campaign countdown. 24 hours away from election day. vice president kamala harris and former president trump layout the state of the race. investors bracing for the latest fed rate decision and comments from chairman jay powell this week following the 50-basis point cut in september. another big week of earnings

a after the ha mamajority of the seven report. welcome to "worldwide exchange." good monday morning. thank you for being here with us. i'm frank holland. let's kickoff the hour and day before the election with the look at u.s. stock futures. take a look. a bit of a muted start. the s&p up fractionally up four points. the dow 12 points lower. nasdaq up just about six points. the names to watch this week are boeing, nvidia, trump media and technology and berkshire hathaway. we will look at all of the stocks. trump media is down 6% in the pre-market. berkshire hathaway is up .50% following earnings. we'll talk more about that in the show. we'll talk more about boeing. shares up .13%. nvidia, the market waiting on nvidia. up over 2% in the pre-market. we'll talk a lot about tech as well. we want to look at treasuries.

we start with the benchmark ten-year. it pulled back five basis points from the level it was on friday after a poll in iowa showed harris in the lead within the margin of error. the two-year still well above 4%. the long bond at 4.5%. we'll be talking about the bonds and the market and the trump trade. we want to talk about oil. moving sharply higher that opec will postpone the plan to increase output throughout year end. crude right now. wti up 2.75%. trading at $71.45 a barrel. brent just a tick or at $75 a barrel. moving a few pennies. up over 2.5%. a key level for brent. that's the more than setup.

we'll have more coming up later this hour. there are two monumental events this week that can move the markets. the fed decision on thursday which is the second most important decision for your money and markets. the fed set to cut. the election tomorrow could set the shape of the global economy for the next four years. the bond market on shaky ground. the u.s. ten-year rose 14 basis points with ten of that on friday as the prediction markets pull back from a red sweep. it's flirting with the biggest decline in two months. joining me now is scott from horizon investments. >> good morning, frank. th thanks. >> let's talk about that. the bond yields down a bit. a lot of people believe that is tied to the poll in iowa with harris in the lead within the margin of error.

is that a sign of the trump trade and is that a reaction some investors should have? >> i think, frank, it is. we have seen surprising rise in ten-year rates and tied to the inflation premium. not an expectation that growth is going to be better, but fears that frankly inflation is a little bit hotter than the market is comfortable with. when you see and that, obviously, coincided with trump sky rocketing the prediction markets earlier. any hint that red sweep possibility may not end up happening makes sense for the ten-year pulling back here. >> you say it makes sense. the next couple days, we could have uncertainty of who wins the election and contesting of the election. in your mind, does that lead to volatility? same question, should investors react and how should they? >> i think one of the under priced things that folks are looking at right now is having the election is over is a good thing. having it be over and over is not the final thing.

do we know who the president is going to be? is it final? if we know that thursday morning or thursday afternoon is a good thing. that is not something the market is necessarily expecting. just having this behind us will be a boost. as for who ends up winning, if it is trump, it will be the red wave. you breakdown the fiscal and tax and regulatory policies. it's probably good for stocks and bad for bonds. not as bad as 2016 because the starting place matters. the starting place this year is ten-year rates. in 2016, ten-year rates were 1.4%. not quite as much juice there. >> let's talk about the earnings. one fifth of the s&p reporting. last week, the mag seven reports with the big tech names. mag seven down 1.75%. the s&p traded lock-step with

the mag seven. do you want to wait things out? we have a huge week. the election and also the fed decision. >> it is obviously a huge week, but this is an opportunity. this a.i. train is just really getting going, frankly. the market is worried about cap ex and worries about the typical things in the short-term. we cannot take our eyes off the long term. he every sector and economy in the world is spending money on a.i. if they don't, they miss this train and probably die. you remember what happens if you did not embrace the internet and they just went away. companies won't make that mistake this time. >> scott, you gave us trump win plays and harris win plays. if trump wins, small caps and industrials tied to expansion of tariffs and more domestic production. for harris, you believe a relief rally when it comes to retail and also mega cap tech and big cap tech.

i want to go first with the trump play with the small camps. small caps up 9% year to date. exactly what is it that gives a boost to small caps in the trump win scenario? quickly because i want to get to harris as well. >> two things, frank. it is higher nominal gdp growth. >> on the harris side, a relief rally when it comes to retail. some of that is on the idea that will not be an expansion of tariffs. the inverse there. retail is lagging. i think some of the concerns is the consumer is pretty stretched. if harris wins, how does that change the narrative? >> i don't think it changes the narrative on the consumer, frank. i think that's a false narrative. this is the consumer still getting income gains of 5% to 6% year over year. people spend money when they have it. the overstretched consumer. we don't think it's there.

as far as relief rally on the tariff coming over, these names take on the margin pressure if you get tariffs. it is not other kouchcountries pay it all or consumers that pay it all or the companies. it is all three. if it were to be harris, tariffs are off the table and probably a rally. >> skcott ladn,er, i appreciate it. for more on the day, do to cnbc.com/pro for insight and ana analysis. for more on the day, we have a blue chip shakeup with silvana henao. good morning. >> frank, good morning. that is after a 25-year run. s&p dow jones is saying good-bye

to intel ahead of the opening bell this friday to make room for nvidia. intel was first added november 1st, 1999 and along with microsoft, was one of the first nasdaq listed stocks to join the dow which came just months before the dot-com bubble burst. intel has the smallest weighting in the dow despite the stock being down more than 50% this year. down close to 55% this year. today, the more than 30,000 striking members at boeing will vote on the updated contract proposal agreed to by union and boeing leadership last week. the proposal includes 38% general wage increases over four years. that's up from the previous offer for 35%. boeing members last contract on october 23rd resulted in an

overwhelming rejection by 64-36 margin despite iendorsement by union leadership. and the eve of election day, keep an eye on shares of trump media and text chnology. coming off an historic week after shedding 26% by friday's close. on the whole, the former president has seen his net worth, mostly tied to trump media and tech drop $2.4 billion since tuesday. frank, with the latest iowa shock poll with harris edging out trump in that state, it looks like the stock could be in for another turbulent day. >> we were hitting it a sort time ago. we will have to keep our eye on it. >> we will. >> silvana, thank you very much. a lot more to come here on

"worldwide exchange," even the stock that stephanie link says is a wild buy. and berkshire hathaway trims apple stake and reports a cash horde after the latest results over the weekend. we will give you the investor take coming up. and what the secretary-general is telling cnbc this morning. and later, bob pisani will layout the market moves that make this election cycle very different from the rest. we have a very busy hour still ahead when "worldwide exchange." d 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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son: i said i'm fine. ♪ dad: you can talk to me. son: it's been really, really hard for me. welcome back to "worldwide exchange." we are watching shares of berkshire hathaway over the

weekend. shares up .50%. a number of developments. cash pile up $325 billion. berkshire still holds $70 billion of the tech giant shares. that implies it cut a quarter from the previous quarter. let's bring in managing partner at r360. barbara, great to have you here. >> good morning. >> i think the first question before we get to the numbers, the election's coming up tomorrow. does the election have an impact on your investment in berkshire hathaway or any of the other investments for the ultra wealthy individuals? >> we have market opportunities in risk call every month and that call is coming up this thursday where we will talk about the meaning of the election after it happens. the election is another scenario. we are constantly planning for

every sector and scenario. we do long, long term planning and this is another sncenario that we're going to doeal with after the results. >> you think everything is going to be settled on thursday. do you move the meeting back a bit? >> no, we'll still keep the meeting. we will talk about the implications of the delay. there are always implications and we have to be ready. >> let's go back to the numbers of the report. the cash pile has grown considerably. $277 billion in the previous quarter. it jumped up quite a bit. as a group of investors, are you worried that investors are sitting on too much wacash? >> now he is sitting on a third of his market cap in cash. that doesn't make us nervous. that gives us more confidence. he is getting ready to do something. this is not just a war chest. this is a warning he is going to

make a move and the last time he made a big move in 2016, he made an acquisition. we don't think there is anything to be nervous about. he is a very disciplined investor. this is just another sign of that discipline. >> that sounds like you're in favor of all of the moves here. you don't seem to have questions about what's going on, including the trimming of apple which happened the last couple of quarters. >> he is willing to take profits in the up market. the trimming of apple means he is down to 300 million shares of apple from 900. apple just went up 20% year to date. nothing wrong with doing that. >> i want to talk about another inves investment. buying sirius xm holdings. i'm looking at the shares right now. sirius xm down 50% year to date. half of the value lost. in the notes you sent us, you

think it is a proxy investment in liberty media. liberty media is up substantially year to date. walk through the thesis with me because the holding company for liberty media, these are separated businesses. they are intentionally separated. how does sirius give you that? >> it is a tracking stock. you are buying a piece of the business. the tracking stock gives you a discount. warren buffett, being the value investor he is, sees a juicy sector that he thinks is under development and more upside. he is getting free net cash flow. he is getting recurring revenue. it is classic warren buffett. it's brilliant. that's what we will talk about in the market opportunities call. how do we also find the niche-like opportunities? >> isn't it interesting warren

buffett is buying into the racing business and podcast business and selling, i guess, legacy tech like apple? it sounds you are all for that. into the new media play he's making with sirius xm and liberty media overall? >> it's a brilliant play. a niche-play. we think there is a lot of upside. >> can we check in with you after your thursday call? >> of course. >> i wonder what you are thinking. >> that's great. >> barbara, thank you. >> thank you very much. coming up on "worldwide exchange," why my next best says the bottle may be in for boeing with the contract vote coming up later today.

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welcome back to "worldwide exchange." turning to the oil market. you can see wti and brent both up over 2.5%. dan murphy joins us from abu dhabi where he sat down with the secretary-general a short time ago. dan, good to see you. >> reporter: frank, good to see you as well. we have exclusive reporting from the conference in abu dhabi. i wrapped up the conversation with the secretary-general. this is the third to react and respond to the surprise decision to delay the output. hold short on more oil to the market until they get more clarity on not just what happens

out of the u.s. election, but the fed decision and the outlook for demand china as well. we spoke earlier. listen in. >> this is not the first time we delayed the -- the increase which is supposed to be phased in gradually. you know we always said and we have always been and demonstrated to the market that we are always very pro-active and precautionary when necessary. we take decisions in a way where we have the ability to oppose them, reverse them or change them even if necessary. this is just the continuation of our policy of making sure that we are very attentive to the market the way the market behaves. >> reporter: opec secretary-general there. of course, it has been a decidedly bearish environment for oil. we saw prices down 20% in q3. i asked the secretary-general, look, would you perhaps delay additional output if necessary

until maybe we get more clarity on not just the geo economic and macroeconomics? he said opec will continue to stay reactive and responsive to the market. in terms of the response, frank, you flagged it earlier. oil prices spiked about 3% off the back of this. >> dan, you asked about the geo economics, but what about the geo politics? we are in the final countdown to the election. what are they saying ahead of the vote? >> reporter: absolutely, frank. this is a really hot topic on the ground at the conference because we're not just talking about the oil market outlook, but we're talking about the energy transition as well. and, of course, that voet te ine united states is going to be absolutely critical for energy and climate policy going forward. with the both candidates, trump and harris, offering different perspectives on the way forward here. i also spoke with the to

totalenergy ceo. he said it's reasonable to expect the united states energy dominance to continue under either candidate. we are seeing production at a record high and that's unlikely to change. he did offer somewhat of a warning here. he also said we should expect more volatility to come just given the uncertainty we see in the market right now, frank. >> dan murphy live in abu dhabi. oil market up on the plans of the scrapped plans. good to see you, dan. as we head to break, a market flash on viking therapeutics for the version of the weight loss drug trial being successful. trials for the oral igweht loss drug proving successful.

shares up 21%. almost 23%. stay with us. more coming up after this break.

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when i am elected, i will walk in on your behalf working on my to-do list and at the top of my list is bringing down the cost of living for you. that will be my focus every single day as president. i will give a middle class tax cut to over 100 million americans. >> america will be bigger, better, bolder, richer, safer and stronger than ever before. and this election is a choice

between whether you will have four more years of incompetence and failure or whether we will begin the four greatest years in the history of our country. >> vice president harris and former president trump on the campaign trail this weekend making their final appeal to voters with a focus on the economy ahead of tomorrow's election. welcome back to "worldwide exchange." i'm frank holland. we will dig into the election and the ripple effects it will have across a number of important economic sectors. take a look at futures. all three indices. s&p up 9 points. the dow opening up 8 points. nasdaq opening up 25 or 26 points right here. we want to check the biggest lag laggards. nvidia will replace intel on the dow on friday. that ends a 25-year run for the chip maker replaced with a

different chipmaker. intel down 2.5%. last week, down 1%. we are watching apple and berkshire hathaway. berkshire out with the results last week and dumped a quarter of the stake in apple and $10 billion profit from the bank of america share sales. take a look at the three stocks involved in the narrative. berkshire hathaway shares pulling back a bit down .13%. apple down 5.50%. let's look at the treasuries. the ten-year is pulling back to 4.29 after harris with a lead in iowa. the long bond at 4.5%. this is the read on inflation expectations. the two-year still above 4% when we are still talking yield. that's the money and we are turning to the election. within 24 hours of opening the

doors for election places. following a shock weekend poll out of iowa leaning in favor of the vice president. according to predicted market shares, harris is leading former president trump by a slim margin. her odds standing at 55% compared to trump's 553% on the eve of the election. this injects volatility in the election. bob pisani has more. >> a still decent economy and strong earnings overpowering election worries. we are 70% through third quarter earnings season and the overall earnings estimates are still going up. we expect 8% earnings growth in the s&p for the third quarter and most importantly, 19% growth in technology. that's the important sector. fourth quarter earnings estimates are also holding up well. tech is going to be up another 15% on earnings in the fourth quarter. there's been very little decline

in the estimates. this is why the s&p 500 is only 2% from its historic high. there are two problems here. first, the market is expensive. the bad thing about good markets, it's hard to impress people. second thing, rising bond yields indicate to many the high debt levels will be an issue no matter who wins. you do not want the bond vigil and antes to control the stock market. that's why we had trouble advancing to new highs. there's been a change in tone in the last month or so. we're not going up as much anymore. the market is still essentially at the same level it was in mid-september. still, remember something, this is a two-year-old bull market. the market is up 50% since the start of the 2023. 50%. it's been an amazing run and it may not be over. back to you.

>> thanks to bob pisani for that. joining us is james pethokoukis. >> thanks for having me on. >> before we get to all of the things we have to talk about, in your mind, is there something we haven't talked about enough? the potential impact of tariffs. is there something else investors should pay attention to on the eve of the election? >> the story by bob pisani and the debt. we have no idea what the candidates would do if the markets decide as the shared gdp is too high as they have done in the past. what's the sflplan? we have no idea. you mentioned tariffs. would a second trump term do 200% tariffs or 1,000% tariffs? i don't know. the inflation reduction act.

pretty big bill causing a lot of spending in a lot of states. republicans seem to be iffy. do they want to repeal it? there has been clap back. we have no idea. there's a lot of big policies here. i love the economy is doing well. that takes away some of the risk. big policies and we don't know what they do about them or if other issues pop up. this is too much of an usissue free campaign. >> because the economy is strong and the job market and stock market and whoever wins the election will have a lot of latitude to put policies in place as opposed to the pandemic. let's go over this quickly in your mind. if former president trump wins, tariffs, is that a big risk to the market and what areas are you looking at? if vp harris wins, her policy is the idea she would try to raise

corporate taxes and things like that. what areas of the market do you see potentially hurt by that? >> listen, you know, trump has been talking about universal tariffs. the word universal covers a lot. i notice the analysts who seem to downplay the potential impact of the tariffs assume they won't happen. that they're purely a negotiating tool. if you think that, then maybe you have the one outcome. if you think we will do it, i find it hard that is not a broad threat to the economy. not just sectors, but economy wide. a president harris? raising corporate taxes, one of the great things we've done over the past 20 years is lower the corporate tax rate which was so high compared to other countries going in the other direction.

a big policy and broad policy that would affect a lot of companies. again, you know, we -- we don't know what they will do about those or what we would do in a debt crisis. that's what happens when you have a campaign where we don't have a lot of outline, particularly not to be harsh, particularly on the republican s side about what he would actually do with the rhetorical flourishes. >> speaking of rhetoric. c republicans trying to repeal it. how real is that talk right there and then is that just automatically a negative for chips and potentially for tech long term? >> i think, you know, if you think that's a good bill, the good thing is money's starting to flow in states that republicans think are important. the way i think about that as well as the clean energy su subsidies, a lot like what

donald trump said about nafta and going into his first term. basically slightly reworked nafta and called it something different and trump said we got rid of rid of nafta and got this new thing. the thing for the chips act, they have a tweak and it's basically the same thing. you will see that with the clean energy subsidies. >> the subsidies and the i.r.a. any risk of that money being deployed in your mind? >> listen, it's hard to say that you want the government to intervene more in the economy for the help of workers and sort of president trump in the new way the republican party is doing and pull that money back, especially when so much of it is going to red states. i think the location where that money is being spent in all reality will mean it will keep

being spent because that's where the votes are. >> okay. >> again, he may end up calling it something also, but the money will still flow. >> jimmy pethokoukis, great to see you. >> you bet. the dow transports are out performing before the election as investors, customers and logistics companies are trying to figure out the tariffs and trade. >> i think there have been plenty of headlines and customer conversations as well where people are being a bit conservative right now and until they know what things may look like and what impact to their business and new policy directions may take. >> analysts identified clear winners and losers if former president trump or vp harris wins. truck load carrrcarriers.

and harris wins, fed exex is a winner with no change in policy. xpo and norfolk southern is a winner in either scenario. supply chain logistics with the near shoring investment in mexico. according to the data from the mexican government, foreign i investment is expected to fall 50% year on year. >> i think it is a bit of a wait and see approach with the deploying capital on the near shore side. all of that is softer play on the year over year basis. >> citi expects production to accelerate with the election. the read on ism manufacturing with the seventh straight month. reminder, cnbc will be live all

night bringing you results as they come in and reaction from the biggest names in the market and business. it starts at 7:00 p.m. eastern tomorrow from new york stock exchange and live coverage with much more. we will cover the asia and european market reaction and then "squawk box" starts at 5:00 a.m. full slate of coverage. stick with us here on cnbc. coming up, building over new momentum. the momentum with roblox higher. shares right now up over 4%. stay with us. ♪ yeah, they made me who i am ♪ ♪ so i'm off to see... ♪ we invent them. we design them. we build them. and one day, we have to let them soar. ♪ i'm always coming home ♪ ♪♪

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morgan stanley upgrading roblox from the price target to $38. the results showcase the strength and opportunity is growing. shares up 4%. bernstein cutting qualcomm ahead of the earnings on wednesday. moving $240 down to $200. headwinds are building around smartphones. time now for the global briefing. shares of burberry on the e italian company moncler may make a bid for it. keen for a deal to happen. in a statement, montcler won't comment on unsubstantiated r rumors. ryanair is trimming

passenger growth target for next year due to delays and deliveries from boeing. weakness in fares are following from a poor summer. a committee is meeting this week to revive the second largest economy. bank of america is expecting bond issuance over several y years. we are looking at tesla shares for you. we have a market flash. shares falling showing tesla sold 68,000 vehicles made in that country last month. that's down more than 5% from a year ago. shares of tesla down 1.5%. rival byd rising in hong kong with a 66% year over year increase in its sales. shares of byd are up 3.5%.

coming up on "worldwide exchange," the one word that investors have to hear today and the stock pick that every investor needs to know. plus, striking boeing workers set to vote on the latest contract offer. anor a potential conclusion to me f the stock. shares of boeing right now down in the pre-market. stay with us. much more "worldwide exchange" after this.

welcome back to "worldwide exchange." to boeing and the labor strike entering the eighth week. the members of the machinists and aerospace workers district 751 will vote on the updated contract proposal agreed to by the union and leadership last week. this includes a 38% general wage increase over four years up from the previous offer of 35% along with the ratification bonus. boeing says by the end of the contract, the average machinist pay will be north of $119,000. last contract vote on october 23rd resulted in a rejection. speaking with cnbc last month, kelly ortberg told cnbc reaching

a deal with the union is priority number one. >> i said there is no silver bullet. this is not fixed in one fell swoop. we have a lot of issues here. the first thing we have to do is stabilize the business. the first thing is getting through the strike. we have to shore up our balance sheet so we have a solid balance sheet to manage the realities of our business going forward. >> joining me now is tony bancroft. he is the team leader for the firm's aerospace and defense etf. boeing and spirit aerosystems are key suppliers for boeing. tony, good to see you. >> hey, frank. thanks for having me. great to be back. >> last time you were here, you were bullish on boeing. you felt all the bad news was priced in. the union says this is the best deal they can get for the workers.

the company says this is the best deal they can offer. give us a sense. how much is at stake in the vote especially if the union decides they don't want to approve it? >> obviously, this vote will be very important. boeing, you know, boeing have given them a pretty good offer. you can do your own math as far as what the general wage increase relates to other -- to other contracts. i think it's a pretty good -- a pretty good offer. i think eventually it's going to get figured out. i think you have to look in the long term with boeing. there's a half a trillion order backlog. >> a lot of people are saying that to us. cert certainly, if they dcan't get te deal done, is the idea of two

contract proposals rejected? is that really priced into this stock? >> well, i think it is and i think the equity offering and preferred offering, you know, essentially helps them out to bridge that gap for, you know, for the near term. so, i don't think cash flow is going to be an issue, you know, essentially an alligator coming to the boat right now. i think, you know, over the long t term, if they can't have this over in a matter of months, i can't imagine as we are at two months now. they will get this figured out. they have to come back to the table and it will eventually work. >> you have confidence in the company and the union as well. you alluded to this. they raised over $20 billion to keep operations going. when we look at that and you also mentioned this big backlog of orders waiting there, in your

mind as an investor, what is the long term trajectory of the stock? you will give a couple of months for the contract to be negotiated. what is the long term trajectory of the stock? you mentioned they have to work with the fooi aa to increase production on the 737. >> like ceo ortberg just said there is no silver bullet. it will take time. they have to get the union members back to work and they have to start the lines. that's going to take time. you know, eventually, these planes will be built and they're good at building planes. every second, a boeing plane takes off around the world. it's the safest record overall. the faa has the safety record

and the flying fleet. world and global travel continues to grow. you saw the numbers and people are flying more. >> tony, we have to go quickly. i'm looking at shares of delta down .25%. united and american all down. the last time there was a contract, ryanair, on earnings may be a different story there. if this deal doesn't get done, does that weigh on the airline stocks in your mind? are they negatively affected in your mind? >> i don't follow the airlines specifically like i do, you know, the hmanufacturers and ser servicers. the big picture, the planes, right now, there is constrain for capacity. it does help see pricing in the near term. over the long term, they will need these planes. they are razor blades. the planes do eventually wear out and they need to replace

them. that's a did thing for boeing. it's one of our largest holdings. >> boeing shares up .50%. tony bancroft, good to see you. >> thanks. coming up on "worldwide exchange," the mag seven our next guest says is a clear winner on the back of the busy week of earnings. we will reveal our mystery chart coming up after this. stay with us. what if your mobile network wasn't just built to work out here... ...but was designed differently to also give you blazing fast wifi where you are most of the time?

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welcome back to "worldwide exchange." it's still a very busy week for earnings with nearly 50% of the s&p 500 reporting. among the big names, marriott and wynn resorts and arm and airbnb and expedia. the u.s. election is tomorrow with polls showing the presidential race neck and neck and then the fed decision on thursday. the fed widely expected to cut rates by .25 points.

let's look at futures right now. we mentioned a muted start to the day ahead of the election. we have seen the averages hit their highs of the morning. the dow looks like it would open up 35 points. among the big money movers. intel and dow boosted from the dow jones industrial average head of the opening bell on friday. intel pulling back 5%. dow inc. down as well. nvidia and sherwin-williams replace those. s let's now bring in stephanie link, strategist and portfolio mapp manager at hightower. good morning. >> good morning, frank. >> steph, what's your word of the day ahead of the day? >> it's prepare.

it's basically putting a shopping list together and using any volatility from the elections and earnings and from the fed and make a shopping list to be buying because the economy is strong. we're running 2.5% to 3% growth. inflation is coming down. the consumer continues to be okay and they are spending. manufacturing, anything tied to a.i. and the power and the grid, is actually seeing a renaissance , if you will. you look for themes and find stocks. >> you gave us a list of names tied to electrification. different results since that fed rate cut. do you believe another quarter basis point cut on thursday? does that give the names another leg up or is that priced in? >> i think you have the fed in a

rate cut cycle whether it's 25 basis points in november, this month, or next month or next year, that is favorable for risk assets. i think it is more positive for financials versus the grid. i like the themes. if the fed is cutting and the economy continues to be strong, that's good for earnings, by the way. broadly speaking. >> you are saying investors should prepare. i don't think anybody could prep prepare for the harris lead in iowa. we have seen what some people believe is an unwinding of the trump trade with bond yields pulling back. is that how you see it? if so, should you prepare for some of the volatility? >> yes, i absolutely prepare for volatility. we don't know. we don't know if we're going to get an answer on wednesday, friday. i think no matter who gets in, there are a couple of things. both are spenders and if we

think that the deficit is going to be addressed, i do not think it's going to be, number one. number two, more importantly, it's going to be the makeup of congress. if it's a mixed congress, the markets will like that because that's more gridlock. there's no surprises. if there's a sweep on either side, i think the markets will be much more volatile. >> citsteph, what is your pick why? >> amazon. i know it had a nice move last week, but it lagged the mag seven year to date. i still think it is compelling four times ebitda. the company reported excellent results last week, but the most important thing, with respect all expecting top line to be strong. the profitability was the big surprise and i think they're going to continue to see operating margin expansion and operating leverage as a result. you had 780 basis points of

operating margin expansion in their highest margin business which is aws at 38.1%. that is really very impressive on top of the 19% total revenue growth in that segment alone. i still like that one. i think it will rally until year end. >> stephanie link, thank you very much. that will do it for us on "worldwide exchange." "squawk box" starts right now. good morning. stock futures are higher. we'll get you ready for tomorrow's election and fed and earnings. maybe they were listening. shakeup in the dow and sherwin-williams. who thought sherwin-williams joining the benchmark? nvidia no longer. the leading chip stock in the country. and dow inc., whose market cap down $30 million, both getting

the boot. warren buffett's berkshire hathaway sold down apple stake. more details ahead. it's monday, november 4th, 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. it is election week and markets are gearing up getting things ready to go. if you have been looking what is happening. s&p futures up 12. the nasdaq indicated up by 38. let's take a quick look at treasury yields. yields have been continuing to climb. yields are