it's 5:00 a.m. at cnbc global headquarters. i'm dominic chu in for frank holland and here is your "five@5." the dow and s&p coming off back-to-back losses. right now futures facing more pressure. investors with fresh speak and a pair of officials around the central bank's fed's path policy ahead. we're following developments in taiwan after the island is hit by the strongest earthquake in 25 years. we're live in the region with a

market impact. plus, disney's board battle heads for its grand finale as it appears to lock up shares from one major shareholder. and the best ideas for q2 and beyond. the mining places our next guest is rolling the dice on. it's wednesday, april 3rd, 2024. you're watching "worldwide exchange" right here on cnbc. ♪ good morning and welcome to "worldwide exchange." thanks for being with us on this morning. let's kick off the futures and check with the morning with the stock futures, he said. right now we're seeing more pressure. you can see the s&p's implied lower by roughly 6.5 points. downside, but stable. meantime the nasdaq is posting its second lost in the last

three sessions. the dow declining by 1.5%. some stocks are still climbing to new a 52-week highs. that includes domino's pizza. ge, kroger as well. and looking at the bond yields as bets on a june rate cut by the fed cools off. right now the 10-year yield ticking higher at 4.5%. the 2 year at 4.7%. tensions in the middle east are provoking sots of the oil up. now, iran is vowing retaliation for the suspected israeli attack on its embassy compound in syria that killed two of its top

commanders. we'll have more on that story coming up. again, oil prices are big for the time being. let's turn to the overseas action as we follow the developing story of a major earthquake hitting taiwan and the market reaction in that region so far. also tracking the early trade in europe, jp ong is live in singapore and mandy drury in our london news room. jp, we'll start with you first. >> good morning to you, dom, and you in the u.s. we have to focus on taiwanese markets and the reaction to the strongest earthquake that hit that island, as you mentioned, in over two decades. yes, the markets fell, but did it fall off a cliff? a lot of it has to do with potential impact on a number of importers in taiwan. this small island is very important to the global tech supply chain especially some of the foundries among the most important in terms of producing

the high-tech microchips for the-year-old wo. now tsmc remarks they did close down a lot of their factorifact none of which is located on the eastern side of taiwan where the earthquake hit, but they did say they've begun to allow some of the workers who were evacuated to return back to the factories and to resume operations. foxconn also the major apple supplier says damage is minimal and they're beginning to return. but there are big questions that weighed on sentiment across the region. we saw other markets also fall because they are very -- these companies are very important to the global supply chain. if we start to see an impact to their actual output that might feed off or feed into some of the major customers and suppliers in the region, that might cloud sentiment in the days to come. we have to remember also the

number seven is very important. this was an earthquake above 7 on the richter scale, but seven people lost their lives and 77 still trapped based on our reports. there's a human cost that hit taiwan and really hit shock waves across the region and that's something we have to keep in mind. also we can only hope that this particular toll doesn't exacerbate or increase any further. dom, it's back to you. >> jp ong with the latest there on the tragedy over in taiwan. thank you very much for that. let's turn now to the trading action in europe with mandy drury. mandy, we're seeing some effects there. i'm wondering how the european markets are shaping up as european markets get urnlds way. >> good to see you, dom. let's take a look at the european markets. at the moment they're looking like a candy stripes day with it marginally high except for the ftse that's holding to the downside. there could be some positive

sentiment given the fact we got literally five minutes ago an encouraging number on the inflation front where we saw the march inflation for the euro sectors. we're talking about 20 falling to 2.4% to 2.6% in february, which, of course, might give a little bit more wiggle room, a little bit more comfort to the ecb policy makers who want to be moving toward rate cutting from record-highs. indeed we got comments from robert holtzmann who's normally quite the hawk who said inflation could fall faster than expected and he's open to a june cut. here we have as i mentioned some marginal gains for the markets in france, germany, which has been holdinging near record-highs, swiss, tlaen, and spanish markets. over to you, dom. >> mandy, good to see you. thanks for the updates. investors continue to look at the rate cut odds, now e

expecting two to three cuts. san francisco fed president mary daly and cleveland fed chief loretta mester making similar comments throughout the course of yesterday, although they also say there's no rush to cut. inflation is heading lower. the markets will be paying close attention to a speech by feds chair jay powell at stanford university later on this afternoon. joining me no break this down is the lead equity analyst at lansdowne. is there an expectation that the fed could, could be a little bit more on the fence about this than we thought previously? >> hi, there. good morning. funda fundamentally, yes, i do. i think this remains the biggest risk at the moment to evaluations as in march, things are moving in the right direction. we've heard a little bit of

language loosen slightly around the optimism and the potential for cuts, but, frankly, the market's behaving in a way that is certain, and we're simply not there yet and i don't think that is going to change any time soon. >> if you feel that's the case, the markets should be acting to the you up side kind of like they've done the last couple of days. to we feel there's still a downside risk to the market based on what we saw in yesterday's session? >> i think there is potentially some, absolutely. i've said this before really. i think that actually the phase that we've entered is kind of this wait and see. it's almost like a holding pattern. so in the absence of anything really dramatic changing, i think really the bigger problem is the lack of a catalyst for more impressive gains rather than anything being dramatically

to the downside, but in terms of those hunting for momentum and sustained momentum, i think it's going to be increasingly hard to come by, particularly when you start looking in regions such as the u.s. where valuations are already looking very full. i do think there's a bit more risk there than is currently being priced in. >> if that's the case, we've been speaking so much about this idea that the mega cap technology, oriented names have been the driving force behind the market for the last several years at this point. they seem to become a little more vulnerable with this latest mini pullback if you want to even call it that. is mega cap technology still the place that you see some of that leadership developing either to the upside or the downside? >> yes, i do, but i don't think that these stocks are created equal, so i think really when we look at the likes of microsoft, for example, when you look at what's underneath the hood there and the fundamentals that are at

play as well as the potential moonshots when you look at ai, really quite compelling, but we are seeing divergence, the likes of apple. tesla can't participate in the excitement the same way because being a lot more consumer-led, they're in a more difficult spot. i certainly don't think we're going to be seeing this necessarily broad-based rally. i'm not calling into the magnificent seven, but i do think there are more challenges to overcome, particularly in those consumer-led sectors than, again, are currently being priced in. before we let you go, artificial intelligence has been a lightning rod whether it's bullish or bearing. is ai still a trend for 2024? >> absolutely. i can't see ai going anywhere any time soon, but i would caution we're realms away from knowing who the winners are truly going to be. this is a life-changing technology, and we're not there

yet. so i would be slightly more cautious than some on that note. >> all right. sophie lund-yates. we'll see you soon. let's get a check on today's top corporate stories with silvana henao. good morning. >> good morning. according to reports, disney's largest shareholder, which is vanguard, plans to vote in favor of management over peltz's partners. that support along with backing by disney's largest shareholder blackrock gives the company enough votes to defeat peltz's challenge. shares of disney are pretty flat ahead of that. the cyber panel is placing the blame on microsoft. in a new report by the board it called a breach of officials at the state and commerce

departments preventible, slamming the tech jiemgt for its cyber security lapses and a deliberate lack of transparency. the board is recommending microsoft voep and make security focus reforms across all its products. and former president trump's media company is suing its co-founders. in the suit filed in a florida civil court it is seeking to ban wesley moss and androulla tin ski from appointing members to the company's board or from owning any of its shares. they claim a company they founded guarantees them an 8.6% share of trump's truth social.com. we've got a lot to get to including the big word investors need to know. plus a new round of potential shares higher. a different story for intel

getting hit at "opening bell" as the company faces a new hurdle in its costly comeback plan. later on in the final act, we get the investor perspective on disney, apparently locking up the support it needs in its boardroom battle with nelson peltz. we've got a busy day ahead when "worldwide exchange" returns after this commercial break.

welcome back to "worldwide exchange." time for your big "money movers." cal-maine foods blew past estimates based on increasing demand and lower prices for those eggs. earlier yesterday cal-maine halted production due to bird flu. the cal-maine shares are up. dave & buster's is up despite fourth quarter profits. revenues rose more than 6%, but that missed estimates. same-store sales falling 7%, extending the slide to four straight quarters there. also shares of paramount global are rising on reports the company is moving closer to a sale. "the new york times" says paramount is holding exclusive talks with skydance. paramount's board is seeking to sell all instead of parts of the company. the stock is down about 20% so

far this year and more than 40% over the course of the past 12 months. >> we're also now watching shares of intel getting hit ahead of the "opening bell" after the company revealed long-awaited financials for its semiconductor manufacturing or foundry business. arjun kharpal joins us. this is a huge story. how long will it take to get this foundry business up and running profitably? >> it certainly is true that pat gelsinger wants to be back big. it's proving very costly. the company said the revision recorded an operating loss of $7 billion on sales of $18.9 billion. that's a wider loss than that reports in 2020. intel blamed the lack of profitment in the business on, quote, the weight of past decisions, and ceo pat gel sing

err cited the slow adoption of technology calling extreme ultraviolet technology, which is used to make some of the most advanced chips in the world. gelsinger said the foundry losses could peak in 2024 and eventually break even midway between this quarter and the end of 2023. now, intel's issue is that it's been behind for so long against those asian rivals, in particular tmsc of taiwan. catching up requires huge investment in new technology as well as getting those major customers on board as well. in this area, intel has been trailing. gelsinger's vowed to boost the manufacturing prowess which right now is proving very expensive. >> arjun, what are some of intel's biggest challenges in that foundry manufacturing business right now besides what we've already heard about with regard to thinks like supply chain and the capex outlays in the beginning? >> i think we've got to go back a little bit.

it stems from huge shifts over the past few years in which many chip firms went what they call fabulous. this means many companies such as nvidia for example rely on third parties to manufacture their chips. that transition has happened, let's say, over the last two decades or so. in that time, companies as i mentioned, taiwan's tmsc and samsung took a boost to their found cy business and there are few companies in the world that can do what they do. it can really only turn to one player. their biggest challenge is being able to compete on a tech front with the likes of tmsc and also convince some of these chip design firms that it makes efficient. >> i want to while you're here chat with you about tesla. falling 5% on the first quarter delivery results. just how tough of a quarter was it for tesla, and what can it do

to turn things around? >> yeah, i mean, tesla deliveries coming in at just over 386,000 and 5% on year-over-year decline. this was below the barish estimates as well. the company blamed things like disruptions to its component supply, temporary suspension of production. however, tesla is facing a broad number of issues. demand overall is waning for electric vehicles as consumers wonder whether they should fork out expenses. it's facing intense price war and cutthroat competition for local players, and it doesn't have a new mass market model on the way until at least 2025 at a time when rivals are aggressively launching new cars. all of that combined is adding to pressure on elon musk and tesla right now, dominic. it's going to be a very, very tough task particularly as the

may crow environmental remains very tough. >> stiff competition from global competitors as well. thank you very much. still ahead on "worldwide exchange," what our jim cramer is advising investors to do as the markets face a fresh batch of turbulence. his take when "worldwide exchange" returns after this. (vo) what does it mean to be rich? maybe rich is less about reaching a magic number... and more about discovering magic.

welcome back. time for your morning call sheet. meta is raising its metapt. ads signal continued strong growth. u.p.s. sees positivity around the company thanks to stabilizing economic data and volumes turningpositive this quarter. and a big price tar get on coinbase going from $160 all the way up to $230. it cites higher revenues and adjusted ebita shares. let's get a check on some of this morning's top headlines. jessica layton is in new york with more. good morning to you. iran is vowing retaliation against israel for its suspected

attack on its consulate. it killed two commanders and five military advisers. there are concerns this attack could push iran and israel into a direct confrontation. two u.s. officials told nbc news the white house did not know about the strike and was not involved in any way. overnight a massive storm system battered much of the south and midwest. in fact, a family in kentucky was trapped inside ammo beal home after the storm tore through. thankfully they were all able to escape. tornados ripped across parts of that state as well as oklahoma and illinois, leaving a trail of destruction. this morning millions along the already soaked eastern seaboard are now bracing for impact as the brunt of that storm marches east. and two players are bringing more eyes than ever to women's college basketball. monday night's elite eight game between caitlin clark's iowa hawkeyes and angel reese's lsu

shattered the record of 9.9 million when they beat them last year. by the way, it's one of the top non-nfl sports games. i was one of those who did not get sleep. it was a great game. >> jessica layton, thank you very much for that. coming up, another blow for the commercial real estate sector as the return for office push sputters further. and if you haven't already done so, please follow our podcast. if you missed us, check us out on your podcast app of choichlts "worldwide exchange" will be right back.

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she shoots from here? that's kinda my thing. get the real deal with xfinity internet today, and get fast speeds and a reliable connection to all your devices in the home —even when everyone is online. it is 5:29 a.m. in new york and there's still a lot ahead on "worldwide exchange." here's what's on deck. stocks' slide looks to roll on, but jim cramer's advice on the moves to make with your money around some of the market's turbulence. speaking of making moves, our weeklong look at the best ideas for your the second quarter and beyond. stephanie link is standing by with her top pick and under the radar play. and curtain call for the disney board battle as bob iger and company reportedly move closer to victory over activist nelson peltz.

it's wednesday, april 3rd. you're watching "worldwide exchange" right here on cnbc. ♪ welcome back to "worldwide exchange." i'm dominic chu in for frank holland this morning. will it ooh is pick up the half hour with a check of u.s. equity futures which are on the offer but not by that much. the dow is implied lower by just about 25 points, the s&p 500 down by 7 points and the nasdaq down by 49 or 50 points. the nasdaq posted its second loss in the last three sessions. the dow leading declines for the week so far, down by just over 1.5% overall. so let's dig further into the market action right now. if you take a look at some of the sectors that have been a key focus for investors in the first part of this year, it has been communications services, energy, and technology. those three sectors, by the way, the three top performers in the

s&p 500 on that year-to-date basis. meanwhile the growth versus value debate also still playing out. early on this year, very early on, value had a pretty decent lead just to start off the year, and then all of a sudden growth started to take the reins ail over again. we started to narrow the performance gap between value versus growth, and interest rates play a big part of the discussion here because the valuation argument can be made for the markets to the downside and upside. but the yield picture has been moving higher, going all the way back to november of this past year. the real question for a lot of investors, will those 10-year benchmark deals head back up to the cycle highs we saw late last year which topped just around 5%. we're currently at 4.8% as well. let's stuck with the markets and the weeklong look at the second quarter, tapping into the

brightest minds to find the opportunity, getting their best stock picks for the rest of the year and radar plays as well. so far this week, we've had victoria greene naming quanta and under the radar pick, devon energy. and malcolm etheridge's top pick is amazon and under the radar pick, fortinet. let's check in with stephanie link, a forecaster and cnbc contributor. have you gotten a little more skittish given what you've seen over the past couple of days? >> dom, we had such a nice start to the year, and we have to remember, a long-term total return for the s&p 500 is 7.7% and for fixed income, it's about 3%. we're up comfortably above that level, so it doesn't surprise me at all to start to see a little

bit of a pause. we could see a bit of a dip just given what interest rates are doing. but i do think interest rates are going to higher for the right reasons, which means we're seeing better than expected growth. the atlanta fed gdp tracker for the first quarter is at 2.8%. we're coming off of 3.4% gdp in the fourth quarter. so we have such momentum in the economy that maybe the fed doesn't have to go this year. i know that's what we're trying to debate at this point in time, but even if they ease once or twice or three times, i don't think that's going to be tearily a big deal one way or the other. maybe more psychologically it would be. but i think the economy can handle the higher rates. >> if the economy can handle the higher rates, let's talk about your top picks coming up for the balance of the year. what do you think is going to be a beneficiary regardless of the market conditions? >> i think that the china recovery is sort of interesting to me. i think people just kind of

wrote off china, myself included last year, last couple of years, which was the right thing to do. but i think their goal is to get to 5% gdp. and they have put a number of plans in place, fiscal and monetary plans in place over the last year. they focused on jobs, unemployment, defense, foreign investment, rrr cuts as well. i don't think it's going to be gangbusters growth in china, but you don't need a lots. they haven't written off this region of the world. >> if they have written it off, is it direct exposure? >> i like companies that have exposure in china. you have better transparencies and efficiencies and the market shares we're seeing.

las vegas sands was the one for me. it trades at 11 times ebitda. the historical average is about 134 times. and we're seeing a pickup in gaming, in macau. 77% is singapore. that should benefit as well. you have pent-up demand and the company going from the vip focus to mass premium and mass in general. you have operating margins that are actually getting better than expected database or better than expected. they're higher than expected, and i expect that to continue. we've got $5 million in cash and they have a $2 billion buyback. so i think this is kind of off the radar and i like it. >> that's las vegas sands, the top pick there. let's talk under the radar range. >> i want to stay with this theme. three-part mack ma ran is one that's had a nice run at 20%,

but this, too, trades at 9.2 ebitda. the company is benefiting -- will benefit from china rekovi, but ev and housing and that kind of theme. and this company is a top copper producer. that's $430 million to their ebitda and $350 million cash flow. they're not as levered as they once were, and i think their free cash flow could be something like 2 to $3 billion given ample flexibility short term to shareholders as well as to plow it back into the business. number one pick, las vegas sands, under the radar with fcx.

thank you, stephanie. we'll see you soon. tomorrow we'll keep an eye on top picks tomorrow. let's get a check on our top corporate stories. silvana henao is here now. >> good morning, the fcc is set to hold a neutrality vote. this is according to the agency chair. the rules had been rescinded under former president donald trump. the fcc plans to vote on the final rule at its meeting on april 25th. meanwhile wework says it's working to exit bankruptcy. it has gotten $9 billion in wreckrequisitions from landlord.

and speaking with office spaces, the vacancy rates ticked up from the first quarter to just under 20%. moody's says tenants continue to downsize with the hybrid work model showing more signs of staying put, dom. more people working from home. >> there you go, silvana. not us. we're height, right here in the office. coming up on the show. disney's board battle prepares to wrap up. we talked to one shareholder where he stands with bob iger and company, reportedly set to secure a win in this big proxy fight.

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okay. we've got the markets right now slightly to the downside. the dow implied lower by just a modest 11 points. the s&p down by 5 or 6 points, and the nasdaq down by just about 36 points. meanwhile you can see the laggards there so far in the premarket session. no surprise, intel on some of those foundry issues and the financial status and where it's going to go next. autodesk, pdd holdings, astrazeneca all down 1% or so. disney has secured enough votes over the activist nelson peltz. sources tell reuters disney's

largest investors, which is have guard, is backing the media directors. most of it is through passive investments and index-related funds. the results of the costly board fight will be announced at disney's annual shareholder meeting today, although there's a chance some shareholders may change their vote. let's bring in our guest whose company owns most of ditzny shares. let's take a look at your stance on disney versus peltz. where do you stand? >> well, originally i've been more in favor somewhat of a breakup. when you look at the real estate and the parks portion of disney, that's the one that has the lower pe, and, really, the growth aspect would come from areas such as the streaming businesses and communication services. i think what at least has been

played in all of this, peltz is saying let's get serious about streaming here. peltz is saying if we really want to be a streaming business, we need to broaden this out. it looks like he's at least gotten a voice that's going to sort of accomplish that, and it seems like disney is trying to shift and get serious about what the streaming business is all about. >> does that mean that regardless of the outcome here, you feel as though you're comfortable with company's direction going forward? >> yeah,i am. they mentioned iger saying he might hire the first ceo in wald p, and she comes from the entertainment/hollywood side of things. she would be in place to guide the streaming business. when you look at netflix and the pe it trades at u around 35

versus forward looking versus something like disney at a 25, and yet disney's revenue is 2 1/2 times that of netflix, i figure if they can get serious about branching out the program and really develop the streaming business beyond just the disney business product core itself, i feel more comfortable. >> this boardroom battle has highlighted a number of issues including bog iger and others. you mentioned candidates to succeed him. how much of disney's future with somebody at the hemiother than iger placed into your investing thee about whether you should hold the stock longer term? >> i would like to see it go hollywood. i want to see that this is going to be more than u just, you know, boom or bust around a "star wars" brand and that the streaming business between abc and fox and espn and all of that

becomes a conglomerate which people feel comfortable and have enough choices and selections to make that this is a real streams business. to me, this is just disney. plus is not really plus yet. it's got to go beyond that. if we see that develop, then i feel like, hey, the multiples on this stock can go a lot higher. tech niggly speaking, this 122 level, this was sort of a target we expected. we started buying the stock when it was down around 100. so it's going to be a little bit of resistance and overhang from the selloff that's occurred from a technical basis, but if we can work through this and get the right people on top, then ditz any's got a lot more upside. >> really quickly, brian, disney, we know you own it. are there any other media properties you would own given some of the carnage we've seen in valuations? >> yeah. i mean the valuation and carnage has been real. when we talk about real estate properties, entertainment, consumer diskrelgsnary, it's

been a tough spread. you have to go to the mega cap stocks, home depot, costcos. those kinds of value plays are what we're sticking to rather than other entertainment sections. so netflix and disney is probably the two communications services i like. beyond that, i'm looking more at the core consumer big cap kind of names that have been the winners over the last year, year and a half. >> brian stutland with a take on disney. thattic you very muff much. now time for your global briefing. taiwan has been hit with the strongestet earthquake in nearly 25 years. the quake measured at 7.2 magnitude, damaged several buildings, and has killed at least seven people. shares of taiwanese chipmakers are lower as tmsc evacuated some of their workers from the facilities. iran vows retaliation against is reeling for the strike this week. it destroyed a compound and killed 12 people including two

top military commanders including head of hezbollah. clashes have increased along the lebanese border since the war in gaza began six months ago. and the head of the banking industry is urging nippon steel to be reviewed. there's's growing opposition in congress to nippon steel's effort to buy u.s. steel. ahead on the show, the one word investors need to know and why jim cramer says to keep calm in the wake of selling. if you haven't done so, follow us on cp nbc podcasts. beginning this monday, "worldwide exchange" is heading over to london, bringing you

your global coverage live from our london news room there. it all starts this monday, 5:00 a.m. eastern time. so keep it right here in your normal spot. we'll just be in a different location. we'll be right back. at ameriprise financial our advice is personalized based on your goals, whatever they may be. all that planning has paid off. looks like you can make this work. we can make this work. and the feeling of confidence that comes from our advice... i can make this work. that seems to be universal. i can make this work. i can make this work.

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welcome back to "worldwide exchange." time for your w.e.x. wrap-up.

intel has hit a loss. it disclosed how much it makes in sales on its own. shares of paramount global are rising. "the new york times" says paramount is considering exclusive talks with skydance, the media company lead by david ellison. the cyber review board is placing the blame on most over the hack of top officials' emails last year. in a new report the company calling the breach preventible. trump media's co-founders are suing. and shares of cal maine foods third quarter beat an ana analysis. this morning we get the latest adp employment numbers and services nonmanufacturing

figures. we're watching earnings from levi strauss. and the big event of the day is disney's annual shareholder meeting kicking off this afternoon. and fed chair speeches including from jerome powell. raphael bostic will be coming up on "squawk box" at 8:30 a.m. eastern time. and as markets continue to face fresh turbulence, a pair of interviews you won't want to miss when steve cohen joins "squawk box" at 8:15 as well. we'll hear from green-light capital founder david einhorn at 2:00 2:15 p.m. let's get a check on futures. the dow is implied lower by 55. the s&p down by about 9, and the nasdaq off by 50.

our own jim cramer is telling investors not to worry. he made those comments last night on "mad money." >> don't forget the company was over bought. it was overbought this evening. the movement might not be over. bottom line, all you can do is patiently hunker down and wait for lower prices. somehow, i think we'll get them. from one philly guy to another, let's bring in jay woods from freedom capital markets. you heard jim's comments. he's not the only one out there saying it. he's saying, yes, things can be intact from medium to longer term but still have volatility. the problem is, jay, we haven't seen it since like november, really, so is this something to be scared of? >> i have to echo jim's sentiments. we've come up with back-to-back

gains. we're coming into april. we've been up 16 of the last 18 aprils. yes, things are a little overdone. the 10-year brock at 3 pnlts 5%. it's looking good back to november. where was it trading? under 4800. so we've digested that slow rise, and that's the key word, "slow." what jim's talking about leads me to my word of the day, where we're going to go over the next quarter or so. >> what's the word of the day? >> we're going to churn. >> that's a good work. not just subscribers, but markets overall. >> markets overall. last week if you looked aet it, the leading sectors that have been technology and communications, they were laggards. we saw energy as the top sector and then financials. so that rotational theme is going to continue. it's not going to be exciting, but, you know, there are

exciting things under the surface. materials was up ten weeks in a row. we didn't talk about that because nvidia was up 11 weeks in a row, but we're seeing it. but the sectors that i liked, the financials. they're setting themselves up for a nice run as we head into that low. i think the financials are going to lead us. >> financials, there's a lot of them out there. banks, non-banks. let's stick with the banks. is it the mega caps like jpmorgan, bank of america, or the regional banks that have been a little more unstable? >> it's an opportunity of both. let's focus on the big ones, jpmorgan, cream of the crop leading the way. that's the diamond you want to hold and have in your partnership and portfolio and po

the side. they made roundaboutet and broke out. this is the setup i like. goldman looks good, wells fargo, citi under jane fraser's leadership, they streamlined. they cut 20,000 jobs. the financial sector cut 60,000-plus jobs last year. it was the year of efficiency according to mark zuckerberg and what he did with meta. we're seeing it in the financial sector, but nobody is talking about it. the price sector is starting to lead us that way. we're back to where we were last march during the financial crisis. it looks like we're about to go. pnc is a great name. >> going home, i like that. philadelphia. thank you very much foth.r at keep it right here, guys. "squawk box" is coming up next. (woman 1 vo) i have inherited the best traditions. (woman 2 vo) i have a great boss... it's me. (man 1 vo) i have people, people i can count on. (man 2 vo) i have time to give

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good morning. futures pointing to more losses after big back-to-back days climbing for your the dow, and commodity prices continuing to rise. we'll show you what let's moving right now. plus, a report says disney has secured enough votes to defeat trian in its battle, but neither has declared victory. we'll bring you the latest ahead of today's shareholder meeting.

tesla taking a hit after disappointing numbers we were waiting for. i'm going to speak to longtime backer for tesla, cathie wood. it's wednesday, april 3rd, 2024. "squawk box" begins right now. ♪ good morning and welcome to "squawk box" on cnbc live from times square. i'm joe kernen. andrew, becky is on a boat. there's so much rain back here. i'm not necessarily sure it's an ark. it's been raining for 40 days and 40 nights. 's not over yet. i hear in south carolina they have great weather most of the time. what do you have