it is 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here is your "five@5." broadkrocom the latest vict of the pressure. selling more shares. berkshire hathaway snaps a win streak and looks to sell bank of

america. and details with the intel asset sale and the two companies in the spotlight today. later, a cnbc excluexclusiv. it's friday, september 6th, 2024. you're watching "worldwide exchange" right here on cnbc. ♪ good morning and welcome to "worldwide exchange." i'm frank holland. let's get you ready for the trading day ahead. we kick off the check of the u.s. stock futures after the missed session as wall street gets ready for today's jobs report. today, in the red across the board. s&p down 40 points. dow looking like it would open 150 points lower. the nasdaq is the hardest hit down 250 points. down 1% right now. the dow and the s&p are on track for the first down week in the last four. s&p on track for the worst week

since april. the nasdaq is the hardest hit down 3.13%. back to the nasdaq. blame tech for the weakness. the sector on pace for the worst week since july 19th. the bond market and labor market concerns are front and center. look at the bond picture in just a second. the ten-year at 3.7% yield. the two-year and the 30-year below 4% right now. this is a read on long-term f inflation expectations. let's look at europe as the trading day gets under way. arabile gumede, the man in black, is with us in the london newsroom. arabile, good to see you. happy friday. >> happy friday, frank. one thing is sure this market is on tenterhooks.

that's why you are seeing it not necessarily in black. unfortunately in red on cross the market picture. poun .50% lower. the german market down .10%. even the german market is actually in record numbers not so long ago. just over a week ago, in fact, in today's numbers, you tell the negativity plays in the market. in terms of sectors, we looked at technology. we saw utilities manage to move higher across europe in yesterday's trading then. you saw the banks, unfortunately, move in the opposite direction. today, let's spot the green. that is healthcare which is barely recovering the losses it had from yesterday so far in the early morning trade. the rest of the market in negativity. the oil and gas sector sitting down 1.3%. the wti still below $70 a

barrel. the impact on the oil and gas players is interesting right now. so, too, basic resources getting a hit there. speaking of basic resources, the asian market is negative territory, too, then on the back of all that. we've got data out of the likes of japan to point toward, but hong kong is closed with the typhoon warning. the rest of the market, though, key negativity then. it seems like the first week of august. almost looks the same as the first week of september. although the question mark is still coming. friday's data and today's numbers are key. what does the non-farm payroll mean for the rest of the world? frank. >> arabile, thank you very much. have a great weekend. vbusy day in europe and her in the u.s. as we check on the big money movers. br broadcom shares are down 10%.

guidance below estimates similar to last week with nvidia. the company raising outlook for a.i. revenue to $12 billion for the fiscal year. that is up from the previous guidance of $11 billion. third quarter sales and earnings also beat analyst estimates. shares of uipath sales are up. it topped estimates in the most recent quarter and green lit a $500 million share buyback program. shares up 10%. we are watching shares of berkshire hathaway. down .50% in the pre-market. disclosures show interest sold bank of america stock worth $760 million since tuesday. that brings the total sales in the bank to nearly $7 billion since july. bank of america is now berkshire's third largest holding behind american express

and apple. let's get a check of the top corporate stories and new intrigue in the nippon steel and u.s. steel saga. we have silvana henao with more. >> good morning, frank. happy friday. now cleveland cliffs ceo supports the biden administration's efforts to block the near $15 billion deal and would be open to acquiring assets from its rival should the deal fall through. speaking with cnbc nedyesterdayt should not deter the government's efforts. >> we are committed and we have a commitment to the u.s. government to invest in the assets we are going to acquire, particularly if the ceo of u.s. steel makes good on his shameless attempt to blackmail the president of the united states and commonwealth of pennsylvania with shutting down the office in pittsburgh.

>> for context, u.s. steel previously rejected the cleveland cliffs $54 per share buyout offer in favor of nippon. intel is considering options around the stake in the automated driving systems providing mobileeye as part of the strategy and possibly o offloading holdings in the company. this as reuters is reporting that qualcomm is looking to purchase some of the business. no formal offer has been made. and chicago fed president dp austan goolsbee is looking for cuts soon. goolsbee adds continued cooling in the labor market could turn into something worse. we will hear more from austan

goolsbee at 11:30 a.m. eastern time. a must watch, frank. >> absolutely. very interesting. we'll have the jobs data before then. it will be interesting to see what he has to say. he has been a vocal member of the fed. turning back to the big item this week. the august jobs report. it is expected to see 161,000. the unemployment rate is expected to tick down to 4.2%. this is the latest piece of the puzzle ahead of the fed meeting in just about two weeks as recent data continues to point to a softening of the economy as we countdown to the meeting. investors are questioning if it will be 25 or 50 basis points. for more, let's bring in douglas bonaparth. i think the question here is not whether it will be 25 or 50,

because nobody knows, but the fed. does it matter if it is 25 or 50 in your mind? if it does matter, what segments are affected negatively or positively? >> sure. what matters is the fed will cut rates. how many will we get this year and next year? as far as where i'm looking and what will be impacted, i come on the show anytime to talk about fixed income as the opportunity as we see rates fall. this is what equity investors are looking for. this is the hope they want to see equities continue to rally on a strong 2024. >> before we get to fixed income, we were showing it. the nasdaq is down more than 1%. s&p down .75% of 1%. data came out yesterday. i want to bounce off you. we will show you the chart. short interest in the s&p and

risen in recent days. that is unusual. they go on to say there is a recent increase in shorting recently. the increase in shorting might suggest investors believe the unemployment numbers could be a negative for the s&p. would hot unemployment numbers be a negative or soft unemployment numbers? what do you think? >> exist in the world where good news is bad news. this is what makes it complicated. if you have softer job numbers, you are going to have the fed encourage to cut rates and equity investors will say this is what we're looking for here. we're seeing negative in the future. >> a hotter than expected job number would show strength in the economy. >> it doesn't look good either way when you phrase it like that. that's what makes it a difficult thing. >> let's go back to the fixed income thesis. bond yields are at the lows of the year. now is the time?

>> you will see rates come down and this is the opportunity for fixed incomes. you may have missed the boat here. now is a good time when you think about the cash reserves and locking in yields. you will not see the 5% high yield savings account more. same with treasuries and cds and greater bond space. it is not too late to look at adjustments. we missed the very beginning of that. you see this morning with yields coming down. >> i know we didn't ask for a pick. i want to put you on the spot here. as we are looking at the jobs report, what sectors do you see benefitting if it comes in asas expected or cooler or signal a 50-basis point cut? if that scenario plays out, where would you put money to work in the equity market? >> on the pass and buy investor, i'm not looking to say this is where i'm putting think money. if you think things are material weaker or softer, you want to be

defensive. otherwise, i'm broad and allocated across the market here. >> we did see consumer staples hit a record this week. a lot of people thinking defensive. options activity showing people are concerned about the jobs report. douglas, thank you. for more on what is happening in the market, head to cnbc.com/pro. we have a lot more to come here on "worldwide exchange," including the one word investors have to know today, but first, pressure on transports as investors watch a looming labor strike and possible chokepoint for the u.s. economic engine. former president trump taking a page from elon musk's playbook on how he would run the ven rnment should he win i nomber. and layter, more on broadco. why the chip maker says now is the time to buy. we will have much more ahead

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welcome back to "worldwide exchange." stocks tied to global shipping in u.s. sports. many falling on news nthat the east and gulfports will strike. >> mark my words, we'll shut then down october 1st if we don't get the kind of wages we

deserve. >> key interests are wages, healthcare and automation. the statement issued saying we hope the ila will reopen dialogue and share contract demands to work together on a new deal. joining us to discuss the impact of the port strike on shipping costs is the ceo of the online marketplace for freight services. good morning. great to have you here. >> hi, frank. >> right now, we do have time before the contractu actually expires. are we seeing an impact of shipping costs? we will show a chart. over the last few months, we have seen shipping costs move to the upside according to your data with the increase of 300% from asia to the west coast. big jump as you see on the chart. with we seeing movement with the potential threat? >> that's a great question

because a lot of things are happening at once. what drove the increases on the freighters terminal there is the red sea crisis and strangely, even though ships from asia to the west coast don't go through the suez canal, the suez canal is closed with the houthi attacks. ships are still busy circumscircling the horn of africa. the peak season and retailers are stocking up for the holiday season. the peak season started early this year. people were concerned about the red sea strikes. people have been stocking up relatively early. that is good news. if there is a strike in october, it will be disruptive. it probably won't impact the holiday season because retailers

have been stocking up early. >> that is the question i was asking. i talked to other logistics companies and they are stating what you are saying. the u.s. shipments on u.s. rails. big increases. double digits in the last few weeks. container shipments have holiday gifts and play tstations and sneakers in them. are most of the holiday goods already here in the u.s. and does this potential strike have a limited impact on holiday supplies and what's going to be on the shelves or could it still have a bigger impact? >> there could be a bigger impact for sure. 90% of the u.s. goods are imported. 90% of those come from the east coast and gulf of mexico. there will be some impact. as you said, i think the good majority of the goods for the holiday season have been imported already or arrive in september. so, a strike in october will not

impact most goods. of course, americans buy a lot of goods. there will be some of them when the ports close. >> consumer spending is a big thing. i want to talk about the broader supply chain. you have seen these things un unfold. production of chemicals, et ce cetera. how does this impact the strike? >> we have not seen a strike since i wasvery young. we had the covid port issues. when ports close and multiple po ports, if all of those ports close, it impacts the flow of parts. factories will be short of parts. many will move the routes through the west coast because shipping from asia will arrive

after october 1st. already now people are starting to think and also freighting to ship from the west coast to ship by air. people will try to minimize the impact. >> zvi, thank you for your time and insight. >> thanks, frank. a quick look at futures. futures in the red across the board. the nasdaq continues to move lower. down 1.3%. the dow down 160 points. the s&p down .75% of 1%. we want to point to the nasdaq moving lower since we started the show down 1.3%. coming up on "worldwide exchange," a cnbc clivexuse and wave of support for vice president kamala harris from one key group and influential voters. stay with us. we'll have that story after the break.

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so morgan stanley is partnering with the women's tennis association to remove them. ( ♪♪ ) because this game is for everyone. ( ♪♪ ) welcome back to "worldwide exchange." take a look at futures. you can see we are in the red across the board. the dow would open 150 points lower. the nasdaq is moving down about 240 points. about 1.3% in the red. right now, we are looking at the nasdaq 100 laggards. other chip stocks trading lower

on sympathy. turning to the 2024 presidential race. former president trump making his economic pitch to business leaders and vowing to lower c corporate tax rate. trump said the move would be for businesses that make their products in the u.s. solely. trump announcing he would create a government efficiency commission to audit the entire federal government suggesting that elon musk, who raised the idea to trump, would lead that commission. trump's speech raised $130 million last month. that total is behind the $361 million raised by his opponent vice president harris. harris is securing more high-profile support from top leaders in the business community. megan cassella is joining us now with details on the ceos

rallying around the democratic candidate. good morning. >> this is a group of 88 ceos out with a letter this morning laying out support for harris saying she would be the best candidate for the business community. this is a wide ranging group of signatures which includes the facebook co-founder and ceos of box and yelp. james murdoch is not someone who previously endorsed harris. there is chris larson of ripple. this includes some people with ties to wall street. tony james, former vice president of blackstone and some republican ceos. someone once considered to be secretary of state under trump. the letter highlights harris as the best way to secure strength and reliability of the economy.

it goes on to say with harris, quote, the business community can be confident it will have a president who wants american industries to thrive. people involved in coordinating the letter say it was backed by the wall street investors as a which of showing support for harris from business. it comes as she and trump are pitching them shelselves as the for business. elon musk and howard lutnik are behind trump. this as some are throwing weight behind harris. frank. >> interesting letter. is there reason for the timing right now for the letter to come out from the ceos? all right. megan cassella with the latest. we had technical difficulties. megan, are you still there? okay. that was megan cassella reporting from d.c. as we head to break, we are

watching shares of docusign with the top and bottom line beat for the recent quarter. the ceo touting they are setting the stage for the new growth path and that is paying off. however, you see shares down 1.5%. if you haven't already, follow our podcast on apple, spotify or other podcast apps. much more "worldwide exchange" coming up after this. ♪ (girl) wooo! ♪ ♪

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it is just about 5:30 a.m. in the new york city area. there is still a lot more here on "worldwide exchange." here's what's on deck. wall street's pivotal moment is here. will the jobs report spark fears of a looming recession? what could it mean for rate cuts? we will look at the markets and your money. looking to close out another up and down week. futures right now are deep in the red. broadcom a drag ahead of the open. fresh questions with massive a.i. investment in the tech sector and if they're paying off fast enough. it is friday, september 6th, 2024. you are watching "worldwide exchange" right here on cnbc. ♪ welcome back to "worldwide exchange." i'm frank holland. thank you for joining us. let's get you ready for the

trading day ahead. investors prepare for the big monthly jobs report. take a look as we just mentioned futures in the red. s&p down from where we started the show. the dow would open up 145 points lower. also basically holding steady. the nasdaq is down about 230 points. down 1.3%. right now, we will look at the biggest laggards on the nasdaq 100. broadcom taking the biggest hit after the open with earnings down almost 9%. arm holdings down 2.5%. similar story for marvell tech and crowdstrike down 2.3% as well. for the week, kind of a down week. s&p and dow on track for the first down week in the last four. the s&p on track for the worst week since mid-april. the s&p down 2.5%.

the nasdaq is the hardest hit down 3.13%. you want to blame tech for a big part of the weakness. the sector on pace for the worst week since july 19th. it also has been a tough week in the energy sector for oil. wti on pace for the fourth straight weekly loss. take a look. right now, you can see under a bit of pressure. flat, but fractionally lower right now. you have to keep in mind oil is coming off its lowest close since june of 2023 when we talk about wti back below $70 a barrel. brent crude is flat trading at $72.75 a barrel. that is the morning money set up. we get a check on the top corporate stories with silvana henao. silvana. frank, good morning. let's start with salesforce announcing it is buying own for $1.9 billion in cash. this startup which specializes in tools for data for cloud based applications was valued at

$3.4 billion in the 2021 count. if you count salesfor ce as an early investor, it hopes to close the deal by january if regulators sign off on it. we see shares of salesforce fractionally lower in the pre-market. investor raising his take in jetblue. he has been building up his position in the carrier this year and now holds just under 10% of shares making him je jetblue's third largest investor behind blackrock and vanguard. in an interview, he said he met with the ceo this week to discuss a possible board seat. cnbc has reached out to both for comment. and nvidia ceo jensen huang unloading 5 million shares of

stock in recent months. huang netted $633 million in the sales between mid-june and the saturday of this month. the sales were part of the trading plan that was set up for huang earlier this year to sell up to 6 million shares by next march, frank. >> silvana, thank you very much. turning attention now back to the economy and what will likely be a major catalyst for stocks in september. the august jobs report released at 8:30 a.m. east eveern with economists expecting 161,000 jobs. the hourly wages are expected to move .10% higher. today's jobs report comes one day after the adp private payroll release showed 99,000 new jobs added in august. that is the smallest gain since january of 2021. this is the latest release before the fed meeting on september 18th.

joining me now is steve wieting. >> good morning. >> i want to get your sense right now. hot read? soft read? what does it mean for the fed and markets in your mind? >> so, since the third quarter global financial crisis have been weaker than average about 13% below the full-year average. chances are we will get another deceleration and weaker report than consensus which is looking for a bounce back in the month of august. i have to say the data have been showing, the two different reports released, they have been diverging by a large amount. all of this data, i know it is critical for pricing a 25 or 50 and it doesn't tell us if we will stay out of a recession or not. it is a farce.

the monthly changes in employment after many revisions over the years, but benchmark revisions, they change these numbers by as much as 300,000 puerto r per month. the labor market has been in a slowdown. it will continue to be in a slowdown. many other things are going on in the economy that are a bit unusual since the pandemic p period. we had outlook brleak. we are posting double digit gains in profits. 13% for s&p 500 companies in the second quarter despite the slowdown in employment. >> steven , i want to circle bak to the jobs data. that is what people are anticipating. i want to bounce something off you. nobel laureate joseph stiglitz was on "squawk box europe"

earlier. i want you to listen and get your response. >> sure. >> they went too far and it would actually help on the issue of inflation and on jobs. >> that was stiglitz speaking to steve sedgwick at the forum over in europe. i want to get your take on what he had to say. agree? disagree? >> look, if we all could get a vote and the federal reserve will take monetary policy into the threes in terms of the feds fund rate next year, why don't we do that all at once? the committee has a process. it has put a lot of easing in the market with the communication of chairman powell. they have a very deliberate approach which means it will be cutting meating after meeting for a long period of time. because they went fast is a good case for them to go faster here at the start.

the market will decide today which one it is, 25 or 50, and the federal reserve has a history of doing what's priced into the market. when it comes to easing cycles, they tend to be a bit more aggressive. this is the long period of falling inflation. >> hold on. you are saying the marketwill lead the fed and not respond to the jobs report? >> a good deal of that is exactly right. the market is telling the federal reserve is andogonous to the report. markets will push the fed one way or the other. >> steven wieting, thank you very much. we have more to come here on "worldwide exchange," including warren buffett and the latest stock sale. more when "worldwide exchange" returns. stay with us.

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idris elba works here? mm-hmm. ya, he's super nice. welcome back to "worldwide exchange." time for the morning call sheet. kb bar barclays with the overweight on micro strategy looking to bitcoin exposures. jpmorgan upgrading nio to overweight. with the stock down 50% year to

date, it may deliver a relief rebound beyond the end of the year. it is time for the global briefing. the chinese markets slumping to the seven-month low today. the property stocks is falling a big merger deal in the sector fueling expectations of more consolid consolidation. x is losing a key executive as they face more scrutiny. nick pickles is leaving the company after a decade. he decided to leave months ago. he has been the spokesperson for months. parent company of 7-eleven rejecting the buyout offer from the canadian company which is too low. the bid significantly under values the operator and doesn't consider the regulatory hurdles. the company owns the circle k chain in the u.s. it has been trimming businesses

to focus more on the profitable convenience stores. the market flash on shares of alphabet. you can see shares of alphabet down .75%. the regulator says in a statement the internet search giant is dominating the space. google says it disagree was the regulator on its tech and will respond accordingly. this comes as the company is set for the opening in the trial against the u.s. department of justice and faces anti-trust concerns here in the u.s. again, shares of alphabet down .75%. coming up on "worldwide exchange," one word every investor needs to know and a.i. investments. we will dig around the trade of the red-hot tech could be running out of steam. shares are down 9%. we'll be right back.

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demand from hyper scalers. broadcom pre-market drop adding to the weakness in the chip space as we watch the vaneck semiconductor. joining me now with more on this is jordan klein at mizuho americas. jordan, thank you for joining us. >> good morning. thank you for having me. >> how should we review the response from broadcom? generally, we were thinking that this stock was going to trade on the a.i. outlook after revenue. we are we seeing it fall so much? >> yeah, that's because the guidance with the stock reacting to guidance as opposed to the report in the trailing 90 days. >> jordan, the guidance is higher. when they move higher by another $1 billion, why aren't people

responding positively? >> well, that's a function of what the investor base expect and what they get. you saw this with nvidia. nvidia also raised above the consensus, right, by a couple billion. it still went down 6% the day after and still down every day since he reported. that is like broadcom. people expected the ceo to raise 11 to 12. that's good. the overall revenue guidance of 14 billion slightly missed, right? in semis, especially if you are the second most owned name behind nvidia, you can't miss the top line even though you raised your a.i. number. that's going to be the question people have. the other thing i would say is similar in nvidia, the expectations for the earnings, peak earnings, coming up in the next year or two did not go up after this report. valuations are kind of high right now. that is the other issue.

you need earnings to be surprised to the upside. they have yet to do that. >> you mentioned nvidia. a lot of people are seeing similarities with the setup to nvidia with expectations had to be high. goldman sachs is out with a note yesterday that i want to bounce off you. to buy or not buy is the question. in our view, the technology sector is not in a bubble and continue to dominate returns. however, concentration risk is high and look to diversify exposure and also getting access to potential winners and smaller tech companies. is that what people want to do? this is the big holding? it has a lot of weight in other etfs. >> 100%. i think unfortunately sentiment and psychology in tech has shifted over the last six weeks

from give me more semis and more concentration and more a.i. to the opposite. give me a reason to sell some of the winners and move assets into other areas. that could be other areas of tech. i particularly think software and other parts of internet will benefit. it could also be other areas of the market, particularly those that are beneficiaries with the interest rate. you see that. >> i want to ask about the broader a.i. trade. there was something interesting in the report. the company came out and said they don't have any direct participation in the product cycle, but open to the components and other things. at the same time, they raised their a.i. revenue. they have nothing to do with nvidia, but they're still able to raise a.i. revenue. >> that's why people on wall

street love broadcom over owns nvidia. you can't win owning one single a.i. name like idnvidia. you need to own a basket because all of the $250 billion will is not just going to nvidia. it is spread around. going forward, it will spread to areas that are in broadcom's wheel house. optical and connectivity and the chips that are going to be built by the cloud companies to do inferencing. that's where they will win and raise the target for a.i. revenue. >> jordan, bottom line us. is this the buy the dip opportunity and chip stokcks which are under pressure today? >> i'll answer in two ways. yes and no. yes, if you are looking out a year, but no, if you look at

stocks to out perform in the short-term. personally, i was worried about this. i wrote it in my daily email. if you saw broadcom put on pressure, people will move out of semis. that's what's going to happen today. >> jordan, thank you. >> thank you. coming up on "worldwide exchange," broadcom's drop. nasdaq facing the biggest pull back. the ital js cricobreport and what it could mean for the upcoming rate decision. futures in the red. nasdaq down more than 1%. we'll be right back after this break. ♪ ♪ ♪ ♪

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welcome back to "worldwide exchange." it's time for the "wex wrap-up." cleveland cliffs ceos tells cnbc he is looking to block the nippon steel effort. berkshire hathaway selling another chunk of bank of america stock. bank of america is now berkshire's third largest holding behind american express and apple. and intel is looking at the

driving systems provider mobileeye and looking to offload the stake in the company that stands at 888%. the biden administration launching a probe into the loyalty programs of american airlines and delta airlines and southwest and united airlines. the administration is looking at how consumers are impacted by de devalued rewards. and the new asml exports are bringing licensing requirements on the machines. it means the netherlands is taking over from the u.s. on controlling what machines asml is able to export to other countries like other nations. back to today's jobs report and the signals with the fed rate cut.

taking a look at futures in the red across the board. it looks like the dow would open 130 points lower. the nasdaq is the hardest hit of 211 points. for more, let's bring in malcolm ethridge. malcolm, good to see you. >> good to see you. >> malcolm, jim cramer out with a tweet a short time ago. i want to show it to you. out at 3:30 this morning, you really have to love a market that has its mind made up at 3:30 a.m. i love it. futures under pressure ahead of this report. >> i appreciate the set up from jim there because before this morning, i was feeling like investors seemed relieved yesterday. we saw the job openings data wednesday wasn't necessarily what we were hoping for, but the market made its way back

yesterday and to the close. i thought investors seemed relieved thinking the fed would cut a quarter rather than a full 50 basis points which would be indicative of a potentially bigger problem on the horizon. >> i'm not seeing relief in the futures right now, malcolm. the thing on the line here is 25 or 50-basis point cut. how do you see that? we had a guest on yesterday, gina sanchez, said a 50-basis point cut may smoopook the mark. where do you stand? >> i completely agree that anything more than 25 basis points would send a negligative signal to the markets. anything more than just a slightest cescalator down would offend. >> we're almost out of time.

malcolm, your pick is zscaler. >> i actually think the earnings report created an opening because zscaler is more than likely going to be the biggest beneficiary if people are trading away from crowdstrike with the outage. >> malcolm, thank you. one more look at the futures. they have been in the red all morning long. the nasdaq the hardest hit down 1%. the dow would open just about 125 points lower. that does it for us. "squawk box" starts right now. good morning. stock futures are lower right now. chip stocks falling in the pre-market. we'll show you which ones and what else is moving. it's jobs friday and we're two and a half hours away from the data that could influence not only the fed's next rate decision, but wide-ranging influences on a lot of things. plus, a florida entrepreneur has taken a 10% stake in jetblue

and now discusses with the ceo about a board seat. it's friday, september 6th, 2024 and "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 becky quick along with joe kernen and andrew ross sorkin. it's friday. it's a very important friday with the jobs number and fed meeting looming later this month. ahead of that, the u.s. equity futures are lower right now. they have been dragged down by chip stocks. if you are looking, the nasdaq is down 210 points. dow is off 127. the s&p is down 35. yesterday, we did have a little