it's 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here's your "five@5. futures are lower this morning suggesting the kind of bumpy start to october it is not over yet a strategy session for your portfolio coming up. oil prices higher as tensions in the middle east continue. and shares of nvidia are higher after optimism from the ceo. a different story for levi

strauss. that stock lower on guidance the jeansmaker considers offloading the brand. the two sides go another day without meeting. it's thursday, october 3rd, 2024 you are watching "worldwide exchange" here on cnbc good morning thanks for being with us i'm frank holland. let's kickoff the hour with the check of u.s. stock futures after the major indices were able to ek out gains yesterday look rootight now s&p down over 20 points. the dow would open almost 150 points lower nasdaq is hard hit down more than 90 points we have a few stocks to watch this morning that includes nvidia shares are getting a boost right

now. they got a big boost yesterday at the time ceo jensen huang was speaking before the closing bell shares are up .50% right now. >> blackwell is in production and blackwell as planned the demand for blackwell is insane everybody wants to have the most and everybody wants to be first. >> again, nvidia shares up over .50%. we will hear much more from huang and his take on the race of a.i. coming up a bit later in the show as we mentioned, we are watching shares of levi's down after the mixed report you see the drop after the earnings right rear. investors are not loving what they heard and they are once again exploring a sale of the dockers brand. shares down 10.5%. we are checking the bond market as we await the data numbers this morning let's take a look right here

bonds, the benchmark ticking up a few points yesterday yesterday at this time, we saw it 33.77 now back up to 3.8 it did spike up to 3.8 during the trading day as well we are also watching oil, of course, and the continued escalating tensions in the middle east. dan murphy will have the latest coming up in a few minutes a quick check of the oil market. wti is up 1% still above $70 a barrel brent crude up .75%. this is important. back below $75 a barrel. we know dan will talk more about the sent iment when it comes to the oil market. that is the set up let's see how europe is shaping up with carolin roth in the

london newsroom with the early action there carolin, good morning. >> frank, we are roughly two hours on the trading session this morning what we are seeing is a mixed picture. ftse 100 is out performing with tesco with the better than expected numbers and raising its guidance secondly, we had dovish comments from the boe governor bailey saying the boe might being more activist with rate cuts. also where, dax is down 1.7% the cac 40 is off 0.8% i want to show you the out performers with the sectors. no actual sector in the green today. retail on the back of tesco is doing better along with health care and utilities and oil and gas. when it comes to the sector

losers, the auto picture is a very bleak one across europe we are seeing declines today i want show you the asian picture. the big story there is the nikkei up 2% on the back of the yen. the new prime minister has ruled out another boj hike >> carolin, thank you very much. carolin roth in the london new newsroom great to see you. we turn to the latest out of the middle east and oil prices ticking higher after israel carried out fresh strikes in lebanon. we have dan murphy with us this morning. good morning. >> reporter: good morning, frank. tensions ratcheting up in the middle east. striking central beirut overnight in the lebanese capital. lebanese officials saying six people have been killed and that adds to the more than 1,300 since israel invaded the country this week and as it pushes ahead with the ground offensive

against hezbollah operatives there. the israeli defense forces lost eight soldiers in the fresh round of ground clashes in southern lebanon oil traders are watching the escalation risk with israel vowing to respond to the missile attack and the critical question for oil traders and the broader oil market right now is what israel is going to do next and how israel responds is most critical for the crude patch at the moment the strike on the oil fa sciliie could cause prices to sky rocket investors are not pricing that in wti and brent failing to catch a bid. frank. >> dan, great to see you as always dan murphy tracking the oil market thank you, dan. turning to the latest on the east and gulfport strike on day three. the unions looking for higher wages and protections against

automations at ports usmx did not meet yesterday and they have no plans to meet for negotiations pete buttigieg telling cnbc yesterday, the carrier increased 350% >> another thing i do have concerns about is many have filed the paper work to introduce surcharges we lated to the strike if they were to do that, while the surcharges would be slapped on the shipping cargo, that would trickle down to the consumer >> meantime, freight continues to the move to the west coast ports. shipping rates are more than 300% higher year over year, but double digits from august when retailers moved shipments in

early. air freight is jumping 50%, but off the september highs. if the strike continues, it expects to accelerate as companies turn to air. we will follow the strike and p impact here throughout the day on cnbc. turning back to the markets. investors will get the look at the employment picture with the monthly jobs report tomorrow jobless claims expecting to increase this comes after the adp report that hiring picked up last month snapping a five-month stretch of payroll growth for more, let's bring in ross mayfield of baird. >> good to see you >> ross, an interesting week this week. we talk about seasonality of october and powell comments and geopolitical tensions and now back to the fed with the job market in your mind, initial jobless claims, is that a market mover

or is the real one tomorrow with the jobs report? >> i think the real one is tomorrow the non-farm payroll is the catalyst for the last several months because of the implications for the fed it is the thing that sparked the fed pivot and pushed to the jumbo cut. i think it is non f-farm payrols investors need to watch. >> any implications in your mind >> absolutely. if there is an upside surprise, that will move markets anything that indicates weakness past what the fed wants will have implications that trickle down into the bond market and into equities. it has been pretty steady for several weeks now and hasn't indicated it is spiking. you could get an upside surprise and that would have a big impact

on markets it's the labor market and everything else driving equities these days. >> labor market is number one on your list. you are looking at the s&p equal weight this week since the rate cuts, small caps are down .50%. when we are talking about the large caps and equal weight, is there a sector you like or something you like for the audience, the s&p equal weight is all stocks rated equ equally. >> it is something we like to see. it was a concern in 2023 how concentrated the market had gotten we like to see the breadth expand they are linked to the domestic economy more so than larger cap.

i think higher floror longer interest rates are still a thing. the place that large caps are overweight with tech and discre discretionary. i think we are on pace for a soft landing i think large cap cyclicals benefit from that. >> we are on pace for the soft landing that people are calling for, i want to ask about housing and utilities. utilities up over 3.5% the real estate sector, not housing. real estate sector down 1% shouldn't real estate be doing better with the anticipation of the rate cutting cycle >> you think so. if that is a risk, that is a flag the out performance on utilities doesn't strike me as a shift to defensive because investors are battening down the hatches if the fed rate cut is in the

promise of more don't spark -- both market activity in the cyclical sector, but in the economy. we need to see mortgage applications tick up the promise of fed rate cuts has to lead to improvement in the cyc cyclical and rate sensitive. >> do you like utilities going forward? a lot of people think utilities have more room to run. do you like them >> i'm not inclined. there's a lot to like in 2025. i understand the impetus for utilities and the new a.i. growth play with the power demand, i still don't want to get too defensive. to me, utilities are a defensive corner of the market i'm still leaning cyclicals and tech and growth. i understand the impetus >> ross mayfield, good to see you.

>> thank you we have more coming up on "worldwide exchange," but first, pushing back on growing rules of a.i. my conversation with the ceo of ericcson. and why apple's newes iphone is doing little to win over customers we have a very busy hour still ahead when "worldwide exchange" still returns. stay with us benefits brokers, and institutions.

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welcome back to "worldwide exchange." you can see the s&p and the dow looking to open 140 points lower. the nasdaq is the hardest hit looking like it would open just over .13% or .50%. look at the nasdaq 100 laggards. pdd holdings at the top of the list tesla. tesla shares down after missing on the delivery numbers. super micro down nearly 1% meta platforms on the list and one of the companies, including spotify and ericsson calling on the eu to reduce restrictions around artificial intelligence development. the group signing an open letter arguing the bloc's rules would hurt advancements in the region

and risk missing out on the global a.i. arms raice speaking with cnbc yesterday, jensen huang said right now is the critical development for a.i. >> what we are looking at now is the beginning of the next wave of a.i. and biggest wave of a.i. and this is companies around the world using a.i. to be more productive as well as using a.i. to revolutionize the way they build their products and products they build. >> yesterday, i spoke to the ceo of one of the companies on the a.i. letter asking what the company is concerned about with a.i. regulations >> the letter is, of course, an open letter, that we signed and

led by meta. what it is all about is the fragmentation of european a.i. regulation where you have the a.i. act and you have gdp or it is interpreted by many agencies. it is actually slowing down a.i. adoption in europe the reality is this is a bigger question than a.i. only. of course, a.i. is such a central piece, but the reality is europe is falling behind the u.s. dramatically. today, gdp is about 30% lower in europe half of that is productivity differences. that really is explained by the lack of the tech sector. the concern here is bigger it's just that the a.i. is the topic of the day >> let's get to the bigger concern in a minute. i want to ask you that you signed this letter because you are concerned about your company and shareholders and

productivity gains and margins in the business that you see if there are less regulations on artificial intelligence, how would it directly impact ericsson >> the a.i. is such or the most advanced technology in the world. it will be a booster and helping to define the new offerings in the market that's a space we need to be in. for us, a.i. is really fundamental. it is the way we operate networks and how we run energy management and detection and optimization of the network. that's where we need to be competing with all the other vendors. of course, we are european based. we have a large part of our r&d in europe. it is critical we offer the products and solutions so, as you say, there is a big element of self interest here. the reality is, you know, we

have 60% of our r& d, give or take some, in europe of course, we need to look at where we are going to put r& d in the future. i did ask other ceos of other companies where it is most beneficial to put it we launched a center in canada recently it is hurting europe i think in the longer term, it is hurting europe. >> for more on my interview with the ceo and the guinea pig status, head to cnbc.com. ahead on vo"worldwide exchange," we have a strategy session with the top adviser you don't want to miss that. and survey says what consumers really think about a.i. in their iphones. stay with us we're back in a moment

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at pgim, finding opportunity in fixed income today, helps secure tomorrow. our time-tested fixed income suite, backed by over 145 years of risk experience, helps investors meet their goals. pgim investments. shaping tomorrow today. welcome back to "worldwide exchange." thees leg es escalation in the east is causing investors to navigate the market. for more, i'm joined by david wray good morning

great to you have here congratulations. >> good morning. thank you for having me. >> we're bringing you on for a strategy session a lot of times you have fas on and they always tell their clients to invest for the long terp term i have to ask we have a port strike and the oil issues. are there moves people should be making >> sadly, i'll probably say the same thing the other fa's say. invest in the long terp. ther term term there are cross winds coming up with the elections and dock workers strike and the hurricane has hammered us here i have been doing this now for 41 years and we also recover from these things and move forward. however, in my long time doing

this, october can be a scary month. hang in there. look around. if you do have dry powder, you might want to look for bargains. they might arrive in this month. on othe other hand, we are looking at the global easing cycle and earnings are good and the consumer seems to be pretty good a lot of cross currents as usual. hang in there. >> right now, you are saying look for bargains in the equity market i want to talk bonds very quickly. for most of your clients, do you suggest 60/40 bond portfolio are you suggesting your clients buy bonds to lock in that yield? >> that's a great question we take every client individual and try to meet their goals and their plans and if they need to

have a bond allocation, it's fine you know, i'm not sure 3% or 4% is going to get people a lot of their long-term goals. if they need some, we'll buy some high quality bonds. overall, we are probably 80% invested as a firm in great long-term equities >> all right you mentioned you have been in the business for over 40 years that means you have seen a lot of october seasonality and that big black monday crash in '87. is there something you learned from the big, huge market events that have, you know, have the selloffs i'm not saying that's going to happen and i hope that's not going to happen, but we have a lot of potential volatility coming up. is there anything you learned in the last 40 years that is not a knee-jerk reaction for the investor

>> i learned a lot i was relate tively young in the business in '87. it was scary my memory was we lost 30% in a week i think of maybe four really, really bad breaks in my career -- breaks in the market, i mean the '87 one and the 2000 one which was around the internet bubble and big recession of 2007 and then the coivid drawdown. >> you've seen it. i know you don't believe in seasonality that can carry us as we go forward. the potential for volatility nobody is hoping for it. >> what you learn is -- i will say in '99, 2000, we had good evidence that things were expensive. pe was 40.

interest rates were on the rise. the other three bad ones, you didn't know it was coming and you didn't know if it was going to end what you learn is don't panic. please don't sell because most people do not get back into the market look for bargains. pay attention and things will get better you know, we most -- >> you got to hope they get better david, after 40 years in the business and 8 on the fa 100 list thank you for being here i appreciate you >> thank you >> you can see the full list by scanning the qr code on the screen or go to cnbc.com/fa100. as we go to break, look at shares of humana you see the dip in the chart after the health insurer warned the drop in the federal government ratings in medicare plans could hit a result in

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the next generation of iphone starts now. this is iphone 16 pro with appl intelligence the new private, personal system deeply integrated into your phone and across your apps to help you get things done effort l lessly >> that is the iphone touting intelligence, but consumers may not be biting giving a lukewarm reception to the tech. we will have more on that.

welcome back i'm frank holland. let's get you ready for the trading day ahead. stock futures are in the red across the board still you see the s&p down nearly 20 points the dow looks like it would open 130 points lower off the lows earlier. nasdaq off the lows fromm earlir this morning we want to look at the drags on the dow. you see salesforce down 1% amazon down just over .50% merck down .50% as well. we look at the bond market as we await the jobless claims the benchmark at 3.80. taking a dip and popping back up the long bond is 4.50. we have seen this tick up a bit as well. we are watching oil and continued tensions in the middle

east israel carrying out fresh strikes in lebanon brent crude is back above $75 a barrel wti is still well above $70 a barrel both up 1.5% right now that is the money set up right now. let's keep things going here on "worldwide exchange. investors are facing a mounting wall of worry with the u.s. port strikes and escalating middle east tensions and growing anticipation of tomorrow's jobs report as well as the october effect or psychological belief this is a bad month for stocks kicking off october with the middle east tensions and jolt of august and september for more, let's bring in the portfolio manager at equity armor investments. >> good morning.

>> i know you are looking at s&p futures. you say they broke through a key support level. what do you see in the chart and what is the key support level and what does it say to you? >> i think when you look at the s s&p futures, it broke below 80 we had the huge run up from august we had a bit of a volatility occur with the action where people unwound the yen carry trade. the market rose and it has been topping out. it broke below 5,780 level that is one area we have been looking for and we have not been able to get back above it. you see traders today this morning. that's a little bit of an indication we really can't get above there. i'm a little bit cautious until we get above the 5,780 level. >> to be clear, that's a bearish signal

>> it is this pattern is a mini head and shoulders option when you look at a five-minute chart and short-term and the increase in volatility to start october, to me, it's a bearish move here. that 5,780 is a critical level we broke below i think now the pressure is to the down side in the near term. >> what about the pricing with the that increased we have had a lot of events in the recent days. >> we have we have started to see put traders start to uptick the premiums they are relative to pay relative to calls. a put is a protection on the down side of the market. we have seen a heightened level in the last month or so where basically traders are trying to buy more protection to the down side than they want to the

upside that trend completely reversed for the last two years it has been the other way around. call buyers in the market and traders trying to buy the upside call the reverse happened the laust two months they want the protection to the down side. a lot of geopolitical tensions in the atmosphere and election next month couple that with another fed meeting at the beginning of november and two unemployment reports if you consider this friday and the week of the election week. couple that with earnings. a lot of volatility. >> brian, you are spelling out the next question. what is the options market telling us about the upcoming events the elections coming up and the jobs report and the fed meeting. what is the options market tells us about all that? >> when we look at the level of the voluatility with the vix, th

fed moves 1% we saw that a little bit to start october, but not the last couple trading days. i think it is waiting to digest the unemployment report coming out this friday here and maybe make a move here certainly expectations are heightened we will get a fairly sizable volatility event or move coming up in october >> what about the nasdaq i thought it was interesting moves there. spell it out for us as well. >> the nasdaq is sort of interesting. when sort of the yen carry trade unwound in august, we saw a lot of selling pressure in the nasdaq it seemed people were moving out of risky assets and heading into the ten-year note and u.s. treasury market. the nasdaq had selling periods it rebounded back at 17,000 or 18,000 level i should say. now it also is stalling out a little bit that is something i would be a

little worried about as we get back to the downside r retracement back to the lows something where the market is looking for a bit of a pull back. >> brian stutland. great to see you thanks for being here. >> yup. coming up here on "worldwide exchange," private equity looking to further investment in the world of sports. the multibillion dollar deal apparently taking shape down in south beach. stay with us and the convenient touch pad control is right at your fingertips. each tub comes standard with a dual hydrotherapy system. the ten water jets can help increase mobility, relieve pain, boost energy, and improve sleep. while the microsoothe advanced air therapy system oxygenates and softens skin. safe step walk-in tubs are built to maximize safety. so you can stay in your home

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welcome back to "worldwide exchange." you see constellation earnings are up we have brandon gomez with more on what to watch brandon, good morning. >> good to be on set constellation brands will set the tone this quarter. shares are up 6% and remain the biggest gainer reminder, the company did lower the full-year outlook at the beginning of last month citing the wine and spirits beer sales will boost this quarter. constellation's modelo is moving well beer volumes grew over 7% year over year after the weaker july and august

now, that is signs of improvement. other areas investors should pay attention to is any impact from port strikes the company does use the trade routes impacted. you are likely to hear the holiday inventory has arrived. you will get clarity on the juggling of the wines and spirits. we tend to get update on the hispanic american consumer which drives sales they say mixed things. higher unemployment has led to spending something to unpack. maybe we will get further in the jobs report. >> modelo is the best selling beer in the united states. >> it took number one after the backlash two years ago. >> are you expecting more on the call about the presidential election or the tariffs? >> yeah, you could hear something. maybe they will wait another quarter. trump said he would put a 10% tariff on imports and

conse constellation brands is one of the ones impacted the most within the spirits category. >> i used to cover constellation. you do now former president trump also signed the u.s. mca which allows free trade with mexico and the u.s. if you want tariffs on the beer after you sign the trade agreement, not clear how that would work he would need congress to repeal the entire trade act. >> that conversation hasn't happened back and forth. they point to the companies that import one of the names where you have the names more domestic producers like ab-inbev or molson coors it is something to follow. >> it is interesting that the wine business for constellation brands is a weak spot. >> one they tried to grow into over the last year.

>> brandon gome soz, thank you r much y. hankou coming up on "worldwide exchange," the one word every investor needs to know and what apple customers want we'll try to answer the questions. stay with us at ameriprise financial our advice is personalized based on your goals, whatever they may be. all that planning has paid off. looks like you can make this work. we can make this work. and the feeling of confidence that comes from our advice... i can make this work. that seems to be universal. i can make this work. i can make this work. no wonder more than 9 out of 10 clients are likely to recommend us.

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and some consumers are not as excited about the features we have steve kovach with more >> frank, apple intelligence is not as exciting as the bulls thought. jpmorgan shows a.i. is the last thing customers upgrading to the 16 that they care about. they talk about the speed or 5g or the cool camera as the survey comes as the street has been trying to figure out what iphone 16 demand looks like so far, the signals are not that great. analysts had been looking at ship times for online orders because that's the only gauge of demand they have for now the iphone 16 pro, the most important and expensive model apple sells is selling worse than last year and the year before that. the stock has been see-sawing back on monday after the 16 pro

demand signals improved. the stock went up and down on tuesday on a report that apple cut 3 million orders from one of the iphone suppliers we will not get clarity until apple reports in a few weeks of course, pay attention to the guidance and guide toward revenue growth and revenue growth on the iphone segment the survey shows a.i. may not be the spark they need to get the iphone business growing. >> shares are down .50%. i want to ask you why apple is marketing these a.i. features so hard when consumers don't seem to care that much? >> not just care, they're not available yet. if you go out there, frank, and buy an iphone 16, you will not get the cool a.i. features you see bela ramsey using on the commercials the last couple

weeks. the first wave of the a.i. features will come out this month. that is a limited set of features it will happen in stages by the end of the year, apple says chatgpt will be ready to go and the siri integration and third-party apps is not coming until next yeear analysts say this is an elongated upgrade. >> steve, thank you very much. coming up, the final sprint to the election and our next guest has a game plan for you to man what could be a rocky month ahead. if you haven't, follow our podcast. check us out on apple or spotify or other podcast apps. stay with us much more "worldwide exchange" coming up after this

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welcome back to "worldwide exchange." as we close in on the 6:00 hour, here are the stories we are following this hour. nvidia is getting a boost on the back of jensen huang's comments. speaking with "closing bell overtime" and jon fortt about the blackwell chips.

>> blackwell is as planned and the demand for blackwell is insane everybody wants to have the most and everybody wants to be first. shares of levi's are falling after a bit of a mixed quarterly report the company cutting outlook for the year and says it is exploring a sale of the dockers brand. bank of america is looking into the grlitch in the custome account. some said balances showed absolutely nothing in them shares of bank of america down .50%. nikkei reporting that toyota will postpone the ev production in america to the first half of 2026 instead of late next year the automaker cites design adjustments and slowing ev sales. and dolphins owner is near a

sale for the company at a valuation of $8.1 billion. here's what to watch today jobless claims ahead of the open and ism services data as we discuss constellation brands is out with earnings and fed speakers with jeffery schmit and neel kashkari. one more check on the futures. in the red as they have been all morning long the dow would open almost 150 points lower for more, let's bring in tiffany mcgee of pivotal advisors. tiffany, good morning. good to see you. >> good morning, frank good to see you. >> we mentioned a lot going on in the macro and port strike and big jobs report before the bell today and a bigger one tomorrow. what is your word of the day how do you see today shaping up? >> my word of the day is c conve convergence.

we have a convergence happening this week that is creating the perfect storm that is sparking volatility and has the potential to spark volatility in the short-term as well. >> if it is a perfect storm of volatility, that could lead to big market moves how do produce ttect for that o advantage of the opportunity >> you mentioned the events. the ckconflict and the war in t middle east. we had the vice presidential debate this week we are thinking about what types of reactions the market might have for -- for something like that of course, with the conflict in the middle east, we saw bond prices sell off. bonds sell off on monday bond prices stabilized after monday as investors thought about the flight to safety as the election gets closer, we

will have short-term volatility. we have the port strike and all of those things. what we're looking at -- again, frank, whenever i'm on, i want to talk about strategy and asset allocation what we're thinking about is an investor sitting home watching cnbc and you probably have a portfolio with a higher concentration to equities because we're always talking about the exciting names now is a good time to look at your portfolio and think about what you can take off the table. the s&p is up 20% for the year tech has done jitits job. consumer discretionary has done its job. we are talking about leadership change think about what you can take off the table and put it to work some place else. >> let's talk about your pick. the mutual fund. the ticker aisgs

it is out performing the small companies. why do you like this right now >> listen, small caps and midcaps are still doing really well i don't want to pick sectors right now. i want to play size and style. it's an easier gain with more opportunities to win for us. i do like the aerial fund argfx i love their process it is high elevation to small cap names. here is why you want to go active in small caps in some other classes, it may be good to do the etf index fund. there is less analyst coverage the team takes advantage of that

in the market. that's why they have been able to overperform >> thank you very much one more look at futures before we let you go. in the red across the board ahead of the initial jobless clarm claims coming up at 8:30 a.m. eastern time that does it for us. "squawk box" starts right now. good morning stock futures are pointing to a lower open they would open down i don't know if they open up down up down. down up. stocks china rally? the hang seng fell after six days. and betting on the u.s. election outcome resumed on the site after the supreme court ruled clear way of that

yesterday. and miami dolphins owner steve ross is reportedly nearing a deal to sell the team after monday night's game, i think i might try to sell a stake, too it's thursday, october 3rd, 2024 and "squawk box" begins right now. i think it was $10 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 andrew is off today. let's take a look at how things are shaping up on thursday morning. you are seeing red arrows. s&p is down by just under 20 points that comes after the major averages