it's 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." this is your "five@5." futures are lower as investors brace a busy day of earnings. nvidia powers higher becoming the second stock ever to milestone. and number of fed heads on the path for the rate cuts ahead for the next meeting.

another act earning day andt it could mean for the rally. it's tuesday, october 222nd, 202 and you are watching "worldwide exchange" here on cnbc good morning thanks for being here with us. i am frank holland let's get you ready for the trading day ahead. we get a look at the u.s. stock futures. the nasdaq riding a four-session win streak the futures are in the red across the board at the lows of the morning s&p down 21 points the dow down 150 points. the nasdaq down almost 100 points it's a very busy day for corporate results including verizon and general motors a number of defensive stocks out as well. lockheed martin and rtx.

the ishares etf. you see these three here the etf up 45% this year rtx and lockheed trading higher in the pre-market. rtx up almost 1% in the tech space, nvidia off another strong session and higher again this morning. actually lower this morning. a short time ago before we started the show, it was higher. right now, down over .50%. over the week, you can see up 8.5% yesterday, actually, nvidia became the second stock after apple, of course, closing above $3.5 trillion market cap you see it is right here pretty close right now not neck and neck, apple at 3.61 close and getting closer he have day, it seems like that is the money set up let's see how europe is shaping up with carolin roth with the early action. good morning. >> good morning to you we are pretty mixed in europe

two hours into the trading session on this tuesday morning. the dax in germany lifted by s.a.p. the cloud software company and the dax out performing 2.2%. the ftse 100 is under a little bit of pressure off .50% similar declines for the cac 40. i want to bring you the results we had this morning. logitech shares rose 3% at the european open after the computer parts maker raised outlook on the back of the second quarter beat, but as you see here, we have seen the stock reverse sharply over the past hour still trying to figure out why exactly. analysts really like the numbers out this morning now, a different story for hsbc. the company named a new cfo and announced the restructuring plan the europe's largest lender will streamline to hong kong and uk corporate and international and

premier and wealth banking pam kaur will be appointed cfo in january the first woman appointed to the post hsbc just went into positive we'll take it. back to you. >> carolin roth in the london newsroom thank you. we have another busy day for activist investors silvana henao is here with those. silvana, good morning. >> hey, frank. good morning another busy day jcp has built a 2% stake in cheesecake factory according to the wall street journal, it is calling on the restaurant chain to spin off the smaller brands and into a separate public company. we are checking shares of cheesecake factory from in the pre-market voting fmoc member and san francisco fed president mary

daly supports further easing at the next meeting saying she wants to be data dependent and not data reactive. >> i haven't seen any information to suggest we could reduce the interest rate ac achieving the durable expansion with achieving the 2%. >> daly was the fourth fed president speaking out in support of more interest rate cuts adds policy appears tight for an economy on a path to 2% inflation. nike closing a deal to renew its exclusive contract to be the uniform and apparel provider for the nba and wnba for another 12 years. n nike's last deal was reported to be worth $1 billion back in 2017 sources tell cnbc the new deal can be characterized to be much bigger than the previous one.

>> i'm excited for the wnba. i think we're going to win the finals i don't want to jinx us. let's not talk about it anymore. >> there's time, frank. >> silvana, thank you. see you later in the show. turning attention back to the markets. outside the mag seven and nvidia s&p closing down fractionally. the russell 2000 and small caps were the worst performers. joining me now is the investment partner at the callan investments. >> good morning, frank. >> we see bond yields rising and equities rising at the same time before the inverse that seems to be a sign of a healthy economy. why is the small caps are not taking off as many people expected >> i think the market right now is looking at the strong economy

and rates are moving up with the expectation that maybe because the economy is so strong that the fed won't be cutting rates maybe as far as the market priced in initially. we had seen over the last few months a broadening out and the value with the cyclical play and the small caps out perform now more recently with the strong economic data which is obviously a good thing, it is pulling back a little because the benefits might not accrue into the smaller companies. >> we'll talk about this later in show the. does that make you concerned about any parts of the market? >> no, it's not -- we see the dollar move around it is certainly something that we are tracking and looking at wanting to make sure we're appropriately allocated between u.s. and between inter nanationl

and making sure that we have that diversification that we're protected if we see any currency moves in any direction >> you know, a lot of people are worried about bond yields declining although we see them rise also dividend paying stocks with the equities not having the same price action going forward i want to ask your view on dividend stocks and show a doum of dividend etfs one of them is the divo amplify etf. the other is the pro shares. s&p 500 nobl a different way to play dividends. under performing the market year to date. the last one sxhd. do you see them paying going forward although bond yields have not declined as people thought they would this. >> i do think there is opportunity there. we have seen a drive in tech and growth in the last few months.

the reality is the interest rates will be coming down and rate cuts and investors will be looking for other places to find yield and dividend stocks are a great place for that there is a lot of cash on the sidelines. $6 trillion in money market funds right now. as yields decline, dividend stocks are a great place for some of that money to move into so investors can find some yields >> raeann, many people mention the money on the sidelines seems to grow throughout the year the fact that is remaining in money markets and people are looking for safety what what sectors do you see it moving into? >> it is still earning a lot it will take time before we see some of that move. i do think some of that will be going into the value the economy's strong we'll see -- we'll see some going into cyclicals we'll see some going into dividend paying stocks looking

for the replacement yield. i think some will go into bonds for more conservative investors. some will find its way into big tech because you look at some of the mega tech companies, apple and microsoft, with the balance sheets, those are like safe haven stocks you can make the argument for buying that as well. if investors are buying into an in index, a lot is going to go into the mega cap teching segment a well. >> that's pushed the markets higher as well raeann, thank you very much. >> thanks, frank. >> for more on the markets and driving the trading day ahead, go to cnbc.com/pro. coming up on "worldwide exchange," the one word investors need to know today and why the trump stock is not the only one riding cycle. we check out the spot etfs and the sudden surge and what it

could say about the candidate's odds in november. and laying out the tail wind for the defense stock and their rise we still have a very busy hour when "worldwide exchange" returns. stay with us tamra, izzy and emma... no one puts more love into logistics than these three. you need them. they need a retirement plan. work with principal so we can help you with a plan that's right for your team. let our expertise round out yours. personalized financial advice from ameriprise can do more than help you reach your goals. -you can make this work. -we can make this work. it can help you reach them with confidence. no wonder more than 9 out of 10 of our clients

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since late july. the asset class is a campaign issue and seen by many as a proxy for the outcome of the pres presidental have mackenzie sige with more. >> good morning, frank >> what does it mean for the investment >> it coincided with the blockbuster flows across the ten spot bitcoin etfs. $2.7 billion has been added over the last seven trading days. 50% in the blackrock's product to your second point, what is this saying about sentiment? what is interesting to me is the bipartisan support you have crypto pac money going to republicans and democrats up and down the ballot. just this weekend, we found the billionaire ripple co-founder gave $12 million to kamala harris he said he has been having

conversations with her campaign behind closed doors and he's optimistic. >> in general, this rise with cryptocurrency, for a while, i remember former president trump spoke at the cryptocurrency conference jd vance is seen as pro-cryptocurrency and bitcoin the fact we are seeing this rise and the election is two weeks away, does this mean they believe trump is going to win the election >> they are hedging their bets the most recent spend numbers show in september the latest tronche of cash went to the toss-up races. i think the overwhelming sentiment is the crypto industry wants to build a congress to vote through favorable legislation. they need people on both sides of the aisle to do that. >> one last question black blackrock's etf product.

you are saying there's a change in who is investing in that. we will talk about younger investors later in the show. quickly, what is the change with the younger investors? >> i talked to the chief investment officer for blackrock's etf. she told me in salt lake city a week ago that 80% of the buyers are direct investors of the group, 75% are first-time etf buyers that reflects young investors using a crypto exchange like coinbase, but coming to the traditional asset manager like blackrock to store their wealth. >> mackenzie sigalos, thank you. another asset class moving higher is the dollar the greenback up 3% in october alone as the race for the white house is keeping investors on edge odds of the trump win with the talk of higher tariffs and tax policies are seen as inflationary and likely to keep u.s. interest rates higher

for more, let's bring in the managing director of fx strategy at bk asset management and cnbc contributor. boris, good morning. >> good morning. >> boris, give us your take. the doolllar up 3% alone this month. is that a sign that former president trump is more likely to win the election? >> i think it definitely is a bet in that direction. if you look at the latest polling data and betting data, it seems to be trending that way. i think as always with trump, there is a massive dichotomy with what he says and what he does the bet on the fact we will have massive tariffs and truly inflationary is very problematic. some of the more respected macro analysts i follow made an interesting suggestion the whole play on tariffs is really a play on making chinese do much more domestic inv investment chinese moving onshore here is

positive for u.s. capital investment it may not have as emuch of an impact on the dollar. >> if some of those policies take effect? >> in the first administration, the dollar fell 10%. it was a really big decline. ultimately, the thing about donald trump is he likes low interest rates he does like a fiscal expansionary policy. all of those things are relatively negative to the dollar when you look at the dollar movement, it is dictated more by monetary policy than fiscal policy he will have a chance to nominate a new fed chair clearly, trump likes somebody in that seat who is open to his position you may see an administration that is much more engaged in monetary policy than the past administrations we have seen. >> boris, goldman sachs out with

some research saying the euro could fall as much as 10% if former president trump was reelected and put some of the tariffs in place i want to ask you just about the impact of possible tariffs not only on the dollar, but on global currencies like the euro and chinese currency the yen what is the potential impact here >> it all depends on exactly what happens whether the tariffs are a bluff to trade policy or we have them and have another situation. i don't think the latter is in play it is a negotiating tactic on trump's point. europe has so many problems. the problem with europe is stagnant growth. what you are seeing here is europe moving center right politicians which is more market oriented like in italy with

meloni right now, euro is very weak as a result of it. >> borborboris, is there any euo impact if harris wins? >> i think it is serious downside impact. i think investors in general are going to be very cautious about president harris presidency. i know they think it will be a continuation of biden, but everybody is much more on pins and needles of the policies. it could be very inflationary. >> boris, great to see you thank you very much. >> great to see you. coming up on "rlidwodwe exchange," one issue trump and harris voters appear to agree on and why what happens in november could make a difference for one multibillion dollar industry stay with us

welcome back time now for the big money movers we're going to start off with zions bancorp. the capital business helping to add to customer related income. s.a.p. rallying after third quarter beat on expectations the company raising software and cloud guidance for the year. adding $25 billion in market

cap. shares of s.a.p. up 4% in europe just about the same level here in the u.s. shares of nuco down by lower steel praices the company expecting profit to drop again this quarter. shares are down 2% turning back to the presidential race with two weeks to go until election day we get a fresh look at the race with the final lab poll of the cycle. 60% of the more than 1,000 18 to 30-year-olds plan to vote for harris no matter who voters may be casting their ballots for, there may be one area where they can find common ground our contessa brewer has more on that contessa, good morning >> good morning, frank many industries are gaming out which candidate might be better

in office, the gambling industry is looking how presidential politics intersects with wagering what it found is trump voters and harris voters agree. 75% support gambling and sports gambling no matter who they vote for according to the american gaming association americans are focused on the economy and casinos and gaming operators will highlight how much tax they contribute to the state and local economies. some of the biggest in the state remain out of reach. hard rock and the seminole tribe in florida texas efforts have been stymied by the lieutenant governor in spite of intense lobbying and spending, of course, by las vegas sands and many others. gambling insiders speculate another trump presidency could result in either texas governor

abbott or lieutenant governor dan patrick joining trump's cabinet. that would remove the major road blocks to gambling for the nation's second most populous state, a big deal there. legalization is handled state by state and the missouri voters will see a measure on the ballot to change the state constitution in sports betting. igaming or online casino games provides an opportunity for tax revenue. right now, seven states offer it none have new legislation under consideration. candidates who want to spend big and looking to new funding may be gambling's best bet for expansion. >> contessa brewer, thank you. coming up on "worldwide exchange," the defense sector surge and the stocks my next guest is watching for a big breakout we'll be right back after this break.

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teachers and our nurses and our firefighters >> that was vice president harris last month making the case during a campaign rally for taxing billionaires and corporations in the country. coming up this half hour, new details how the vice president could implement the plan if she wins the white house with two weeks to go until election day welcome back to "worldwide exchange." i'm frank holland. let's look at the u.s. stock futures after the nasdaq closed higher capping off a four-session win streak. take a look. in the red across the board. s&p down 28 points dow hitting the lows of the morning. looking to open up 198 points lower. nasdaq down 135 points as well we want to look at the laggards in the s&p in the pre-market fiserv shares down 3%.

br broadcom under pressure down 1.25%. speaking of chips, nvidia coming off a strong session the inverse of the pre-market. right now, shares down .50%. week to date, 3.5% again, right now, coming off the strong day yesterday down in the pre-market yesterday, however, nvidia becoming the second stock ever, aside from apple, to close with the market cap above $3.5 trillion watching the market caps here all day on cnbc. you see apple here at $3.6 trillion that's the money set up. let's turn attention over to earnings and what is set to be a big day for the defense sector with lockheed martin and rtx reporting before the opening bell lockheed up over the past three months rtx up over 22%. you see the big upside moves on the chart right here

also, we are looking at the ishares etf up more than 45% in the past 12 months you see it here trading close tie record high as well. joining me now is the global research of etf and managing director of the firm's etf which hit a fresh record yesterday good morning great to have you here on the show. >> good morning, frank good to see you again. >> defense spending globally hit a record actually this year. at the same time, we see conflicts in of the middle east and the conflict with russia and ukraine and the red sea. what else could make the stocks move higher with the conflicts and spending at an all-time high >> absolutely. frank, geopolitical tides have been at an all-time high the markets are reacting to the new realities. the back drop continues to remain between now and the end of the decade.

we anticipate close to $1 trillion of incremental expenses to come online increasing percentage of the spending is being directed toward technology toward solutions and software and cybersecurity and a breadth of solutions. there is the continued headlines from the middle east and china and like ukraine that continue to drive the defense story here. you are also starting to see fundamentals improve significantly based on that military spending that is coming online. >> let's pull on that thread for a minute when you talk about the shift in the military spending according to the research, i was pretty surprised less than 1% of military spending goes to technology. the rest is hard assets. >> absolutely, frank almost $2.3 trillion are spent worldwide. you will see it going up for the

tenth consecutive year less than 10% goes for technology solutions when we talk about technology, it is a breadth of issues. you have the hardware side and increasing use of sensors and components and chips and semiconductors you talk about the munition fresh across the board, you have to make the systems intensive. ships and tanks across the board. you also have software and i.t. spending and software is a c component that has been under invested in for a at that time now. >> tejas, give us insight that less than 1% of defense spending goes to tech give us two or three names you see as direct beneficiaries of the shift. >> absolutely. you have to consider the defensive contractors classic

lockheed and raytheons of the world. these companies are in position to exhaust the platforms with jets or missile systems that are digitalized and they benefit from the value proposition there. secondly, on the software side of things, you have to look at innovation companies like palantir really carving out a space for itself and forming that foundation for the continuous deployment of software and of a.i. and cybersecurity solutions. lastly, another exciting area that we are looking at is the growing use of drone technology. a company that is trying to grow into the market has a phenomenal growth curve in front of them. we advise our investors to look at the opportunities. >> one last thing. the rise of the dollar in the last three months. as we continue to see the rise

of the dollar, will it have an i am impact on the defensive stocks >> absolutely. spending in europe and spending in global markets has been the driver of growth when it comes to these companies the domestic demand is incredibly strong as well. the united states is the largest spender when it comes to global military expenditures. we have seen spending continue to go up on the software side, the u.s. has been making up for significant under investment with a.i. and defensive i.t. we see that play a role. while there are headwinds from the strengths of the dollar, it will offset. >> tejas, thank you very much. >> absolutely. thanks for having me, frank. coming up on "worldwide exchange," brighter days ahead the bullish call for solar.

as we head to break, some of the top trending stories elon musk and warner bros. discovery looking for the latest cybercab over the movie requested blad"blade runner" whh was used in the debut. and the company says 5.6 million viewers watched the game which is up 33% from last year's game five. the most watched game five since 2018 americans are cutting back onhiey wsk and spirits as some a prices are too hard to swallow we're back in just a moment.

welcome back to "worldwide exchange." time for the morning call sheet. citi upgrading first solar to a buy and raising to $254. it stands to benefit from trump or harris winning the election. and jeffries hikes tesla price target and bernstein with costco

and an out perform rating. bernstein says despite the valuation, it believes the international growth potential is under appreciated and can support the earnings growth for decades. time for the global briefing hsbc names pam kaur as the new cfo in january it comes as the restructuring to consolidate the bank to four units. shares of hyundai motor in india falling at the debut after the record ipo in the country. reuters reports it was two times over subscribed. and logitech following the demand growth in the recent quarter. the tech company says earnings top expectations for q2. coming up on "worldwide exchange," the one word that every investor needs to know today and vice president harris

rhetoric with the plans to tax the rich and cnbc is honoring national disability awareness month. as we head to break, here is the podcaster aliycia anderson. >> businesses not avoid the human experience we embed inclusion, businesses are better off for it. it drives revenue. there is a return on investment that transcends much farther than one boardroom table recomme. 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.

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turning back to the 2024 race with two weeks to go until election day, we get a fresh look at the state of the race with the generation lab poll of the election cycle when it comes to the top issue swing, voter decisions and the jobs in the economy take the top spot and right after that is taxes. when it comes to taxes, ithe harris team is working to sharpen raising them on the richest in the country who can afford them. megan cassella is with us. one is unrealized capital gains. mark cuban says there is not a tax on that despite the reports to the contrary. i know you have done great

reporting on this. what is the harris official stance on this >> that is right, frank. we have not heard her come out and say this since the summer. there was backlash and she backed off it and now cuban out there, as you say, and the harris campaign is not contra contradicting, but they are not clarifying it. i have spoken to advisors of what is going on here. what i've been told to focus on is the language that harris uses on the trail in this regard is the need for billionaires to pay their fair share which she is focused on leveling the playing field with the tax code and she is being pragmatic about it is what i've been given she is not unmarried to the idea of unrealized gains, but focused on the idea to drive revenue from the class of the wealthy americans. they don't want to take anything off the table on the path

forward. that is why they haven't denounced this yet they hear the criticism and say as long as we can find a different way to do this, we will find some way to tax the wealthy americans. >> the rising national debt around the campaign as well. a lot of talk about the need to raise revenue for the federal government if thhere isn't going to be a tx on the unrealized gains, how does the campaign suggest they will raise revenue >> that's the usissue. what i've been told is the campaign advisors pushing as the option is the billionaires borrowing. the way this would work is the way so many wealthy americans have a small income and pay little in income tax, they put their assets up as collateral and borrow against them to fund their lifestyle. they tax the value of the loan it would be structured in a way

to avoid double taxation so you are not paying more taxes once you realize those gains later on the dpgains are unrealized this is something seen as a political palatable. it eliminates the liquidity concern if you are a startup investor and suddenly have a huge net worth, you haven't realized it. you would have the loan and cash and cover the bill it is pushed by the advisors as the most viable next step forward. >> megan cassella, great to see you. >> thanks, frank. the consumer protection bureau is issuing more rules to a more open banking system to control and share your data between financial providers. rohit chopra will be on "squawk

box" later to talk about this news. coming up, investors should be excited about the news and if you miss "worldwide exchange," check us out on spotify or other podcast apps much more "worldwide exchange" coming up after this

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welcome back to "worldwide exchange." take a look at u.s. futures right now. in the red the s&p down 30 points the dow had its lows of the morning. looking like it would open 200 points lower nasdaq down 135 points looking at the biggest laggards on the nasdaq 100. broadcom and astrazeneca and mi micron as we close in on the 6:00 hour, the stories we are looking at this hour mary daly supports further easing in november daly is a voting fmoc member says she wants to be data dependent and not data reactive. activist jcp has a 2% stake in the cheesecake factory and calling to spin off the smaller companies. and nike is signing a contract to be the exclusive

uniform contractor for the nba and wnba shares of s.a.p. are rallying in europe on the q3 profit and revenue beat as well as software and revenue guidance for cloud being higher for the year s.a.p. gains moving past asml as europe's most valuable tech company. speaking of asml, it will further push restrictions to china. governments in europe are pushing if restrictions on the older tech going to china are working. a busy line up of results lug including ge aerospace we are looking at futures hitting the lows of the morning with the dow in the red across the board. for more, let's bring from jay

woods, chief global strategy and friend of the show. >> good morning to you, frank. >> futures hitting the lows of the morning. what is your word of the day >> we could be down two days in a row for the first time since september 6th. i want to go seasonal. my word of the day is batty. i'm talking about market action. historically when we get ahead of ourselves into the election, we see the market selloff. the last four elections, 2020, down 7.5% from the first week of october into election day. down 4% in 2016. 2012, down again what i'm looking for is this market to kind of pull back and hit the brakes for a little while as we head into the election cycle which will then set us up for the election and rally until the end of the year.

>> the volatility. some moves that don't seem explained. we have economic reports coming up this week we have manufacturing coming up. is that possibly moving the market and playing into the batty theme? >> i think the battiness comes from the crazy headlines from the election rhetoric as we go into it. what we are focused in is earnings you kicked off the earnings we are focused on today today is tesla and tomorrow is the other sectors that investors need to watch. >> are yyou are focused on names big names with a lot of potential to move markets and give us insight on the brands. t telecom. verizon and at&t and t-mobile. why are you so bullish on them >> they are some of the most boring stocks in the world they have been doing something no one has paid attention to

they finally stopped going down and they broken out of multi-year down trends t-mobile is the star of the show, so to speak, but it's not the greatest stock in the world. they've changed. we're getting consistent growth. it's not growth, it's stability. so, look for verizon and at&t to come out and what will you watch? apple. apple made new highs yesterday let's see how the iphone next generation sales are going and post-paid user growth stabilizes. >> insight on apple sales and consumer demand. >> absolutely. a peak ahead of apple's earnings in the coming days i think these stocks, they're -- they're not moving verizon is in the dow. at&t hasn't done anything in eight years. for a long-term investor in it

for thedividend, it is startin to change and you see the trend for 18 months. >> we don't talk about these stocks too often, when it comes to verizon and at&t, big dividend at&t over 5% dividend. bond yields have not gone down as expected, how meaningful is the dif vidend >> if you are nervous coming into the election on if you believe one candidate will cause, you know, turmoil in the market, these are great places to be right now. it's finally stabilized. it's boring, but sometimes boring isn't bad. >> you like the defense names that are reporting i was asking our earlier guest, we have conflicts in ukraine, middle east and the south china sea with tensions over there he already said global defense spending is at an all-time high. what else would make the sector move high sner. >> that was a great spot, by the

way. the cyber spend isn't enough i think there's still growth regardless of what candidate takes the reins, come january, this is the focus. the tech expense in defense. palantir finally blown out and doing well that stock and ge. ge since the spin is 90% raytheon and lockheed. i'm interested how they report today. look for the cyberspace, not just the missiles in the air. >> you want to talk about something else tied to the election rise of the dollar up 3% i want to ask about the investor impact in your mind, is there any sector that makes you want to stay away from the idea of the streng strengthening dollar >> i think this is a trend we'll see and the dollar will probably cool off after the election and the markets will rise. to me, this is just a near-term

bump i don't think we're going to be worried about it over the long term >> jay woods, thank you. the pick is the telecoms one more look at the futures as we mentioned hitting the lows of the morning. take a look at the dow it would open 220 points lower s&p down almost 30 points. nasdaq down 135 points that will do it for us here on "worldwide exchange. "squawk box" starts right now. good morning stock futures pointing to a lower open after yesterday's selloff. is this the start of anything? we'll see. we get big quarterly results from major companies including dow's 3m and verizon nike has signed a 12-year extension to provide uniforms for the nba and the wnba. and cheesecake factory feeling the heat from the investor pushing for a spinoff

of the smaller brands. it's tuesday, october 22nd, 2024 tuesday. two weeks from today "squawk box" begins right now. ♪ good morning, everybody. welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. let's take a look at the u.s. equity futures at this hour. as joe mentioned, we are under a little bit of pressure this morning. down 220 points for the dow. that comes after the decline of .8% yesterday s&p futures are down 30. they were down by 11 points yesterday. nasdaq ended the day higher yesterday. the dow was down