it is 5:00 a.m. here at cnbc global headquarters. i'm dominic chu in for frank holland today. here is your "five@5." it's not a bubble. the consensus view from two of wall streets minds on why stocks have not run too far too fast. disney securing victory in the months long fight with nelson peltz. shareholders seeming to be less than pleased with the outcome. a potential deal with paramount global picking up steam here. our week long look at the

best ideas for q2 and beyond. the beaten up our ev maker our next guest is revved-up about. it's thursday, april 4th, 2024. you're watching "worldwide exchange" right here on cnbc. good morning and welcome to "worldwide exchange." thanks for being with us. let's kickoff the hour with the u.s. equity futures which have trying to find some sense of stability with upside moves here. we're in the green. dow implied higher by 120 points. s&p up 17 and nasdaq up 25. the s&p and nasdaq notching the first and second positive sessions over the last three. the dow making it three straight days of losses. checking on the bond market with the ten-year yield hovering at the highest levels for the year.

currently trading up slightly to 4.36%. two-year note at 4.86%. 30-year bond at 4.52%. let's look at oil prices. right now, the prices are lower just by .10% for wti. t ice brent crude is $89.25. let's see how europe is shaping up. silvia amaro is in the london newsroom with the action. silvia. >> good morning, dominic. we are seeing european equities trading for two hours now and this is the picture when you look at the major boards across the continent. the ftse 100 is trading .4%. in france, we are seeing the

main market up .20%. some narratives we are monitoring come after data showed pmi for the month of march proved that positive economic growth has actually taken place in the euro shown in the month of march. that is naturally a positive. yesterday, dom, we got inflation numbers for the eurozone which came in below what markets were expecting. this is important as we prepare to hear from the ecb next week. i want to show you the picture with the sector and it is important to highlight what we're seeing when it comes to the top performer. basic resources up by 1.5%. here, dom, it is all about the fact we are seeing minors trading higher. we are seeing record prices when it comes to gold. that is fitting the narrative. overall, there is a question here about the upcoming data

stateside and what it means for the fed. >> silvia with latest from europe. thank you for that. stocks are coming off the mixed session as investors fear the fed may keep rates higher for longer and have to adjust expectations for the rate cuts. this is coming off the strong start to the year with the market's impressive run. speaking to cnbc yesterday, david einhorn downplaying the bubble risks in the market. >> i don't think we're in a bubble. we covered the bubble basket stocks in the first quarter of last year. right now, all of our shorts are idiosyncratic ideas. >> i don't see it as a bubble. i think the markets are discounting some of what they think a.i. will do for companies. >> two big voices. voicing optimism about the

markets or not pessimism. let's bring in robert teeter for silvercrest. robert, you heard the comments. are we in a bubble? >> i'm going to make it 3 for 3. we are not in a bubble here. when you look back to the bubbles in the past, there is no comparison. valuations are elevated, but nowhere near the '90s levels. higher rates of the earnings growth and strong balance sheets show we are not in a bubble here. >> there is no doubt, robert, this is not like yet what we saw during the precursor to the great financial crisis or dot-com. there are pockets of the market that act in that way and that is why some feel it could be in a bubble. those places in technology, are they worrisome for you? >> not worrisome. to more of the companies, they're growing at a very fast clip in terms of earnings.

they tend to have strong balance she sh sheets. we have seen it with the meme stocks with valuations get out of control and you have the selective bubbles rolling around. broadly speaking with technology, those companies are earning their way into the valuations with strong earnings and strong balance sheets. >> do you feel there are places with relative value outside of technology if you look to the broadening of the market rally? can it continue? >> i think so. that is a trend that could continue. we may be on pause for a a little bit with the fed policy and the fed moving slower than most people expected. that is one of the catalysts with small cap. there is a lot of good valuation opportunities. those trends are likely to extend there as well. it started off in the large cap space, but companies will take advantages of the productivity and using it as opportunity to

boost margins. >> how much is the market narrative be about whether the fed will cut interest rates? >> i think the fed is front and center here, particularly leading into the june meeting, if not july. in my opinion, the fed shifted from being poised and ready to move on the basis of looking at real rates. i think they shifted to the hard pause. they need a catalyst to move. that catalyst may not come for a while. inflation is declining slowly. that is the struggle. earnings and the economy is sound. the fed is not likely to provide health until the summer. >> technology, obviously, i talked about it before as being the focal point for investors out there. i'm sure you have to have some weighting in there as well. is there a sector outside of technology that becomes your favorite given your view on the

fed and what we have to do as an economy? >> we hee had a favorable view the industrial space for some time. especially in an election year. we see the trends starting to unfold. there is more spending. you have seen the charts as i have on construction spending and manufacturing. the push toward building up durable and resilient supply chains and more activity in the united states. that benefits the industrial sector. >> all right. that's robert teeter. thank you so much. >> thanks, dom. >> for more on what is driving the markets and trading day ahead, head to cnbc.com/pro for analysis. you will find interviews over there. let's check on the top corporate stories with silvana henao. silvana. >> dom, good morning. apple is looking at developing home robots after abandoning the

electric vehicle ambitions. engineers at the company have been looking into a robot to follow users around their homes. the report adds apple is looking to a table top to use a display screen. and google is considering charging for premium features on the generative a.i. search engine. this is according to the financial times which says the tech giant is looking at a number of options, including incorporating a.i. search features into the premium ser services. a google spokesperson says the company doesn't have any announcements right now. it continues to build premium capabilities to enhance the sub descrs

paramount has reached a tentative agreement for a deal. it will use a 30-day window of talks to work out the details. dom. >> silvana henao with the details and headlines, thank you very much. we still have more to come on "worldwide exchange," including the one word that investors need to know today. first, gold's record run showing no signs of led ledding letting up. why our next guest is looking up. and the big money movers and the bump that levi's is going for foregoing the department store model. and janet yellen is en route to china set to meet with leaders there. the items on her agenda for her sitdowns in beijing. we have a very busy hour still ahead when "worldwide exchange"

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train carrying containers in the new york city area due to the collapse of the francis scott key bridge last week. this is helping with the closure of the port of baltimore. those shots are earlier from the day. the csx train has now routed through the particular terminal in baltimore, maryland. gold prices are hovering at record highs right now hitting another one today above 2,$2,30 an ounce as jay powell is looking to stick to the interest rate cuts this year. gold is up 12% this year. out performing the broader s&p 500. if you think that is good, look at silver prices. out performing up 12.5%. let's get more insight from nikki shields. a global trader and refiner of

gold and other metals. thank you for joining us. the momentum trade is evident in gold. i'm curious of the trade on silver. >> we think it lagged gold for the most part. the last three days, it has the catch-up play. it is in a deficit since 2021. when you think about the fact that u.s. growth is out performing the expectations, we get the first sign of chinese growth with the pmi. silver is an inflation hedge, but high beta cyclical asset. it plays two parts. we think it can reach $30 in the short-term. >> nicky, why is it a high beta cyclical asset? what makes it more sensitive in

that environment? >> a large part of the silver demand is driven by the renewable energy economy. it is used across 5g and electric vehicles and solar panels. it has the copper-esque to it and it is not just a precious metal. that is coming back into play. >> so, is there a way or world, nicky, where we look at prices for silver and use them as the derivative play on things like renewable energy and infrastructure spending? that sort of thing? does it become a fundamental analysis about whether there are industrial uses to drive the demand and is that a huge part of the price picture going forward? >> that is the key difference with whether we are talking

about a $25 to $30 asset or $30 or $35 asset. if global economic growth can maintain momentum, silver can out perform. the narrative will change to it being a good proxy for the renewable transition. >> if you look at the way things are shaping up, you mentioned copper earlier on as well. there is a surge higher there. it hasn't been the same for other metals or other steel-related products. can you take us through why you see the divergence of the copper prices over other parts of the market as well? >> i think you take a step back and each commodity or hot asset will have the fundamental story. at the end of the day, you have growth thawing in china and a g10 rate cutting cycle with

inflation which is not down to target. that narrative and that macro narrative is where you will get commodities as a whole pick up and you will have to cherry pick which one has a fundamental story. those would be the first to move into the regime change where we will have rate cuts into still sticky inflation. >> nicky, a few seconds left before we let you go. what is your favorite play in metals? >> still silver. we like gold, but we like silver better. >> nicky shiels, thank you. >> thank you. still ahead on "worldwide exchange," jeff kilburg lays out the best under the radar play for the second quarter and sicdp 50% this year. spoiler. it's not nvidia. that's when we return after this. tailor-made for trader minds.

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welcome back. time for the "big money movers." shares of levi's is rallying as they beat the first quarter for the year. the company says nearly half of the sales, half, are now happening online and in its stores as reliance on department

stores fades. the u.s. market is holding steady after years of volatility. shares up 8% in the pre-market. david einhorn says his company bought a stake in solvay. a chemicals company based in belgium. the company has higher margins than typical commodities producers. the stock trades at seven times expected 2024 earnings. it is a major producer of soda ash. shares are up in europe after the u.s. depository receipts jumped 14% yesterday. european trading is up 6.5%. etsy issing moving higher the long pick from elliott. it will generate multiyear upside. elliott has a 13% economic stake in etsy. the company appointed one of the

portfolio managers to the board of directors in february. janet yellen is on the way to china set to meet with leaders on that side of the pacific. yellen is offering tough talk to protect american businesses. megan cassella is joining us with more about the trip. >> reporter: good morning, dom. yellen will have four meetings across two cities. her goal is to meet with former and current leaders. the biggest piece of the eagend is meeting with her counterpart li on the economy. she will press for changes. we heard about this last week. trade is at the p toptop of the.

she will address unfair trade practices and overcapacity issues. other areas of concern are likely to come up is the invasion of ukraine by russia and any violation of the sanctions against russia. they will look for progress in areas with room for cooperation between the two countries. that includes climate and drug trafficking and finance. yellen wants to increase the communication with the u.s. and chinese regulators. dom, this comes after president biden spoke with president xi earlier this week. the goal here is to continue the administration work of stabilizing the relationship and derisk and not decouple. dom. >> megan, the administration is talking more with china than they once were.

how much has that relationship actually improved over the course of the last couple years? >> reporter: i would say it is improved, but hasn't. it is on more stable ground than two years ago when president biden really pushed to restart communication between the two countries and start to move things forward again. at the same time, there are a number of pressure points. the biden administration has not undone of tariffs that president trump imposed. he has a calmer attitude and they want to keep lines of communication open, but those are still in place. there are a couple of more that will flare up in the next year or so. china just sued the u.s. last week at the wto over the inflation reduction act. they are not happy with our stance on export controls which the u.s. has been pushing allies and restrict exports of semiconductor manufacturing in china. there are others where china will not stand by and watch this

happen. it is a delicate house of cards. >> everything else and chips with a.i. as well. megan, we look forward to your coverage. catch janet yellen when she sits down with sara eisen on monday. coming up on the show, signaling signs of headwinds. why exxonmobil is looking to downplay expectations of the upcoming earnings release. if you haven't done so, follow our podcast. if you miss "worldwide exchange," check us out on spotify or apple or your podcast app of choice. "worldwide exchange" will be right back.

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it's 5:29 a.m. in new york. there is more here on "worldwide exchange." markets are trying to build momentum after the mixed session yesterday. why our next guest is questioning whether the big tech rally leading the charge may be on borrowed time. disney is looking to put the board battle with nelson peltz in the rear-view mirror, but it may just be getting started with the challenges. and the look at the second quarter and beyond rolls on as jeff kilburg makes the case for one beaten up ev maker. it is thursday, april 4th, 2024.

you are watching "worldwide exchange" here on cnbc. welcome back to "worldwide exchange." i'm dominic chu. we start off looking at the equity futures. the dow is implied higher by 1136 points. if these futures hold into regular cash trading. look at dow pre-market gainers so far. you see the moves we are seeing in amazon and american express and microsoft and boeing. all up .50%. digging into the market action here with the semiconductors. that is one of the tea leaves in the market. leading indicator for the tech trade. the vaneck semiconductor is up

70% in the last year. we have seen the phase happening here. we will see if those moves in semiconductor is happening coming up. and the stresses in the credit markets here with the ishares etf. it is at the lower end of the trading so far. no signs of stress yet. so far, no real concern there. the other place to watch is momentum. gold prices at large. take a look at how parabolic the move is the past couple months. up $2,300 for gold. sticking with the markets and the second quarter and tapping into the brightest minds to find opportunities with the best stock picks for the year and some under the radar plays.

so far this week, we had victoria greene naming quantas services. malcolm ethridge picking amazon as the top play and fortinet as the under pick. and stephanie link naming vegas sands as her top pick. now is the time to bring in jeff kilburg. he is a cnbc contributor. jeff, let's talk about the playbook for q2 coming up here and for the balance of the year. what is the top play? >> dom, the top play is the name i love. tesla is my top name. elon musk, the second richest man in the world, has been scrutinized and ridiculed. if you go back to january of 2023 and he bought twitter, you

thank yo saw that go down to $100. it has the ability to retake the 50-day moving average at 184 and the way i'm looking at this and this is my top play is not ev growth. i don't look at it as an ev company. i look at a pure play in artificial intelligence. you talk about the full self automation driving which is under prappreciated. elon musk has been quiet lately. it feels like he will defend his stake and the fact he owns 25%. not quite 25%. this will allow him to vault his net worth above $200 billion and reclaim the number one richest man in the world. >> jeff, you may not consider tesla to be an ev play, but the problem is a lot of people out there consider tesla to be the ev play. they were grotesquely disappointed by the production and delivery numbers which came

in below the most bearish analyst estimate out there. how long does it take for the thesis to play out if evs are not your primary reason for playing tesla? >> we have to step back and realize the ev growth in the last five years. it is five steps forward and one step back. global demand. a lot of people are reluctant to make the leap. as w we move forward, you will e the demand. there is a story in china that you are seeing a pullback in ev demand, but this is more than just a car company selling electric vehicles. this is a technology company. this is an a.i. company. when you think of elon musk and the abilities he has in all of his companies, if he gets focus in the tesla, you will see this name go back and revisit that $300 level. that is the 52-week high up at $299. >> the top play and number one

draft pick, jeff. let's take you through the under the radar bloomer that happens in the second quarter and beyond. >> this is an under the radar name. semiconductor is not under the radar. mi micron. we just rewind pre-earnings. you put on an cnbc pro article talking about the untapped value. you saw this name like every tech name in 2022 get cut in half. a great 2023. it is on fire right now. as long as they are the biggest customers with a lot of memory chips with apple and microsoft and some of the big names like ibm push demanded for the chips, you will see micron move higher. it is at $130. it was trading at $94 two weeks ago. to see this type of move means there is more room to run. you have to consider the

exposure to micron. we use options to define our risk. if you see a pullback in semiconductors, it will lead the market lower, you have to consider the highs. >> tesla and micron. let's leave viewers and listeners with your thoughts on the on broader market. jeff, is this comfortable owns for the year or are we due for more down side? >> i have been trading for almost 30 years. when you see markets move like they have since november, markets don't move in a strayigt line. s&p is a 5% pullback. that would be healthy. right now, the market feels like a volleyball trying to be held under water. every time it comes back, it is bought with all that cash on the side. if you really put in three rate

cuts this year, that could fuel us 5%s higher than a pullback. when you get everyone so bullish, specifically the bears of 2023 switching to bulls, i have a pause. >> jeff kilburg, thank you for the thoughts. we appreciate it. >> thank you, dom. >> tomorrow, we have kari firestone closing out our week for the second quarter. stay tuned for that. let's get a check of the top corporate stories with silvana henao. silvana. >> whats app is back up after the outage yesterday. data from down detecter shows the peak of the outage impacted 24,000 whatsapp users. exxonmobil expects weaker

oil and gas prices to hit first quarter profits. in a securities filing, the company citing a big loss in fuel derivatives. the drop follows two years of strong oil and gas prices. last year, exxonmobil reported a record first quarter profit of $11 billion. the company will report the full results on april 26th. the boeing chairman is reaching out directly to the heads of the u.s. airlines to rebuild trust. the former ceo of qualcomm and former boeing board member is trying to smooth over strained relations who said the biggest management shakeup ever. they all announced departures last week in the wake of the alaska airlines door pan el

blowout. >> a grassroots approach to getting customers back. silvana henao, thank you. turning to the disney board room battle. shares under pressure after sliding 3% yesterday as nelson peltz was defeated in the high profile fight on the board of directors. shareholders voted by a substantial margin to elect the board nominees. let's bring in alex sherman for cnbc.com who has been covering this proxy fight from the beginning and covering disney for a good number of years now. alex, let's talk about just how much of an issue it was to put this in the rear-view mirror and they what's left to do now? >> i think the hard part is still to come for disney. in some ways, fighting off nelson peltz was the easy part,

dom. p nelson peltz doesn't have media experience. he ran a very expensive campaign to get on the board of disney and he had a good argument. disney has flubbed succession for years. bob iger has pushed back his retirement five times. when he did, he handed over to bob chapek and had to come back two years later. that was the argument. in terms of the future of disney, there is a lot that effectively pointed out to investors, but it is unclear him okay the board would have facilitated the answers to the questions. that is what bob iger has in front of him. what is espn's digital strategy? how do you roll that out correctly? how do you chart hits at the box office? disney has been through a

multiyear flub. how do you get streaming to profitability? these are all questions for disney beyond the succession question. that is what is going to happen now. >> you laid out some of the three or four points that you think will be on the agenda. streaming, profitability, succession plan, getting hits back into the movie theaters. i wonder now given what you saw with the shareholder vote and what you saw with the dynamic with nelson peltz and the other activists and investors involved with this, how much do you think shareholders will have in patience and give them the disney board and management company to show signs that things are moving in the right direction? >> well, i think they will get about nine months or so because that would be the length of time before activist shareholders would yet again pile in to start a proxy fight for next year. that is the window that iger and

the board is looking at here. how do you avoid such a thing happening next year like what we just went through? he has about three earnings quarters ahead of him where he shows tangible progress and the different avenues that i just laid out. look, by that time, the one thing i think iger will have going for him is he probably should have named a successor. i reported last year that his plan, if he moves forward with it, is to name a successor and stick around as ceo or chairman until the end of his contract in 2026. that's the very end of 2026. he will be there a little while even if he does name successor. >> that is key for investors. alex sherman, thank you. great reporting. by the way, folks, for more on what is next for disney, head to

cnbc.com and read alex's piece out there morning. he has a great documentary piece of the future of espn. > our david faber sits down with bob iger to discuss the proxy fight at 9:00 a.m. today. a big interview on "squawk on the street." coming up on the show, the new call on wynn resorts saying it may be time to roll the dice on the stock. get it? we're back in a minute.

welcome back. time for the "morning call sheet." raymond james is downgrading bumble. it does see near-term headwinds int from user habits. and mizuho initiates wynn resorts as they see continued growth in vegas. shares are up .50%. and goldman sachs is downgrading hertz. cost pressures have not been priced into the share. shares are down 3%. time for the "global

bri briefing." tsmc is saying the critical commitment equipment is in tact after the earthquake in taiwan. taiwan semi has prepared for a large earthquake for years drawing on lessons from the 2011 disaster at the fukushima plant in japan. and shares of solvay is higher and david einhorn is calling it his value pick. he runs greenlight capital and says it has higher margins. so solvay shares are up 6% in europe. and volvo car sales hit a new monthly record. it is owned by the chinese geely

group. volvo says fully electric models are a quarter of global sales. still ahead on the show, the one word every investor needs to know and why the good times could be coming to aen end for the magnificent seven. and coming up on monday, "worldwide exchange" is heading to london. live from our london newsroom over there. it all starts monday morning at 5:00 a.m. eastern time. we'll be right back.

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welcome back. time for the "wex wrap-up." bloomberg is reporting that paramount has reached a t tentative deal to sell to sky dance media. it will use a 30-day window in talks to work out the finer details. bloomberg reporting apple is developing home robots after abandoning the electric vehicle ambitions. the financial times is reporting that google is considering charging recopremiu features for the a.i. powered searches. and levi's raised the full

profit guidance for the year. the ceo telling cnbc the u.s. market is holding steady. and sk hynix is planning to spend billions in indiana for a plant. it expects the facility to create up to 800 jobs by the end of 2030. here is what to watch for today. initial jobless claims and data before the opening bell and earnings from conagra. we also have a busy day of fed speak with half a dozen go governors speaking today. a long list thank you see there. let's get another check of the u.s. equities futures. you see the dow jones industrial average implied higher by 135. s&p up 19.

for more on the trading day head, let's bring in courtney garcia for payne capital management. courtney, this market has some folks skittish. can the gains continue in the coming months? >> we're optimistic the markets can continue higher. we are getting strong economic data. manufacturing numbers are remaining strong. the inflation is still moderating over the long run. that is why the markets will continue to do well here. there is a lot of cash on the sidelines. they are finally starting to see people dip into the cash. there's a lot of money that can go in especially if the rartes start coming down. the money market funds will price lower. money will make its way back in the stock market. you will see the beginning of

that. >> what moves it further, courtney? what gets hpeople saying i want my money out of the money markets and back into the equity markets? >> you saw two weeks ago when the fed came out and indicated we are still on track and trying to lower three times this year. the markets shot up. that was the first week you finally saw money come out of the money markets. now, we are seeing decent data that inflation is still sticky. you are seeing people tamper back a little bit. you are seeing that as expectations come down, then inflation will come down over the long one and cash will come in off the sidelines. some bull markets get chased where people don't want to miss on the rally. >> all right. if they get in there slow and steady, will it be back to the magnificent seven stocks? >> short term, probably yes. i don't think we're over that

upward trend. as an investor, you want to focus on the market rally broadening. technology has done fantastic. you look at the portfolio and our pipelines is outp performin tech technology. they are seeing health care and p a lot of the markets are starting to broaden out. i don't think we're at the end of the tech. make sure you are getting better. >> what is your word of the day? >> our word of the day is temper. we touched on this. markets are starting to temper the expectations that rate cuts are not coming as quickly or fast as anybody has expected. i think longer term they are coming down, but people are realizing the economy is on good footing. rate cuts may not be in the immediate future. >> okay. is there a top pick you have with regard to a sector or stock? >> we talked about value over

growth. value is trading at 50% discount to growth right now. what that is when you look at the biggest holdings, those are health care and energy. i want to make sure you are continuing to focus on those areas. >> all right. courtney garcia, thank you very much. we'll see you soon. >> thank you. let's check on the markets right now. dow implied higher by 135. s&p up 19. thes s nasdaq up 95. we'll keep a close eye on those. keep it here. "squawk box" pksp e ic uth coverage next. mean to 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.

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good morning. fed chair jay powell says there's still room for rate cuts this year. stock futures pointing to gains. disney prevailing in the proxy battle with nelson peltz. we will tell you what comes next for the media and entertainment giant. apple reportedly working on a home robot that would follow you around the house. it's thursday, april 24th, 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. i'm becky quick along with joe kernen and andrew ross sorkin. everybody's here in the studio. >> good to see you. >> well rested. >> of course. >> happy. >> as joe mentioned, u.s. equity futures are higher. dow is up 130. nasdaq up 95. the s&p up 18. this comes after you were looking at the dow down for three days in a row. it was a mixed session for stocks yesterday. the dow was down 43 points. the third straight session of declines. the s&p was inching higher. up .10%. the nasdaq up .20%. treasury yields you did see higher yields across