Visit the war zone as he heads to israel tomorrow. And Vladimir Putin lands in beijing for a closely watched sit down with xi jinping. It is tuesday, october 17th, 2023. You are watching Worldwide Exchange here on cnbc. Good morning. Welcome to Worldwide Exchange. Im frank holland. We kick off the hour with the check of the u. S. Stock futures. Take a look. Red across the board right now. The dow looks like it will open 85 points lower. Sn s p and nasdaq is opening lower. We are coming off a strong monday session and this is the russell 2000 showing strength rising more than 1. 5 yesterday for the best day since july. You see the moves right here. Big swing here. Same story for the dow transports coming off a nearly 2 gain. Take a look. Up 2 . Big swing right there. All this on the back of falling treasury yields. You can see a rate sensitive sector getting a benefit. We are seeing a rise in the treasury yields this morning. The tenyear at 4. 74. Moving higher this week. The long bond is making the biggest move up ten basis points. This is a read on Investor Confidence and inflation expec expectations. The twoyear at 5. 1. Last, but not least, the energy sector. Especially wti. 8 8 8 86. 79. Brent crude is up a. 25 . Natural gas is muted this morning. Different from the recent days up fractionally. Thats the set up for the u. S. Markets. Lets check on the european markets with Joumanna Bercetche in our london newsroom. Good morning, frank. After a positive hand over from wall street yesterday, asian indices showing more green on the board. We started to slip somewhat. It is a mixed bag. For the most part, most of the european indices trading around the flat line. Ftse 100 is up. 30 . There is one stock in particular that we are watching which is rollsroyce. It is confirming it is cutting 2,500 jobs. We had macro data coming in suggesting that uk wage growth has started to moderate some what although real wages are in positive territory. Dax is down. 80 . We see strength in airbus which is up 1. 2 today. The cac 40 is above 7,000 and tr treading on water. Lets give you an overview of the leadership. Oil and gas is seeing a jump today up. 30 . Healthcare is also up. 350 . On the flip side, minors have been struggling. A bit of a break in the price action from yesterday. Financial services down. 70 . Split between green and red as the markets continue to focus on the earnings season which is coming out with the rising Interest Rate environment and geopolitical developments within the middle east. Frank. Joumanna, thank you very much. Joumanna bercetche live in the london newsroom. We turn to capitol hill and developments overnight as jim jordan appears to be closing in on securing a republican majority paving the way to become the next speaker of the house. There are a few holdouts in his path. We have brie jackson joining us from washington. Good morning, frank. Today could be the day we could see a new House Speaker elected. A floor vote is expected at noon. Ohio Congress Member jim jordan is the nominee. He is optimistic he will get the votes needed to secure the job. Jordan sent a letter to his republican colleagues on monday urging them to stay united. Writing that the country and conference cannot afford us attacking each other. When jordan was nominated friday, more than 50 members of his party said they would not support him. He spent much of the weekend on the Pressure Campaign trying to win over skeptics. Meanwhile, the pressure is on for the house to select a speaker. Congress needs to sign off on assistance to israel and ukraine and federal funding expires in midnovember. There is a risk of a Government Shutdown happening. Jordan can only afford to lose four votes on the house floor today when the vote comes up. We could see one of the situations play out where there are multiple votes similar to what took place back in january where Kevin Mccarthy was selected or elected on the 15th vote. Hopefully we will see it happen earlier than that. Brie jackson live in d. C. Now turning attention to the war in the middle east and breaking overnight. The state department confirming President Biden will travel to israel tomorrow as the war between hamas and israel continues now into its second week. This is the president s second trip to the active war zone following the trip to ukraine in february. Secretary of state Antony Blinken says biden will reaffirm commitment with israel and its security. More on this story coming up later in the hour. We have the long bonds with the biggest fluctuation since the 2020 pandemic. The 30year yield jumping ten basis points yesterday alone. That swing presenting challenges to investors dealing with the highest yield levels in a decade. Lets bring in delano saporo who is our cnbc contributor. Thank you, frank. We have to talk about the treasuries. Taking a look at the yields. 30year now trading at the highest level since 2007. Similar for the tenyear. Does that change your view when it comes to fixed income and how you advise your clients to invest . I think it is the view we had for the past couple months is still there. You mentioned it is looking at the move in the 30year bond means it will be higher when it comes to Interest Rates and also the Way Investors are thinking. Im looking at where we are going economically. If you look at what the fed is poised to do, they are looking to see unemployment rates change before they make any move or change in the manner they have been going so far. Our expectations stay the same. For investors, we have seen the equity market be more volatile. This has to play a part of the portfolio construction. It really is a situation where it is different than the past. You are mentioning economic reports. Jobs report and pce and cpi. We are looking at the economic reports. One could be meaningful today. Retail sales out at 8 30 this morning. This report comes after the xrt with the best day since june yesterday. What do you expect with retail sales . Is this an instance where good news is good news . We see retail sales strong and it doesnt increase the odds of a hike. Yeah. I think this is a situation where good news could be good or bad. I think we will see a strong reading here. Again, that could play a part in how tstrong the consumer is rigt now. A weak consumer could be a situation where investors are looking at getting more confidence in what is going on going forward. I think if we are looking at it from a surprise of 0. 2 increase month over month and if that changes to the upside or downside, that will have an effect on the markets. The consumer has been strong so far. If you look at the xrt reading, it hasnt been that strong. Some companies have done fairly well. If you look at lululemon year to date. I want to get your take on the fed. When i talked about retail sales, i thought it would influence the fed. Most people think we will see a pause in two weeks in the november meeting. If retail sales are strong means the fed will factor that in with a pause . I think the fed factors that in. They he arare factoring in on te and cpi. That will be factored in. One thing that was important for investors to learn or see right now is what happens when we see a change in Interest Rates and what happens when we see potential recession coming down the pipeline. Those are the two big things that im looking at with the change of consumer and this is the reading that will show us that and also if we see any change from what the feds mandate. It has been strong and they are waiting for more data to change or pivot. We have to wait and see. Delano saporu, thank you so much. We have more to come on Worldwide Exchange, and one word that investors have to know today. First u, the one key number you need to watch with bank of america and Goldman Sachs reporting. And why nelson peltz thinks you are no longer in good hands. And reports that did lon y be hanging up his headphones for good. We have a very busy hour when Worldwide Exchange returns. Woell come back to kworldwe exchange. Goldman sachs and bank of america are out with results today. Boa down 18 and sitting on 100 billion of paper losses from the low yielding treasuries and mortgaged back securities. Goldman satis down 8 this year. Investors are focused on the banks retreat from investment banking. Lets talk about this with nancy priole. Nancy, good morning. Good morning. Nice to see you. We mentioned you own goldman. The Largest Holding in the financials in the portfolio. Lets start with goldman. What are you expecting today . We think the goldman quarter could come in better than expected today. We have seen estimates come down sharply over the last month or so. We think if they do surprise positively, it will be in the trading revenue. However, what investors will be watching for is to understand what theyre doing with the business they will get out of and what is happening on the m a front and what they are seeing with the asset growth. Lets talk about the banks. We are six months away from the collapse of svb. Give us a sense of how that has colored your view of financials . Are you trimming or adding your portfolio . We are holding essentially with where we are. We have low exposure in the portfolio with the banks p. We think the sector is under d underloved. One factor that led to the collapse of svb and others are no longer as big of an issue. We are not expecting fireworks. We also dont think it is an area that will see great pr appreciation in the near term as investors grapple with the risks with the banks portfolios and Net Interest Income and consumer deposits and credit quality. Nancy, you are saying you dont see the same risk. We are talking about bank of america with 100 billion of treasury paper holdings. We see higher for longer and yields rising. Are you concerned about treasury losses in the other banks . We are not as concerned as what we saw in the spring because we think the deposits are more stable at these banks than silicon valley. They are only losses if they he n need to recognize them. Svb had to recognize the losses. Having said that, if we have another sharp rise, that is where the stress comes from. We think high are fer for longe. The bad news is no news today and unknown news we need to worry about going forward. Another majority of the holdings in the big banks. I want your take on the big banks. When it comes to the Regional Banks, what do you think of the valuation in that area of the financials . You mentioned the big banks are cheap right now. Do you have the same thought with the regionals . The Regional Banks are also cheap. We think the credit concerns and lending concerns in particular the small and mid sized businesses and commercial real estate issues will be a bigger factor for many of the Regional Banks. In addition, they are seeing more pressure on the deposit side than the big banks which is a flight to safety for consumers who moved deposits there. We are less enthusiastic on the Regional Bank side. It will be some opportunities as we go through earnings season. It is not an area where we could make big moves. Goldman sachs is the top financial holding. Nancy prial, thank you. Thank you. Dont miss a first on cnbc interview with bank of america Ceo Brian Moynihan at 10 00 a. M. Eastern. You dont want to miss this one. Ahead on Worldwide Exchange, how russia and china are looking to get ahead of the global tension with a facetoface meeting. We have more on that story coming up. I struggled with my weight for a long time due to my thyroid issues but since being on the golo plan and taking release, the weight has not come back. upbeat music meet gold bond daily healing. A powerhouse lotion that moisturizes, heals, and smooths dry skin. With 7 moisturizers 3 vitamins. And. New gold bond healing sensitive. Clinically shown to heal moisturize dry, sensitive skin. Gold bond. Welcome back to Worldwide Exchange. We start with the three big money movers. Starboard is building a stake in 5 of fortrea holdings. It was spun off of lab corp to provide Research Services to pharma and medical device companies. Starboard is saddled with extra costs from the spinoff. Dont miss the interview with jeff smith on squawk on the street at 9 45 a. M. Nelson peltz has bought a stake in allstate. The Company Reported five quarters of losses as it deals with the natural disasters. Allstate hired Investment Bankers on how to handle nelson peltz. Shares up in the premarket. Antid taiwan semi will rep results on thursday. This will reflect a Strong Performance from last year when it benefitted from the postpandemic demand. The chip industry will emerge from the down down next year. Straight ahead on Worldwide Exchange, tim cook is rea reaffirming the commitment to china on the crackdown on foreign tech. If you miss us, check us out on apple or spotify or other podcast apps. More Worldwide Exchange coming up after this. With comcast business. It is. Is it possible to help keep our Online Platform safe from cyberthreats . Absolutely. Can we provide health care virtually anywhere . We can help with that. Is it possible to use predictive monitoring to address operations issues . We can help with that, too. With the advanced connectivity and intelligence of global secure networking from comcast business. Its not just possible. Its happening. It is 5 30 a. M. In the new york city area. There is more ahead here on Worldwide Exchange. Heres what on deck. A busy day for the markets with earnings and Economic Data and fresh fed speakers and futures under pressure ahead of all that. President biden set to make a high stakes wartime trip facing the task of signaling support to israel and addressing the humanitarian crisis in gaza. In washington, the race is on as jim jordan looks to lock in support to become the next speaker of the house. It is tuesday, october 17th, 20 2023. You are watching Worldwide Exchange here on cnbc. Good morning. Welcome back to Worldwide Exchange. Im frank holland. Lets pick up the half hour with the check on the u. S. Stock futures. Futures i promise, we will show you. In the red across the board. Right now, the dow would open up 45 points lower. We are looking at the bond market. We begin with the 10year treasury at 4. 75. The 2year treasury at 5. 11. Elevated above the 5 yield. The 30year treasury is movimoving higher. Remember, this is a read on Investor Confidence and inflation expectations. We want to look at the oil market. Wti is up. 30 . 86. 97 a barrel. Brent crude up. 50 . Natural gas is up over. 50 . That is the set up for the u. S. Markets. Lets turn to the top story in a very busy tuesday shaping up on capitol hill to the middle east. Breaking overnight, the state department confirming President Biden will travel to the region to meet with Prime MinisterBenjamin Netanyahu on wednesday and the show of solidarity as the war with hamas continues. And Vladimir Putin arriving in beijing to meet with xi jinping. Putin is among the leaders attending the belt and road forum in china. The two leaders are looking to position themselves as a calm alternative to the west. The west having a penchant for sowing chaos. And jim jordan is set to become the next speaker of the house. Worldwide exchange is covering all these stories with alastair in jerusalem and eunice yoon in beijing. We begin with eunice yoon in beijing. Reporter thank you, frank. President putin is here on a rare overseas trip for the russian leader. He is here on the invitation of president xi jinping, his dear friend, and man behind the belt and road infrastructure building program. As part of the show of support, president putin will take part in the belt and road forum. He will start with the opening reception which is hosted by president xi. He will speak as an honored guest after xi delivers a keynote speech at the Leadership Meeting which takes place on wednesday. He will then hold a oneonone with president xi. This delegation is the heads of oil and gas giants as well as g gasprem. The two leaders are also presenting a united front and trying to draw contrast between what beijing has described as chaos and conflict led by the u. S. As well as its allies. This belt and road forum is offering peace and cooperation and opposed to beijing and moscow say that they are providing. Frank. Eunice yoon, thank you. We turn attention to d. C. With a big vote coming up later today to decide the next speaker of the house. Emily wilkins is live in d. C. With that story. Reporter good morning, frank. After two weeks of closeddoor conversations after the ouster of Kevin Mccarthy, they will take a roll call vote for the speaker of the house. Jim jordan is the republican nominee. He has been gaining support to be speaker, but can only lose five republicans votes. There were five lawmakers who told reporters they could not support jordan. Many moderate republicans would lose their seats and they are worried that having jordan as head of the party could jeopardize them with elections. Remember, jordan was an individual who pushed back biden winning the 2020 election. Don bacon, who sits in the district that biden won, said last night that many members feel they are yangyanked around the small margin of members who are not playing by the rules. We need some votes of the rules. They are getting pulled off committee. What has happened is not working. We have a minority of the majority kicking our butts. A number of republicans who opposed jordan called yesterday for unity behind him. They said they now support jordan. Remember, the house is unable to pass any legislation, including expected aid for israel as well as government funding bill until they get the speaker. Now the pressure is really on with the house right now given that the senate is back in session and biden is expected to send his funding billi on israe this week. Frank. Emily, jordan is the fr frontrunner. Mccarthy took 15 rounds of votes. How long will it take for jim jordan . Reporter that is a great question, frank. At this point, it doesnt seem he will get it in the first round unless he has changed minds since last night. Republicans dont want this to go on for 15 rounds. They want to show unity and showing they are all together. It is not clear at this point how long it could take. Remember, there are other republicans waiting in the wings to see if they get the 217 votes to become speaker. There is discussion of giving temporary powers to current acting speaker patrick mchenry. A lot of options on the table there. Plenty of republicans are hoping to get a speaker today and turn back to the legislative work of the house. Emily, thank you. Turning to the middle east and President Biden set to visit the region tomorrow. Sky news correspondent alaistair is in jerusalem right now. Reporter good morning. President bidens visit being announced here. He will meet with Prime Minister netanyahu and other members of the israel war cabinet and then he goes to amman where he is expected to meet with the palestinian president abbas and president elsisi and King Abdullah of jordan. This comes off the frantic 72 hours from Antony Blinken who did a tour of the region to make sure that what is happening in gaza does not spill out into the wider middle east. There is also discussions in other areas of the table. Hostage releases, for example, we will have see if they made progress with that. One reason biden is coming here is to show solidarity for israel. Part of the trip is solidarity. Is he addressing the humanitarian crisis that is developing on both sides of the conflict . Reporter the humanitarian crisis in gaza is severe and it is getting worse every day they go without Running Water or food and medical supplies. We hear horrific stories. I have been reading of one anecdote that says doctors and medics are now having to drink iv bottles because there is no water for them to stay hydrated. Yes, trying to get humanitarian supplies into gaza is urgent and fundamental and trying to get save passage to leave gaza. Perhaps just nationals, but to get safety over to the border in egypt. Thank you very much. Stay safe. The war between israel and hamas and we continue to see the massive toll this conflict is taking on infrastructure and how lives are changed forever. There is one sector of the israeli economy that is hit harder than any other which is tech. Those disruption are felt around the world. Julia boorstin has the story. Reporter frank, israels economy is focused on tech. More than any other sector. Tech community accounts for 14 of the countrys jobs and 20 of its gdp according to israeli innovation authority. Making it the largest sector in the country. Many tech employees are an more than 360,000 reservists called upon to mobilize. It is estimated that many Tech Companies range from 10 to 40 . There are three components to the ecosystem. The u. S. Businesses like intel, the largest private employer, along with nvidia, microsoft, meta and apple and others who employ engineers and have offices there. The Israeli Public Company like mobile and teva and monday. Com and wix. Third, there are israeli startups. They drew 26 billion of funding in 2021. That dropped to 16 billion last year and 5 billion so far this year. The decline reflecting concerns about the countrys yoverhaul. That was julia boorstin. From the middle east to d. C. And china and bring it back to wall street. Joining me now is Brian Gardner from steifel. Good morning. Good morning, frank. Lets start off with d. C. Jim jordan is the frontrunner for speaker of the house. Are you expecting him to be coll elected today and the talk of the shutdown one month from today. On the election of the speaker, frank, im skeptical jordan gets it on the first ballot. Emily laid it out well. He, jordan, had momentum after the weekend. A lot of the no jordan votes broke toward him. He is still several votes short. I think they want to use the first ballot to smoke out the opposition and see who is left standing and work on those holdouts and try to flip them. I dont think it will be 15 ballots like last time. I dont think jordan would stick around for that long. It will be more than one. The question is two or three. I think in the next couple days, it will get wrapped up. Lets be humble about this and acknowledge it has been unpredictable. You say wrapped up with jordan as speaker . I think so. It is not a foregone conclusion. That is the most likely outcome. Lets go forward with that hypothetical situation. Maybe less than 15 votes. Is funding for israel top of mind for this congress right now . Lets talk about the political ramifications of the speaker race dragged out and funding and rus russia and china meeting up. Congress will deal with two International Aid packages. One for israel and the second for ukraine. The ukraine issue has been out there for some time. There is growing resistance to ukraine funding among republicans. It is always in the house. It may be grow in the senate. I think the Biden Administration and Senate Democrats and congressional deposmocrats want take the two together. Israeli funding has wide support. There will be a lot of pushback by biden republicans to strip them out for a opeseparate vote. The question is does the israeli funding get slowed down by the ukraine funding. The ukraine funding is something im less certain of. I would argue that china and others are looking at the situation in ukraine and are funding and support for ukraine similarly to how russia viewed our withdrawal from afghanistan. If congress decides to significantly reduce or cut off aid to ukraine, i think that has the potential to embolden china and its pursuit of reuniting with taiwan. We are tying this all together. A lot of geopolitical implications for investors. For this week, there are an a lot of questions up in the air. We have china and russia meeting up. We had the situation in the middle east with israel and hamas. How should investors view this week . Are you expecting to see big announcements to create volatility . So far, i have been surprised by the situation that there hasnt been more volatility. It ticked up a little bit, but not significantly. I think resolving the issue in the United States is a positive. That could reduce volatility. I think volatility tied to the inter natnational issues could long term. One depends on the escalation with hamas and israel. The taiwan and china issue is not volatility. Longer term, i think there are implications from that vote. One other thing i want to ask is restrictions on a. I. When it comes to china. Some reports that the Biden Administration could make an announcement related to that. As we see russia and china meeting up where putin is in beijing. What is the Political Climate when it comes to derisking u. S. And china . Give us a sense of how they should view the situation . You know, there was a lot of happy talk after the series of meetings in china with the Biden Administration officials and Chinese Government officials. I thought that was overdone and u. S. Domestic policy would go for different outcomes. I think the derisking from the American Perspective decoupling from china will continue. Domestic pressure on china will be tough ahead of 2024. You mentioned the chip issue. We have the tariffs which is yet to be resolved. That will come in the coming months. I dont think were entering a new era of feel good era with china. It will be a go tough on china policy. Brian gardner, i appreciate the time and insight. Thank you, frank. Coming up on Worldwide Exchange, the battle of the billionaire and bernard arutnos position has hit a bit of of a snag. Stay with us. Hi, im denise. Ive lost over 22 pounds with golo in six months and ive kept it off for over a year. I was skeptical about golo in the beginning because ive tried so many different types of diet products before. Ive tried detox, ive tried teas, ive tried all different types of pills, so i was skeptical about anything working because it never did. But look what golo has done. Look what it has done. Im in a size 4 pair of pants. Go golo. soft music we love going to games, but good seats get pricey. So we use gametime. Gametime checks ticket prices in realtime and finds you all the best last minute deals. We got our seats twenty minutes ago for sixty percent off last minute tickets at the best price, in seconds. Download gametime now welcome back to Worldwide Exchange. Time for the morning call sheet. Goldman sachs with the buy rating of tuesday morning. It sees upside to street estimates from the back of Revenue Growth in certain divisions and efficiencies leading to profitability. Shares up 1. 5 this morning. We have stifel with amazon with the buy rating and 173 price target. Stifel says no other comes close to the amazon shares. Shares are down in the premarket. We have a downgrade from Morgan Stanley on amgen. This stock is balanced following shares. Coming up on Worldwide Exchange, we have the one word that every investor needs to know today. Also a busy trading day ahead with speeches from fed officials. We have tom lee to say where he thinks stocks will take their cues from. If you miss us, check us out on spotify or apple or other podcast apps. More on wex after this. People are excited about what ai will do for them. Were excited about what ai will do for business. Introducing watsonx a platform designed to multiply output by training ai with your data. When you watsonx your business, you can build ai to help coders code faster, Customer Service respond quicker, and employees handle repetitive tasks in less time. Lets create ai that transforms business with watsonx. Ibm. Lets create. Welcome back to Worldwide Exchange. Time for the wex wrap up. Starboard value has built a stake of 5 in fortrea holdings. The journal says starboard will push for changes. Shares unchanged in premarket. Dont miss the interview with starboard ceo at 9 45 a. M. And nelson peltz has bought a stake in allstate. Shares up fractionally right now. Numbers from deloitte shows shoppers will spend 1,600 this holiday season. That is up 14 from last year. Tim cook making a goodwill trip to china weeks after reports baneijing is restrictin products in state employees. And lvmh founder Bernard Arnault is no longer the richest person in the world. He is just 155. 5 billion. And Goldman Sachs ceo David Solomon is hitting the pause button on the side hustle. He said the media is the distraction. Im available if you need a dee jay. Moving on. We have retail sales on tap and Homeowner Sentiment and the busy day with results from bank of america and Goldman Sachs and Johnson Johnson and united airlines. We have a number of fed of officials speaking today including John Williams and Michelle Bowman and tom barkin and Neel Kashkari speaking today. Earnings and ecom and fed speakers are a mix for investors today as we gear up for the trading day. Futures are off the lows of early today. The dow would open up about 60 points lower. For more on this, lets bring in tom lee at fund strat global advisers. Good morning, frank. Are those all potential Market Movers . Absolutely. Markets are dealing with uncertainty right now because were in the middle of earnings which is better than expected. We have a geopolitical situation which is uncertain and Interest Rates have been creeping up again. I think markets remain on edge and i think investors are not committed. I think the bias is to the upside with the position of investors in the last ten weeks. Tom, you are one of the biggest bulls on the street. You are bullish on the markets direction. With that bullishness in mind, what is your wex word of the day . The wex word of the day is uncertainty. Why . It is i think investors generally like a narrative that is clear. Right now, there are a lot of multiple narratives in place. I think the uncertainty clears and stocks, because investors are not invested, and were in a strong period shows we will rise through the end of the month and the year as well. With this uncertainty in mind shows the xrt which shows the best day since june. What do you expect with retail sales . Markets are data dependent. They will withlook at retail sa. You do have a lot of headwinds. Delinquencies are up and consumers have student loan payment resumptions. Generally, the employment market softened. If it is a good report, that would be good news. Futures overnight are soft. I think investors are waiting to see. Tom, i want to be clooear th is the situation where good news is good news. Are you not worried that strong retail sales means the fed is coming out hawkish . Is this a data point that you think moves the fed to a hawkish tone . I think the fed speak in the last couple weeks has made clear the rise in long term rates is doing the work for the fed. They believe the bar is high for them to increase rates. I think good retail sales would be good news because it would show the economy is not stalling and headed for a hard landing. It is supporting the softlanding scenario. We are in earnings season. I want to get to one of your picks right now. Earnings are coming up a week from today. Give us a sense of this being a smart pick. We are in a higher for longer environment. Cadence is an Important Company in helping design highend chips. They do systems integration. In this world, where there is almost continuous demand for a. I. And shortages of chips, they are a key player of designing software. It is one of the least known. To us, this is a steady grower with multiples to expand and good earnings ability. It makes it a good stock to earn. It is one of the super shots as well. Quickly, i have to ask higher for longer. Look ing at the valuation which is high are than nvidia. You are willing to pay up for the Growth Potential of the company . Absolutely. Number one, the company doesnt have a lot of capital investment. It is a software company. With improving visibility, a great capital structure and enviable position. They are really one of the handful of companies that provides a software. Again, really good visibility and high operating leverage. It is not well known. It is a stocky could easily see expanding. Tom, great to see you. Thank you very much. Thank you. One quick look at the futures. The dow would open up 50 points lower right now. That will do it for us. Lets look a treasuries. Look at the benchmark tenyear yield. 4. 75. Off the highs of early this month. Elevated historically. One quick look at oil this morning. We saw it moving higher this morning. Brent is crossing the 90 barrel mark. Thats going to do it for us on Worldwide Exchange. Squawk box is up next. Thanks for watching. Is it possible to fall in love with your home. Before you even step inside . Discover the Magnolia Home james hardie collection. Available now in siding colors, styles and textures. Curated by joanna gaines. Good morning. President biden announcing plans to travel to israel tomorrow. Israeli military attack 200 targets overnight. We will take you live to tel aviv. And the speaker bid for jim jordan is gaining momentum. It is still unclear if he has enough votes at noon today. And blackrock is denying the report that the spot etf has been approved for bitcoin. It is tuesday, october 17th, 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. Im becky quick along with andrew ross sorkin. Joe is off today. Okay, day two of the week. We are looking at some red arrows this morning. This comes after gains across the board for the equity markets. Dow is off 55 points at now. The s p futures is down 8. Nasdaq indicated down 22. Lets look at the treasury market. It looks like the 10year treasury is yielding 4. 75 . The 2year treasury is above 5. 1 . The 30year treasury is below 5 at 4. 9 . In the