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Hello, this is Leonie Kidd with today's edition of Morning Squawk.
The early election result in Brazil has sparked an overnight sell-off in the country's assets.
While Elon Musk has stepped into the neocloud debate with a stark warning that these beaten-up stocks face a "guppy-level death."
Futures are clinging on to small gains, but only just.
Luiz Inácio Lula da Silva has won an unprecedented fourth term as Brazil's president, in a dramatic comeback from a first-round vote that saw him trailing rival Senator Flávio Bolsonaro.
Bolsonaro has refused to concede defeat, saying he would seek the annulment of the outcome, Reuters reported. He also said a ruling by Supreme Court Justice Cristiano Zanin to extend voting for two hours was "unacceptable," according to the report.
Voters in Israel head to the polls on Tuesday, in the first election since the October 7 attacks by Hamas in 2023.
Polls suggest the election could be a tight race between Netanyahu's bloc of support and an opposition bloc with centrist former military chief Gadi Eisenkot as the leading challenger for the top job.
The beleaguered neocloud stocks have been dealt another blow overnight.
This time from Elon Musk on X.Com ...
His comments have sent shares of CoreWeave, Nebius, and IREN deep into the red in premarket trading. The stocks are already down over 30% each in October as credit investors blew their yields out to distressed levels, doubting their business model of using aggressive levels of debt to build data centers.
Oil prices are also lower in early trading on Monday. The pullback follows a sharp rally on Friday after fresh Houthi attacks on Saudi Arabia stoked disruption fears.
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Investors can start assessing the reception to Apple's new iPhone Duo after its first weekend on sale to customers .
Analysts said lines were shorter on Friday than at previous launches, while supply issues have also been flagged as a concern.
It's a massive week for monetary policy, with rate decisions due from the Federal Reserve, European Central Bank, and Bank of Japan.
It's also another key week for the tech sector, with Alphabet and Microsoft reporting on Wednesday, and Amazon on Thursday.
Audi defends plans for a $4 billion Georgia plant
DETROIT — Audi's CEO defended the carmaker's plans for a new $4 billion plant in Georgia on Sunday, calling it a business decision aimed at growing sales and reducing exposure to U.S. tariffs.
The plant, set to be Audi's first in the U.S., was announced Saturday by President Donald Trump during a rally in Georgia, near where the Volkswagen -owned luxury brand plans to build the new SUV-producing facility.
"We have significantly greater ambitions for Audi in America," Audi CEO Gernot Dollner said during a media roundtable Sunday. "The United States is the second largest premium market in the world, and today we are not fully exploiting this potential. We are changing that."
— CNBC's Caleigh Keating, Chloe Taylor, MacKenzie Sigalos, Isabel O'Brien and Michael Wayland contributed to this report.
