it's 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here's your "five@5. rallying risk trying to gain a win streak. deal denied. the federal judge blocks the deal in the luxury apparel space. and pegasystems in the red

hot a.i. space we will see what all the hype is all about. elon musk gets more than a few billion dollars richer after yesterday's tesla stock surge. and the ceo of chevron on what matters to his company in 2025 and beyond. it is friday, october 25th, 2024 you are watching "worldwide exchange" here on cnbc good morning happy friday thank you for being with us. i'm frank holland. we kickoff the hour with the stock futures with the dow coming off the longest daily losing streak since june in the green across the board. a bit of a change so far this week the s&p up 12 points the dow looking to open 60 points higher. for the week, the major averages

are on track dow tdown 2%. the nasdaq down just under .50%. on pace for a down week. we are checking the bond market. the 10-year and 20-year bond yields look at the rest of the curve right now. we start off with the benchmark at 4.20. we have to remember this has moved 50 basis points higher since the fed rate cut and the two-year yield above 4%. the long bond has moved up 40 basis points as well that's the money set up. let's see how europe is shaping up with silvia amaro in the london newsroom. silvia, good morning and happy friday >> good morning, frank very happy friday. when you look at european equities at this stage, the stoxx 600 is just marginally below the flat line at the moment nonetheless, we're still on

track to see a negative performance in the european equities this week the reality is there's a lot in the minds of investors there is, of course, the uncertainty with the u.s. election this week, we got important data out of the eurozone suggesting business activity stalled in the month of october and heavy on the earnings front speaking of earnings, mercedes posted a 64% decline in the car division in the quarter and forecast lower full-year sales the luxury auto maker will step up cost cutting amid demand in china. this has had repercussions across the auto sector we are seeping the sector down .2% at this stage it has had ramifications for other companies within the se sector, too.

particularly others. this story around autos and competition from china and pressure with the evs is continuing to play out and proof of that is the announcement from mercedes this morning. back to you, frank. >> silvia, thank you very much busy day in europe bec busy day on wall street. the money movers this morning. stocks making news today shares of capri holdings and michael kors and jimmy choo are falling after the judge blocked the $8.5 billion deal with coach parent tapestry. the judge argues that merger will lessen competition in the handbag market the deal is needed to better compete with brands like gucci shares of tapestry are up over 13%. look at capri holdings shares down 45%. we will talk about that much more here in the show. big day for sneaker stocks

skechers and deckers outdoors are popping. this is decker saying the sale of the popular running shoes surged 30% in the quarter and a 12% sales pop in fiscal 2025 shares of skechers are up 35%. call this one an a.i. play shares of western digital were above estimates western digital is the hard disc drive maker. the recent quarter was helped by strong demand from cloud service providers with cloud sales soaring 153% shares of western digital up 12%. time for the check on the other top corporate stories. silvana henao is here with those.

happy friday >> happy friday, frank today, we start with the richest person in the world. elon musk adding another $26 billion in paper wealth yesterday after tesla shares saw their biggest one-day rally since 2013 as of this morning, musk is worth $256 billion according to forbes, putting him $50 billion ahead of the former tesla board member and shareholder larry ellison. two week to go until the u.s. election. the ceo of one of the largest energy companies in the world opening up about what's at stake in november. speaking with our jim cramer last night, chevron ceo mike wirth saying it is all about consistency. >> what matters is consistent and coherent energy policy and that's something we have not seen out of this administration, including the lng permitting

pause which sends a signal to our allies that look to us for lng supplies we've helped europe at a time when they really needed the help people look for long-term kmimts from the country and short-term moves whether or not we invest don't help with the global supply situation >> wirth adding electricity demand is only going up thanks to data center growth and ev adoption che chevron's shares are 10% from the april high and they are flat year to date next up, parent company of burger king and yum brands say they are pulling onions from selected restaurants following e. coli outbreak tied to mcdonald's no cases have been tied to burger king or yum, the company

says the move is out of abundance of caution burger king adding 5% of the restaurants source onions from taylor farms that's the supplier at the center of the outbreak, but they only use whole, fresh onions. >> remember the chicken sandwich wars silvana, thank you very much. turning attention back to the markets. on pace to snap the six-week win streaks which is the longest positive stretch the dow down 2% this week. stocks are feeling the pressure of rising treasury yields and stronger economic data pushing the needs to the highest since summer let's bring in alan. >> good morning. thanks for having me, frank. >> alan, the markets on a week

to date decline. want to ask you your opinion is it the rising bond yields or earnings not really wowing investors? the s&p is trading 24 times earnings i don't want to use the "f" word, but it is frothy. >> it is getting back to the machine and the weigh-in machine. as long as earnings are strong and continue to build and what we see from companies are delivering it is still pretty strong and certainly for the large names and some of the names thathave really driven the stock market so far this year, they continue to produce. >> you believe earnings are strong we haven't gotten to the meat and potatoes next week, we get the hyper

scalers. big companies with the weighting in the s&p and nasdaq. what are your expectations for that and how do you see the market reacting if you get what we get here. earnings mostly meeting expectations you see eps is 6% above expectations >> we think the market's going to trade in a range over the next couple weeks. obviously, we have earnings coming in. we have the election coming up in just under two weeks. between those two, we just think it is probably going to be a little bit choppy through here as long as we see the earnings on par, we think the market can move higher. seasonally, november and december are quite good for the stock market. >> we focus on the u.s. markets here on the show we will show a chart here. since the fed rate cut, if you look at the emerging markets index, it is out performing the s&p since then in your mind, what is the catalyst we expect another rate cut in

the u.s. we have a strong economy a lot of that push for the emerging markets that seemed to be the stimulus do you think the emerging markets continue to out perform? >> we think they will be choppy similar to the u.s if you look at the next couple months, if growth is able to pull through for some of the emerging markets beyond china, when you look at india or brazil, if those companies can deliver, maybe china is not a driver of the performance of the em at the end of the day, it is still the 800-pound gorilla. we need to see the stimulus stick and we need to see the chinese government to continue to invest back into the economy for that economy to continue to grow at the level we have seen over the last decade. >> you say it is a valuation play the index is trading at 12 times and the s&p at 24 times. a

alan, i want to ask you about bonds. you like investment grade corporate bonds. i'm asking about products we talked to our guest yesterday. triple b rated bonds with a 3% dividend yield you look at the high-ye hhigh-yf we pointed out the economy is really strong. it seems like there is a lot less risk of the companies def defa defaulting >> we think it is about the future and being mindful of the future when you think about the next 12-to-18 months, as the economy slows and back to the pre-pandemic level of growth and gdp, they will perform better in that type of environment we know that spreads are tight in both categories we just think investment grade offers a better opportunity and less risk than on the high yield

side despite the higher yield level. >> alan mcknight, great to see you. >> thanks for having me, frank. >> for more on the day ahead, go to cnbc.com/pro for insights and analysis. coming up on "worldwide exchange," the one word investors need to know today and first, the company citi calls the under play we will talk to the ceo of pegasystems. and more on the denied deal between capri and tapestry and why retail watcher stacey widlitz says it is a blessing in disguise. and heeding the warning. what the elon musk super pac didn't do following the warning. more still ahead when "worldwide exchange" returns. did you ever worry we wouldn't get to enjoy this?

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let's go boys. the way that i approach work, post fatherhood, has really been trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families, like my own. connectivity is a big part of my boys' lives.

it brings people together in meaningful ways. ♪ ♪ welcome back to "worldwide exchange." chips are the darling of the red hot a.i. trade earlier this month, citi named pegasystems the top stock pick that stock is up 9% this week after earnings on wednesday. joining me now on the cnbc exclusive is the founder and ceo of pegasystems alan, good morning >> good morning to you thanks >> congrats on earnings. big week for your company. can you explain what your work

flow innovation and the work cloud. what does it do for wells fargo and citi >> it lets companies rethink how they engage with customers and onboard customers. it's terrific at talking to the historical and legacy systems and bringing new automated and necessary experiences to the front office and back office pega cloud lets you run with on-premise or building what you need to do to create your own infrastructure so it makes it easy and fast to implement. >> in addition to being the tech founder, you are a chess champion you know about positioning how do you deal with a crowded

a.i. space right now >> i think the a.i. space is crowded because there is still a tremendous amount of confusion about what a.i. means and how it's going to be opt operational. we implemented a new capability called blueprint which allows a customer to use a.i. to rethink their business operations. it is really quite amazing it is available on pega.com. people are free to sign up and try it and really see how they can rethink any business they might have or envision ever building. >> there's a note from jpmorgan out a few weeks ago talking about erp software moved to the cloud. a lot of the back office stuff being ouautomated and moved to e cloud. you have wells fargo and citi in there. those are often companies that keep things on-premise

how do you play a part there >> we allow organizations to rethink their applications so they can move ones to the cloud that aren't able to be moved there's still a tremendous number of applications in organizations that need to be rethought and re-platformed. pega is a perfect platform in doing that, particularly with the blueprint capability which brings the power of the internet to rethink the business. we leverage a lot of back-end systems, but we pull out the processes that candidly a lot of those systems don't do well and really don't meet the needs or do a lot of hard coding and programming languages. we plreplace that with work flos >> we're highlighting customers.

financial customers, telecoms like t-mobile or verizon >> we see a.i. has the opportunity to democratize we have taken for 40 years the automated work flows in critical enterprises and to do them with the business and i.t. teams really collaborating and working together over a common a.i. driven canvas. i think the reason that it's gotten some comments from citibank and a customer i might add for 40 years and why i think we've gotten this sort of attention is people have been able to see how this is a really interesting and novel approach to a.i. because it uses a.i. to attack the complexity and business processes these

themselves it just doesn't do summarizatio or a lot of other things that a.i. it goes and asks the question are we implementing the business process the right way and can we do better. >> alan, i notice the last three quarters, the obligations have been close to flat for a company like yours, that say peek in the future what does that say about your business we heard others say that is not the best way to look at the future is this fair it hasn't grown significantly in three quarters? >> we moved to the cloud and moved a lot to the cloud the duration of our relationships have shortened if you look at the current, the 12-month rpo, what's really coming in the next year, that has been growing nicely. >> alan, great to see you.

thank you. >> thank you very much thank you for vihang me. coming up on "worldwide exchange," we head to the badger state and one key county that could turn the entire u.s. presidential election. stay with us

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county, wisconsin. >> reporter: frank, this is a bit different. battleground county and city and state. different from the previous stops from erie and grand r rapids unlike those county that flipped, this one went for donald trump in 2016 and 2020. trump is the first gop candidate to win the county since richard nixon in 1972. maybe not quite as prosperous as kent county. both candidates spending a lot of time and money here we are seeing signs, mostly billboards all over the place. one thing we've learned in the on the ground reporting which is not something i thought about coming in and we heard about it in erie and grand rapids, one

small business owner said regardless of who wins, he believes the election itself is hurting his sales. listen. >> totally you can feel it. even my sales reps have come in and mentioned to me sales are down, but we can track and see that they're starting to pick up as he is telling me that, we started to pick up a little bit and then it just stopped like we hit a brick wall >> reporter: frank, he is saying the act of the election, nervous n ness, or whatever, has caused companies to freeze up he is hoping wins the election is over, no matter who wins, it will free up his sales to start to grow again. frank, back to you. >> brian sullivan in wisconsin time for a check of the headlines with the latest in new york christina, good morning. >> frank, good morning the justice department has reached a settlement with the

owner who agreed to pay more than $100 million to the u.s. treasury and other federal agencies affected by the collapse that money will not go toward reconstruction because the state of maryland filed a separate claim for the costs. now to los angeles the district attorney announced res resentencing for erik and lyle menendez on thursday, the d.a. filed the motion requesting they be resentenced to 50 years to life. they are serving life in prison without the possibility of parole they would be eligible for parole immediately if he follows the d.a. recommendation. and the spacex crew astronauts have returned to earth splashing down off the coast of florida at 3:30 this year frank, back to you >> christina, thank you very much. coming up on "worldwide

exchange," elon musk's super pac getting a warning from the department of justice much to the chagrin to the recipients. and if you miss us, check us out on spotify or other podcast apps we'll be right back after this break.

the future of warfare and

the future arsenal democracy is not more platforms or ships or tanks. it is the leading edge hardware, software and a.i >> that was l3 harris president and ceo on closing bell overtime yesterday. the company stock up in the pre-market after the latest results highlighting ongoing global tensions. welcome back to "worldwide exchange." i'm frank holland. let's kick off the check of the stock futures with the dow coming off the longest losing streak since june. the dow would open up almost 100 points higher. the s&p is up. the nasdaq up in the green up 60 points for the week, the major averages are on track to snap win streaks. dow down 2% for the week the s&p down 1% for the week the nasdaq down nearly .50%.

futures again as we hit aheheado the open you see amgen up 1%. just over 1% amazon up .75% followed by nike and microsoft and chevron. chevron up .13%. we are taking a look at the lag laggards apple down .75%. followed by travelers and honeywell dipping a bit in the pre-market following earnings. we are watching shares about tesla. we will talk more about tesla later in the show. biggest single day pop in the stock since over a decade. you see right now in the pre-market pulling back a bit. week to date, up over 15%. 16%. huge pop following earnings. surprises in that report have really moved the ev stock higher we are checking the bond market.

the ten-year and 20-year here. you see the benchmark at 4.02. moving 50 basis points higher since the fed rate cut. let's get a check of the top corporate stories with silvana henao. silvana. >> frank, good morning the biden administration is launching a brouad investigation into the state of competition and air travel and looking at mergers with the countries biggest players. the white house says the investigation is being handled by the justice department's anti-trust division and transportation department. morgan stanley says ted pick will be the new ceo to head up the board over at walt disney after he steps down at the end of the ear pick took the reins at morgan stanley the start of this year.

and elon musk's super pac did not announce a lottery winner on wednesday in a daily $1 million give away saturday. this after receiving the warning from the justice department that the lottery may be violating election campaign laws the lottery was short lived with two $1 million prizes to voters in michigan and wisconsin, frank. >> silvana, thank you very much. we turn our attention to one of our big money movers. two retail stocks moving in opposite directions. a federal judge blocking the capri holdings and tapestry deal capri, owner of verase and michael kors tumbled tapestry says the decision is disappointing and plans to

appeal let's talk more about this and luxury with stacey widlitz, president of sw retadtail advis. >> good morning, frank. >> the ftc out with the statement and people are poking fun at saying the products are something millions of people rely on throughout their daily lives. what is your take on the deal? i heard you giggle what is your take on the deal blocked and somehow some other type of deal with these two companies? >> yeah. i never have been a fan of the deal from the start. honestly, i think tapestry should send roses to the ftc for getting them out of this you are talking about coach which is a brand that has managed to maintain full price selling and not return to discounting. then you are talking about kors which has gone back to discounting and is eventually

sacrificing operating margins to sell at a discount the competition has one result for tapestry which is to drag down tapestry. that's basically how i look at it here. they are going to appeal, it looks like, but that's part of the merger agreement you know, the chances of getting this overturned is a big question mark. this is a huge distraction for both companies also, it really sets the tone for m&a in the dindustry you have kroger and albertson's on the table you are really scaring away any potential suitors for some of the smaller consumer brands here. >> i want to move on to earnings deckers. they are the owners of hoka. give us your take on the

earnings reports and the outlook. and the turn around at nike. how big of a challenge is this >> you look at hoka. hoka sales are up 35%. that's barely a $2 billion brand. nike is a $50 billion rand nike is down double digits and hoka is on fire. it is still a small company that is still on fire and the street has been waiting when will they start discounting? it hasn't. on top of that, uggs had said they really thought they would return to some kind of normal environment of discounting that also hasn't happened. margins are super strong and discounting product is down year over year. nothing to poke holes in here which is why the stock is up double digits. same with skechers it is growing through volume, not just pricing

they are selling more units and collaborations with snoop dogg and martha you name it. these two brands are gaining share from nike as mikenike has failed to innovate. >> let's talk about the broader luxury sector. we saw a lot of reports and weakness in china weighing on the stocks is there something else investors should be aware of >> obviously, we saw during covid and after the largest luxury boom we've ever seen. you know, the comparisons are very difficult of course, china has been the real problem reporting the other day direct comps down 17% lvmh is flat to down that's the best in breed we have these impossible comparisons. let's face it, the pricing of luxury has gone up between 30% and 50% over the past few years. consumers are now looking at

these bags saying do i need two $5,000 bags per year and the answer is absolutely not a little bit of luxury exhaustion here. some of the companies are talking about a recovery in china pushing it out to 2026 at this point so, i think you've got a long road ahead for luxury brands some will struggle more than others like burberry and kering. for everybody, we entered a down cycle for the business. >> widlitz stacey widlitz, than. >> thank you, frank. coming up, what beijing is about to do to boost stocks again. first, some of the top trending stories the match up with the yankees and dodgers is turning into a hot ticket now $1,700

s stubhub premium seats topping $20,000. if you went fishing for the latest goldfish crackers, limited edition chilean sea bass and the first batch was gone they are teasing new drops through october 30th no wonder more than 9 out of 10 of our clients are likely to recommend us. ameriprise financial. advice worth talking about.

time for global briefing mercedes earnings plunge mercedes says earnings were hit by a tough market especially with the g-class suv. investment in china fell from january to september by 30% from the same time a year ago. that's actually better from the more than 31% drop from january through august china says the next legislature meeting is november 4th to the 8th. eunice yoon tells us it is an important meeting because they expect the government to approve and announce the stimulus package at that time. coming up on "worldwide exchange," the one word every investor needs to know today and shares of one home improvement stock. the mystery chart will be revealed coming up next. "i can solve this in 4 different ways" person.

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welcome back time for the bonus batch of the big money movers de dex dexcom shares falling. the maker of glucose monitors says the chief commercial officer will retire at the end of the year. mohawk industries down sharply. shares down 9% after saying its market was slower than anticipated because of high interest rates and inflation and lower consumer confidence. mohawk did post third quarter

results in line with estimates, but forecasted a lower profit. on the flip side, l3 harris shares are higher by 4.5% after beating expectation. geopolitical tensions have increased global defense demand. shares up 4.5% we're talking a lot about hyper scaler earnings next week. you know what else is next week? restaurant earnings. the chart here including two names in the headlines one of them obviously starbucks announcing a profit warning. you see over the last three months, big spike here with the new ceo brian niccol shares up 30% since the previous earnings the other stock, mcdonald's, headlines after the deadly e. coli incidents shares moving steadily a bit of a dip here. shares down 5% week to date.

again, after the deadly incident with e. coli chipotle reporting next week shares up 17% over the last three months then we have to talk about it. tesla, the big stock story of the week volume was off the charts yesterday more than tripling the 30 day average this stock now 4% from the 52-week high you see the big upside move for tesla here you see other ev makers. this is xpeng and this is byd. we talked about the chinese ev competition for tesla. those shares are up 2% each of those. big move for tesla shares about four weeks away from the 52-week high tripling the 30-day moving average in volume number one searched ticker on cnbc.com. coming up on the show, the curious show in real estate that could be sidelining the office risk and possible interest for interested investors if you haven't already, check us out on apple or spotify

or other podcast apps. much more "worldwide exchange" coming up after this ameriprise financial. advice worth talking about.

let's go boys. ameriprise financial. the way that i approach work, post fatherhood, has really been trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families, like my own. connectivity is a big part of my boys' lives. it brings people together in meaningful ways. ♪ ♪

welcome back to "worldwide exchange." the richest person in the world adding $26 billion in paper wealth yesterday after the

biggest rally since 2013 elon musk is now worth $260 billion. putting him ahead of the former tesla poured member larry ellison. less than two weeks to go until the u.s. election and one of the largest energy companies in the world is opening up about what is at stake in november chevron ceo mike wirth says it is consistency >> what really matters is consistent policy. that is something we have not seen from the administration and including the lng permitting laws which sends a message to our allies we helped europe at the time they really needed the help. people look for long-term commitments from the company and short-term moves if we are able to invest don't help with the

global supply situation. and restaurant brands known for burger king and yum is pulling the onions from the p menus. that move is out of an abundance of caution burger king adding 5% of the restaurants source onions from taylor farms they only use fresh, whole i don't know onions. fr turning back to the marke. the major averages take a look at the futures they are in the green. the dow would open up 80 points higher for more, let's bring in katrina dudley good morning always good to see you

>> great to see you. great to be here. >> katrina, down week for the markets. all three indices on track for a losing week. what is your word of the day >> my word is countdown. that's the word of the day because we are counting down to the election we don't have anyone that's a clear winner here and that creates the volatility volatility is really what is driving the market at the moment and those concerns are reflected in the stock prices. >> i want to ask you, i don't know if you have a percentage in mind, but what percentage is the election we have rising bond yields and earnings season under way. earnings are meeting he can pec expectations, but not wowing people from previous quarters. >> i was surprised with the up month because we had an an assassination attempts and a change at the ticket i think that was really the

surprise fed cut here, we are seeing the market react to the election which it has traditionally. the market sells off going into an election. in this sense, in every other election, we had an october where earnings is supposed to matter, but generally speaking, the market declines going into an election and we're seeing the market play out now. >> with some of the volatility in mind, a lot of people go to the bond markets we were talking about corporate bonds and treasuries are you seeing opportunities in the bond market right now? >> i think one of the areas that we're looking at in the bond market is we think this cutting cycle is going to be shorter than the market is expecting and shallower than the market is expecting. that's really what's driving our strategy we extend the market beyond the near term into the long term we do think we need to start thinking about the fiscal

deficits and what that means for both the economy and what that means for the treasury market. >> i mean, what does that mean i'm looking at the yield on the ten-year at 4.2. would you suggest people lock that in? >> i actually think yields are going to go up >> really? >> we really do have a situation where our fiscal deficits are starting to become a problem if you take a look at that, there are two sides to every coin it is good to have the good and the bad. that will compress our fiscal ability to spend as we need to tighten the reins there and the interest expense goes up from the government's perspective the ability of them to make transfers particularly to the lower class, but the higher interest rate at the government level is actually income to a number of americans. those americans tend to be wealthy. i think the economy and the country is going to have to adjust to this and we are probably looking at an environment where we have higher

taxes in order to make some of the adjustments. >> back to your election point jpmorgan note out this week and we touched it yesterday. rates on the ten-year could go up 40 basis points depending on the outcome of the election. i want to get to your picks. you are seeing opportunities in multifamily real estate. i'm not saying these are your picks. we will cover stocks on those areas. there is blackstone. they do all of those things. equinix. then prologis. shares are down year to date any of the stocks that you like or areas how would you play these different trends you are seeing possibility or opportunities in? >> if we take a look at the office market, office has gone from 30% of the real estate market down to close to 16 that is almost a halving as you

have seen a significant decline in office valuations as you said, with rising interest rates, you also started to see declines in other parts of the market. what we're starting to see in the commercial market is signs of stabilization we've had an environment where properties have not been moving. you had really low transaction volume and we're starting to see transactions happening that, to me, is a positive sign. i think within commercial real estate given what has happened in the office market, a lot of people say i prefer to miss the first part of the bounce and wait when you have that type of mentality in any market, you actually need to be a little early. once the market starts to move, a lot of capital is going to flow we feel there is an opportunity for investors in the office market >> all right katrina dudley, great to see you. thank you very much. >> great thank you. a market flash for you now on apple shares were lower. this could be a big reason key bank is downgrading from

under weight to sector weight with the price target. the firm cites slowing upgrades and feels shares are expensive relative to the peers. shares of apple down .75% of 1%. also one other thing to ad add here, ships in mccochina ar down that's going to do it for us "squawk box" starts right now. good morning, futures in positive territory after the s&p 500 and nasdaq snap a three-session losing streak. the ten-year yield -- the proposed merger between two luxury brands gets blocked leading to one stock getting cut in half. we'll have the latest. the wall street journal

report saying elon musk had secret conversations with vladimir putin is raising concerns it's friday, october 25th, 2024. "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. not a crazy morning for earnings, but the market gets durable goods earnings at 8:30 a.m. eastern time. ahead of that, we see green arrows dow futures up 85. s&p up 15. the nasdaq up 56 the nasdaq managed to snap a three-day losing s