drug take back day, saturday, october 26th. to find a collection site near you, visit deatakeback.com. that's deatakeback.com. it is 5:00 a.m. here at cnbc global headquarters.

welcome to "worldwide exchange." here is your "five @ 5." wall street snaps its win streak and pulls back from the record-highs. the global semi-selloff posts after asml kicks off a cascade of selling. we have the staggering stats coming up next. also, bracing for banks. city is posting amostly positive figure. and in nearly a year and a half of falls, we look at loans and the state of consumer confidence. silicon valley pulls up in a big way. and later, the one fresh stock making a high about its flagship device. it's wednesday, october 16th, 2024. you're watching "worldwide exchange" right here on cnbc. ♪ good morning.

thanks so much for being with us. i'm frank holland. we're going to get a look at the stock futures, pretty much a flat picture right now. y u can see the s&p up very fractionally. the dow looks like it would open 20 points lower, the nasdaq as well. investors are keeping a close eye on the chip trades. u.s. chip stocks right now, take a look, bouncing back a bit. you see nvidia up half a percent. intel up fractionally. arm holdings up. bank stocks are on focus with financials, coming off another record financial close. the attention turns to the regional players. taking a look at the regionals right now, we're seeing synchrony up just over 1%. u.s. u.s. bancorp up, morgan stanley

and discovery, flat. take a look at crude. wti, close to 70 bucks a barrel, pretty much flat this morning. brent, back below 75 bucks a barrel. essentially flat this morning. that is your morning money setup. now we want to turn back to equities. we want to start with some big "money movers." united airlines coming up. signs that the airlines are bouncing back over discounts. you can see shares in the premarket down just about half a percent. united announcing plans for a buyback program. shares of united are up more than 20% year to date. united's ceeo scott kirby will have more on the results when he speaks exclusively. this morning we're watching shares of apple. up very fractionally after hitting a fresh intraday all-time high yesterday. analysts at morgan stanley,

bernstein, and isa all maintaining their stock in the last 24 hours. shares of apple up, 40% over six months. up fractionally after hitting an intraday all-time high yesterday. trump media and technology, take a look at shares this morning. they're up 3% in the premarket. this action after a very volatile tuesday session that saw stocks surge 13% before turning smartly lower. gjt eventually closing down double digits, and also a lot of volatility. it's almost tripled its ten-day average. shares up 60%. around the world, kind of a mixed session in the early trade. uk inflation falling below 2%. we're watching luxury names getting dragged down after lvmh

reporting a decline in yquartery sales since the pandemic. our jp ong is in singapore with much more of the action in hong kong. over to you. >> frank, good morning. that bleak forecast on asml casting a block spot. the question is how dark a cloud was that actually. the two heavyweights in terms of chip fabrication and the home to the big chip heavyweight fabricators, tsmc and samsung, also aslm's biggest customers. the stocks really not falling off a cliff. most selling off by more than 2% by the close here this wednesday afternoon. really the big loser, you have to head to japan. one stock that took a hit harder than most is tokyo electron it's that bleak sales forecast.

it will not be as roy bust as initially thought. that's going to hit tokyo electric harder than other chipmaker. you saw other losses dwarfing. softbank for instance. in the chinese markets you saw it hit hard. the indices falling. there's one bright spot. the housing ministry of china will be holding a house conference tomorrow. there might be stimulus for the battered housing properties. you have to make sure you treat this with caution. it's not the first time we've been disappointed by the lackluster stimulus. it could turn into wishful thinking. that's the one bright spot, but so far stocks across asia selling fast. tokyo electron, probably the biggest laggard at the wednesday close. back to you, frank. >> i want to know one thing. we were talking about the u.s. stocks a short time ago. they're bouncing back.

nvidia, up over half a percent. you're talking about the asia stocks. they're still getting hit hard. i wanted to ask you. a lots of that is off the asml report. why are we seeing a bounceback here in the u.s.? >> well, i think it might be a question among investors on wall street that maybe it was a bit overdone. again, out here in asia, if the sales forecast is coming from asml, remember, they're the supplier of chip equipment. again, you might see it hit hard and point at a bleak demand from some of their end customers. again, it might hit some of these chip equipment makers a little bit harder than most. we'll have to wait to see if there's a bit of a bounceback. again, it just highlights how the tech sector at least and the chip sector at least across the world, whether it be on wall street, in asia and taipei or in sole, while it's been quite volatile for the better part, until we get a better semblance of what the demand for the ai space is, we might see more

choppy trading days, either sharp swings up or sharp swings down. really it's anybody's guess. we'll have to wait and see. again, perhaps the one sector that might be a bit more critical to watch out for are some of these equipment makers like tokyo electron, trank. >> certainly a story to watch. we know you'll be on that story. turning our attention to the u.s. markets, a bit of a weakness. s&p 500 pulling back. joining me now vince lorusso. good to see you. >> good morning, frank. nice to see you. >> markets pretty close to highs. pulled back yesterday. we have an election decision coming up, fed decision coming up a lot of things could move the markets. i want to ask you again. where in the market are you seeing opportunities at right now? >> yeah, good morning, frank. we really like equities. you know, that's been a backdrop

for our investment strategies going back a couple of years, and we think the backdrop for some growth, inflation coming down, the fed moving toward a more accommodative policy. generating a lot of cash flow. we look for opportunities to own equities. not at to be blase about the backdrop for volatility and asml and european luxury companies -- >> vince, in all fairness, equities is a big area. is there one sector where you're seeing opportunities at right now? >> it's a great question. we still like tech ai, notwithstanding a precipitous selloff. we think that's a big area of growth, and we think the friedgen racing cash flow is profound. but, look, it's a market where you can find idiosyncratic opportunities. you know, we own industrial companies and other sectors as well. >> you mention active management. are you an active manager?

in this ctf, you're actually shorting a number of names that you say are durable consumer names, harley-davidson, brunswick, the boat maker. we're hearing from a lot of the banks. in general the consumer is pretty strong. >> i think the consumer is pretty strong, but you're seeing a trade down. some of the companies are doing disproportionately well like an amazon or walmart or costco. when you look at consumable durable purchases where you need financing, interest rates, and a lot of inventory starting to build up, we are more cautious on the consumer durable part of the economy. >> you think basically discretionary is going to pull back, but overall consumer spending is pretty strong. >> i would agree with that. >> bank of merge out yesterday with a lit of some stocks they say have stable dividends. they say dividends are going to be a bigger part of returns going forward than they have

maybe in recent years. zion's, ken core -- i want to ask you in your mind. is right now the time to pivot your investment strategy more toward dividends than the price reaction on the stocks you're buying? >> it's a great point. we think there's a shortage of yields. we've had a 40-year secular decline in interest rates. that was sidetracked by the covid response, monetary and fiscal. we go back to a monetary landscape where spending of baby boomers is in decline and yield is hard to find. we think rates will continue to go lower in that context. cash yields and dividend yields, frankly right now you're not getting much of a spread on corporate bonds. that's why we go back to the tech ai trade. it's not just the topline growth. look at the capital structures and the friedgen racing of companies. in a world where it's getting increasingly difficult to find

yield, we'll look for free cash yield in the equity names. >> vince lorusso, great to see you as always. thanks so much. >> thank you. turning to the campaign trail and donald trump earning the support of silicon valley's most rich and famous, silvana henao with the latest. >> frank, good morning to you. according to it is closures from the federal commission, the world's richest man, elon musk e, donated $75 million to his political committee, american pac in the third quarter. $60 million of that went straight to the trump campaigns, and another 500 million for key congressional seats. meanwhile mark van driessen and others say they would back the former president back in j-p. over key donors include ken griffin, hedge fund manager paul singer and black stone's stephen

schwar z-man, combining $30 million to the senate leadership fund or about one third of its total third quarter fund-raising efforts, frank. >> silvana, thank you very much. we'll talk more about the election and donations especially from big business leaders from now until the election 20 days away. >> that's right. >> silvana, thank you very much. we have a hot more to come on "worldwide exchange" including the one world investors need to have today. first, shares of j.b. hunt, it's been an underperformer to date. why citi says it might be time for a rematch. talk about a short-term memory, one year after the collapse of the silicon valley bank, regional bank stocks are sitting back at an all-time high. we talk about the state of consumer loans and consumer confidence with one primary player coming up. a busy hour straight a4ed on "worldwide exchange." don't go anywhere.

at betmgm, everyone gets a welcome offer. so whether you're courtside trying to hit the over... or up here trying to hit the under. whew! or, hitting that win with your crew. ohhh! yes, see defense! or way up here with a same game parlay. yaw! betmgm's got your back. get your welcome offer. and play with the sportsbook born in vegas. all these seats. really? get up to a $1500 new customer offer in bonus bets when you sign up now. betmgm. download and bet today.

welcome back to "worldwide exchange." earnings from the transport sector kicking off yesterday with j.b. hunt. you see shares higher after the nation's biggest container ship beat expectations, rising 5% year over year. however, pricing remains under pressure. analyst investors telling me they've been watching container shipping prices for j.b. hunt coming in negative over the five

quarters. if that were to reverse, that could be a sign of the free marketless bottom and the freight recession is over. however, this quarter pricing fell 5% year over year. the biggest concern will be the strike. transport stocks have outperformed the broader market since that work stoppage. investors have been not so gently reminded about the important supply change. you can see the move right here. it's the widest gap between the two since the late 1990s tech bubble which our next midwest says could be a sign of a broad recovery. joining me now to look ahead to the transport earnings season is ari rose. good to see you. >> hi, frank, thanks for having us on. >> i want to get your take on j.b. hunt. pricing remains under pressure. >> yeah, absolutely.

as you noted in your introduction, no question stocks now favor with investors for a long time. we actually think that's a come pezzing opportunity to enter the space, and the reason for that really is that valuations look reasonable if you think about what normalized earnings could look like for a lot of these names as you look out a year, two years, perhaps into the future. we think that reverses into next year. again, if you look at systemically there's been too much capacity in the transportation network. we think that's in the process of rationalizing. as it does so, we think there's quite a bit of upside to earnings. >> csx earnings after the bell. we get an insight into the rail business because they put out status reports. according to those reports, i'm looking at csx.

in q3, up almost 2.5%. union pacific up 5% in q3. give us a sense. what are you seeing or what do you expect when it comes to earnings? are these guys a beneficiary of the port strike or are we seeing them early? what are you expecting overall? >> thanks, frank. that's a great setup on rails. with rails there's no question. there was some pull forward because of the strikes. additionalty the u.s. rails benefitsed from the fact that in canada, you had labor disruptions, na national disasters that channeled traffic movement. traffics with down at the canadian rails. we think they'll give somg of that back here in the fourth quarter. frankly, the rails have been abel to assert prices. we're lookinging for rails to reassert the prices as contracts

reset next year. we think that's generally positive for the rails. i'm not sure we're soexcited on what the third quarter brings. as we look across to 2025, it's a similar story, which is kind of a reset of expectations that we have as we think about what next year looks like, especially 2026. we really get excited about the earnings upside. >> by the way, you had a note out last week with an initiation of 19 names. one trucking company was in there, ltl trucker saia. i'm looking at the trucking rates. they're flat year over year according to evercore. in all fairness in 2022 rates kind of hit their peak. in your mind the fact that we're essentially flat year over year, is this a sign that we're at the bottom, seeing the end of the inflation rate everybody is talking about? >> ltl stocks are a little be it of a different animal.

pricing has been flat, but it's been negative. those are actually participating in the bigger names of the state. that would be like j.b. hunt and swift and westerner. if you look at them, the industry structure kind of creates this high barrier entry that allows them to have a little more negotiating level with their customers. we've been holding flat in the trading sector, but we think as capacity kind of tightens up and if you see industrial production start to pick up a little bit, we think the pricing learn rang that some of these could expert could be pretty powerful. could be pretty powerful. >> ael re riosfrom this is clem. citi.

thank you. up next, the latest string of devastating hurricanes. robert frank is coming up next with that story. but he is an "i can solve this in 4 different ways" person. and that person... is impossible to replace. you need clem. clem needs benefits. work with principal so we can help you help clem with a retirement and benefits plan that's right for him. let our expertise round out yours. welcome to ameriprise. i'm sam morrison. my brother max recommended you. so, my best friend sophie says you've been a huge help. at ameriprise financial, more than 9 out of 10 of our clients are likely to recommend 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.

welcome back. the market in south florida may be in crisis with sales tumbling, but a lots of that is unrelated to the wave of severe weather hitting that state. our robert frank joins us now with that story. robert, good morning. >> good morning, frank. good to see you. south florida seeing a big jump of inventory of unsold homes,

and that was even before hurricanes helene and milton. delray beach up 73%. coral gables 71%. wellington, 68%. also fort lauderdale and west palm beach. in miami, prices are down 12%. that's the biggest drop in any major market in the country. jacksonville and tampa are also seeing price drops of more than 5%. brokers say the hurricanes are likely to lead to more littles and inventory and new law that requires condo buildings to build a large cash reserve has led to a glut of buildings especially those that are older. if you look at signed contracts for miami homes priced at over $3 million, that's down 57%. then in palm beaching contracts over $5 million are down 50%. now, for more on whether the

florida dream is fading, don't miss my live conversation friday with billionaire real estate investor jeff green. he's down there in florida building a lot in west palm beach. you can check it out on cnbc.com to register for that talk on friday, which will be very timely, rank. >> absolutely. it's going to be an interesting conversation. also you can hear from a very smart investor like him and you completely for free. qr coat was just on the screen. you say people are looking outside of florida for places to move. you're going to be down there live talking to jeff green. the weather is beautiful. hurricanes are scary. but where else can you go to get something comparable to what you can find in florida. >> if you look at the population of florida, it's been flat to declining. where they're moving is tennessee, georgia, and the carolinas. so they're kind of moving up the coast. those are places that are also,

as we know, vulnerable to hurricanes, but not as vulnerable to the flooding and frequent and severe storms we've seen in florida. just based on cost, a lot of people got priced out of florida given the prices of many home markets doubled during the pandemic. georgia, tennessee, carolinas, they're the new florida. >> that's interesting. no beaches in tennessee and georgia. i love the beaches in florida, but the weather has gotten a bit scary lately. robert frank, good reporting. cop coming up on "worldwide exchange," tom brady adds nfl team owner to his new list of accolades and the college selection process. we have your toprang tdi stories. if you haven't, follow our podcast. if you missed "worldwide exchange," check us out on apple, spotify, or other podcast apps. much more on "worldwide exchange" coming up right after

this. awkward question... is there going to be anything... -left over? -yeah. oh, absolutely. (inner monologue) my kids don't know what they want. you know who knows what she wants? me! with empower, we get all of our financial questions answered. so you don't have to worry. empower. what's next.

♪ ♪ with so much great entertainment out there... wouldn't it be easier if you could find what you want, all in one place? my favorites. get xfinity streamsaver with netflix, apple tv+, and peacock included, for only $15 a month.

the consumer has been extremely resilient. consumer spend still continues to go up as at a measured pace in terms of credit card and debit card. deposit balances are still strong. >> it fuels an economy that's stable, but we have to be careful that we don't choke it off, and that's where the higher

rate impacts car borrowings and other things affect them. >> those were the ceos of wells fargo and bank of america speaking yesterday on the consumer and the backs of their earnings. welcome back to "worldwide exchange." i'm frank holland. we get a look at the consumers following the report. taking a look at the stock futures, you can see a bit of a mixed picture. the s&p up fractionally. the dow looks like it would open 30 points lowerer, the nasdaq up fractionally higher. yesterday following the massive market wipeout. u.s. stocks and chips are bouncing back. you see nvidia back up over hlf a percent. micron up about the same amount. arm up almost 1% we want to check on stock of the chip producers in asia and in europe. asml saying export controls would reduce their china

business significantly. the chinese chip ah stocks being hit be that. tokyo electron down over 9%. we're watching shares of apple after hitting a fresh intradie high yesterday. several analysts maintaining their stocks. taking a look at shares of apple up fractionally. you see year to date, up nearly 3%. financials coming off another record clothes. we're going to speak with one w /* ceo of regional. synchrony up over 1%. u.s. bancorp up almost over half a percent. we're also looking at energy. oil up after a rough session. take a look. you can see those are treasuries. but right now, oil rebounding just a bit. up a quarter of a percent,

trading at basically 70%, 75% a barrel. brent crude up as well. we want to turn back to one of our top financial stories dominating the early trade conversation. sector trading at an all-time high after bank of america, synchrony, and u.s. bancorp releasing their financial results. the rest of the week is almost squarely focused on regionals with rhode island citizen's financial, tennessee's first horizon, and more coming out before the "opening bell." the kr regional is trading at a record high, up 20% since early july. joining me now chris holmes whose parent fb financial released its latest quarterly results after yesterday. good morning and welcome to "worldwide exchange."

>> good morning, frank. nice to be with you this morning. >> your stock closed up higher yid. you had a beat on p bps. what happens that you were able to beat on profit? >> yes, frank. we did have a beat on eps. as you know, earnings can have a movement. stocks were up nicely. we did have a nonoperating action. we had a sales out of our security book as a $13 million asset, carrying a $1.6 million security book. we took out a loss on that, which took revenue down. but that should really benefit future quarters, which is one of the reasons that the stock was

up. >> you were able to glow your margin year over year. analysts expected that very important metric to spread between loans and profits to be under pressure this quarter. how were you able to grow it this quarter and what are your expectations going forward with fed rate cuts. >> yes, frank, you're hitting on the most key metric for most of the regional banks as we were the first regional to put out our earnings release. that metric, the wall street banks have a great er fee incom. the spread on loans and deposits is the most critical measure, and the markets we make between loans and deposits is really, again, a critical measure. we were actually a little ahead of expectation again for the quarter, and that's a combination we had loan growths during the quarter.

this has been -- 2024 has not been a great year. as you know, the economy has been relatively slow. the loan demand has been relatively low. but we had a little over 7% annualized increase on our loans on our balance sheet. that helped our margin. also with the interest decrease that came in, that helped on the costs of the deposits. >> so when you say p% growth, do you mean by dollar? because i'm looking at your earnings right now. i see deposits were up year over year, however, borrowings, down 13%. southeast bank, you're based in tennessee, but you have branches in georgia, south carolina. when it comes to loans, what are you hearing from your customers on both the residential side and business side. >> frank, those borrowings -- the lending that we do was

actually what's up quarter over quarter. we're fortunate where we sit geographically in that tennessee, georgia, alabama footprint is an area where we still have very strong economic vibrancy. we are seeing -- continue to see in migration -- actually roberts frank was on a story earlier this morning how folks are migrates into tennessee and georgia, two of the key states. benefit from that. as a bank, one of our key activities is making loans and that in-migration is helping corporate moves into that part of the world and they continue to happen at a significant rate. again, all of those benefits both the consumer side on lending but also benefit on the business side on our lending activity. >> chris, it's great that you're

watching the part of the show before you get on. we appreciate that. i want to ask you one last question. we've seen a lot of hurricanes in the southeast. most of your branches are outside the most impacted areas. but in general, how are you seeing it impact the activity in the southeast? >> it's certainly been tragic what's happened so far. most of the direct impact has been on the tennessee border. we've seen the impact mostly on some businesses -- actually we haven't seen very much impact from a business stand poipt, but we see on the people side where people have losses. and in the communities. we're very much a community-oriented bank, and the impact on those communities is just devastating. tennessee is known as the volunteer state, and we've seen a lot of folks coming to the rescue. and so we appreciate that and

we're well on the road to recovery. >> our thoughts and prayers for those severely impacted by all of that weather. chris holmes, thank you so much for being here. coming up on "worldwide exchange," tapping into the ai boom, the new calls from cisco sending shares higher, cisco up 1.5%. but first we want to get to some of your top trending stories. nfl is voting to approve tom brady, the g.o.a.t., as the minority owner of the los angeles raiders. he and his team buying 10% for $10 million. because of his dual role as a broadcaster for fox sports, they've reduced him from speaking with players and athletes. survey out this week from

consulting firm finds liberal schools are excluding states with restricted abortion and lenient gun law. those applying for the states are lgbtq. and krispy kreme is offering a super moon super doughnut in honoofr the hunter moon. the doughnut has cookies and a cream filling and coveredy yellow icing and chocolate cookie pieces. sounds good. we're back in a moment with "worldwide exchange." stay with us.

welcome back to "worldwide exchange." piper says it seems limited upside to the next few quarters given the mod rag and experiences segments, specifically a consumer-related slowdown within the park business. city is bumping cisco's price target. citi says the company should benefit from ai offerings and narrowing the gap among its competitors. and morgan stanley hikes starbucks' price target. it should improve after what will likely be a tough quarter, perhaps setting up a better road ahead. time now for your global briefing. chip stocks facing pressure. both tied to asml, the world's biggest manufacturer of

chip-making equipment. european luxury names also facing pressure this morning, this after lvmh rreported a decline. and inflation in the uk falling below the u.s. 2% target since 2021. the central bank will carry out an interest rate cut next month. coming up on "worldwide exchange," we have the one word that every investor needs to know today, plus the world's w wealthiest man standing by his word. new details on how much elon muffing has spent to support a second trump administration. we're going to be back right after this break.

at waystar, our mission to simplify healthcare payments has never been more important. we passionately believe that our software platform has the power to transform healthcare in the united states for providers and their patients. and we're not finished. waystar is purpose-built for this moment and waystar is the future of healthcare payments. now, we look to the horizon and we see the way forward. at betmgm, everyone gets a welcome offer. so whether you're courtside trying to hit the over... or up here trying to hit the under. whew! or, hitting that win with your crew. ohhh! yes, see defense!

or way up here with a same game parlay. yaw! betmgm's got your back. get your welcome offer. and play with the sportsbook born in vegas. all these seats. really? get up to a $1500 new customer offer in bonus bets when you sign up now. betmgm. download and bet today.

welcome back to "worldwide exchange." elon musk using his wealth. the richest man has donateded tens of millions of dollars to his trump team pack. emily wilkins has more. >> elon musk has posted $75 million. this is new filings we've seen. we're getting a clarity of what this has done. it this would make muffing one of the top donors of the 2024 election at this point. muffing was the only donor to his pac. he gave millions in july,

august, and september, and from there gave more than $60 million to trump and another $1.5 million to republicans running for 15 consecutive house seats. most of that went to canvassing efforts like knocking on doors, phones, and that funding is critical. the house is considered a toss-up as we go into the final stretch, but house republicans have been trailing their democratic counterparts when it comes to fund-raising. the filings last night only covers through the end of september, but we know from other filings, musk has kept the spending going. we don't see a lots of details in october, but it shows at least $30 million has been spent on trump and other republicans. this is musk giving to his must america pac. we expect to get more clarity if he gives other donations in his name to other groups. he's previously donated money to

dark money groups who hide their recipients. there's always a question of who's giving what and where. >> it's kind of interests. talk more about the strategy. it seems to be keyed in on getting out the vote and key house races. >> they're making sure republicans are stej tered, that they know when to vote, they're able to vote, they know what the dates are. a lot of that is the basic ground game that he's really focused on rather than say flashy ads promoting one candidate or the other. of course, this comes as trump himself has said negative things in the past about mail-in ballots, has encouraged them to vote day of. you've seen a lot of pullback from republican parties to say, no, no, no, no, do we want people to get out as soon as they can, if they want to use mail-in ballots, that's fine. but they want to make sure many very getting out to vote for

trump. turning our attention to a market flash on intel, what is reporting chinese regulators say they should be subject to a security review. china is claiming the u.s. chipmaker has constantly harmed china's national security and interest. shares of intel down. the move could be similar to what we saw last year when beijing targeted micron, barring its devices after claiming they failed a network security review. intel under pressure. coming up on "worldwide exchange," the beaten up stock down 15% over the last three months that our next guest says is a buy. we have that name for you coming nt. if you haven't already, go to our podcast. we'll be right back after this break.

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. because advice worth listening to is advice worth talking about. ameriprise financial.

your business needs a network it can count on... is advice worth talking about. even during the unexpected. power's out! -power's out! comcast business has you covered, with wifi backup to help keep you up and running. wifi's up. let's power on! let's power on! -let's power on! it's from the company with 99.9% network reliability. let's power on! power on with the leader in connectivity. stay connected with comcast business internet and wifi back-up or get started for $49.99 a month. plus ask how to get up to a $500 prepaid card. call today!

welcome back to "worldwide exchange." as we close in on the a.m. hour, here's a few big stories we've been following. j.b. hunt sharply higher after they reported third quarter profit and revenue that beat expectations. the company's ceo says the company's shipping market has returned to more normal patterns. united airlines fourth

quarter profit expectations coming in ahead of widespread discounts over its bottom line over the summer. and ceo scott kirby will have more on all of that, speaking exclusively to cnbc at 7:40 eastern time. we're watching shares of trump media shares. shares are down half a percent after a really volatile tuesday session that saw the stocks surge more than 13% after turning sharply lower, triggering a trading low. the stock actually closed down double digits. shares of interactive brokers are down. revenue, though, coming in line with estimates. we're looking at shares of walgreens coming off their best daily performance in 16 years after the company announced plans to close its stores. taking a look right now. week to date, up 12%. qualcomm will waits until next month's election before

making an offer to buy intel. they want to see who wins the white house and antitrust decision-making. reuters is reporting intel should be subject to review. down 2.5% right now. here's what to watch today. we get import price watch ahead of the open and more earnings from u.s. ban core, morgan stally, csx, and alcoa among those reporting. ted pick will have more on the results in his first on cnb interview at 10:30 eastern time. another check of futures after the dow tested a new record-high before it eventually traded lower. the s&p fractionally higher. the dow looks like it would open 23 points open. the nasdaq up just about 20 points as well. for more let's bring in tiffany mcghee, a cnbc contributor.

good morning. it's good to see you. >> good morning, frank. good to see you. >> what's your word of the day? >> my word of the day is clear, right? so listen. the market setup heading into earnings season is clear and investors should pay attention to the cycle. we just had the two-year anniversary of our current bull market last year and we're heading into the third. we're most likely in the early middle of the market. we think about it. valuations are higher, peo ratio is higher, up 45% in the past two years. corporate earnings healthy, right? profits up about 15% in the past two years, so we expect stock prices to purk higher but potentially moderate, which is characteristic of what happens in a third year of the bull market. >> the coast is clear to put more money to work. we heard from fed official mary daly who says she thinks the

bank is on track for more rate cuts. is there any sector you're essentially bullish in in. >> for me we're not really playing the sector game. listen, when we think about what kind of fuels the continuation of a bull market, we're thinking about the low interest rates, corp earnings growth, and also investor sentiment. so we're not really looking at the pivotal route or individual sectors. we're looking at the partnership. we're playing the long game. we're thinking about where to put the money to work. go ahead. >> you're very confident about the strength of the market, but bank of america out with a note yesterday saying investors need to think more about differ accidents and strategy. it's going to be a big part of returns going forward. region at bangs out there, zion's wank, ken view. i'm not going to goo through all

of them. what do you think about the idea that differ accidents are becoming more important? >> i think they're always a good idea. i think what investors have to do is look at their portfolio -- again, i always talk about the diversity of the portfolio. i think it's an idea to be balanced, to add to the stock yields if you already have some and to also kind of diversify out of these mag 7 names if you euro concentrate odden those. >> got it. your pick today is transport fedex, down 15% in the last three months. give us a quick pitch. why is the time now to put money in fedex? >> i think it's more about the market instead of in particular fedex. right now is to buy the names you have high conviction around.

fedex is down in the last months. we think this is a good entry point. >> tiffany mcghee's pick for us today. tiffany, thank you very much. great to see you. we want to turn to a market flash this morning on ryanair. the co telling reuters the airlines will have to go down. the earns will likely come in january and february. taking a look at shares of ryanair, down more than half a percent. boeing shares down just about a quarter of a percent as well. we're going to take one more look at u.s. futures before we let you go. the s&p has been pretty flat. the dow off of its lows from earlier. looks like it would open up 20 points higher, nasdaq, 20 points higher. that does it for us on "worldwide exchange." "squawk box" starts right now. good morning. stocks futures are mixed after a

slight pullback yesterday. 300 plus points. we're aquarting quarterly results. united airlines announced a $1.5 billion share buyback. now its flight attendants union is blasting the move. we'll have an interview with the president of that union sara nelson and the ceo of united scott kirby. and a new report on how much elon musk is pouring into donald trump's campaign. it's wednesday, october 16th, 2024. "squawk box" begins right now. ♪ good morning, everybody, and welcome to "squawk box" right here on