it is 5:00 a.m. here at cnbc glbl headquarters.

welcome to "worldwide exchange." here's your "five@5." they continue to drive equities to new record highs. from frankfurt to wall street. bracing for a number of events including retail sales and decision from the ecb in what could be the first back-to-back rate cut in a decade. and powering the rest of the sector higher in the pre-market. plus, a travel stock pop as uber looks at the super app. and numbers you need to watch with netflix reporting after the close today. it's thursday, october 17th, 2024. you are watching "worldwide exchange" here on cnbc. good morning to you. thanks so much for being with us. i'm frank holland.

let's get you ready for the trading day ahead. take a look in the green across the board here. taiwan semiconductor up 7.5%. nvidia up 2%. now we want to look at futures with the dow at a record high right now. take a look right now. in the green across the board. s&p up 21 points. the dow would open up 11 or 14 points higher. the nasdaq is what we are watching this morning up over .50%. big help was yesterday was a 4% jump by cisco and united health. we are looking at small caps with the russell 2,000 in the highest level in year. look back to november 1st of 2021. i'll draw a line. that's what's fun about the board right here.

getting close to the level we saw back then. right now, we are looking at it in the pre-market up 1.5 -- sorry. market closed up 1.5%. in last three years, not a lot of action in small caps. down .50%. we are watching transports. different story there. all-time high. yyttf. i'll get rid of this line for you. year to date up 9.5%. we talked about this. we will look at it today when trading starts. it might pull back a bit after earnings from csx. hitting an all-time high yesterday. we are talking industrials and financials and materials. netflix shares flat in the pre-market. the last three months, up over 8%. earnings after the close. we will talk much more about it later in the show. we are checking the bond market ahead of the september retail

sales. take a look at bonds. the benchmark pulling back a bit. 4.03%. the two-year back below 4%. the long bond pulling back at 4.32. that is a read on inflation expectations. okay. that is the money set up. we turn attention to the global markets. europe getting its day started. investors awaiting the european central bank rate decision in what could be the first back-to-back rate cut in 13 years. the dax is up 1%. the cac 40, the best performer in the early trade, up 1.25%. the ftse up .25%. the ftse mib up 1%. time now for the big money movers. shares of expedia surging in the pre-market. financial times reporting uber was weighing a bid to buy the company to create a super app.

uber was in the works to approach the buyers in a deal. look at shares of both companies in the pre-market. uber pulling back 2%. expedia up over 6%. we are looking at shares of lucid. the ev maker says operational losses for the recent quarter will come in worse than expected. the company announcing a public offering of 262 million shares of common stock, lucid reports on november 7th. shares down 13%. we are looking at shares of alcoa. swinging to a third quarter profit adjusted earnings coming in at 57 cents a share. the company reaching a deal with ignis kwequity. turning attention back around the world. taiwan semi offering a boost for

the volatile week for chip stocks. jp ong is in singapore with more on that. jp. >> frank, in a bit of a shame that tsmc shares reacted where they saw a slight drop after the close. really buzzing on the back of the report card. revenue grew $23.5 billion. net profit beating expectations by 9%. gross margin improving to about 57.8%. they also are forecasting for the fourth quarter that revenues are going surpass what we saw this quarter actually with a range of 26 to $26.9 billion. we asked questions in the demand for chips is slowing down or whether it is overplayed. it doesn't seem to be slowing down for the world's largest contract chipmaker.

look at the growth here. you will sthe clips. we saw revenues grow 11% quarter on quarter or more than 10%. that is about 51% of tsmc revenue. s smartphones growing as well. and revenue growing 30% quarter on quarter. a lot of the high-end and h high-value chips in the chip space for tsmc. they expect the revenue to carry into the last quarter. how did that influence markets across the region? it came in after japanese markets closed, but came in about 30 minutes before south korean markets closed. you will see in the two-line chart that the stock started to jump 30 minutes before stock markets in seoul closed. there could be a possible rub off effect for asia.

tsmc really out performing and we have to see how the shares react on friday. frank, back to you. >> jp, we are looking at u.s. chips moving higher. nvidia up 2.5%. big move in the u.s. jp ong live in singapore. thank you very much. we stick with the trade in asia and a rough session for the chinese property stocks as another round of stimulus for beijing failed to impress investors. we have eunice yoon with more on the story from beijing. eu eunice. >> reporter: frank, state media here promised a heavy punch combo out of the briefing with the housing minister today, but that punch failed to land. the housing minister announced plans to almost double the funding quota for unfinished properties on the government white list to $562 billion by the end of the year. he did not provide a specific number for the urban areas.

he declared the latest data shows the sector has bottomed out. the problem is to many investors, the package today was enough to potentially at best, to reduce the risks,risks, but necessarily drive up the rebound without fiscal spending. people are still feeling very nervous about the outlook of the economy. we should get more clarification tomorrow, frank, when the country announces its q3 gdp and more property data. >> eunice, thank you very much. eunice yoon live in beijing. we turn attention back to wall street. u.s. markets are coming off solid gains with the s&p 500 sitting one-third of a percent below from monday. mega cap tech to small cap stocks and the russell hitting high left level in three years. the kbw bank index reaching the

highest level since 2022. joining me now is adel adan. >> good to be here, frank. >> pretty much everything isat a record high. utilities and financials and the dow's there. in the situation right now, how do you play it as an investor? i know you are worried about a possible pull back because it is hard to go much higher from here. >> right. the market got everything wanted. it got an anccommodative fed an at the same time, we are here at the two-year anniversary of the bull market. we are looking at the pull back in an opportunistic manner. >> you say opportunistic. you buy the dip? are you targeting certain sectors with a pull back and there say swing when earnings estimates are supposed to go up

and economy could hypothetically strengthen? >> we feel that especially with the tech companies. we talked about the bar set high for them. if you look at netflix, the stock is up 200% over the past two years. we feel a lot of investors are overconcentrated in the technology space. we would be looking at other areas which will do well with consumers because what the bank earnings have shown up is the consumer is in good shape. >> the mag seven up 1%. the s&p is up 6%. have investors started to spread out their bets? is that why we see the other sectors hit the record highs with utilities and financials? has the concentration risk lessened a bit? >> right now f, if you look at e s&p 500, it is 40%. the average investor is

concentrated in tech. what we are starting to see is the trend is changing. if you look at it from july 10th up until october 15th, the nasdaq's actually negative. if you look at the other sectors, dividend paying companies, these are up double digits. >> they already have. is that why the equal weight far out weighs the mag receive snen. >> we feel now is the time to spread that out a little bit. if there say market correction, we saw what happened with asml. the stock got pummeled. if yyou broaden your exposure, you can review your portfolio. >> how important to you as an investor and how do you think the fed will review? it is not a labor report or an inflation report, but a report with a lot of importance. >> i think is an important

report. the fed will review it. the fed is data dependent. when it comes to labor and inflation, we are in a sweet spot right now. the fed is data dependent and adjust the policy accordingly. >> does the fed cut in november or december, does that matter to you as an investor with the sectors you want to put money to work in or are we in a rate cutting cycle? >> i think the cut matters because that means the economy is getting stimulated. i think we are at a point where we rule out economic armageddon. we feel very constructive on businesses that are catering to the high-end consumer. those businesses are -- those consumers are not going to scale back. >> we are in a full circle moment going back to the bank.

the banks told us the consumers are doing great. feeling good about the spending overall. these are both pretty interesting. one is american ex-ppress and t other is home depot. these cater to the high-end consumer. >> correct. the high-end consumer is where you want to be right now because, you know f the economy is continuing to go along, these consumers will do well. american express caters to that demographic. because of that, they are able to charge a high annual fee and charge a high merchant fee as well. that stock does well. home depot we like because we feel some of the housing related companies will start to do well because of rate cuts. more chome construction. home depot also pays a great dividend. that's another reason why we look that company. >> dividend is a chtheme in

october. a aadil, thank you for being here. for more, go to cnbc.com/pro. and coming up on "worldwide exchange," the one word investors need to know today, but first, rises tensions in the middle east with the increased pressure on the houthi rebels in yemen. later, details othn e apple brain drain and the latest on what's been a wave of executive de depa departures. we have a very busy hour when "worldwide exchange" returns. stay with us.

why choose a mobile network built for places you'll probably never be... ...instead of for where you are most of the time? xfinity mobile was designed for where you need it most. now xfinity internet customers can buy one line of unlimited and get one free for a year.

welcome back to "worldwide exchange." turn to the middle east. the u.s. military steps up pressure against the houthi rebels in yemen. lloyd austin says they targeted the underground facilities. that includes the weapons houthis have used to target civilians in the region. austin touting the use of b-2 stealth bombers and america's global strike capabilities. this is after 15 strikes were carried out linked to iran to houthi fighters in yemen. take a look at the price of oil right now following these events. we are seeing oil tick up.

wti is up .25%. brent is doing a bit better. getting support from the drop of u.s. crude stockpiles. we did see mid east tensions a bit. coming up on "worldwide exchange," thousands of jobs in the year ahead. why president biden's clean energy push is still falling short and turning key rural areas in key states from red to blue. we have megan cassella with the latest. megan, good morning. >> good morning, frank. we are here in liberty, north ronaathe site of the largest battery manufacturing plant for a car manufacture in north america. why they are investing here when "worldwide exchange" is back after the break. ♪♪ at each day's sta ♪♪ ♪♪ as time went on it was easy to seeee, ♪♪ ♪♪ i'm lowering my a1c! ♪♪ jardiance works twenty-four seven in your body to flush out some sugar. and for adults with type 2 diabetes and known heart disease,

jardiance can lower the risk of cardiovascular death, too. serious side effects may include ketoacidosis that may be fatal, dehydration that can lead to sudden worsening of kidney function, and genital yeast or urinary tract infections. a rare, life-threatening bacterial infection in the skin of the perineum could occur. stop taking jardiance and call your doctor right away if you have symptoms of this infection, ketoacidosis, or an allergic reaction. you may have an increased risk for lower limb loss. call your doctor right away if you have symptoms of infection in your legs or feet. taking jardiance with a sulfonylurea or insulin may cause low blood sugar. ♪♪ jardiance is really swell ♪♪ ♪♪ the little pill with a big story to tell! ♪♪ hi, i'm leland melvin and i traveled to space twice as ♪♪ jara nasa astronaut.swell ♪♪ space technologies help protect our precious earth. space helps us monitor changes in carbon emissions, track the pace of climate change. it even helps us fight natural disasters. make sure that you get out to your local science museum, or go to space4all.us to explore and learn about space and science.

space is for all. 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. 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. welcome back to "worldwide exchange." president biden has made clean energy a priority in the administration. there's one red problem for democrats that rare hoping to ride that success in november. megan cassella is joining from us north carolina. good morning. >> reporter: good morning, frank. no state has seen more private investment in clean energy since the ira has passed than north carolina. this is a $14 billion plant from toyota.

a four square mile site and 14 production lines and deliver 5,000 jobs to the local economy and a big boost to the folks here in liberty. >> we know that every one at th organization has started small and known in the 10 to 20 year span. we feel it will be the same. too early to tell the economic impact, but we are confident that's going to be pretty significant. >> reporter: now this area of north carolina was once a hub for furniture and textile manufacturing. it was hollowed out when those moved 2000s. these counties have been receiving a share of the ira money. for toyota, they partnered with the local community college here for a program where they hire students and pay them to take manufacturing classes while they are still in school.

>> i think it is keeping people particularly in the engineering field and manufacturing areas here because they are seeing a renaissance that's happening in the area. this has been a core manufacturing area for a long time. >> reporter: now, frank, we are in a battleground state. the background to all of this is the presidential election as early voting starts today. projects like this one should be a big win for the biden administration on the one hand. this is what they envisioned when the ira was passed two years ago. when i tried to talk to the people about the politics of it all, no one is making that connection with the biden stimulus programs and the boost to the local economy. frank. >> really interesting. obviously, this plan is starting up during the biden administration. why don't the people make the connection to this administration and this project? >> reporter: it's interesting. i've been talking to folks who said i wish democrats would take

more of a victory lap in the state. others think of this as toyota money or state money and there is a democratic governor here, but they are not making the connection to the white house. this is trump country. in the last election, only 20% of the vote went to democrats. the democrats don't have a hope of winning the county. what they are trying to do in rural areas minimize the margins. obama won 28% of the vote in the county in 2008. that would help harris flip the state since 2008. >> trying to change the mind of the ruby red voters. megan cassella in north carolina. thank you very much. coming up, a leadership shakeup at tesla as elon musk is dealing with slow sales roacss two profitable reegions. if you miss us, check us out

on spotify or other podcast apps. more coming up after this.

pete g. writes, "my tween wants a new phone. how do i not break the bank?" we gotcha, pete. xfinity mobile was designed to save you money

and gives you access to wifi speeds up to a gig. so you get high speeds for low prices. better than getting low speeds for high prices. right, bruce? -jealous? yeah, look at that. -honestly. someone get a helmet on this guy. xfinity internet customers, ask how to get an unlimited line free for a year. plus, a free samsung galaxy s24 fe. we're excited to say we're on track to achieve our critical scale in 2025. we clearly expect growth beyond that, but that represents a great threshold. that allows us to shift more of

our energy now on more effectively monetizing that rapidly growing inventory. >> that was netflix co-ceo greg peters for the streaming giant following the last quarter results. netflix will report after the bell today. you can see shares in the pre-market up .50%. welcome to "worldwide exchange." i'm frank holland. we'll have more on what to watch in the earnings coming up in the half hour. first, a look at u.s. stock futures with the dow at a new record high. the s&p up 21 points. the dow would open up 15 points higher. the nasdaq is the big gainer up over 40 points higher right now. we have a number of chip and a.i. names on the back of taiwan semi. arm holdings is up .75%. super micro up 3%. same for applied materials and

lam research. the world's largest producer of advanced chips raising the growth target for the year. shares moving higher up 7.5% in the pre-market. we are looking at shares of cisco closing up 4% yesterday after the citi upgrade. that stock hitting at a record high. week to date, shares up .25%. we have another stock to watch. we were just talking about it. netflix out with earnings after the close. the stock is 4% away from the record high. moving 9% higher. up in the pre-market ahead of the earnings. we got to talk about transports. we talked about it yesterday. preview of transport earnings season. yesterday, the iy etf closed at the all-time record high. not a 52-week, but all-time record high. closed up 1.5% higher. year to date, up over 9.5%.

a few other sectors we are watching, financials and industrials and utilities are sitting at all-time highs. big moves for them yesterday. utilities up over 2%. that's the morning set up. we want to get a check of the top corporate stories, including new details on the boeing's push for the financial lifeline. silvana is here now. good morning. >> good morning, frank. reuters reporting boeing is firming up a $15 billion plan to help boost its finances as it navigates an ongoing production issue and regulatory stcrutiny now. reuters says the plan is shares and convertible bond. one source saying it may not be enough to address the ongoing challenges. shares right now slightly down in the pre-market. meta has reportedly carried out a new round of job cuts at its whatsapp and instagram and

reality lab unit. meta says changes have been made to a few teams, including moving some to different locations and shifting some employees to different roles. meta has reportedly fired some employees in los angeles for using their $25 meal credits to instead buy personal household items. and the wall street journal reporting elon musk has tapped a long-time aide and confident to oversee the tesla operations in north america and europe. the journal says he is now a vice president in charge of sales and manufacturing. the move comes as tesla faces increasing competition and fading consumer demand in the two regions. frank. >> interesting. a lot of the competition with electric vehicles, especially overseas in europe and in asia. i know you are an electric vehicle driver.

>> i am. >> i've been thinking about it. i've been thinking about making the move. >> make the change. >> we'll see. thank you, silvana. turning attention back to the markets. retail sales are up before the open today. investors are looking to a slight increase. joining me now is the president and ceo of the conference board and cnbc contributor. steve, good morning. >> good morning, frank. >> you know about the retail sales reports. former ceo of auto zone and office depot. i want your impression of the real meaning of this. how meaningful is this? how insightful is this about the consumer in your mind? >> it is supposed to tick up for the month. if you look at the third quarter, that's why this report is so important, the quarter is supposed to be up 4.8%.

if beinyou back out inflation, s supposed to be up 3.5%. that is stout since the nif reported the back to school sales were down. this is strong based consumer spending. very important as we know because 70% of the gdp is made up by consumer spending. as we look at the trajectory of the economy, everybody has been sitting on pins and needles waiting for this thing to land. this is what a soft landing looks like. the consumer is still holding up. they still have dry powder here. wages are still strong. real wages are up now. jobs are plentiful. we are sitting in a very good situation going into the holidays and that's what everybody was worried about because the holidays are so important to the total year. this looks like it's going to be the fourth quarter.

>> you are putting out the s.a.t. words on us. >> two siylables, frank. >> the fed looks at inflation and labor. the dual mandate. they obviously look at this as well. is there any concern in your mind when it comes to ceos that the strong retail sales report may lead to a pause in november? we talked to a lot of ceos with cap ex and spending. many ceos may need to hold back with the rate cuts taking longer than expected. >> short answer is no. we think it's okay. the fed is trying to get inflation down to 2% and keep growth at 2%. those are the magical numbers here. we have inflation heading in that direction. we are sitting at 2.5%.

con consumer's still strong. usually what happens in the situation is it triggers a recession. when you see that happen, you see massive job losses. that's not happening this time. like i said before, this is what a soft landing has looked like. we have not seen one in decades. maybe once or twice in history. this is great. i think the fed will continue to cut probably a quarter point in november. i don't think they're in a rush because they like to see it settle more. we ought to see rates cut and be back to normal. >> steve, while we see the retail sales number tick up a bit, it's with a very stretched consumer and after the holidays, the consumer might be tapped out? i know everybody is saying the consumer is strong, but we have to admit a lot of the spending is on credit. >> it is. we're at record highs in consumer credit.

there still seems to be dry powder. it comes back to jobs and wages. if people have their job and wages seem secure which is the case because ceos are job banking here. they feel pretty good about spending. i think you will see a natural pullback on the spending in the first quarter post holidays. we have to wait and see. >> steve, always great to have you here. really appreciate the insight. coming uonp "worldwide exchange," the brain drain at apple continues at another high profile executive heads for the door. we'll right back with that and much more. stay with us. and you might be thinking... can ai make it all work? it can. on the servicenow platform, ai transforms your entire business. because when your people work better, everything works better. so, let's get to work. idris elba works here? mm-hmm. ya, he's super nice.

(vo) what does it mean to be rich? maybe rich is less about reaching a magic number... and more about discovering magic.

it's time for the global briefing. we start with the european central bank expected to cut rates by 25-points. would be the third rate cut this year and the third back-to-back move in 13 years. the market is giving back today especially among the chinese indices. the housing policy announcement was underwhelming to investors. property stocks getting crushed. the central bank deputygovernor saying cuts to mortgage down payments has improved confidence and sales in the market. and nestle cutting the outlook following the weaker than expected growth through the

first nine months of the year. shares of pernod ricard are lower following weakness in sales in china and the u.s. nokia reporting profits after a recovery and demand, but miss hadding on revenue forecast. we turn to apple and another executive exit. our steve kovach joins us with more on this story. steve, looking at the stock right now. up .75%. >> frank, we'll supplyexplain wt is happening next. this points to a generational shift we're seeing here at apple. yesterday, chief people officer carol surface stepped out of her role after two years. she was appointed in february of 2023. and dan riccio was the overall

hardware boss until 2021 until he stepped aside for the apple vision pro. two other vps in procurement stepped down and back in august, luca maestri stepped down to take another role at the company. all three of those people were cook's direct reports. on top of that, notables are leaving after decades of the company like the head of procurement like i mentioned and top apple store vp. former vice presidential gore and james bell, the former boeing ceo were mandatory board retirements at the age of 75. zooming out a bit here, frank, a few interesting things about the departures. some of them have been stepping down from cook's leadership team, but stick around and run smaller teams or projects at the company. that applies to cfo luca maestri

or phil schiller and riccio fall into the category. many have been very senior and there for several years or decades. younger examinertive t er execu stepping up. as for tim cook, frank, hehas been ceo for over 13 years and showing no signs of slowing down. >> i want you to put this in context for us, steve. i covered salesforce and a lot of executives left. so many people left. but when i look at the stock over the last year, it is out performing the s&p. how big of a deal is it these people are leaving? don't people leave big companies and go on to other companies? johnny went off to create an a.i. startup? is this is a natural transition? >> that is interesting you brought up. since he departed five or six

years ago now, we see a lot of turnover in his former design group. he poached some of those people to bring them to his design company as well. like you said, that is a spot-on analysis that this is a generational shift and people have been here a long time. decades in some cases here and they're just stepping down. almost like a normal retirement. we hear people retire from companies at age 40. these people have been there several years or decades. >> you hit on this. tim cook has been there for over a decade. do we have an idea of who his successor would be? >> none of those were in the conversation to be a successor. tim cook has started to talk about this publicly last year on a podcast with dua lipa and she asked about the succession plan. he said there is one in place and we have a great leadership bench to take over. he said he is not ready to step

down and implied he is there for a while. i will note his stock vests until 2026. he has a financial incentive to stay for a few more years. >> steve, i don't know why you say that's odd. i'm doing my financial planning can kendrick lamar. thank you. coming up on "worldwide exchange," the one word that every investor needs to know today and netflix reports afte the close. the key notes you need to watch to push it back to the recent record high. take a look at shares. up .50% in the pre-market. stay with us.

welcome back. watching shares of net fflix up .50%. netflix reports after the closing bell today. key focus is on the crackdown password sharing and less expensive ad supported tier. they're up 44% so far this year. let's bring in the managing director and and analyst at wolfe research. you don't see a lot of companies putting this out. long story short, subscribers are up, but engagement is down.

what does that tell us about the quarter? >> the reporting is tricky. the engagement decline is a function of the paid share program netflix has implemented for 18 months. what that means is some of the engagement from last year fades as scer certain of the forme password sharers don't take up the subscription. >> it seems like netflix is the king of streaming and won the content wars. tell me if i'm right or wrong. it seems like they have a lot of tailwinds behind them. it seems there are not many challenges. >> netflix is heavy on optimism and light on controversy. it trades 30 times 2026 free

cash flow. netflix is rightly -- can rightly claim it won the streaming wars. netflix is in the strongest position they have been in relatively speaking and we see them widening their lead. so, full of optimism. as far as the controversy for the quarter, netflix is really fashioning the question of what its sub scriber growth would be in 2025. investors will be looking for signs of that in this report. remember paid sharing is boosting subscriber growth in last year and a half. that well won't produce water forever. so the question is what's the new normal for growth when it slows down? in that context, it was interesting they would no longer report subscribers in 2025. >> peter, you were scratching

your head thinking about a problem there for a minute. you were like what could actually be the problem? last question and we have to go. wwe. how big of a deal is it? it's not the major sports league like the nba or nfl, what does it mean for the company? >> the structure of the deal that netflix did with wwe was really telling. netflix almost bought the rights -- by bought, i mean permanently owns. a deal that could extend longer than a decade. one of the longest-term deals. netflix can have a value on the wwe. we think there are people around the world who have not been exposed to it and netflix technology for recommending to consumers to drive the value of wwe. as a result, we think that's why netflix did such a long-term deal. if they drive engagement, they are benefit from it and make the

license attractive by the engagement. it is part of the strategy to drive the live audience and drive more advertising. >> we'll have to wait and see if people around the world can smell what the rock's cooking, peter. peter, thank you very much. coming up on "worldwide exchange," taiwan semi benefits the broader chip sector. tsmc's latest results. up 7%. stay with us. we'll be right back. of 10 of s 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.

your business needs a network it can count on... even during the unexpected.

power's out! power's out! -power's out! 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! -let's power on! it's from the company with 99.9% network reliability. plus advanced security. let's power on! power on with the leader in connectivity. powering possibilities. comcast business. power's out.

welcome back to "worldwide exchange." as we close in on the 6:00 a.m. hour, the stories we''re following, taiwan semi shares are up 7%. tsmc is lifting other chip stocks, including nvidia. those shares up 2.25%. shares of expedia surging in the pre-market. uber is weighing a bid to buy the company. we are watching oil prices in the middle east. oil targets on yemen.

shares of lucid falling. the company announcing a public offering of $262 million of the common stock. csx shares under pressure. on a new warning from the rail on the current quarter. it will be challenging with the weaker coal demand and the impact of hurricanes helene and milton. shares of alcoa higher after the mixed third quarter. the markets are coming off a winning session where the dow closed at a record high. let's bring in steven wieting at citi wealth management. you're here in the studio. >> thank you. >> i want to see today shaping up. what's your word of the day? >> patience. this is a time when the markets are distorted or the earnings

are too low or too high. really, again, the election. the october period before u.s. electi elections have usually been the distorted periods. we have a great relief rally. after the last elections with the same cast of characters, returns were 5%. we will need to be patient to look for the opportunities that arise from the election results. >> did the math change with kamala harris on fox news saying she's a different person? i thought the thinking before was she will just tcontinue a lt of biden policies? >> i would be careful.% t they are betting odds. how reliable this will be within the margin of error. we are not suggesting you take bets on the outcomes. we feel the differences on the candidates are significant enough to really have large

moves in global markets and more impact outside of the united states than within. >> outside of the united states. what is your thought on the ecb decision? the potential rate cut in back-to-back meetings in over a decade? there's a read to the u.s. equities. l >> look, the ecb never reached the same level as the fed. the exchange rate is really important obviously if we are carrying the returns in u.s. dollars. the issue here is ultimately what u.s. policies will drive the fed to stay on the season course or move back from it. that depends on the outcomes of the two candidates. it's a lot like looking at the japanese yen. >> a big rise in the dollar in the last month which is important to note. you put out a note a while ago talking about dividends.

we talked about dividends. b of a came out with the report. the vanguard dividend etf. this rest the things you are talking about? these are the things where you see consecutive years of growth in the companies with these etfs lag in the broader market. are these strategies you indicate in your note? >> if you are not taking a really strong view on which policy we'll pursue or which candidate you get or who is sitting in congress -- you know, this is the strategy withperfor. it is one of the greatest ways to build wealth. >> steven wieting, great to have you here. that's it for us. "squawk box" starts right now.

good morning. nasdaq futures again trading sharply higher. we've got positive results from taiwan semiconductor helping drive chip stocks higher. that's been a very important sector of this big bull run. a new report says uber has explored a bid for expedia in its push to become a super app. details straight ahead. and vice president kamala harris sitting down with bret baier of fox news. it's thursday, october 17th, 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 s