it's 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here's your "five@5." trump trade troubles. stocks coming off the worst week in two weeks after reevaluating policies. the president-elect out with a number of new cabinet picks. among those picks, big energy ceo chris wright for energy secretary. why the current u.s. energy

chief is back tracking on climate progress would be quote/unquote political malpractice. and tesla surging on less regulations. and the blackwell line may be running too hot. it's monday, november 18th, 2024. you are watching "worldwide exchange" here on cnbc. good morning. thanks for being with us. i'm frank holland. hope you had a great weekend. let's kick off the check of the stock futures. trading down between 1% and 4%. you see a bit of a mixed picture here. the s&p fractionally higher right now. up just about a point. look at the dow. it would open about 100 or more points lower. nasdaq doing a bit better than that. up .25% or over 60 points. we also want to look at the bond market. look at treasuries.

the benchmark ten-year. this is the action we saw last week. remember, we just told you the major averages down between 1% and 4%. let's go back to bonds for a second. we will begin with the benchmark. not a lot of action in the bond market actually. the ten-year we'll show you in a second. we promise. the same level as last week. a few basis points to the down side. similar for the long bond after the cpi and ppi last week. holding steady from friday. ticking a few basis points. . we want to look at bitcoin and the moves with the so-called trump trade. bitcoin above $90,000. you see trading at 2.25% higher. remember, bitcoin trades around the clock. we want to talk about a big money mover this morning. that is tesla. take a look. up big on the pre-market. the incoming trump

administration wants to have a framework for the self driving vehicles to benefit tesla. tesla shares as we said up in the pre-market right now. up just about 7.5%. this is a reversal over the last week. we will talk about that in just a second. that's the money set up now. we turn to the incoming trump administration as the arch for key cabinet members continues. adding former fed governor kevin warsh and marc rowen to the short list. this is the trump transition share howard lutnick will add change. perhaps this trump pick for energy secretary is turning the most heads this morning.

tapping liberty energy ceo chris wright. in a statement, trump said wright has been a leading even tremendous entrepreneur in energy and leading through a golden age of prosperity and peace. he would make energy more affordable and reliable and makes everything in life possible. dan murphy joins us from dubai with the reaction from the current administration. dan, good to see you. >> reporter: frank, good to see you as well and good morning to you. jennifer granholm backing the policies. she pushed back when i asked her directly has the united states just left the room when it comes to climate policy now trump is coming back to the white house? she urged trump not to pull out

of the paris climate agreement again. listen to this. >> it will be political malpractice to undo those opportunities when people are just now getting hired. 400,000 people have been hired just because of these two bills. today is the third anniversary of the bipartisan infrastructure law. it has created enormous difference across the country. >> reporter: president-elect trump has put fossil fuels at the front of the agenda. he wants to releash american oil and gas duction and scale back the biden act by cutting in renewable energy and ing electric vehicles. exactly what the administration does there remains to be seen. the man tasked in the fossil

fuel space is chris wright. he is the pick for energy secretary who is not just an oil and gas executive, but a friend of the industry and vocal skeptic of climate change. frank, the u.s. is producing an average of 13 million barrels of oil a day and production rose to the record high under the biden administration. that is not likely to slow down under trump. granholm said this clean energy transition is under way and it will continue to happen regardless of who is sitting in the white house. frank. >> dan murphy live in dubai. thank you very much. let's turn attention to south america where president biden and president xi jinping held the final face-to-face. the two speaking on the sidelines of the asia pacific cooperation summit in peru. xi said he is ready to work with a new administration and

cautioned the president without singling him out by name. he said china is ready to work with a new administration to maintain communication and manage differences and strive for a steady relationship for the benefit of the two people. another developing story we are following and for the first time, president biden is allowing ukraine to use long-range missiles. the move marks a major shift in u.s. policy and comes as north korea deploys troops in the war against ukraine. it means kyiv could target positions in the kursk region. these are two stories we will follow on "worldwide exchange." turning attention back here at home. the s&p 500 coming off the worst week in the past ten and the index is raising 60% of its gains. joining me now is ross mayfield

at baird. >> good morning. thanks for having me. >> i think the first question we have to talk about is the trump trade. how are you seeing it now as it loses a bit of steam? bitcoin continues to move higher. some of the other trades cooling off a bit. >> yeah, i think that's right. sentiment got really aggressive. animal spirits returned to markets post election. a little bit of a collection or consolidation period is to be expected. the market was on good footing entering the election. it remains on good foot now. taking a step back and with the cabinet picks that you mentioned makes sense to us. we are still bullish, but i think consolidation makes sense. >> bit of a consolidation makes sense to you. i want to talk about the cyclicals about the so-called trump trade with the

industrials. i personally thought materials would be part of it making more things in america. financials and industrials with the pop. materials trading lower. in your mind, when we look at the so-called trump trade sectors, do we see the rally in particular and do you like one better or turn around in materials? what do you see? >> i think the two you mentioned at the top are the two that have legs throughout the administration. financials. a clear deregulation story. a lot of potential ways deregulation can benefit that. you get the lower interest rates spurring capital markets activity and stock market is good for the wealth management portion of the business. plenty of secular tailwinds there. all of the aerospace and defense spending, as you mentioned the reshoring uilding things in

energy. energy and material, you are tied to the commodities. i'm not sure we are entering to spur those stocks higher. >> let's talk about president biden and chinese president xi jinping. xi talking about the incoming administration using the quote, through an interpreter, the incoming administration should make, i should say, wise choices. i don't know if that's the friendliest which to describe someone coming into a new position. i want your idea that xi jinping said president-elect trump needs to make quote/unquote wise choices. >> i think the choices are already made to a certain extent. that is not the friendly policy toward china. the tariffs were there the first time. i think they will be larger and broader and targeted to china. i don't know it will be a

friendly administration. i'm not sure the biden administration was all that friendly toward china. it is a bit bipartisan to be a bit more defensive. as far as investing there, the stock market has been volatile and not a big total return over the last 20 or 30 years, quite frankly. the u.s. companies that are tied there linked to the consumer is more about what china does to stimulate that part of the economy. i think this relationship will be icy and it has room to improve. >> ross mayfield. thank you very much. for more on what's driving the markets, head to cnbc pro at cnbc.com/pro for insight and analysis. coming up on the show, the stock pick every investor needs to know. first, why elon musk could be the surprising key to bring down mortgage rates. you have to hear that coming up. and how a.i. is growing the

wild they of wildfires and much more on the pick for energy and what it could mean for oil prices in the month ahead. we have a very busy hour when "worldwide exchange" returns. 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. because when your people work better, everything works better. so, let's get to work. idris elba works here? mm-hmm. ya, he's super nice.

♪ ♪ ♪ something has i changed within me ♪? ♪ it's time to try defying gravity ♪ ♪ ♪

welcome back to "worldwide exchange." elon musk and is looking to help another part of the u.s. economy that has been hammered by high interest rates and higher

affordability standards. that's the housing market. according to my next guest, this could pay off for you. laurence young. >> thanks for having me. >> i'll set you up here. the idea is vivek could help mortgage costs if they reduce the national deficit and lower bonds yields. i'll let you take it from there . >> we have seen the federal reserve cut, but the ten-year yields have been raising. they are not lowing the mortgage rate. the reason for that is high budget deficit and large debt to continue to grow by $2 trillion a year. if, somehow, the government spending can be reduced, because we know that donald trump will extend his tax cuts. the tax cut on would not be a

possibility of a tax increase. only way to increase the debt level is to reduce government spending and we have elon musk along with vivekramaswamy. that means there will be more private capital and more mortgage lending available to bring down the interest rates. >> there are a couple of ifs if there, lawrence, a couple of things have to happen. it is important to point out that the fed has cut rates, but the ten-year has gone higher. that has to do with investors and bonds and the trump policies. one is the deficit and the tariffs and inflationary impact. what happens if the ten-year goes higher? if elon musk and vivek cuts and the ten-year moves higher, does that still lower mortgage rates?

they move together, but not tied together. i know i'm throwing a lot at you. i apologize. >> certainly, we have to wait and see what the degree, how much of an impact because it will be inflationary in the short-term. if there is a long term credible plan, it is not about reducing budget deficit in a single year, but a credible plan to reduce deficit over time, that will bring down the ten-year treasury yield which will lower the mortgage rate. the mortgage rates are tied to the ten-year treasury. there is a misalignment with the ten-year treasury and 30-year fixed rate mortgage at the moment. historically, the spread between the two rates would be 200 basis points or lower. right now, it is 250 basis points.

if the market becomes more confident about the direction of the economy along with the budget deficit situation, i think there would be a narrowing in the spread with the ten-year treasury and mortgage rate which also helps bring down that mortgage rate for consumers. >> you know, lawrence, one other thing to mention and you probably have the answer in the data pint behind this. we are at a shortfall of at least 2 million. people continue to buy houses with the higher mortgage rates. how does supply and demand play into this? >> you know, there's always the dream of the ownership because we know that vast difference with wealth between homeowners and renters. the demand will always be there. it is a question of supply. we need to make sure supply increases. anything to bring about more supply. whether turning up more land for

more home uilding or reduce regulations for home builders to get into the space. maybe changing the law. at the moment, at the elevated mortgage rates, we have buyers. these are high income buyers. we need more moderate income and first-time buyers to get into the market. that's where mortgage rates play a much more important role. we want to establish the american dream for more people. we need to assure the mortgage rates steadily gets lower and part of that is reducing the budget deficit. >> lawrence, great to see you. have a great day. >> thank you. coming up here on "worldwide exchan,"rege fsh off the deal with softbank. throwing cold water on the blackwell chips which are apparently running a bit too hot. we'll have that story coming up. (♪♪) everyone has goals and dreams. and everyone deserves a way to get there.

wherever you're going, getting there starts here. state street. invest in your future with spy, the world's most traded etf. (♪♪)

did you ever worry we wouldn't get to enjoy this? [jeff laughs maniacally] (inner monologue) seriously, look at these guys. they are playing great. meanwhile, i'm on the green and all i can think about is all the green i'm spending on 3 kids in college. not to mention the kitchen remodel, and we'd just remodel the bathrooms last month. with empower, i get all of my financial questions answered. so i don't have to worry. so you're like a guru now? oh here it comes— join 18 million americans and take control of your financial future with a real time dashboard and real live conversations. empower. what's next.

welcome back to "worldwide exchange." it's been a strong wildfire season in the northwest this fall and in the new york metro area. in the latest installment, julia boorstin is looking at the threat of fighting wildfires. >> wildfires continue to ravage the country causing the loss of thousands of lives and billions of dollars of damage. this year, over 8 million acres have already burned. up from about 3 million ache ares burned last year and above

the five and ten year averages. now tech companies, public utilities and government agencies are using new artificial intelligence tools to fight back. pano a.i. is a startup that deploys cameras in high risk areas charging $50,000 per year for one of its camera stations. its software defects smoke and fires at the earliest stages sending notify cautions to fire departments to speed up response times. >> it's not practical to build thousands of lookout towers for humans, but it is possible to put up cameras with a.i. and human intelligence to deliver the best of both worlds. >> reporter: portland general electric is one of pano a.i.'s top customers. the utility company has deployed dozens of cameras and saying it has helped fire departments respond to fires as much as six

hours faster. >> by notifying the fire agencies of what is happening in real-time, you get such better collaboration of minimizing the impact of the fires. not just people and property perspective, but to the grid itself. >> reporter: microsoft's a.i. for grid lab has been developing that to respond in the aftermath. in the wake of the maui wildfires, the lab's a.i. notified the red cross about local damage to target response efforts. >> this type of information is critical for them. it's some of the maps would have taken them weeks to do without these tools and now you can get information in hours. >> reporter: there are plenty of headwinds and increase in the total number of fires because of climate change. the country is struggling with a firefighter shortage, plus these tools can't necessarily prevent fires from starting, but a.i.

can dramatically mitigate fires damage. hopefully easing the burden on first responders. for "worldwide exchange," i'm julia boorstin. coming up on "worldwide exchange." with the head of run of the largest hospital management companies in the u.s., thinks about rfk and the future of healthcare with him in charge. while be right back after this break. stay with us.

power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. e*trade from morgan stanley dad: hey boss. you okay? son: i said i'm fine. ♪

dad: you can talk to me. son: it's been really, really hard for me.

we'll quickly become energy dependent and we will frack, frack, k and we will drill, drill, drill, baby, drill. i will cut your energy prices by 50, 5-0, 50% within one year. >> that was then candidate trump last month laying out the agenda if he returns to the white house. now president-elect tapping oil executive chris wright as his pick for the department of energy. welcome back to "worldwide exchange." i'm frank holland. we will talk to helima croft and what it means for the energy landscape. take a look.

a bit of a mixed picture. the dow off the lows of earlier. it will open 120 points lower. s&p up two points. the nasdaq we continue to watch up .13%. we look at the biggest gain ares on the nasdaq 100. tesla. bloomberg report talking about easing regulation helping that stock. you see shares are up more than 8%. moving higher. super micro in the lead. some reports that inside the nba could be licensed to espn helping that stock out in the pre-market. we are looking at the bond market. not a lot of movement from friday. the benchmark at had 4.4%. similar story for the long bond following the cpi and ppi reports. we want to take a look at oil on the back of president-elect

trump's energy pick. we will have more on that in a moment. first, the wti is moving .75% higher in the pre-market. still below $70 a barrel. brent crude below 75 s a barrel. also up .75% off the back of that news. we got to look at bitcoin. still moving higher since the election. still above $90,000. $91,930. it is up 2.27% since trump was elected. bitcoin up over 130% surge. huge. we turn back to the trump transition and the options he is considering to lead the treasury department are expanding. reports this weekend suggesting that president-elect p added warsh and rowan to the list and

bill haggerty is in the running. houd lutnick and scott besse flrks nt is a top candidate for the job. meanwhile, president-elect trump naming energy liberty founder chris wright as his pick for the energy secretary. speaking with dan murphy at cop29 summit, jennifer granholm with strong words for the incoming administration. >> it would be political malpractice to undo those opportunities when people are just getting hired. 400,000 people have been hired so far just because of these two bills. today, it's the third and versus as i of the bipartisan infrastructure law.

it created enormous difference across the country. >> we have eamon javers with more. good morning. >> good morning, frank. chris wright is a big proponent of practicing. in 2019, he went on camera to drink what liberty energy said, but can't confirm was fracking fluid. it was intended to prove fracking fluid is safe for humans if it gets into ground water. >> the longer lives and healthier lives of billions of people around the world from oil and gas. >> cheers. >> there you see the team there saying to longer lives and healthier lives to billions of people from oil and gas. now donald trump has made fracking a key issue on the campaign trail. in pennsylvania, he tried to portray kamala harris as an opponent of the oil producing process.

now wright will be in position to ensure fracking continues to play a key role as part of the u.s. energy supply trump said wright will now serve on a new cil of national energy led by doug burgum. you played in the clip that trump would cut energy prices in half the first year in office. no clear what steps he would take to force oil companies to put product on the market that prices collapse to that level. that is one of the challenges for the secretary of energy. back to you. >> i think one of the big questions for you, eamon, he has to be confirmed by the senate. how is that process expected to play out? you have heard about the process? >> reporter: one of the issues we are looking at, frank, if we

see recess appointappointments. that is the process the president could use to get around the senate. we could see them go to the recess an appointment. that upends the typical calculus on the types of calculus. you want more established candidates, frankly, than donald trump has select the for these positions so far. if you don't have to deal with the senate, maybe that's a way to get all of your nominees confirmed and in position for at least two years. that gives him running room through the mid-term elections. we'll see what happens sglcht . >> a lot more to come. eamon javers, great to see you. for more on the secretary pick, let's bring in helima croft at rbc and cnbc contributor. helima, good morning. >> good morning, frank. >> let's play the hypothetical

game. let's say chris wright gets confirmed. whether a recess appointment offer whatever it is. if he is secretary, what does that mean for policy and what does that mean for prices and oil? >> we would expect going forward less regulation and ease of permitting. when we think about lng and he is a pioneer of the shell and gas revolution. we could see the lng pause that president biden introduced. i would see that getting relate peeled. questions with unspent ira funds. questions of he is not a big fan of the clean energy. those are expected to be rolled back. the question is what is the path to reducing energy prices by 50%. you had ceos like darren woods on this network saying it is not the regulatory environment that

is holding back production. it is what shareholders want. shareholders want capital discipline. the question is are we going to see a change in the board rooms that permit more drilling? that is the path of lower energy prices. >> in addition to the possible selection of chris wright as the secretary of energy, one area you are looking at is the u.s. and iran relationship with the trump administration. >> this is an interesting question. the path to 50% lower energy prices. what does it mean for iran because they have signalled the incoming trump team signalled maximum pressure sanctions are back on the table and iranian oil exports have climbed to a five-year high because of less stringent enforcement of the sanctions. if you have the sanctions

rigorously enforced, do you see a drop in iranian oil exports? what is different now than in 2019 is all of the exports are going to china. what measures will the incoming administration bring in to basically incentivize china to not take the imports? there is a new legislation that passed the house, but not the senate. the shift act to penalize. is that deployed to change the calculus of iranian oil imports. again, less iranian oil on the market, you have to make that up some place else in if you want lower prices. >> we talked to dan murphy earlier who talked to jennifer granholm. it would be shooting ourselves in the foot with the clean energy policy. what is your idea the inflation reduction act could be repealed and how does that impact the markets and our relationship with other countries, et cetera? give us a wide ranging opinion

on this one, helima. >> the position that jennifer granholm is saying a number of the projects are in red states. the incoming calculation with the look of the projects are saying okay let's keep these projects in place. what is interesting is there are significant amounts of unspent ira funds. that is what is up in play and initially going to be do you simply redeploy to other projects more in line with your political agenda? that is the initial question. what happens with the unspent i.r.a. funds. >> helima croft, always good to see you. thank you very much. >> thank you for having me. coming up on "worldwide exchange," details for the troubles on the new products. look at nvidia shares down 2.5% in the pre-market.

stay with us. 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. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. powering more businesses than anyone. powering possibilities. at betmgm, everyone gets a welcome offer. so whether you're courtside trying to hit the over... or up here trying to hit the under. whew! or, hitting that win with your crew. ohhh! yes, see defense! or way up here with a same game parlay. yaw! betmgm's got your back. get your welcome offer. and play with the sportsbook born in vegas. all these seats. really? get up to a $1500

new customer offer in bonus bets when you sign up now. betmgm. download and bet today. welcome back to "worldwide exchange." doing a quick market flash on nvidia. shares down 2.5%. the information report of the blackwell chips are overheating when they are connected with servers. that is leading customers to worry they won't have enough time to get the systems up in running. the iterations are ormal and expected. nvidia shares down 2.5%. turning to the dollar.

its rapid rise 2.5% since the election and shrugged off by the market. traders are raising red flags for q4 and 2025 earnings. back in 2022, a fast rising dollar letd d to a number of earnings. microsoft, johnson & johnson and estee lauder. the dollar is higher than microsoft's warning back in june of 2022. i have spoken to a number of strategists to consider the possible impact. >> it should give investors and multinational companies, which by definition, the s&p 500, some pause and some concern, but it's very, very difficult to model and i think right now for better or worse, a lot of investors are just sort of saying, you know, we'll worry about it when it's time to worry about it.

in my mind, that means it is time to start at least thinking about it. >> then there's the yen carry trade. the yen spiked on friday from the comments from the governor ueda. traders say a possible hike along with the rising dollar could lead to a continued unwind of the yen. >> the problem that the yen carry trade investor faces now is the possibility they may raise rates with the bank of japan next month. they are selling their dollars and paying back the yen before the higher interest rate would impact the performance of the trade. >> the yen is used to buy the nasdaq 100. that could continue to put pressure on tech. looking at the nasdaq 100 last week. coming up on "worldwide exchange," we have the one word that every investor has to hear

today and the stock pick every investor needs to know. plus, healthcare under rfk jr. one is here to weigh in on the rfk health department could mean for his company and how it does business. we'll be right back. stay with us. ♪ ♪ ♪ ♪ whether your phone's broken or old, we've got you. with verizon, anyone can trade in any phone, any condition

and get iphone 16 pro with apple intelligence, on us. for everyone in the family. only on verizon.

welcome back to "worldwide exchange." the nomination of rfk jr as the secretary of health is facing backlash since donald trump's

announcement last week from within the republican party. the push back against kennedy and a number of his views on healthcare could jeopardize his confirmation. if he is confirmed, kennedy will be tasked with implementing the trump agenda with market competition and tion and reversing biden policies and the future of the affordable healthcare act. let's bring in mark miller. mark, good morning. thank you for joining us. >> good morning, frank. good to see you. >> mark, we were lucky enough to talk to you before the election. you have been able to work with any ing administration no matter who is in the white house. the selection of rfk jr as health and human services secretary change that? >> i don't think so. we are aware of everything that's been reported in the news. we'll see what happens with the confirmation hearings. most of what he's discussed have

to do with things outside of provider services. so, our business has been very strong this year. we continue to expect it to remain that way. demand for our services is high and people are choosing to come to our hospitals. so, we don't think anything that would happen at hhs would necessarily affect that in the upcoming years. >> all right. marc, i do have to say, i know you are not an analyst by any means. i'm looking at your stock since the election. it has fallen 4% and the rest has fallen 3.5%. why do you think investors think your stock and healthcare sector is potentially hurt by the incoming administration? what are the policies are you concerned about? >> i think there is an overreaction. i think there is some premise that the health insurers might do better than the provides

would. we don't ascribe to that. we are in a good position. we have strong factors with demapped. we expect to that continue. we have done a good job this past year pivoting. we think that we have a lot of upside going forward. i just think this is an overreaction to a switch from the democrats to the republicans. maybe historical thoughts on that, but we're really not worried about that. >> important to note, your shares are up in the pre-market 1%. i want to turn back to a possibility under the rfk led department of human services. the affordable healthcare act would be changed or repealed or lessened in some way. how would that impact your business? >> the question is something people have been talking about. we really don't believe this is something to worry about. we don't think a republican led

senate and house is interested in doing that right now. while there are certainly issues and people are talking about the hhs possibly hhs pick and mr. kennedy, we don't think they will have the -- the -- the will or desire, really, to go after aca right now. there are other priorities for the administration that they've told us. we've obviously been in month indication communication with at lot of people in washington. >> i think the question on the other side of the coin, marc, deregulation and priorities of the incoming administration. are any of these tailwinds for your business? >> i think so. i think as the administration comes in to work to improve the business climate and obviously the economy overall can only serve to help us as well as other industries, you know, along with healthcare. anything they can do to ease regulation and make it easier

for businesses to work in a future climate would help us. we're excited about that possibility. >> marc miller, ceo. thank you for joining us. >> i appreciate it. coming up on "worldwide exchange," more on the trump trade and potential big stock winners, including one aerospace play that's high on our next guest's radar. we will reveal it coming up after the break. if you haven't already, check us out on apple or spotify or other podcast apps. more "worldwide exchange" coming up after this.

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

welcome back to "worldwide exchange." what to watch this week, we are on the tail end of the earnings season. we have walmart and target and lowe's and nvidia on the earnings season. we get housing starts and existing home ales and services pmi. the major averages is coming off a tough performance with the s&p and nasdaq with the worst week since early september. futures a bit mixed. the dow off the lows of earlier, but still opening up 00 points lower. the s&p fraction an alley

higher. let's bring in the president and cio of asset management. >> wonderful. good to be here. >> let's start with your word of the day after the rough week last week. >> my word of the day is transition. not just as it relates to the election, but also in terms of the interest rate environment as we transition from higher interest rates to lower interest rates over the next two years. the other area that's transitioning is the stock market rally. beyond the mag seven now into the non magnificent seven. those mag seven stocks accounted for 62% of the total return in the s&p 500. through the first half of this year, 59%. here's the good news, in the third quarter, they accounted for 9% of the total return of the stock market. that's good and healthy for the continuation of the bull market run. >> it is all about nvidia, not all about, i don't want to overexaggerate, kevin. you nodded your head in

affirmation. i want to ask you about something with mag seven and all multinationals. the rise in the dollar. how do you view the rise in the dollar? does that concern you with q4 earnings? >> a lot of things concern me about the potential for earnings growth from here. fortunately what we saw in q3 about the earnings growth rate blended of 5.3%. the fifth consecutive quarter of year over year earnings growth. obviously, a strong dollar will weigh on multinational companies. with respect to nvidia, that's why i was nodding my head. i think nvidia will remind investors once again, the a.i. revolution is alive and well this week. >> a lot of confidence. beat and raise? >> how long much longer can thet and demand? in '26 and '27, they are coming out of play with a chip. nvidia not resting. >> quickly, we want to get to your pick. investing in china after xi jinping gave the incoming

administration some advice to make wise choices. >> i'm dubious of investment in china in the portfolio. i see better opportunities in the u.s. and other international developed markets. i like building a globally diversified portfolio. china is not part of that mix. >> energy as chris wright? >> energy, you have to look at the multinational that supply energy and nuclear. we need a multipronged solution. including the a.i. >> what is your pick for us today and why? >> so, i think you have to look at the aerospace and defense sector. one lockheed martin and how met aerospace. they will take place under the trump administration where there was momentum in the biden administration. it supplies the parts that help

make lockheed martin's f-35. >> one thing i have to point out with lockheed martin and defense stocks. big run ups this year. >> yes. >> your pick howmet doubled. what will make it move higher? >> i think additional spending in the area. our company needs to replenish our military. there will be more defense spending to law the companies to expand. >> your pick is lockheed martin. kevin, always good to see you. thank you very much. >> thank you. we close in on the 6:00 a.m. hour, here are the stories we are checking at this hour. let's begin with showers of super micro spiking the report the company submits a plan to allow it on the nasdaq. it has until today to file that plan to regain compliance with the financial reporting requirements or it could face delisting. shares are up double digits.

samsung closing up 6% as investors cheer a buyback plan. the company unveiled on friday. spirit airlines filing for bankruptcy. it struck agreement to restructure debt and raise money to operate in bankruptcy. that development coming as a record number of americans are expected to travel next week. that's it for us here on "worldwide exchange." "squawk box" starts right now. nvidia shares are falling after the report that the chips are overheating in servers. the trump transition team reports to make self driving car regulations a priority for the transportation department. the president-elect is now

broadening the search for the treasury secretary. it's monday, november 18th, 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. on this monday morning, you will see a mixed picture when it comes to the futures. the dow is indicated off by triple digit. s&p futures are up seven. the nasdaq is indicated up close to 100. 93 right now. this comes after stocks fell on friday. the dow was down 306 points. s&p down 1.3%. the nasdaq down 2.2%. for the