it's 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here's your "five@5." can the records keep coming? futures are flat this morning with the dow and s&p on pace for the best week in a year. the fed provides best fuel for investors with the rate cut. jay powell sheds light on the plan for easing. former cleveland fed chief is here. and breaking news in china. new stimulus news to prop up the economy, but shares are falling

hard. we are live in beijing with details. and drill, baby, drill. what it could mean for investors. it's friday, november 8th, 2024. you are watching "worldwide exchange" here on cnbc. good morning. happy friday. thanks for being with us. i'm frank holland. we'll have the latest on the stimulus news out of china in a moment. first, we will kickoff the hour of the u.s. stock futures with the s&p and nasdaq both coming off fresh record highs. a muted picture right now in the pre-market. we see the s&p up fractionally. the dow down fractionally. the nasdaq almost flat down fractionally as well. it was a very solid week for the markets on the back of the election and the fed decision. take a look at the charts right now. best week in the year for the

dow and s&p. the nasdaq finished up over 5.5%. the s&p up 4.25%. the dow, the laggard, but still good performance. speaking of the fed, jay powell and company handed down a quarter point rate cut and the comments after that decision, powell talked about the chances of another cut in the next meeting. >> we will wait and see in december. it's just -- i would put it this way, we're on a path for a more neutral stance and that's very much what we're on. that has not changed at all since september and, you know, we're just going to have to see where the data lead us. >> and taking a look at the market reaction to the fed. we call the s&p the broader market. take a look. the market's moving sideways throughout the day at 2:00, the fed rate cut.

not much movement, but during the press conference, you see the dovish tone and the move in the market. we also want to check the bond market on the back of the fed. let's look at yields. yields actually easing a bit. let's start with the benchmark ten-year. you see the benchmark at 4.29. falling ten basis points from the level we saw yesterday. w we saw down side moves on the two-year. on the long bond, not that movement coming in at 4.5%. remember, this is a read on inflation expectations. we also want to look at oil this morning. take a look. you can see wti crude down 1.75%. still trading above 70 bucks a barrel. brent crude falling below 75 bucks a barrel. down 1.5%. we have to talk about bitcoin. taking a quick check after hitting a new intraday record

before the fed announcement. you see the chart here. bitcoin up 10%. pulling back after hitting that record high. trading at $75,950. remember, bitcoin trades around the clock. we will talk about this later in the show. one more thing. nvidia pushing its market cap above $3.6 trillion. nvidia replaces intel on the dow. big week for nvidia. shares up over 10%. another dow shift taking hold today is sherwin-williams replacing dow inc. sherwin-williams shares up over 7% for the week. that is the morning set up. to breaking news. leaders in jchina announcing stimulus measures this morning. let's get to eunice yoon with the details. >> reporter: thanks, frank.

it wasn't the type of stimulus that investors were hoping for. the headline number is big at $1.4 trillion. the money won't be spent on direct stimulus for demand. 60% of the program is allocated for local governments to issue new bonds over three years to pay off what the government is calling hidden debt. this is off balance sheet debt. debt that has gone unrecognized and weighing down the economy and a big source of risk. this program includes 2024. the local governments will also be allowed to issue more special bonds over five years to raise funds for this same purpose. local governments have been the work h workhorses of the spending with infrastructure. that means they have been racking up a lot of debt. the finance minister said there is zero tolerance for the off balance sheet debt and also suggested there could be a bigger spending next year. he said, frank, the government

deficit next we'reyear would be larger, so we could see more stimulus. >> eunice, we could see more stimulus. we got the stimulus today, but still a number of chinese related stocks falling. we will show you the board of the big names falling right now. tell us why? were the measures not enough by investors? what's the reason for the stock declines? >> reporter: absolutely. because the way this stimulus is supposed to boost demand is in a very indirect way. so, um, the finance minister said it would reduce the interest rate payments. so these local governments would be able to have freer spending ability in that way. he said $85 billion over the next five years. so, that's a very indirect way and the main purpose of this package, really looks as though it's aimed at reducing risk as opposed to stabilizing growth. >> again, a lot of popular

chinese-related etfs and chinese tech stocks falling. our eunice yoon in beijing. thank you very much. trade be in asia has wrapped up for the day, but looking at the news out of china. taking a look at the european markets -- we'll show a board of european stocks. there we go. it's friday, guys. long week. the dow falling .75%. the cac 40 the hardest hit with the ftse mib. we're seeing declines in europe. for more on this and the markets here at home, less bring in dan veru. dan, great to have you on board. >> thank you. >> very quickly, i want your reaction out of the news of china with the popular etf stocks and chinese equities falling. the k-web shares falling down 5% there. >> i think conditions in china remain pretty tough right now.

they're really struggling to get stimulus going. they're still struggling with post-covid restarting the economy there. they have thrown a lot of money at the economy and none of it seems to be working so far. >> there you go. shares of alibaba down. jd.com and li auto. i want to turn back to the united states. we saw record closes for the s&p and also the dow. actually, the dow hit an intraday high. we showed the chart, s&p moving higher when jay powell struck a dovish tone. what did you make of the cuts and the impact of markets through the rest of the year? >> pretty well articulated they will be on a path to lower interest rates. i actually think with the new administration and given how much of it is pro-growth policies, they may take a pause

on that to make sure inflation stays in it check. it is yet to be determined how tariffs will impact because that is a cornerstone of the incoming administration's policies of how to deal with china. perhaps what's going on in china is preemptive anticipating the things done by the trump administration might hurt a little bit. >> let's get back to the u.s. yesterday, we saw the russell 2000 close lower. this is an election week. we saw big small cap rally on the back of the election and the so-called trump trade. this is noteable. the cuts are a tailwind for small caps because of the debt situation. you are looking at the small caps and eps growth rate is double the s&p. you are not the only person with that information, dan. the whole street has it. why?

>> no investors don't believe it yet. they look at the russell as a short-term trade. we are arguing this is a long-term performance of the s&p 500. this is the second longest p performance relative to the s&p in 1931. market cap exceeds the russell 2000 index. you can get 2,000 stocks for one apple. >> we have to get out of here in a second. dan, what changes? if the dovish tone from the fed doesn't change it or trump election doesn't change it with pro-growth agenda which would help these companies, what changes? >> the small caps went through a period where they had to deal with a lot of covid-related issues and supply chain and inflation. all of those things impacted those companies a lot more than the apples of the world and the

biggest cap companies. that's all -- that's all in the rearview mirror now. earnings have been quite good for the small and midcaps. >> a lot of people are talking about the small caps. >> nobody believes it yet. >> i think that might be a problem, dan. great to have you here. we'll have to have you back to talk about it. >> thank you. we have more to come on "worldwide exchange," and including the one word investors have to hear today and the stock pick every investor needs to know. first, digging into the trump energy playbook and what it means for the space and oil ma ma majors. later in the show, much, much more on the fed's latest rate cut and the easing path going forward. loretta mester is here to talk

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woelcome back to "worldwide exchange." president trump has been vocal on the support of fossil fuels. post election, people are trying to figure out what it means for the oil and nuclear energy. pippa stevens has more. >> reporter: president-elect

trump has said to drill, baby, drill. on the flip side, he's called for gutting the inflation reduction act calling it a green new scam. when it comes to nuclear, trump called it great and talked about the benefit of reactors. it is unlikely we will see a repeal of the i.r.a. credits. permitting could roll out the projects. investors are taking note. assets in nuclear etfs are larger than in all other clean energy etfs combined. v vi vi vistra is the highest name this

year. f flor and bwx provide specialized parts and services. of course, not everyone has the know how of how to make this specialized technology. >> pippa, you have been covering this story a bit. regulators are pushing back on the deal with amazon. >> reporter: we saw the federal energy regulatory commission push back on amazon and talon because they want to locate a center with ususquehanna. the bigger picture here is that everyone, all of the stakeholders, are trying to figure out how do we make sure that everyone is paying their fair share. this data center surge in power demand kind of came out of left

field not all that long ago. now parties are scrambling to figure out how do we make sure the costs are properly allocated. tech companies, the most important thing here, is the time to power. they want that power as soon as possible and they have pretty deep pockets. that deal exspecifically with amazon and talon is by no means dead. frank. >> pippa stevens, thank you very much. donald trump's victory giving oil and gas stocks a boost. s.o.b. moving 9% higher. halliburton moving up 5%. the euphoria did not last long. the names traded yesterday despite the rally in the broader market. analysts say there are other factors to consider. oil prices are likely to be

lower next year forcing companies to figure out how to hedge production. joining me now is the equipment analyst at stifel. >> thanks for having me. >> we have seen trump trades. i don't know if oil and gas is a trump trade, but the president is pro fossil fuels. drill, baby, drill, he said the night after the election or the morning after. what is your outlook with oil and gas stocks? is one seen as a beneficial? a primary beneficial or secondary beneficial? >> one of the things that's clear over the last four or five years is the domestic companies have been really sticking to this extreme capital discipline theme. wall street has drilled into their heads, pardon the pun, not worry about production growth and generate free cash and return capital. that is not because of changes

in policy. that's because of good financial decision making and what the investors are demanding from the companies. from that perspective, while there could be small changes at the margin, we don't expect to see a material increase in u.s. land drilling activity in the near term. now, offshore, and i think your prior guest talked about nuclear and permitting. there is probably a little easier path with the projects even on the land side permitting some of the pipelines. on the upstream spending in the north america land market, it is unlikely to change much. >> one thing investors are trying to figure out is the oil price action. oil has been pretty volatile this year. you're laughing. it sounds like you are saying volatile is putting it lightly. we have seen big upside moves on the tension and prices come down and not enough demand from china and things like that. obviously, today we are seeing

stimulus. how are the companies reacting to the volatile price of oil and a lot of downward pressure on it? >> i think over the last couple of years, one of the things that has really stood out is the discipline that opec has exercised. they have pulled back production as early as last week. they talked about keeping the voluntary production cuts in place. i think there's a sentiment around presidethe world that op is going to keep prices in a reasonable range. one of the things to keep in mind and i'm not an expert on middle east politics, but saudi has a vision out there for 2030 to keep oil prices healthy to service the in-country demands to evolve the economy. we're confident we will see prices hovering to the 70 to 80 range. we've hung there despite the demands and challenges over the

past couple months. >> you don't see drilling increasing dramatically, but under the president's agenda, we will see drilling increase. doesn't that make supply increase and prices go down long term? >> it is an interesting paradox. the perception for trade is to the extent he is successful with the better relations than the current administration or offshore production. i've been doing it for 30 years. it's not good for stocks if prices go down. we would expect that. you know, all being equal, that is a bit of a downward trend on crude because of the policies. we don't think it's major. >> steven, we're almost out of time. i'm looking at your coverage

universe. give us your top pick in oil. >> the one that jumps out is baker hughes. bkr. they were the world's largest liquid factor. they have the global oil up stream. bkr would be our favorite >> steven, great to see you. i appreciate the pick. "wlddeming up here on orwi exchange," a look at your big money movers and why airbnb is cheekin checking out ahead of the open. more coming up. business. it's not a nine-to-five proposition. it's all day and into the night. it's all the things that keep this world turning. it's the go-tos that keep us going. the places we cheer. trust. hang out.

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welcome back to "worldwide exchange." time now for the big money movers. three big stock stories of the morning. pinterest are plunging. earnings and revenue topping expectations for the third quarter. the social media company provided soft guidance for the current quarter. citing ongoing weakness during the earnings call. shares of airbnb beating on revenue and missing earnings. travel trends improved in north america during the previous quarter adding demand is strong if the current quarter. shares of airbnb down 5%. shares of toast mixed. take a look at shares. up over 19%. as we head to break, a check

of shares of trump media and technology continuing the week of volatility. they lost 23% yesterday. ahead of the open, shares are down more than 3%. join cnbc for delivering alpha in new york city november 13th. leaders willonneo ov cve tpride analysis to help you deliver meaningful returns. to sign up, go to cnbceve cnbcevents.com/deliveringalpha. we'll be right back after this break.

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some of the president-elect's advisors have suggested you should resign. if he asked you to leave, would you go? >> no. >> canyou follow-up on -- do you think legally you're not required to leave? >> no. >> do you believe the president has the power to fire you and has the fed determined the legality? >> not permitted under the law. >> what? >> not permitted under the law. >> chairman powell with a blunt response if president trump asked him to step down on the back of the latest policy decision. welcome back to "worldwide exchange."

i'm frank holland. loretta mester standing by. let's chieck off the stock fut futures. the nasdaq down the most. fractionally, but by 25 points. take a look at the action yesterday with the fed announcement of the latest rate cut. the markets moved higher throughout the day. pretty much flat. all the way to 2:00 with the rate cut decision. you see the move to the upside on the back of the jay powell comments. powell striking a dovish tone. we are checking the bond market. we saw yields pull back a bit here. the benchmark at 4.29%. falling back about ten basis points from the level we saw before the fed rate cut. we also want to check bitcoin after the intraday record just

before the fed announcement. you can see here it's pulled back a bit trading back to $76,000 and change. pulling back .75%. we turn to the federal reserve announcing another fed cut rate yesterday. speaking on the back of the decision, chairman jay powell with the thinking on the policy moving forward. >> we are seeing strong economic activity. we are seeing ongoing strength in the labor market. we are watching that carefully. we do see maintained strength there. we feel the right way to find neutral, if you will, is carefully, patiently. that's not meant to have a specific meaning other than the extent the economy remains strong, we have the ability to -- to take advantage of that as we try to navigate that middle path between the two risks. >> and for more, let's bring in loretta mester.

she is an adjunct professor at the university of pennsylvania. good morning. welcome to "worldwide exchange." >> thanks very much, frank. good to be with you. >> i want to ask you about the comments from jay powell. >> i think this should have been a straight forward decision for them. as jay said, growth is moderating from where it is earlier last year, but it is still above trend and still coming in stronger than expected. consumer spending picked up in the third quarter, so that was a positive for growth and also an indication that the labor market remains s healthy. employment growth is healthy. the unemployment rate has moved up, but it's still low by historical standards. that's a really good economy and, you know, nothing changed

in terms of this plan to recalibrate policy which recognizes progress on inflation and also the progress in moving away from tight labor markets to ones that are in balance. so, i think this is the plan. of course, how it plays out will depend on how the economy plays out. there was nothing in the in intervening period that would suggest they wouldn't continue on that path to recalibrate monetary policy toward a more knew trneutral level. i think things get more interesting in the next meeting and future meetings because we have to see where they want to land. neutral. we don't know where neutral is in theory. there is a range of estimates. they have to see how the economy actually performs to find that neutral level. >> a lot of questions. you mentioned another meeting coming up in december. let's talk about the elephant from the room.

the election. p president trump is taking office next year. the president-elect has proposals that could be refl reflationary. whether it is a proposal to reduce the number of workers here in the u.s. when jay powell and the fmoc consider the possibilities how do they consider those for the december meeting and going forward? >> in december, it's premature to really incorporate that in the december decision. it takes time for fiscal policy to be enacted. there aren't concrete proposals out there yet. we have to wait and see what is proposed and what will get passed. even after some of the changes -- it some changes get passed in terms of tax policy or tariffs or spndinending, that t time. that gives the fed time to consider how monetary policy should react to the fiscal

monetary changes. until the fed gets more insight into the physfiscal policy pack and you want to look at all of them together, you don't want to figure that out now. you will be doing and i'm sure the staff will be brushing off their models. that's going to be part of it. you run models to see what the implications are for policy and the u.s. economy and in particular for the labor market and for inflation. that's going to be modelling analysis and simulations. also reconnaissance. as you know, the federal reserve banks are distributed across the country and we talk to business people and labor market representatives and households about how they might react to some of those changes. that's going to be an important part of assessing the impact of the u.s. economy as well. there's time for that assessment to take place and i would think at the beginning of year when we

get clarity of the policy changes, that will be when the fed will start considering what does that mean for the medium run outlook and what they need to do with their monetary policy. >> loretta, i want your reaction to your take on what he had to say. >> i think that we should appoint the next or nominate the next federal reserve chair very early. president trump has already said he is not going to renominate jay powell. in a way, that increases his independence. >> that's something i heard people talking about here on cnbc yesterday that jay powell is more independent than ever because he knows he's not getting that third term. do you agree with that? >> in my experience, the fed chair is acting independently as

he should and i don't think whether there's appointment re early or late will change jay powell running the fed. the fed is really focused on dual mandate goals and what it needs to do with monetary policy to promote the dual mandate goals. the fed will continue regardless of what happens in terms of the appointment process for the next chair. >> loretta mester, thank you for okay the show. >> thanks, take care. coming up on "worldwide exchange," from bitcoin to fi fintech. whether they will find a new ally with the new administration. and that person... is impossible to replace. you need clem. clem needs benefits. work with principal so we can help you help clem with a retirement and benefits plan that's right for him.

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december 7th! humana. a more human way to healthcare. welcome back to "worldwide exchange." watching shares of block. the company's cash app payment program jumped 28% year over year. same with affirm. it is seeing a shift toward products paying interests. shares down 5%. we are watching bitcoin after it hit a new intraday record of $76,000. it is pulling back a bit now down .75%. for more on p crypto and the election, let's bring in

mackenzie sigalos. >> good morning, frank. >> we have what appears to be a pro crypto president. what does it mean for the price action on bitcoin? >> it is a good thing this week. you have the industry spending more than 280,000 with a pro crypto stance. you have coinbase giving $75 million to the pro-crypto pac share shake. $75 million to them. stock supis up 41% this week. they are taking a victory lap for being effective in the congressional races. gensler has brought 1100 enforcement actions. robinhood received a wells notice. that may not materialize in a lawsuit if you have different leadership at the s.e.c.

look at bitcoin mining stocks. they're up in the range of 25% to 30% in the last five days. that is because donald trump made promises to the industry. one building out the infrastructure in the u.s. to make it more competitive in a.i. and on bitcoin, rollback regulations standing in the way of these actors >> i was looking at coinbase. up 39% this week? >> 41% in the last five days. >> wow. let's shift gears. big bank stocks rally on the idea of less regulation. what about fintech? >> if you look at the five-day performance, paypal and block and affirm, they're up in the 4% range which is in line with the s&p and nasdaq. certainly short of those double digit percentage returns in crypto. i will say block ceo and the chief executive over at affirm both said that they are neutral

on election results. they think the growth trends they're seeing are politically agnostic. a donald trump white house is good for business. the fintech sector is facing an existential threat for banks to work with them. you have wells fargo, the third biggest bank in the u.s., reportedly rolling back some of the partnership was respect to partnering. goldman sachs was facing similar questions from banking regulators of risk and compliance. even block, with the banking charter, warned shareholders it could be an adverse impact on the business if the acquiring banks that receive credit card transfers from them don't renew these agreements. if you have a president who wants to rollback regulation, it could be good for fintech.

>> mackenzie sigalos, thank you very much. veoreeming up, one word every inst nds to know. and which retailers may get hit the hardest if tariffs are rolled out on other countries. we'll be right back after this break. stay with us.

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that positive sentiment around the sector could be shifting with president-elect trump and plans to increase tariffs, specifically on chinese imports. for more, let's bring in jan kniffen. it sounds like a wrestling company, jan. great to have you here. what's going on? >> what's going on is things are pretty good in the retail space as you just said because we're getting already the post-election rally that we always get that makes us think going into the holiday things could be better. that's the short-term good news and it will probably drift right into 2025 because as you said, the trump administration was good for retail last time. we are being optoptimistic. the question is on tariffs. we didn't see inflation in the space. why didn't we see inflation in the space if we got tariffs last

time on china? >> that's why we brought you on, jan. >> because the chinese factories absorbed the cost. what is happening right now? why did inflation in goods go away sooner than anything else in the economy? inflation in goods coming out of china right now is less than ear o zero. why? china has been exporting defl deflation. you gave two stories i have been watching that the chinese economy is in free fall. >> jan, let me jump in for a second. it sounds like you are saying the chinese factories are absorbing a lot of the costs. will china scontinue to absorb the tariffs to offset it and what companies do you think if we see the tariffs, which ones will be the most impacted? you gave us a couple of names. why do you think those names will be more impacted?

>> number one, china doesn't want to absorb any kind of impacts. they want to do what we all do. make a profit on what they're doing. right now, they have a lot of excess capacity and their economy is struggling. they'll absorb as much as they can to drive volume. that's in the short-term. the rest of us has to be absorbed by the consumer or retailer. who gets hit? people who sell to less affluent consumers. if you are a dollar store and a lot of product is low value out of china and a consumer who is not as wealthy as the high-end consumer, you will be hurt if you are selling on margin businesses. >> dollar general and dollar tree and kohls.

the companies you say won't be that impacted. tell us why you don't think these other companies will be as impacted? quite a bit of retail sources from china. >> the higher on the food chain, the ability you have to pass through the increase. as you get up to macy's, it's easier. as you get up on higher, nordstrom, it's easier. when you get to the luxury goods, it's easier. they will get less impacted. i told you the greatest retailers in the country, despite walmart, won't get hit as hard because they're the best negotiators and best supply chain. if you are walmart or costco or home depot or dick's sporting goods, which i think are the best four retailers in america right now, even though you have to fight the battle, you are relatively winning because other

people are getting hurt worse. you'll take market share. >> jan kniffen. i'll call you the intercontinental champ of retail. great to have you on. good to see you. >> you, too. coming up on "worldwide exan,"asngchge chi in on the small cap surge. our next guest says you can play the rise. we'll be right back here on "worldwide exchange."

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welcome back to "worldwide exchange." as we close in on the 6:00 a.m. hour, here are the stories we are watching. chinese listed stocks are hit on the back of stimulus announced by the chinese government today. take a look here. alibaba shares down 4%. $1.4 trillion package is to tackle the so-called hidden debt. and pinterest falls on soft guidance and flagging continued weakness in food and beverage ads. pinterest shares down double digits. airbnb noting improved travel trends in america last quarter and the demand in the current quarter is strong. shares of airbnb down 5.5%. fintech with toast surging with strong guidance for the

square. shares of toast up over 15%. draftkings falling after cutting guidance for the current quarter after the ballot box win for legal sports betting in missouri. shares are down 9%. shares of rivian moving higher. reporting a wider third quarter loss and revenue that missed estimates, but sticking with the delivery targets and sees modest gross profit this quarter. shares of rivian up 1.5%. turning attention back to the broader markets. coming off a strong post-election session yesterday. s&p 500 up 25% this year. the most it has been up by this point of any year since all the way back in 1995. the index posting its best three-day move since 2022. let's bring in simeon hyman. great to have you here in studio. >> thanks for having me. >> first the rate cut and the dovish tone from jay powell.

how important is the fed compared to the pro-growth president-elect trump coming into office? >> i think the fed is in a pretty good spot. it looks like the soft landing is in hand. we have close to 2% of inflation. little nick to the labor market and plenty of room to the fed. that is important when you put it together with the election as were you asking. yes, it does look like there is inflationary aspects to the policies that could come in. lower taxes and tariffs. the neutral rate for the fed is probably around 3%. as powell himself said in his comments, it's still restrictive. there is still a little bit of defense from the policies. >> what is your word of the day? >> my word is small-cap. up 6% on the night of the election. a broken clock can be wrong twice a day, or right twice a

day i should say. we will take valuation as a res rate cuts and resilient if the tariffs have a bit of a ding on international companies. >> it seems like you are talking out of both sides of your mouth. we got an indication we whill gt more rate cuts. they have been under performing all year although we knew we were going into the rate cutting cycle. the pick is the high etf itwo is the ticker. they just pull back. just give us the case in 30 seconds. >> it will be episodic. you had the 6% the night of the election. they're going to be volatile, but they have been under performing for 15 years and well positioned. we suggest our etf, the itwo

which is our pro shares. russell 2000 high income etf to get exposure to small caps and have income that the fed just took away. >> these are all profitable? >> it's the russell 2000. you need the full exposure to take advantage of the rate cuts. >> simeon, it seems to be a hard sell. i talked to a lot of traders. they say it's a trade. they don't believe the story has a long-term narrative. when president-elect trump takes office, we will see inflation rise if policies get enacted. doesn't that hurt small caps? >> if you look at small caps, this is very important, on the large cap side, the steepening of the yield curve does outweigh

the benefits of the cuts. they have shorter dated debt. >> great to see you. simeon hyman, thank you. we will take one more look at the futures. in the red a short time ago after record closes yesterday. that does it for us on "worldwide exchange." have a great weekend. "squawk box" starts right now. good morning. breaking overnight. china. china announcing a $1.4 trillion stimulus package. we'll take you live to beijing. fed chair jay powell says he's feeling good about the economy and also saying he would not step down if president-elect trumpresignation. and the shakeup in the dow happens today officially. nvidia and sherwin-williams are

in. intel and dow inc. are out. dow out of the dow. it's friday, november 8th, 2024. "squawk box" begins right now. ♪ good morning. welcome to "squawk box" here on cnbc on this friday morning. we are live at the nasdaq site in times square. i'm andrew ross sorkin along with joe kernen and becky quick is off today. i'm so used to saying that. she is off today. >> you feel her presence. she's not here physically. we might be able to get her called in. i'm not sure what she had planned. she may not do that. >> let's show you futures at 6:00 on this friday morning. show you where things