The faa audit. Later, disney gets personal as nelson peltz takes on the board. Its tuesday, march 12th, 2024. Youre watching Worldwide Exchange right here on cnbc. Good morning and welcome to Worldwide Exchange. Thank you for being here with us. Lets kickoff the hour with the check of the u. S. Stock futures after the mixed session yesterday with the nasdaq posting the second down day in a row. Look at futures right now. Just a mixed picture. Dow is moving a flat. The nasdaq is firmly in the positive territory. S p is the same story. Stocks are looking to make up ground this morning, especially after nvidia with the sharp move lower on friday. Its biggest down day in a year on friday. It was higher yesterday and higher this morning. It is up 1. 5 . Nvidia is among the premarket gainers. We have the cpi due out at 8 30 a. M. Eastern time and we see the benchmark at the same level as yesterday at 4. 08 . We are looking at bitcoin. Trying to hold above 72,000 mark. We are seeing bitcoin a tick below 72,000. Down. 75 . We did see ethereum touch the 4,000 mark. Just below that down 1 . Crypto trades around the clock. Thats the set up. Lets get the check on the corporate stories with silvana henao. Silvana, good morning. Frank, good morning. Jpmorgan chases Ceo Jamie Dimon sounding the alarm bells again. This time saying he would not take the prospect of the u. S. Recession off the table just yet. Speaking at the Australian Financial review business summit in sydney, dimon says the world is pricing in a 70 , but he believes it is half that with the worst case being stagflation. Economic kiindicators have been distorted with covid. He said the fed should wait for more clarity before cutting interest rates. The credibility is a bit at stake here. We are watching shares of boeing again this morning. Now down more than 25 this year. This after a new faa audit after the midair blowout which failed 33 of 89 tests. That includes a check concerning that door plug. Spirit aerosystems passed 6 of the 13 audits according to the report and failing the rest. Boeing responded to the times report telling cnbc we continue to implement immediate changes and develop an action plan to strengthen safety and quality. Disney is responding to activist investor nelson peltz to try to win two board seats with his motivations and qualifications. If they succeed, disney could suffer the same fate as other Great Companies that peltzs previously inn filtrated such a ge and dupont. His quest seems more about vanity than a belief in disney. The video comes along with a new 66page regulatory filing saying peltz and other candidates are not what disney needs right now. Frank. Looking at shares of disney up. 50 in the premarket. Silvana, thank you. See you later on. Turning attention back to the markets and key to the markets today is cpi which is due out at 8 30 a. M. This morning. Economy expects this to be a pivotal moment. The markets will feel confident in the feds successful fight against inflation. Lets talk about this with vince larusso. Nice to see you, frank. Jamie dimon talking about rate cuts where most expect it in june. We have an Inflation Report coming up today and two fmoc meetings before june. How important is this report today with the june rate cuts and the markets and a. I. Trade that you and a lot of people call the story of 2024 . Thanks, frank. Inflation is one key data point that the fed is using to dictate fiscal policies. We think rates are going to go lower because inflation is coming a little bit more under control at the core level and headline number. We are always reluctant at cloud capital. We are reluctant to be overly precise about the specific date of monetary policy. That is a tough one to call. Jamie dimon is saying june and the markets are pricing that in, that is about right. As Equity Investors overcycles, we think policies come lower. That is a back drop for equities. Bullish on equities. I want to talk about the two etfs that you manage. The cbls is something you sold and you are moving chip makers. Broa broadcom with the biggest move on the nasdaq. Why are you targeting tech . With a lot of etfs, we are transparent on a daily basis. Folks can read disclosdisclosur. One change is we are getting more tactically cautious on the names like nvidia. We have a basket of names that are great longterm investments. This is a combination of speculative frenzy and strong fundamental drivers. That is a difficult back drop. We have to allocate waiting or probability about each. It is a binary decision. You want to invest in it or dont. We do. We are big believers in technology and productivity gains. This is a generational transformation. We are also managers to think about the near term technicals. Some of the stocks are so overbought and the frenzy component has caused us to be cautious. We continue to own a basket of names in the space. Asml and lam research. You know, we look forward to reentering the positions, including nvidia, potentially at lower levels. Let me scjump in. You trim the chips, but you are looking for opportunities to get back in. You gave us a playbook. You think the markets will see disruption or a downturn. If there is a pull back under 10 , you go more defensive along with biotech . If we get a correction, you will jump back into the magnificent seven . We are looking for opportunities to continue to own these names and build them t tactic tactically. Growth is 3 to 40 . Fl inflation is coming down. Fiscal policy is accommodative. We think they are more stretched including the a. I. semi trades. We have the net exposure which is skewing high right now. We do like equities, but we are opportunistic in sectors. Vince, thank you. Thank you. For more on what is driving the markets, go to cnbc pro for insights and analysis. A lot more to come on Worldwide Exchange, including the one word investors need to know today. First, growing calls for a tiktok ban on capitol hill turning to action as lawmakers are set for a market moving vote. Why oracle did not disappoint and what some are calling a showme quarter. And later, we have torsten slok predicting the fed will not cut rates in 2024. Stay with us. Very busy hour still ahead. Business. Its not a ninetofive proposition. Its all day and into the night. Its all the things that keep this world turning. The gotos that keep us going. The places we cheer. And check in. They all choose the advanced Network Solutions and round the clock partnership from comcast business. See why comcast business powers more Small Businesses than anyone else. Get started for 49. 99 a month plus ask how to get up to an 800 prepaid card. Dont wait call today. Welcome back to Worldwide Exchange. Look at the dow futures. The nasdaq is the best performer up over. 30 . The s p gainers here with oracle after earnings at the top of the list with shares up 13 . Followed by howmet appand hasbr. We are checking the early action in europe. The ftse 100 is the best pe performer up 1 . A mixed session in asia with hong kong closing 3 higher. You see the shanghai composite down. 50 . Sticking with overseas action and the Biden Administration official with more than 20 American Companies are in Southeast Asia this week and making the case for new Foreign Investment in chinas backyard. We have eunice yoon from manila with more on the story. Reporter thank you, frank. That special official is the u. S. Commerce secretary Gina Raimondo. She capped her twoday trip in manila at this museum enjoying local culture and local products. I managed to catch up with her for an interview and asked what this trip means for business and investors. You have the problem with the Chinese Government not allowing a sale should it be forced by the u. S. Government. They created a new law that put this forward. This is access to a talented work force. Many of the businesses have done business in the philippines for a long time and have had a great experience. This is a fast growing economy. A young demographic. English speaking. Reporter raimondo said this wasnt so much about countering china inasmuch as engaging with the region as well as helping companies diversify their supply chains. I did manage to ask about Chinese Owned Company called tiktok and the debate around it which is current on in the United States. This is what she said. Tiktok presents Serious National Security risks to the people of the United States. Privacy risks and significant National Security risks. Right now, there are few bipartisan bills in congress that would ban tiktok or allow us to much more significantly regulate tiktok. I think thats really important. We support those bills. You would support a ban . I would. I would. The risks, i think we might be able to mitigate if we had enough tools, but we may not. I think a ban is something that also needs to be considered. Reporter secretary raimondo is currently en route to thailand where she will continue to promote engagement in asia. Frank. Eunice yoon live in manila, thank you. We will stick with tiktok and the ceo expected to be on capitol hill today. A spokesperson says it is for a quote previously scheduled meeting. At the heart of the issue is National Security as Gina Raimondo talked about that, but the Chinese Government may use the data for intelligence operations or misinformation. More than two dozen states banned tiktok on government device, but the outright ban has yet to take shape. You still have the problem with the Chinese Government not allowing a sale should it be forced by the u. S. Government. Thats what happened last time around. They created a new law that put the code that tiktok develops and needing to have export licenses. Of course, they werent issue those licenses. It sa it is a complicated dance among providers. What will actually happen here if the ban is put into effect . I dont know. Joining me now is the senior Public Policy adviser and former member of the committee on Foreign Investment. Good morning. Great to have you here. Good morning, frank. We heard from the former tiktok ceo. He said i dont know how this will work. I want to ask if you have ins insight. Is a ban possible . Is it possible to block tiktok from u. S. Devices . If it is possible, how would it work and how long would it take . Sure. It is possible instead of going after tiktok itself. What the bill that is out there is doing, if it passes the house and signed by the president , it will have 160day wind down period. Following that period of time, if there are providers on the app store or anyone has a service, at t or verizon, that continues to provide the streaming service, those providers can be fined up to 5,000 per user if they continue to provide that service. If you have a user base of 100 Million People or 170 Million People and if they continue that service, that is a 500 billion to 850 billion penalty. It sounds like a ban is more regulation. Correct. If you penalize the providers of it, thats where you create the ban. Dont provide the services to the public. A lot of talk about tiktok right here on cnbc. Yesterday, former President Donald Trump raising concerns about the ban saying it would empower other platforms like a facebook. What is your take on that . It was a very interesting take. The president also vocalized issues with the founder. Look where President Trump does with the issue or how he feels his position. The position he took when cfius blocked it . That executive order still stands. If this bill passes the house tomorrow, which it is up for a vote, it will go to the senate and we will see this play out in terms of who wants to advocate for the ban and who wants to continue to allow it. We talk about tiktok and we talk about people saying it is corrupting the mind of young people with mindless entertainment. There is a claim it is a trojan horse stealing data. A possible ban of tiktok, is it linked to chips and evs . Broadly speaking, the information is information dissemination and big data and what china does with it versus the United States entities. Big data is held by the Chinese Communist party holds it for different purposes there. It is a matter of combpetition especially in the a. I. Space. We see how china acts with the technology and data they get from u. S. Companies. Nova daly, thank you. Thank you. Coming up on Worldwide Exchange, big day forearm holdings and the stocks impressive ipo rally. 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Welcome back to Worldwide Exchange. Time for the big money movers. Oracle shares are up 13 . Net income is growing by 27 . Sales in the Cloud Services business also getting a boost thanks to Artificial Intelligence and new Cloud Infrastructure contracts. Shares of vail resorts are under pressure after cutting the fullyear outlook with a drop of snowfall and visits. The businesses including dining and rentals are seeing strong growth. Acadi aa pharmaceutical dru trial fails and they do not anticipate conducting more Clinical Trials with the drug for schizophrenia. Shares are down 18 . Time for the check of the headlines with Frances Rivera in new york with the latest. Good morning. Good morning, frank. Lets start with the race for the white house that could be propelled into a new phase. Both parties are holding primaries today in washington state, alabama and battleground state of georgia. Haitian Prime Minister will resign in the acknowledgment of the dire predicament facing his country. The caribbean leaders have reached a deal on the transitional president ial council in hopes of gaining state control. The future of democracy in haiti is at the Tipping Point and now overrun by gang leaders and is on the edge of political chaos. And nasa crew 7 is on the way home this morning. They left the International Space station on monday. This group of astronauts has lived on the iss for the last six months. They conducted hundreds of ex experiments and made history with the allfemale spacewalk last november. Frank, you are up to date for tuesday morning. Back to you. Frances, thank you. Coming up, Apollo Global chief economist torsten slok lays out why inflation could be hotter for longer. As we continue womens heritage month, we have the new members of the cnbc chang changemakers, the women changing and transforming business. Here is the founder and president kathy hannun. One of the disdaadvantages o women, there are fewer women in leadership positions. If i dwelled too much on that fact, i may not have had the courage to start a business in the Home Construction business. Now my presence of leader in the industry provides one more example. It is before 5 30 a. M. In the new york city area. Heres whats still on deck. Stocks are the tuesday turn around after backtoback losses. Key to the Market Reaction today with the latest look at inflation. The risks are moving higher and it will stay above the 2 target for the fed. The war of words with openai and musk as the Company Takes new shots at musks lawsuit. It is tuesday, march 12th, 2024. You are watching Worldwide Exchange here on cnbc. Welcome back to Worldwide Exchange. Im frank holland. We pick up the half hour check with the u. S. Stock futures. The s p and nasdaq posting the second down sessions in a row. Take a look at futures. Still mixed. The nasdaq is moving higher right now. The dow looks fs fractionally lower. We want to look at the nasdaq 100 premarket movers. At the top is pdd holdings with shares up 3. 5 . That is followed by sirius xm radio and nvidia with shares up 1. 5 in the premarket. We are checking the bond market with the cpi data out at 8 30 a. M. The benchmark at 4. 09 . Also we also, we have to Pay Attention to bitcoin with the fresh alltime highs. We saw it right there at 72,000. It is down. 50 . Ethereum is climbing above 4,000. Crypto trades around the clock. Thats the set up. Back to the top market story and the february cpi report due out at 8 30 a. M. Time today and one of the last Major Economic report before the fed policy meeting next week. The number is expecting to slightly rise. Stripping out food and energy, it is expected to tick down 3. 1 month over month which could bring the year over year rate down to 3. 7 which is the lowest read since back in april of 2021. Jo joining me now is torsten slok. Good morning, frank. You are a laid back guy. You got the markets excited earlier this month. You put out a note forecasting no fed rate cuts this year. You said the fed will spend all year trying to fight inflation. How is the cpi read today . It is very important, frank. Since the fed meeting on december 13th, we have seen a significant rally in the stock market. We have seen a tightening in credit spreads and high yield credit spreads. We have seen financial conditions which have eased with ipo activity coming back. All of these things are significant tailwind to the Economic Outlook and Consumer Spending and markets which what is going on. All that means we will see another lift in the Economic Data because people have more money in their hands as the stock market has gone up. Bitcoin prices are going up. The weth ealth effect is meanin. All of this provides a tailwind and lift to inflation over the coming months. You see a lot of tailwinds. The strong stock market and bitcoin and cash flow from fixed income. You believe at the center of the inflation story is housing inflation. What turns around the housing story we have right now . We are looking at rartes. They are just under 7 . 60 of americans with a mortgage under 4 . What creates movement in housing to create the inflation you are looking for here . There was debate in markets when the january cpi data came out that there was a lift to housing inflation. This is just a statistical issue. What is real is people have been making more money in the stock market and everyone still have a job. We have 275,000 jobs in february. That is the reason housing inflation is beginning to reaccelerate. What if it is because more people are out looking for homes and several indicators are showing signs of life and more signs of the rehe bound . The key issue is, frank, maybe we will get a boost to the Housing Market despite the Mortgage Rates remaining at elevated levels. We have support from people having cash. You saw twothirds of home sales and housing sales in the last month was cash sales. People have bigger gains in stocks. They certainly are providing a tailwind for housing for the next several months. New york city is an outlos angeles outlier. The core is 3. 7 . If it is at 3. 7 or lower, does that change the outlook for the fed cuts . What is really important to remember is the fed has an inflation target that is due and all of the numbers you said of 3. 1 or 3. 7 are above 2 . This is all the reason they have come out and said hold on. We still have inflation that is a little bit too high at levels that are significantly above the 2 target. The bottom line is inflation has come down from 6 to 7 depending how you measure it from the summer of 2022. We are not there yet. By taking the champagne bottle out too early from the fed, we run the risk that we begin to sea see tailwinds from the economy and inflation in the coming months. That is why we expect rates to be higher for longer. Torsten, we have to wait and see if you are right. Thank you very much. Thank you. Lets check on the top corporate stories with silvana henao. Silvana. Frank, the war of words between openai and elon musk over musks lawsuit against the company showing no signs of letting up. Openai challenging musks claim of the existing founding agreement between him and sam altman and greg brockman. Openai called the case frivolous and musk supported a forprofit structure for the startup. Shares of advanced auto parts getting a boost ahead of the open. This is after revealing that dan loebs investor has taken a stake in the company and reached a settlement that will give them three board seats. The size of the stake was not immediately clear. The auto parts provider has seen the stock slide since 2022 and cut the forecast and dividend after being hit by elevated material, labor and transport costs. Shares of new york kmucommunity bank on the rise this morning after closing the Capital Infusion deal by steve mnuchin. It will have a one for three share stock. Frank. We have a market flash of amd. It tumbled yesterday after the negative headlines in the a. I. Space. Speaking with jon fortt yesterday, the tone of a. I. Was at issue for lisa su. The truth is a. I. Is still in its infancy. We know it will get better. We know you can make the models better. We know you can make this inference faster. We know we can make it accessible. I do see a place where we will see tremendous growth over the next three or four years. Su added she is excited in trying to get the User Experience to a point where everybody has a. I. Somewhere in their lives. Look at shares of amd. Up. 75 . Coming up, a big test for arm shares today up nearly 150 since going public last fall. My next guest says you may want to think before the lockup expires. And we start off with the bond king betting on a different asset. Stamps. Bill gross is selling his decades old stamp collection at auction. A 1 cent stamp from 1868 is expected to fetch 5 million. Hawkins, indiana. Stranger things will play eyeing a move to new york city after debuting in london. The show is beginning to cast actors and stage managers for a 2025 start date. The oscars taking home a gold statue. This weekends ceremony drawing 19. 5 million viewers. The most watched oscars since 2020. It marks the third consecutive lme of growth since 2021s alti low. Worldwide exchange is coming up right after this. Future. With one of north americas largest i. T. Clusters. 65,000 stem graduates per year. And all the Critical Minerals to make electric vehicle batteries. Ontario. Your innovation partner. Oh no, a rash. Maybe itll go away. Awww, how am i going to find a doctor ill actually like . Is that a qr code . Dr. Stafford makes you feel at ease. Thanks rash youve got more options than you know. Book now. What is cirkul . Cirkul is the fuel you need to take flight. Cirkul is the energy that gets you to the next level. Cirkul is what you hope for when life tosses lemons your way. Cirkul, available at walmart and drinkcirkul. Com. vo what does it mean to be rich . Maybe rich is less about reaching a magic number. And more about discovering magic. Rich is being able to keep your loved ones close. And also send them away. Rich is living life your way. And having someone who can help you get there. The key to being rich is knowing what counts. At morgan stanley, old school hard work meets bold new thinking. To help you see untapped possibilities and relentlessly work with you to make them real. Frustrated by skin tags . Dr. Scholls has the breakthrough youve been waiting for. The first fdacleared athome skin tag remover clinically proven to remove skin tags safely in as little as one treatment. Welcome back to Worldwide Exchange. We have the morning call sheet. Jefferies upgrading carvana. It will result in a more attr attractive riskreward scenario. And Raymond Jameses upgrade coinbase. The stock momentum may persist. We have a strong move on microstrategy up to 1,810 per share. The bets on bitcoin and the proven strategy to drive out sized shareholder returns. Now shares of arm holdings are closing down yesterday after the a. I. Stocks pulled back in recent days. Arm faces a big test today as they postipo lockup period expires. It is valis valued at 150 . Arm has an unusual situation. 90 of the stock is owned by softbank. Lets talk more about this with ben harburg, the managing partner at the firm investing in uber and airbnb. Ben, great to have you here. Thank you. We talked about it. You have experience in the high profile ipos. Uber and nio being some of them. What do you expect today and how does this look different . Softbank owning a majority of shares. This is a unique situation. Softbank holds 90 of the cap table, but there is a soft float on the table. That means even a small sale from softbank could yield a significant decline in the value around the stock. Typically, we would say stay away from the situations and like them try to figure out and correct along the way as they start drifting off that stock. You are saying stay away from buying after the softbank lockup period expires . It is too volatile or risky . The issue is an immediate risk downside if they start to sell the small float. The upside is the company is out performed over the last two quarters. It has a close affiliation with nvidia. They are building the low power cpu designs that nvidia is using for the a. I. Models. It is asset light andattractive. The likes of nvidia are incorporating with the chip design in the next generation super chip. You like the company, but buyer beware with the risk you cited. It will be an interesting opportunity. I want to get your insight on two other companies. One is birkenstock and the other is instacart. What is your view on these two . What do you expect with those two . How does that impact the broader market, but the ipo market . Instacart is an interesting one. Obviously, it has come down a lot and been a victim of that postcovid craze around that space. Our expectation is that one will continue to be challenged as it is in a race to the bottom in terms of margins and having competitors entering into the grocery delivery and food delivery space. That is the name we would be cautious of. Birkenstock has a loyal following. It is a solid business and one with strong backers. It is a consistent growth name. One other company that ipod, cava. Shares are up over 90 because the insiders did not sell. If insiders dont sell when it comes to the arm ipo, does that mean you expect the stock to go higher if we dont see any selling . Thats right. As long as nvidia keeps going up and that bolsters support for the a. I. Sector and growth in the space continues and they continue to out perform, it will go up. The question is how much does softbank need the liquidity today . I would wait to see and you can buy the dip. Only do we draw the attention to Quick Service restaurants and chips. Thank you, ben. We have the one word every investor needs to know coming up and the market high on our next guests radar and the policy decision that can propel it to new heights. If you miss us, catch Worldwide Exchange on your favorite podcast app. More Worldwide Exchange coming up after this. At morgan stanley, old school hard work meets bold new thinking. To help you see untapped possibilities and relentlessly work with you to make them real. Welcome back. Today is equal pay day. The day that symbolizing how much women have to work compared to men in the previous year. 81. 6 cents on the dollar average in 2023. That amounts to a difference of 10,000 a year and 500,000 throughout the career of a woman. The gaps are bigger for women of color. The gender pay gap is closing slowly from 82. 1 cents a decade ago. It is now time for the wex wrapup. We begin with jamie dimon not taking the prospect of the u. S. Recession off the table. Saying he believes the chances of the soft landing are half of the expectation. The boeing report failing 33 of the faas 89 tests and the check on the door plug that blew out in january. Boeing continues to develop an action plan to strengthen safety and quality. Disney responding to nelson peltzs campaign to win two board seats with the attack on the motivations and qualifications. Peltz has a long history of attacking the companies to the detriment of shareholder value. Disney says peltz is not what disney needs. Not right now. Xiaomi shares are surging as it is confident entering the ev market. Oracle surging on better than expected results. Cloud business getting a boost with a. I. Contracts. Shares are up 13 . Turning an ttention back to the markets and the cpi report set to be released later this morning. The dow is looking like it would open 9 points lower. Nasdaq is the best performer this morning. Lets bring in jeff klein with charles schwab. Good morning. How important is the decline in core cpi and the hope that we will get rate cuts in june . It is really important. Inflation is still well over the 2 target. It is unlikely the reassurance that powell needs. The fed has started the rate cut cycle with three consecutive cuts before slowing that pace. It is possible with stubborn inflation, the cuts could come, but they could skip a meeting or two. That may be disappointing for markets, particularly the Financial Sector which is moving with the economic sector. What is your wex word of the day . Its japan. Im watching news on the japan labo la labor n labor negotiations. They may have agreed to the highest pay raise in decades. Everyone is waiting to see what the central bank cuts, but the Japan Central Bank will hike. That could attract more money from the u. S. Investors as they follow Warren Buffett in the japanese stocks pushing the nikkei 225 to cross 45,000. We were showing the audience the chart since Warren Buffett announced he was investing in the japanese trading houses. Nikkei out performing the s p at that time. If you want to invest in japan, ill show you the etfs. What do you make with the a. I. Trade and mega cap trade . Do you expect to see that continue today . We see broader out performance in the stock market. With the s p on equal weighted basis outl performing the versin of the index. I like the idea that stocks are rising on broader participation outside of the magnificent seven. That is good news. I suggest a second wind is coming for the stock market rally. You are seeing a second wind. Is any sector taking a leadership in the second wind over some others . I like industrials. One reason is the manufacturing recovering and the pmi and demand for cardboard boxes and lots of things that show manufacturing is picking up leading to higher production and higher earnings as we head into the earnings season. Jeff kleintop, thank you. Your advice is take a hard look at japan. Thank you very much. For more on what is driving the markets for the day ahead, head to cnbc pro for the insights and analysis. Thats going to do it for us. Thank you for watching. Squawk box is coming up next. Power e trades awardwinning trading app makes trading easier. With its customizable options chain, easytouse tools and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. E trade from morgan stanley. You can make money the hard way as a bullfighter you can stay on top of the mar or a human cannonball. Or save money the easy way, with xfinity mobile. Existing customers can get a free line of our most popular unlimited plan for a year not only will you save hundreds but youll also be joining millions who have connected to americas most reliable 5g network. Sure is a lot safer than becoming a stuntman for money. Get a free line of unlimited intro for a year when you buy one unlimited line. Visit xfinitymobile. Com today to learn more. Good morning. New report revealing details of production issues at boeing and spirit aerosystems, including dozens of failed faa audits. Now they tell us. Jpmorgan chases Ceo Jamie Dimon urging the fed to wait past june to begin cutting rates. He cautioned against the embrace of the soft landing narrative. The fed will get a key data point on inflation today. We will get ready for the february Consumer Price index. Its tuesday, march 12th, 2024. 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 joe kernen and andrew ross sorkin. On this tuesday morning, you will see the dow futures are below fair value. Down 35 points. S p futures are up 10. Nasdaq up 70. This comes after a second down day for the major averages. Down two days in a row, but you are still talking about minor declines from all thtime highs. Dow and s p down 1 from the alltime highs. Nasdaq down 2 from the