Warm wul come to Worldwide Exchange on cnbc update on the market picture this morning we had gapes last week, the seventh straight week of gains for the s p and the dow. The nasdaq led the week for returns up 1 , s p less than that, the dow up more like half a percent. The nasdaq needed a 2 gain on friday to take it into positive territory for the week for the whole and some of the tech earnings we discussed late last week the main driver, the alphabet, google, microsoft, for example. This morning we are mixed to low. The nasdaq holding on to slight gains but the dow down 32 points we did see yields rise above 2. 4 middle of the week, we were pushing close to 2. 5 2. 44 was the level we hit. We did come back by the end of the week and were just above that 2. 4 level this morning looking at asian equities, the nikkei having another stellar performance last week, up 2. 6 as you can see didnt quite go into the red today but still had a fantastic run of late 22,000 the level there. Hong kong and shanghai a little softer this morning. European trade was positive for france and germany last week, up 2 , particularly the latter half of the week, ecb delivered a little sign of tapering but in a dovish way, it was less hawkish and that softened the euro allowing germany and france to outperform spain bouncing back 1. 6 , a live report from barcelona in a moment elsewhere were mixed or slightly lower if we look at broader markets oil prices had a great week last week enjoying a decent jump friday up about 2 , up 4. 6 in total. This morning a little profit taking on wtis, 53. 9 the price there. The dollar up about 1. 2 , it fell, it rose significantly against the euro the euro lost 1. 5 if we see now as you can see the euro just bouncing back a little bit the dollar flat against the yen the pound back as well the dollar softer, strong last week, slightly softer this morning. Gold prices just to round things off down 0. 7 last week, they are flat today or just slightly lower. Turning to this weeks wall street agenda, its all about jobs, and the fed. The fomc kicks offa twoday policy meeting tomorrow, a Rate Decision on wednesday, also on wednesday adp employment data, followed by weekly jobless claims on thursday and the october jobs report on friday. On the Earnings Report results from under armour, pfizer, facebook and apple investigations looking into russian interference with the 2016 president ial election are expected to announce at least one indictment today the u. S. Official with firsthand knowledge of the process confirms to nbc news that the office of special counsel robert muleler issue that indictment at some point today the charges and the target are not known at this time President Trump repeated denied any collusion with russia took place during the election and calls the probe a witch hunt new poll numbers show the president s approval rate something at his lowest level since he took office the poll finds only 38 approve of mr. Trumps performance President Trump will announce his pick for the next fed chair sometime this week the president confirming that in a video message posted on instagram late on friday it will be a person who hopefully will do a fantastic job, and i have somebody very specific in mind i think everybody will be very impressed, but most importantly i think no word yet which day this week the president will announce his decision well discuss that later with ben white in about 20 minutes time puerto rico is moving to cancel a 300 Million Contract with hitefish energy the Montana Company was hired to restore the power after Hurricane Maria ravaged the island the aing rrangement came under e came after they found there wasnt a Competitive Bidding process. The storm hit six weeks ago. In earnings news, europes biggest bank is reporting a fivefold increase in pretax profits. Asia was the key driver last quarter, accounting for 87 of its pretax profits. Hsbc completed nearly threequarters of a 2 billion Share Buyback program it launched in july, boosted by Retail Banking within asia it had been up about a percent and a half at the open after the results as you can see that little bit of green on the screen it seems to have lost ground during the course of the morning. Its down 1 now in earnings nurse anyone then in dough is upping its annual profit outlook thanks to strong sales of its switch console. Were joined by arjun. Good morning, the total number of the switch consoles its sold to 7. 63 million, and as a result nintendo says it can sell 14 Million Units of these at the end of its Financial Year that ends in march next year theres a lot of demand going into the Holiday Season, zelda and super mario kart have sold extremely well and as a result its upped its profit and revenue forecast for the final year nintendo lost a lot of users to mobile games and thats why nintendo made that decision last year to jump into the mobile space, pokemon go, super marios 1 have been on fire and revenues are up 426 this year. Of course the next quarter going into the Holiday Season is extremely important, a lot of people buying presents around the Christmas Period and thats going to help nintendo we have a strong pipeline of gains. One of the big ones is super mario odyssey, expected to be a massive hit for the company. Shares are up 74 this year as investors are cheering anyonin o nintendos performance and they may have a lot more to cheer coming the end of the Holiday Season lets talk about tech, outstanding numbers late last week this week the foe success switches to apple. What are you expecting from their earnings i think investors want to hear a lot from tim cook about supply of the iphone 10 and demand there was a lot of concern about the delays to the iphone 10 when are people going to get these devices. This is supposed to be apples top notch flagship phone and there are concerns apple might not have enough to meet that demand theres going to be a lot of questions around that and of course whether people are holding off on buying the new iphone 8 because of the iphone 10, theres been a couple of surveys that have shown people are waiting from buying the iphone 8 and buying the iphone 7 is cheaper because of the deals trying to get rid of some of that stock thats something investors are going to look for if thats hitting Profit Margins and the average selling price of phones. The two key things to watch out for in the earnings. Arjun thanks very much for that report from london and apple has its work cut out to beat some of the tech companies. Amazon closing up some 13 on friday following numbers thursday night axion nobel is in talk with xalta systems. Merger monday is painting up a deal dutch paint company axo noble and axalta coating may create a merger to create a 30 billion company. Akzo is in constructive talks about a possible deal that sent axalta shares soaring. It would generate better pricing for raw materials, eliminate overlapping operations and the deal would be a merger of equals structured through a shared swap shareholders dont receive any significant premium for their stock, a structure that is crucial to win support with some of its biggest schaffer holders and this isnt akzos first attempt at a takeover. They faced lawsuits earlier from rejecting a multibilliondollar takeover from Ppg Industries look at the stocks, share of akzo nobel down slightly this morning, axalta up 2. 5 landon thank you very much for that know var tnovatis offers to advanced aksel tateor applications the tieup will strengthen its oncology business. Advanced accelerator up 3 strayer education and ka pell laeducation are near merge ear agreement. They could create a forprofit Education Company valued at nearly 2 billion, an announcement could come as soon as today other stocks, nomura missing its earnings the japanese brokerage and Investment Banking group was hit in a drop in trading like its peers, but it is up 0. 8 on the nikkei today baron barron is positive on target it would be a 20 to 30 increase, no move in the stock price though cvs health held talks on its bid for aetna. It has been examining possibilities for about six months that deal announcement came late last week up 2 this morning. In other Corporate News ges board was reportedly kept in the dark about the companys practice of flying a spare business jet for then Ceo Jeff Immelt the companys executives didnt tell the board until this month following a report in the newspaper. Directors also reportedly werent aware of an internal complaint about the practice placed several years ago last week immelt told the journal he wasnt aware a spare plane flew with him. Crisis in cat tonia, hundreds of thousands of people spill into the streets of barcelona in a massive show of unity, why today is a critical test for the spanish gerenovnmt. Building a website in under an hour is easy with gocentral. From godaddy in fact, 68 of people who have built their. Website using gocentral, did it in under an hour, and you can too. Build a better website in under an hour. With gocentral from godaddy. Throughout history, the one meal when we come together, break bread, share our day and connect as a family. [ bloop, clicking ] and connect, as a family. Just, uh one second voice guy. [ bloop ] huh . Hey . I paused it. Bam, family time. So how is everyone . Find your awesome with xfinity xfi and change the way you wifi. Welcome back seven straight weeks of gains for the s p and the dow, the nasdaq was the best performer last week up over a percent for the week as a whole largely because of fridays move up 2 following some of those Earnings Reports the likes of alphabet, amazon, microsoft. This week the focus is on apple, they report thursday this morning slight losses for the dow and the s p, the nasdaq fractionally higher up about 3 points look at european trade last week it was positive, at least for those with euro as their currency the euro slipped and that allowed germany and france to close up more than 2 . The ftse 100 was low and a similar theme albeit small moves. France and germany slightly higher and well bring in spain as well, up 1. 46 , a little bit of a bounce back from spain. Hundreds of thousands of people taking to the sfreetreets of barcelona over the weekend in a show of unity. Willem marx is here with us. More than 300,000 people according to Police Marching in the center of the city yesterday more than a million and some of the prounion used it as a rally for the elections. Prime minister rajoy is calling for elections in december. Well see from some of the separatists decide to boycott. Weve heard from one of the three, the cep the smallest one in the ousted Government Coalition said they will boycott the vote im outside one of the head are the qua equarters for the erc, t Independence Party and ask them whether they will be participating in the vote. Of course the real dilemma for them if they boycott that vote which weve heard will be happening december 21st theyll be shut out of the local parliament were waiting to hear what the latest fate is of carles puisdemont lot of questions whether the Civil Servants running the government in catalonia will be taking their orders happily from madrid willem its not been a great couple of days mr. Puigemont but he had good news from soccer an unexpected victory, clearly something hes hoping will be reflected in his politics and the real question whether he will participate in the selection. Hes eligible to so long as hes not in jail. Mr. Rajoy supports real madrid, added soccer well discuss it further on the cnbc news line, michael, good morning to you as we look at things right now, its this whole process, is it going to prove to be a big mistake by mr. Puigemont well i dont think so when you speak to people in the proindependence people in his government, they say listen, this is always going to be a first step and how can we possibly ever win independence if we dont recognize ourselves as independents first and it was never going to come overnight. They were never just going to become a free state. To become a free state you need international recognition, your own borders and army, it was never going to happen instantly. They feel this is the beginning of a process and its going to be a stuttering process, but they feel theyve made a big step so i dont think its necessarily a colossal miscalculation michael, many people feared if madrid were forced to declare direct rule over catalonia, which of course they have done, that that could make matters worse for the rest of spain, that that could push the kacat n catalans to wanting independence harder the response suggests thats not the case particularly elections will come soon absolutely right. The big fear was a catalan spring turning the home rule or the direct rule from spain into a horrible quagmire of a daily dog fight with separatists on the ground it seems like that now is not going to happen. The mood music although its too early to tell definitively is there isnt going to be widespread resistance. We had one minister, one sack minister turned up for work this morning but five minutes ago he left again the big protests on the streets were as you said for prounion supporters again the mood music is that the proindependence parties are probably going to end up fighting or most of them are probably going to end up fighting in this election, which is, in a way, a kind of tacit acknowledgment that madrid has the power to call an election and they are not yet an independent state because they worry if they boycott it, they end up with no power at all. So they seem to be outflanked by rajoy in the short term. What about brussels world view will they be pleased with developments that mr. Rajoy seems to have calmed things down absolutely, i think theyll be breathing a sigh of relief that this doesnt look like its going to turn into a violent or betracted conflict on the ground, that rajoy has control, that they dont have to make any kind of decision on trying to put pressure on rajoy to act differently, if he has the situation under control, that is absolutely great the only fly in the european ointment is the belgians who have been quite sympathetic to the catalans and indeed over the weekend offered puigdemont political asylum in belgium, which was to the fury of the spanish. In brussels of all places potentially. Michael thank you very much, the spanish index was up 1. 6 rallying today up next a possible turning point in the sweeping investigation into russias role in the 2016 election were live in washington with althdeill e tas. It naturally begins to change, causing a lack of sharpness, or even trouble with recall. Thankfully, the breakthrough in prevagen helps your brain and actually improves memory. The secret is an ingredient originally discovered. In jellyfish. In clinical trials, prevagen has been shown to improve shortterm memory. Prevagen. The name to remember. Welcome back to Worldwide Exchange. Investigators looking into russian interference with the 2016 president ial election are expected to announce one indictment today tracie potts is live in washington with all the details. Good morning, everyone. We are waiting to see what the details are. Not a lot of leaks coming out of the grand jury but thats how its supposed to be. Its supposed to be a secret process to protect the integrity of that process. Within a few hours we could have a much better idea where this fbi investigation is headed. Two sources tell nbc fbi special Counsel Robert Mueller will announce a federal grand jury indictment, charges against someone in the russia investigation, and most of washington is in the dark. Make no mistake, disclosing grand jury material is a violation of the law we have to have the public have confidence in the fact that the grand jury system is secret and as a result fair reporter previously Law Enforcement sources named former National Security adviser mike flynn and former Trump Campaign chair Paul Manafort as targets of this investigation into alleged russian interference and possible collusion in the president ial election. Both deny it the president exploded on twitter calling this a witch hunt this has been much hesitation whether donald trump would hesitate to use his pardon power. Reporter an indictment could provide more information for congressional committees conducting their own investigations we continue the hard work of getting to the bottom of what happened i have not yet seen any definitive evidence of collusion. Reporter the president s pleading, do something. Today, the special counsel will. Now lawmakers are concerned that whats happening here is going to distract from whats happening here, the fact theyre trying to get tax reform done and the president tweeted about that saying he doesnt think its a coincidence at all. Tracie, the president tweete a lot of things over the weekend, the assumption its linked to the timing potentially of this indictment sure. Is he aware of the indictment, even possibly aware who it is . Not likely, unlike its him, and that would be unusual, but sometimes certainly if theres going to be, i mean this would be highly unusual here but if theres going to be some sort of situation where a person is going to turn themselves in, then theyll be made aware and those arrangements will be made, but to indict a sitting president , all the legal experts out there say is highly unlikely if its someone that worked for him, someone in his administration, its very likely he doesnt know and well find out when everyone else does. Tracie, thank you very much for that preview up next the other big story on the washington front, who will be the next fed chair the president says el announce his pick this week well break down the likely candidates with politicos ben white. First as we head to break a check in on futures which are pointing to a negative open for the s p and the dow, fractionallyigr r hhefothe nasdaq were back in a couple minutes looking from a fresh perspective can make all the difference. It can provide what we call an unlock a realization that often reveals a better path forward. At wells fargo, its our expertise in finding this kind of insight that has lead us to become one of the largest investment and Wealth Management firms in the country. Discover how we can help find your unlock. Buckle up. One jam packed week ahead. The fed, the jobs report earnings from facebook and apple, all of it coming your way as we close out october. The search is over, President Trump will announce his pick for fed chair this week. Well break down who is still in play and one booze maker just made a big bet on marijuana. The details of that coming up, it is monday, october 30th, 2017 youre watching Worldwide Exchange on cnbc. Very good morning and a warm welcome to Worldwide Exchange on cnbc. I am a wilfred frost we had seven straight weeks of gains for the dow and the s p, although the nasdaq was the best performer last week it was up just over 1 the dow up about half of 1 and the nasdaq though really only getting into that lead position on friday. It closed up 2 for friday itself, after some blowout numbers from the likes of amazon, microsoft and alphabet as we said already facebook and apple on the docket this week reporting their own numbers. This morning we are a little bit mixed. The dow and s p slightly lower, the nasdaq slightly holding on to gains tenyear treasury note moved above 2. 4 last week but slipped back down and in the last half hour dipped to 2. 397 on the tenyear note. Asian equities the nikkei coming another stellar performance last week, up 2. 6 , a record close on friday but this morning in and around that level still, record intraday on friday but not a record close still nicely above 22,000, its been a great set of numbers. Recently shanghai was up 1 last week hong kong lower and both markets slightly soft this morning. European trade we saw the euro names do well the likes of france and germany up 2 after the euro softened during the course of the week the ftse ended the week sligh y ly lower and slight gains for spain. Oil prices had a decent jump on friday taking the gains for the week to 4. 5 this morning not doing too much. Wti lowered the price 53. 9 switching focus to the dollar board which we did see a nice gain up 1. 2 last week against the euro after a dovish mario draghi on thursday the euro lost about 1. 5 this morning the pound and the euro are bouncing back a little bit against the dollar but the dollar essentially a little bit weaker against the yen gold prices just to round things off down 0. 7 last week and are a little bit unchanged, flat today, 1272. President trump will announce his pick for the next fed chair sometime this week joining us is ben white, chief executive correspondent at politico good morning to you. Good morning to you lets talk about this are we pretty certain we know who it is . Of course he said on friday on instagram hes made his pick, and we think we know who it is were pretty certain its jay powell, current fed governor and that was locked in to me by several sources at the white house over the weekend who said, barring some surprise late change that jay powell will be offered the fed chairmanship, hell be nominated and sent to the sthatenate. As we know with President Trump nothing is set until hes said it is this a continuation of dovish policy but he gets to anoint his new own person and hopefully he gets loyalty . Thats the idea, jay powell is dovish on rates, fairly well aligned with current chair janet yellen, also allows trump to put his stamp on the fed, not have somebody anointed as chair by barack obama, former president obama, something trump likes to do is change course. He wasnt completely sold on powell throughout the time trump likes splashy names and theres conservatives in the senate on the hill who dont think powell is conservative enough it wasnt a slam dunk. Thats why john taylor was considered, others were considered because conservatives want somebody more conservative and traditionally hawkish. Does that mean gary kohn was not considered he was in the mix, trump in an interview with the wall street journal said im considering gary kohn for the fed. Couple things happened, one, he was critical of the. The on the charlottesville incident, trump doesnt like criticism particularly from within his own circle so there was a cooling of relations between gary kohn and President Trump. Im told thats warmed up and trump feels better about him but he wants kohn to put the tax reform on hill he said hes too important to move him over to the fed and gary was on the fence whether he wanted to be fed chair talk about tax reform, where do we stand now . Theres a lot of impetus behind it but the same debates and questions about how we get something that balances the books a little bit right were going to get a bill this wednesday from the house ways and Means Committee which is where the rubber hits the road well cut the corporate individual rates to these levels but offset the costs doing a, b, c and d. May not be popular with a lot of people getting rid of the state and local Tax Deduction impacting the mortgage Interest Deduction, all of the interests will come out and attack them. Republicans sore desperate to get a win, to get taxes lower on corporations and individuals that theyll find a way to get there. Its going to be messy and going to be messy for several weeks after this bill comes out. Some of the interests that might have issues are things like the National Association of Home Builders. Correct, yes. And their issues are Strong Enough to derail things . I think theyre probably not Strong Enough to derail things but thats a lot of money that was going to be spent in favor of this bill which will not be opposed to it. Theyre basically saying we think the way youve designed this will make the mortgage Interest Deduction moot for most people, they wont take it, that is less bullish for Home Builders for the entire Real Estate Industry so there will be people like the Home Builders who will say look, we want lower Corporate Tax rates but not at the expense of losing the deductions that are helpful to our business in terms of where this can get us, gdp growth going forward, on friday we got better gdp growth anyway regardless does the 3 growth target or higher become realistic in. Its hard to say. It could be realistic over the short term you get 2018, maybe 2019 you get a stimulative boost from this, from lower corporate rates, more investment until you get to 3 , trans a little above its the longer term the tenyear window they expect it every year which seems unrealistic given were at close to full employment, wages are rising, its not clear theres a huge amount to grow from there maybe 3 for two years and were back to the twos again lets talk about the mueller investigation, if we do see an indictment of a former senior or Current Administration official or campaign member, how damaging is that . I think its quite damaging it certainly throws if we get any sort of indictment from mueller, whether its somebody we all have heard of or somebody obscure will show us that the investigation is moving forward and building and will take the focus off of what the white house wants it to be on, new fed chair, tax cuts, all of those things i think republicans on the hill can kind of move forward on taxes, despite the noise, but anything sort of knocks the white house off track in promoting these things is damaging to the cause and certainly weve seen trump an Approval Rating of only 38 that can go lower not helpful to have a wounded president when youre trying to sell a legislative package contextualize 38 for us . Quite low in his term and if you look at the macro numbers on joble joblessness, the stock market rocking. Youd think the white house would have a higher Approval Rating but hes very low if you start seeing people indicted and americans focus more on the russia story it could go lower ben great to have you with us sure. Some stocks to work, hsbc seeing pretax profit jump 448 year over year europes largest bank completing 71 of the 2 billion buyback share plan it announced in july. Down 0. T9 it opened up but softened during the course of the morning. Nintendo raising its full year operating profit forecast thanks to Strong Demand for its switch gaming console and smartphone games, it slipped a little bit at the close in the nikkei of course has been up well yeartodate axzo nobel in talks to buy u. S. Rival axalta the deal could create a 30 billion. Can. Axalta up 2. 5 novartis is offering to buy advanced accelerator applications the deal is worth 3. 9 billion the tieup will strengthen its oncology business. Its up 3 this morning. Strayer education and ka pe capella are nearing merger, it could create a forprofit Education Company valued at nearly 2 billion, an announcement could come as soon as today still to come, top trending stories, including a cheeseburger controversy well tell you about the viral tweet that has googles ceo adding to his to do list first as we head to break todays National Weather forecast for nbcs raphael miranda. Good morning. Were expecting travel delays across the northeast today we have a powerful storm moving through the region, heavy rain overnight and that continues this morning flooding will be a concern and weve also got the winds winds gusting over 60 Miles Per Hour that, will continue throughout the day showers will gradually wind down throughout the day in new york city well dry out eventually in boston as well but the winds continue all day long gusting up to 60 Miles Per Hour certainly could impact travel throughout the day today much quieter across the midwest, temperatures in the 40s in chicago, some light snow possible in northern minnesota, Beautiful Day in the southeast with temperatures in the 60s and 70s, also looking good in the southwest, 86 in phoenix, 69 degrees in loss acle angeles more Worldwide Exchange when we come back i love you, couch. You give us comfort. And we give you bare feet, backsweat, and gordos. Everything. I love you, but sometimes you stink. 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The nasdaq holding on to a fractional gain in the premarket up two points, the dow and s p slightly lower we had the seventh straight week of gains for the s p and the dow last week and the nasdaq was up over 1 itself oil prices not doing too much this morning, fractionally lower after a baig gain for wti, 53. 9 the price of wti this morning. Time for top trending stories and landon is back with what is buzzing for today. Pun intended with this one, consolation brands is chasing a new kind of buzz the wall street journal says the Beer Distributor is taking a 10 stake in canopy growth, planning to work with the grower to develop and market cannabis infused beverages. Presumably only will be legal in the states that have already started to legalize it its not just in drink form everyone will be able to can of coke thanks very much. Thats the big question with this does weed and beer go hand in hand or cannabis cannibalize beer rob sands betting on this says a lot for the market theyre known for imports and for him to say im betting o the legalization of marijuana nationwide so much we want to be the if, in this. Its going to be interesting to see. Weve seen some players get into this but no real big Beer Distributors so for them to do this its a 10 stake and 2 billion company so significant investment well see. Also some food for thought for google ceo over the weekend, someone tweeted a screen shot of apple and googles cheeseburger emojis highlighting the different cheese placement google places it underneath the burger and apple puts it on top. The tweet went viral and google said well drop Everything Else we are doing and address it on monday, if folks can agree on the correct way to do this you weighed in everyone knows the correct way. I like the ceos got involved and good banter. Google one is a cheese sandwich is a topping of burger my question is, how do you even get the cheese underneath you cant throw it on the grill. I suppose you flip it the other way. Still an upside down burger more upside burger than a cheese sandwich. Well see what he has to say. I think they have to change it i agree i like my cheese on top. An apple engineer is reportedly losing a job because of his daughters viral video on the unreleased iphone 10 Brooke Patterson tweeted this video and patterson says apple fired her father, he apparently violated a rule by allowing her to film the new iphone model seems harsh but they havent come out and criticized too significantly. I guess with something as important as the big release its a big deal she made another video i was watching this morning, shes defending her father and shes, i filmed this on campus, i was trying to show off his work. I can see both sides. This is very timely considering halloween tomorrow Kim Kardashians Halloween Costume getting the stamp of approval she attended George Clooneys Halloween Bash dressed as cher and cher weighed in. The iconic singer woke to see you are me for halloween you look beautiful. She looks just like her. I think George Clooneys Halloween Party was pretty fun what is the competition in. Hes cash rich at the moment so i bet coafford to spend something after the sale thanks very much as always the astros are now one win away from the franchise first world series championship. Houston beat the dodgers 1312 in ten innings last night. The astros lead the series 32 an allout slugfest, a total of 22 home runs breaking a world series record. Teams getting ready for squawk box and becky joins me with a look at whats coming up. Good morning, how are you today . Very well indeed. Lots coming up on squawk box, you talked about the tax package we are expected to see later this morning later this morning joined by Kevin Mccarthy the majority leader for the house, talking to bus what to expect in that package, how things are coming along, what we might anticipate in terms of a potential vote coming up on that and again the devils all in the details so well try to weed a few more details on that. Also talking not only about taxes but also about the broader economy with glenn hubbard, the former cea chairman who will sit down with us to talk about not only economy and taxes, also what you might expect because well likely be getting a fed nomination soon from the president for the new fed head we also have the ceo of brooks running on, wilf its almost the marathon so well talk about running the marathon approaching, how things are going with the company and do you know who Bruce Dickinson is . I dont, im afraid, i obviously should i thought you might that. Hold on, i give you a hint you know run to the hills am i helping you at all . Youre not im afraid iron maidens lead singer Bruce Dickinson, is going to be here we thought maybe youd know it because british, i dont know. I should. Hell be joining us later to talk about the big business of music and whats been happening in the industry. Becky i look forward to the whole lineup coming up in 11 minutes time. The fed jobs and earnings on wall street this week well discuss whats to wah,tc with Darrel Crawford and Worldwide Exchange returns. What we do every night is like something out of a strange dream. Except that the next morning it all makes sense. To power global ecommerce Fedex Networks are massive, farreaching and, yes. A little magical. Fedex. Com slash dream hi, im the internet you know whats dtj get a job ting. Hi, guys. Im back. Time to slay heals, heals, heals yes youuuu no, i have a long time girlfriend. Mom i need my macaroni you know whats easy . Building your website with godaddy. Pick a domain name. Choose a design. You can build a website in under an hour. Yeah whoo yes get your domain today and get a free trial of gocentral. Build a better website in under an hour. Tha. Oh, burnton gravy . Ie. Gotta rinse that. Nope. No way. Nada. Really . Dish issues . Throw it all in. Cascade platinum powers through even burnton gravy. Nice. Cascade. Number Consumer Spending was light, business spending was very strong and inventories contributed a decent amount. What thats a big move in nomina and everybodys kind of paid in nominal wages and Companies Make money in nominal earnings so thats an important element n a notwithstanding theadjustment for real inflation with the fed meeting this week no one is expecting a hike until next meeting i think its a low probability of anything getting done in press conference, no update to the dot plots inflation still continues to somewhat disappoint for all of 2017, were starting to see a little more inflation pressure at the producer level and also at the wage level. Well watch closely this friday for the jobs report on another stronger potentially average Hourly Earnings for some wage growth on the fed front we focused on who don trump will nominate to be the next fed chair, if it is the markets expected choice at the moment in terms of mr. Powell, does that mean more of the same yes, i think so if you get jay powell which i think would be the best choice and what the market is looking for youre going to get a continuation of yellenesque policies with a little more hawkish tint jay powell will sail through both chambers of approval, hell get bipartisan support which will be a good win for the administration and the president wants a good win john taylor very smart individual would probably make a good fed chair but much more hawkish path and face challenges what this means for the dollar from here, it was on a weakening path much of the year but enjoyed a strong rebound of late yes, youre right, will last week alone up 1. 2 . Now rallied back almost 4 it was down 10 , 11 at its low point earlier this year. I think you see more strength of the dollar into year end, as we wind through kind of this tax reform and people get more comfortable that it could get done or something could get done, and then just stronger earnings and stronger growth all probably put a bid in the dollar into year end. In terms what have this means for your Stock Selection sector selection, which sectors are you most encouraged by hard not to be impressed by tech after late last week i think you still have to stay overweight. The cyclical sectors here, companies and sectors that can drive their own growth notwithstanding what happens in the broader economy. To us that looks like financials, industrials are having a really good earnings season as well Health Care Still poses some really nice value, and we would stay overweight Consumer Discretionary not within withstanding some of the weakness in the connell sumer sector weve seen better gdp figures but the last couple of weeks the markets are reliant on the central bank suggesting theyll keep policy relatively loose we still Favor International markets over domestic markets right now. Think europe, japan, emerging markets over the u. S interestingly tomorrow, will, if we close october down with a positive month, were up about 2. 5 on the s p right now, that will be the 12th consecutive month of positive returns in the s p, so were talking earlier about the seven consecutive weeks. This is 12 consecutive months of positive returns the s p has only done that twice since 1928 1935 and 36, 1949 and 50. Long streak where the domestic markets outperformed for some time we think theres better valuations and europe and japan are earlier in the cycle than maybe the u. S. Happens to be at this point daryl thank you for joining us this morning. Quick check in on apple suppliers this morning, largely higher on strong preorders for the new iphone 10. Up some 6 for catcher tech, largan up 3 , decent moves whether that bodes well for apples numbers this thursday well wait and see the iphone 10 will be playing into the numbers yet but guidance on how sales are going will be important as will about a month or so or three weeks or so of sales of the iphone 8. Thats on thursday much march to come before then and squawk box comes up next. Well im just leaving the office so for once ive got plenty of time. Whats going on . So those financial regulations being talked about . They could affect your accounts, so lets get together and talk, and make sure everythings clear. Thanks. Yeah. That would be great. Weve grown to over 900 billion in assets under care. By being proactive, not reactive. Its how edward jones makes sense of investing. Good morning buckle a busy week, a fed meeting, a flood of earnings, a tax plan comes out and the jobs report, all on the schedule. What it means for your money, straight ahead in politics, the first indictment expected today in Robert Muellers investigation into election meddling by the russians well get a live report from d. C. And a big brewer making a bet on marijuana infused beverages. Its monday, october 30th, 2017. And squawk box begins right now. Can you take me high enough live from new york where business never sleeps, this is squawk box. Good morning, everybody welcome to squawk box here on cnbc we are live from the Nasdaq Market site in times square. I thought the music was for the markets but apparently for the new beverage joe was just talking about. Im becky quick with joer c ker and Andrew Ross Sorkin the pictures were great. Oh on the dunes there it is that was pretty cool, and theyre filming it, too. Now they have film showing you how they took the shot some true behind the scenes magic right there. So it was a great trip it was fascinating to see not just that, i mean, being there was remarkable but independently seeing the transformation of what appears, it felt like there was a transformation happening the 2030
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