it's 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here's your "five@5." stocks trying for tuesday turn around after the worst day in nearly a month. one voting fed member just gave investors a new reason to feel bullish. and not feeling as lucky. we have the latest on the moves in just a moment. the developing story as hurricane milton churns in the gulf and gets closer to a city

that has not seen a hurricane in over a century. we will look at the economic impact. plus, day two of the fourth quarter stock playbook with the bold case for one beaten down sector. and more than 50 days until black friday and the holiday retail deals are here. why amazon and walmart are more interested in your holiday cash. it's tuesday, october 8th, 2024 and you are watching "worldwide exchange" here on cnbc. good morning. thanks for being with us. i'm frank holland. let's get you ready for the trading day ahead. we kickoff the hour with the stock futures with the dow and s&p, both of them, coming off the worst day since early september. the nasdaq riding a two-day losing streak. the dow would open fractionally higher. 15 points higher. nasdaq up over 40 points. let's check the bond market with

yields at the highest level since august. we were talking about this yesterday. the benchmark still above 4%. 4.01. the two-year pulling back a few basis points. still close to a 4% yield. the long bond, this is the read on inflation expectation. big inflation report coming up this week. 4.29. crude oil is a bit of a pull back this morning. wti crude is above $75 a barrel. that is akey level. pulling back about 2.5%. brent crude back below $80 a barrel. pulling back 2.5% as well. that is the money set up. now we turn our attention to the global markets. china back after the holiday and we have europe just opening up. we begin with arabile gumede in

london. >> the market picture is a catalyst for more movement. china's reopening certainly had its play here because there is a bit of a drawdown in how much consumers are expecting and how much that stimulus will play into the market picture. you are seeing a negative board and downturn with the french market and as well as the market in the uk. why? the luxury play and basic resources are taking a hit in today's picture. 1% down for the ftse 100. cac 40 down 1% so far. on the other side, chinese commerce ministry announcing a anti-dumping measure on brandy from the european union. it is describing security deposits of 34.81% to 39%.

that could be influential on the market picture. on the other side, china hinting at trade restrictions. considering raising tariffs on imports. it would hit german producers the hardest impacting exports to china with $1.2 billion just last year. that's a significant portion of the entire conversation and one that the markets will be looking out for, frank. >> arabile, thank you very much. arabile in the london newsroom. that's the action. now turn attention to asia that is sending u.s. listed shares of chinese companies sinking lower in the pre-market. you see bilibili down 16%. alibaba down 9%. nio down double digits. we have jp ong live with that story. jp. >> reporter: frank, good morning. it is chinese markets front and center for the selloff in asia. on the back of the lack of stimulus or the a-shares

rallied. it is the hang seng that took the brunt of the beatdown today. on the back of the lack of stimulus or perceived lack of stimulus. remember, it is $28 billion meant to stimulate the economy. you see it rallied into bull market territory pausebecause o hope of the stimulus. they almost went from bull market to correction in one single day to show how wild that swing was and how bad it was for hong kong. that cast indicated to the asex. it was the pull back and shows how fragile how the economy is and it is key with the economic revival happening.

samsung vice chairman issuing an apology saying they will do better and the high bandwidth memory chips will be delayed. that saw the kospi pull down on the markets today. hong kong taking the brunt of the beatdown in asia. frank, hope it say is a better in new york. >> thank you, jp. we hhave silvana henao with more on the latest stories. >> kugler supports more rate cuts. speaking at an event at the ecb this morning, kugler says the speed of the cuts will depend on the outlook for information and employment. kugler adding she strongly supported the fed's .50% rate cut last month. meanwhile, boeing and members of the striking union are set to return to the

bargaining table today. the company and the union resumed contract talks yesterday with a federal mediator. the 33,000 factory workers under that union have been on strike for nearly a month which stopped the production of the 737 max jet and other planes. we are seeing shares flat in the pre-market, but down about 40% year to date. berkshire hathaway continues to trim its position in bank of america. berkshire selling another 9.6 million shares in recent days for about $383 million. b of a is the third largest holding behind apple and american express at just about 10% of the portfolio. that is right above the threshold required for berkshire to report its stock moves around that bank. frank. >> silvana, thank you very much. turning attention now back to the markets. the u.s. bull market is about to

turn two years old and the gains coming faster than the opt optimistic of investors could expected. despite a few blips, it is expected to post back-to-back gains which is something it hasn't done since 1998. joining me now is malcolm ethridge. malcolm, good morning. congratulations are due right now. same company, new name and new role for you. congratulations. >> i appreciate it. good to see you, man. >> good to see you. let's get into this. bull market. kind of going better than most of us expected. ahead of the fed minutes today, kugler would like to see more cuts. dh does that keep the rally going? >> it is. i don't know the market necessarily is expecting 50 basis points and 50 basis points

again to be a good thing, but we are definitely expecting more cuts through the end of the year. i think that is baked in to most traders expectations at this point. >> it is baked in. i want to talk about earnings when the big banks report. i'm looking at the earnings esti estimates. lseg sends them every week. they keep on ticking down. if you say the market is expecting the cuts and the earnings estimates are going down, what keeps the rally going? >> to your point of the big banks, it is a mistake to think of them in the terms of the shareholder. i know that is the metric we care about with it specifically. in this case, we should pay more attention to the fact that m&a activity is likely to pick up after the election regardless of which administration. it will be more friendly to the business community than the biden administration has been the if you are an investor in

banks, you want to hold those shares and not worry about the interest spread going forward. >> malcolm, you mentioned the financials. one area you are looking at for opportunities is the bank etf. since the announcement that the capital requirements, basel end game, the proposal is half what it was before. the banks under performed. wasn't that supposed to be a catalyst for the banks? it already priced in with the cuts. the benefit of the cuts should be priced in to financials. lower capital requirements are not puerterforming. what opportunities are you seeing? >> i think investors in banks have traditionally focused on one metric. the spread between what the bank actually earnings and what they payout to you, the customers. i think focusing on it based on that traditional metric is the reason investors and financials may be getting this completely

wrong. if you think about the goldmans or morgan stanleys of the world, where they make their money is where m&a goes well. those are likely going to come. i think it is a mistake to just focus on the interest spread and play those rates. >> that's why it is under performing. over emphasizing the net interest income and overlooking other parts of the financial story. i want to get to your business. getting people to invest. you are one of many people who has come on the show and say money is about to come out of the money market funds and back into the market. when you look at the trends, the money markets are growing. latest data from ici, money market funds have grown 5% since the start of q3. they are almost $6.5 trillion. why do you think the money is going into money market funds as opposed to going out although a lot of people think it is coming

out? >> i'm concerned that the money has been staying in the money markets as long as it has. it is great for an investor who took gains and said i'll hide out here and earn 5% risk free and see what happens. i know some of that money is the investors moving from b of a or wells fargo seeking higher yields. the majority is folks who have taken profits along the way. the mistake is thinking the party is going to keep on rolling even though folks like you and i have been saying for some time now, okay, rates are on going to come down and it is time to shusift away from the strategy. jut l just looking at the numbers ticking up instead of down. >> malcolm, why did you add that on september 26th to the portfolio? >> to me, that is the more likely winner of any tradeoff

out of crowdstrike, not necessarily sentinel ones of the world. z scale is the best possible way to trade. any tradeoff coming from crowdstrike. >> malcolm, congrats once again. thank you. for more on the trading day head, head to cnbc pro at cnbc.com/pro for insight and analysis. we turn to the market flash on honeywell. the company is expected to unveil its plans to spin off the advanced materials division. you see shares up just over 2% in the pre-market. the journal says the announcement could come today and that business could be worth more than $10 billion as a separately traded public pb. shares of honeywell on that news up 2%. a lot more to come on "worldwide exchange," and what investors need to know today. october retail tedeals are here.

why amazon and walmart are more interested in your loyalty than your holiday list. and later in the show, it's in charge of the final stage of the a.i. server pipeline. what foxconn's chairman is saying about utilization and much more. stay with us. a very busy hour when "worldwide exchange" returns. 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.

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amazon kicks off the october prime day today offering deals to members in 19 countries with black friday still 50 days away. target is promoting circle week with discounts on home appappar. joining me now with more is jessica ramirez at jane holley and associates. >> good morning. thank you for having me. >> we said steep discounts. your research shows it varies. a lot of the language is up to 50%. you say the discounts are a little closer to half that. >> yeah, i think earlier this year, we talked about this. up to 50%. when you dive in, it's 30% off actually. then beauty is funny. some retailers are using it as beauty on sale, but dive in and it's 15% off. the whole year, we haven't seen promotions to be high.

from our proprietary data, year over year, the promotions are down. >> about 30%. >> 30% is the sweet spot. >> we had a short port strike. i spoke to analysts about this. the port strike could impact retailers that do just in time inventory, but impact the avail availability. if a tv is a good seller, they will put it out and buy more when it comes in. what is the strike -- does that have an impact on what we will see on the shelves this holiday season? >> i've been impressed with retail with the way they have been running. we knew the strikes could happen. because the consumer is spacing out spending, retailers have known that. they had product come in and they well planned it. we feel they are well positioned and we should be fine with inventory. >> all right. some analysts named abercrombie

& fitch and the gap and others with inventory. any impact on the margin and paying higher shipping costs. should that be negatively impacted by the strike in. >> abercrombie does have a vertical. they do the easy, quick buy. gap is better prepared. dollar store is what i worry about. walmart has the effect on them. >> let's get back to the holiday deals. according to the research, we look at electronics and home goods. we will see 30% discount. when it comes to beauty products, 15%. what does that say about the holiday consumer and retailers? >> in terms of electronics, we had those categories really not where the consumer has wanted to spend and rightfully so. we have seen promotions come

down in june and july. we are seeing the cycle for consumers to replenish those categories. the positive part has been they've been close to the consumers, so they have been adding promotions and playing with them in terms of what makes more sense so they don't lose out on margins. in our notes, we noted sales might have been troubled in growth there year. they've been 1% or 2%. margins have been high. strategic moves retailers are doing. >> later today, i'm sure you are aware, a busy day for you. the holiday seales forecast. do we see more sales in the early deals than last year and overall, we talked about the consumer being stretched and people switching spending behavior. what are you expecting? >> like i said, these promotions this week, i don't think they will be crazy. i think it is luring that customer in and trying to get

some of that. i think the customer has been shopping early. i think they started. i saw target and walmart start their sales in september. even earlier than before. i think that's very spaced out. in terms of the holiday season, we think sales will come in flat or year over year, the growth from earnings every quarter has been quite low. the customer is very strapped. so, again, we just feel that's going to be flat. >> last question and we have to go. why do they care about getting us on the loyalty program? >> you want to continue to bring the customer back in. target's was interesting. the promotions were not necessarily what they were luring in. home essentials and beauty were not offering promotions, but gift cards. if you spend x-amount, we give you $10 of a gift card and you can come back. same with member platforms. >> jessica ramirez, always a

pleasure. >> thank you. coming up on ""worldwide exchange," the mix for the gaming stocks and what is lifting the leaders of that group in a very big way. stay with us. our neighbors, the garcía's, love working with you. because the advice we give is personalized, -hey, john reese, jr. -how's your father doing? to help reach your goals with confidence. my sister's told me so much about you. that's why it's more than advice worth listening to. it's advice worth talking about. ameriprise financial.

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negative for the year. look struggling from the hopes. contessa brewer has the latest. >> reporter: casinos surpassed the records of 7% in the first seven months of the year. hauling in gaming revenue of more than $41 billion according to the american games association. sports betting and i-gaming are driving most of the growth. game manufacturers are seeing the benefit of their physical slot machines and online games. this year, its shares soared 37%. in september, it saw a steep selloff when the judge issued an injunction of the game dragon train which contributed 5% to the bottom line. the competitor sued over copyright infringement. i talked to the ceo matt wilson

about yanking those games and moving forward. >> as an organization, we pride on competing fiercely. we removed the game from the fleet. we intend to bring it back into the portfolio. what is contested is a narrow portion of the game. we are working on a new version and launch it back into the marketplace. we will have it in the portfolio. >> there's a rush to push for i-gaming legalization across the united states. there's competition in the space. do you need more states to legalize in order for you to get more market share? >> we're the number one supplier of slots in the u.s. and the space today. it is unbelievable how fast the category has grown. new jersey growing above 20% ten years after inception of the i-gaming state. players playing offshore and online and in ways that are not regulated and not taxed and not

age gated. our philosophy is we want to bring i-gaming in and tax it. >> reporter: aristocrat is a power house and apollo has made a deal to buy gaming of manufacturers. european players are innovating with live dealer games and more. these are definitely not the one-arm bandits our grandmothers loved in the space. we have more to come, frank. >> contessa mentioned key industry leaders coming up on cnbc today and tomorrow. don't miss the philatropicana implosion. bally's chairman will talk about his plans for the site coming up tomorrow. and as we head to break, we are watching shares of super micro on the sales numbers.

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i think it's dividend growth, frank. i look for dividend growth. that's why i highlighted free cash flow and the fact it is up 8% year over year. that is strong and the balance sheet is good and again, they are change the strategy and changing the product mix. so, i think it's something that's a little bit off the radar screen. >> that was hightower's stephanie link kicking off the stock picks for the fourth quarter. making her pick for the gap.

we have tiffany mcghee coming up this hour. why this stock down 30% this year could rally on chinese stimulus efforts. welcome back to "worldwide exchange." we kickoff with a look at the dow and s&p coming off the worst day since september. futures in the green across the board. actually hitting their highs of this morning. the s&p up 20 points. the dow would open 60 points higher. nasdaq up just about 80 points. despite the slide to start the week, a number of stocks hitting new highs. meta platforms pulling back in the pre-market. exxonmobil is up .50%. caterpillar is down .50%. we want to check the yields. the benchmark 4.01. we want to keep mentioning this back above 4%.

we will talk with our market guest about that. the two-year is pulling back. the long bond ticking up. remember, this is a read on inflation expectation. cpi is coming up later this week. we want to look at oil after another solid day of gains. up more than 10% this month. you can see pulling back off their lows of earlier today. pulling back just under 2%. we're talking wti under $75 a barrel. brent crude above $80 a barrel. just below 2% of the pull back there. that is the money set up. now to a look at investing ideas for q4. you'l all week long on "worldwide exchange" we have our best here. now it's tiffany mcghee's turn. the cio of pivotal advisors.

good morning, tiffany. how are you? >> good morning, frank. how are you? >> let's start with your first pick. lvmh. we heard about the luxury makers under pressure with what's going on in china. what are the opportunities you see with chinese stimulus? >> so, listen, when we think about what the aspects of the chinese stimulus are, there are three of them, the monetary stimulus, the mortgage rate cut, and also have new monetary policy to support the stock market. we see when that announcement was made, the areas that kind of reacted positively. we see consumer staples and financial services and semis were the main ones. when we think of the chinese consumer and what benefits overall, luxury and consumer

st staples. estee lauder is a must have. we put that in the luxury consumer staple category. china has been such a huge part of estee lauder growth over, you know, the long term. they really cut estimates in the past a few quarters based on pressure from the asian travel are retail. >> tiffany, quickly, while we're talking about chinese stimulus today, i know you gave us your picks yesterday. an update. it is disappointing investors about the stimulus. in your mind, your thesis with lvmh and estee lauder, does the stimulus continue or is that enough to give a big boost in sales? >> no, listen, i don't think we're seeing the entire implications of the stimulus play out. this will take time.

think about in the u.s. when we got stimulus checks out of the pandemic. it wasn't just a couple of months. you know, this is going to take some time. we like both lvmh and estee lauder not in the short-term, but midterm. look at where they're priced right now at a discount to their prices all year. they've got really, you know, we really see this china stimulus affecting them positively over more than just the short-term. >> okay. you mentioned moisturizer is a must have. there are other things that lvmh sales that is not beauty. they have soft luxury. this your mind, outside of china, what reaccelerates the sales there? in europe, i was there earlier this year. consumers are under a bit of pressure. >> yeah, listen, you know, lvmh, i call it the stock or the brand

that has everything you need to have a well lux life. to your point, they have so many different areas of luxury. we like that diversified revenue stream. the consumer is cyclical, but we were talking about china earlier. to put this in perspective, the chinese consumer is 20% to 25% of total growth of lvmh. you can't take this and put that aside. i think, you know, really coming on to holiday, we're expecting good things from lvmh even outside of china. >> we have to wait and see. tiffany mcghee's picks are lvmh and tiffany. tomorrow, we will hear from bill baruch. you don't want to miss it. coming up, riding the a.i. boom. we go to taiwan and what foxconn's chairman is telling

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welcome back to "worldwide exchange." take a look at asian markets right now. the csi 300 is up 5%. the hang seng is down 9%. the hang seng tech index is down as well. we want to look at the

u.s.-listed china companies. bilibili is down 15%. alibaba is down 7%. nio is down 10%. turning attention to foxconn. it's at the center of the supply chain for many of the global tech giants, notably apple's largest contractor for the iphone assembly. key for nvidia and the ramp up to get the chips to market. cnbc's emily tan spoke with the chairman of foxconn at tech day live in t'aipei. >> reporter: i'm here in t'aipei at han hai tech day. i got a look at the server rack gb-200 with the blackwell chip designed by nvidia made by tsmc and assembled by han hai. there's two gpus and one pu. one rack can hold up to 27 trays

and comes at a cost of $3 million. han hai is the first to ship the chip later this year. the chairman of han hai says a.i. demand is strong. >> fourth quarter, we are still seeing the a.i. is going to grow. the demand is still very strong, especially we anticipate the gb-200 will start shipping at the end of the fourth quarter. >> the gb-200, i'm looking at it right behind you. you are ready to ship it. what does your order book look like? >> oh, that's, that's very sensitive answer, but i have to tell you is much better than we thought. much better than we thought. yes. >> what is production capacity like?

or capacity utilization? >> for the a.i. servers? >> yes. >> i think it's almost fully utilized. we're building new factories for that. >> reporter: young liu says there is still level three and four to go and time to grow for server industry. reporting in t'aipei, back to you, frank. coming up on "worldwide exchange," one word that every investor needs to know today and residents in florida are evacuated in the once in a lifetime hurricane as people are still picking up the pieces from helene. we'll be right back after this break.

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welcome back to "worldwide exchange." to a developing story. the national hurricane center downgrading hurricane milton to a category 4 storm. it is still a powerful storm and imposes a serious threat to florida and residents. it expected to make landfall around tampa bay, florida. expected to produce record wind speeds and storm surge to hit areas still recovering from hurricane helene. joining me now with the expected economic impact on milton and the tally of hurricane helene is moody's director of hurricane models jeff waters. jeff, good to see you.

>> thanks, frank. >> a serious situation here. milton. this is the first time tampa bay area has taken a direct hit in almost a century since back in 1921. in your mind, what does that mean about the potential impact to residents and also property? >> yes, it's very clear here that the entire coastline of florida, especially tampa to fort myers should be on alert and take the precautions to evacuate or mitigate their homes as much as they possibly can against the damaging potential of wind, but especially storm surge in this event sglfrmt what i was trying to get to is wore seeing storms in areas that are more severe. this is an area that hasn't seen a big storm in almost a century. generally, with construction built with the idea a hurricane would come through, whether residential or commercial or even government? >> in some cases, yes, in some cases, you see coastal

properties built at grade. maybe not on stilts or at elevation. all of these coastal problems, especially the tampa-st. pete area. this is will one of the events that everyone will watch closely. as you mentioned, tampa bay and st. petersburg has not seen this in some time. there are a few that are built at grade and will be subject to quite storm surge. >> wishing the best to all of the people there. i want to turn back to hurricane helene. our best estimate from the damage of hurricane helene is $11 billion. most of that is from wind and not water or anything else. with milton, winds increased and

a lot of the areas are recovering from helene, milton is coming in with strong winds. what are you expecting? how damaging could this be to property or how life threatening could this be? >> first, the building codes in the state of florida are the strong of thein the country. there is a lot of overlap with milton compared to helene. you will have a lot of damage that could be exacerbated with the structures prone to damage a few days back and that could be tricky in trying to understand how much worse things get and trying to figure out which event caused the damage. the building codes are very strong in florida and especially along coast at areas. we hole fully will see some of the build back better techniques and codes take action.

it will be challenging, especially with all that debris that is still on the roads and in places like tampa that will make matters a heck of a lot worse when it comes to seeing the oncoming impact of milton in a couple days. >> i've covered a hurricane. i was in new orleans with hurricane ida. i have seen the damages. when we are talking about uninsuredd losses, how bad coul this be? >> it is too reearly to tell. you see the gap with the water losses with the insured and water. not as many people have flood insurance coverage. with helene, and whatever water impacts are to come, the economic toll could be bigger and is a lot impacts. given the coastline from tampa down to fort myers is in the

cone of uncertainty. that represents the biggest area along the gulf coast that has exposure and subject to insured losses, but damage to economics. we couldn't say quite yet. this is a noteworthy event across the board whether you talking should or economic losses. >> we wish the best to people of south florida and southeast. jeff waters, thank you for bngei here. >> thank you. coming up on "worldwide exchange," one stock to watch and the trading day ahead had and why it's on your next guest's shopping list. we'll be right back after this break. 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. because advice worth listening to is advice worth talking about. ameriprise financial.

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welcome back to "worldwide exchange." as we close in on the 6:00 hour, here is what we are following. kugler supports more rate cuts by the central bank adding the speed of the cuts will depend on the outlook for inflation and employment. in the interview with the financial times, john williams says the u.s. economy is well positioned for a soft landing. berkshire hathaway is trimming position in bank of america selling 9 million shares in recent days. shares of bank of america down .1% in the pre-market. berkshire down 2%. boeing members of the striking union set to return to the bargaining table after talks

yesterday. a a judge ordering google to allow to download more apps. and china's european brandy tariffs in force and samsung is seeing the worst than expected profit for the third quarter. and the wall street journal reporting that honeywell is spinning off the unit. shares of honeywell are up 2%. the dow and zaporizhzhia c s&p are coming off the worst day in a month. the vix trading above 22. the highest level since the un unwinding of the yen carry trade. joining me now is victoria

greene. vicky, great to see you. >> good morning, frank. >> vicky, give us your word of the day. >> it's a tempest. a violent, windy storm that could disrupt economic data going forward. finally, we get to earnings on f friday. we have to weather the tempest. we are watching yields carefully. a lot of that move's done. that should hold. the fed is pricing in 22 bps of cuts in november. another maybe 25 bps in december. you repriced expectations a bit. man, we had a lot thrown at us in october. the markets have been resilient given the data that has come out from macro to geopolitical and two massive hurricanes in two weeks. all resilient in the bull

market. >> vicky, you are mentioning the ten-year yield above 4%. i talked about this on the show yesterday. people texted me it didn't matter and others saying it is meaningful. is the two-year above 4% meaningful? >> sure. if you hit the 4.5, it becomes meaningful. i think it is priced in and able to be absorbed. if we seethe change in fed policy, the trickle down effects are difficult with the equity with growth stocks and technology. i'm watching this. it doesn't scare me. 4.5 or moving to 5 is not priced in and that an unpriced move. >> you are bullish on earnings in q3. 5% for the year for the s&p. energy down 22% year over year. possibly, back to the theme of tempest, a lot of things

geopolitically and a storm. are we ipricing this in? >> it has been a tough uarter. q3 was ugly for oil prices. a lot will be going forward. what does that look like on the go forward basis? q3 is priced in. it will be a decline because oil prices fell. i think energy is discounted a lot. if you look at the buy ratings, you get the dividends. it is a good total place. you have push-pull politics with china coming online which is bullish for oil. then you have barrels coming in from opec which have been sidelined. you could see those move in the middle east. >> i want to get to your pick. pepsi. i know it is ahead of earnings. out performing.

why are you defensive in the rate cutting cycle? >> it is a great dividend. they are well known for beating expectations. they have the great acquisition which pushing them into more healthy. g gluten free and paleo. >> vicky, thank you very much. one more look at futures in the green. that does it for us. "squawk box" starts right now. good morning. stocks in china soared in the first trading day after the golden week holiday, but they ended up closing off their highs. separately, china slaps retaliatory tariffs up to 39% on hennessey and remy.

and evacuations under way in florida. hurricane milton is approaching the gulf coast as a powerful category 4 storm. it's tuesday, october 8th, 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 go. you are looking at the futures this morning. you see modest advances. dow up 35 points. s&p futures up 20. the nasdaq up by 89, close to 90 points, it does come after a down day on the markets. the index down 1%. dow was down 398 points.