it's 5:00 a.m. at cnbc global headquarters. welcome to "worldwide exchange." here's your "five@5." shares of microsoft and meta under pressure ahead of the open. investors are sounding the alarm of rising costs from the massive a.i. buildouts. those fears rippling across the sector. and it's not just earnings. investors will watch for a major market mover and the final pce report before the fed decision next week. plus, a judge orders elon

musk to be in court on the hearing on the super pac $1 million a day give away tied to the election. and losses tied to the ceo leaving. it's thursday, october 31st, 2024. you are watching "worldwide exchange" here on cnbc. good morning. happy halloween. thank you so much for being with us. i'm frank holland. a shoutout to the l.a. aa. dod. coming back from five runs down to the yankees. congrats to the dodgers. they wrap up the series in five games. it's a sight that a lot of new yorkers didn't want to see. shoutout to the l.a. dodgers. time for a quick check of the final day of october trading. take a look. scary for investors on this

halloween morning. the s&p down 44 points. the dow would open 200 points lower. the nasdaq really under pressure down 200 points as well. down more than 1% on the percent basis. this is tied to the chip stocks. a lot tied to the mega cap tech earnings. meta and microsoft. both lower ahead of the open. both down over 3.5%. meta basically down 4% right now. what you are seeing right here is tied to rising costs tied to the a.i. infrastructure buildouts. much more on both of the stocks deep in the red in a moment. let's look at laggards. these two names are on the list. not on this board. both of them on this board here. arm, a chip name here, leading it, believe it or not despite meta and microsoft down 3.5%. again, we had a chip selloff yesterday. super micro down 3%. datadog down 3% as well. we are checking the bond

market ahead of the key inflation report before the opening bell. pce. the benchmark 4.2 yield. the two-year above 4%. we have been talking about that. the long bond is 4.48. this is the read on inflation expectation. that is the money set up. let's get back to the ugly situation. meta and microsoft. microsoft earnings and revenue beat on better than expected azure guidance. you can see the big dips here. reme remember, this is about the time the earnings call was going on. slower growth for the third quarter. cfo amy hood on the call last night. here's what she had to say. >> we expect capital expenditures to grow. >> then there's meta reporting

weaker user numbers and infrastructure spending tied to a.i. next year. losses in the reality labs division topping $4 billion. meta down almost 4.25%. let's dig into the mag recseven earnings with storm. good to have you on. >> good morning, frank. good to on the show. happy halloween. >> i know your company is a holder of microsoft. i want your take of those earnings as well as meta. >> microsoft and meta published good earnings, but as you touched on, it is about the guidance going forward. two very different stories. we're concerned about meta. very, very strong. for us, the key is operating leverage as they deploy a.i. and infuse into the business model. earnings per share, 30% year on year.

very, very strong. we think the meta result and we think the market is overreacting with volatility and the election next week. microsoft meta is building just like the cloud back in 2013. microsoft has been pricing into the market as we speak. >> i want to talk about something else. chips. your firm is a holder of individuals. it is a holding of yours, but trimming that off your highs. what do you think about the chips yesterday? super micro was part of that. >> we had a very strong bounce off the lows for technology since the back end of july. we think it's very important to be, you know, to be trimming into strength the last four weeks. no surprise it has been a bit of a poause.

time and time agagain, it will increase next year. it is all about the price of pace and trimming when the market gets strong. we think the blackwell demand profile will be strong going into next year. we are constructive on nvidia longer term. we are starting to see earnings growth outside of nvidia going forward. we have been reminded from microsoft and meta. we think that will be important in the chip sector. >> when you talk about the price you are paying, are you talking valuation or literal stock price? >> yeah, so valuation. you have microsoft at the moment on 35 times earnings. if they are achieving 18% eps growth going forward, 35 times is a bit too expensive. meta on 25 times earnings achieving per share growth of 30% going forward, we think that is more attractive from the valuation point of view. >> let's get to the thesis on

networking. we talked yesterday. you had confidence in the hyper scalers. azure and amazon reports later today. does what you saw here, microsoft guiding for a bit of a slowdown in cloud growth? we will show networking stocks. we did a segmentsegment earlier week. cisco and arista. does that change the thesis of the second level move when it comes to networking stocks and things like this following these reports? >> two things we do know, the more compute you have, the smarter the a.i. models are getting. we got a good read through from meta with mark zuckerberg saying they are in the pre-training stage. he is building and training on a cluster of over 100,000 gpus. if you rewind back 18 months, these were about 10,000 gpus. this is a significant size of

clusters. when you have a cluster, it moves and as the clusters get larger, the larger systems and more value accruing to the network provider. we think it goes from 80 split. arista and broadcom are looking to benefit. >> i appreciate the names that the audience can look for. storm uru, thank you very much. great to see you. for more on the trading day ahead, go to cnbc.com/pro for insights and analysis. time for the check of the other big money movers. let's start with carvana. shares here are soaring up almost 20% after reporting better than expected third quarter results which were boosted by an increase in car sales. the company selling more than 108,000 vehicles.

up more than one-third from a year ago. carvana raising guidance for the full year. up over 18%. the ceo will have more in the first on cnbc interview at 11:20 a.m. coinbase shares are falling 2.5%. transaction revenue falling 25%. still, the company is up beat about the growing popularity of crypto assets. it remains committed to clarity on crypto from regulators. we want to look at rec robinhood. revenue was the second highest on record in the company. robinhood signaling momentum from promotions it rolled out earlier this year may be slowing down. it is ending the 1% deposit boost for gold customers as it did not drive as much activity as other offers.

shares down double digits. more to come on "worldwide exchange," the one word investors need to know today. the transport trade and how it is impacted by the election. what a red wave could mean for his company's bottom line. elon musk called to account for the $1 million daily voter gil give away. and my next guest says the bar could have been set too high. a very busy hour still ahead when "worldwide exchange" returns. do not go anywhere. this is clem.

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welcome back to "worldwide exchange." xpo beating on the top and bottom line. coming off one of the best days of the year. the trucking company increased revenue per shipment with the decline in volume. that was due to the higher margin business from tech manufacturing and cross border shipments to mexico. two thirds of the customers are in industrial and manufacturing and the other in retail. i asked about the impact of the u.s. election which could have an impact on his business and analysts are forecasting that ltl truckers could get a boost from tariffs if trump wins. >> the bigger impacton the business is what happens with interest rates. as interest rates goes down, the

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welcome back to "worldwide exchange." taking a look at u.s. futures. you see we are deep in the red. s&p down .75%. the nasdaq would open 240 points lower down .50%. it looks like it would open up about 1% lower. we want to look at the dow laggards. microsoft at the top after earnings. shares down 3.75%. followed by amazon. amazon reports later today. intel down .75%. one more look at the laggards. arm holdings at the top of the list down 4% following the chip selloff yesterday. microsoft and meta with datadog down more than 3%. turning attention now to a

big economic report later today. pce. jay powell and the federal reserve will get one last look at inflation ahead of the rates. pce is expected to re-released 8:30 a.m. eastern time. today's report follows a hotter than expected cpi read at 3.3%. joining me now is tom porcelli. >> good morning. good to be with you. >> tom, big question here. what does this pce report really mean? it is the fed's preferred rate, but the fed is focusing on the labor market right now. in hyour mind, how big is this context? >> you framed it perfectly. the fed shifted focus away from inflation for the moment. it is the dual mandate. it matters, but i think they are

placing more emphasis on labor at this point. later, they all matter. all of the reports matter. they will always matter. when i think about the inflation outlook over the coming year, i think we're in a much more sort of benign rate environment inflrate environment. the price level part of this which is a completely separate conve conversation, but from the inflation conversation, we're in a much more palatable back drop for the fed. we are drifting to the 2% target. that means in the -- the -- the benefit of being able to focus more on labor. look. we have been getting mixed signals on the labor back drop. the standout was the payroll report last month. prior to that, you had some pretty soft outcomes. i know people seem to be really

wanting to buy into the idea that labor is really reaccelerating from here. i would urge some caution on that because there is an assortment of labor data that has really come in quite mixed. i'm not making the argument that labor is breaking down here. >> tom, you are leading me to my next question about the jobs report coming up. you are leading me into that. we're going to talk about the jobs report on friday. we'll examine it. it will be a market mover. pce. it could move the markets. a big factor in the jobs report is the skewing of it. whether it's the strike, severe weather, a lot of different things going on. when we look at the jobs report, how will you look at it? will they take into account we had the east and gulfport strike? any issues that could change the numb numbers? >> no question about it. the agency that pulls the report together is saying there is a

40,000 impact on the strike. you have to look through the noise. this report is volatile in a volatile reporting area with the strikes and hurricanes. we have to understand the impacts. this is one of the reports where you have to fade the outcome. if you look at the range of estimates, it is incredibly wide. i saw someone looking for a negative and someone looking for a plus 165, i think. a pretty wide range of estimates. i think what that suggests to us is you probably fade this number to some extent and wait until next month. the problem is -- >> we have to wrap it up there. i apologize. you are clearly awake. we appreciate that. tom porcelli, we appreciate it. we're just a few weeks away

from black friday and the holiday shopping season. the deals start earlier and earlier each year. joining with us the snapshot on how much people are spending on gifts is wayne best from visa. wayne, great to have you. >> thanks, frank. >> you just put out the holiday shopping report. i want to get to one thing that was fascinating. we made the chart. wage and salary growth is out pacing inflation. what does that say to you about the upcoming holiday season? >> it has been outpacing for some time. it will help the consumer. pric prices are elevated. the salaries have been actually continuing to be quite robust. that will bode well for the money that consumers have to be able to spend. >> we heard a lot of people saying their expectations for the holiday season are moderating a bit. it is year over year growth.

we heard u.p.s. say it and they are getting indications that the holiday season may not be as robust as thought. give us your estimate. >> we believe our forecast shows 4% growth for november and december and it's always important when you look at any holiday forecast, you talk about the definition. this is non seasonally adjusted less auto, gas and restaurants. 4% this year. 3.9% last year. that's a pretty respectable level of growth. the difference this time, we are starting to see inflation as it does indeed decline a little bit. it will provide the real spending which is strong. we could see more people in terms of selling going to the store for example with more foot traffic to those going to the stores. >> that is interesting. more people are going to the stores in general. what does that mean? do people buy more in the

stores? i say this all the time on the show. i buy three of something and send back two things that don't work and keep the one that does. >> speaking of the online space, better than 50% of the spending will, indeed, be online with the most predominant online tool being the mobile phone. that will be a big item. when you look at, you know, the foot traffic that is likely to occur because not everybody wants to shop online. i'm not really big about looking at an avatar of myself and dressing and saying, damn, i look good. i need to go to the store. i want to try things on. i think we'll see more of that. again, with inflation coming down a little bit, there will be more foot traffic to spend. overall dollars will not be significantly different than last year where we grew at 3.9%. with inflation coming down, there will be more foot traffic. >> wayne, what i hear is with

the special mirrors, you want to go to the stores and say i look good. we talk about the changing consumer here on cnbc all the time. you gave us a stat which is fascinating. tell me what this means. back in 1970, about 50 years ago, 33% of the population were children. now it's just 20%. as we enter the holiday season, what does that mean? >> it means that santa's going to be not making as many stops because there are not as many children. i think there is a broad reaching implication of that in terms of the gift buying that they'll be doing. what will likely show up is the boomer parents, excuse me, grandparents, and i'm certainly one of those, will be buying more presents for their grandkids as opposed to parents because they have the flexibility to be able to do so. >> wayne best, it is a pleasure to have you on. if anybody is in the store, they

should tell you how good you look. >> thank you. china vongetiaonwi rati for the levies in the ev trade wars. we will have much more coming up after this break.

it's clear there are a lot

of new opportunities to use new a.i. advances to accelerate our core business that should have strong roi over the next few years. so, i think we should invest more there. second, our a.i. investments continue to require serious infrastructure and i expect to continue investing significantly there, too. >> that was meta ceo mark zuckerberg on the earnings call last night warning of the significant ramp up of the expenses of a.i. next year. the company results beating the street, but user numbers weaker than expected. you see the selloff. stock under pressure down 3.35%. welcome back to "worldwide exc exchange." i'm frank holland. first, we do a check of u.s. stock futures. take a look. kind of scary for investors on this halloween morning. s&p down 45 points. that is .75%. the dow down 225 points.

it is down .50%. the nasdaq is down more than 1%. let's look at the laggards on the nasdaq 100. super micro. we hit on the accounting issues. shares down 4.5%. followed by arm. big chip selloff. down 4.25%. earnings movers to the down side. meta and microsoft down 3%. datadog on the list as well. let's look at the benchmark. the benchmark at 4.29. a bit of a surprise to a lot of investors. long bond at 4.5. remember, this is the read on inflation expectations. pce coming up later today. that is the money set up. back to the top market story. it's your big money mover. micr

we are talking microsoft and we are talking meta. investors are spending big. microsoft expects revenue growth to come in 10.5%. right in the middle of the range. delivering more than $24 billion in sales. that's up 20% from a year ago. for meta, things appear a bit more dire along with a warning of meaningful acceleration of infrastructure expenses next year, the company reported ballooning losses for the reality labs division with ar and a.i. losses are hitting $4.5 billion. the report is casting a cloud on what investors could expect when amazon and apple report after the close today. joining me now is joel kalina. >> good morning, frank. good to be back. >> we want to dig into the results, but your quick reaction on meta and microsoft. selloffs on the stock.

do you think that is warranted based on the numbers they reported? >> i do. i think it is a simple reflection of the little earnings enthusiasm with the flurry of catalysts on the macro front we have. the jobs report on friday and the election on tuesday and the fmoc on thursday. there's just a lot of catalysts that people are trying to grapple with. we have seen people degrowth over the last few weeks. i think people are comfortable with the current positioning and sizing and now seeing what next week brings. focusing back on tech, i think we start on met thmeta. the number one issue is positioning and lofty expectations around the top line that came in at 40.6 billion. hoping for a $41 billion number. the 2025 cap ex and they didn't guide to any number which is

frustrating. i point to the last couple years, it if anyone earned the right to spend, it's mark zuckerberg. >> the street didn't like this one. meta's cap ex guidance. a $1 billion increase on the bottom end of the range. i know it is $1 billion. relatively not that big of an increase. why do you think that setoff investors and concerns with the bottom end of the range? >> i think people are nitpicking a little bit. no enthusiasm to add on given the calendar that is in front of us. look at the operating margin. 340 basis points ahead of where the street was. again, the company is firing on all cylinders. they are monetizing a.i. t. is

c is coming up in their numbers. near term it is soggy. maybe the faster money that was hoping for a bit more on the top line. i think any significant pullback, 5% or 6%, will get bought easily by the community. >> let's switch over to microsoft. the stock seemed to selloff a bit when they guided to a bit of a slowdown. 35% is pretty good. it beat our estimates here on cnbc. we have higher estimates than the street. the street had 29%. why a slight guide down, 30% range, lead to a selloff? a quarter ago, if they were able to get 25%, that would be great. please go ahead. i'm cutting you off. >> that's the nature of the stock. i think the price action of microsoft is more concerning. it has been a huge under

performer not just recent, but two or three quarters now, especially mega cap peers and large cap software names. the reason is the lack of upward eps revisions. when azure came out with the cap last night, they were looking at 31 or 32% growth rate. the buy was 33%. that's pretty poor. that is the night before google cloud came out accelerated to 35%. if you're comparing that, it's very, very disappointing. >> joel, before you get to the next thing, we're almost out of time. i got to ask you, is there a read into amazon? is there a read into apple? what is this telling us or potentially telling us about the reports coming up after the bell? >> i think apple is idiosyncratic in nature. the guidance that comes out and

the iphone cycle. for amazon, the read is aws. third party data has been ex accelerati accelerating. the concerns with amazon are more with the retail business and state of the consumer and the operating income guide for next quarter. so, i think microsoft's a little bit insulated to a degree just because there's been some issues there and they've been trailing their peers. ag again, people want to own s.a.p. or salesforce or oracle within the large cap software complex. >> joel kulina, thank you for being on today. >> thanks, frank. coming up on "worldwide exchange," arm putting pressure on shares ahead of the open. as we head to break, robinhood reporting earnings and launching a new service to allow fully automated shipping. it could be significantly impacted if tariffs are expanded. this is a stock a lot of

investors are watching. the company says the infusion will help mitigate strikes and natural disasters and geopolitics. shares are up more than 25% year to date. we are back in just a moment. ita to have original medicare.ita it gives you coverage for doctor office visits and hospital stays. but if you want even more benefits, you can choose a medicare advantage plan like the ones offered at humana. our plans combine original medicare with extra benefits in a single, convenient plan with $0 or low monthly plan premiums. these plans could even include prescription drug coverage with $0 copays on hundreds of prescriptions. and medicare advantage plans ensure that your covered medical costs will never go above a maximum out-of-pocket amount that you know beforehand. most humana medicare advantage plans include dental coverage with $0 copays for covered preventive dental services. vision coverage that includes vision exams and a yearly allowance towards eyewear. even hearing benefits, including routine hearing

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care. welcome back to "worldwide exchange." time for a check of the corporate stories with silvana henao. >> good morning, frank. happy halloween. the judge ordering elon musk to

appear in court today over the election prize give away in pennsylvania. the emergency hearing in philadelphia will address the suit seeking to stop the give away from the musk political action committee. the judge arguing it is an illegal lottery influencing voters. musk, attorneys for his pac, did not respond to a request for comment from cnbc. the cdc said the number of people affected by the e. coli linked to mcdonald's quarter pounder has climbed to 90. that is up from 75 about a week ago. the agency says while it is still investigating the cause of the outbreak, the slivered onions used on the burger is the likely source. any further risk to the public is very low with the most recent case being october 16th. we are watching shares of

super micro after plummeting more than 30% yesterday after it revealed its accounting firm has resigned from its relationship with the tech company. we're seeing shares right now down over 4.5% in the pre-market and down more than 33% week to date. now, in its resignation letter, ea earnst & young said it is not associated with the management. it is working to select new auditors and does not think it will result in any restatements of the quarterly results. >> quite a statement from ey. shares of super micro down. you don't hear an accounting firm come out with a statement like that. silvana, happy halloween. time for the morning call sheet. we start with bernstein with arm holdings downgrading.

the long term story is appealing. and deutsche bank lowering the price target of kraft heinz. the valuation remains attractive and sees extended path to top line recovery likely pushing out any serious positive catalyst. morgan stanley moving biogen to equal weight. the launch of the early alzheimer's treatment has tracked below expectations and sees challenges over the next year. ahead, we have the one word investors need to know today and the stock pick every investor needs to know. china with retaliation over tariffs on electric made chinese vehicles. de will have more on if both sis can find a solution. look at shares of the ev makers. xpeng up 2.25%. we'll be right back after this.

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stop waiting. start investing. e*trade ® from morgan stanley. welcome back to "worldwide exchange." one more look at futures. again, deep in the red. s&p down .75%. the dow down .50%. the nasdaq down just about 1%. we're taking a look at the european markets in the red. the ftse 100 down over 1%. the cac 40 is down .75%. the ftse mib down 1%.

the asian markets. shanghai up .50%. the japan nikkei down .50%. the hang seng down .13%. the kospi down 1.5%. the bank of japan deciding to keep interest rates on hold at 0.25%. that is expected after the t two-day meeting. it comes amid the uncertainty with the ruling democratic party lost majority in last week's snap elections. and china manufacturing with the pmi rising above the 50 mark. that separates growth from contraction. services pmi inching up slightly. it supports the chinese policymakers that new stimulus measures will get the second largest economy on track. and stellantis third quarter revenue fell 30%. the parent of chrysler and dodge

is reducing inventories in the u.s. ab inbev is dragged down by china and argentina. shells third quarter profits with weaker oil trading were offset by higher gas sales. turning back to china and rising trade tension. beijing warning of retaliation after tariffs as high as 45% on its electric vehicles. this is after the talks by both sides fell apart. eunice yoon is joining us with more on this story. eunice. >> reporter: thanks, frank. the tariffs are already in effect. the eu now joins the u.s. as well as many other countries in setting up barriers to chinese evs. chinese ev makers have been focused on the european market to expand press seence. the real impact on the tariffs is unclear.

many analysts said they believe that even at 45.3%, the tariffs, which are to be enforced for five years, are too low and won't be a real impediment to chinese in europe. the u.s. tariff is 100%. negotiations, though, to find alternative to the tariffs is still ongoing. the european commission is thinking of sending a team here to have discussions on minimum prices. so a floor for the ev exports to europe. there are reports, though, that the two are extremely far apart. frank. >> really interesting. eunice, for months, this is a discussion. i remember the german chancellor has been out saying german automakers shouldn't be afraid of chinese evs and encouencoura. with germany against this, what direct retaliation can we expect? there are people in the eu that don't want to see this happen.

>> reporter: absolutely. there's been plenty of disagreement within the eu and german automakers have been concerned about the possible retal retaliation. in addition to that, the chinese already suggested that there could be retaliation that could go beyond the car industry slapping certain other industries with anti-dumping probes such as brandy, pork, as well as eu producers of dairy in addition to that, there's been other reports by reuters, more specifically, that the chinese are now pressuring their own carmakers not to invest in countries that already had backed those tariffs such as france. you could see this escalate into a broader trade war. >> eunice, i don't want this to go by. tariffs on pork. china is the biggest pork

importer in the world. eunice yoon live in beijing. thank you very much. coming up on "worldwide exchange," more on meta and microsoft and how they are weighing on the markets ahead of open and which is a buy. if you haven't already, follow our podcast on spotify or apple or other podcast apps. much more "worldwide exchange" coming up after this. is it me... or is work not working? at least, not the way it could work. your people are buried in busy work. and you might be thinking... can ai make it all work? it can. on the servicenow platform, ai transforms your entire business. your people work better, your customers are happier, and todd... well... he's practically euphoric. practically. so, let's get to work. (♪♪)

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welcome back to "worldwide exchan exc exc exchange." let's start off with shares of e-bay hitting hard at the open. down nearly 10%. the second biggest laggard. overshadowing better than expected numbers for the third quarter. shares of roku sinking after it reported another quarterly loss and flat revenue per user. shares down 14%. shares of trump media and technology adding to the 22% drop. the sharpest in seven months. shares have been the subject of volatile trading in the run-up to the election. yesterday, robert frank was on saying the trump media and technology is the most profitable business venture.

he said mar-a-lago may be the second biggest. shares down 6%. shares of booking holdings are topping estimates for the third quarter and resilient demand for international travel offset weakness in the u.s. shares up over 6%. here's what to watch today. economic data. pce and jobless claims and personal income and consumer spending figures. also, we have another stacked line up of earnings. two of the big ones. apple and amazon. latest mag seven to report. we get results from chip maker intel, mastercard, uber. uber added to the dow transports. merck and comcast. back to the session. ugly session shaping up for microsoft and meta. earnings revenue on better than expected azure cloud growth.

guidance is weighing on the stock. cfo amy hood on the call last night had this to say. >> we expect capital expenditures to increase given the cloud and a.i. demand signals. >> let's switch and look at meta. weaker user numbers and warning of significant acceleration in infrastructure spending tied to a.i. next year. also, losses in the reality lab division topping $4 billion. seeing those shares as well under pressure. let's get a check of the big money movers. carvana shares soared after the better than third quarter results.108,000 vehicles. shares are up just about 20%. carvana raising guidance for the year. the company's soizceo will have

interview at 11:20 a.m. coin base revenue falling 25% for the quarter. they are up beat about the crypto assets and remains committed to getting more clarity on crypto from regulators. shares of coin base down 2%. robinhood is tumbling after missing estimates. revenue was highest on record for the company. robinhood signaling promotions that rolled out earlier this year could be slowing down. shares of robinhood right now down over 10.5%. we are looking at xpo shares trading at the all-time high on the third quarter earnings. this morning, look at the action in the pre-market. down about .13%. the company was able to increase revenue per shipment.

the ceo telling me it was due to higher margin business from manufacturing and cross border shipments to mexico. two-thirds of the customers are in the industrial and manufacturing business and the other third in retail. i asked about the impact the u.s. election may have on his business. a number of analysts forecast ltl truckers could get a boost from tariffs if president trump wins. >> the bigger impact on the business is what happens with the interest rates. as interest rates come down, what you see is the industrials or companies spending more capitol from industrial companies which stimulates the next industrial cycle. on the retail side, lower interest rates leads to consumer having more confidence. >> if you want to see my full interview and the outlook on tariffs and a.i. is a big tailwind for his business. go to cnbc.com. let's see how the trading day is shaping up.

we take a quick look at futures. we mentioned futures under pressure. in the red across the board. the s&p down 45 points. almost .75%. the dow under a bit of pressure down 200 points. it would open up .50% lower. it is really the nasdaq under pressure with the microsoft and meta earnings down 1%. the same level it has been all morning long. the nasdaq 100 laggards. this is a change here. linde down over 5% right now followed by super micro. having accounting issues. ey actually resigning as its accounting furthermore. seeing irregularitirregularitie. shares down 4.75%. chip names under pressure. arm holdings under pressure in the pre-market. microsoft at the top of the list. shares down almost 4%. followed by amazon. amazon reports after the closing bell. maybe seeing a read from the hyper scaler slowdown with the

read into amazon. amazon is the largest of all hyper scalers. let's take a look at treasuries ahead of pce coming up today. inflation report and questions about how meaningful it is especially with the jobs report coming up tomorrow. we take a look at bond yields right now. the benchmark is what we focus on. we will show you the bond yields in just a second. earlier this morning, we were seeing 4.29%. that does it for us. "squawk box" starts right now. good morning. tech stocks under pressure. you can see that in the nasdaq. shares of microsoft and meta platforms falling despite earnings that beat estimates. we will look through the earnings straight ahead. starbucks ceo brian niccol fundamentally vowing to change the strategy. and a judge has ordered elon

musk to attend a hearing in philadelphia in a lawsuit that accuses him of running an illegal lottery with the voter sweepstakes in swing states. it's october 31st, 2024 and "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. as joe mentioned, there is pressure on the equity futures. nasdaq bearing the brunt of things. dow futures off 1781 this morning. the s&p off by 40. that does come after slight declines for the major averages yesterday. if you look at the october performance on this fi