it is 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here is the "five@5." stocks trade close to the all-time highs. a record week in china after the big stimulus from beijing. have stocks gone too high too fast? done deal? it's one that's been years in the making. plus, hurricane

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ahead of the key august pce report. take a look at the benchmark 3.77. it moved ten basis points higher since the fed rate cut last week. we are noticing the 30-year has moved higher at 4.11 when it comes to the yield. we are looking at the energy market. oil holding on to yesterday's losses. it was a bit ago. we saw a move in oil to the upside. we are seeing moves to the upside. now moving into positive territory. wti, the u.s. benchmark up .50%. below a key sentiment level above $70 a barrel. that is after the chinese stimulus. we will talk about that with our guest coming up. brent crude up .50%. key sentiment levels for these two. that is the money set up. now we go to the international markets. nothing modest about the gains across asia this week with a number of indices there closing

out the best week in decades. the man in black is back. arabile gumede is in the london newsroom. arabile, good to see you. happy friday. >> good to see let's say you're deep in a show or a game or the game. on a train, at home, at work. okay, maybe not at work. point is at xfinity. we're constantly engineering new ways to get the entertainment you love to you faster and easier than ever. that's what i do. is that love island?

because it is taking in from the chinese stimulus trade. montcler is moving higher with the luxury trades move higher. ftse 100 managing gains and so, too, the combined story of commerzbank and unicredit. banking consolidation is in the

mix, frank. >> arabile, thank you very much. arabile gumede live in the london newsroom. we stick with the action in asia with breaking news and japan elects a new prime minister. kaori has more on those results. >> reporter: frank, it was an is it possible to count on my internet like my customers count on me? it is with comcast business. keeping you up and running with our 99.9% network reliability.

and security that helps outsmart threats to your data. moaire dida twoo? -your data, too. there's even round-the- clock customer support. so you can be there for your customers. with comcast business, reliability isn't just possible. it's happening. switch to reliable comcast business internet with security and get started for $49.99 a month. plus ask how to get up to a $500 prepaid card. call today! new economic policies, but we do know he is the defense policy wonk. he was a defense minister earlier. i think that is fitting for the new prime minister, frank, because he will have to navigate through turbulent political waters in the middle east and with china and russia with recent incursions in waters and air space in japan. frank >> kaori, thank you very much. we turn attention back to wall street. s&p and dow trading near record highs with the stimulus in china and stocks moving there giving a

boost to the global markets. back here in the u.s., the pce could test the sentiment on the rally. joining neceme now is matt mael. >> good morning, frank. >> we are looking at pce. i want to ask you what's at stake. we heard from the fed officials here and they seem to have a lot of con if i afi here and they seem to have a lot of con if i adence that inflati moderating. what is on your mind with the pce report today? >> it could create problems if it is stronger than expected. especially now with some of the commodity prices moving up. of course, that is much more recent than the port recover. people are worried about the bond market where yields have backed up. that has to do with the technical issues. we had the ten-year note from 4.8% to 3.6% since april.

it spent months pricing in the rate cut. we we got that, it was sell the news rather than being overly concerned about. we'll see what happens today. it could throw a wrench in the works. this situation is pretty good. briefly, i want to go back to the commodity move. oil is the exception based on the china stimulus. are you worried about the impact of the commodity rise on earnings and earnings estimates going forward? next year, 15% earnings estimates. we continue to see commodity prices move higher based on china reaccelerating. are you word aried on that impa on the market? >> i am, frank. earnings are important. remember in 2023, the stock market went up 25% on zero earnings growth. we basically pulled forward this year's 11% earnings and next year's 15% earnings last year and so, we need -- as good as

15% earnings growth sounds, we need better than that. if that is tougher to satisfy ch achieve with the higher commodity prices, that is the issue. if these things hold steady, i think commodities on overbought. if they hold up into next year, that's going to create problems and headwinds for the stock market. >> i'll stay with the china them quickly. david tepper says these are attractive. i'm looking at the fxi. up double digits this week. are you seeing opportunities with large-cap stocks in china? >> yes. the one thing we have to worry about is it is up 15% in a week. be careful about chasing this market up at these levels. i think especially going into the weekend. be careful about chasing them. even david tepper said yesterday, as i saw the interview, he will look for

pullbacks as a buying opportunity. the one thing on a long-term basis, china has structure problems and the stimulus is not going to solve. boy, we learned in 2020 what massive stimulus can do during the pandemic. >> i hate to cut you off. you are focused on small caps. since the rate cut, they moved sid sideways. less than half year to date. that's really important for market sentiment. why? it seems the market moves higher without the participation of the small companies. caps. >> they got nice moves yesterday from micron's earnings. we are starting to see the rally broaden out. again, when we are trading at 22 times earnings, a lot of things are moving like the tech names. we need somebody to take the

baton. keep a close eye on the bank stocks. >> matt maley, always good to see you. thank you very much. >> thanks, frank. >> for more on the trading day ahead, head to cnbc.com/pro. we have more to come on nvidia and "worldwide exchange," including the one word that investors need to know today. we layout how we got here and what's at stake. much more on the pce inflation report and why citi is sounding sour than the street consensus. later, talk about getting fired. trump media losing the support of one former "apprentice" speaker. still more ahead on a very busy hour on "worldwide exchange." stay with us. i can make this work. i can make this work.

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welcome back to "worldwide exchange." we approach the deadline for a possible strike at the east coast and gulf coast ports at midnight on monday. the international longshoremen will strike if the union doesn't offer what they want with compensation and restrictions on the use of automation. the unfair labor practice complaint was filed claiming the union refuses to negotiate. the gulf coast ports move important $2 billion of goods every day.

we spoke with ch robinson which estimate the companies can still realistically get imports and freight from east and gulf coast ports for another week. >> you want to look at alter alternatives.canada or the east coast. there are a couple of ports that fall into that category. you have air freight as an option. >> i spoke to a number of companies and creating the a alternative routing comes at a premium. rates double if ports to the west coast or gulf coast strike. there is a cost to the economy. the national association of manufacturers say two-thirds of goods move through the ports.

t joining me to discuss is the national association of manufacturers jay. >> good morning. >> jay, let's talk about the national association of manufacturers. a lot of names in there. pfizer and winnebago and johnson & johnson. a broad range of companies. what is the impact of the companies if we do strike? >> it will be a pretty heavy hit, to be honest about it. look, we are on tenuous ground economically. manufacturers have begun to emerge from the impact of the pandemic and supply chain shortages and crises that we've dealt with. interest rates are starting to now ease off a little bit. so, today, we have the opportunity, i think, to move forward and ensure that our economy is, is moving up and getting better and that workers

are, you know, in a good place. unfortunately, this strike could harm consumers and the economy overall. you noted $2 billion of goods if this happens. we are worried and that's why we want the administration to get involved in this dispute. >> jay, you are mentioning the administration. spoken to the white house and spoken to them at length about this and the department of labor. they issued a statement. the white house. i want to read, we encourage all parties to remain at the bargaining table. we never invoked taft-hartley. do you believe that the biden administration should intervene in that way? >> you know, we still have a few days left and hope nfully

negotiations will continue and there's not a strike. that's the most important thing is both sides come to the table and work things out. if it doesn't happen, it is inn come pbent on the administratio. we haven't had a strike with these ports in over 50 years and the economic impact of this could be consequential. i don't think the administration as we're just really starting to get our feet under us in the manufacturing sector, i don't think they want to see that taken away from us. >> i really want to lean in on this, jay. we showed the numbers and we're showing the industries. when you say the different companies could be hurt, exactly what do you mean? would it make them less competitive or -- go ahead. >> of course, it makes them less competitive and drives up the cost. you have to look at the entire i

am pimpact on the economy. ultimately businesses will continue and we'll figure out alter alternatives. yes, we can go to canada and mexico. we can ship from the west coast, but just think about the additional time and additional expense it takes to do that. what really is impacted are the consumers of this country. some of the biggest imports we have on the east coast are coffee and beverages. pharmaceuticals is one of the biggest exports and well as the products needed to be part of that pharmaceutical supply chain coming into this country. autos. if this happens and our ability to export our products or auto products, that harms workers in the auto industry as well. the knock-on effect of a, you know, of a shutdown, or of a

strike, really are quite damaging across the entire economy. >> jay timmons, the president of the national association of manufacturers. thank you for joining us and spelling out your concerns and concerns of your members that include johnson & johnson and toyota. a wide range of people involved in the organization. thank you. cnbc will have continuing coverage of the looming port strike ouall day. i'll come to you live from the port of new york and new jersey. we'll be covering this story all day long here on cnbc. coming up on "worldwide exchange," hurricane helene slamming the florida panhandle as one of the strongest storms in years. we have a live report coming up from the eye of the storm coming up next. trust. hang out. and check in.

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because grit and vision working in lockstep puts you on the path to your full potential. old school grit. new world ideas. morgan stanley. welcome back to "worldwide exchange." we are we are turning to a developing story with hurricane helene making landfall last night. jay gray has the latest. >> reporter: frank, it was a rough ride in tallahassee and across florida. you see older oak trees and canopy across the street with the moss last behind. we know the older trees did not make it overnight structures an

pulling on power lines. we will have a better idea of the damage here sunonce the sun comes up. let's talk about helene for a minute. it was the strongest hurricane to ever make landfall in florida's big bend region. that is saying something. that is a pathway for a lot of the hurricanes that move into florida. it was the third to move through that area in the last 13 months here. we know it was one of the largest in the gulf in the last century. this thing had a wind field or footprint of almost 500 miles and it certainly had some staying power. it was still a category 1 as it moved into georgia, well inland. right now, it is a tropical storm just downgraded by the national hurricane center. still with sustained winds of 70 miles an hour and still cause problems. let's go over what we know about

the damage here and we know there are more than 1 million people without power right now in the state of florida. 1.3 or 1.5 is the last number we saw. more than 800,000 in georgia. both those numbers will likely go up a bit before it's all said and done. right now as the storm continues to push inland, there are 60 million people in 12 states under watches or warnings concerning helene. this is going to continue to be an issue and big rainmaker through the weekend. >> our jay gray live in tallahassee. jay, you stay safe. switching gears a bit and turning to the campaign trail. prime minister starmer and former president trump coming together on the sidelines of the u.n. general assembly. the leaders had a two-hour dinner discussing ties with the u.s. and uk as well as the importance of continuing to

develop the strong partnership. ahead of the meeting, starmer sitting down with our andrew ross sorkin and talking about meeting trump and harris ahead of the november election. >> we are looking at arrangements, but i certainly want to meet both presidential candidates before the election, if i can. that's what i hope will come about. >> one of the reasons i raise that is former president trump said if he is president, he will negotiate a very quick sett settlement, but ukraine may u ultimately have to give up on some of its land. >> let's get get ahead of ourselves. it's for the american people who they decide they want for their president. we in the uk will work with whoever the president is. >> andrew will have more with the sit down with prime minister starmer coming up at the top of the hour. sticking with the election, health care is an issue for both

candidates along with the future of the affordable care act. one key voting block has had a keen interest in the staying power. our bertha coombs has more on this story. bertha, good morning. >> good morning, frank. nationally, half of latinos get health insurance through employers. in a number of states, they rely on the aca for coverage. hispanic make up 22% of enrollees this year. that is bigger than the portion of the population and in a lot of the biggest markets n. florida, they make up 16% of the market, in texas, 18%, in california, nearly 1 in 4 enrollees is latino. two have used targeted ad campaigns and community outreach programs to court latinos in dp english and spanish in the market. they highlighted the hola oscar

day. >> are they more reliant on the exchange plans than non-hispanic? >> it is an interesting thing to look at. the numbers are striking when you look at how many insured latinos say they get their insurance via the aca versus employer plans. according to kff data, it is about 60% in california and texas. more than half in arizona, which, of course, is a swing state. and 1 in 3 in florida. we know hispanic, especially women, are creating businesses at a faster rate than the general population. that may be why they're more reliant on the individual market and many are benefitting from the 2021 enhanced subsidies which boosted enrollment overall. >> bertha, they are courting enrollees, what about the presidential campaigns? >> they're not specifically

targeting latinas. kamala harris has pledged it push for extending the subsidies which expire the end of the year. the democrats in the house and senate introduced a bill to make them permanent. it is something republicans are balking at the price tag. according to the congressional budget office, it comes to $3$3 billion. >> bertha coombs, very interesting story there. coming up on "worldwide exchange," done deal? a major merger deal in the works. as we head to break, watching shares of costco after a reportedro dp in sales for the quarter. e earnings coming in ahead at 529

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with the indications we see in the labor market with respect to inflation and with respect to growth suggest we're on path to a soft landing. >> that was treasury secretary janet yellen talking with steve

liesman yesterday on the state of the economy following the fed's 50-basis point cut last week. the fed getting the latest read on the battle with inflation with the pce report today. much, much more on that in a moment. first, welcome back to "worldwide exchange." happy friday. i'm frank holland. the s&p trading at an all-time high. we see futures all morning long close to the flat line. now we see a down side move with the nasdaq. moving 40 points lower. the dow would open fractionally higher. the s&p fractionally lower. it has been a volatile week for the averages. the nasdaq is the best performer up 1.3% this week. the dow up .25%. the s&p up .75%. take a look at this. somebody tweet tom lee. he has been one of many people calling for a rally in small caps after the rate cut. the stocks are sitting at fresh all-time highs.

meta right here is lower this morning. netflix and walmart and lockheed martin hitting new highs. that's the money set up. now we turn back to the top story with wall street releasing the key inflation data. august pce prices expected to ease from a year ago with core prices to hold steady near 2.6% year over year. those numbers would largely lead in line with the latest cpi report with the headline inflation coming in at 2.5%. joining me now is citi economist veronica clark. >> thanks for having me. >> i asked a guest earlier, what is at stake for the pce report? we heard from the fed. they believe the inflation is moderating and they like the pace and trend. they're focus oded on the job market. >> we confirm inflation is slowing with the pce number.

when the pce data comes out, it is not necessarily a big surprise. we notknow the price inputs fro cpi and pce. we are expecting a .2% month on month. that's a very good around 2% annualized pace. that keeps the focus on the employment data. >> benign is an interesting word. inflation read and we talk about the rate situation with bonds. some people say that's benign. i want to look at something else that is volatile. the jobs report coming up a week from today. how important is that for the markets and fed? >> i would not use benign to describe the labor market necessarily. we think this is a weakening labor market. we have seen that the last couple months. of course, we had a rapid rise in the unemployment rate in the last four or five months. rising .10 on average. payroll job growth has started

to slow and revised lower every month. we will see a continuation of that next friday. we are expecting a relatively soft 70 k jobs added in september. expecting the unemployment rate to tick higher. that is an uncomfortable report for the fed. >> i want to hit on something else. the recent rise in commodities following the chinese stimulus. that rise in commodities can be infla inflationary. is that something the fed is monitoring? >> i don't know if we'll see the impact of that as soon as the november decision. we are watching the inflation data. it would be inflation that would derail future cuts at this point. we are, of course, coming from a place of high inflation. we actually have seen in shipping costs rising and input costs rising. it seems like the u.s. consumer will not accept further price increases. even with the input costs rising, we see goods prices

falling for instance. this seems like a soft demand environment. that is leading to slowing inflation. >> i want to get to your fed forecast. you are expecting a 50-basis point cut in november and five quarter point cuts. if we see that path, is that inflation continuing to moderate and the job market being soft? is this hitting the soft landing? this forecast, what is the scenario for the economy and markets and job market if this plays out? >> right. right. i would say the risk to the forecast is the fed could be front loading more of the easing because we do think that is, you know, coinciding with the further weakening in the labor market. it seems fed officials are inclined to get back to at least closer to a neutral rate as soon as possible. the issue is we don't know where neutral is this time. maybe as you are front loading some of the big cuts and you want to go a bit slower and feel a neutral rate may be.

if it does look more obvious the labor market is slowing, the risk to the forecast is the fed is cutting and more larger cuts and faster. >> the risk to the forecast is a 50-basis point cut in december as well? >> yeah, i can absolutely see that. we'll see the next two employment reports. first, we get two employment data reports before the november decision. i wouldn't be surprised if they could go 75 in november. we're pencilling in 50-basis points in november. it is very labor market. >> first time i heard anybody says that. maybe 75 cut in november. thank you very much. >> thanks. coming up here on "worldwide exchange," using a.i. to reshape your child's classroom. stay with us.

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welcome back. artificial intelligence is managing to touch every part of our world, even in school. in the latest, julia boorstin looks at how tech is changing the education landscape. >> reporter: with teacher shortages, this year, teachers are using new a.i. tools to do more with less. a leading a.i. startup magic school, is used by 3 million educators across the country. while most of the teachers are

using it for free, 5500 schools are using the premium version. one, green dot, took us inside the charter school in california to show how a.i. is helping teach. after a trial period last year, his school just started paying for a full rollout of the software this semester. he showed us how his teachers use the platform's 70 plus tools. for everything from grading and kr crafting lesson plans. >> all of these are so quickly. >> teachers are asked to do a lot to prepare. this gives an opportunity for teachers to spend less time doing more. >> reporter: magic school started rolling out 40 plus tools for students, including chat bots that teachers can customize based on the student.

>> the teachers will customize them and make sure they work for the grade level and test them in their playground to make sure they're appropriate for stuts a students. >> reporter: it is one of 67 a.i. companies which raised $518 million so far this year according to pitch book. with $3.3 billion invested in a.i. education startups since 2020. one of them, good notes, is an a.i. powered digital note taking platform. it helps with spell check and math. with new technology becomes new concerns. a lack of human interaction in classrooms or cheating. >> why are you using a.i.? >> so, i wouldn't say from parents or students. i think our district is doing a great job of setting expectations about what a.i. use looks like. a.i. is here and it's here to

stay. how do we adopt and adjust. >> reporter: for "worldwide exchange," i'm julia boorstin. time for the global briefing. chinese stocks racing to the best week since 2008 after beijing rolled out a stimulus to boost the economy. china's blue chip csi index jumping 3% today bringing the weekly gain to 16%. the hang seng is up 12% this week. it's having its best week since 1998. in japan, the yen is stronger against the dollar. ishiba winning the vote today to become the next prime minister. unless europe, commerzbank is holding the first round talks with unicredit as the italian lending is pushing for a tieup.

unicredit holds a 9% stake in the bank. a potential takeover could be difficult as it faces opposition from the german government. chge widng up on "worldwe exan,"e have one word every investor needs to know today and the one beaten down sector on hopes of chinese spending. we'll be right back after this break. we're cooking with fire. (vo) switch to the partner businesses rely on.

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big week for luxury names after the fresh stimulus in beijing to bolster the economy. we have robert frank with more. robert, good morning. >> good morning, frank. great to see you. luxury stocks having their best day since january on those hopes for a china rebound. the big four, let's say lvmh and richemont and montcler and kering. it added $17 billion to bernard arnaud's wealth. kering up 10% along with hermes. hermes has out performed this year. the stock is up again today, but big questions here about whether china's government stimulus will actually translate into higher sales of handbags and designer shoes. china accounts for about a quarter of all luxury sales. it used to be about half.

luxury sales are down 10% this year. consumer prefer rences in china are moving because people are spending more on experiences than on key fashion and luxury brands. you have copies of luxury goods more popular in china and then you have the growing number of chinese millionaires who are leaving the country and migrating to singapore and australia and europe and the u.s. frank, big questions about whether this stimulus will work and whether if the economy grows, that will translate into higher luxury spending there. >> luxury shame. we don't have that here in the u.s., robert. i want to go back to these companies. what have we heard on the earnings calls about china and the chinese consumer? >> reporter: it was interesting

with the note from b of a as the luxury shopper is all shopped out. the products in china are just beginning. they downgraded luxury stocks and earnings projpjections by 1. that was a big downgrade. it followed the sentiment of analysts on the street which didn't see any signs of a recovery in china which is the engine for growth. even as of this week, the outlook was very poor and the big question is whether this is going to mark a strong enough rebound to help overall sales through the end of this year or whether it might take longer. >> another frank and frank. robert, great to see you. thank you very much. coming up here on "worldwide exchange," markets are set to close out a choppy week. take a look at the chart. the nasdaq is the best performer. now the marks are preparing for the best of the post rate-cut

rally. if you haven't already, follow our podcast. if you miss "worldwide exchange," follow us on your favorite podcast app. more "worldwide exchange." coming up after this.

welcome back to "worldwide exchange." here are a few of the big stories we're following. arm holdings potentially buying

the product division, but was told it was not for sale. no comments from either company. directv and dish looking to merge with almost 20 million subscsub v vibeers subscribers. and funding round to close next week for openai and pushing back on reports he's in line for an equity stake in the company. shares of bristol myers squib are higher following the fda approval for a drug to street schizophrenia. one of the biggest shareholders in trump media all but eliminating the stake in the company. andrew letinsky cut the stake in

the media and technology company from over 7.5 million shares down to just over 100 shares. and helene weakening to a tropical storm overnight. the storm now moving over georgia and into further southeastern u.s. markets are in line for a positive week with the dow up .25% and the s&p up .75 and the nasdaq up 1.4%. let's bring in patrick frizzeti. >> good morning, frank. >> obviously, we have pce coming up. how do you see today shaping up? what is your word of the day? >> the word of the day is stamina. you hear it in the political realm a lot. the same should be said for the investment landscape. >> spell it out. when you say stamina, what do you mean? do you stay with trades already working or do you continue to put money in the market although

there could be volatility coming up. what stamina? >> if you put together a plan, you have to stick with it. it takes stamina to get through every kind of market right now. we hit an uptick given the fed cut rates recently. you get to continue with your investment plan. we put together a plan at the beginning of the year and we followed it and we're seeing it through to the end of the year. >> obviously, we have pce coming up today. i want your take on what you think it could mean for the market and we get the jobs report a week from today. what is your expectation for both? >> i think the fed is focused on growth. the inflation number is more important than pce. if we're in line today, that's healthy. if there is a surprise number to the upside -- >> i know you have a pick for us. we'll get to that in a second. i warrant to ask about the markets. surprised by some of the moves

you are seeing? the small caps are down 1% this week. i'm not calling people out, but tom lee, said small caps would pop. we're not seeing a big move in the small caps. >> because there's this growth risk, right? any time you are heading potentially into recession, i'm not saying we're near one, but when there is a question of rece recessionary pressures, you don't want to own small caps. i think that's why there's weakness. it is focused in large caps and industrials. >> speaking of stamina, we have seen big upside moves. david tepper believes a valuation discount with tech. are you seeing opportunities with the stamina with investing in china? >> not necessarily china. your last segment, you talked about the chinese consumer weaker in luxury brands. if you look at the u.s.

consumer, right, you heard things like dollar stores come out and say the consumer is weak or cash strapped or things we're focusing on. you have to really look at the s u.s. consumer. credit card delinquency over 9%. highest in a decade. that is something you have to continue to watch. the millennial gene z are still spending. >> quickly to the pick. as we talk about a possible port disruption. why would you invest in this stock? >> i don't see the port disruption affecting them very much in regards to their lines. the labor strike is behind them. it's heading to arbitration. you know, this is a company that will benefit from the theme of near shoring.

regardless of who wins, they bin f benefit. it's 20% cheaper than trucking. they own all of the rails from mexico to canada. >> big near shoring. patrick, great to see you. thank you. that's going to do it for us on "worldwide exchange." the quick look at futures. the nasdaq off the lows. "squawk box" starts right now. good morning. china stimulus lifting stocks again. the shanghai composite is up nearly 13% this week. we'll talk about another billionaire set to win in china aside from david tepper. and tumbling in japan as the ruling party leelects its next

prime minister. and hurricane helene slams the gulf coast. it's friday, september 27th, 2024 and "squawk box" begins right now. ♪ good morning, everybody. 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 are. it's friday. >> do i need a jacket? do i need a jacket? >> you look fine. andrew, you look great. >> okay. i didn't bring one. i didn't know. no one told me. >> i didn't bring one either. it is friday. the u.s. equity futures are mixed this hour. dow futures up 15.