it's 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here's your "five@5." big tech comeback. mag seven doing something for the first time in more than two years. and the white house warning. president biden with the ominous outlook for the next four years and his farewell address. oil surging highest since august with the prices eyeing the georgia the gaza deal. and watching the man who could become the next secretary

of the treasury. the group of investors jumping into the quantum computing frenzy. it is thursday, january 16th, 2025. you are watching "worldwide exchange" here on cnbc. good morning. thanks for being with us. i'm frank holland. let's start with the trading day ahead. after core cpi came in just a tick below expectations. futures in the green. the nasdaq up 80 points. we want to check the moves in the mag seven in the pre-market. take a look right now. nvidia shares up 1.5%. some of this may be after the tsmc earnings report giving a boost to the chip sector. reports of apple sales fell in china. right now, up .50%.

microsoft up .50%. however, tesla and meta in the red. the group is rising 3.5% with tesla and meta outperforming. take a look at the moves right now yesterday. meta platforms up 4%. tesla up 8%. mag seven up.5%. combined, the group gained $550 billion in market cap yesterday alone. biggest one day gain for that group since november of 2022. over two years ago. we want to look at bonds. bonds are a major influence on the market. they pulled back after the inflation report. the ten and 30-year falling. the 20-year back below 5%. the benchmark at 4.66%. the 30-year declining at 4.87. 20-year, 4.9. we do have to talk about the dollar. pull back on the news as well. closing fractionally lower yesterday. it is on pace for the first

losing week in the last seven weeks. treasury secretary pick scott bessent talking about the world currency and prepared statement for the irmation hearing. we will have more coming up in this half hour. we want to do a check of bitcoin. almost rallying to 100,000. $99,142. pulling back .75%. litecoin up 10%. ethereum and solana pulling back a bit. that is the set up. let's see if europe is following wall street's move higher with silvia amaro with a look at the early london action. >> good morning, frank. the short answer is yes, we are. european investors are also taking comfort from the lower cpi print we witnessed stateside. that also contributed to lower bond yields across europe, too. let's not forget european

investors are digesting the latest earnings from some companies. we did get strong figure there is. with that context in mind, let me show you the different bourses. we have green across the board. ftse 100 is up .80%. this is, however, despite the weak gdp print earlier today. i want to focus over in france. we have the main market up 1.81%. why? because of strong moves within the luxury sector. let me show you that sector in more detail. we heard from richemont today and their earnings were very, very strong. you can see that. it is reflected in the way the share price is moving. we are up almost 17%. that, frank, has driven gains across the sector he is as we p to hear from others. luxury names are doing quite

well. >> you may be seeing a luxury rebound. luxury under a bit of pressure. silvia amaro, good to see you as always. we turn our attention to the energy markets and oil trading a multiyear highs above $80 a barrel for the first time since august. we have sanctions and the israel-gaza cease-fire which appears to be on thin ice. we have dan murphy from dubai with more. dan, good morning. >> reporter: frank, good to see you. right now, oil prices are holding on to six-month highs here. regional risk assets seeing relief after israel and hamas agreed to the fragile cease-fire deal after 15 months of war. falling u.s. inventories and curbs against russia and strong economic data and the threat of trump sanctions are a catalyst for the 10% upside move in brent

for the start of the year. there is major cease-fire breakthrough in the region. it's a three-phase deal. it is complex and fragile at best. we are seeing israel looking at hamas reneging on the deal. hamas is still committed to what was an agreed. president biden and president-elect trump claiming victory after qatari and israelis agreeing to free hostages starting from this sunday. the question now for all market investors, frank, is can this cease-fire hold? back over to you. >> a big question. we will continue to follow the story throughout the morning. looking at ti. dan murphy, thank you. turning to chip stocks. comments from the commerce

ministry and initiating anti-dumping and anti-subsidy investigations into the u.s. chip industry. take a look at some of the moves on chip stocks right now. nvidia shares up just about 1.3%. taiwan semi shares up 4%. the news taking wind out of the sails of taiwan semi. the stock still rocketing higher after the blowout report. taiwan semi is the largest maker of chips. back on wall street, stocks moving higher yesterday. a major factor is the drop in bond yields after the cooler than expected inflation report ahead of the inauguration on monday. the question is if the bullish sentiment can last with the impact of the trump administration tariffs and tax ies and the impact on the inflation and deficit. if the potential policies delay

or pause fed rate cuts. joining me now is the ceo of gold vest advisory. good morning. >> good morning. nice to see you as well. >> we saw a rally on wall street yesterday. tech stocks rebounding after the nasdaq six-day slide. i want to talk about the cooler than expected cpi report. a lot of people thought it left the door open for fed rate cuts. people thought the fed wasn't hawkish enough. you have to explain that. i haven't heard anybody else say that. >> the thing is as you saw, last rate cut, we had more fed hawkish tone. the idea if we were talking a few months ago, we would have been certain we would see rate cuts this year at least three or four, actually. that number came down. that's why we saw the volatility earlier. i think in this case, it's just about the fed not being hawkish

other or being more accommodating than they would be. we are in the camp of a couple of rate cuts this year most likely. again, a few months ago, we would have thought they were going to have more cuts. >> okay. you thought they would have more cuts before. we have seen tech under pressure. nasdaq on the multi-day slide before yesterday. with this rebound, how are you buy viewing the sector? many people say buy the dip. >> it's true. that's absolutely right. the stocks are expensive and there's concentration in the s&p for sure at the same time. given this year, there is a wider potential array of outcoming outcomes with the new administration and given the factors.

these names have solid earnings. we expect those to continue. r.o.e. is 30%. we expect these companies to continue delivering on their free cash flow and having positive earnings for us. so, yes, they are expensive and if anything goes wrong, the more expensive stocks, you can see a pull back. we are positive in tech and do think these companies are going to continue delivering and that a.i. demand will be there which will continue to drive some of what we're seeing. so, we're positive on mega cap tech. >> i want to ask about other sectors right now in correction territory. healthcare and real estate. pulling back 10% from the recent highs. energy is the best performing. of the three sectors, do you see the most tension potential for ? three very different stories.

>> right. it's true. there's potential especially with energy. i think we have an administration that is going to be hearing more talk about deregulation especially. with energy, you will see a recovery there. if things go well, we are going through earnings season now and if we continue to get those positive earnings results, we will see more recovery in the sectors. real estate, for example, that is interest rate sensitive. >> you have a pick for us today. it's goldman sachs. financials reporting this week. what is it about goldman sachs that you like? we have a read on how they see the year ahead after earnings. one thing that is interesting is an increase in sponsor activity. you noted the number one m&a shop. >> that's exactly right. we like goldman for a few different reasons. we like the financial sector more broadly.

i think the rate environment is going to be favorable for them. they are going to be a beneficiary of the deregulation and seeing signs of the new administration comes in. you know, they're pro growth. in a pro growth, deregulation environment and business environment, this is the best environment for them. that strong m&a that we saw and showed up in the earnings, i think we see more of that. they're in the best position. they retained their number one m&a advisory position. i think they're the best leader in this category. >> we also saw our first ipo yesterday. the ipo market may be restarting for the month of january. we have some other ones launching today. thank you very much. great to see you >> thank you. thank you for having me. turning our attention to washington, d.c. and president biden delivering his farewell

address to the american people last night looking to frame his presidency and 50-year career in politics. talking about the transition of power and climate change and taking a solemn tone when looking ahead to the next four years. >> i want to warn the country of things that give me great concern. this is a dangerous conversation of power in the hands of a few ultra wealthy people. dangerous consequences if the abuse of power is left unchecked. >> the president also added he sees a quote oligarchy taking shape in america wealth, power and influence that threatens our entire democracy. more to come and including the one stock play that is said to out perform in the year ahead. critical testimony on capitol hill and why scott

bessent's comments matter to your money. and the rough year in china and just how bad things have become. and the market moved in a big way and one more economic data point that can potentially do the same. we have a very busy hour of "worldwide exchange." stay with us.

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welcome back to "worldwide exchange." turning to capitol hill.

trump's pick for the reasury will convene at 9:00 a.m. according to the prepared remarks, bessent will double down maintaining the dollar as the u.s. world currency. he will comment on the incoming trade war with the supply chains to competitors and deploy sanctions to the national security requirements. joining me now is the founder of temu. the firm working with bessent's hedge university fund to launch. moritz, good to have you here. >> good morning. >> we talked about you launching an etf with scott bessent. if he is confirmed, will that change the plan? >> he would close his firm.

that is what he is indicating in the remarks today. if that persists, we don't expect the etf to proceed at this stage. >> last time you were here, we talked about the strategy in the etf. it is a look at macro and currency. i know you have seen him since we last spoke. i believe in the bahamas. some economic conference. when you talked to him, did you talk about the global markets? >> i think the views on economic policy are evolving pretty fast. i think of the consensus is the need for tariffs. tariffs will have the short-term and long-term role. it will be used for negotiation. in the past, it was a negotiating tactic. today, they are a reality. today, the question is how fast they come and which countries do they come to and where they are used tactically. >> you mentioned a number of things evolving.

the tariffs seem to be evolving according to reports. idea of gradual tariffs to mitigate the shock they could create. you have the etf. reshoring etf. if they are gradual tariffs, how does that change the investment in companies you would think would benefit from reshoring? >> companies are already trying to manage the risk of any potential tariffs which is creating an acceleration into the u.s. companies bring supply chains and manufacturing back to this country. the view of the administration backed by the strong dollar is that will help the process of reshoring. we expect that to accelerate as tariffs come into play. as far as the risks of tariffs lingers. companies are anticipating that and moving production home earlier. >> we are looking at the performance of the etf. i have to say it's lower since the election.

that is odd since the president-elect talked tariffs. these are the companies that you would think would benefit and they have been trading lower since the election. in your mind, what do you think the reason is? >> that was a euphoric move sinks the since the election. this etf invested in sectors that have been overlooked by the bigger indices. manufacturing space and remediation space. these are sectors that will see a big pickup of demand in the next 24 months. frankly, the tariffs and reshoring are one of the drivers as other drivers are related to this. tariffs will be here. the question is which countries and how fast and how much. >> with you saying that, any plans to rebalance it based on the commentary from the administration with the gradual tariffs? we saw scott bessent talk about the security and supply chain.

does that change your view of the reshoring and near shoring is and the companies in the etf? >> we will be listening with the companies in the u.s. and helping more strategic industries from the trump administration perspective. we don't do anything on the technology side. that's deliberate. there are enough ways to get that exposure. we think reshoring is benefitting big technology rather than middle america and manufacturing and industry. >> we will continue to watch this rsh etf. thank you very much. >> thank you for having me on the show. still on deck on "worldwide exchange," the groups jumping intoheuaum t qnt computing frenzy. we will dig into it. stay with us.

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welcome back to "worldwide exchange." time for the big money movers. we start off with quantum computing stocks rising in the pre-market with quantum up 14%. these moves come after microsoft declared earlier in the week 2025 is the year to become quantum ready. retail investors are getting ready in the space. research shows 3 of the top 11 stocks were quantum stocks. talking a lot about quantum computing this week.

turning to banks helping lead the charge with bank of america and morgan stanley leading in deal making. david solomon says there is a meaningful shift in confidence with the incoming administration and many believing it will be business friendly. the kbe up in the pre-market. bank of america up .50%. morgan stanley up 1.5%. pnc, regional bank, up .75%. we get earnings today from the names before the opening bell. apple losing the crown from the biggest smartphone seller. that is the largest annual sales decline ever. that includes the 25% drop in the fourth quarter. apple dropping behind vivo and huawei. shares of apple up .75%. we will continue to watch the stock throughout the hour and

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what we're seeing from the consumer is whether the economy is good or not, the consumer has the opportunity where they choose to shop and they're choosing us to end with double digit growth. >> that was a & f talking about the shopping habits. we get the look at the latest retail sales figures later today. welcome back to "worldwide exchange." i'm frank holland. we will see what companies are telling her about the outlook for the year ahead and the stocks that are a must own in the space. let's get you ready for the trading day. just a tick below expectations. we are in the green across the board. indices moving higher.

s&p up 20 points. nasdaq is the best up about 115 points. we want to look at the mag seven moves in the pre-market. take a look. you can see a built it of a mix picture. apple shares up .75% of 1%. we will keep an eye on apple that showed iphone shipments in china declined a significant amount. microsoft shares up .50%. tesla and meta platforms trading lower in the group. yesterday, rising 3%. tesla and meta out performed. again, the entire group moving higher over the last two days here. you see the moves. combined, the group gained more than $550 billion in market cap. 550. that's bigger than coca-cola and united health. huge move to the upside.

biggest one day gain since november of 2022. we turn back to the bond market after the inflation report with the 10-year and 30-year falling. the 20-year back below 5%. the benchmark trading at 4.65% right now. we want to look at the dollar. it pulled back on the news closing lower. it's on pace for the first losing week in the last seven weeks. treasury pick scott bessent to state the dollar remain the currency pick. take a look. the dollar falling .50%. week to date, fractionally lower right now. we want to look at bitcoin almost returning to 100,000. $99,335. pulling back a bit more than than .50%.

litecoin up double digits. this had morning, we are watchi oil. prime minister benjamin netanyahu accused hamas of back tracking of the cease-fire agreement between the two sides. hamas is committed to the cease-fire. the vote on the israeli cabinet has been delayed. wti crude is pulling back .25%. wti trading close to 80 bucks a barrel. that is the set up. we get a check of the top stories with silvana henao. silvana, good morning. >> frank, good morning to you. hindenberg research that gained notoriety with several short bets is shutting down. the founder citing the intense nature of the work. some of hindenburg's reports involve icon enterprises and

adani group. the recent report at the start of this year focused on carvana. blue origin is launching new glenn from kennedy space center in florida early this morning. the rocket reached space and did make it to orbit, but attempts to land the rocket booster on the barge in the atlantic ocean were unsuccessful. this marks a critical milestone for the jeff bezos space company and the bid to take on spacex. microsoft ceo reportedly becoming latest tech exec to meet with president-elect trump. satya nadella met with trump at mar-a-lago yesterday. trump and nadella discussed a.i. and cybersecurity and microsoft's pledge to invest $80 billion on a.i. data centers worldwide. frank. >> silvana, thank you very much. microsoft shares up .50%.

we stick with washington right now. parting shots from president biden to the incoming trump administration in his farewell address last night. the president looking to frame his presidency and 50-year career in politics and talking about climate change and the middle east peace deal. the president warning of what he describes as quote a dangerous concentration of power in the hands of few ultra wealthy people. >> today, an oligarchy is taking shape in america that threatens our entire democracy. our basic rights and freedoms and fair shot for everyone to get ahead. >> biden added it sets a dangerous stage if the abuse of power is left unchecked. turning to a key economic report september december retail sales.

they are expecting to be solid. many retailers are sounding up beat about the december sales in recent days. lululemon and abercrombie and eagle raised fourth quarter revenue guidance. joining me now is dana telsey. >> good morning. nice to be here. >> let's start with the retail sales number. you have your own estimate. you are at 1%. double estimate. what is making you bullish? >> we saw out of the meeting with tons of companies last week and some have given out on the public side their december sales and holiday sales has been pretty good when you look at companies like lululemon and ambercrombie and fitch. mastercard gave an increase of

4% year over year with good categories. what's interesting is that jewelers reported a weaker sales forecast than planned and mastercard shows 6% increase in jewelry sales. the consumer overall seems measured. what we saw with the conference i went to earlier this week, sales increases were greater than the increases to profit. more sales got done in the holiday. the compressed season led to urgency and new necessary in product product demand. >> you met with 30 companies. you were very, very busy. >> there wasn't a minute untouched. >> clearly. you were talking sales and outlook and i imagine tariffs. what were the companies talking about tariffs with the respect going forward? >> it's a headwind. it cannot be a headwind. last time, everyone diversified away from china. they will do that at a more

aggressive pace this time. none of them are talking about what price increases could be, that was part of the anecdote last time. you would expect to be this time. how fast it happens is a question mark. tariffs would reduce the consumer spend by nearly 50 billion to $80 billion. inventories are not going up in advanced of the tariffs coming up. >> it is interesting to talk about american eagle and ambercrombie. i want to talk about walmart. you have a price target of $100. that is not a big rise from where it is trading now. does the narrative change? before you told me it is less sensitive to tariffs. higher-end consumers. why are you not more bullish about the name that is positioned for the situation? >> i think a couple of things. you had a very good 2024. we think the outlook hasn't been

provided for 2025. what we see with 600 store remodels they're doing. the implications of sales increase compared to cost is what we want to watch. we think walmart is primed for this type of economy given the fact higher-end consumers are trading down to walmart. when the earnings come out, we will see what adjustments need to be made. we think they are right for this time. >> i want to correct myself. your target is 105. you talk so glowingly about the company with the high-end consumers. >> there is always surprises in the income statement. if i had to say where it is going forward, it moves higher >> dana, great too see you. >> thank you. coming up on "worldwide exchange," no love for southwest airlines. one bank downgrading the stock. shares falling more than 3% in the pre-market. stay with us. e for business.

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potential for slower growth in the first half of the year. time for the global briefing. canada is drawing up a list of $105 billion of u.s. items hit with tariffs. no exact items were disclosed. when trump picked canadian steel and aluminum in 2018, canada responded with whiskey and washing machines. and the bank of korea leaving rates at 3%. the bank adding it expect gdp growth will miss forecast for 2024 and 2025. we are seeing a luxury rally under way with the record quarter for cartier owner richemont. the company with the 10% increase in fiscal sales as china demand slowed down. check out the action across the board. richemont shares up 15%.

christian dior up 10%. results providing a positive signal for the european sector. coming up on "worldwide exchange," the one word every investor needs to know. taiwan semi shares ticking off with the largest chipmaker with quarterly results. we'll have much more after the break. stay with us. is a bitcoin etf the same as owning bitcoin directly? while bitcoin etfs might offer a familiar face, they lack the true ownership and flexibility

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welcome back to "worldwide exchange." chip stocks and comments from the chinese ministry. china initiating investigations into anti-dumping and anti-anti- anti- anti-subsidy. amd up .50%. micron up 1%. taiwan semi reporting earnings up over 4.5%. the news taking wind out of the sails of taiwan semi. pulling back after the blowout earnings report fueled by demand around artificial intelligence. kristina partsinevelos has more on the results and joins us now. >> reporter: good morning, frank. tsmc matters beyond the numbers.

the chip manufacturer gives us a read on the semiconductor landscape. let's start with the numbers. fourth quarter net profit up 57%. early 2025 sales forecasts and spending plans. tsmc capital expense came in 41% higher than last year. here's why that matters. when tsmc opens its wallet, it has a ripple effect across the industry. the spending benefits kla and lam and applied materials. you see them all in the green positive territory this morning. the sales forecast for the year tells a story about a.i. demand. the company forecast right now sees revenue to grow mid 20% just in terms of dollar and this would be over the next five years. the firm did warn of margin pressures of building

fabrication plants. the fabs like the ones in arizona. there have been delays there. the primary manufacturing partner, tsmc, dominated production, sorry intel. nvidia shares are up over 1.5% in pre-market. these positives are offsetting softness in cell phones. it manufactures for apple and qualcomm and amd. all those with the exception of amd were trading in the red. the ceo on the earnings call saying for a.i. in particular, demand is just the beginning as we expect from many leaders talking about a.i. demand. frank. >> taiwan semi shares are moving higher. you might be good luck for the company. shares up 5%. i want to go back to the statement we talked about before we talked to you. china doing an anti-dumping and

anti-subsidy investigation. were they talking about the chips act and what is your take on the tit-for-tat when it comes to chips? >> reporter: let's start with tsmc in particular. that was a big concern. taiwan wasn't part of the tier one according to the biden administration new rules. the ceo did say on the call there would be a minimal impact. 70% of the tsmc earnings come from outside china. the impact from them is going to be minimal. for tit-for-tat, this may definitely continue. we saw it ith trump the first go around. we see they will retaliate against qualcomm and they will try to block certain deals saying it is anti-trust reasoning. for tsmc, they are seeing no minimal impact. nvidia will be against it. they have been vocal on the blog posting on monday saying the biden administration did not

seek any consultation from local industry. maybe that will change given the 120-day period that the new administration has to review all of these rules. >> kristina partsinevelos, always great to see you for that look of tsmc earnings. coming up on "worldwide exchange," the data center our next guest says that could be just getting started. take a look at the mystery chart. we will reveal our mystery chart coming up after the break. if you missed, follow our podcast on apple or spotify or other podcast apps. much more after this. that prevagen has worked for me. give it a try. i want it to help you just like it has helped me. i've been taking prevagen for eight years now and it is still helping me tremendously. prevagen. at stores everywhere without a prescription.

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welcome back to "worldwide exchange." as we close in on the 6:00 hour, here are the stories we are following this morning. google and apple ceos are attending the inauguration. sundar pichai will join mark zuckerberg and elon musk on monday. tiktok ceo will attend as well as the president-elect is considering an executive order once he takes office to suspend enforcement of the ban or sale law. that could be anywhere from 60 to 90 days. state pension funds are looking to capitalize on

bitcoin's runs. the state of wisconsin was the 12th biggest shareholder in the blackrock etf. michigan is the sixth largest shareholder in the ethereum etf. retail investors showing a lot of interest in the space. retail tracking purchasing over the last five days with 3 of 11 in the quantum computing stocks. also, apple losing crown of the biggest seller of smartphones in china. data shows iphone shipments fell 17% in 2024. the largest annual sales decline ever. apple dropping behind rivals vivo and huawei. all three major averages coming off the best day in

months after the huge surge in big tech. the dow would open 60 points higher. for more on the trading day, let's bring in malcolm ethridge. malcolm, good to see you. >> good to see you, my man. >> malcolm, how do you see today shaping up? what is your word of the day? >> i know the jobs report last week came in higher than expected and made some investors and analysts fearful that maybe interest rate cuts are completely off the table for the entire year, but realistically, they are probably the same two or three cuts coming into this year will happen in the second half of this year. with that, my word is delayed. i expect the cuts will come. i think they will come with a delay. >> you think we are getting two cuts this year? i think one has been priced in so far. what gives you the confidence we will see two cuts? do you believe inflation is going to move down? core cpi was one basis point lower than the estimate. it wasn't a big down side move

there. >> it's still tracking downward. i understand the core cpi has been rising or flat for five months in a row which is a little bit troubling for jay powell and crew. probably not worrying enough for them to hold off on further cuts for the year. that would leave us three years of restrictive rates which doesn't seem realistic to me. >> all right. you have confidence in the cuts coming up. i want to ask you about three sectors in correction territory right now. healthcare, materials and real estate. three very different stories healthcare is defensive. materials is cyclical and real estate is rate sensitive. we see a big bounce with energy. do you see the potential for the big bounce this year in any one of these? >> yeah, so i think real estate is probably the one that fits perfectly into what we were just talking about. it is pegged to interest rates and i do think the ten-year treasury has shown it doesn't want to hit the 5% number again. i think eventually it will take

intervention from the fed and it will also take a more accommodative administration coming into office in a week now. i think the combination of those things all happening at the same time means real estate is probably shaping up to be the better of the three by the end of this year. >> speaking of real estate, a different real estate. we want to get to your pick. what is your pick for today and why? >> my pick for the year is digital realty. by the end of the year, it will fare better than most of the constituents in the s&p. we have seen an increase in appreciation for the need to have a place to house all of that data that's an been created by all these large language models these hyper scalers are running. realistically, you can compare to nvidia because there's a lot more demand than they have supply. obviously, that shapes up to be good economics for a company like this. >> you see good economics.

if you look at it last month, it seems to be trading in line with tech, but pressure from the tech sector. are you worried with the administration the policies could lead to a spike in bond yields this stock would be hurt by that? >> i'm not. microsoft made the announcement they plan to spend $80 billion because they have digital relationships with the hyper scalers already. microsoft is planning to spend $80 billion on data center storage space in 2025 alone. that potentially will go to digital realty. >> upgrade on digital realty from deutsche bank raising the price target. malcolm, thank you very much. here what to watch ahead of the open. initial jobless claims, retail

sales figures. consensus estimate. dana telsey is optimistic with 1%. we get the look at the manufacturing in the philadelphia area. we get the latest on the national association of home builder survey and another busy day of earnings with bank of america and morgan stanley and pnc and u.s. bank corp. also a pair of cnbc interviews on the back of earnings, including citi's jane fraser. that does it for "worldwide exchange." "squawk box" starts right now. good morning. the latest is now a cease-fire setback. israel accusing hamas of last minute concessions. we is the latest from the middle east. trump's pick for treasury secretary will face a panel at the senate confirmation hearing. we'll show you his prepared remarks. apple has lost its crown as

the biggest seller of smartphones in china. it's january 16th, 2025 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. and this morning, let's take a look at the u.s. equity futures. we had a big day yesterday with the markets seeing their best gains since november 6th. what day was the election? >> 5th. >> okay. since the day after the election. those are the biggest gains we saw. dow up 700 points yesterday. this morning, it's indicated up another 50. s&p was up sharply yesterday. it is indicated up another 20 points this morning.

then