it is 5:00 a.m. here at cnbc global h5n1. headquarters. welcome to "worldwide exchange." here's your "five@5." alphabet kicks off a busy week of earnings report from big tech capped off by apple and amazon. one week to go until november 5th, we are tiaking a closer look of the battleground

that could desocide the electio and later, big trouble for big blue as ev price pressures hit the bottom line. it is tuesday, october 29th, 2024. you are watching "worldwide exchange" here on cnbc. good morning. thanks for being with us. i'm frank holland. let's get you ready for the trading day ahead. we kick it off with the u.s. stock futures. the do youw coming off the firs positive session in the last six. the s&p up about six points. the dow up higher. it would open up 12 points higher. similar for the nasdaq 35 points higher as well. we are checking the bond market. treasuries at the highest level since july. the benchmark at 4.30. at what point does this become

an issue? we will ask our guest. oil is bouncing back after the worst day since 2022. we turn from the macro to the micro. it's time now for the big money movers. ford. we talked about it a short time ago. shares falling ahead of the open despite topping estimates for the quarter. shares down more than 6%. attention shifting to the full year guidance coming in the low end of the range with softening demand and rising inventory levels. ford cfo highlighted the ev challenges on "closing bell" yesterday. >> we're designing our full ev . it's a cost game. there's over 150 vehicles coming to market. ev vehicles coming to market by 2026. it's going to be a really tough market and cost is the game that

needs to be played. >> shares of trex are popping in the pre-market after the expectations. you see shares of trex up 6%. citing consumer demand for the products and highlighting $100 million in share buybacks in recent months. the company reaffirming its full year 2024 guidance. vf corp shares surging up over 20%. this is the parent company of north face and vans. it was able to cut debt further following the sale of the supreme clothing brand. vf adds it was able to cut inventory by double digit last quarter. shares up over 20%. time for the check on the top corporate stories with silvana henao. silvana. >> frank, good tuesday morning. boeing says it raised around $21 billion in one of the largest

share sales by a public company ever. the company says it sold 112.5 million shares at $143 each and $5 billion of depository shares. the cash infusion will help boeing offset the $4 billion in q4 cash burn tied to the union strike. meanwhile, the biden administration finalizing a new set of regulations limiting u.s. investment in the chinese tech and military sectors. the rules are tied to a 2023 executive order protection u.s. national security against chinese advancements and a.i., semi conducting. and apple india exports jumped33%. that figure underscoring the apple push to expand the supply

chains beyond china. if confirmed, apple's exports from india will top $10 billion by the end of fiscal 2024. >> big number. silvana, thank you very much. see you a bit later in the show. turning attention back to the markets facing the catalyst will with the jobs report and the fed meeting. a note from strategist, october 28th marks the best start of the fourth quarter going back to 1928. the median return for the s&p is 5.2%. since 1985, the nasdaq 100 has been up double digits over that time. joining me now is doug bonaparth. you did a double take. we're in for a really great

period, but a bunch of things going on right now. >> yeah. we should be looking forward to a strong end to the year. we've had economic news coming in a little better than expected. we will set the tone for the magnificent seven. maybe it will push us for the santa claus rally. >> the sentiment may be different from the precedent? >> i don't think so. i think clients. >> really? >> yeah. they are pleased with disciplined from last year into this year. this very been rewarded for that. they do financial planning. they have an idea how this game is played. they know something stupid could happen. they don't play guessing games. >> they don't play guessing games, but we know bond yields are rising. highest level since july. we know there is a lot of geopolitical tension going around the world. at the same time, there's an election coming up.

we just don't know the outcome to. >> sure. >> when we talk about that, are there moves you are advising your clients to hedge or prepare for a shift of economic policy or shift in investor sentiment overall? >> we typically don't make moves relative to politics. >> a lot of people say that. >> sure. if you look at this administration and the previous administration, you had really good years in the market. pretty good to stay put right there. no, clients aren't making big moves by the end of the year. every time i come on here, we talk about bond yields and where they are. a full circle with the ten-year. is this that opportunity again to take advantage of longer duration bonds? i think that's still in play now watching the ten-year back up at 4.3. >> is there a level that the bond yields become an issue for the market? >> i think right now it's risk-on. i don't think there is a lot of room to the upside of yields at

this time, but we're going to see how rate cuts continue to factor in by the end of the year and into next year. are we going to see as much pressure to lower rates as we did in september? >> you don't responsibility to p respond to politics. this is from facts. the rest of the s&p 493, .1%. that gives you the sense of the ma in magnitude. are you expecting the mag seven companies to raise? >> i expect them to finish strong. i haven't seen anything to take a step back in earnings. that's what we're all looking to see. i think it does set the tone for the final two months of the year. if we get strong performance from the companies, you will sisee 5.3% on average. i don't know if you get that. >> you did a double take. >> it's a lot.

>> doug boneparth, thank you very much. for more on the markets and trading day ahead, head to cnbc.com/pro for exclusive insights and analysis. we have more to come on "worldwide exchange," including the one word investors have to know today and the stock pick every investor needs to know. first, beyond nvidia, we layout the stock playbook and piper sandler's picks. and alrol ads lead through the white house. and gearing up for that report. we have a very busy hour still ahead when "worldwide exchange." stay with us.

it's our son, he is always up in our business. it's the verizon 5g home internet i got us. oh... he used to be a competitive gamer but with the higher lag, he can't keep up with his squad. so now we're his “squad”. what are kevin's plans for the fall? he's going to college. out of state, yeah. -yeah in the fall. change of plans, i've decided to stay local. oh excellent! oh that's great! why would i ever leave this? -aw! we will do anything to get him gaming again. you and kevin need to fix this internet situation. heard my name! i swear to god, kevin! -we told you to wait in the car. everyone in my old squad has xfinity. less lag, better gaming!

i'm gonna need to charge you for three people. welcome back to "worldwide exchange." cisco announcing today the first a.i. servers and pods to be a plug and play. cisco is partnering with nvidia and amd and others to create products. the design provides speed and simplicity and security. >> we work with hyper scalers. the expertise we guilbuild with hyper scalers, we bring that expertise to the enterprise.

>> that infrastructure has been the focus of a.i. spending. joining us to look at the stocks for a.i. structure is james fish at piper sandler. >> good morning. >> we had a bit of news from cisco with the a.i. focused servers and pods. i want your take on the news. >> yeah, so u cisco has been investing behind a.i. infras infrastructure here for quite some time. for us, what we see as benefitting cisco is really around their silicon portfolio they have been talking about for some time and we perceive that as the biggest driver overall. obviously, a lot of tr infrastructure players are announcing more and more systems you were talking about. you will have to have an

ecosystem play. it makes a lot of sense in terms of where we are in the a.i. infrastructure road map. >> we're going to be talking about the hyper scalers this week. mega cap tech. that's one way to play the a.i. trend and the other is the picks and shovels trend which is what cisco is trying to do. we you look at the quote/unquote picks and shovels, what are the other picks in the space? >> it won't come as too big of a surprise, frank, we'll talk about cisco's rival is arista. arista has done well in cloud infrastructure for some time having great relationships with microsoft and meta where that's almost 40% or 50% of business with the customers combined the last few years. also a growing relationship with the customer like oracle and really with arista, you have initial use cases back in its early days with high frequency

trading systems and large institutions. before the cloud titans became big. really, arista is the best switching portfolio for the high-end switching. it has 35% to 40% market share in the high-end market versus to the total switching share in the mid teens. the debate with ethernet with the portfolio with the spectrum line, it will remain debated from here. we see this as better positioned with the greater openness of ethernet bandwidth. >> let me jump in. the stock in your area coming off earnings yesterday. we showed the board yesterday. up double digits. give us a sense networking and infrastructure stocks. where does that rank in your mind? >> yeah, so, this one has had quite the run in the last couple

of quarters here. really, when you think about f5, 70% of the business is coming from this play. when you think about the inferencing the factories coming online, that's where they benefit and across the hardware and software portfolio. in terms of the impact here, we see switching as having the bigger impact especially when you want to talk about the exposure to cloud and a.i. titans. >> let's talk about a.i. software. that's the other part of the story. digital ocean. we have had that company on. is there a top pick in this space for you right now that you see? you talk about the enterprise. that is where the a.i. infrastructure push is going. is there a top pick when it comes to software for infrastructure? especially focused on the

enterprise? >> obviously, we have seen a big one in the names like arista for example. we are trying to play the next derivative. our top pick has been actually nutanix. it is an enterprise play. its core is about infrastructure. you talk about the opportunities around vmware and the dell partnerships. you look at the a.i. side. they have gdp in a box. their software gets loaded to the gen a.i. server. you need that software in order to manage your a.i. enterprise data software over time. it is a sneaky way to play it >> james fish, thank you very much. >> thanks, frank. coming up on "worldwide exchange," why shas reof novartis are facing selling pressure in the early going. we have the big money movers, european edition, coming up right after this.

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agent-producer can answer any questions you have and help you choose the plan that's right for you. the call is free. and there's no obligation. you know medicare won't cover all your medical costs. so, call now and see why a medicare supplement plan from a company like humana just might be the answer. welcome back to "worldwide exchange." just one week to go until november 5th, of course, election day and the polling is razor thin between the candidates. one key battleground could decide the direction for the next four years. megan cassella is joining us on why the path to the white house may run straight through atlanta. megan, good morning. >> reporter: frank, good morning. it should be could. good morning from battleground atlanta where the candidates

have been all over the place in the final stretch of the campaign. donald trump was here for a rally. kamala harris and barack obama were here last week. when it comes to the economy, metro atlanta has been booming. it's had one of the fastest recovery since covid. unemployment rate is below the national average and influx of young and educated workers. you all of that should be good news for kamala harris. the polls have been tilting to donald trump. there has been a surge of early voting this week. 40% of georgians cast a ballot. taking a look at what might be going on here in the state. one reason behind this is black voters, who make up one-third of the electricorate, is not givin

support to kamala harris. the campaign is trying to tackle this out with the agenda focused at black men. harris is promising small business loans up to $20,000 to help with startup costs. vowing more training for high demand industries and better regulate crypto to protect holders of crypto and other digital assets. some black business leaders here in georgia say all of this could make the difference in this state. >> it's just that i felt that at that particular time before we endorse vp harris and she committed to the policy, i felt democrats were running the same old playbook. because they were running the same old playbook, i felt the need not to get involved originally. >> reporter: now, frank, one thing to remember about georgia, this state was decided by 11,000 votes in 2020.

the closest of all battleground states. policies may sound narrowly targeted, but there are more than 300,000 black georgia alon. even late in the game, this could tip the scales. frank. >> megan, president trump hasn't done well. for the path to victory, does it go through atlanta or does he have to take the rest of the state and take georgia? >> reporter: nobody expect him to win atlanta. this is deep blue counties here. even in the 11-county metro area, some flipped to blue and the most fastest growing and others are a bit more red. what trump's strategy here in the state, he is trying to lose atlanta by less. he is spending time in the metro area rather than competing and campaigning in the rural and

republican parts of the state. that is where he will win. that's where he gets the most support. most of the population is here in atlanta. donald trump gets most of his support from here even though he is not winning it outright. he is shifting from 2020 saying i don't need to go to the rural areas. i can stay here and lose by less and that can make all of the difference in georgia. >> megan cassella, thank you very much. coming up on "worldwide exchange," gearing up for earnings and our next guest's top trades in tech. if you miss "worldwide exchange," check us out on spotify or apple or other podcast apps. more "worldwide exchange" coming up after this.

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i will protect the birth right of our children to live in the richest and most powerful nation on the face of the earth. and as we rescue our economy, i will also restore our borders. >> we are all here because we are fighting for a democracy and for the right of people to be heard and seen. we're not about the enemy within. we know we are all in this together. that's what we are fighting for. >> that was former president trump and vice president kamala harris in key swing states yesterday preparing for the final push to the white house

for one week to go. welcome back to "worldwide exchange." i'm frank holland. more on what you can expect on november 5th in a moment. we start off with the stock futures with the dow coming off the positive session in the last six. in the green across the board. you see the s&p basically flat. the dow looks like it would open 30 points higher. the nasdaq up fractionally as well up 19 points. among the biggest laggards and the dow. boeing right here at the top of the list down .13%. apple has earnings this week down a quarter. johnson & johnson and goldman in the red. jpmorgan chase fractionally higher. we are checking the bond market this morning. let's look at the bench market right now at 4.3%. the two-year still above 4% at 4.15%. long bond is the read on inflation expectations. yield coming in at 4.55% right

now. we also want to look at energy. oil bouncing back after its worst day since 2022. oil was at the same level a half hour ago. up for wti and for brent crude. that is the money sets up. amd reports after the closing bell today and guidance for the chips is the biggest focus for investors. seema mody has more. >> reporter: ceo lisa su needs to convince wall street that the chips can generate greater demand from the big hyper scaler clients amid competition from nvidia and efforts to speed up its timeline on products is gaining traction. bank of america analysts know amd graphic processing unit road map is one year or more behind nvidia.

it is the reason it performed behind the sector this year. when amd reports third quarter numbers today, analysts will look for earnings of 92 cents a share. the key metric to look for will be its 2024 a.i. chip forecast which will convey to wall street how many new orders have come in for its latest accelerator. frank. coming up on "worldwide exchange," oil slick sinking crude prices at the bottom line at one of the largest oil drillers. our morning mystery chart will be revealed. when "worldwide exchange" returns. stay with us. at state street, we know everyone's trying to get somewhere. ♪♪ take the next step toward your future, by investing in the dow with dia. getting there starts here.

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welcome back. we have a news alert. white house investing $3 billion to improve the nation's ports. in april, a cargo ship hit the francis scott key bridge. this announcement comes less than a month after the long shore man's association had a strike before reaching a tentative deal. announcement from the white house. investing $3 billion to improve the nation's ports. wells fargo initiating coverage on the trade desk. it sees several factors with amazon launching ads on prime

video. barclays is raising the price target on tesla from $225 to $235. for now, after the ev makers earnings, there sis a solid balance of fundamentals. coming up on "worldwide exchange," one word every investor needs to know today and the stock pick you can't miss. and a ecchk on the hottest sectors and hottest stocks flying ahead of november 5th. we'll be right back here on "worldwide exchange." stay with us. ♪ at each day's staaart ♪ ♪ as time went on, it was easy to seeee ♪ ♪ i'm lowering my a1c ♪ jardiance works 24/7 in your body to flush out some sugar. and for adults with type two diabetes and known heart disease, jardiance can lower the risk of cardiovascular death, too. serious side effects may include ketoacidosis that may be fatal, dehydration that can lead to sudden worsening of kidney function, and genital, yeast, or urinary tract infections.

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i think the last couple weeks, we will see investors lighting up on the risk going into the election. not just the election, but payrolls, et scetera. it is considered a big event. i know polling moved in the last couple weeks. it is a 50/50 event and people are taking down risk a bit. if you look at puts on the esq, it has risen. >> that was citi's head of equity strategy heading into election day with one week to go. we will look at the hotter trades. bitcoin topping $70,000 for the first time since june. we are looking at crypto stocks, they are gaining. micro strategy up 10% yesterday hitting 20-year highs. we are looking at the ten-year

yield at the highest level since july with the trump surge prediction in the markets. there is the truth social parent company moving up despite the fallout from the madison square garden rally. joining me now with more is the head of economic policy and ben emons. good morning to both of you. great to have you here one week away from the election. >> good morning. >> thanks for having us. >> ben and henrietta, let's talk about the stocks this year. ben, you are looking at the red sweep of congress. you are looking at great odds for election day. every note i'm reading is red sweep with trump creating volatility with the bond yields or deficit.

are we seeing that in the markets right now? henrietta. >> i think it is showing the widest amount of risk we have seen in decades. there is a tremendous amount of uncertainty. i think the citi comments you had up were spot on. the markets are not polls or representative of the united states. they are moving strongly for donald trump. they're at 66%. the street is 75% that trump is going to win. that is largely driven by internal vibes. we're not seeing it in the data. there is positive information coming out in the early, early voting data from nevada, but there is a long way to go. i think the market is too optimistic for trump. >> ben, over to you. i think we have seen bond yields rise and people think that is due to the perception that former president trump has on election day and also seeing the dollar rise. that is also a quote/unquote trump trade.

are you seeing this in the markets? if so, where? >> i think to henrietta's point, there is a bet on trump and a lot of that is overseas investors doing these bets. i guess there is a few globally that's the election. what we are really looking at here with the august lows with the carry trade unwind, what are the sectors out performing? casinos and airlines and disc discretio discr discretionary. people are anticipating a red sweep of congress and that can lead to a quicker path to corporate tax cuts and income tax cuts to fuel the economy further. i think it is the combination of the fundamentals against the back drop that people feel certain of the red sweep

outcome. >> henrietta, over to you. the increase in tariffs. where are we seeing that in the markets right now and if the market has so much increased confidence that president trump is going to win, should we see a gain in industrials and manufacturing that more things will be made here? >> that's a great question. i think it is twofold. the tax bill will be extended. my odds are 90% it will be controlled by republicans. if kamala harris wins, all of the tax levels will be extended for two years. under trump, they would not be cut further, but extended four-to-six years. as such, you are right to point out tariffs. those are the number one differentials with the trump or harris election. the irony on the tariff side, not only is it trying to raise prices for importers, but a big part of his tax bill is

unwinding the domestic incentives on manufacturing in the inflation reduction act in particular and the clean energy tax credits. his main pay for in the tax bill is to repeal the i.r.a. it is a one-two hit and investors should consider the puts and takes. >> the comment on the taxes is important. especially corporate taxes. ben, over to you. the idea we will see an extension of the tax cuts. you think that is part of what is supporting the market right now? >> it is because if that were to happen, then you get an adjustment of the average corporate tax rate higher. i think that would affect a lot of companies. i think the market rate is trending that the corporate tax rates are rolled over next year as she says is likely the case. they are paying abbove the average rate.

it is the overall support it has for the economy. you have a corporate favor climate in the u.s. that is the market for either administration. if you want to bring back all of the american funds, you have to create a favorable investment climate. the market is thinking that more investment alongside of it in the semiconductor and a.i. data centers. >> ben, i'll stick with you for a minute. you are looking at defense stocks and gold right now. again, with so much sentiment on wall street, especially that former president trump is going to win and growing sentiment of a red sweep, how does it make you view those? gold and precious metals and defense stocks? >> it is amazing. gold is an asset of uncertainty and range of outcomes. that is probably the case. we are going into the election of whomever wins, there is a range of outcomes fuelling gold.

you get the good defense stocks demand. the geopolitical tension may rise after the election. it is back to investments. we want to have a strong defense here. i think that is the focus in either administration. you know, it's essentially driving up the economy through the defense sectors. this is why it's in a lock-step and it stays that way because this is the trajectory and post election, more geopolitical tension, essentially, drives up defense stocks. >> henrietta, back to you and give you the last word. the markets see one thing and the polls see another way. it is a dead heat. based on policies, we will see an increase to the deficit. as we look at that, if you are an investor, what part of the market should you lean into and stay away from?

>> that's exactly right. ben nails it. there's no chance defense spending comes down. little known reality and appropriations in the budget circles that are wonky is you need 60 votes for anything next year. cutting, raising or continuing to spend. the path to 60 under harris or trump is more spend. there's no scenario with reduced defense spending or reduced domestic spending. there will be another basket with ukraine spending. there will be more under trump. in general, spending will go up and deficits will be $1.5 trillion and high end of $3 trillion in the next bill we write in 2025. >> a lot to think about. ben emons and henrietta, thank you very much.

we will be live on election night with reaction on some of the biggest names in business. it starts from the new york cnn/orc. new york stock exchange. we will cover everything. asia and the european markets. the whole she bang. we have ""squawk box" coming up at 5:00 a.m. stay with us for that coverage. and alphabet will report after the closing bell today. the search giant is the first in a very big week in mega cap tech earnings that wraps up with apple and amazon on thursday. joining me now is nancy tengler. >> good morning, frank. i'm so glad to be seen.

we had a l lot going on. >> you are pulling back the curtain. what do you think about kicking off the hyper scalers and the next chapter of the magnificent seven sneearnings? >> i don't have a lot with the mag seven. there is a lot with the prime video ads. what we want to do is get through it unscathed and hear how the company guides for next year. the stock's cheap. we added it to our value portfolio. it tells you all you need to know. i think we want to listen for any kind of monetization of a.i. what is the catalyst? i don't see one this quarter. >> you mentioned the stocks forward pe ratio trading lower than the market right now. interesting. you are not expecting a big wow from amazon this quarter.

the magnificent seven is supposed to pulling the quarter. mag seven earnings, 18% for the year. give us a sense how much weight in your mind is this week on the rest of the year? we know this is a big week, but for the rest of the year, investor sentiment and everything else going on in the world, we just hit on it. ele election and geopolitics. >> we were part of the summer swoon when people said the bubble was over. it is critical. it is 42% of the market cap of the s&p will report this week. these names are continuing to generate free cash flow. they were put in the penalty box because of cap ex spending. yet, microsoft will generate $47 billion and google is $64

billion. i think you want to listen for a.i. monetization, use case expansion and cloud computing continued growth and margin. i'm not convinced google is the star of the show this week. i think it is more like the other names. >> all right. you think it might be the other names. i think my bottom line question is do we need to see a beat and a raise? you hit on something else that we are all expecting big jumps in cap ex spending. can we see a rally continue through year end out a big wow in these names? >> no. you need beats and raises. we saw that with tesla, except on rest venues. we know from corporate tax receipts that the earnings are going to be a lot better across the board in the s&p than the

street expects. these are names you want to own in had my view and broaden it out in the summer. we added a position in nvidia. we added a position in amd. we expanded our position in dell. he you want to be not hardware names, but in the hyper scalers. hold on. i think we're early innings in the a.i. revolution. i think it will continue for a couple of years. >> a lot of people are holding on. nancy, let me ask one more question. we don't know what will happen in the fed meeting. we have a big jobs report coming up. we have a gdp report coming up that could be a market mover. are these where you want to be more defense? are these defensive names? are these growth stocks that will continue to power the market for, you know, months to come? years to come? >> i think they're all of the above, frank. youreal gdp is excellent.

remember, nominal gdp has come down. they are defensive growth names. this is where we're hiding out with the majority. we're overweight in the large cap strategies. i think it is a great place for investors. particularly oracle that pay a good dividend. growing the dividend like microsoft. they will not out perform every quarter like microsoft this year, but they will continue to perform. >> nancy tengler. have a great day. >> thank you. coming up on "rlidwodwe exchange," the bull case for one under the radar a.i. stock is prime for a breakout. we'll be right back after this break.

it's our son, he is always up in our business. it's the verizon 5g home internet i got us. oh... he used to be a competitive gamer but with the higher lag, he can't keep up with his squad. so now we're his “squad”. what are kevin's plans for the fall? he's going to college. out of state, yeah. -yeah in the fall. change of plans, i've decided to stay local. oh excellent! oh that's great! why would i ever leave this? -aw! we will do anything to get him gaming again. you and kevin need to fix this internet situation. heard my name! i swear to god, kevin! -we told you to wait in the car. everyone in my old squad has xfinity. less lag, better gaming! i'm gonna need to charge you for three people.

welcome back to "worldwide exchange." time for a market flash. this is the mystery chart. bp shares down 2% under pressure after the british oil giant reported weakest earnings in four years. weak oil prices and refining margins weigh on the sector broadly. shares of bp down 2% in the pre-market. as we close in on the 6:00

a.m. hour, here are a few stories. boeing raised $21 billion in the largest share sales by a public company ever. the company says it sold 112.5 million shares at $143 each and $5 billion in depository shares. bloomberg reporting that apple india exports surge 33% to expand the supply chain beyond china. ford's most recent quarter with investor attention shifting to the full-year guidance coming in at the low end of the range as the automaker deal was softening demand and rising inventory levels. the washington post lost 200,000 digital subscribers and three board members following the decision not to endorse a candidate in the presidential election between kamala harris and donald trump. washington post jeff bezos

calling it a meaningful direction in the right step. in october, consumer confidence comes in the at 10:00 a.m. we get reports from mcdonald's and jetblue and snap. turning back to the markets, investors are bracing for all of the earnings report and the big tech names. markets are coming off a winning streak to the week. take a look at futures. let's bring in malcolm ethridge. a cnbc contributor. malcolm, good to see you. >> good to see you. >> malcolm, how do you see today shaping up? what is your word of the day? >> my word of the day is hopeful. that the election will come and go without much of a hitch. as markets gets jittery or

investors getting jittery because what we know is markets hate uncertainty. i'm cerhopeful that election da comes and goes and not a lot of fanfare. >> i know you as a realist than a hopeful personality. are you hoping that bond yields hoping to go down? is there a level you get concerned about equity investment when it comes to the yields? >> i think we have to separate the bond market and equity market a little bit more than in the past. typically, we like to think of them as negatively correlated. in this case, equity investors are seeing a different picture than fixed income investors. especially with the fed sitting on the next possibly two rate cuts this year. i think the bets that are coming out of there are completely opposed to each other. >> i want to get to your picks.

one is sofi. we all remember this on december 29th of last year. you came in with sofi as your pick. you called for four profitable quarters in a row. you were right about the profitability. i want to look at the chart. sofi out performing. still bullish on this name? >> i am still bullish on the name. the market is appreciatink the d out today when they announce earnings is how much that member base has grown. we know it to be 40% year over year to this point and that alone it huge when you consider most of the members utilize most of the products. if you think about how many more members it is adding coming to do more than refinance their debt, it is also deepening the relationships by putting additional banking and investment products. >> malcolm, your other pick for us.

digital realty. that was our miystery chart. >> this name has moved in lock-step with the s&p. i think it is about to break out because investors are appreciating the need to store that data in addition to the power of nvidia. >> malcolm, great to see you. one more look at futures before we let you go. that's it for "worldwide exchange." "squawk box" starts right now. good morning. a lot going on today for the markets from earnings increasing today to jobs and housing data. full rundown strayeight ahead. and ford earnings disappoint and changing guidance. and starbucks is telling employees they could be fired if they don't come back to the

office. it's tuesday, october 29th, 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. and right now, it looks like things are a little bit higher for the equity markets. dow futures up 20. nasdaq up 30. s&p futures up close to 5. this does come after gains across the board after yesterday's session. the dow was up 273 points. the s&p and nasdaq up .25% of 1%, but continues to tick higher. that is the same story with the treasury yields, too. take a look right now and, you are right, 4.30 is where the