stanley. it is thus, october 26th, 2023 you are watching "worldwide exchange." good morning i'm frank holland. let's start your day as we kickoff with stock futures we show you they are in the red across the board looking at percentages nasdaq is down 1%. the dow and s&p also in the red. we will talk more about what is going on in a moment this action here after a rough session for stocks yesterday with the s&p fall by more than 1% also the nasdaq now in connection territory it closed down nearly 2.5% its worst day since february the focus of that selloff is on alphabet logging the single worst session since 2020 and the largest decline in market value of $166 billion wiped out. that number equals all of amd or disney shares are lower again this morning. down 2.25% we are watching surging yields.. 10-year treasury is at 4.95% the 2-year treasury is also showing a yield above 5% as well as the long bond. >>> we will have more on the sector in a moment, but breaking news uaw reaching a tentative deal after 40 days on strike. we have phil lebeau with more on the story. phil, good morning

frank. shares of morgan stanley set to withstand the 5% loss after the bank is investigated by u.s. regulators, including the s.e.c., office of the c comptroller of the currency and treasury. according to reports, regulators are looking into whether the bank had adequately investigated the identities of clients and sources the wealth. >>> globe life is responding to a new short sell the report from fuzzy panda research with fraud at the life insurance giant. globe life said the research mischaracterizes facts and uses unsubstantiated claims. shares are higher in the pre-market after falling sharply in the trade yesterday. >>> finally, cathie wood's ark investment holds a stake in a.i. darling openai. in an email to clients, ark said the venture fund invests in openai. the $54 million ark fund was launched in september of 2022 and invests in public and private companies like spacex and epic games and recently the reddit ipo. >> bertha, thank you. >>> more to come here on "worldwide exchange," including the one word that voinvestors nd to know today and the one stock that can't seem t

financial technology -- director of financial technology devin ryan >> good morning, frank >> let's look ahead to morgan stanley bank of america. do the reports look to be as bad as people fear >> there have not been big surprises. net interest income stories is something we will see going forward. credit has not been an issue yet. you still have macro uncertainty moving forward for the banks moving forward today, the capital story is the key piece here we have been in the duduldrums r 18 months. especially morgan stanley reporting. it is one p stat for you you see a recover any in the normal tread line. for ma&a, it needs to increase which gives you the sense of how bad it has been. >> we have a bit of resurgence with ipos. i want to talk about something people are focused on. the impact of rising rates small and regional banks is there any more danger with the big banks with the hike expected in july and maybe another one later in career? -- later this year? >> there is accuse stress. we have not completely resolved that uncertainty our view is we are getting in the late innings of the cash fees they will nev

report, jpmorgan chase valued hulu for disney close to $27.5 billion and morgan stanley valued hulu at $40 billion frank>> silvana, thank you very much. see you later on >>> turning attention back to the markets. the rebound showing fresh momentum as stocks come off back-to-back positive sessions and renewed hopes of a summer rate cut are looking for sentiment. the top voices are focused on that at the milken conference. >> goods are in better shape supply chains are in better shape. service is the sticky one. things are headed in the right direction. we love it if it would go faster that way. >> with deglobalization, we're likely to see a level of inflationary pressure of goods be higher than it was for the last 30 years. the fed has to know that they're thinking about goods are likely to be higher baseline for the foreseeable future and services still unacceptably high >> inflation is going to be popping up in very different ways you can't just buy commodities or tips. you have to spread the assets. >> let's discuss how to position from here with douglas b bonaparte. d doug, great to have you on the s

frank. >> got it. you're kind of in line with morgan stanley. to get a sense, what is your thought on the market? are hitting fresh all-time highs, the nasdaq at highs we haven't seen since january of last year, along with the s&p, and also multi-month highs. what do you think about all this euphoria on the market. i know you said delusional is the word. but can we see that? >> you might get a little bit of disappointment. the enthuse am you're seeing is the market moving for the first time in two years. that's a good thing. delusional is a lot of rate cuts early on. >> don't want to cut you off. i want to get to your pick very quickly because we're running out of time. one of ibm. given us a sense? >> we're old school. they're a company by their own admission is a little late to their own party, but red hat is profiting. if you're looking to expand out, they pay over 4% dividend. if you're looking at forward multiples, only about 17. i think there's a lot of value there. most importantly, the stocks have been range-bound for three or four years and i think ibm can be a surprise winner in ai trad

. >> good morning, frank >> what do you make of jpmorgan chase and morgan stanley saying short sellingrket >> the sentiment and options market, frank, has shifted as well i would call it an inflection point from the beginning of september. a few months ago, folks could not buy call options fast enough in the magnificent seven everyone had to jump in the pool at that point in time,that was the pain trade now the pain trade is on the down side. you see that in the options in mega cap tech sucked out you are seeing it specifically in the bearishness in the put options. specifically when you look at mega cap tech, you see that in apple. >> interesting i have data from estery partners year to date, short sellers have lost $127 billion. i know the bear sentiment is rising, but in your mind, what are the dynamics that changed this with the short selling? >> it has been painful the another stat i have for you is last year when you looked at owning or hedging, the market has drawn down you managed 20% in the put buying hedges haven't worked and it is painful. when you try to protect yourself me

. >> joining me now is morgan stanley chief wealth analyst. >> good morning, frank. >> i'm not goingof paraphrasing jamie dimon. >> they're priced for the soft landing. >> what does it mean going forward? it sounds if anything happens, we could see a selloff or a dip. do you agree we need everything to go right to keep the rally going? >> i think that's the case. as soon as the fed starts communicating it may start to cut rates, the market prices in the entire rate cutting path. in one sense, the fed needs to deliver that. what if the fed does not deliver that? >> what do you mean? 25 basis points or if they only do 25? >> the entire path. the fixed income market is placing a 40% probability that the next cut could be 50 basis points. i don't think the fed is particularly going to die in battle over whether it's 25 or 50 if the data point is weakening. in terms of the entire path could get into the cutting cycle, the market has priced that in. let's say the economy does better than expected and the fed cuts, but doesn't cut as far as markets are pricing, you have to have yields come

frank holland, thank you very much >>> in the sports world, game two of the stanley cup finals took placeon. call it title town it came down to the wire the bruins and the blues tied at 2 at the end of regulation play. carl gunnarsson scored the winning goal, just four minutes into overtime to win it for the blues. that's the first ever finals win for the blues. it ties the series at one apiece the finals resume in st. louis on saturday night. you can catch it 8:00 p.m. eastern on nbc sports. >>> one tech company shrugging off the trade war despite sizable exposure to china. we'll bring you what that name is straight ahead. >>> and why one big money manager says it is time to think small. but for big returns. he'll explain when "worldwide exchange" comes back are and unrivaled network to work. the united states postal service makes more e-commerce deliveries to homes than anyone else in the country. e-commerce deliveries to homes my gums are irritated. i don't have to worry about that, do i? harmful bacteria lurk just below the gum line. crest gum detoxify, voted product of the year. it w

frank. >>> now to the most hockey of all hockey stories the stanley cup play jofrz are underway, and the sane diving in face-first, literal literally. the sharks captain scored the first goal of last night's game when a puck deflected off his jaw. he did lose teeth on the play, but he was able to skate off under his own power and actually returned to the bench later in the game wearing a protective mask covering the lower part of his face they went on to beat the vegas golden knights 5-2 pavelski jaw 1, 0. >>> the world's biggest democracy kicking off electrics today. that's india this could actually have a big impact on your money even if you are not invested in india. >>> later, why hitting it on the green does not necessarily mean a green jacket at the masters. your morning rbi has to do with golf and why golfers actually want to lose a competition >> that's the word i'm looking for in london. thank you, kevin he has been in there for more than eight years and the ecuadorians removing asylum overnight. the u.k. police swept in he is wanted by the swedish police on allegations of sexual mi

series of strategic missteps and morgan t stanley will discuss as well let's talk about this with nancy. good morning great to have you here >> thank you, frank week of bank earnings, what are you looking for and what did you make of what we saw last week? >> particularly with the big banks, goldman sachs and morgan stanley, we are looking at the deals gore forward one of the things we heard from jpmorgan chase was some optimism on deal flow picking up. we know that deal flow was bad last year. we know the numbers were down in the 20% range. we are seeing an improvement on the m& a front particularly in healthcare we think it is likely to hear optimism about that and optimism on the ipo front going forward that would be good for the stocks as that is an excellent business for them. in addition from goldman, we want to hear about the consumer business where they made a lot of missteps. we need to hear how they get out of the businesses. >> you mentioned the consumer business one metric is net interest income what is your expectation with that you mentioned the consumer business bank of america net interest income was better than people expecte

stanley. brian, good morning. good to see you. >> morning, frank. >> how are you? >> all right. similar story here, brian.tic price target on starbucks than the rest of your peers. you're at 115 consensus right around 106. but at the same time, you think u.s, same store sales, they fall by 5%. china, same store sales fall by 10%. that's a bit more pessimistic than your peers. if i'm an investor, how should i read that? what is this saying to me or what you're saying? how should i read your views on this turnaround? >> well, i think everyone. >> knows this is still. >> going to be a tough quarter, right? i do think. >> that if you look at us. >> traffic, it will be a little bit less. bad than the prior quarter. >> but i think you're. going to. >> start to see an upswing in the coming quarter. and as we go. >> through this fiscal year, you're starting to see some of these small changes in us stores. i'm pretty optimistic that things can get better from here. so that's where, you know, we're in this for the longer term, right? >> yeah, i mean we're definitely seeing some small changes. we saw a big change at

stanley cup, 9-3. what a feat for this franchise, so new and well-deserved frank, we send it back to you. >> frances, thank very much. >>> turning our attention back to shell, shares up in the prae market in the u.s. after boosting its dividend by 15% and doubled down on its fossil fuel production strategy. joining me now, alan good. alan, thanks for joining us on this news. >> glad to be here. >> the announcement today, they're increasing the dividend, doubling down on oil what's your price for this stock? what's your rating did it change on this announcement >> yes, i think the overall announcement is positive but a little less than what the market was looking for. on the oil side they said they were going to hold production flat at current levels to 2030 the current decline annually is 1% to 2% i think they were looking at a complete reversal on that and looking for growth they were going to go to the lng business then we got some cap ed productions. then there's the increase in the shareholder return target which brings them in line. so i think what we saw earlier again is positive but maybe not everyt

frank, good morning. well, noted bear mike wilson says investors should brace for a significant pullback in the stock market ahead of the u.s. presidential election. now, speaking with bloomberg, morgan stanley'shief investment officer is maintaining his 5,400 for the s&p 500. he says the chance of the 10% correction before november is highly likely adding the third quarter is going to be chop py. >>> shares of bp are under pressure this morning. the company warning it expects to post an impairment of $2 billion in the second quarter on lower refining margins and oil trading performance. bp also says upstream production in the last three months will likely be broadly flat compared to the first quarter. the company is set to report results on july 30th. >>> and boeing is reportedly in talks with the u.s. defense department over how its criminal guilty plea over its deadly 737 max 9 crashes could affect its government contracts with the d.o.d. the boeing contracts account for 37% of the global annual revenue last year. this comes as the faa is ordering inspections on at least 2,600 737 over passenger oxygen masks which could fail during an emergency, frank. >> thank you, silvana. >>> turning att

but the a lot of the analysis, frank, has been that this still isn't going to be enough. morgan stanleytoday said the consumption stimulus steps were modest, and stockton says that the stimulus is still insufficient in their eyes to combat president trump's tariffs. >> all right. eunice yoon, thank you very much. eunice yoon live in beijing. let's get more on this story. we're going to bring in cnbc contributor derek mcneill. he's the managing director and senior policy analyst at longview global. good morning. always great to have you, especially during a week and a day like this. >> good morning frank. >> how are you. >> all right. so i'm looking at the target here. very ambitious target for china's economy for 2025. i want to ask you, what is the setting of that target? what does it say about the chinese government's optimism despite the trade war? and what does it does it give us a preview on what we should expect when it comes to government stimulus? >> well, i actually think i agree with eunice on this one. this was. a pretty ambitious target. expect it though. i think analysts. >

medicaid increasing the drug zepbound morgan stanley names eli lilly as the top pick for 2025 we have terrance making that call good morning >> good morning, franktarget on eli lilly is $1,146 from where the stock is trading right now at the same time, policy is front and center we are talking about eli lilly, how is policy impacting the narrative on this stock? >> obviously, frank, we mentioned the outlook, policy is the key thing in the bio-pharma sector and some following the u.s. election. i would say the center of that is drug pricing questions on how that plays out obviously, no real policy yet to hang our hat on, but from the eli lilly perspective, the key focus is the zepbound for diabetes we continue to see robust growth on the volume opportunity. we think this could be a $100 billion market opportunity over the long term and we think eli lilly is getting a strong part of the market with zepbound. they recently received fda approval for a new indication for sleep apparent knee in apn. this will help the coverage of the drug in the medicare setting. we think that say positive setting. >> that is a positive development. eli lilly is the t

frank. >> let's talk about earnings. i'm looking at some of the earnings. morgan stanley eps expected to increase 99% year over year. what's the catalyst for the big upside moves when it comes to profit? >> yeah, so, it really is investment banking and trading and rebounding off more one or two years as interest rates are really high during the 11 rate hikes we had in that hiking cycle. as we et off that, the earnings are good. for morgan stanley, in particular, they get half of the revenue from wealth management. as we know, you know, they basically get a fixed percentage of a lot of people's overall assets under management. as those rise, their fees rise, frank. >> we have seen a big jump in financials after the election. a lot of what brian moynihan was talking about with the regulatory environment. how much is baked in for the friendly regulatory environment? some of the gains have eased back. >> there's room to run. those gains have pulled back because of what's happened in the bond market. that moderated enthusiasm for the big banks. i'll be very clear. there are three or four different key regulatory bodies y

frank. happy friday. well, we're talking about intel. sources telling cnbc company executives are working with multiple advisers including investment bankers like morgan stanley to address its struggling fortunes as it stocks sits near its lowest level since 2013. seeing shares slightly higher in the pre-market. according to sources and other media reports, intel is discussing various options, including a split of its product design and manufacturing businesses. the plans which could also include potential m & a will likely be presented at an upcoming board meeting this month. >>> count apple and nvidia as possible investors in openai's latest fund-raising round that could value the chatgpt parent above $100 billion. the report's coming one day after word thrive capital leading the funding round with a $1 billion investment. and elon musk is taking issue with brazil's supreme court amp after it ordered them to have legal counsel in that country. a turn in the months-long battle between musk and brazil over social media regulations. local media outlets also reporting the court has already fined x for regulation violations and frozen starling finances in the co

frank. ipo market showing no signs of slowing down. r reddi, it is working with morgan stanley goldman sachs on the listing and considering a valuation of 15 b$15 billion. other names include rubrik, a start-up and skims holds a valuation of $4 billion. >>> more legal action against meta platforms and allegations of the underaged users. the u.s. court denying the motion filed by the social media company to take over the legal battle the with the ftc who has accused meta the misleading privacy information to parents of underage users. ftc can push to make money as those in inn stagram fights wit tiktok for the users. >>> and tesla is in legal trouble with the labor relations board getting a lawsuit over illegal ly firing employees. the labor board alleging tesla allowed unlawful use of technology in the workplace and illegally denied the union organizing request from the employees. >> silvana, thank you. >>> we turn now to another part of the tech space. we are two days away from the one-year anniversary of chatgpt going public. we are focusing on the companies impacted by a.i.

join morgan stanley in supporting feeding america and your local community food bank. ♪ >>> welcome back to "worldwide exchange." here is franknd. starting with toyota posting a small quarterly profit despite seeing car sales cut in half it notes the pandemic continues to make the business outlook uncertain. >> shares of western digital down sharply the memory chip company disappointed investors different story for zynga after posting a 47% jump looking for things to do things like empire dragon. i hear it is popular >> never heard of it >> you and i may have to play remotely and be a lot of fun one thing we are watching is new stocks the parent of quicken loans. leslie joining us now with more on rocket companies. >> hey, brian. there was weaker than expected demand for this deal rocket company is the parent of rocket mortgage. was expected to be the largest ipo of the year. it fell short. the detroit based company priced below the range, offering fewer shares that was less than the warner brother's ipo this year. investo investors balked at the valued valued as a mortgage company rather than a technology company. is the lar

stanley. henao is here with those. silvana. good morning. >> hey, frank. good thursday morning to you.rapping its diversity targets, citing recent court decisions and executive orders by president trump. in a company memo, google's chief people officer says in the future, we will no longer have aspirational goals when it comes to diversity, equity and inclusion. google is the latest big company to drop diversity targets following similar moves by mcdonald's, meta, target and walmart. microstrategy is no longer micro. the software company and largest corporate holder of bitcoin, has rebranded as just strategy and unveiled a new logo with a stylized b strategy reporting a bigger than expected fourth quarter net loss. but the company is followed by investors more for its crypto holdings and not its business. the company says it spent more than $20 billion to buy almost 219,000 bitcoins in the quarter, and chinese online retailer tamu is steering users to items shipped from u.s. warehouses. following president trump's decision this week to revoke a popular trade provision. the de minimis e

frank holland will be here we're back in a second cloud platform.id now data is available anywhere, securely. and your digital transformation is helping find new ways to unlock energy around the world. ♪ at morgan stanley see the world with the wonder of new eyes, ♪ helping you discover untapped possibilities and relentlessly working with you to make them real. ♪ because grit and vision working in lockstep ♪ puts you on the path to your full potential. ♪ >>> welcome back time for the "wex-wrap up. shares of meta $40 billion buyback. we will see if that get criticism from the white house. >>> and bed bath and beyond missing interest payments after the lenders warn it was overdrawn. bed, bath rks , bath & beyond o file for bankruptcy. >>> and pg&e to face manslaughter trial over fatal 2020 fire. t >>> comcast selling shares in buz buzzfeed. >>> and adani group shares falling 30% after the wiping out of $100 billion in value this year this after the company being called a fraud by hindenberg research. >>> and a blockbuster year for shell posting $40 billion profit oil joigiant announcing a buybak of $40 billion there is the wex wrap-up >>> you get jobless claims at 8:30 this morning and factory order numb

stanley cup champions! touchdown! only mahomes. the big events are back and xfinity is your home for the return of live sports. >>> the drop in cisco. frank is back with those >> cisco falling nearly 6% those beat estimates but the company is giving weaker than expected outlook for the fourth quarter. seeing revenue falling between 9 to 11% cfo is retiring. cost cutting have changed during the pandemic shares of vroom wider expecting a bigger than expected loss. saying the drop in demand and uncertainty around vehicle pricing early on lead it to reduce inventory in the first half of the quarter. the ceo will be on 7:45 a.m. earn time. aspen technology soaring topping estimates prior to these results. the stock had been down about 19% this year. back to you. >> thank you very much. >> in global news, huawei is back in the cross air. showing their supply chain with other technology more from china. >> thank you there was a little provision tucked into the defense spending bill that will come into fruition two huawei related events. the expiration was a 90 day reprieve they don't have a whole lot of business in the u.s some of those smaller

stanley and black & decker down 46%. think home security. pentair, liquid systems and johnson controls temperature controls for real estate products. that's what you are talking about with laggards. these are beaten down names, frankroup of stocks transportation companies and some tech companies as well. we look at the different group and where do you see the leadership going forward >> going forward, what is interesting is if there is a recovery in the overall market, there tends to be focus on the beaten up names because of the rising tide effect if you watch the companies, but here is the issue. if you have a rising rate environment that will have a bigger slowdown effect on the overall economy, you could start to see some of the companies more leveraged to real estate development and an building and construction start to take a lagging type position here what i would be careful of right now is looking at defense contract outperformers and see if this can go up in a straight line many times the geopolitical risks resolve themselves we don't find ourselves in massive conflicts. it is not to say the defense contractors don't do well over time i would keep an eye on the bellwether of the economy. caterpillar and d

stanley. >>> welcome back to "worldwide exchange." the ivy league elite have a target on their back this time in massachusetts as the bill making the rounds could cost schools millions of dollars. robert franking me with more >> good morning, frank the legacy tax or harvard tax. the bill making the way through the massachusetts legislature would charge fees to colleges and universities that would consider legacy in the adm admission. harwvard would pay $10 million a year the fee is based on endowment size which for harvard is $52 billion and whether a school favors alumni and donor families and allows early decision. the bill's sponsor says legacy admissions is affirmative action for the wealthy. >> nothing in the bill says you can't get into the school your parent went to, but it just says if there is some other kid, some other applicant, who has higher grades and higher s.a.t. scores and more hard working and better essay, we're not going to give you a leg up >> the money p rraised from the fees would fund state community colleges in the state. harvard declined comment the association of independent colleges and universities in massachusetts called the bill punitive and likely unconstitut

frank. great to see you. thank you very much. >>> turning now to our global briefing, with start with morgan stanley cutting at least 50 investment jobs in asia in response to the ongoing slump in china. it's the biggest layoff in years after laying off people last year. it fell 12% in the first quarter. >>> byd is out with three new premium cars. it plans to show cause the autos at the beijing auto show next week. the lineup includes a plug-in alternative with high horsepower. >>> uk inflation falling 3.2% in march, narrowly missing estimates. it with us offset by prices at the pump. investors pushing out their bang of england expectations in response, with the first coming in cement or november. interestingly enough, we had a guest in europe who believes they're going to do a cut at their next meeting. >>> coming up here on "worldwide exchange," we have the one word every investor needs to note today, plus our next guest says the soft fed landing and the u.s. economy may no longer be on the table. >>> be part of the changemakers. secretary gina rahman toe and actress drew barrymore are going to define how they view leadership.

morgan stanley sees a 20% chance of recession let's bring in kevin simpson from capital wealth planning >> frank, good morning >> kevin, you are saying investors are unprepared in general for all of the volatility they need to readjust how they look at equity they need to do homework when they are studying, what do they need to study dividends or cash flow >> it is all of the above. we heard the expression that it is all fun and games until somebody gets hurt it is fun and reeasy in a raging bull market. so many did get hurt with crypto or meme stocks a lot of newer investors and seasoned ones were unprepared for the volatility you did a great job yesterday, frank, highlighting the clouds names and growth names and thesis with the pull back in yields it was a meaningful pull back on the ten-year that trade is over we need to reset and rethink it plays into our philosophy like you mentioned if yyou own stocks with free cat >> i did tee it up i'm a home boy with my philly brother. you are especially focused on companies that have capital for earnings to afford dividends can you give us examples of

frank, is difficult for businesses to on the -- to operate in it continues to trend and really need to be cautious of the risk of being in china. >> you see concerns of investing in china morgan stanleye lackluster stimulus triggers retreat. when you are morgan stanley, how do you see this impact the long-term outlook? in the short term, we see concerns you see trends of people pulling money out and they find other places to put it to work >> that's a good question, frank. i want to be very clear here that even capital outflows for china is difficult, as you know, there are capital flow controls on the amount of money you can get out over a certain period of time the advice given is wise, but i would say you have to move quickly and cautiously to do that you know, i don't know where this money is going to go. china was supposed to be, as he k -- as you know, was the growth engine to rise the boats here in 2023 and that hasn't happened. we have to keep an eye on this i'm not saying everyone should run for the exits. my message is about being aware of the risks in the short-term you know, china could turn this around so far, the policy measures have been lackluster. >> they could turn

. >> thanks, frank >>> coming up here on "worldwide exchange," the one word that every investor needs to know today plus morgan stanley'sith her picks. >>> and cnbc is celebrating asian american pacific islander heritage month in may. we are celebrating our business lea leaders. >> we're proud to be celebrating our 46th anniversary as an asian and founded led independent business one reason we had so much staying power is because we celebrated our asian roots it permeates everything we do from the east meets west supply and supply chain and one factor is a family owned factory in the the fashion business has never been easy. we hope our message continues to resonate with our customers. - double check that. eh, pretty good! (whistles) yeek. not cryin', are ya? let's tighten that. (fabric ripping) ooh. - wait, wh- wh- what was that? - huh? what, that? no, don't worry about that. here we go. - asking the right question can greatly impact your future. - are, are you qualified to do this? - what? - especially when it comes to your finances. - yeehaw! - do you have a question? - are you a certified financial planner™? - yes.

intelligence, morgan stanley says the stronger dollar will likely be a big topic of discussion when salesforce reports earnings. that's one of the reasons shares have underperformed in recent weeks. frankhanks to our cmo jim cramer. he's got much more on salesforce's earnings with ceo marc benioff. that's coming up tonight on mad money at 6 p.m. eastern time. all right. coming up here on worldwide exchange. the top stock pick for our next guest. up more than 6% just so far this week. and why she's saying it is shaking off worries tied to elon musk and the doge efforts. that name will be revealed. our mystery chart coming up right after this break. stay with us. >> welcome to. >> reinvented with accenture. >> today i'm here with margarita. della valle. >> ceo of vodafone. >> you were. >> employee 25. >> in vodafone italy. >> today you're the ceo. >> of vodafone. what is your strategy. and vision. >> for. >> the future? we are changing our culture to really focus. >> on our customers. we need to. >> acknowledge that change is hard, but if people understand it's for the right reason, then you get the power of the organization with you. >> nothing stands still. >> not technology, not the m

stanley. >>> welcome back to "worldwide exchange." let's get a check of the top corporate stories with pippa >> frank, jpmorgan chase is resu reshuffling the management treatment for the time that jamie dimon is not longer in charge the current co-head of the consumer bank will be co-head of the commercial and investment bank along with a veteran leader of the trading operations. mary ann lake will transition to sole ceo there are a handful of exe executives with the shot of succeeding dimon as ceo. >>> and salesforce is laying off 700 employees. the cuts will comprise 1% of the 70,000 personal work force and would be the latest to hit the tech sector. if confirmed, it follows the cuts from a year ago when it let go 8,000 employees or 10% of the global work force. >>> it is not just salesforce. levi strauss will layoff at least 10% of the global corporate work force as part of the restructuring. this is coming after the company expects weaker sales in the year ahead. levi says the cuts will take place in the first half of the year and could impact 15% of corporate employees. frank. >> pippa, thank you very much. >>> chiefs against the

stanley >>> welcome back to "worldwide exchange." apple doubling down on the smart home efforts in the year. we have steve kovach with more. >> reporter: franke is making another move at the smart home after the last six years. apple supports smart appliances right now, but it is a side show after home pod for voice control and iphone apps that control stuff in your home. apple well take another crack at the smart home market is due to grow again next year. according to the research firm idc in september, it is expecting 0 million smart home devices next year. apple is going to play a part in that according to bloomberg reports, it will start with a smart home hub. it sounds like an ipad with stripped down features. you stick it to your wall and it let's you control the appliances. apple is working, according to the report, on the new version of the home pod for voice controls. analysts at tf international securities, scoops what apple is working on. he says apple is working on a smart camera to compete with google and ring brand. apple is working on a door bell to let you unlock your door automatically as you approach using the facial recog

frank. >>> earnings season ramping up tomorrow. we hear from the big banks with wells fargo and citi and morgan stanley. leslie picker on what to watch with the results. >> reporter: banks are important with the quarter earnings, but thanks to the fed 50-basis point cut, the executive commentary about the performance in the easing cycle is the biggest issue of share performance according to analyst. floating rate loans re-priced down faster than what banks paid to customers for deposits. that can create a short-term profitability headwind for loan making. the market was spooked back in mid-september based on remarks that jpmorgan president coo said where nii expectations were too high. i actually sat down with pinto yesterday and asked him if market expectations have since caught up with what he sees as reality. >> we saw we're too optimistic on what to expect based on what the rate cut was showing at the time. so, i think that we saw nii at the time was too high in the expectations. now they have adjusted some of it. >> you think the ex-ppectations are now more acceptable? >> they are more acceptable a

frank. >>> that is it for us here on the "worldwide exchange. we have "squawk box" coming up next thank you for watching ♪♪ at morgan stanley, old school hard work bold new thinking. ♪♪ partnering to unlock new ideas, to create new legacies, to transform a company, industry, economy, generation. because grit and vision working in lockstep puts you on the path to your full potential. old school grit. new world ideas. morgan stanley. let's race! put your foot on the pedal for speed. yeah! reliability. it's showtime. here we go. and power. introducing the xfinity 10g network. that was awesome. super-fast internet today. with even faster speeds tomorrow. you might wanna buckle up. only from xfinity. the future starts now. >>> good morning debt ceiling showdown. the big four congressional leaders meeting with president biden today. we will tell you what to expect. >>> shares of palantir soaring after alex karp predicted shares. >>> and so'shaquille o'neal wans the lawsuit dismissed. it is tuesday, may 9th, 2023 "squawk box" begins right now. >>> good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square.

stanley on "fast money" laying out the sectors for investors. comm services and tech flying high. welcome back to "worldwide exchange." i'm frank holland.have katrina dudley with her take coming up next. the nasdaq and s&p coming off three-day losing streaks. all three indices in the green. s&p up .1%. the dow up more than 100 points. nasdaq up almost .50%. now the check on the biggest gainers in the nasdaq 100 in the pre-market, of course. micro strategy rebounding followed by tesla and broadcom and t-mobile and palantir. a lot of people calling that profit taking. up almost 1%. back to the markets. the recent weakness in contrary with the russell finishing with the fifth positive year in the last six. the dow up 13%. the s&p just about 23 or 24% higher. the nasdaq up just about 30%. then we have the russell. this is interesting. the russell up 10% for the year. it's also nearly 10% off its 52-week high getting close to correction territory. interesting situation there. rates and the fed are a big part of the market narrative. the ten-year finishing 70 basis points higher despite the fed cutting rates this year. the volatility in the b

frank. >> diana, thank you. stay with us for a second. let's talk about the mortgages and an volatility and impact on the housing market we are joined by stanleydleman. stan, thank you for being here with us. >> thanks for having me. >> stan, the natural question is how does the combination of falling rates and global banking crisis and crisis in the u.s. impact your business >> the lower the rates, the busier we are. the lower the rates, the more kp excited the buyers get and affordability kicks in however, sellers have to sell. that combination has to meet >> stanley, we have seen rates come back a bit, obviously in the last couple weeks. the trajectory could be higher we saw them pop a little bit yesterday. for buyers, there is talk of mortgage rate buy down some people don't understand that can you explain what that is >> it is not really risky. you are spending up front money to buy the rate down temporarily. it is fine sometimes the mortgage company contributes to that reduction in price. by and large, you are still getting a 30-year mortgage at a rate that's going to be market you are just moving around how you are paying for it. >> com

stanley. >>> welcome back to "worldwide exchange." we are we are turning to a developing story with hurricane helene making landfall last night. jay gray has the latest. >> reporter: frankas a rough ride in tallahassee and across florida. you see older oak trees and canopy across the street with the moss last behind. we know the older trees did not make it overnight structures an pulling on power lines. we will have a better idea of the damage here sunonce the sun comes up. let's talk about helene for a minute. it was the strongest hurricane to ever make landfall in florida's big bend region. that is saying something. that is a pathway for a lot of the hurricanes that move into florida. it was the third to move through that area in the last 13 months here. we know it was one of the largest in the gulf in the last century. this thing had a wind field or footprint of almost 500 miles and it certainly had some staying power. it was still a category 1 as it moved into georgia, well inland. right now, it is a tropical storm just downgraded by the national hurricane center. still with sustained winds of 70 miles an hour and still cause problems. let's go over what we know abo

retailer is being sued by stanley black and decker over the sears craftsman brand black and decker is accused of breach of contract and trademark infringement back over to you >> frankiates that let's get an early check on the market once again for you. the dow futures right now off 82 points the s&p futures are down by almost 7 the nasdaq futures are down by 21 points on the day indicated for a lower open this morning. hey, forget fomo, the fear of missing outs jim cramer has a new strategy for what is happening in the market right now here's what he said last night on "mad money." i can't afford to miss this move oh, boy. those are it is days we sure don't have fomo anymore, do we? after another ugly session the dow lost 133 points, and it's getting to be a pattern. nasdaq fell .93% we've got fobs fear of big sellers. that fobs is putting pressure on the whole market >> fobs, there it is you heard it here first. joining me now is sven, founder of northman trader do you think that's driving a lot of what we're seeing on wall street? wuch been seeing a lot of job owning frankly, and it's probably the most job owned market in history we've had on the one hand nonstop

frank. >>> coming up on "worldwide exchange," the stock our next guest says is up 6% on the back of earnings. that name revealed. our mystery chart will be revealed. stay with us. at morgan stanleyo help you see untapped possibilities and relentlessly work with you to make them real. dave's been very excited about saving big with the comcast business 5-year price lock guarantee. and relentlessly work with you five years? -five years. and he's not alone. -high five. it's five years of reliable gig speed internet. five years of advanced securit. five years of a great rate that won't change. it's back. but only for a limited time. high five. five years? -nope. comcast business 5-year price lock guarantee. powering five years of savings. powering possibilities. comcast business. >>> welcome back to "worldwide exchange." as we close in on 6:00, a few stories we are tracking. the decision on tiktok with a possible ban set to take effect on sunday. one president biden will not enforce. >>> the spacex rocket breaks up after taking off in texas. the company called it a rapid disassembly. dozens of flights changed course because. of the debris. >>> and president trump will eye crypto move

frank and contessa, thank you very much. by the way, in the sports world, the bruins of boston swept the hurricanes of carolina last night to become the first team to make this year's stanleyoston owned the series. they won 4-0 last night. 17-5 in the four-game set. by the way, somebody's got a write a book on how a mid-size new england city has completely owned american sports. tom brady, the broouuins, the s. >> celtics >> the celtics have done well but not as well. but boston has owned the sports world. and i love boston. it's kind of tucked up there, right? >> i would hardly call it a mid-size city. >> the city is mid-size. metropolitan area is big >>> on deck, a sign of the times on wall street a stat about who or what is behind these big market moves. plus american millennials have a record ojof b hopping. you've got to hear this. we're back after this. stick around rebekkah: opioids has taken everything and everyone i've ever loved away from me. everything. i blew my ankle out and i got prescribed pain pills by my doctor. if making my detox public is gonna help somebody 1ugs cake in the conference room! showing 'em you're ready to be your own boss. that's the beauty

frank, the sky's the limit. how 5g is connecting large mobile devices like the flying robo taxi behind me. "worldwide exchange" will be back in a moment that's what you get from the morgan stanley client experience. you get listening more than talking, and a personalized plan built on insights and innovative technology. you get grit, vision, and the creativity to guide you through a changing world. ♪ the eagle has landed. that's one small throustep for man...orld. hey, what's up? -one giant... uh... houston... we have a situation. how did you get here? you're characters in our video game! video game? yeah, it's what we can do with the xfinity 10g network. basically, the greatest achievement since the moon landing. i think they're talking about us. i know. you can play from anywhere. -yeah, i'm in the basement. i'm at the dentist. check this out. it's super smooth even when everyone's online. whoa, can i try that? you're in the game! what the heck is that? those are the bad guys. -are they friendly? nope! ok, here's the plan. on the ship there's some wire cutters, some tubing and rubber bands. now with our know-how and some elbow grease and a little bit of luck, i — you're proba

stanley making big gains. what do you make of this? truist is one of your big effort holdings? >> truist is a net income story. maybe not this quarter, frankquarter. they're kind of a turnaround story. 2023, 2024, they simplified their business. they cut costs. they streamlined their board. 2025 is going to be all about profitability, growth, accelerating growth, and they just announced a buyback. it gives you a 4.9% dividend yield. it's lagged goldman sachs and the s&p 500 and i do think the m & a cycle is actually going to very much run in their favor. and on bank of america, yeah, the stock is down 10% from its highs, but they were very bullet at the barclays conference in terms of net income, increasing it for the first quarter and talking about the trading being in the low single digits, talking about the consumer being okay and no growth slowdown, so i think that's value to be had there. >> thank you very much. your picks, truist, jpmorgan, and bank of america. >>> red across the board. that does it for us on "worldwide exchange." squuc box starts right now. >>> good morning. stock futures lower. stocks in china are sliding. >>> is g

frank is here with what's happening in one florida community. you want to hear this one. stay with us - so this is pickleball? - pickle! ah, these guys are intense. with e*trade from morgan stanley're ready for whatever gets served up. dude, you gotta work on your trash talk. i'd rather work on saving for retirement. or college, since you like to get schooled. that's a pretty good burn, right? champion iron offers a rare solution to decarbonize the steel industry. which represents up to 10% of global emissions. the company recently doubled production capacity at its mine in eastern canada. it is now investing to produce one of the world's purest iron ore. enabling green steelmaking without the use of coal. controlling a large portfolio of high purity iron ore resources. champion is considering strategic partnerships to further develop the region. champion iron. glp-1 drugs used in weight loss treatments are a global blockbuster, even with unliked and inconvenient injections. more human study results for lexarias patented oral delivery technology are coming soon. lexaria bioscience. >>> welcome back to "worldwide exchange." time for the big money movers although after nvidia, the

frank holland and here is your "five@5." >>> investors getting set for the cpi report come and others fighting for direction at the open. this is called a no-landing scenario for the fed. why morgan stanley and jim cramer said don't hold your br breath. >>> key to commodities is pushing in record territory and why u.s. regulators are asking for oversight of the crypto landscape. >>> and warren buffett may be doubling down on the big bet in japan. it's tuesday, april 9th, 2024. you're watching "worldwide exchange" right here on cnbc. ♪ >>> good morning and welcome to "worldwide exchange." coming to you from cnbc london. thank you for being here with us. we get you ready for the trading day ahead. we kickoff the hour with the stock futures check after the mix ed session on monday. looking at futures rights now you see, the s&p is flat. the dow opening 25 points leowe. s that nasdaq is fighting for gains. we arechecking treasuries with the yields at the highest level of the year. looking like a market not looking at cuts soon. >>> let's shift gears and the index for global commodity prices. seg is out pacing the 9% climb for the s&p. look no further than gold, oil and copper. gold is up 13%

stanley, old school hard work meets bold new thinking. to help you see untapped possibilities and relentlessly work with you to make them real. good morning. yeah. >> frankcolax chewy fruit bites for fast and gentle constipation relief in as little as 30 minutes. making your good. >> morning even. >> morning even. >> better with dulcolax. after last month's massive solar flare added a 25th hour to the day, businesses are wondering "what should we do with it?" i'm thinking company wide power nap. [ employees snoring ] anything can change the world of work. from hr to payroll, adp designs for the next anything. dude, i really need a new phone. check out my newnge samsung galaxy s25 ultra. it's got galaxy ai. imagine this thing running on our superfast xfinity mobile network. and i also heard that it can do multiple things with a single command. —with google gemini. let me try it. add recipes with overripe bananas to my “dessert ideas” note. that's what you chose to ask it? i had other things planned. ask how to get up to one thousand dollars off the new samsung galaxy s25 ultra with xfinity mobile. >> 687 6099. >> as a fan, when. >> you see this, it's all