tv Worldwide Exchange CNBC November 18, 2021 5:00am-6:00am EST
it is 5:00 a.m. at cnbc global headquarters and here is your top five at 5:00. stocks looking to get back on track as investors face cooled market momentum and growing questions on whether the record rally can roll into 2022. retail's busy week of earnings continues still very much on the top of investors' minds as inflation and supply chain concerns loom ahead of the holiday shopping season. deere and 10,000 workers
ending the strike after agreeing on what's doved a landmark contract deal. a tale of two tech stocks this morning as nvidia and sysco see wildly different moves. and nvidia hitting the breaks on the red hot i.p.o. it is thursday, november 18th. you're watching "worldwide exchange" right here on cnbc good morning i'm dominic chu in for brian sullivan today. here's how the global markets are setting up stock markets indicating slight moves, dow higher by 54 points, s&p 14 points to the upside and nasdaq up by about 82. this is a time when all three major indy cease fell by half a
percent on wednesday let's also get a look at treasuries here. the 10 year turning lower on the heels of the october housing starts data. right now the 10 year just a hair below 1.6%, 1.598 the two year rises to just above 50 bases points. and the 30 yearlong, just about 1.99%. let's check the crypto market. bitcoin prices right now roughly down 1.75%, 59,344 so a drop below the 60,000 ether down to 4,207. litecoin down to 216 there and julianna tatelbaum is live in london with a look across the
pond. >> european investors this morning seem to be pausing for breath after the run in equities this morning, the stoxx 600 has opened flat. we had moves in both directions, but overall a muted start. the stoxx 600 is up for the week so on pace for a seventh positive week in a row this is what the split looks like, the uk market, the ftse 100 under performing we'll give you a check on the regions. but the ftse 100 underperforming yet again currently down about 9 bases points or so we had stronger than expected inflation report yesterday drive higher and weigh on the ftse 100. the cac in france, up about 17 points the spanish market holding up well and little movement on the german, italian and swiss
markets. the sector perspective, the most interesting feature is oil and gas, this is underperforming down about 1%. coinciding with the pull back in oil prices i know you saw a pull back yesterday in the states. so overall relatively muted start to the trading session here >> we'll have more on the oil trade coming up. thank you very much for that let's get to the other top stories. good morning, silvana. >> european union lawmakers have reportedly reached a deal on how to target big tech companies as part of an anti-competition crackdown. the leaders have agreed to a plan that apply to companies with market caps of at least $91 billion and offering at least one internet service the fta said the agreement which is expected to be implemented next year covers more companies
than anticipated,. china's evergrande has struck a deal to sell the remaining shares in film production and streaming company hang ten networks the deal is worth about $273 million and marks the latest effort to raise capital as it teeters on default shares of evergrande falling on news of the agreement while hengten shares surged. it's a deal, 10,000 union workers have approved deere's latest contract offer ending the strike members of the union signing off on the six-year agreement which includes 10% increases in wages this year and a total increase of 20% over the life of the deal the vote comes after the union rejected two contracts proposed by deere as it faced its first
strike since 1986. back to the markets now as stocks look to try to recover from yesterday's selling as inflation worries hang over investors. stocks seeing fresh momentum to try to reclaim record highs here, but uncertainty around covid cases and president biden's next fed chair could inject new volatility. let's bring in tiffany mcgee from pivotaladvisers you wonder what the markets right now -- we mentioned that they are stones throw away from record highs do you worry that that slowing momentum that we've seen is indicative of something deeper in the coming weeks? >> good morning, dom so the quick answer to that is, no and so, i'm looking at what's going on in the market, right. we can look at earnings season right now. we have about 93% of the stocks on the s&p 500 reporting
you know, and they're beating expectations, year over year, growth is up 39% also with all of this talk of supply chain issues and increased cost with freight and so forth and labor, we're seeing the companies are able to expand profit margins so they're pushing through and people are paying more for things they want we can look at october retail sales that was just released a couple of days ago it's the most significant -- it's the best report we've seen since march. the third straight month in increases in retail sales. so all in all i really feel positive about what's going on in the market right now. >> if you feel positive, what parts stand out? this is a seasonably strong time for markets overall in the quarter, especially in the holiday season is it just retailers in focus or other companies out there catching your eye? >> right now -- so today is a big day for retail earnings, so
i think that really -- it really is important to note that kind of pivoting back to that retail sales number that was just released, you know, department stores were one of the biggest increases in the retail sales and also apparel so department stores were up over 28% and apparel up 26%. in particular, because we have some notable retail earnings being posted today, for instance like macy's. so we look at macy's, of course a department store but macy's was really struggling pre-pandemic so this is, you know, really a turn around story if i've ever seen one when you look at -- and macy's reports today. so, you know, overall we're expecting good things from macy's because we're still in this recovery and stores are opening, but in -- when you take a look back in 2018, macy's stock took a huge nose dive,
right. i don't know if you can put the chart up -- >> we're seeing it right now so you know. we're seeing it that chart. >> great when you look at that chart, when you look at last year, of course, everybody was struggling last year when stores were closed but one things macy's did is announce this plan to turn around macy's. so they announced it in 2020, but look at what the stock has done this year it's up 174% year-to-date and up over 250% in the past year that is nuts and so, you know, this plan that they have to kind of turn macy's around, they're doing things -- they're focusedon increasing margins so lowering their costs and their costs but also increasing prices for customers. and also managing inventory and also increase online sales they focussed on macy's.com. they moved the headquarters back to new york, the fashion capital
of the world and they're going to focus on that if they're able -- they're also going to focus on launching a couple billion dollar private labels under their umbrella. if they're able to execute, i think the stock goes higher. >> thank you, tiffany mcgee. macy's is her call. when we come back, oil prices sliding as president biden moves to overseas to get help in the market. plus amid the busy week of retail earnings former sears chairman and ceo arthur ma martinez and shares of victoria's secret surging on the back of its quarterly results. a very busy hour of "worldwide exchange" when we return after this break
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welcome back to "worldwide exchange." oil prices are lower again today, adding to a late day slide yesterday. the move follows a "reuters" report that the biden administration is asking several countries, including china and japan, to consider a coordinated release of strategic reserves to lower prices japan and south korea confirming the request. china state says it's working on a release of reserves but
declines a u.s. request. let's talk about this with selena from abu dhabi where several are attending the con fence. the sprs in all of these re respective countries are there for a reason is the reason valid to control prices for consumers >> reporter: in the united states the spr is typically used if there's a disruption to a refinery, typically for something like a hurricane however in 2011, there was a coordinated stock pile release to deal with a crisis because of an outage in libya that would be the playbook this time to cap the rising price situation by working with countries as you mentioned, japan, india, and china to put more barrels on the market.
>> if that's the case, how much impact could there really be we're starting to see the effects already because of the talk of a coordinated release. we've talked about the u.s. doing its own thing for maybe about a week or so now how much could prices actually fall and will it translate into gasoline prices? >> reporter: yes well, i think, dom, the question is who is in the circle of friends to do a coordinated release. the u.s. acting alone probably would not be terribly effective, you could have a knee jerk price response that's why the administration -- this has been going on since the opec meeting, they've been working with these key nations because they do not want to go al alone. they want this to be an effective action what's interesting is are they targeting price or are they also trying to get opec countries, countries like the uae and saudi
arabia to up the barrels they are putting on the market? are they trying to incentivize the producers to supply the market so is it you or me and wouldn't you like to benefit financially from more barrels on the market. so would it pay for opec to increase beyond the 400,000. if they fear long-term releases from countries >> you mentioned the ability to take advantage of the prices we have in the market right now that includes u.s. producers of shale oil and gas. is there a -- is it a surprise maybe to you that more u.s. companies are not ramping up production as much that the rig counts are rising but not as quickly as perhaps some would expect given the fact we're seeing oil at $80 a barrel or thereabouts
>> reporter: i mean, investors have been demanding that u.s. shale companies exercise discipline, they don't go simply for growth obviously the expectation that u.s. production will grow this year and it was very interesting at this conference you had a ceo saying that the biden administration should be making the local calls, asking the u.s. producers for more barrels but when you have an immediate supply crunch. when you need to have crisis taper in the near term you have to make a call on the countries sitting on spare capacity. that's why there's been this emphasis on trying to get saudi arabia and the rest of opec to put more barrels on the market that's the question about an spr release, will it change the calculation of opec countries? will they respond by upping the amount of barrels they're putting on the market or will they sit back and watch the response to the consumer action of these countries
>> the two biggest consumers of oil in the world are the united states and china those two countries represent a huge amount of demand. is there any fear that the tensions between the u.s. and china could lead to maybe some disjointed consumption policy on oil? >> reporter: well, that has always been the interesting dynamic. can you have cooperation and other spirits in the u.s./china relationship, for example on climate, while you have these ongoing tensions over taiwan, south china seas i think thisere is a sense it is in the interest of the united states, china and japan to try to lower prices by working together certainly we saw a chinese spr release in september of 7.4 million barrels that was done alongside releases of metals, grains because china is
very concerned about rising raw material prices so i don't think it's out of the question that china would look to work with a whole group of consuming countries to try to bring prices down i would argue, also, send a signal to countries in this region that they would like them to step up and put more barrels on the markets. >> thank you very much we appreciate it. still on deck, breaking down tech stock trades. the best performing stocks including some of the under the radar names. that's coming up. >> announcer: today's big number, 70%. that's the jump in demand for vacation homes in the u.s. last month compared to pre-pandemic levels according to a report omed n.fr r
that's a live look at new york times square in midtown manhattan just in about 40 minutes or so, our friends at "squawk box" will be picking up coverage in the markets here a little busier these days than it was the same time last year time for your big money movers, first up cisco systems, the revenues missing analysts' forecasts as customers move operations to the cloud. also projecting second quarter
sales growth as supply chain shortages drive up costs the ceo addressed that challenge last night on "mad money". >> we recognize the supply chain challenges are out there the good news is while we saw deterioration in the first half, we saw it stablize in the second quarter and we expect this quarter to remain stable and the second half we should begin too see slight improvement not what we ultimately want but we should see improvement which should remain confident in the full year guide. >> you can see the cisco shares down 6%. stock two is nvidia, record sales on strong demand for gaming and data center chips sales did fall in the second quarter due to supply chain issues but still up from the year ago period. nvidia up 6%
finally there is victoria's secretary, shares are soaring after they reported better than expected earnings. sales in north america growing 22% and the company is giving an upbeat outlook this was the first report since victoria's secret and bath and body works split apart let's get a check on the other top headlines. phillip mena is in new york with the latest. good morning jury deliberations in the kyle rittenhouse homicide trial will resume today jurors did have a question for the judge from the jury. they asked about the process of watching videos but didn't specify which videos that sparked a back and forth over whether they should be able to watch the drone video again and how many times. in a rare move the house
censured representative paul gosar. t over a video that depicted him killing alexandria ocasio-cortez and attacking president biden with swords. charlie wrangle was the last lawmaker to receive a rebuke like that in 2010 for financial misconduct. major league baseball threw a pair of pitchers their first cy young awards. corbyn burns in the last league. burns had the lowest earned run average in baseball and was part of a combined no hitter in september. and the american league went to toronto's robby ray. the first blue jay to win the cy young since 2003, he led the american league in strikeouts. all that's left is the mvp awards, should be today. >> it was an exciting season,
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those record highs as the major indices get key support from big tech companies congress putting the pressure on the biden administration to help ease the ongoing supply chain bottlenecks by getting more truckers on the road delivering their goods. and shares of rivian losing some spark as they continue to slide following the post i.p.o. surge. it's thursday, november 18th, and you are watching "worldwide exchange" right here on cnbc welcome back to the show i am dominic chu in for brian sullivan on "worldwide exchange." here's how your money and investments are looking halfway through the 5:00 a.m. eastern time hour. stock moves indicating modest moves higher, dow higher 64 points, s&p roughly 15 points and nasdaq higher by just about
86 this is all three major indices fell by half a percent or less on wednesday as investors continue to parse through the wave of retail earnings reports. let's get a look at the bond market as well treasuries in particular the 10 year turning lower on the october housing starts data. right now just a little bit above 1.6% the two year is a hair below 50 bases points or half a percent so you can see a rise in the short term, a drop in the long term, a flattening of the yield curve so to speak, the 30 year 1.99%. a check on one of your morning's big money movers, rivian, those shares right now you can see are down roughly 3.5% after a 15% slide yesterday ending the week long rally following the i.p.o despite the pullback, you can see it's still up around 80% in one week's time with a market cap of around, get this,
$120 billion, that's bigger than those of either ford or general motors to the top stories silvana is back with those. >> reporter: so a bipartisan group of lawmakers is calling on marty walsh to take steps to help ease the ongoing supply chain crunch the more than 60 democrats and republicans specifically want walsh to speed up a federal program that recruits and trains new trucker drivers. it comes after the trucking association warned the biden administration last month that the industry was short about 80,000 drivers meanwhile, the white house says that more than 2.5 million kids have received their first dose of pfizer's covid vaccine, that amount equates to about 10% of children, 5 to 11 years old, who are eligible for the shot. the cdc authorized distribution of the shots for that age group just two weeks ago shares of sweet green are
set to increase today. the chain pricing the shares at $28 apiece above the expected 23 to $25 range the company selling 13 million shares raising $364 million. it will trade on the new york stock exchange under the ticker sg thank you for that time for this month's sector nomics we are tracking the top tech trades right now you can see the technology sector, it's by the way the most important not just because of an editorial concept by me but it's the single biggest weighting in the s&p 500, right now it's outperforming the s&p. tech is up roughly 30% the s&p 500, 25, 25.5% on a year to date basis. the white line gaining more momentum than the orange line
lately some of the best performing technology stocks within the technology sector are some of the software names, cyber security names, networking equipment names. check out fortinet up 130% nvidia up 137% and arista is huge as well maybe a glitch there but a massive move higher. also look at some of the big underperformers, a lot of them are in the headlines these days. you have visa and mastercard because of the ongoing issues possible with what's going to happen with amazon and their relationship with them global payments down 41% paypal down 11% and visa down 5.5% as well so the movement of money, payments networks all underperforming in the technology sector. so let's stick with that tech
theme and bring in jared wisefelled good morning to you. i wonder when you look at the technology uni verse we focus on software companies and semiconductors is there any place finding value besides names like nvidia? >> great question. thanks for having me on. when you look at the names that have out performed year to date, what's common between the names is it's the craze for metaverse is taking over all of my investor conversations facebook is increasing their capital expenditures into next year by a whopping 70% to almost $34 billion at the high end and to help put that in perspective, facebook is going to spend more in cap x than intel and taiwan semiconductor, the world's largest manufacturer of semiconductor chips. it's staggering.
and those investments are focused in ai, so the likes of nvidia have benefitted and obviously they put up enormous numbers last night with their business growing 50% year on year, accelerating into the fourth quarter arista up 40% year on year while it's -- you look at the valuations of these names which certainly feel extended, the concept of putting in the infrastructure to facilitate metaverse driven spends and ai, ml workloads continue to increase, that for sure is i think the most important thing to focus on from a technology trend standpoint. >> this is interesting to me, because i don't -- i'm sure you talk to a lot of very smart people i know i talk to tons of smart people, much smarter than i am and it's almost evenly split between those who believe the metaverse will be a massive part
of the technology future and those who are skeptical about whether or not this thing is going to take shape. where do you fall on that and will it be the biggest investing theme in technology in the next five to ten years? >> think it is mark zuckerberg is creating a separate segmentment of the company called facebook reality labs he's committed to billions of infrastructure and not looking to monetize until the end of the decade a week after facebook earnings microsoft came out and endorsed the metaverse, probably from a produ produ productivity standpoint. you have two of the largest tech titans within m-faang endorsing the metaverse and spending billions to facilitate it. microsoft is on the back end to leverage the infrastructure. i think we'll see the same you have conversations with how
many metaverses will there be? it's unlikely we'll have one universal metaverse that's intero intein interoerpable across the board so i think it's very real. i think this is long-term in na nature this is not something that's going to happen overnight, the montization is not going to happen overnight but the investments associated with it are absolutely real. >> i would like to tilt away from the metaverse we know what's going on there. the upside momentum is there i had mentioned some of the big payments provider s and payments networks as being extreme underperformers over 2021. there was a time when payments in fin tech were front of mind for many tech investors, i think paypal, square, yet they've both under performed immensely. is there a value trade in your
mind >> fin tech has been the most difficult sub sector year-to-date the market is on all-time highs and the fin tech names you highlighted they're underperforming with multiple compression across the board rewind six months ago and tell me we had mass vaccine distribution, therapeutics roll out, i'm in london right now, to see that in the context of visa making new loans, gpn making new lows, it's not intuitive at all. so that goes to the question what's pressuring the stocks it's multifacetted from a network perspective, there continue to be concerns that you have buy now, pay later. you have cryptocurrency, from a merchant acquire standpoint so whether it's gpn, fis, fisv, you have concern the new rails such
as square are disrupting the ecosystem and from a paypal perspective, you had a disappointing guide into calendar 2022 and investors are rattled there's going to be continued m&a, there were press reports looking at pinterest and the rational of that deal was not received well by the investment community >> certainly a very complex trade in technology for sure jared weisfeld thank you very much coming up on the show, retails earning parade rolls on, arthur martinez lays out the biggest threat to the sector ahead of the busy holiday shopping season. as we head to break, some of your other top stories elon musk says spacex is hoping to launch the first orbital flight of its rocket ship january. he said getting it into space
will depend on testing meanwhile, blue origin has hired a lobbyist with ties to former president obama's administration the move comes after a democratic congressman proposed a tax on spacex exploration companies. this year's thanksgiving dinner is going to cost you more new figures show the average cost of a turkey dinner with the trimmings will be more than $53, that's up 14% from the same time last year. food inflation obviously part of that story "worldwide exchange" is back after this
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welcome back to "worldwide exchange." as retail earnings season rolls on with macy's, alibaba, and kohl's all set to report today, wall street is seeing a new dynamic take place with regard to inflation, supply chain materials and labor costs. instead of passing those costs onto consumers big box retailers like walmart and target are absorbing those costs, missing on margins
the ceos of both companies defending their strategies on cnbc in the past week. >> we save people money and help them live a better life. those are the words that came out of sam walton's mouth, he loved to flight inflation, so do we so our cost inflation is higher than our retail inflation. we're passing enough of it to deliver for shareholders the eps results speak for themselves but we're proud to try to hold prices down. >> going all the way back to expect more pay less, value is a very important part of what we bring to the consumer each and every day. so we want to make sure we continue to reinforce our value position and during inflationary times we want the consumer to come to target knowing we're bringing great value. joining us now is someone who's seen a cycle or two of inflation at the helm of what was once the largest retailer of america, arthur martinez is
former chairman and ceo of sears. good morning to you, arthur. do you agree with doug mcmillen at walmart and brian mcneil at target, trying to absorb the costs? >> i think they're on the right track. no question there's enormous inflationary pressure. what they're taking, i think, is a very sensible approach to allow for some event margin compression while they maintain their value proposition to the consumer that's the essence of the those business's appeal to the consumer and sacrificing that means sacrificing long-term health of the business. >> when you take a stance like that, folks like mcmill len and cornell, they are bright people, know their industries well is there maybe an implication,
right, that these ceos feel as though the inflationary environment will ease in the coming months and quarters and that's why they feel comfortable taking the margin hits, is it a short thing in your mind >> you have to pull apart the inflation numbers to get an understanding how they think about things if you look at the numbers driven by food and energy in particular, the underlying is nothing like the headline numbers we see in the nuewspaper they're looking out 12 to 24 months to see moderation in the print that says inflation is up by a certain amount, when underlying inflation they can do something about is not nearly as bad. >> so if that's the case, why -- are there only retailers the size of walmart, target, maybe costco and big box companies, are they the only ones that can take that kind of strategy because they have the balance
sheet to take those margin pressures over, say, the next 12 to 24 months what happens to smaller specialty retailers? >> you're right on the big guys are showing the giants can dance what they've done with supply chain management and inventory build in ways they've never done before allows them to take the high ground here they rethought the supply chain, for example, end-to-end and have done things they never would have considered two to four years ago, like chartering their own ocean freighters, only the big guys can do that the smaller people are, in a sense, prisoners of the supply chain they have created and don't have the ability to opt out into a new configuration. >> what parts are the most favorable, have the most tailwind do you feel it's the dollar store side of thing, luxury, specialty retail, big box?
where would you be seeing the most bullish outlook for retailers? >> i still believe the off p pricers led by tjx run a wonderful business model i also in the short term bet on the big boys as you said, the targets, the walmarts, the home depots, lowe's, costcos have demonstrated an agility in this terrible period of time that has earned them the respect and i hope the investment from institutions that they deserve the people in the middle are stuck a little bit as i said, stuck with the supply chain, stuck with the transition from bricks and mortar retail to online retail, some of whom are having difficulty managing that change but things are happening to them rather than making things happen. >> before we let you go, we made a lot in business news and media for sure about the health of the american consumer, the
deleveraging of the consumer, the solid position they are in relative to where they have been in the last couple of decades. do you believe in your mind that the american consumer is as healthy as all the news reports claim? >> i think we have a bubble here of good health we have accumulated savings from the stimulus and unemployment activity that went on over the past 12 months a lot of that is pouring out of consumers' wallets into the results you're seeing for the third quarter. double digit increases for some of the biggest and best retailers. i think that is going to moderate i think a lot of demand has been pulled forward from the fourth quarter into the third quarter i think holiday will be a bit more muted and many people are saying right now there's a lot of fear of missing out on the part of consumers that goods won't be there, so they're moving early in the last 30 days in the run up to christmas may be more muted. >> some cautionary tales there
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welcome back and back to the markets as well as stocks look to try to mount a bounceback after yesterday's losses we've been talking all morning about the retail focus this week we got a host of earnings report and we'll get a look at how the companies are positioned headed into the holiday season let's dive into it with lindsay bell we asked arthur martinez in the last block about whether the american consumer is still okay. he sounded a little bit more cautious you're more optimistic tell us
why. >> i am optimistic on the consumer we know the consumer drives the economy here while we are starting to see them draw on their savings, we saw the savings rate come down we're starting to see them use more credit, that's another trend that has been more prevalent as the holiday shopping season has started. those are signs that the stimulus checks are running out and perhaps the consumer is returning to a more normal environment to me it means that job growth is likely to continue as the consumer needs to make money to make ends meet. but i will also say when i look at things like credit or even helock, those numbers are much lower than they have been on a year over year basis so there's still room for the consumer to grow and they still do have a lot of cash on the sidelines. while confidence might be low, what they're doing versus what they're saying are two different things we see retail sales in october that were very strong and hearing from retailers this week
that the holiday season is off to a strong start. >> there's one particular narrative that's been floating around and it's rue. retail sales saw strength because we're seeing the amount of dollars being spent go higher but the reason why dollars being spent is going higher because prices are going higher and people are still spending. is there at least a concern right now that the inflationary pressures are prompting the move to take on more credit card debt or by now, pay later debt? >> i think what we're hearing this week is inflation is playing a little bit of a role and there are certain retailers and other consumer product companies that have been able to push those prices higher on the consumer and they have been absorbing them but i think the narrative we're hearing this week is that traffic is very robust so demand remains very strong from the consumer. and they're shopping for frequently so what we saw from a walmart or
target per se is that the basket, so their checkout, isn't necessarily a lot higher than it has been in the past but they're coming more frequently so the consumer is excited about the holiday season, i think it's going to be a strong one and the retailer is in a good position from an inventory perspective to really meet that demand >> in your mind as you look out towards the markets and retailers you see, are there certain places within the retail sector, the retail industry where you feel as though, the holiday shopping season will be kinder on a relative basis >> yeah. i mean, i think that when you look at the retail index overall, it's done well, up 22% versus a 25% gain in the s&p 500 year-to-date but when you dig into that, it's very different depending on what part of the sector that you live in so, for example, some of the lower priced, off priced retailers have had a little bit
of a tougher time because there is more concern from a margin perspective there. but if you're a bigger box retailer like a walmart or target, you have the opportunity to offset some of those higher costs and your last guest talked a lot about that today we'll hear from macy's and kohl's and those two are stocks that have done well going into the new year as they benefitted from the reopening of the economy, the reinvigoration of the community to go out and shop we want to watch pressure margins there. i think the bigger box retailers and value oriented big box retailers is probably the best place to be in the near term as the consumer kind of figures out where they are from a monetary perspective, a financial perspective. that's where i'd be focused. >> thank you very much, lindsey bell appreciate it. that does it for us on "worldwide exchange. we look like we could be bouncing back from yesterday's
losses by a bit. dow higher by 56 points, nasdaq higher by 51 and s&p 15. keep it right here, "squawk box" is coming up nt.ex every day in business brings something new. so get the flexibility of the new mobile service designed for your small business. introducing comcast business mobile. you get the most reliable network with nationwide 5g included. and you can get unlimited data for just $30 per line per month when you get four lines or mix and match data options. available now for comcast business internet customers
good morning we have more retailers reporting today. we'll bring you the results from macy's and kohl's and show you what a major company said about the supply chain crisis. deere and 10,000 workers end their month-long labor strike after agreeing on what's dubbed a landmark contract deal. plus, tech stocks,nvidia surging while cisco slides we'll dig through those reports straight ahead it's thursday, november 18,
2021 and "squawk box" begins right now. good morning, everybody. welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen and andrew ross sorkin. and check things out this morning. u.s. equity futures are looking up after a down day yesterday for the markets dow down by 200 points, the biggest decliner was goldman sachs. it has the dow on track for a down week for the second week in a row after five weeks in a row of being up. but this morning the dow is indicated up by about 75 points. the nasdaq and s&p were also down yesterday the nasdaq is indicated up this morning by 93 points and s&p 15 points >>