it's 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here's your "five@5." wall street tries for three in a row with stocks at all-time highs, however, futures are under pressure. the next test is the cpi report today and the next guest is bracing for an upside surprise. whip saw action around the world as chinese stocks surge on fresh stimulus measures erase massive losses.

and hurricane milton hits florida with life threatening storm surge and winds. and elon musk and the robotaxi event is here. will he fulfill his promises and investors? we have a sneak speapeek coming. it's thursday, october 10th, 2024. you are watching "worldwide exchange" here on cnbc. good morning. thanks for being with us. i'm frank holland. we'll get to the latest on hurricane milton in a short time. we will have a live report later in the show. first, the stock market. futures are in the red after a record-breaking session yesterday with the dow and s & p close at all-time highs. two sectors to watch ahead of

the open. industrials and financials. both coming off record closing highs. you can see the year to date action, financials up 20%. we want to talk about transports. up two sessions in a row and now break evening f for the year. up 30%. just fractionally lower. citi putting out a note calling for a big rebound. also in the note, they say this gap you are seeing between the s&p and transports is the biggest in the tech which could signal a bottom and more upside going forward. we are watching shares of alphabet as the department of justice weighs a potential business breakup. also scrutinizing the a.i. business. shares of alphabet down 3% week to date. we have to check the bond

market. yields at the highest level since july. key today is the september inflation report which is sfcpi out at 8:30 a.m. eastern time. still ticking up. now 4.07. the two-year back above 4%. of course, the long bond at 4.35. remember, this is a read on inflation expectations. that's the money set up. we turn to the global markets and another wild session up in asia and europe getting its trading day under way. we have jp ong in asia and dan murphy in dubai. >> trading has been mixed overall. china stimulus and the middle east tensions and the fed playbook influencing the travel for majors today. first of all, i wanted to flag insurance stocks have been

leading market gains as hurricane milton hit florida, but it is also tech stocks and mining shares pulling markets lower here which explains why trading is mixed. we have seen european stocks under pressure as bond yields continue to move higher. german ten-year yield hitting a fresh one-month high. it has been tracking the gains in the fed treasuries. frank, investors are counting down to the cpi print for more clues on policy support from the u.s. federal reserve after the latest minutes release as well. that's where we stand. back to you. >> dan, thank you very much. we have another roller coaster day in asia wrapping up. jp ong has that trade. >> reporter: frank, it is all leading up to the finance minister. the pboc flipped the switch on

for the swap scheme to the tune of $70 billion. it gives insurance companies and stockbrokers more access to credit and funding to go in and buy stocks which led to a lot of support for mainland chinese and hong kong. look at the mainland banking stocks. that funding put a little bit of wind in their sails in today's session. who knows how pbig the fiscal stimulus might be. how did this impact markets across asia? it didn't really draw that much attention from funds away from other markets. there would be a rotation into chinese markets. you see the kospi doing well today. even the japanese nikkei 225 closing in the green. the thing to watch in japan is the yen.

the yen is back to weakening ways. we mentioned the cpi report from the u.s. if we start to see inflation pick up agagain, that could tes the 150 after it did well since they hiked rates a couple weeks ago. the yen is more important to watch with regards to japanese markets in the coming days. frank, back to you. good morning. >> jp ong, live in singapore. thank you very much. turning attention back to w wall street. continued optimism over the economic outlook. the s&p 500 closing at a record high for the 44th time this year. the benchmark index is up 21% year to date. the strongest performance at this point in the year since all the way back in 1997. let's bring in the fund manager in lion trust which manages $34 billion of assets. claire, good morning. >> good morning, frank.

good to be on. >> the record high for the 44th time for the s&p 500 seems we're in a rate cutting cycle and jay powell showing leadership with the fmoc. some people describe it as hawkish. we heard from mary daly. this was interesting. she was really worried about the job market and she saw room for more rate cuts, but she said inflation data still matters. it seems a lot of mixed messaging going on. how are you taking the comments from the fed officials and how it is impacting the markets today? >> i think what we learned from the fed minutes this week is the majority of members are sort of no longer seeing the same pressures that we've seen on inflation and employment data is really front and central to their minds. i think the commentary that we have been getting this week is supportive of the continuation

of rate cuts into the end of this year. i don't expect anyone still has 50 basis rate cuts in their forecast. what we're seeing now is really a move to a more neutral policy stance. so, 25 basis point rate cut reductions going forward into the end of this year because the nasty upside surprises to inflation, we think, have been put behind us. we are seeing wage growth as well as those sticky shelter and gasoline prices come down. >> you are confident that inflation's on the right path. i was talking to a few traders yesterday and they said the market is not pricing in a pause right now, not a rate cut at the next meeting. if you talk to a lot of people, more and more people are seeing that as a possibility. how are you seeing that impacting the market? >> i think the 50-basis rate cut and the fed being ahead of the curve there ex-eplefied and the

data on the gdp has been strong, but not strong enough to derail the rate cutting cycle. what's the more important thing to us is this 50-basis points reduction has setoff a global easing cycle and allowing china and the rest of the world to embark on mondetary easing and s a supportive set up for equity markets for the end of the year and going into 2025. >> we will dig into that later in the show and talk about headline or core cpi is impo important. later today, we are watching the

tesla robotaxi event. tesla is up 6%. mag seven up 7%. both out performing. in your mind, how important is this robotaxi event with the a.i. trade or is it important to tesla? how do you see it overall? >> we think the robotaxi day is a very important catalyst for tesla. we would define it as a company-specific event. tesla have really gone against the grain in trying to bring autonomous vehicles to market. very different to competitors. they would not put them in the same a.i. trade as it were and we don't see necessarily the same opportunity across the magnificent seven names. what elon musk did back in 2023 very boldly tore up the playbook

for tesla's capabilities and using technology which is software. you have code for every corner case to train these cars how to drive by themselves. what tesla is doing is end-to-end network. this is a.i. learning to drive the car by itself through vision 3 cameras. it's a lot less costly, but most importantly, we started to see the shift away from software in enterprise software. viewers have been following some of the names, you will have noticed the likes of workday, salesforce all announcing a.i. agents. this potential software is a move away from the specific software so a.i. is perceiving a task and able to replicate it. this is similar to what tesla is doing in robotics and the way

autonomous driving scales in the future and today is the critical day to prove that vision. >> we'll have to wait and see. tesla shares up .75% ahead of the event. great to see you. thank you very much. turning now to this morning's breaking news. hurricane milton is rapidly moving across florida after hitting sarasota last night. it is currently a category 1 storm with sustained winds of 85 miles an hour and gusts of 92 miles an hour. life-threatening conditions continue due to a storm surge and flooding. officials say at least 3 million homes and businesses are without power across the state. fema administrator deanne criswell this morning saying thousands are taking shelter after evacuation orders. cnbc will continue to bring you the latest throughout the day. we have more to come here on "worldwide exchange," and including the one word investors have to know today, but first,

what melon musk's support means for donald trump. and later, day three of the fourth quarter stock playbook and our ne gstxtue calls an under the radar tech play that's closing in on a $500 billion market cap. a very busy hour still ahead when "worldwide exchange" returns. stay with us. so i don't have to worry. empower. what's next.

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tesla revealing its robotaxi after delays. it is revealed at 10:00 p.m. eastern. elon musk may have a lot to prove heere. he has gone all-in on robotaxi. the company has kept the final design under wraps and the robotaxi is expected to have two front seats and doors. joining me now is our analyst from cfra with a 240 price target on tesla. garrett, good morning. >> good morning. thanks for having me. >> let's start off how you view the event. your 240 is a consensus to the street. is this a inflection moment for tesla or do you believe it is already priced in for investors?

>> sure, we're cautious heading into this event. i think similar to past major investor events that tesla has held, what you have seen over the last five or six months is a pretty sharp rally in the stock price. so, we think that there's a likelihood you could see sell the news reaction following the event. so, that's why we're at a hold. we have been bullish on tesla for a long time. we took our rating from buy to hold following their second quarter release in july. really, over concerns related to their intermediate term growth. we're hoping for some clarification and little more visibility looking out two-to-three years. looking at consensus estimates, they do appear a little bit high looking out over that timeframe. >> garrett, you are under

selling it. i was looking at some of your notes. a growth stock and growth slowing down. we can't overlook rising costs. operating expenses up 39%. elon musk has been transparent of rising costs with the nvidia chips. now he's trying to work around that. isn't it concerning with the business that cost is going up and sales are slowing down with the increase in china? >> earnings year over year were down 43%. you look at the valuation of the stock especially after the runup of the last five or six months. the valuation looks very rich. we are not just comfortable. we just don't know what they could possibly announce that could propel the stock higher? we are expecting the new model to be unveiled finally. they have been promising that for years. we think it will finally be

unveiled at this event. we're really looking for more details. details regarding pricing margins, volumes looking out over the next two-to-three years. we have questions given the price point, musk having guaranteed a $25,000 price point. that was a few years ago. we just don't think that's realistic in light of inflation we have seen over last few years. what will the margins be on this vehicle? in the meantime, they've had a lot of operational issues. the cyber truck ramp-up has been very slow. we think they really need to focus on that. they have more, you know, pressing issues than a lot of other competitors. >> garrett, the stock continues to tick up as we do the show right now. it started off .75% and now

almost 1% higher. i want to get back to the robotaxi event. you are skeptical about the self arriving as a lot of people are. to come full circle, what does tesla have to show us or elon musk have to say about the cars to drive autonomously to meet your expectations and investor expectations? >> i think some sort of dparn t guarantee as to when they have a fully autonomous vehicle. tesla is nowhere near fully auto autonomous. we feel they will announce the new model that eventually will be backward compatible of full self driving. it is clear full self driving has improved with the integration of a.i., but they are still a long way away from fully autonomous capabilities. >> garrett nelson from cfra. great to see you.

thank you. >> thank you. >> tesla's event comes as elon musk further ejects himself in the election backing former president trump. we have steve kovach with more. >> reporter: ahead of the robotaxi event, musk spent the first part of the week campaigning for former president trump. w he was the trump rally in butler, pennsylvania. according to nbc news, just the day later, musk called pennsylvania governor josh shapiro on sunday. shapiro said the call was about musk investing in the state and growing jobs there. notable, musk started the conversation with the governor which is perhaps the most important swing state in this election. also gave an interview with tucker carlson on x and has been offering $47 payments to people registering to vote and getting

involved in the rescue efforts from hurricane helene and politicizing that. ahead of the robotaxi event, something musk and the public need to believe in to justify the massive valuation. earlier this year, the wall street journal had an interesting story about this. musk's political behavior created a negative sentiment around him at the time tesla has been struggling to grow vehicle deliveries. an nbc poll last month saying 6% of democrats have a favorable view of musk. 79% had negative feelings. as you imagine, it is the opposite with republicans. 62% have positive feelings about musk, but really the pressure is on here despite the political activity for musk to show off a really impressive event tonight. >> obviously, a lot weighing on this robotaxi event. we were talking about it a short time ago. i want to talk about the competitive landscape with

tesla. how has this influenced or impacted by this election? >> reporter: what's really interesting here is where robotaxis are being tested right now. right now, tesla doesn't really have robotaxis on the road. w we have waymo in san francisco and phoenix and pretty soon here in austin. i know you were in san francisco a few weeks ago. i don't know if you tested a waymo. i did. it is impressive. we know what this robotaxi can look like and how tesla fits in there. you have to keep in mind musk had said current tesla owners can tap into the robotaxi network. he will have to play nice with regulators city by city and state by state. that's how it's going. i don't know if he believes cozying up to trump will help him if trump wins. first, he has to show this is

indeed a real product because there are already real products out there. >> i was out in the bay. i did not get into an autonomous vehicle. >> you have to try it. >> just a few years ago, back maybe four years ago, i was in florida. another car company was doing some testing. i thought it was impressive then, but the engineers said a lot has to happen. steve kovach live at the nasdaq. thank you. chge hriwodwe on "rlid exan,"urcane preps boost costco's bottom line and one is face age multibillion dollar fine. we have more coming up after this break. stay with us. 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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welcome back to "worldwide exchange." time for the big money movers. we will start off with canada's td bank expected to pay 3 billion dollars in fines with a settlement with u.s. regulatreg. shares down 3.5%. the settlement stems from the charge the bank failed to mon monitor drug money from cartels. shares down 4.5%. looking at costco. shares jumping 9% after activity due to hurricane helene and the port strike.

this coming a month after costco announced the increase of the membership fees. berkshire hathaway raising $2 billion in a yen denominated bond offer or samurai bond. the move could lay the ground for berkshire to boost exposure to the japanese assets. this is the largest sale in the yen for berkshire in five years. berkshire, which has invested in the top five brokerages in japan, said proceeds will be used for general purposes. shares down in the pre market. and shares of gxo surging on the company is exploring a potential sale after receiving takeover interest. the report adding suitors include rivals. coming up, the rally's next test with the cpi report. why my next guest is bracing for a surprise. and as we head to break, we

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i think there's always going to be competition that arises. amazon was really a massive leader in shipping and what they have been able to do for their product. let's not also forget aws and the beheamoth that sits there. we are looking at the margins for walmart. that will position for the next year. really under valued. >> that was bill making his case for amazon with his best stocky dees for q4. now it's jeff kilburg's turn with the under the radar tech play. that stock up 70% this year.

it will be revealed this half. welcome back to "worldwide exchange." i'm frank holland. let's get a look at the stock futures with the dow and s&p closing at all-time highs. in the red across the board. sae s&p is fractionally lower. the nasdaq down fractionally as well. two sectors to watch ahead of the open. industrials coming off record closing highs. these two sectors, cyclical sectors getting a boost after the fed minutes. we will get into those. some people thought they were hawkish. industrials up nearly 20%. it was also a big day for the transports up two sessions in a row and now above the break even mark. up .13% following the moves yesterday. some of this move was on the bullish citi note. saying they believe they see a low in the transport market. they cited the gap with the s&p

and transport. the widest gap since the 1990s in the tech bubble. this is the sign we reached the boug bottom. we are watching shares of alphabet. the department of justice weighed a potential business breakup. shares of alphabet fractionally lower. week to date, down more than 3%. something we will continue to talk about and watch. we are checking bonds this morning. here's the important stuff. the benchmark well above 4%. 4.07. the two-year back above 4%. the long bond gaining by a few basis points in recent days. this is the read on inflation expectations ahead of the cpi report that we will discuss more. we are looking at oil with the crude coming off the second negative session in a row. oil with a bounce back. wti is up 1.3%. similar for brent crude. wti still above $70 a barrel.

brent crude back below $80 a barrel. these are key sentiment levels we have been talking about this with a lot of disruption in the middle east with the boost to oil surprises. we will have to see how sustained the moves are. we want to turn our attention back to the wall street and the september cpi that comes out at 8:30 a.m. eastern time. economists are expecting price gains expecting to cool on a month over month and year over year basis. forecasting to come 2.3%. the report comes one day after the release of the fed minutes exposing a more divided fed than previously thought with regards to support of last month's jumbo 50-basis point rate cut. joining me now is michelle girard. good morning. >> good morning, frank. how are you? >> i think the big question for everybody right now is how important is this cpi report really? when you are looking at the

numbers, core and headline, which one is more important to the fed? big divergence with core which is higher than headline which is more in line with the fed's goals? >> let's start with the easier one. the fed tends to focus on the inflation rate. the core excluding food and energy. people wonder why we do that because we spend so much on food and energy. they tend to be more volatile and move up and down as you talk about middle east tensions can move those numbers around. the fed is trying to get a better gauge of underlining inflation. they exclude the volatile categories and look at the core. that is where we will see the risk of firmer numbers. i say, frank, it is important. remember last friday, we had a blowout, if you will, of the employment report. surprising everybody of the aspect of the jobs report which was strong. it led to a significant

recalibration of the market about what the fed was likely to do in november and beyond in terms of continuing to lower interest rates. so, you saw expectations scale back dramatically from thinking we would see another 50-basis point rate cut in november to now not even fully pricing in a 25-basis point cut. this morning's numbers could really further that expectation of more rather than less from the fed. >> one of the things in the news today. the hurricane. does that impact the fed's thinking in the general consensus is it will skew the general reports coming up. >> the fed will look through any temporary discotortions to the data. any hurricane that impacts the numbers or things like we see with worker stoppages or strikes, that temporary is not what the fed puts weight on because they are trying to look at longer-term trends. monetary policy impacts the

economy with the lag and they're focused on the underlining fundamentals rather than short-term movements with data. >> you mentioned the news. the port strike and the tentative deal. we know the wages for the longshoremen will go up over 60%. you describe wage inflation or the job actions as temporary, but the wage will move forward. is that something they are factoring in november or december or the rest of 2025? >> they certainly watch wages because they believe wages an important indicator of future inflation. i think it is important to remember that the number of percentage of workers affiliated with unions is relatively small, about 10% of all workers. in fact, their earnings have lagged non-union workers. the big gains we're seeing here actually go against what is more recently a general downtrend of

wage inflation as the labor market has cooled more broadly. we are actually seeing pressure on downward inflation. that is the trend that is more front and center in the fed's mind. again, it's one of the reasons why despite the large wage settlements in unions, you are still seeing the fed comfortable about the outlook of continued disinflation. >> michelle, great to see you. michelle girard. >> thanks, frank. earnings season ramping up tomorrow. we hear from the big banks with wells fargo and citi and morgan stanley. we have leslie picker on what to watch with the results. >> reporter: banks are important with the quarter earnings, but thanks to the fed 50-basis point cut, the executive commentary about the performance in the easing cycle is the biggest issue of share performance according to analyst.

floating rate loans re-priced down faster than what banks paid to customers for deposits. that can create a short-term profitability headwind for loan making. the market was spooked back in mid-september based on remarks that jpmorgan president coo said where nii expectations were too high. i actually sat down with pinto yesterday and asked him if market expectations have since caught up with what he sees as reality. >> we saw we're too optimistic on what to expect based on what the rate cut was showing at the time. so, i think that we saw nii at the time was too high in the expectations. now they have adjusted some of it. >> you think the ex-ppectations

are now more acceptable? >> they are more acceptable and what in line. >> reporter: we spoke about the economy and he said he thinks the fed will quote thread the needle in a way that soft lands the economy without a recession, but ninflation is still there despite components concerning about inflation, he said the fed is on top of it and will manage it. jpmorgan reports tomorrow as well as wells fargo. frank. coming up on "worldwide exchange," more on the breaking news. hurranice milton slamming into florida. we go live to orlando for latest on the path of destruction that storm has left across the state. stay with us.

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welcome back to "worldwide exchange." we're taking a look at some of the insurance stocks as hurricane milton is making landfall. take a look at some of the moves. chubb progressive and travelers, three stocks expected to be impacted by the storm. a great write up on the stocks before and after a storm. real-time look at the names. chubb up .75% of 1%. progressive up 1%. same for travelers and allstate nearly 1% higher. turning to the breaking news. hurricane milton making landfall across florida overnight with damaging winds over 90 miles an

hour. millions of people without power and more under mandatory evacuation orders. we have priscilla thompson with the latest from orlando. we are hoping to have priscilla. the storm impacting their ability to report right now. again, watching this storm right now. you see the radar on the screen as we mentioned with the insurance stocks moving higher in the pre-market. chgecongp more "worldwide exan" mi uafter this. i hope her and her crew are doing well. we will have more on the storm and the potential on the markets and economic reports coming up. helps investors meet their goals. pgim investments. shaping tomorrow today.

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welcome back. turning the best ideas for the fourth quarter and top stocks with the big opportunities for 2024. we had stephanie link and tiffany mcghee and bill baruch and now jeff kilburg here. jeff, good morning. good to see you. >> great to see you, frank. >> jeff, your pick has had a big run up in recent days. shares are up over 13%. it's oracle. my first question for you, do you think all of the gains are already priced in? oracle had bullish things to say on investor day. what's left for this stock? >> i think there's a lot left for the stock, frank. if you look at oracle, you know

i get apprehensive on the mag seven. oracle is not in the mag seven or in the top 25. it's 26. i think the a.i. theme is just coming into the data base king. when you look at the data base giant, it has the ability with the rumor that openai may be partnering with the infrastructure for the cloud. i think oracle has more room to run despite the new all-time high. i think this is just getting warmed up and has the ability as anything a.i. has gone up. this has gone under the radar. we have owned it in our portfolio for the last two years. people and investors are realizing the value of the hidden gem. >> you are talking about value. i want to talk about valuation. when it comes to the hyper scale, oracle is the fifth beatle. it's outside the big three. they had partnership was nvidia, but still a smaller player.

when you look at the valuation, alphabet is 20 or 25 times earnings. microsoft is32 times forward earnings. do you think oracle is someone in the middle and not really a leader in the space? >> i have a hard time when you say valuation and a.i. in the same sentence, frank. we have not utilized valuation. why i want to add to the position we established in oracle is due to the fact that microsoft is now looking to have more competition in oracle. i think there is room in this. a.i. has been the theme since 2 2023. right here, right now, we will see what the partnership looks like if they are going into the data base in texas. if that is the case, there is another 25% higher in the stock just like nvidia has run.

i don't think it is that far out of context with the market cap of the company when you compare to nvidia. >> when you say valuation is out the window, it is hard to go back and forth with you on this one, jeff. another wicpick for you. tesla. the robotaxi event. >> i heard about it. >> you may have seen a few things online. do you have con fidence that eln musk will meet all expectations? >> i think there is always a question mark. as a tesla investor, he promised the robotaxis would be out in a year in 2017. here we are in 2024. i do get excited about the unveiling. the tesla vans would be good for the 6-foot plus fellows like ourselves. it is an inflection point. they have the full self driving delayed. if they have some form or fashion of a promise within a year or if they have the lower

priced tesla, i think it could be game changing for the stock. it is a very emotional stock and a political stock. i try to remove the politics from the stock which is next to impossible, but this is the best and most pure artificial intelligence play. that's why i own tesla and that's why the stock, 40% off the all-time high, has the ability to move higher, frank. >> i believe it is still negative for the year. moving higher in the pre-market. jeff, you said the key word. van. we cannot fit in a model 3. o oracle and tesla. thank you very much. >> thank you. >> tomorrow, we close out the best idea was malcolm ethridge with capital area planning group. coming up on the show, we tee up the trading day ahead and the signs our next guest sees with earnings season. we will be right back after this break. i can make this work. that seems to be universal. i can make this work.

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welcome back to "worldwide exchange." here's what to watch today. the latest cpi read and earnings from delta airlines and dominos. a busy morning of fed speak from lisa cook and john williams. tesla's big event is expected to unveil its hyped robotaxi.

let's see how the trading day is shaping up. take a look at futures right now. they have been in the red. s&p fractionally lower. the dow would open up 33 points lower. the nasdaq fractionally lower. let's bring in lindsey bell. lindsey, good morning. good to see you. >> good morning. glad to be here. >> how do you see today shaping up? >> my word of the day is stable. we will get two economic data points that directly feed into the dual mandate of stable prices and employment. cpi and jobless claims. i think what we will see is stability out of those numbers and that's going to help fuel upside in the market. it's going to drive the narrative that we are going for a soft, no landing scenario. >> big economic reports coming up today. i want to ask you about the hurricane and port strikes and some other disruptions. how do you see that impacting the economic reports going forward and november? >> i think near term you will

not see much of an i mpact in te next couple weeks. you will see it as we turn the page in november and get the look back into october. so, near term, i think we will start to get earnings season and numbers better than expected. the bar has been lowered significantly. i think that's what investors will focus on. i think what you have seen from the marketplace is that they have become much more sensitive to any sort of economic or data point that supports that soft landing to no-landing scenario. i expect that to come into fruition with earnings season. >> your pick for us today is financials. we are just looking at a chart right here. since the fed rate cut, financials have under performed. we have big bank earnings tomorrow. why do you think they under performed and how will earnings season impact that area? >> i think jpmorgan didn't do the sector any favors early in

suspe secr september. that shook investors. we have seen earning expectations come down a solid 100 basis points going into the reporting period. i think with the fed cutting rates, there is an opportunity within the sector. like you said, there is weakness going into the sector. that is good going into earnings season. i think also with interest rates coming down, that gives opportunity for the regionals. >> is there any one stock in the sector or financials that will give us a read on net interest income, you mentioned jpmorgan not doing any favors. >> i will be listening to jpmorgan and wells fargo and bank of america. bank of america in particular on the consumer. these guys also really have a great touch point on the health of the consumer. they've been pretty resilient in

their commentary about the consumer. i think to hear about that is positive. i think hearing about the capital markets about the trading banking perspective. that has held up in the third quarter is positive. especially the outlook for the fourth quarter. >> lindsey, great to see you. thank you very much. one more look at futures before we let you go. it looks like the dow would open 30 points lower. "squawk box" starts right now. good morning. hurricane milton slamming florida making landfall as a category 3 storm. now a category 1. we're going to have the latest. inflation watch. the markets are getting ready for the september consumer price index, the s&p and dow at record levels. a plot twist in the activist battle at pfizer. a very unusual development that could help ceo bourla.

it's thursday, october 10th, 2024 and "squawk box" begins right now. ♪ good morning and 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. this morning, we are looking at futures just slightly lower ahead of the open down 32 points for the dow. off by six for the s&p. the nasdaq off 26. the dow and s&p setting another record-breaking day on wall street. the dow was up 431 points or 1%. the s&p was up .7%. also a record. the nasdaq was up .6% of 1%. if you are watching treasury yields, you will see they continue to be high near the wake of the jobs number we got last week. the ten-year at 4.707.