Good morning. Welcome to Worldwide Exchange on cnbc. Im sara eisen im wilfred frost you wore the right color today for halloween. Its coming off more orange but it looks red we could have dressed up like everybody else not quite the thing to do at 5 00 a. M lets get to the markets. After tremendous month were capping off for u. S. Stocks especially the dow well go over some of the month to date figures. We will end on a strong note dow futures up 21 points in the early session. S p futures up 1 nasdaq futures up 11 after we saw a pull back in yesterdays session. But it has been a tech fueled rally on the back of some stellar earnings the dow up 4 for the month. S p up 2 tech sector having its best month in years as for the tenyear treasury note yield yields have lifted throughout the month. Its been a story of stronger dollar and better yields theyre backing off this morning. 2. 36 so back below 2. 40 on the tenyear yield they moved a lot yesterday on talk that the tax reform policy could be staggered that brought it down. Brought down the small caps. Brought down the dollar. Everything linked to that. You mentioned that we had Strong Performance in the u. S. Indices over the course of the month asia really is the blowout performer. Japan japan up 8 in october. Some other strong statistics like korea up 5 india up 6 . Hong kong and shanghai up less 2 and 1 . Japan up 8 in october the bank of japan did leave rates unchanged at minus 0. 1 . You could argue during the course of the month thats one of the main reasons why we had such Strong Performances, the bank of japans tone suggests that we will have loose policy for longer there that helped weaken the yen and boost the nikkei in china, the official manufacturing pmi came in below expectations particularly on the manufacturing number 51. 6 it was expected at 52 still above 50 either way, theres the performance in asia. Pretty much mixed to flat. Korea adding to record numbers in europe, germany is closed today. The rest of europe is sort of flat slight positivity on the screen in the ftse 100 for the month to date again, Strong Performance, particularly the euro denominated markets. Germany and france up over 3 . Ftse up 1. 5 for the month. Oil also had a strong month this month alongside the firmer u. S. Dollar wti crude giving back about a third of a percent this morning, just below 54 per barrel. Brent at 60. 56 brent up 7 for the month. Nat gas pops a percent in the early action the u. S. Dollar, perking up for a second month in a row. Up about 1. 5 for the month firmer against the yen thats set the tone for Risk Appetite 113. 18 definitely helped the nikkei in its strong rally as for the dollar against the euro dollar a bit firmer. Some fractional moves this morning. 11 1. 1634 we have a fed meeting on wednesday. Expect a fed decision on the next chair by the end of the week a jobs report by friday. The president leaves for asia and earnings continue. On the earnings front, apple going to be in focus on thursday they topped the dow yesterday, up over 2 on news of possible encouragement of iphone x. On the point of brent, its up 7 for the month and briefly touched 61 yesterday which it has not done since mid 2015. Gold on the flip side is down for the month b a half percent hovering around the unchanged line below 1300 an ounce. Not just a big week for apple but also facebook. They report wednesday and face the political hearings yesterday they announced 126 million americans could have seen just may have seen ruglinked political posts during the election. Thats roughly half of all u. S. Voters far bigger than the number facebook previous ly revealed. Say they were not influenced in the election, i would think for those that do say that social media did not have an impa impact, and the russianlinked accounts did not have an impact, todays testimony f we get numbers like that, will rebut that google says russianlinked advertisers spent 4,700 during the 2016 election. All of this comes as executives from facebook, alphabet and twitter head to capitol hill to discuss russias role on the election more on that story in a few minutes. I think its interesting that were in a period of strong Earnings Growth for these companies, despite the political headwinds. The fact that their general counsels continue to go up on capitol hill trying to explain how their Business Model lent itself to this behavior that influenced this election more heat on these companies, yet it does not affect their ability to make money. For investor s thinking longterm, the question is will it will either regulation from congress, selfregulation or continued tweaks of their Business Model have an impact, not to mention how much theyll have to spend on vetting all of this. The advertising is how theyre making money, thats potentially misleading people. When you talk about broadcast news, print journalism, people take pride in accuracy of what theyre delivering does that responsibility have to fall on the platform with which it gets delivered . If it doesnt, are they also allowed to make money off the same things . Im sure that theme will come up throughout the day. Shares of sprint and tmobile, reportedly softbank is calling off merger talks with tmobile david faber poured some cold water on those reports sources telling him while the tw running into governance and pricing issues, softbank has no intention of running from the deal softbank actually fell on the news there was a lot riding on these deal hopes faber says theyre still in play we talked about this quite detail on closing bell. His reporting suggests those issues wont stop it but over the course of the last three weeks, issues have arisen that made it harder to get a deal done. Well see. Telcos was the worst sector yesterday because of those two. The fed kicks off twoday policy meeting in Washington Well get a big batch of data including the s p caseshiller home price index, chicago pmi and Consumer Confidence. Look for results from under armour, mastercard, pfizer and kellogg. Under armour up against it thats an interesting one the stock crushed over the last year or two. We reported on nike investor day last week which helped the stock. Will kevin plank and his new deputy who well hear from be able to do that . Will they have to lower guidance again. Sticking with earnings, sony reporting a blowout quarter thanks to strong sales of playstation. Landon dowdy has more on that. Good morning good morning. Sony certainly knows how to play the earnings game. The stock moving higher this morning after the firm reported better than expected Second Quarter results thanks to a Strong Performance from its playstation gaming business. The Japanese Electronics giant posting a 22 rise in sales and 346 rise in profits year over year sony raising its earnings outlook and it expects its best ever annual profit since 1998. One big contributor here, games and Network Service sector with sales up 35 compared to a year ago thanks to the playstation 4 driving sales growth sales in the pictures segment up 27 led by spiderman home coming the big beat at sony comes as the gaming world continues to win. Anyone te nintendo posting a Strong Quarter yesterday thanks to the switch console shares of sony up more than 2 this morning nintendo up as well. Back over to you thank you very much stocks to watch today, samsung announcing a big shakeup to the corporate leadership its replacing the leaders of the three big units. Samsung also announcing record Third Quarter profit thanks to Strong Demand for its memory chips. Up 2 today. Bp beating expectations thanks to an increase in oil and Gas Production the energy giant also announcing a Share Buyback program. Up 3. 3 today. That Share Buyback maintaining dividend is taken well, something it had to fight against doing in recent years. We have bnp paribas reporting boater tha better thad forecast earnings. The cfo on cnbc this morning. Only the fixed income has been relatively challenged in this quarter maybe this challenge came from uncertainty, people waiting to do investments or whatever, depending on how things would clarify. The stock down 3. 3 the most interesting part of that interview was when he was asked about possible interest in commerzbank. Many people wondering if thats a takeover target for bnp. It deflied tanied takeover talkd they are interested in germany something to watch. Mondelez posting betterthanexpected earnings in revenues the company benefitting from rising sales in europe, latin america and other emerging markets and cost cuts. The stock a big mover on this report dont miss the mondelez ceo at squawk on the street at 10 00 a. M. Eastern this is her final quarter as ceo. She is definitely ending on a high note. Better organic growth. Power brands like oreos and ri it shgritz crackers helped the quarter. A good day to interview a snack company. On halloween they do make a lot of candy im sure last night they would have gotten rid of a lot of it. Shares of alison transmission getting a pop the jump coming as revenues topped analysts expectations and exact sciences with a less than expected drop. The stock up premarket. Still to come a doeuble dos of apple news. We are live in beijing with the latest on that. Apple reportedly considering dropping one of its biggest chip suppliers. The full details on that and the latest on the story from washington and what it means for the markets when Worldwide Exchange comes back i love you, basement guest bathroom. Your privacy makes you my number 1 place to go number 2. I love you, but sometimes you stink. Febreze air effects doesnt just mask, it cleans away odors. Because the things you love the most can stink. And try febreze small spaces to clean away odors for up to 30 days. Breathe happy with febreze. Welcome back to Worldwide Exchange. Japan flat this morning after the bank of japan kept rates on hold minus 0. 1 basically staying on that loose policy trend as they have recently japan up 8 for october, extraordinary performance for the nikkei hong kong slightly lower shanghai higher. 51. 4 verses a forecast of 52 lets look at european trade where germany is closed today. Elsewhere slightly positive. The trade numbers, as you can see for most markets, ftse 100, up 0. 3 . Germany and france up nicely the ftse up 1. 5 as we look at u. S. Futures, we have slight positivity after slight declines yesterday. Down 0. 3 for the s p and the dow. Nasdaq flat. Today the dow called higher by 40 points. Apple has been a big part of the dow story. Making headlines this morning apple could drop qualcomm components from next years iphones and ipads. The wall street journal reporting qualcomm is not giving access to the software needed to test the chips in device prototypes those two companies are locked in a long legal fight. Apple said to be considering building its own devices with only chips from intel and maybe media tech well see how that saga plays out. Amazing what apple can do imagination technologies, the uk firm when apple pulled out of using their technology and chips, the company completely collapsed. Wa qualcomm a much bigger company. Tim cook is in china as the tech giant holds a show and tell for its iphone 10. Eunice yoon has the latest china is getting excited about the new iphone x apple is tapping into that excitement today they had an event where they had a sneak peek of the iphone x and that video from that event has been put on the chinese internet and been viewed 2. 5 million times. In terms of preorders, as of an hour ago, the retailer jd. Com had 2. 5 million. Some other chinesebased Appliance Companies have tallied another 3 million. The most popular color thats been ordered is space gray on the black market, the markup to the official price is almost double with the most expensive iphone x that people have actually ordered costing 2900 this should be good news for tim cook who is in beijing for a separate event at a university along with Mark Zuckerberg they had been meeting with president xi jinping who had a message for the u. S. , saying he is optimistic about u. S. china ties ahead of President Trumps visit here the american executives said they were impressed with chinas economic achievements and also they hoped to contribute to chinas development. Weve seen apple contributing to that development with their phones they have been struggling a bit, seeing a challenge with some local competition. Even so, the iphone x is a really big talker. I wanted to pull up some of the fan favorite features so far that have been getting attention. The animojis, as well as the camera portrait lighting and the facial recognition has been getting attention here with people wondering openly on social media if the phone will recognize them if they have a hat on, put on heavy makeup or if the phone will recognize them with their pollution masks on. I dont know about the pollution masks. I asked about the makeup thing, because we wear a lot of makeup. Apparently its supposed to recognize you. Dont reveal our secrets. Eunice yoon, thank you very much thank you very much for those supplier rumors about low demand i like the Portrait Mode for better selfies do you have the ten you tonight have it yet. Still ahead, big peck heading to capitol hill. Facebook, google, twitter all set to deliver testimony today about russias role in the u. S. Election we take you to washington for the latest. First as we head to break, todays National Weather forecast from bill karins. Good halloween morning to you. We are watching unfortunately a bit of wet weather developing in east texas not a lot of bad weather out there today, but we will see some of that heading up towards houston and maybe some flight delays i paused this at 6 00 p. M. This evening. From brownsville, corpus christi, hit and miss showers towards dallas and tyler, texas. Tomorrow some of that mess will head to louisiana, mississippi, and areas of east texas. Your halloween forecast, its a treat for the east gorgeous weather from florida up through main we mentioned that rain in east texas. We like to pick some of our spookier cities. Frankenstein, missouri a nice day. Scary, West Virginia or trick or treating in dracula, georgia more Worldwide Exchange when we come back 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 welcome back to Worldwide Exchange. To washington, executives from facebook, google and twit rer headed to capitol hill, they will deliver testimony to congress about russias role in the u. S. Election. Eamon javers has more. Reporter we are learning more about russias reach in social media both facebook and twit ver relear twitter have released their testimony. They will talk about russians making 80,000 posts over a twoyear period. They were focused on Race Relations and gun rights we will also learn that about 126 million americans may have seen the russianlinked posts. But facebook will say thats a tiny fraction of the content on facebook, equal to 1 out of 23,000 posts so there were a lot of posts on facebook from the russians, but they were just a drop in the overall bucket of what goes on with facebook on a daytoday basis. Twitter will release new statistics today, including the fact that approximately 36, 746 russian linked accounts existed and they generated 1. 4 million automated election related tweets guys, race, religion, gun rights, gay and transgender issues, all the fault lines of american politics in terms of social issues appear to have been the focus well learn more from those executives later today including when they knew about the russian effort on social media and what they did to stop it you can imagine lawmakers particularly on the democratic side will have a lot of questions for them. Absolutely. And how they can control this from happening in the future not clears whether there a collusion on the r solution on the laegtoregulatory front. Here is the front page of the daily news smashing trumpins. They have the heads of the three who have been indicted mueller with the axe there. Exactly clearly theres nothing new in terms of developments overnight. But what can you tell us about the administrations response and how they plan to keep the focus on tax reform and getting something done by before thanksgiving with all of this going on yeah. Look theyre not going to keep focus on tax reform in terms of the broad headlines, and the Media Coverage around this the tax reform takes a back seat to whats going on with the Mueller Investigation for the time being they can continue to focus on tax reform internally. The people dealing with tax reform are not necessarily the people implicated with by any of this or dealing with any of it inside the white house. Of course on capitol hill, Speaker Paul Ryan says none of this will have anything to do with what lawmakers are doing. Theyll continue to focus on their business so tax reform can run on a second track. The question is how distracted will be the white house be and how much oxygen will this suck out of the room as far as political alliances for donald trump on capitol hill. Hes already been sparring with a number of key republican senators who he will need for votes on tax reform. Well see if this derails more of those relationships thank you very much have to leave it there still ahead, were focusing on the fed what to watch as policymakers kick off a twoday meeting. Most American Homeowners would be shocked if they knew just how rich they were. The average American Home value has increased 40,000 over the last 5 years. But many dont know you can access that money without refinancing or selling your home. With a home equity loan, you can pull cash out of your house for anything you need home improvement, college tuition, even finally getting out of credit card debt. Come to lendingtree. Com to shop and compare home equity loans right now. Because at lendingtree, when banks compete, you win. Tricks or treats, thats what investors want to know. A round up of the early Market Action straight ahead. Policymakers kicking off a twoday meeting in washington today. Well tell you what to expect. Netflix says it will end its house of cards series after six seasons. Well tell you why its tuesday, october 31, 2017 happy halloween. Youre watching Worldwide Exchange on cnbc. Good morning welcome to Worldwide Exchange. Im sara eisen im wilfred frost good morning to you from me as well happy halloween. And to you. First day fed meeting day. Last day of the trading month of october. Lots to talk about. Big day youre wearing the right color, im not but youre like dark enough were almost together, black and orange there we go yesterday we saw a third of a percent of declines for the s p and the dow. Nasdaq was basically flat. The russell was down more over a percent. The main negative factor yesterday was talk that tax reform could be pushed back and phased in slowly that hurt those tax reform sectors like the small caps and sectors like the banks but there was also some big stock movers like merck, sprint, tmobile all moving significantly lower. This morning, pointing higher, 36 points or so for the dow. Nasdaq up 13 s p up 2 yesterday we had been nicely above 2. 4 for much of last week for the yield, but this morning at 2. 37 . Asian equities overnight, strong showing for asia for the month. Especially japan up did you say 8 . 8 trading at a two decade high on the back of abenomics after he got three quarts over a majority in the snap election. Shanghai and sk closd south kor up germany is closed, but the dax is near an alltime high its also headed for 3 , so did france had a strong month, up 0. 10 . Italy underperforming. Spain is coming back after a turbulent few weeks as spains government takes control of catalonia and we watch the Regional Elections coming in december a turbulent few weeks that never took their toll on the spanish index. It was something that never affected the market much definite Volatility Oil prices had a great run last week. Continued it yesterday up about a half percent. And for the month as a whole they had a great run brent up 7 , wti 5 or 6 for the month. This morning not doing much. Wti at 54. 2. Brent closed above 61 yesterday. It did touch 61. Just below that level now. Looking at the dollar board, we did see it slip yesterday. For the month as a whole the dollar is up nicely. Its up 1. 5 for its second positive month in a row, turning the tide that we saw for most of the year of dollar weakness. Threemonth high, its been helpful in corporate earnings. We saw that across the multinational and in mondelez yesterday. To the wall street agenda look for earnings from under armour, mastercard, pfizer, kellogg this morning on the data front, s p caseshiller home price index, chicago pmi and Consumer Confidence fed is a focus kicks off twoday policy meeting in washington. That decision expected out tomorrow the big one is the expectation of a new fed chairman. President trump set to make that announcement this week joining us is Michelle Myer from bank of america, Merrill Lynch we are not expecting a move out on fed policy tomorrow, but they should lay the ground work for a december hike if thats what he theyre they are expecting i expect them to express optimism for a december hike they are probably content with Market Pricing the expectation is for them to hike again in december they made that clear in the september meeting with the dots, which showed the vast majority were looking for that third hike, which means that december hike so i think they tweak the language they sound more optimistic about the Economic Outlook they dismiss the recent data as noise as a result of the hurricane. They set the stage for a hike. Do we get a reminder over the next couple of day thats fed is a long way ahead of other Central Banks in terms of tightening, given that the bank of japan maintained loose policy tightening, and does that mean this two months in a row of dollar bounce back can continue . Its possible given the data in the u. S. Has been strong. We have two quarters of 3 gdp growth job creation is robust so you have a combination of the fed ahead of the other Central Banks and the data generally looking strong, showing some momentum strong relative to the beginning of the year. Its been known for a while that the fed has been unwinding policies they started earlier, too n terms of putting in places accommodations they have always been a step ahead. Thats laid the ground work for other Central Banks to take small steps in terms of the normalization process. Theyre still far behind how are you thinking about the new appointment of a potentially new fed chair and how you game out what policy looks like if janet yellen is not reappointed . So, it seems like based off of yesterdays press reports, jay powell is the frontrunner the times reporting that. Anything could happen if it is j. Powell who sits on the vef board, reserve board, hl likely keep policy laid out by janet yellen and the rest of the federal reserve. Where you could see changes is around regulatory policy thats something powell has been focused on, especially jointly with rand by quarrels, but in terse of the hiking cycle, i anticipate it to be similar and also in the beginning the communication and style of communication will be similar under a powell fed we saw the possibility that tax reform could be phased in what was your take of that yesterday . Would it then deliver the kind of Economic Growth that the administration is seeking . I think the reality is that we just dont know what tax reform is ultimately going to look like. We had some headlines flash, a lot of push back amongst lob lobbyists and other groups, now that could change before we get the policy or that first draft from brady i think were just still very much getting early details testing the waters i think were far from actually having ironed out details. As we look at various components of the economy working now and creating thisny lease on life and what has been a longrunning recovery, it feels like manufacturing is strong weve seen that in some industrial earnings. Whats going on with Housing Housing has been a little bit more challenged in terms of volume so you have not seen a true rebound in Housing Starts akin to what youve seen with other data points, like manufacturing. But prices have done very well so it looks like were on track to end the year around 6 year over year home price nationally, which is above what we had the prior two years. Part of that is because demand has been robust and supply lean. As we look ahead to next year, youll probably be more story of volume next year, when we get Home Builders adding to Single Family construction. If theres a weakness in the economy that youre keeping an eye on what is it . At this point were vulnerable to anything external. You have to think about whats happening in the markets in terms of are there areas of stress or bubblelike activity, how does that feed into the broader economy. At the end of the day were vulnerable toicy mistakes. I think the way the fed laid out their normalization process has been transparent, slow, and the markets have taken it. But if you think about how business cycles, it often turns from the fed hiking Interest Rates to the economy thats something larry fink warned about, too. Michelle, thank you. Always good to check in with you. Stocks to watch today, ryanair says it is on target to post a record annual profit despite recent flight cancellations. Shares of the lowcost carrier are jumping nicely up 5 . Wpp cutting the fullyear forecasts again. The biggest advertiser is battling a slowdown in client spending shares jumping 1 . That cut was less than expected. Wpp ceo sir Martin Sorrell will join squawk box at 8 10 eastern. Airbus earnings matching estimates but the Company Cautions it may miss delivery targets for the a320 planes. Airbus also announcing its in talks with u. S. Regulate bers compliance violations regarding defense related deals. Share is up 3 apple could reportedly drop qualcomm components from next years iphones and ipads qualcomm is not giving apple access to software needed to test chips in device prototypes. The two companies have been locked in a long legal fight apple said to be considering building its devices with only chips from intel and media tech. Those stocks are all on the move. Bp beating expectations thanks to an increase in oil and Gas Production the oil energy giant announcing a Share Buyback program. Mondelez posting better than expected revenue the company benefitting from rising sales in europe, latin america and other emerging markets and cost cuts. The stock a big mover on this report dont miss the mondelez ceo at squawk on the street at 10 00 a. M. Eastern her last last interview as ceo this is her last earnings and conference call. Well have a lot to talk about about the state of the food business, snacking and the Global Economy its a company where 75 of sales comes from outside the u. S. And halloween sales and halloween which is a happy halladoliday why, because im wearing a dark suit . No, you dont seem excited. You have been known to have some outstanding costumes what is the tweet based on hes extrapolating a lot from that. I hope you bought candy kids trick or treat in new york city apartment buildings was last night, right no, tonight today. Today happy halloween today. The problem is i probably two to sleep before the kids you can just leave it outside. I should have taken it for free last night. I buy it every year and wind up eating it top trending stories netflix announcing it would end house of cards series. This comes amid Sexual Misconduct allegations against its star, kevin spacey but it looks like netflix is moving ahead for plans with a spinoff of the show. The streaming service is developing several ideas including one potential story line that centers around political aide doug stamper. A favorite character theyre amid production series six i guess they have to rewrite the ending, or maybe series six was going to end in a certain way. I mention that for viewers of the original british series that know how that ends i dont has a dark ending . I wont go further. But again, we could discuss this how the british series ends doesnt necessarily mean how the u. S. Series ends its not like im giving a tease. You have already done that. Everyone knows that not everyone some do. Well see what happens when that wraps up which is amid Production One lucky apple enthusiast can soon ride like steve jobs. A bmw sports car once owned by the apple cofounder is heading to the Auction Block and is expected to sell for up to 4 0 0,0 400,000 i always thought the z8 was a terrible sports car. I wouldnt cough up for that i think it comes with the original registration to steve jobs which makes it a bit more valuable and a motorola flip phone, which he used to use, which is hilarious. The inventor of the iphone he kept using it once the iphone came out . No, no. That would be a story looks like beyonce and jay z are stepping up their costumes they dressed up as lil kim and notorious big. Theres the picture. They attended Kelly RolandsHalloween Bash strong. Taylor swift dropping big bucks on a tribeca townhouse the pop superstar paid 18 million you know which townhouse this is nope. Not just any townhouse. I have been to this townhouse probably 100 times because this is the townhouse that Dominique Strausskahn rented when he was undergoing his trial after he was released from rikers. Remember, when he was accused bay hotel maid yes we would stake it out every single morning before he would come to the courthouse it looks nice its on franklin street you go. Im very familiar with it it looks very nice. Maybe we should discuss it with dsk to get a recommendation. That would be weird on the same street as a penthouse duplex she bought in 2014 this threestory townhouse comes with a gym and spa among other amenities. You know the outside facade well famous. Correct. When we come back, a blurred vision on sprint the must reads a next. As we head to break, a look where europe is trading this morning. Just flicked all markets into the green only slightly the gains this morning. France and germany up over 3 for the ntof omoh ctober s an am. But as you get older, 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. 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Com tv and get two months free. My business was going nowhere. So i built this kickin new website with godaddy. Building a website in under an hour is easy 68 of people. Who have built their website using gocentral, did it in. Under an hour, and you can too. Type in your business or idea. Pick your favourite design. Personalize it with beautiful images. And. Youre done and now business is booming. Harriet, its a double stitch not a cross stitch build a better website in under an hour. Free to try. No credit card required. Gocentral from godaddy. Welcome back to Worldwide Exchange. That was for you im sorry. I thought you were going to say im sara eisen along with wilfred frost. Time for mustread stories catching our attention mine is first because its in the wall street journal and the topic dujor, the Manafort Indictment is that why its first . Just teasing you. I was curious how the ed board would frame this after their calling out of mueller saying he was too close to the fbi to be the prosecutor they write mr. Manafort stands accused of a financial and lobbying scam which is exactly what mr. Trump risked in hiring a swamp denison. My manafort lobbied for rogus gallery of dictate werts tors we occasional domestic scandal. It does focus on one key line saying theres no mention of President Trump and no mention of the Election Campaign said the only indictment for trump is hiring someone like mr. Man for the. Though they say there could be more here and this could be the beginning and a signal of the mueller strategy but then the journal ed board does repeat their call that mueller is not right guy standing behind that my pick is second, because its in the financial times. Its titled sprint, blurred vision it is the take on the possible news that the softbankbacked sprint tmobile tie up might be slipping it reads the u. S. Is still the biggest and most lucrative mobile market in the world and is understandable that mr. Son wants to control softbanks piece on the board if softbank does withdraw in valuation and control concerns, the Japanese Group will doubtless consider this a grander plan they go through some interesting tieups could happen if this slips which dave faber says might be a bit too far they talk about the possible tie up of sprint and charter, going for a media company, an at t time warner deal and talks about how those deals are more in masa sons way of thinking. Saying there are other options available. Still have yet to hear from the Trump Administration on this, especially the at t its assumed a friendlier Business Environment and pro Business Administration would okay it. But still tbd. That could open up more if they do give the okay coming up stocks on a hot streak this year our next guest warns theres a risk to the rally. Mike holland joins us next [vo] when it comes to investing, 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. Somesend you and your family overwhelrunning. Y can. Introducing febreze one for fabric and air. No aerosols. No dyes. No heavy perfumes. It cleans away odors for a pure light freshness. So you can spray and stay. Febreze one, breathe happy. Welcome back to Worldwide Exchange. Futures are pointing slightly higher, 33 points or so for the dow after a decline yesterday. The dow and s p down a third of a percent. The nasdaq flight. Joining us is mike holland good morning to you. Good morning. Great to see you. We teased into the break saying you see risks into the market is that a fair summation . Same comment. There are always risks to the market the one today refer to these in washington right now with all this going on, if we dont get the tax reform, tax change, is that are being leaked out, that will be a major problem for the market how heavily are they priced in i think they are priced in. Thats important to note because last night with all the stuff going on, the markets seemed to say its okay. Well get what we have priced in i dont know. Didnt we learn that theyre not so that theyre not as priced in the s p backed off 0. 3 . But the russell was down. The russell is what you look for. But the overall market, Steven Mnuchin said if it doesnt happen, market also fall, theyre betting on tax reform meanwhile we had a hot streak of earnings thats the offset the nasdaq will lead the down side followed by the bond market and the dow and so on. But i think the host important thing that has been going on in and the reason we have this wonderful streak around the world, europe, asia, all the markets moving up towards new highs, we have the Global Economic expansion continuing, companying doing great, given that expansion so earnings continue i think the back drop is great but the markets around the world are looking for leadership from the u. S. And the tax area. Have International Marketers over run even though the economic picture picked up the nikkei up 8 this month. The nikkei has had a spectacular run, but they were a laggard for so long. You know as well or better than anyone that the european markets particularly are less pricey than the u. S. Markets. The u. S. Market is actually giving cover to those markets in terms of price where are you buying . You held bank foors los for a l. Thank you very much for reminding me im here to help. You are loading up more . You are taking the opportunity to buy i owned them at that time led by jpmorgan. These companies are priced all right in an expansive world. We saw hsbc, numbers continue to be working themselves out of the problems of the last several years. I still like the area. I would be looking more to china for insurance stocks i like chubb here. Thats been a hot one on the u. S. Banks, in terms of the new fed chair, could we see, even if we get a continuation of policy in terms of monetary policy, could we see a slightly tougher regulatory chance quarrels and powell are buddies. Theyre probably going to be working hand in glove. Thats the guess i believe thats why hes got the inside thursday nod. I think if it was taylor, that would be far more of a concern with respect to powell, we should look for more of the same thats one reason why the markets are doing well last night and this morning even the New York Times is announcing powell will be the guy. Mike, thank you very much for joining us mike holland of holland and company. Whats it for Worldwide Exchange. Good to have you back. You could have brought my dark chocolate kit kates maybe i have it offset. Tyownt kn here good. Happy halloween squawk box is next. Good morning todays Market Drivers from tax reform to earnings and the fed well get you ready for the trading day. And big tech is in the hot seat facebook, google and twitter head to capitol hill to talk about russias role in the u. S. Election were live in washington with the late efst with that. And apple is reportedly considering dropping one of its biggest chip suppliers may drag out the qualcomm tape full details coming up its october 31, 2017. Happy halloween. Squawk box begins right now. Live from new york where business never sleeps, this is squawk box. Good morning welcome to squawk box on cnbc. Were live at the Nasdaq Market site in times square im Andrew Ross Sorkin along with joe kernen and melissa lee. Joe wore an orange tie today in honor of halloween penelopes birthday penelopes birthday becky has the day off. Futures this morning, things are looking up green arrows across the board. Nasdaq up about 14 points. S p looking to open about 2 1 2 points higher. Overnight in asia. The bank of japan held Interest Rates steady the nikkei closed flat hang seng slightly lower shanghai composite slightly