation of how long these jobs with last. foreign invest ors are souring n china. there are numerous reports that foxconn is producing the iphone 16 in india. foxconn could not confirm that to cnbc. the government run media report all is fine. arguing the next china isn't india, but still china. here, people remain worried. the street foot seller caters to foxconn. there are fewer customers compared to four or five years ago, my revenue is down 50%. we would have to send our best workers to those countries to train them and teach our craftsmanship to foreigners. i don't like the sound of that. >> that was eunice yoon on iphone city.

thank you for that. ahead on "worldwide exchange," global hot spots heating up as the risks rise. those risks becoming more real. the latest on that story when we return after this break. it's all the things that keep this world turning. it's the go-tos that keep us going. the places we cheer. trust. hang out. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. powering more businesses than anyone. powering possibilities.

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your hair can grow 590 miles over your lifetime. it's in your nature to grow. nature's bounty helps you grow thicker fuller hair with just one capsule a day. you are bountiful, it's in your nature. welcome back to "worldwide exchange." to a developing story in the houthi hitting two oil tankers

in the red sea in a reckless act of terrorism. in the statement on monday, the rebels targeted the blue lagoon with multiple missiles and drones, but did not make any mention of the second tappnker. the ships were sailing near each other when hit, but able to continue without major damage or casualties. this news is coming as salvage operations of the greek oil tanker is set to begin today after that ship was hit with houthi fire more than a week ago. meanwhile, oil prices are lower for wti down to $72.92. for brent crude futures, they are off 1.5% to $75.59. let's get a check of headlines outside of the world of money and business. frances rivera is in new york with the latest. good morning, frances. >> dom, good morning to you.

prime minister benjamin netanyahu is pushing back against pressure from protests. demonstrators are outraged with the israeli leader. in a press conference, the israeli leader should stay in control of the gaza border. u.s. officials say two u.s. marines are safe after assaulted in turkey. you see the assault on camera with a man placing a bag over the head of the service member. at least 15 have been detained, including the youth branch of the opposition party. in a statement, the u.s. embassy in turkey thanked the swiss for the ongoing investigation. and pope francis arrived in jakarta and will visit singapore. the 11-day jaunt is the longest

foreign trip of his papacy. dom, back to you after that update on the headlines. >> thank you, frances rivera, for the headlines. coming up the show, the surging stock market minting more and more millionaires as the september trading kicks off. the staggering stat from fi fidelity. if you miss "worldwide exchange," you can catch us on apple or spotify or your podcast app app of choice. we'll be right back.

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it's 5:27 a.m. eastern time in new york and there's still a lot here on "worldwide exchange." here's what's on deck. futures are lower to kickoff september as wall street heads back to work after a long holiday weekend and volatile month and a crucial jobs report awaits investors this month. 'tis the season already. looking for the holidays with the retail sector and health of the overall consumer. and the under the radar buyers of more than a quarter of all bank deals so far this year and the stir its causing. a closer look at this controversial bank buying spree. it's tuesday, september 3rd, 2024. you are watching "worldwide exc exchange" here on cnbc. ♪

welcome back to "worldwide exchange." i'm dominic chu in for frank holland. let's pick up on the first day of trading in september after the long holiday weekend. you see the s&p implied lower by 29 points. dow jones by 178. the nasdaq down 158 points. this is coming off the s&p which is less than 1% from its over record high. futures are indicating more of the offering side of things. we will see how that continues. also check out what is happening with regard with financials, healthcare and industrials and materials sector. all gains ground in the month of august and all sitting just about near or at their all-time highs. with futures lower, a check of

the laggards in the dow industrials. boeing off 2.5%. dow and disney and intel. ibm is flat on the session right now. checking on the bond market. the two-year note yield at 3.927%. the ten-year note is 3.90%. the 30-year long bond is 4.194%. checking on the oil with the risks in the red sea shipping lane. crude off the losses. wti is $72.94. down .75%. 1.5% declines for ice brent crude. $75.65 is the last trade there. let's get a check on the top corporate stories and including a coast-to-coast hotel strike that's about to get bigger.

silvana henao is here now. silvana, i have seen them in my neighborhood. >> that's right, dom. baltimore hotel workers which have joined massive nationwide strike against hilton, hyatt and marriott during one of the biggest travel seasons of the year. the union hrepresenting the workers said 200 walked off the job in baltimore on friday. now striking in 25 u.s. cities from boston to hawaii. now workers say they want higher pay and better conditions and more staff to help. they are also asking for a reversal of many of the pandemic-era cuts, including daily room cleaning. the union is threatening to expand the strike to as many as 65 hotels in 12 different cities possibly adding to hotels to oakland, california and new

haven, connecticut, if demands are not met. meanwhile, espn and disney entertainment channels are dark for directv customers. the decision angering some sports fans as the outage goes hand-in-hand with the start of college football season and the u.s. open. intel is set to launch its newest and most powerful a.i. pc chips at the event in germany later today. the unveil comes as intel contends with restructuring talks as it looks to spinoff or shutdown a number of businesses, including the manufacturing decisions, dom. >> silvana henao with the headlines. thank you very much for that. retailers are wrapping up the earnings this week with a few names on the calendar. dick's and dollar tree reporting tomorrow. it was a mixed picture for the

sector last week. nordstrom, abercrombie and best buy were rewarded by investors. ulta slumped and dollar general tum tumbled 30% after slashing the outlook for the year. now the march is on to the holidays. let's bring in dana telsey at telsey advisory group. dana, talk to us about what we see in the u.s. consumer given what we have seen from the earnings report so far this season. >> thank you for having me, dom. we are seeing a more cautious consumer which is hesitant in the spending. you get them to spend by offering value or innovation. like last week, it is the haves

and have a-nots. you see double digit sales increases. you see walmart with a trade down from higher-income customers to them. holiday season is coming up. higher freight charges. five fewer days between thanksgiving and christmas. it will make the season in late november even more important. >> dana, how difficult is it to make some of those generalization comments about the trade down effect for consumers? i only ask because many of the dollar stores seem to have struggled despite walmart being the best performer in the dow. they are both geared to value-oriented customers. why the disconnect there? >> i think some of it is the dollar stores having the company specific issues. you see walmart execute better

and capture more share and frankly they are getting more traffic. the fact that you've had slow down in new store openings coming from the dollar stores shows the impact and no slow down continue to the open of 100 stores a year. look at what burlington said last week. the stores are performing at year one sales levels above the past. share gains. >> given the transitionary phase with the effects of high inflation, what retailers are then poised to do better this holiday season given that truncated shopping season you pointed out? >> some of the things i'm looking at is the off prices like tjx and burlington and ross. i'm looking at birkelnstock to

p perform well. look at footwear like deckers and what we have seen there. it has been able to perform. i think it will be very company specific in what we see. everyone's inventory levels are managed carefully. it's value and innovation that will be the themes of holiday 2024. >> dana, before we let you go, the high-end consumer with the tradedown at walmart with the more share of the wallet spend. how much down side could there be for luxury retail if we see more of a market slowdown in the consumer? >> twe had luxury brands and stock prices come down significantly. look at lvmh with the single digit increase for june quarter. single digits are not with luxury. we certainly need the chinese

consumer to travel again. they spend in their countries and asia-pacific region. we are seeing interest rates cuts and potential for what we could see with the gains in the stock market could mean that hopefully we see some stabilization in luxury. that consumer from asia is really the telltale sign. >> thank you very much, dana telsey, see you soon. >> thank you. coming up, the key movers in airline skotocks. the latest on boeing and rolls-royce. first, the three key stories. that stock surge is apparently minting a new batch of millionaires. as of the second quarter, the

number of 401(k) retirement accounts at fidelity worth $1 million is up 30% from a year ago and is a record high. "deadpool & wolverine" is the defining movie of the summer season. for weekend in a row, "deadpool & wolverine" crossed the $600 million mark following the labor day weekend. oxfam is releasing the best and worst states to work in in the u.s. tracking 27 policies across three categories, including the ratio of minimum wage and cost of living. worker propertections and paid family medical leave. washington, california, oregon. states at the tt, boomnorth

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your hair can grow 590 miles over your lifetime. it's in your nature to grow. nature's bounty helps you grow thicker fuller hair with just one capsule a day. you are bountiful, it's in your nature. welcome back. time for the morning call sheet. wells fargo is downgrading boeing to sell as costs to develop aircraft offset further production growth. piper sandler downgrading simon property group to neutral.

it is over and tticipated slowe earnings growth. b.riley is upgrading redfin to a buy. positioning it for growth as the real estate cycle turns around. t time for the global briefing. tesla is making a six-seat model y in china. production is slated for next year in shanghai. tesla has not commented on it. it comes as tesla has had the best year in china up 40% for the month of july. the u.s. government seizing a private plane seized by maduro. it was transferred to florida for alleged violations of export

control controls. an arrest warrant has been issued for the opposition candidate. c cathay pacific inspecting airbus after the downed plane after takeoff for switzerland. volkswagen can't rule out closing plants in germany due to industry headwinds. the automaker must drop a pledge that has been in force for 40 years. shares of rightmove are lower after soaring 20% yesterday. coming up on the show, the one word every investor needs to know today, plus call it a controversial buying spree. the unlikely buyers on the dozen

of all bank deals this year and why it may be cause for concern. our leslie picker is coming up with the details after this break. have you ever thought of getting a walk-in tub for you or someone you love? now is a great time to take a look at getting a safe step walk-in tub.

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welcome back. credit unions are on a buying spree. it has become one of the more controversial areas of deal making right now. leslie picker has more on that story. >> good morning, dom. th that's right. credit unions were developed in rural america for those without access to traditional banking. credit unions have operated as non-profits. in recent years, they scaled to the point where they are buying billions from community banks representing a quarter of bank deals. credit unions tax-exempt status gives them an m&a advantage all pulling tax revenue and reining in small business lending. >> it is an industry over time

been able to security laws to grow and at a pace that nobody is holding them accountable or stopping it. >> the non-partisan tax foundation says credit unions' business model evolution no longer justifies the annual taxpayer subsidies from which it benefits. the tax-exempt status allows them to pay more on deposits than traditional banks. advocates say doing away with the tax -exempt status would do away with jobs. regardless of size, credit unions tend to abide by their mission. >> generally, credit unions do pay more on their share deposits and they charge less than the loans they make to consumers. i think that's a good thing for the american consumer.

>> as they scale, credit unions have been spending millions on marketing. just last week, the northwest federal credit union named rights for the nfl stadium. dom. >> they are more prevalent now. now i see ads for credit unions on my own television feeds. how big can this industry get and how much do banks have to fear credit union side of the equation? >> that is the key question here, dom. credit unions have 130 million members at this point in time. i believe it was back in the '80s during the savings and loan crisis that the government relaxed the regulations with the credit unions because they depa didn't want them to fail. they wanted credit unions to survive.

they relaxed the regulations. now you are seeing for something with an ethos in community based lending, now cross border transactions where michigan is buying a community bank in florida. a lot of critics are looking at that and saying what is the community aspect of the cross border transaction? you have these marketing deals with the goal of obtaining more members and growing their base there. threoretically theoretically, the sky's the limit. there are still regulations surrounding this industry with regard to establishing that community. they have gotten more lax over time. >> it is less than local markets and more about industry and democgraphic groups. like certain types of employees. it will be a difficult task coming up. leslie picker, thank you. a controversial story for sure. coming up on the show, why

your next guest says gold is a hedge against uncertainty. if you haven't done so, follow our podcast. check us out on apple or spotify or your podcast app of choice. we'll rhtac beig bk.

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welcome back to "worldwide exchange." time for the "wex wrap-up." a panel of brazil supreme court justices voting to hold a ban on x. the president da silva saying his country should serve as an example as the rest of the world for dealing with elon musk saying the world should not hold up to his right-wing ideology because he is rich. and elliott management looking for a stake in southwest. the news comes days before the scheduled meeting between elliott and southwest management next week. vice president kamala harris speaking with president biden in pennsylvania over the weekend. says she is opposed to the u.s. steel sale to japan's nippon

steel. nippon said it would invest $2.7 billion in the u.s. steel plants should the deal be approved. apple is set for a new product unveil next week, but china rival huawei wants to steal the limelight. it will hold its own product launch on september 10th at 2:30 p.m. beijing time. richard hu said the company has turned science fiction into reality. and yemen's iran backed houthi attacked two more oil tankers in the red sea with multiple missiles and drones and did not make mention of the second ship, a saudi tanker. look for earnings from dick's sporting goods and dollar

tree and broadcom. we get the fed beige book and the job openings or jolts report. also the ism manufacturing index. the main event comes on friday with the release of the big august jobs report. investors are facing the big employment report as they return from the holiday weekend. the july payroll numbers sparking a global market selloff in the following session on august 5th. the major averages have bounced back, but the dow up 4% and s&p and nasdaq jumps 5% in that span. joining me now is tiffany mcghee. she is a cnbc contributor. tiffany, i wonder what you make of the bounce back and the path of least resistance for stocks still remains to the upside. >> dom, good morning. listen, i'm traditionally always bullish on stocks.

you know, i really think about what has happened over last week and heading into this trading week. also, really over the next two months. i don't know if you ask my word of the day and i'm sure we will get to that. it is the idea of the push-pull. the various factors pushing and pulling the market over the next two months. the investors should really get their game plan together. one is the beginning of the rate cutting cycle is traditionally positive for stocks, but the months leading up to the presidential election have been challenging for stocks. that is the push-pull. you mentioned earlier the market leadership broaden with earnings growth and s&p 500 excluding the mag seven positive for the first time in about five quarters. so, you know, we're really speaking to our clients about further diversifying their

portfolios over the next two months. >> tiffany, some argue a broadening out of the rally and that may be a good thing . it is also not good to see stocks like health care leading the way higher. what exactly is the push-pull or tug-of-war there? >> listen, you know, on cnbc, we've been talking about the performance of the tech-heavy stocks, really for quite some time, right? i think it is the natural flow of the market. i don't think and i hear what you're saying with the traders saying which sectors are leading. i really just think this is the natural flow of the market. those tech-heavy stocks can really not continue to run up in the way they have. this is just the natural progression. the best defense is diversi diversi

diversification. >> we just have a few seconds left. your favorite stock of the season? >> i'm going to go with the etf. gold. a great diversifier. gdx. up almost 25% for the year. >> all right. tiffany mcghee. thank you very much. we'll see you soon. keep it right here. "squawk box" picks up the market coverage coming up right now. good morning. elon musk's platform x blocked in brazil after a supreme court panel upheld a ban. disney channels, including espn, blacked out for directv customers on a busy sports weekend. we will have the latest on carriage fees. volkswagen is warning it may have to close plants in germany, that would be a first, as it faces new competitors in the european market. it's tuesday, september 3rd,

2024. you mean there's a jobs report coming up? "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. we are back. the boys are back. becky's off today. we have a lot going on this tuesday morning which always feels like the beginning of the sprint from here to christmas after labor day. that's what it is. >> that's not this sprint. >> you don't feel that's the sprint? >> that's tnot the terminus of the sprint. >> the election day? how many days? >> 63. 18