♪ it is 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." futures pointing to more gains ahead as the nasdaq soars to a new record high, it's first since early july. your wednesday stock winners, that's alphabet, shares are popping as cloud-delivered beat delivered an earnings beat. and chipmaker earnings, those shares are falling after fourth quarter guidance comes up short

of expectations. plus, riding the optimism of red wave on election day, bitcoin, record high, after pull be back this morning. speaking of elections, we look at trump's media technology. it's now the former president's most profitable business venture ever. it's october 30th, 2024, you're watching "worldwide exchange" right here on cnbc. ♪ good morning, and thank you so much for being here with us, i'm frank holland, get you ready for the trading day today. we'll get to your wednesday morning movers in just a moment. we kick things off with futures, nasdaq, record high, first since july, on the board, s&p 500 up fractionally higher, up 12 points, dow, 25 points higher, nasdaq fractionally up just over 30 points. we also want to look at the bond market with yields across the board at highest level since

july. remember, the economic numbers out before the opening bell. the adp private payrolls and gdp, that might be a market mover. the benchmark, two-24, over 4%. long bond, 4.48. those numbers rising. this is a read on expectations. d.c. coming up this week. and we're going to speak to tour steppe slok about pgg and yield and much more. also this morning, we're looking at cryptocurrency, bitcoin. you see bitcoin pulling back a bit, down 0.75%. it's coming off all -time, 72,000, coming up 200 bucks short. big for bitcoin going specifically into the election. that's the morning set up. we want to go to the morning's

money movers. parent company, alphabet, jumping after the open, up 5.5%, after reporting a 34% profit pop in the third quarter. strong computer sales, those are a driver, 35 billion, up 35% year over year. alphabet easing investor concerns over its most profitable segments search and advertising. s sales up 12%. and new minted cfo says spending levels will likely increase in the year ahead. >> we will be investing in q4 at approximately the same level that we've invested in q3, approximately 13 billion. and as we think into 2025, we do see an increase coming in 2025, and we will provide more on that on the q4 call.

and not going to be the same percent up that we've seen in 2024, but additional increase. >> well talk 'll talk about tha in the show. and snap stock surging ahead of the open after third quarter results beat analysts' expectations though the revenue guidance came in a bit light. a $500 billion buyback share may be easing those concerns. shares up 9.5%. you don't want to miss evan spiegel on money movers. amd showing pressure after a record quarter on booming data sales. you can see shares down 4.5%. and expecting revenue to come in 7.5%, low on the guidance. and the ceo lisa su will have

much more at 9:00 a.m. on cnbc. as we mentioned at the top of the year, the ten-year treasury rising since july. raising concerns for one market watcher, a very notable, crijim cramer on stocks saying this could create a narrowness on the market that could impact the rally. >> interest rates don't stop their quick rise, they can go up slowly, i get that. but the quick thing, what's going to happen, we're going right back to the same old, same old. i promise you, big tech stocks were winning and many more were losing. in other words, we're on a verge if the market doesn't come down to what i can describe as a suboptimal situation. >> let's bring in david, great to have you good evemorning.

>> there's two points there. with the flight from safety to tech, does that narrow it and impact the market? because a lot of the rise year to date has been have that narrowness. agree or disagree with cramer's take that the rise in the buy is a big issue? >> well, i think that is a problem if it rises rapidly from here. but investors will be interested to note that during the entire bull market that's been going on two years, the average ten-year yield is 4.1. so we're right in the correct range. over a long period of time, it's 5. so i'm not worried about it. also the best analog is probably when the fed was cutting rates in 1995. and you saw a 50-point rise in the ten-year and deteriorated from there we're going to get an inflation tomorrow that's likely cooler. there's stickiness out there. but housing at 7%interest rates is not going to drive inflation from here. so i'm not overly concerned.

and, frankly, gdp has ticked up with the citigroup going higher. nominal, should be higher, ten-year should be hirgher. i'm not that worried. >> i want to start with mega stock. the mag, the rest of the s&p, 493, just 0.1%. i know you said that the mag is there, but what has to happen with the mega tech stocks to keep it going in your mind? >> i mean, it's astounding, we've had two report. and they handedly beat. we'll get two more today and nvidia on november 20th. and the rest substantial. when you look at the rest of the 2000 earning which contain none

of these stock, they're up. there's earnings but when you look into next year, 15% estimates, 13%, the year after that, mag cap tech continues to be a juggernaut and astounding, but this earnings activity is broadening. i'm optimistic for the market as a whole. >> david, you hit on something that a lot of people are talking about and that's valuation. the s&p 500 is about 24 times forward. a lot of the action that we're seeing is that a lot of confidence to this rally that we're definitely going to get the rate cut from the fed? 90% of traders believe we'll get a quarter cut coming up next week. if we don't get that, how does that impact the market and valuation that you just brought up? >> we will get the near-term rate cut. i don't know about december. i'd cut in december. valuation is actually

reasonable, if you consider a 4% treasury yield. the parity would be 25and we're in line with where they need to be and justable aa aable justif with above average growth. and the fed cutting bringing rates back to their neutral level. this is a place where investors just don't need to overthink. >> david whaddell, we'll leave t there. good to see you. 23 s&p companies reporting. two others we're watching closely for clues on the broader spending and spending including the glp-1 weight loss drugs. >> good morning, frank, it's all about glp-1s for lily, the

question for lilly, whether they can keep up the momentum we've seen from the drugs. wall street is looking for mounjaro sales of $3.77 billion and zepbound, $3.6 billion. we're looking for updates on supply. remember, that has been the big question from lilly and nova nordisk for demands. we'll have dave ricks on, we'll be sure to ask him about supply and demand and where he sees it going forward. caterpillar reporting, wondering if it's demand for pumping and the other focus on inventory cuts and texas instruments on semiconductor,

and investors want to hear from the ceo about the broader market and whether he sees it improving in 2025. and whether the election can change its outlook. one bright center will be data centers providing batteries and power needs. earlier this year, cat partnered up with microsoft. wall street will be expecting earnings of $5.31 on revenue of $16 billion when cat reports, frank. we do have more to come on "worldwide exchange," including the one word that investors have to hear today and the stock pick that every investor needs to know. but, key spending trade ahead of the holiday season. for and election day, looking at the trump surge in donald trump's wealth, in what is probably his most scefuucssl

business venture. what happens if he takes the white house. and later, two big tech earnings. we have more with "worldwide exchange." at betmgm, everyone gets a welcome offer. so whether you're courtside trying to hit the over... or up here trying to hit the under. whew! or, hitting that win with your crew. ohhh! yes, see defense! or way up here with a same game parlay. yaw! betmgm's got your back. get your welcome offer. and play with the sportsbook born in vegas. all these seats. really? get up to a $1500 new customer offer in bonus bets when you sign up now. betmgm. download and bet today. were you worried the wedding would be too much? nahhhh... (inner monologue) another destination wedding?? why can't they use my backyard!! with empower, we get all of our financial questions answered. so we don't have to worry.

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♪ ♪ with so much great entertainment out there... wouldn't it be easier if you could find what you want, all in one place? my favorites. get xfinity streamsaver with netflix, apple tv+, and peacock included, for only $15 a month. welcome back to "worldwide exchange." global brewing giant, ab inbev reports earnings well before the opening bell tomorrow at just about 1:00 a.m. eastern time. shares are trading pretty much in line with the s&p over the past months.

they're up 4%. and abinbev, revenues and profits rising just over 3%. sales dropped sharply in the u.s., involving bud light's sponsorship. involving a transgender influencer. and molson coors next week. and highest demand for spirits with the holiday season about to kick off. according to them, sales have fallen over the past months. joining us is the ceo of spirits, it's named after a former slave who taught jack daniels how to make whiskey. good morning. glad to have you here. >> good morning. >> spirit sales over the last three months, they've fallen actually. >> yes. >> what trend are you seeing in your business?

you're in the premium whiskey business. >> absolutely, we're seeing it go up. it's very interesting. it's like the middle class of spirits is disappearing like it is in america. you're seeing people trading up and you're seeing people trading down. so, from a volume perspective, we do have a challenge. but what i will say, when i am looking at overall trends, we keep doing this thing where we're treating post-covid like people are still sitting at home drinking whiskey in their tea cups. if you look at -- i mean, think about it. people were on zooms, they didn't have to drive. and no one seemed to forecast for this. but if you go back over the last ten years and you just look at what the normal growth would have been, where we will be this year, where we are right now, we wouldn't even hit that until the end of next year. >> so covid pulled forward a lot of demand, a lot of spending, premiumization, it's hard to get that word out. >> yes.

and here's the thing that we're looking at, the sales that they're reporting is different than what consumers are pulling through. what consumers are pulling through is up. >> it keeps going up. we keep talking about this stress spender. the consumer business, even though the consumer is stressed, they want to reach up another level? >> absolutely. you have the gen-zers, g gen-millennials, really, there's another group saying i want quality but i want to actually trade down for. >> as for the pandemic, as you mentioned we were at home drinking. >> we were. >> looking at bars and restaurants, the on-premise, versus at home, what trend are we seeing, specifically going into the holiday season, are we seeing people buy and stay in, obviously you can afford more when you buy it at home, rather than a bar?

>> you're seeing tequila, us rise, 15 to 20% going into the season. but we're in that premium space, so we're also seeing some of the big guys come down. it's really what people are choosing, they're choosing different. you're going to start seeing things shift. beer market -- >> different story. we got to get out of here in a second but i want to talk to you about something. you mentioned people are coming out for a premium product but you came out with a lower priced product. >> i did. people want a premium, why would you come out with a lower priced product? it's about narrative, how do you sell that narrative if the idea is to pay for the premium? >> again, middle class is disappearing. you have a group that's going up, you have a group that's trading down. so, we wanted to make sure we're on both sides of that, uncle nearest has been $50 and above. but with the group that's trading down, we wanted to make

sure we had quality under $30. and that's the volume play. >> fawn weaver, uncle nearest, great to have you here. a little too early to do a taste test. great to see you, next time. >> i know, you too. and roku, in one area of the markets that shed a light on areas set to report and key insight that you cannot afford to miss. stay with us. have you ever thought of getting a walk-in tub for you or someone you love? now is a great time to take a look at getting a safe step walk-in tub. with safe step's standard heated seat and new fast fill faucet, you can enjoy a nice warm bath up to 20% faster! and the convenient touch pad control is right at your fingertips. each tub comes standard with a dual hydrotherapy system. the ten water jets can help increase mobility, relieve pain, boost energy, and improve sleep.

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♪ welcome back to "worldwide exchange."

taking a look at u.s. stock futures. you can see we're in the green across the board. the s&p up, looking like it's going open up a quarter percent high, dow, 2 points higher, fractionally higher. nasdaq up 42 points. we want to look at laggards on the nasdaq. chip stocks under pressure. amd off earnings down 8.5%. followed by qualcomm, nxp and micron, with chip stocks. turning our attention to the election. with just six days to go until election day, we continue to see sudden surges in terms of president trump's mede media co. the company just over 70%. that's adding to the already staggering gains and adding billions of dollars to former president trump's wealth. our robert frank, he's been crunching the numbers there. he joins us more with this

story. robert, good morning, good to see you. >> good morning, frank, donald trump heading into the election nearly twice as wealthy than the last two elections, the ran, shares of dj media. shares tripling. he owns 50% of the company, 114 million shares that stake now worth $5.9 billion. they account for three quarters of his total net worth, about $8 billion. if elected, he would not only be the richest president ever, he would be the first to hold office, while also controlling a publicly traded company. the vice president and president are largely exempt from government conflict of interest rules. during this first term, you might remember, he put the trump organization into a blind trust, a lawsuit involving his d.c. hotel and potential foreign interest was dismissed by the supreme court in 2021, on the grounds that he had already left office. now with djt, wealthy investors

and governments now have a direct path to add to trump's personal wealth, and they can remain anonymous. trump saying in september, he has no plans to sell the shares. the trump campaign saying unlike most politicians, president trump didn't get into politics for profit, he's fighting because he loves this country and wants to make america great again. frank, interesting note that truth social is now valued at least from his parent company, more than x formerly known as twitter, so that's an irony, even though we all know that djt doesn't have much revenue, certainly doesn't are any profits or the number of users that x does. >> right. >> interestingly, on a valuation basis, now valued at $10 billion or a little over $10 billion. >> a lot of interesting aspects to the story. this is arguably the most profitable business venture

ever. is it only on paper? doesn't he have to shell the shares to be profitable, right now, we're just talking paper, right? >> it's absolutely paper. it's thin paper, too. if you look at the volatility of shares down 5% yesterday. it was halted numerous times due to volatility. some saying if he loses this goes to zero. the other question, if he wins where does it go? where is the value of this company beyond the belief and support for former president trump. so, a lot could change in this valuation, as well as his wealth. but it will be fun to watch, frank. >> really interesting. while you were doing this, i was thinking what's the second most profitable business venture. but i'm not going to put you on the spot. great to see you. reminder on election, cnbc will be live all night long, bring you reactions from the biggest names in the market. starts 7:00 p.m. eastern time from the new york stock exchange. we'll have live coverage from

the overnight hours midnight to 5:00 a.m., me, brian sullivan and contessa brewer. looking at the asian and european action. and then "squawk box" picked up that coverage at 5:00 a.m. eastern. it's getting an early start. full night of election day coverage. next day, "squawk box" has the highlights and reaction as well. coming up on "worldwide exchange," one week that will likely have an impact on your portfolio, including a fed decision, torsten slok is going to weigh in next. also, we're looking at shares of d.r. horton, they're coming off the biggest daily drop in nearly a year afte rtg weak demand and buyer affordability concern.moving, b dropoff after that. we'll be right back after that with "worldwide exchange."

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a.i. advancements, investors liking what they saw. i'm frank holland from w "worldwide exchange," we're going to tee up the next members that will report their earning later. right now, in the green across the board i believe the dow is hitting the highs of the morning, up 36 points. looking like it will open up 36 points high per s&p up as well. 16 point, is the nasdaq. and up over a quarter percent over 55 points. the nasdaq closing at most recent record high we saw back in july. new record high, first one since july, getting those mixed up right now. wall street, no big surprises, alphabet up 5.5%. and ea up just 2%. meta and amazon bringing up the rear. we're talking meta in just a

moment. and bitcoin, up $200 after reaching all-time high. take a look. pulling back a bit. trading 72,450, just a few bucks above that. that's your morning setup now. we're getting to your morning's big money movers. that's big stocks this morning. we're going to start off with chipotle, those stocks tumbling, shares down 6.5%. earnings, beat expectations but revenue fell short on disappointing sales growth. for the full year, chipotle reiterating that same-store sales will grow untiin midsize range. and reddit, company reporting the first profit quarter ever. beating the street on the most recent quarter along with daily active user growth and average per user. forecast for the current quarter, beating expectations,

shares of reddit up 24% in the pry market. and we're looking at visa, those shares getting a boost. profit beating expectations. the company reporting payments rose 8% from a year ago. signaling continued strength in the economy. revenue coming in better than expected. visa's board reporting a 32% hike to its dividend, visa shares up just over 1.5%. turning our attention to the markets to a very busy week for investors, start it's today with third quarter gdp at 8:30 eastern. followed by jobs report. and tuesday is election day. and fed rate cut expected. let's bring in torsten slok, chief economist at global. torsten, good to see you. >> good to see you, frank. >> let's start off with gdp.

how important is that for investors and the fed? we'll talk about that in just a second. >> it is very important because gdp gives message what is the health of overall economy. the fed began to raise interesting rates in 2022. and gdp has come along 3.2%. and any signs of a slowdown and what's remarkable in the second quarter, gdp was 3%. now the expectation for tomorrow, is indicating that gdp will be 3%. and then all along, growing around 2% according to the congressional office. and round three, where it is this quarter, still is telling you that the economy is continuing to do just fine. >> it's really a big week working on reports. we need to see pce this week. i want to ask you about the jobs

report. that's what the fed, it's signaled they're focused on folks in the labor market than inflation right now. a lot of certainty about a quarter-point cut next we're. you've been one of the voices when it comes to the fed. a lot of people thought we were getting a bunch of rate cuts this year. you put cold water on is. what are we seeing is pc important is jobs important which has more weight in your mind? >> yeah, this is really a critical question, frank. the fed has a dual mandate. and the dual mandate from the fed says inflation should be 2% and we should have full employment. for a long time, the biggest problem for the fed was inflation was too high. inflation peaked in summer of 2022 at 9.2%. and now we're at 2%. you can check that box off and the fed feels confident and rightly so. and it's shifted towards the labor market.

that's why on friday when we get the economy report that will be very important for input into that decision for what they will do at the fed meeting next we're. the consensus expects 110,000 jobs created in the month of october. that's significantly down from 254,000 from the month of september. but the reason for the slowdown is not because of the economy slowing, it's because of strikes and it's because of weather, meaning hurricanes. so this change underneath the data that there are some 13specl factors that are driving down the numbers but it means we've become a little more unreliable until we get to the jobs report. and doing just fine because of weather and because of strikes, so we still think that they will likely cut 25 basis points next we're. but we do all believe that there is an underappreciation that the economy is doing just fine. >> torsten, you answered my next question. the seasonality, talking about

hurricanes, labor actions, things like that, how you think it will impact the fed decision, you believe we're getting a quarter cut next week. we'll have to bring you back and see if you're right. torsten, thank you. more bad news for solar arrlr missing the mark on qutey results with two banks take a bearish grew on that stock. much more here on "worldwide exchange."

♪ ♪ and welcome back to "worldwide exchange." it's time for your morning call, bernstein downgrading boeing. boeing price target at $169. the aerospace giant should eventually recover from ongoing confidence sharing the market over the next year. two price cuts in first solar after falling short. bank of america going from $326 to $269. and both citing short-term

challenges including india. and boot barn, baird after the stock with 20% pop yesterday when it's earnings missed the announcement of its ceo's coming exit. and global briefing. two reports over in europe. shares of ubs taking off after a massive 30 quarter profit. and net profit year over year, taking in a new wave of clients following credit suisse. and volkswagen plunged to $3.1 billion. shares slipping half a percent on the year. results coming in september after the company cut its 2024 outlook for the second time in just a few months. elsewhere, china ev, 4.5%. published in the eu hitting tesla with an 8% levy.

and xiaomi launching suvs after the first evs. in the plan to deliver 100,000 vehicles next month. and alphabet shares taking off on the back of its latest results. e signals that may offer about another mag seven regroup set t report today. shares up. stay with us. to create new legacies, to transform a company, industry, economy, generation. because grit and vision working in lockstep puts you on the path to your full potential. old school grit. new world ideas. morgan stanley. there are some feelings you can get with any sportsbook. ohhh! the highs! new world ideas. no, no, no. the no, no, noooos -

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welcome back to "worldwide exchange." shares of alphabet jumping in the open after reporting a pop in profit for q3. shares up 5.5%. cloud computing sales were also strong, coming in $11.4 billion, up 30% from a year ago. alphabet easing concerns over major profit driver, that's search and advertising. shares rising to 39.4 billion. and on the issue of capex, newly minted cfo anat ashkenazi. >> we will be investing in q4, approximately like we invested in q3. in terms of 2025, we do see

increase and we will provide more on the q4 call. likely not the same percent stepup that we saw in 2023 and 2024, but we will. >> melissa, great to see you. >> good morning, thanks for having me. >> we're seeing alphabet shares up 5.5%. this is a stock that trades on the cloud computing growth year over year, 35% beat. is that something that you're focused on? >> it was a solid quarter. alphabet beat both the top line and bottom line, visible alpha consensus. but the key driver here and the big beat was the google cloud business. their margin came in at 17% for that business. and that's significantly higher than the visible alpha consensus

coming in, so a real beat to expectations there. >> does this also in your mind change the narrative that alphabet is not a big of a laggard, but they mentioned that alpha is writing code, 29%. but there are also concerns that a.i. would take away from its search business. we didn't see that at all. search is very strong. does this enhance alpha's expectations? >> the sale is a big issue for them. they're intending to scale-out the overall infrastructure of the cloud business so i think that's going to be a really critical dimension to the whole rollout and cadence of that business over the next couple of years. that was something that the cfo spoke to on the call, saying it's going to be a fine balance between investing in the

infrastructure. and also, managing some of the headwinds that can come from the cost around that. and also taking out and improving and optimizing the efficiencies and really, you know, embracing the demand that's out there. >> okay. >> so there's a lot of different factors out there. >> were wan want to hit other s. are you surprised alphabet is not up a bit more -- let's not get confused, it's cup. the fact that they spent more on capex and guidance they're going to spend more next year. >> it's not 100% clear exactly how that's all going to play out. the key question that i think investors will need to takeaway is that next year, google cloud's margin consensus is expecting 13%. so, the big question is is that

17% that they put up in this quarter going to be sustainable through next year? does that mean that earnings revisions could potentially come up because of that margin? do analysts have to take their margins up to, say, 14, 15, 16%? that's the big question, or is this quarter more of a one-off. i walked away from the call not 100% sure how sustainable that 17% margin is. >> that's a question for a lot of investors. again, stocks up big, 5.5%. i want to switch gears what we saw from alphabet, especially from cloud computing is that a read what you saw from microsoft? what can you take from that cloud report, specifically regarding azure? >> yeah, absolutely. the intelligent cloud business is going to be the important

numbers that are put up. i think right now, based on visible alpha consensus, we're looking for $29 billion in revenue. $13 billion in operating profit. and 46% operating profit margin. so those are the numbers to meet or beat. and i think as we look ahead, the guidance for q2 is going to be very important, too. that will be driven by intelligent cloud, overall total revenue of 70 billion. 30 billion in operating profiting and $3.23 for eps. so, i think those are the numbers to meet or beat. right now in the quarters what is so critical beating not only in the quarter but also providing guidance that exceeds expec expectations. >> melissa oto, great to see you. have a great day. coming up on "worldwide exchange," under that everyone should pay attention to especially after earningsseason

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welcome back to "worldwide exchange." as we close in on the 6:00 a.m. hour, here's a few of the big stories we're following, let's begin with amd, despite record quarter on booming data sales.

q4 low end of guident. ceo lisa su will have more here. and snap third quarter beat expectations although revenue did come in light. the ceo evan spiegel is going to join us. and boeing is reporting striking factory workers met yet, what could be the first face-to-face since the union rejected the offer from boeing last week. charles schwab looking to expand its options for 24-hour trading. according to reports, the br brokage plans to add stocks to trade around the clock. and elon musk reportedly a value of company at $24 billion. xai was valued just a few months

ago. roaring kitty, exits chewy. it will reveal a roughly 6.5 stake since back in july shares of chewy down 1.5%. >> and busy look at economic data, adp employment, and pending home sales. and also the busiest week of earnings season. we get results from mike s, eli lilly, microsoft, coinbase and etsy, just a few reporting. and market alert, investors getting set for mega tech as the nasdaq comes off the record high. joining me, amy silverman. good to see you. >> good to see you.

>> let's talk about what you're seeing in the options market when it comes to the mega tech and mag seven, what are investors seeing? >> yeah, it's incredible to think about everything that's going on this week. look, the big difference, frank, between the first half of this year and the second half is we were incredibly exuberant on the options side. people had a lotauot of fomo, ww a lot of call buying. you're seeing less of that now. it's more positioning that people have gotten long in names they've gotten long. what we're seeing in the deriv t derivtives markets. >> people are bullish when it comes to mega tech? >> right. >> can i get the word of the

day, nasdaq hitting a record close, first since july, how do you see today shapingup. >> well, my word of the day is overhang. the reason it's overhang, when you think about today, when you think about the next two weeks, look, there's just a lot of big events coming up, mega cap tech, the u.s. election or fmc. it's hard to see investors looking to the next day, it's like you're climbing the wall and when it's over, we'll see the stock market pick a direction from there. >> talking about the overhang right now. we do have a lot of potential market things coming up. the fed meeting, gdp today, jobs report coming up friday. with that in mind, how are investors just playing this volatility for the broader markets in jen, or the potential volatility, i should say? >> yeah, the one key stat until our market which is the

volatility risk premium, frank, is saying how are expectations for volatility compared with how we've seen the stock market move? and that premium is massive. meaning there's a huge expectation for forward volatility that we haven't actually seen in the past. and obviously, that's related to the events ahead. but in terms of the data you mentioned there's a growing concern in the market that what if we don't get a fed cut at all. if the data point is coming in a lot stronger. and each data point day by day is incredibly important. >> traders will get a cuts. i know you're looking at a volatile part of the market, that's the oil market. what options there, with big price spikes and drops on reports of geopolitical tension in the middle east. what are you seeing? >> we're definitely seeing

upside hedging here for this geopolitical risk. i think one thing that's been difficult for to us suss out in the markets is whether the premium is because of elections or just because of ongoing geopolitical risk premium being baked into the market. so, two energy proxies, xop, or xeg, up in canada, especially a way to give you a hedge, should that geopolitical risk get more critical in upside of the names and options. >> amy, before we let you go, we got to look at trade in the options market, it's really set up ahead of the election, what are you seeing? >> look, there's an old add dam adage mark is to trade when you can, not when you have to. it's owning near the money put option and selling a further money put option. we're seeing the s&p make this

incredible rally and we saw a lot ahead that could really turn the tide. and insurance mechanism at the time when you're taking advantage of that volatility to get a payout should there be a drawdown. >> amy wu silverman, great to see you, i know you'll see your parents in hawaii. great to see you. we'll take a quick look, see how the dow is going to open. that does to for us, "squawk box" starts right now. good morning, shares of google parent alphabet are rising after demand for the company's a.i. products. lifted cloud revenue. meantime, a change in google search engine, is driving a surge in users. and reddit, stock is trading higher, more than 20% after upbeat earnings. and there's already a multiple of where the ipo was. and a busy day ahead, we'll bring you key jobs and gdp data

and quarterly results from cater pill e caterpillar, and eli lilly, wednesday, october 30th, ooh ooh ooh, 2024, what is it, you're supposed to put toilet paper on your neighbor's bush? >> yeah, i won't say toilet paper -- >> not you. >> no! >> "squawk box" begins right now. ♪ good morning, everybody. and welcome to "squawk box." right here on cnbc. we're live from the nasdaq market site in times square. i'm becky quick, along with joe kernen and andrew ross sorkin. and here we go, we are looking forward to the open this morning. ahead of that, you d