it's 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here's your "five@5." tech is in control. the triple q is back en vogue as the nasdaq is looking at record highs ahead of a very busy week for big tech earnings and most of the magnificent seven. not just tech, stocks across more than half a dozen sectors are reporting results this week. we'll drill into one area be set

by recalls. the measured strike from iran's response is sending oil prices sinking. apple rolls out the first in the artificial intelligence suite today. and later on, a week out from the big u.s. presidential election and growing expectations of a red wave sweeping congress. it's monday, october 28th, 2024. you are watching "worldwide exchange" right here on cnbc. top of the morning to you. thank you for being with us. i'm dominic chu in for frank holland. we kickoff the hour and monday with the check of the u.s. stock futures as we kickoff the busiest earnings season so far. right now, the dow is implied

higher by 182 points. solid gains there. s&p 500 up 35. tech very much in focus. this is the day after the nasdaq on friday hit its first intraday all all-high going back to july 11th. that is riding the win streak, the longest since december of 2023. on friday, the invesco qqq traded more than 38 million shares compared to the 30-day average volume of 29 million. so people are getting on board. we continue to watch the treasury yield complex as well with the ten-year adding to the 14% surge over the last month or so. still, those ten-year yields are very much in focus right now. oil is taking a nose dive right now following the israel air strikes on iran. skipping the nuclear facilities.

oil prices are in focus right now. we'll show them to you in a little bit. let's show you how markets are working around the world and how things are shaping up with silvia amaro with the early trade in europe and lynn lin with the asian markets. lynn, we'll start with you. >> reporter: hey, dom. the japanese public have spoken and it is a damning assessment. we look at the ruling coalition of the center-right party and coalition partner. they were only able to gain 215 of the seats in the lower house, well short of the magic number of 233 that they needed in order to gain a majority. in terms of the political implications here, we are talking about pretty much unchartered ed territory. we are talking about a coalition

that will need to work with a bunch of parties to pass legislation. we could be looking at some kind of a gridlock here, political gridlock here, and implications for the new prime minister. it has been less than a month that he has been sworn in and won that race. he took a gamble by calling the snap election and it has back fired. we know there are factions in the party and working on his ouster and voices are set to get louder. in terms of the market reaction here, we have seen the yen continuing to weaken. it is at around a three-month low against the dollar. upside, though, for japanese stocks, analysts telling us a big part of that is expect more fiscal spending to come from the weakened government and more populist agenda ahead and more movement in the jgb yields.

dom. >> lin lin in asia. thank you very much for that. now to the action in europe and that's where silvia amaro is standing by. good orning, silvia. >> very good morning, dom. always good to see you. when you think about the european equity session so far this morning, it is a positive session thus far. we have the stoxx 600 at this stage about .4%. this is quite relevant because when you think about the performance of the benchmark last week, the stoxx 600 was down 1.2%. so, we are looking at the different narrative this morning. investors are still trying to figure out what's going to happen in the u.s. election, but they are putting those concerns a little bit to the side for now and they seem to be a lot more focused on earnings as well as economic data. this week, we will see new gdp figures for the eurozone. on wednesday, we get the new

budget under the labour government. let's talk about the corporate news with the sectors at this stage. let's show you the best performing sectors at this stage. we have construction and materials and leading those gains and quite a lot of momentum when it comes to other names such as household goods and travel and leisure. perhaps one of the die flynamic the oil prices which could benefit the travel names. i want to take you to the worst perp performing sectors. healthcare down .3%. oil names is related to the fact that we are seeing oil prices down 4% at this stage. thinking about healthcare is actually related to earnings. philips at this stage down roughly 15% after the company said the chinese demand actually

eased in the quarter. this is the summary from europe, dom, let's see what we will have in store throughout the day. >> all right. silvia amaro in london with the latest on the european market. thank you very much for that. let's get a check of the top corporate stories with silvana henao. silvana, good morning. >> good morning, dom. let's start with boeing which reportedly planning to launch a more than $15 billion capital raise as soon as today. now, according to multiple reports, the amount could still rise and that's depending on demand with the transaction likely including shares and debt that can be converted into equity. boeing got the green light last week to sell as much as $25 billion in equity and debt. mcdonald's says its quarter pounder hamburgers will return to roughly 900 restaurants this week after pulling it from the menu amid the deadly e. coli outbreak.

the company says health authorities have ruled out a link with the e. coli strain and beef pattys. instead, mcdonald's says they will serve the burger without the slivered onions for the foreseeable future as authorities continue to investigate the source of the outbreak. we are seeing shares of mcdonald's slightly higher in the pre-market, but lower on the week. delta airlines is suing crowdstrike accusing the company of break of contract and negligence following the july global i.t. outage that knocked out millions of computers and caused 7,000 flight cancellations. delta says the outage cost it $550 million. crowdstrike says delta's claims represent the desperate attempt to shift blame for the failure to modernize the failured i.t.

>> thank you, silvana. we have a few days left in october. there are several catalysts in the markets over the next couple weeks that could provide a trick-or-treat for investors. the jobs report on friday, the election coming up next tuesday, which is then immediately followed by a fed rate meeting. this week is also the busiest week for corporate earnings with a third of the dow and nearly a third of the s&p 500 reporting their results and five of the magnificent seven names. joining me now is robert teeter, head of silvercrest asset management. robert, this is a chock full of analyst numbers. are things relatively stable with markets near record highs? >> good morning, dom. great to see you again. i do think it is important to stay the course here.

you mentioned a number of catalysts unfolding, the timing of fed policy creates uncertainty. we think the path forward will be led higher by earns. earnings season has been okay. the outlook is for improving earnings outlook on better profit argins. companies will have to work hard here with the slowing economy. we do think there will be volatility in the coming weeks, but it is important to stay the course in the weeks and months ahead. >> the ones that matter, robert, are the magnificent seven stocks because they provide the bulk of the earnings growth in the s&p 500, but there is a lot more focus on some of the other names these days. are we going to continue with the broadening out theme or focus on the names that generate the growth and earnings? >> for now, there is a lot of focus on tech. they have the consistent earnings that's important. it is important not to abandon that area of the market. we have do see broadening in the quarters ahead. part of that is with the interest rate cycle alleviating

the finance risk that you typically see in the smaller companies. we expect the product gains to expand in the broader sectors of the market. some areas have improving profit margin. we expect that to broaden out leading to earnings in the quarters ahead. >> the interest rate picture is one that is going to drive a lot of the market narrative going forward, but so is the election and so is the outcome and so is the forward looking forecast for what it could look like with certain scenarios developing. i'm curious what your base case is and whether or not you think rates change because of that? >> our base case is pretty collapsclose to consensus which is divided government. typically, you have a single-party control, it takes time to legislate. we have time until the

inauguration and craft policy and time to get that policy imple implemented. we think there is a period of time where there is a lot of uncertainty, but it takes a while for the changes to get implemented. as far as the yield curve and interest rates, some of the move higher in rates is the disappointment from the investors with the slowly moving fed. there was an issue with the cuts with the 50-point move. now the fed is likely to move slowly and that probably keeps pressure on yields for a while. >> just one quick question before we leave, robert. the favorite sector right now? >> we like technology and healthcare with the potential to control their destiny through growing profit margins. >> robert teeter, thank you very much. >> thanks, dom. >> for more on what's driving the market and the trading day ahead, go to cnbc.com/pro with insights and analysis for

subscribers there. we have more to come on "worldwide exchange," and the one word investors haveto know today, but first, eight days until election day and the polls are razor thin, but betting markets are taking a different view of the outcome. we> much more on the oil move lor. ahead of a very busy week for restaurant reports. we have a very busy hour still ahead on "worldwide exchange" when it returns after this commercial break.

welcome back to "worldwide exchange." just over a week to go until election day when vice president kamala harris and donald trump ramp up the campaign. harris focused on philadelphia. former president trump rallied supporters in the packed madison square garden here in new york. with early voting under way around much of the country, polling is showing a razor thin margin in key battleground states. the predictive markets are taking a different view showing harris' momentum fizzling out and an almost trump win in november. joining me now is fordham founder tina fordham.

tee tina, thank you very much for joining us. can you tell me what has changed and why the disconnect with the polls and some of the betting markets? >> well, listen, it's a difficult time to be in the business of talking about forecasting this election when we have a dead heat right now, but i do have some views on this that are out of consensus in the markets. i feel brave today, so i'm going to go out and say it. i'm concerned that the polls are under counting harris supporters partly because they're overcorrecting for having under counted trump supporters in 2016. polling has been under -- under fire for all kinds of reasons. when it comes to the prediction

markets, i've also been pretty vocal about taking those with a grain of salt. they are prone to manipulation and intervention. we've all seen the reports. yet, there is this instinct and refl reflex amongst investors to say the markets because the participants have skin in the game and what they're hearing from other guys on the trading desks is somehow more predictive. it's really one important point here. i think this election is much more -- uh, a function of gender than we've seen in some time. in 2016, the sense that the left behind men were under counted was a factor and i think in this election, when it comes to what the street thinks u they're not paying enough attention to women. >> okay. this is also interesting as well because it hasn't just been in

the betting and predictive markets, tina, that we've seen some of this evidence, we have seen analysts and others talk about the markets themselves are pricing in what could be very strong republican gains, not just in the white house, but in congress as well. what exactly does that mean and what exactly are analysts and experts like you looking at to show whether or not the markets are saying one thing or another for the outcome? >> my view is there is a lot of wishful thinking going on. i started my career in emerging markets. i see a lot of, you know, warning signals going on in this election. what i'm most concerned with and this is what i said in the research is a peaceful transfer of power where i think a lot of what we're seeing is -- is market participants trying to help bring about the outcome

that is their preferred outcome which is trump in the white house. perhaps there is a marginal preference for a divided congress, but this is really in contrast, by the way, to what corporate america is looking for. i think this is another factor to take on board. i don't see where the republican sweep momentum is coming from when i look at the polls. >> all right. tina, i want to bring up one more aspect of this and that is the involvement of a lot of money in this race and billionaire elon musk who has come out very much as a surrogate for former president trump. he spoke at trump's madison square garden rally last night. this is what he said. >> you're being taxed. whether direct taxation or government spending becomes

inflation or direct taxation. your money is being wasted and the department of government efficiency is going to fix that. america is not just going to be great. america is going to reach heights it has never seen before. the future is going to be ama amazing. >> okay. those were the comments. they seem to land with a good amount of the audience. i wonder just how much elon musk's involvement and billionaires in general, tina, will matter in this election. >> my training means i look at the developments through an em lens and i'm not sure billionaire oligarchs are necessarily what u.s. business and investors really need in the medium to long term even if certain sectors might benefit. again, i can only tell you i will receive hate mail from

people for making these observations. gaining the u.s. elections will have widespread consequences because ultimately what business needs is independent institutions and public trust and the number of developments that are undermining public trust and that is something that's been accelerated since the pandemic. public trust is at an all-time low is ultimately not good for the business environment or investment environment or, indeed, security and peace in the world. so, it's very concerning. mind you, harris does have support from billionaires, too, but it's not clear that taylor swift and beyonce are taking action in the same way elon musk is. >> sure. >> there is a story in the markets and i'm sure you heard this that trump is aging and

clearly becoming less sharp than he was in his first term back in 2016. there's a view that says vote for trump and get vance and musk. that's appealing for many in the investor community and perhaps less so for u.s. citizens on the whole. >> tina, before i let you go, i want to bring up the latest developments with regard to the journal and others that the contact that elon musk has had contact with president vladimir putin. do you think there is a -- is an issue with the american electorate with the reporting with regard to the relationship with musk and putin? >> it's -- the reports are extraordinary, the ones you mentioned coming from the journal. it is simply extraordinary. elon musk is not just a billionaire, but a leading u.s.

defense contractor. he is subject to a security clearance. the idea not only of potential collusion, if that is the case, and violations of the logan act should be very concerning and they are not. they are not moving the needle when it comes to markets perspective. this is why we're not getting the full picture, especially considering, you know, we're in a dead heat in the polls. there is a path to victory for harris. at a minimum, it is tentirely plausible there is a harris victory. there are many questions about an emerging kind of tech oligarchy in the u.s. and what it means for peace and security. >> all right. tina fordham at fordham global ins insight. talk to you soon. still ead ahon "worldwide exchange," the wall of worry and what the charts are telling our

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welcome back. turning to the energy market and oil. wti down 5.5% to $67.58 after israel conducted the retaliatory attack in iran characterizing them as precise military targets

in response to the iran strikes on israeli soil on october 1st. israel is refraining from hitting oil or nuclear infrastructure. iran's supreme leader said the attack should not be downplayed, but did not expressly call for a retal retaliation. joining me now is amrita sen. amrita, this is maybe no surprise given the key infrastructure around energy was targeted in iran. is there downside potential still left for oil prices? >> like you said, we have seen the big correction already in the opening hours and we had been expecting this. our call was that the first round of attacks would be focused on military. we saw a lot of positions come through on friday potentially just ahead of this attack because ultimately no one knows. it could have been the risk of

some oil installations could have been taken out. those are the positions being unwound right now. i think there is some potentially downside risk once the u.s. markets open. they were cutting shorts and going long if they were to reverse it. however, that said, prices are probably gone a bit too far in the correction. 2025 balances don't look as bearish as some have made it out to be. we heard from some of our clients looking to put back long positions on just on a value proposition after the selloff. >> okay. if the selloff is overdone short-to-medium turn, what does this do for the propducer suppl dynamic out there? is there a price where opec and other key producers want to keep some of the oil prices at to keep things economical? >> i think it's a great question, but before we even go on to opec, it is worth talking

about non-opec. i'm glad you asked that. we got a note coming out today on this topic. we have seen it under performance something the media is not talking about. guess where we are today? just 300,000 barrels per day. brazil and the u.s. are the two biggest down side risk. this year, starting at the year, oil prices weren't even low. this is not even a price issue. in the u.s. in particular, i just got back. we are running out of tier i acreage. >> amrita sen with the oil outlook. thank you very much. see you soon. coming up on the show, a case of the haves and have-nots in the restaurant sector. weil wl look at the value deals

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changers. built in a uniquely apple way, we think apple intelligence is indispensable to the products that play an integral role in our lives. >> that voice you heard was apple ceo tim cook way back in june unveiling a first look at apple intelligence almost two years after the initial launch of chatgpt and arguably the kickoff of what's become an a.i. arms race. welcome back to "worldwide exchange." i'm i'm cdominic chu. let's kickoff the hour. right now, the futures are implying 153-point game for the nasdaq 100. the s&p implied higher by 35. the risk on trade may have the

odds stacked against it, however. the s&p trading 22 times projectsed earnings over the next 12 months. forward pe, the highest level since 2021. bullish sentiment since april according to the american bankers association. the ten-year note yield, which was trading near 3.6% just in september, is all the way up now up above 4. again, 14% gains in terms of the yields, prices falling over the course of the last month in a half. joining me now is katie who say cnbc pro contributor. katie, good morning to you. >> good morning. >> take us through what you think the setup is at this p point. there has been so much

happening, is there any upside left? >> the s&p 500 saw its first down week in seven weeks last week. it is doing really, really well. the cyclical trend remained in force here despite the challenges we faced more from a macro perspective over the technical one. long term and inter medium term, but last week, it did falter short-term. that's something we have our eye on. the daily indicator have rolled over and that would suggest pra markets are looking for a deeper pull back. >> do we feel the interest rate picture still heading higher despite the fact we have a fed that is maybe going to start cutting rates on a more systematic basis over the course of the year? >> we believe the rates will

come in and the cyclical down move despite what he ave seen. for now, we are looking for them to resume their down move and perhaps go into the low threes before bottoming fully. we say that largely because of the long-term metrics rolled over there. we have downside momentum on ten-year treasury yields for one. when you do see these sharp back ups like this, the more likely to be counter trend. i know it is counterintuitive, but it would almost be different if we saw them grind higher. this has been such a sharp up move that it is actually more likely to be fleeting. >> katie, please stick around with us. don't go anywhere. let's talk about a big week for earnings, not just for the mega cap technology names. several restaurant chains from fast food to fast casual are reporting results. our kate rogers is looking at

the industry as a whole. >> two of the biggest names reporting this week have been in the news for different reasons. mcdonald's and starbucks. when it comes to earnings, they and others will be subject to the value equation. mcdonald's tied to the e. coli with the slivered onions and the second half of the year could be a challenge with value. it extended the $5 offer through the end of the year and it remains in the outbreak will remain to a consumer pull back. starbucks pulling the 2025 guidance. the company is going through a revamp with the new ceo. sear steering away from the discounts and looking at premium experiences. the question is will consumers pay up? and value is less of a factor for some. chipotle, for example, is seeing consumers willing to pay for

burritos in bowels. bowls. cava is the two stocks up on the year. dom, back to you. >> kate rogers, thanks for. that let's talk about the restaurant sector. brian harburg is covering the restaurants. katie stockton is remaining with us. brian, i'll kick it over to you. kate rogers laid out what is happening with certain parts of the restaurant scene. do you feel this is one that investors can still be comfortable with? >> good morning, dom. thanks for having me. i do think hinges are getting better at the industry level. we will have seen a better exit rate for the third quarter than we started.

that makes me optimistic. there is still a lot of bifurcation here. they are fighting the value wars and still exposure doing well at this point. >> do we feel, brian, that these value wars are going to have an impact on these companies and their profit margins? is there going to be a race to the bottom getting the consumers in the door with the spending pattern for the year? >> i think it will be competitive. to be honest, mcdonald's, notwithstanding the issues we discussed, will get out of it quite well. this isn't going to go away quickly. this is a return to normal promotions in the food landscape. >> brian, where do you think the

value is, so to speak? is it in the fast casual names or do we go up to high end? >> like i said, i do think that mcdonald's is reasserting its value. i think the domino's offer is moving well. we like that stock into next year. from the absolute price point persp persp perspective, chipotle still ranks well within the fast casual landscape. against cava or sweet brand, that offers good value versus what is higher quality. they still set up well. >> katie, i wonder if i can bring you in for a look at the charts. we have seen downdrafts and negative feeling, if you will, in the charts with regard to companies like mcdonald's and starbucks. meanwhile, kava and sweet green have done extraordinarily well. how do you charts line up and

where are the best plays? >> it is unfortunate, of course, with mcdonald's, the chart has a gap down. it affirms the overbought sell signal. it suggests that mcdonald's will remain out of favor. with that, i'm more interested in counter trend setups in the restaurant space. i would, excuse me, draw you to wendy's and jack-n-the-box. adjusting it will perhaps see a relief rally over wendy's. wendy's has a long-term turn around on the chart that i'm compelled by. i prefer the turn arounds. i think especially if we do see a correction in the broader market, we will see the penalizes that run up. >> that was the restaurant scene. brian harbour, thank you very

much. katie stockton will stick with us through the rest of the show. coming up on "worldwide exchange," chip troubles. the world's largest semiconductor company finds its product in devices where they don't belong. we'll have the story right after this break. ♪♪ okay, so that's how you want to play. ♪♪

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welcome back. we want to bring you a market flash on shares of philips. sinking in europe.

lowering the annual sales outlook saying free cash flow will fall to the lower end of the range on the quote significant deterioration in china. ag again, big health tech company down 15% in european trading. time for the global briefing. the japanese yen falling to a three-month willow after the ja ruling party lost the majority. the new japanese prime minister who called for a snap vote a week after office will have to form a broader coalition for the ldp to remain in power. the fall in the yen boosting japanese stocks. the nikkei 225 moving up 2% on the news. and china industry profits fall, the biggest decline since march of 2020.

china's gdp growth grew at the lowest pace in the third quarter and recent data is raising more red flags over the economic recovery in the second largest economy. and taiwan semi suspended to a chinese founder after the chip was found in a huawei process or. reuters says a tech research firm discovered the taiwan semi chip when it took apart the processor. u.s. officials were notified roughly two weeks ago. still ahead, one word every investor needs to know and nearly two years after the launch of chatgpt and the a.i. arms race. our steve kovach is up with investor reaction coming up after this break.

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all right. get ready guys, check your iphone this afternoon. apple is expected to push out the latest software with the a.i. everything on apple a.i. we have steve kovach with what you can look forward to and why people want these new phones or operating system. steve. >> we are expecting the software update to hit today or tomorrow.

with a limited set of features and only for the newest iphones and macs. this is coming at a time when the street is struggling to see what isiphone is doing. a.i. summaries of the notifications and a new look for siri. it is still bad as it has always been, but you get a glowing screen with siri. the other features like chatgpt and emojis are several weeks away from launching. the big siri update and integration with a.i. is not expected until next year. that still hasn't stopped apple from marketing the features to the buyers. that's pretty much all the ads talk about. if you want to summarize your emails, you have to wait a few more weeks. in the meantime, sour commentary

on the iphone 16. the ceos of at&t and verizon said the demand is not as strong as last year. anal analysts say apple cut iphone 16 orders by 10 million. that is higher for the year. you may ask why this rollout is taking so long. according to apple, the software boss told the wall street journal that apple wants to quote get each piece right and release when it is ready. that hasn't stopped tim cook. he told wjs magazine, quote, it changed my life. dom. >> this is what my question is. i've seen the commercials and the glowing screen and bela ramsey and all of the others talking about the greatness this new phone is going to entail.

is this going to be enough to get people to actually want to get it? i've heard stories now about whether or not people want to upgrade the phone. it is a tight consumer spending picture. is this the catalyst? >> the biggest bulls on wall street believe this is an a.i. driven upgrade cycle. they are saying it will extend longer than a normal super cycle because of the slow and measured way these a.i. features are rolling out. again, if you go to the store before today, dom, you will not get any of the features. you have to upgrade your software today and then upgrade again. no one really knows. i know tim cook told me he thinks this is a good reason for people to upgrade, but we're going to find out in real-time starting today, dom. >> big deal for apple mi ucongp as well. thank you very much, steve. final trades with fairleigh's

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welcome to the busiest week of earnings season. katie stockton is back with you. katie, can you tell us what the earnings season is going to look like with the chart in the coming weeks? >> i think we have come into the season overbought. if you look at the weekly charts, we have widespread, overbought readings. that makes it difficult to respond to reports unless they are positive. it is a charllenging environmen with the extreme greed reading recently and that is another challenge for the market. the market does seem to be anticipating more volatility as we come through the earnings season and right into the election. that's evidence in both of the

vix which has seen long-term momentum shift to the upside and the price of gold which has out performed the s&p 500 by about 10% this quarter. very evident rotation there. sector relative performance with the defensives. all of that taken together suggests we have a challenging environment going forward. >> katie, i wonder if you can take us through your word of the day. there's a ton to choose from with the catalyst. >> i'm going with the risk off for all of the same reasons. when you see utilities and consumer staples, that is a heads up to brace for the major indices. one simple way to watch that for the viewers here today is the 20-day moving average. it's a sensitive gauge of the trend and momentum. when it starts to roll over for the s&p 500 and the nasdaq 100, that's when we tend to see a

corrective phase that's worth repositioning through. >> katie stockton with the look here. thank you very much. we appreciate that. we'll see you soon, katie. thank you. >> sound good. thank you. let's get a check of the futures right now. we are seeing bids across the board here. the major indices are scheduled to open up about 195 points for the dow. 36 for the s&p 500. 169 for the nasdaq. keep it here. "squawk box" picks up market coverage next. good morning. stock futures pointing to a higher open as investors prepare for a busy week of both economic data and more earnings. meanwhile, boeing is reportedly planning now a $15 billion capital raise that could be announced as soon as today. and mcdonald's is returning quarter pounders to the menu saying it is very confident it has removed contaminated products from its supply chain.

onions. it's monday, october 28th, 2024 and "squawk box" starts 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. here we go. we got some big openings here. pre-openings, i should say. dow futures are up 200 points before the market opens this morning. this comes after the dow was down for the fifth session in a row on friday or the sixth session in a row. six weeks in a row we've broken winning streaks. nasdaq was up at a record high