it is 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here is your "five@5." bounce back. you look at where the market could go from here. tech trouble. the sector sits in correction territory as investors turn to apple to possibly fuel a rebound. and weak results in the second largest economy. and a company in crisis and

now questions for the c-suite at norfolk southern. it's monday, september 9th, 2024. you're watching "worldwide exchange" right here on cnbc. ♪ good monday morning. thank you for being with us. i'm frank holland. we begin with the check of the u.s. stock futures. take a look. in the green across the board. s&p up 30 points. the nasdaq, the best performer so far, up 150 points. today's modest pre-market pop is coming after a reality check for investors last week which saw all three averages close down between 3% and 5%. the dow and s&p closing out the

worst week since march of 2023. that was the start of the banking crisis and collapse of the silicon valley bank. tech fell 7% for the worst week since april. you have to blame nvidia. semi stocks falling 11% for the worst week since the start of the pandemic. nvidia falling 14%. the chip maker losing $406 billion in market value last week. that is the most on any u.s. company on record and more than amd and qualcomm. we are checking the bond market and the key 2/10 year spread. it uninverted after the softer than expected jobs report. yields right now at 3.76 for the ten-year. we also want to look at the 30-year treasury ticking up a bit from last week above 4% at 4.06.

this is the read on inflation expectations. we have two big reads on inflation coming up this week with cpi and ppi. we have oil coming off the worst week of the year. a bit higher this morning. remember, this is a bounce off of lows. wti, the u.s. benchmark up over 1%. below $70 a barrel. brent crude up 1%. still below $75 a barrel. that is a key sentiment level when it comes to brent. that is the uc.s. setup. let's look at asia with jp ong and silvia amaro in london. jp, good morning. >> good morning, frank. happy monday. not a happy monday for asian markets which mostly closed in the red. you can blame the weak handoff after wall street and the losses last friday creep into sentiment here. there are a couple of other things that might be weighing on sentiment in asia.

the kospi and south asia closed in the red and the korean wuan is weakening. there is one data point. for asia, it is important to watch out for the chinese economy. we got the tepid consumer prices and inflation figures for the month of august with the consumer prices improving a little bit, but coming in at 0 .6%. the factory prices falling and calling into question or raising the question as to whether or not there is a slowdown and lack of consumer confidence and business confidence that might zap the chinese confidence. a lot of this will be tied into the health of the chinese profit market. you see with the shanghai or the csi 300 falling. one of the biggest losers in hong kong today and the chinese yuan looking shaky and tepid so far in today's session. the other thing to watch out for in asia is the fact that japan

revised the second quarter gdp k figures down again. you add the volatility and the strengthening of the yen last friday, it didn't paint a pretty picture for japanese equity. a lot of chip related stocks among the biggest losers on the nikkei 225. overall, not a great start to the trading week. you only hope things get better as the days go by. it has been a shaky start to the month of september. back to you and good morning. >> jp, thank you very much. jp ong in singapore. let's go to europe and silvia amaro. silvia, good morning. >> very good morning, frank. we're seeing a rebound in european equities this monday morning. we saw the stoxx 600 ending friday's session down by 1.5% posting one of the worst weekly performances since the early august selloff. it is a different narrative this

morning as you see on the screen with the major bourses trading in positive territory at this stage. worth remembering this week is the ecb week. we have european central bank meeting on thursday and the expectation is we're going to see a second rate cut. let me take you to the secrtoril breakdown. we have travel and leisure at the top by almost 1.5%. we saw some significant upgrades to the sector earlier this morning that is boosting momentum in this part of the market. when it comes to technology, also rebounding by 1.5%. this is also significant in the context of the selloff we saw on friday. when it comes to the worst performing sectors at this stage, this is the picture in europe. we have seen quite a lot of pressure, actually, when it comes to household goods. we have seen barclays posting a

note this morning highlighting a lot of challenges here for the luxury space. let's see what will happen there. no doubt, it is also an important part of the market as you think about the outlook for the chinese economy. back to you, frank. >> silvia, thank you very much. silvia amaro live in london. investors now turning attention to cpi and ppi on wednesday and thursday. those reports are expected to have a big influence on the fed and their decision to cut by either 25 basis points or 50 basis points. right now, the market pricing in a more than 70% chance of the 25 basis point cut when the central bank meets next week. let's bring in craig johnson at piper sandler and here with me on set is gene. gene, what's your view on the fed right now? we have the softer than expected jobs report. does that increase the 50 basis point cut? what would that mean for the

markets? >> good morning, frank. thanks for having me back on the show. our base case is three rate cuts. 25 basis points is what the fed does in september for three reasons. the inflation is slowing down and the economy is slowing down. the economy is not as bad as people are reporting. it was okay on friday. think about the labor market. it increincreased. we saw good data and bat d data. the market is a little bit exaggerated with the rate cuts. four or maybe five. we're saying three. >> you are leading me to the question. the market is expecting deeper rate cuts than you think we are going to see. a 25 basis point cut. what action does that have on the market? does the market price it in? >> thi think the market is set r a pull back in part of september se seasonality.

markets have been pricing in the fed cuts for a while. we believe the fed cuts rates. september is seasonality. again, political uncertainty going forward. all of this together, a pull back. >> craig, same question. 25 or 50? what is the market impact either way? >> good morning, frank. i think 25 basis points is baked in at this time. i agree with gene that the fed is going slow. if they go 50 basis points, it is concerning to investors. 25, 25, 25 would be the same as gene from our pecurspective. frank, we have to keep in perspective and keep calm and carry on. as you look at october, you are higher 86% of the time looking back to 1929. from our perspective, it gets

stronger as you get into november and the uncertainty fades away. >> craig, you think the markets press on right now. you also called for a pull back in the past. we saw the markets with the worst week since march of 2023. again, circulating around the svb crisis. nasdaq up .75%. s&p up over .50%. what is the action in the pre-market today? >> i think the action is yes with the rebound and recovery. frank, we have to break this market an ppapart. if you look at the mag 7 stocks, they are set up to go nowhere. frank, we talked about the mag 7 becoming the lag 7 for the year. we can find a lot of mid-cap stocks in the $2/10 billion range with great top and bottom line growth that look

constructive on the charts. >> craig, i don't want to interrupt you, but we will get to your stocks in a minute. i want to get to gene quickly. nasdaq up .75%. >> it is a bit of a dead cat bounce. markets for an 8% to 10% bounce back. today's factor is the employment report is not as bad as people anticipated. last night, japanese gdp was revised downward. they will still raise rates later this year. it adds merkiness. >> we have a big event coming up. cpi and ppi. today apple is having a big event. since wwdc, apple, when they unveiled the a.i. tools, those shares were up double digits. the market is sideways up almost 1%.

if apple dispappoints on today, are you worried about the direction of the market? it still has big weighting in the market. >> this plays into my theme of triple whammy. high valuation, high concentration and technology and high expectation. high expectation in the big-name stocks. any concerning pull back push the stock down. >> craig, are you worried about apple? >> i don't think so, frank. i think it will be okay news coming out. a lot of products coming out. a.i. probably drives a great product cycle. when i did look at the chart itself, we are consolidating sideways. i watched the relative performance on apple for a while just trading sideways. as long these big mega cap stocks go sideways, i don't think you get a big downdraft in the market, frank. i think you get a pull back and

opportunity to buy stocks at a decent price. >> craig, i want the stocks you are constructive on right now. i want to focus on the health care stocks you are looking at right now. bio-pharma cancer company. boston scientific up 41%. medical devices. you have gilead. i don't see the theme there. is the theme rate cuts and that will help the sector or there is some other theme with stocks you're constructive on? >> frank, there are two themes. we know we will see the fed cutting rates here next week. when we go back and look through history, we see healthcare does well when we do get these rate cuts. the second thing is a lot of these stocks have not performed well at all. again, the rate cuts will help bio tech and healthcare across the board. it is not an overweight sector for us yet.

we are looking for the relative strength to improve. we want to start bringing the stocks to the surface for investors because they have been off the radar. people have only been thinking about google and apple and microsoft and other names. there are other good companies out there to think about. >> craig johnson and gene goldman, great to have you here. thank you very much. have a great day. >> thank you. i want to turn attention to the market flash on palantir and dell. they will join the s&p 500 before trading on september 23rd. you see both of them moving higher. palantir shares up 6%. it will take the place of american airlines with dell replacing etsy. it focuses how it reshapes the market. i'll discuss the palantir palantir when i sit down with alex karp on thursday morning.

we have a lot more to come here on "worldwide exchange," today and that includes the one word investors need to know and what the options market is saying about the sentiment and the next move could be and getting set for apple and the tech sector bounce back. later, a watershed event for big tech and regulation. the federal government taking on google when it comes to online ads. wit we have a very busy hour ahead when "worldwide exchange" returns. stay with us. can ai make it all work? it can. on the servicenow platform, ai transforms your entire business. your people work better, your customers are happier, and todd... well... he's practically euphoric. practically. so, let's get to work. (♪♪) when it comes to amgen's life-changing medical breakthroughs, every second counts. but without investment, those breakthroughs are often paused.

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welcome back to "worldwide exchange." with just one week in the books, september is living up to a bad month for the markets. the sa&p with the worst performance since march of 2023. the vix was up 40% on the week. that is the biggest move since the global selloff. the yield on the treasury fell to the lowest level since june of last year. let's bring in brian for more on what this signals to traders in the options market. >> good morning. thanks for having me. >> if you are options trader, bond yields declinideclining. as an options trader, what does that say to you? >> certainly the way the movement and the bond market has

been and the way the liquidity is moving on a day-to-day basis, we see the swing of the more than 1% daily moves. as an options trader, i look at the vix and volatility and lack of liquidity right now. it seems like there's this rush into the ten-year note and longer data treasuries all of a sudden that has completely shifted from where we were last year. this more conservative route to the market. as an options trader, i see more heightened volatility and i want to play the long and not a short trader and buy options to protect my portfolio or buy a call to play to the upside. >> it is interesting. you don't want to be a short options trader. last week, we had data which were rising although the market was going down which was rare. a lot of people were concerned about the jobs report. now we're past the jobs report, is there another event that a

lot of people are trying to protect themselves today? we have apple today and cpi later this week? >> yeah, we do have a couple of big events this week. when you look at it, the jobs is so critical right now as we see the yield curve flip and we brought up the ten-year note and where that was trading. as that flips, the market gets volatile after being in the environment with the inverted yield curve. i'm looking at the events of the federal reserve decisions in the coming months, but the employment reports in october and november and you couple that with the election year that we have in november and it's going to make for a volatile november and december timeframe here. lots of data to digest, but that will lead to volatility and the unemployment report basically was 4.2%. that was actually pretty good. we think it stabilized a bit. let's get a couple of months of

sideways movement in the unemployment report or maybe lower and that will navigate us out the lower environment. >> we think it will give us insight into the fed decision next week. as an options trader, do you have to prepare for that or protect from that or are you concerned from the gains of the cut is already baked into the snarkt. >> i'm looking to be a little more tentative and live more protective in the sense that the markets had such a wild ride to the upside the last couple years here. maybe it is time to take a bit of profit and limit the risk. as an options trader, i'll look to any underlining along the market with the s&p 500 and earn own spy ety, i would rather own a call option to the upside. risk the level of premium. that's all i have to risk. if the market rips higher, i can get back into the market.

i would rather use options from the long side here rather than being naked long. >> brian, thank you very much. coming up on "worldwide exchange," the crypto winner in september and former confidence in one formerly red hot part of the market. stay with us. discover caplyta. unlike some medicines that only treat bipolar i, caplyta is proven to deliver significant symptom relief from both bipolar i & ii depression. and in clinical trials, movement disorders and weight gain were not common. caplyta can cause serious side effects. call your doctor about sudden mood changes, behaviors, or suicidal thoughts right away. anti-depressants may increase these risks in young adults. elderly dementia patients have increased risk of death or stroke. caplyta is not approved for dementia-related psychosis. report fever, confusion, or stiff muscles, which may be life threatening, or uncontrolled muscle movements which may be permanent. common side effects include sleepiness, dizziness, nausea, and dry mouth.

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welcome back to "worldwide exchange." we have a market flash on

cryptocurrency. bitcoin is up 1.76%. it is trading at $55,000. you can see still higher today. we are seeing sharper action with ether. well off the highs and off the two technical levels. a bounce back this morning up 2.3%. it is flat right now up 2%. new data from bank of america with investors pulling close to $1.2 billion from the etfs over the past eight days. b of a says it is the second biggest outflow on record. turning backs to markets and china turning lower on inflation fears. we have eunice yoon with more on this story. eunice. >> reporter: thanks, frank. food prices rose with cpi

increasing 0.6%. core inflation hit a three-year low. tourism dropped as vacations ended here. rents are down with the property sector falling. prices of smartphones fell on the weaker sentiment and the competition and price wars in the car industry which pushed down the price of vehicles. ppi down 1.8%. it deepened month on month. that really has been raising some concerns that the overcapacity issues here are just going to continue to worsen. the data comes after a former chinese central bank governor warned policymakers last week that they needed to do something about deflationary pressures right now. that remark was an unusual admission of the issues with defl deflation, frank, but still than clear if it will have impact. >> eunice, you mentioned that governor saying the government needs to take some type of intervention measures.

is there any talk of intervention or stimulus to turn this around? >> reporter: not as of yet. what we heard over the weekend is the authorities saying they will open up certain sectors of the various industries here to try to get more foreign money into the country. for example, they said manufacturing is going to be fully opened as of november 1st. they also said the health industry was going to be opened in some ways saying that is wholly owned foreign hospitals would be allowed in certain cities, including here in beijing. again, companies have told me they are looking for details about these measures. >> all right. our eunice yoon live in beijing. eunice, great to see you as always. as we head to break, we are looking at the biggest laggards and leaders in theasq. nda you see mondelez up 4.5%.

the candy maker doing well in this current environment. we are back right after this break.

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it is 5:30 in the new york city area. there's still a lot more ahead on "worldwide exchange." here's what's on deck. where do we go from here? fresh concerns from china and two economic reports here in u.s. are giving investors plenty

of to think about. apple will release the latest, but will people bite? and google versus the government. the antitrust case gets under way with the implications of big tech and the future of the internet. it's monday, september 9th. you are watching "worldwide exchange" here on cnbc. ♪ welcome back to "worldwide exchange." i'm frank holland. let's get you ready for the trading day ahead. you can see in the green across the board, the s&p is up 40 points. the dow would open 230 points the nasdaq up .75%. the pop coming after a difficult week for wall street. the dow and s&p closing out the worst week since march of 2023.

that is back to the fallout to the silicon valley bank crisis. tech was the laggard and fell 7%. you have to blame nvidia for a big portion of the loss. the chip maker lost a record $406 billion in market value last week. semiconductor falling to the worst week since the start of the pandemic in march of 2020. we will look at chip stocks. nvidia in the pre-market, you see up 1.5%. the rest of the sector, amd up 1.5%. arm holdings, best of the names here, up almost 2.5%. for perspective, the dow off the record back in august. the s&p off 4.5% from its high. the thing we want to watch is the nasdaq in correction mater

territory. we want to look at the bond market this morning and the key 2/10 spread. uninverted this morning after the soft august jobs report. the yelield is 3.75%. the uninversion right there is important to note that the 30-year is ticking up just above 4%. remember, this is the read on inflation expectation. we have big reports this week. cpi and ppi. last week's job has many investors asking where the bottom may be. we have bob pisani with more. >> stocks are faced with three problems in september. first, many believe thedeterioi. the august jobs report came in slightly below expectations so there were some downward revisions in june and july. the unemployment rate of 4.2% i.

some bulls are calling them the rece rece recessionista crowd. the second problem is seasonal weakness. everyone knows september is the weakest month of the year. investors seem particularly eager this year to front-run that reality by selling in the first week regardless of the economic news. finally, there is a valuation problem here. despite the drop this week, the s&p 500 is still pricey trading at more than 19 times 2025 earnings estimates. that leaves very little room for error. the good news is that the decline in tech stocks has made many big names like nvidia much more reasonably priced than they were in june. in this case, nvidia is 27% below its june high. okay, where is the bottom here? everyone knows we're slowing

down, but the question is how much. the problem is it's impossible to argue that the bottom is in right now. the impetus for a rally is lacking, but the bears have not proven the case there is a serious slowdown occurring. the bottom line is we will just have to get through september and part of october before we get to a seasonally stronger period and see how the economy is really shaping up. back to you, frank. time now for a secrcheck of top corporate stories including the issues facing norfolk southern with silvana henao. silvana. >> good morning, frank. sources tell cnbc norfolk southern's board is investigating allegations against ceo alan shaw engaging in an inappropriate workplace relationship. the company has confirmed it was probing shaw over possible conduct that v violated the

company policies. shaw did not return requests from cnbc for comment. boeing reaching a new labor deal with its biggest labor union avoiding a potential strike just days before it was set to start. the union which represents more than 30,000 workers that build the company planes in washington and oregon say the tentative deal includes 25 recent raises over four years and improvements to healthcare costs and retirement benefits. boeing also agreeing to build its next airplane in the pacific northwest. and elon musk denying a wall street journal report that his artificial intelligence startup xai has held talks to share some of the future revenue over the weekend. the journal reporting that tesla would do so for licensing x a.i. models to power the driver assistance software and driving

technology. musk calling that report not accurate on x adding there is a no need to license anything for xai, frank. >> silvana, thank you very much. our silvana henao. we turn back to tech. apple expected to unveil the latest iphones and air pods in cupertino at 1:00 p.m. with the glow time, it is putting artificial intelligence front and center. it is hoping to start a buying attraction with the generative a.i. tools although the offerings won't arrive until next year. apple shares are up double digits this year. joining me now is craig moffett. he just recently initiated apple with a $211 price target and

hold rating. good morning. >> good morning, frank. how are you? >> i think we have a big event coming up today. since wwdc, apple shares up double digits. investors seem to have a lot of confidence in what they unveiled there. what are you expecting today? >> a lot of what we will see today has been leaked out. it is different from the days where there was such incredible secrecy around cupertino. we pretty much know the hardware lineup we will see today. the 16 in particular, if you go back to what supports a.i., which is the key theme today. last year, with the 15, it was just the pro models. this time, even the basic 16 model will have the sufficient memory and gig bytes of ram to run the a.i. functionality. that was one of the key

questions we needed to learn. we will see stuff outside of the iphone, but this is about the software and what a.i. can do and how quickly the rest of it is going to be coming later. >> i have to be honest, craig, you don't sound that excited. more natural conversations with siri, a dedicated camera button and help with drafting emails. in your mind, is this a situation where people will sell the news? we know a lot of things that will happen and if we're not blown away by anything, does this have the potential we will see a selloff after the event? >> historically, we've seen sort of small sell the news type of events on these apple release days. not big. i've seen the data that says over the next six months, apple is usually up. my sense is that expectations

have been reined in a bit for today. i wouldn't expect today to be viewed as a major disappointment. i think the real question is is how investors will reset their expectations a bit longer term. next year is really going to be people betting the big upgrade cycle and if i compare this to the 5g upgrade cycle a few years ago, now '21, '22, there were so many unique tailwinds of stimulus in the market and pent-up demand after the pandemic and huge premium of connectivity out of the pandemic and the carriers were behind that. this time, you don't have a lot of those same -- that same back drop. it's going to be a bit tougher, i think, to get the same kind of upgrade cycle. >> craig, we're almost out of time.

since wwdc, we mentioned apple shares up double digits. the market up 1% moving sideways. there is a potential to the upside or down side to impact the a.i. trade? apple expects so be a leader with the consumer-focused a.i., but could this influence all these other stocks? >> in a funny way, maybe not. in the sense that over the last couple of months, what you've seen is apple is the a.i. defensive. where everybody else is pursuing these very, very capital intenintense t a.i. strategies. a.i. is the safe choice. when you see nvidia going down, it seems to be going into apple. i try not to get focused on the sh short-terms things. i do worry there is so much built into apple right now that it will be hard to satisfy these very high expectations and

frankly a rich valuation going into this a.i. cycle. >> right now, apple shares ahead of the event up .75%. craig, thank you very much. >> good to see y. ou coming up on "worldwide exchange," some fresh optimism around u.s. steel despite an uncertain future. we'll have more after this break. it's in your nature. did you ever worry we wouldn't get to enjoy this? [jeff laughs maniacally] (inner monologue) seriously, look at these guys. they are playing great. meanwhile, i'm on the green and all i can think about is all the green i'm spending on 3 kids in college. not to mention the kitchen remodel, and we'd just remodel the bathrooms last month. with empower, i get all of my financial questions answered. so i don't have to worry. so you're like a guru now? oh here it comes— join 18 million americans and take control of your financial future with a real time dashboard and real live conversations. empower. what's next.

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welcome back to "worldwide exchange." take a look at futures right now. we are green across the board, but remember, we're coming off

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jpmorgan upgrades u.s. steel. morgan stanley lowering church & dwight. turning now to a big development later today. google heading back to court this morning as the tech giant faces yet another anti-trust trial. this comes a month after google lost the landmark case with the judge ruling it was a monopoly when it comes to searching the internet. we have eamon javers with more. >> reporter: good morning, frank. google was in federal court on friday and again today, too. this time it is a separate anti-trust case. friday's hearing was the case that the tech giant already lost and the federal judge in d.c. ruled that google broke the law and created an online illegal

search morenopoly. today, the search giant faces another anti-trust allegation from the government and will defend itself in the federal courtroom in virginia. the allegation is the practices in the online ad marketplace are also monopolistic. expect the government to argue that google's ownership of digital advertising exchange as it buys and sells ads is as if one can executive propwrote in email. expect google to argue that the government wildly misunderstands the market and has a few of the online advertising that is at least 15 years out of date. google's legal team will say there are plenty of competitors in the sector and does nothing unfair. among the witnesses in the case

is the ceo neal moen who will be questioned about the advertising technology. it is not clear how long the case will last, frank, but several weeks of testimony are expected. by then, we may have a better sunsh sense of when the government will breakup the company in the punishment phase. that decision is expected by late fall or early winter, frank, as the judge on friday asked the government to propose some kind of overall broad proposal by that timeframe as to what they want to do with google, frank. >> that trial starts today. eamon javers live in d.c. with the latest. eamon, great to see you. coming up on "worldwide exchange," stocks looking to regain ground after notching the worst week in a year and a half. the question is is the bottom really in? we have the futures as we head to break. the dow would open 230 points higher as of now.

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welcome back to "worldwide exchange." time for the "wex wrap-up." janet yellen saying the economy is strong despite the economic data. she says the soft landing is likely. yellen adding that she's likely

done serving in the federal government after president biden leaves office. directv filing a complaint with the fcc accusing disney failing to negotiate in good faith. directv has been without access with disney and espn and abc for the past week. we are watching oil prices with the storm that is expected to strengthen to a hurricane this week. that could hit upper texas and louisiana with heavy rain and life threatening storm surge. here is what to watch in the week ahead. apple with the product event today and revealing the iphone 16 with new features. tomorrow, vice president kamala harris and former president trump face off in the first debate. and later this week is the cpi and ppi on wednesday and thursday. cnbc's boardroom game plan

conference is set to take place tomorrow in l.a. it is an event bringing athletes and owners and investors and innovators. you can go to cnbc.com/game thecnbc.com/gameplan to register. i'm going to talk to alex karp on thursday and you will see more on that interview here on friday. taking a look at futures right now. all morning long in the green across the board. we have to remember we are coming off one of the worse this next week a year in and a half since march of 2023. the dow would open up more than 200 points higher. a positive start after the major averages suffered declines last pe week. just on friday, roughly 12

billion shares were traded. more than 1 billion above the ten-day average. spy russell etf, all of them trading above the 30-day average when it comes to volume. joining me now is david katz. david, great to have you here. >> good morning. >> we mentioned rough week for the markets last week. kind of a bounce in the futures now. how do you see today shaping up? what is your "wex" word of the day? >> mercurial. we would not get caught up in the negative. we would be buying last week's dip. >> you are saying you are buying last week's dip. are there certainly sectors you are focused on when you are talking about buying the dip? >> in terms of buying the dip, the things which have gottentec. we have been neutral to

technology after the great run. in light of the selloff, you can see names with great prospects with stocks that pulled back 15% to 30%. >> when you say buy the dip, you are buying now and looking for more room to run. really strong earnings for tech last quarter. when you look deeper into the numbers, nvidia accounts for half of the earnings growth. the earnings growth would only be 10% as opposed to the 20% it actually posted. when you say ayou are buying th dip on tech, is nvidia going to meet those expectations or possibly exceed them? >> one of the companies we are not involved with is nvidia. a company like microsoft or qualcomm or google. they had very good earnings. the outlook over the next two to three years are good and

valuations are okay. those are the companies that we're talking about buying the dip. >> not the whole sector. you think it is an individual stock story when you talk about buying the dip? >> absolutely. we also want to look at the broader market where stocks have not done as well over the last year and a half or selling at 15 or 16 times earnings. those are the type of things we are also putting money in. just not technology. spread it out. >> how do you view apple today? big event today with the consumer a.i. coverings with the iphone. a lot of people, including dan ives, thinks this could spark a new buying cycle. since wwdc back in june, apple shares are up double digits. the market is sideways up 1%. worrying about the sell on news that could impact the broader market? >> apple is very difficult. we think if you have a

three-to-six month time horizon, the stock is higher. he do thi we do think there is a a.i. cycle. the stock is fully priced, but we do think it can continue to do better. if there is any weakness in apple this week, we would put money into it. >> david katz, great to see you. thank you very much. one more quick look at futures across the board. that does it for us here on "worldwide exchange." "squawk box" starts right now. good morning. the markets are going to try to pick up pieces from last week's selloff. pretty ugly week. futures in positive territory, at least for the moment. how deep will the fed cut rates? it is the debate in the markets right now with two big inflation reports on the way. and what has elon musk denying a story about tesla and his a.i. company? it's monday, september 9th, 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. and here we go this week. if you want to check out how things are shaping up so far, you have some pretty strong advances to the upside. dow futures up 230. the nasdaq is up 165. it comes after a very rough first week of september. the s&p 500 was down more than 4% last week. that weaker jobs report on friday didn't help matters. a quick statistic for you. the s&p 500 has had an average decline of