it is 5:00 a.m. here at cnbc global headquarters. 10:00 a.m. here in london. i'm frank holland and here is your "five@5." investors getting set for the cpi report come and others fighting for direction at the open. this is called a no-landing scenario for the fed. why morgan stanley and jim cramer said don't hold your br breath. key to commodities is pushing in record territory and why u.s. regulators are asking for oversight of the crypto

landscape. and warren buffett may be doubling down on the big bet in japan. it's tuesday, april 9th, 2024. you're watching "worldwide exchange" right here on cnbc. ♪ good morning and welcome to "worldwide exchange." coming to you from cnbc london. thank you for being here with us. we get you ready for the trading day ahead. we kickoff the hour with the stock futures check after the mix ed session on monday. looking at futures rights now you see, the s&p is flat. the dow opening 25 points leowe. s that nasdaq is fighting for gains. we arechecking treasuries with the yields at the highest level of the year.

looking like a market not looking at cuts soon. let's shift gears and the index for global commodity prices. seg is out pacing the 9% climb for the s&p. look no further than gold, oil and copper. gold is up 13% this year. copper is at the highest level since 2019. oil is surging up more than 17% this year. arabile gumede is joining me here in london with the closer look. arabile? >> the numbers are astronomical. double digit gaisg gains. silver is sitting the highest level since 2021.

you just have seen the prices. these are the price targets. bank of america with the $2,400 an ounce is what they proposed as the key level for on gold. it could hit that level. it doesn't matter if the fed did not cut in the first quarter of this year. if they cut later, that is still the presumed market. that could certainly still be in play. prices headed higher. here is the oil predictions. goldman sachs and jpmorgan chase are hovering around the $100 a barrel mark for oil. morgan stanley and bangk of america and ubs at $95 a barrel there. remember there are escalating tensions from the middle east with the oil production cuts out of opec. you have the easing concern of too much production from the u.s. where we had been looking at copper up 5% last week.

frank. >> arabile, you are looking at price targets with oil and gold and copper. what are the issues they are citing that are leading to the rise and where do they see the geopolitical issues with china and housing in the u.s. pushing the commodity? >> one element to note is manufacturing which is beginning to pick up in the rest of the world. you see u.s. manufacturing grew for the first time in 18 months. data out last week. chinese manufacturing expanding for the first time in six months. german industrial production is moving higher in the month of february which came out yesterday. those are three markets in europe and asia and the u.s. if those are moving higher and seeing a bottoming out, clearly we're in a growth economy. whether it is more or not means demand for commodities is bound to move higher. you have tensions with the middle east with the israel and hamas situation impacting

shipping routes around the red sea and the russia and ukraine situation which is impacting oil capacity across the world. overall, we are looking at a demand situation which could push prices higher. >> you are talking about manufacturing. we are working on a european show. cocoa is more expensive than copper. >> can you believe it? surprising feat. price of cocoa gone up double digits this year. >> a lot of manufacturing and sweet toeeth. arabile, thank you. surging prices is a growing list of factors casting down on the rate cuts this year. the lowest level since october and the new article on ncnbc.co highlights mike wilson who says stocks are pricing in a

no-landing scenario. let's bring in jeremy schwartz at wisdomtree. jeremy, good morning. what do you think of the take from mike wilson with no cuts this year? does this mean the economy can move forward in a positive direction? >> we said we were bullish on the markets and not relying on the six or seven cuts the market got excited about. if the fed is not cutting, it is because the economy is doing well. we just talked about commodity prices with geopolitical tension, but the growth in oil is a stronger economy fueling demanded. you look at what is holding up well and not participated in mega-cap tech. there are parts of the equity markets benefitting from the strong economy and participating. that is the thing to look for within equities. >> you are saying it is not

dependent on rate cut. you are watching the cpi with the equity market. core cpi. last month at 3.8%. the estimate is 3.7% for the report tomorrow. how important is it for that to be in had line or lower when we talk about the performance of equities going forward? >> it will be the lowest cpi print in a number of years. i think the reality as we talked with you before, frank, about the measures of inflation with real-time data on rent which means inflation is below 2%. the trend is their friend for equities and the cpi. we think some of the cooler cpi could be helpful for the stocks. some are worried about the inflation coming up. we feel it is going in the right direction for inflation. >> we are

looking at inflation, commodity prices are rising. does that hurt other sectors? we have seen materials and industrials up double digits. if we see the rise in commodities, does that hurt the industrial sector or continue to put pressure on the real estate sector? >> we just were talking about what sectors fit well in portfolios. commodities have the very useful hedge to stocks. i have been talking more and more about how bonds are not hedges stocks. if there is a risk to the equity market, does that go to five? it is commodities prices going higher. materials going higher. from a portfolio alling indication perspective, you say what ask hedge your downside risk? the dollar is a risk that could hedge it. strong dollar could hurt u.s.

prices. i think the energy sector is useful for that. >> you are also bullish on short-term bonds to capture the rising yields. jeremy schwartz, thank you. >> thanks. time for the check on the top corporate stories. great to see silvana henao. silvana, good morning to you from london. >> good morning to you. donald trump's media company looking to reclaim losses after falling another 12% yesterday. djt are down 30% over the past week following the strong public debut last month. the company said it has lost millions of dollars this year and is struggling to meet its financial liability. the treasury department is requesting more enforcement powers against one provider of cryptocurrency services. ahead of the hearing in the senate, the department said bad

actors shutout from the international banking system like russia and north korea are using digital assets to hide their identities and threaten national security. tesla is threatening a lawsuit over the auto pilot crash that killed an apple engineer in 2018. they filed to seal the terms of the settlement from the public including any compensation fees paid to the family. tesla will avoid a months long trial over the self-driving technology ahead of the robotaxi launch. this as tesla co-founder and former ceo martin eberhart told cnbc at the summit in hong kong today is amazed that tesla gets away with rolling out autonomous driving given its history of fatal accidents. frank. >> looking at tesla shares down .50%. i'll watch tesla. a lot of ev news.

silvana, good to see you. we have more to come here on "worldwide exchange," including the one word that investors have thou to know today. more on the inflation risk and why morgan stanley and apollo are not the only ones pricing in the no-landing scenario. and why the solar he eclipse had everyone looking into the sky. later on "worldwide exch exchange," congress is back after the break and we have latest with one contract or looking for victory in ukraine. more still ahead on "worldwide exchange." stay with us. power e*trade's easy-to-use tools, like dynamic charting and risk-reward analysis, help make trading feel effortless. and its customizable scans with social sentiment help you find and unlock opportunities in the market.

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welcome back. looking at futures right now. a muted start to the early trade. the dow would open up slightly lower. s&p is flat. let's see how europe is shaping up as the trading day is under way. silvia amaro is here with me in the london newsroom. >> good morning, frank. it has been a lower start to trading here in europe. we are seeing the main board in germany and in italy are leading the losses at this stage. down by .6%. this is after we saw the main benchmark in europe on monday,

the stoxx 600, ending the session positive by .4%. we are looking at the holding pattern among investors as we wait from the ecb on thursday and that key inflation print from the united states. i want to show you the breakdown. there are interesting moves in the space. at the top, basic resources is out performing at this stage by 1.5%. oil and gas stocks are up by .8%. a lot is happening in the space. we are seeing shell shares moving higher off the back of higher oil prices. we heard from bp this morning. they are positive trading which has boosted the sector overall as well. on the other hand, at the bottom, we have construction and material down .7%. retail as well is down .6%. >> silvia, thank you.

turning back to the u.s. one of the big stories is the solar eclipse. everybody looking up in the sky. while everybody was looking through the special glasses, pippa stevens is looking into the solar industry which is facing hurdles. pippa, good morning. >> reporter: frank, residential solar is coming off a record year, but adoption remains low. 5% in part because of costs. they have come down a lot over the last decade, but prices in the u.s. are higher than more developed solar markets in australia. the system will cost $3.30 per watt or $26,400 per kilowatt hour. that compares to less than $1 per watt in australia. it is cheaper with financing and labor and soft costs. 85% of u.s. systems are financed

and that can mean no up-front costs, but higher rates impact the payback period. in europe, more paid with cash and labor is cheaper. the big hurdle is soft costs which is the connections and customer acquisition. solar is not well understood across the country. all told, these soft costs can total as much as one-third of the total cost of the system. frank. >> pippa, going back to what you were talking about with the soft costs. solar stocks are laggards. what are the companies doing to cut the soft costs? >> reporter: one thing is the permitting grid is a mess. not only do regulations differ from state to state, they differ from town to town. to streamline that process that

takes many months, a lot of companies are looking at how we make that faster. time is money and if it takes longer, customers can ultimately decide to cancel. the other thing that is im impacting the sector is higher rates. if rates go up and if you are loaning that system or leasing that system, it will cost more for the payback period. these companies say they still remain attractive given the financial costs are lower for what you pay for utilities every month. until the rates come down and consumers are in a better spending position, we may not see a bottom for the sector. that is the thing to watch ahead of the earnings. if we had seen a bottom in the u.s. solar sector. >> thank you, pippa. coming up here on "worldwide exchange," watching the action in china ev stocks just one day

after treasury secretary janet yellen said here on "worldwide exchange," that the u.s. is open to ev imports from china. we'll be back right after this. meets bold new thinking. to help you see untapped possibilities and relentlessly work with you to make them real. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com.

welcome back. congress returns from spring recess today with several items on the agenda. that includes whether to approve additional aid for ukraine. opposition has been growing and more than half of the funds have gone to u.s. companies making

weapons and technology to send to ukraine. we have emily wilkins with more where one is waiting the outcome in washington. emily, good morning. >> reporter: good morning, frank. we are here in rochester, new york at a facility which is making radio communications for the army. they are waiting to see if congress will pass the $60 billion in funding for ukraine that president biden asked for because if congress does, part of the funding is likely tocili hundred millions with the funding for ukraine in 2022. they are not alone. the majority to help ukraine is $96 billion which has been spent in the u.s. according to the american enterprise institute. the senior fellow at aei who is part of the team which did the analysis, said the funding allocated to ukraine has had a substantial impact on the u.s.

defense industry. 117 production lines and 31 states are producing weapons which are sent to ukraine or refuelling the american supplies. >> it is highlighting the production. it is bringing back institutional knowledge about weapons manufacturing to the floor and pushing america and its defense sector to innovate and modernize old weapon systems and use things new ways. >> reporter: the new to facilits not only waiting for new funding, but so are small and mid sized companies. house speaker mike johnson is looking for a proposal to provide additional aid for ukraine and getting a support of house republicans. he is considering several options like making part of the aid alone or using russian assets seized to make that part

of the aid package. members return to d.c. tonight and you can bet the funding is a top priority. frank. >> i expect it to be a priority, but there are political considerations in the issue. congress member marjorie taylor greene is outspoken and said no more aid to ukraine. she filed a motion to oust speaker johnson right before lawmakers left town. will that go to the floor for a vote? >> reporter: it is a possibility he could face that vote. it is a huge question of the outcome of the vote. there have been a couple of republicans who seem to be with congress member marjorie taylor greene as far as ousts johnson. we don't know the number at this point. we don't know how many democrats are supporting johnson. if johnson is able to move on

ukraine aid and get that done, we can help support him to make sure he stays in the speakership. lots of politics and considerations. the signals at this point show with the motion today to vacate hanging over his head, he is looking to get the aid package done. >> emily wilkins, thank you. coming up here on "worldwide exchange," the cryptocurrency asset hot on bitcoin's tail riding a wave of optimism. we are live in paris with more on the story. if you haven't already, follow our podcast. if you miss us, check us out on apple or spotify or other podcast apps. we will be right back after this break.

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exchange" here on cnbc. welcome back to "worldwide exchange." i'm frank holland coming to you from cnbc london. let's get the look at the trading day. here is a look at futures. they were mixed and slightly lower. right now, you see the s&p is firmly in positive territory. the nasdaq moving higher. we will ticontinue to watch the futures. this as investors are waiting for the march inflation report after the february's hotter read. treasury yields are looking nothing like a market bracing for cuts. the benchmark at 4.38. we want to get a look at chinese ev makers trading in hong kong. byd and li auto getting a boost

there. all after comments from treasury secretary janet yellen. she talked about the potential for the cars being on american roads. >> they are allowed to sell evs in the united states. we don't have rules against it. again, in that area as well, we are trying to foster a domestic industry. we are certainly open to imports, including those from china. there is no rule against china selling evs in the united states. >> again, chinese ev makers trading higher in hong kong. let's get to the corporate stories with silvana henao. silvana, good morning. >> good morning. the biden administration is

reportedly set to hand out its latest round of funds from the chips act. according to reuters, the white house will announce $6 billion going to samsung next week. reuters adds the money will go to construction of four facilities in the united states and that samsung will more than double the investment in the country to over $44 billion as part of the deal. general motors cruise unit is resuming the testing of the robotaxis. the self-driving car division will do so with safety drivers in phoenix. cruise has not set a timeline to begin testing after halting in october after the incident involving a pedestrian. and elon musk says artificial intelligence that is smarter than the most brilliant human could come sooner than we

think. in the iunder interview on x, h that could happen as early as next year. a.i. has been held back by the availability of electricity. his start-up should be trained by next month, frank. >> very interesting stuff. silvana, thank you. turning back to the equity markets. shares of apple are lower after falling more than .50% to kick off the trading week. that drop coming on the heels from key bank which says the yearly sales for iphone fell after the pent-up demand for iphone 14. total revenue estimates were down 1%. meta and amazon are hitting fresh 52-week highs.

we have sarah kuntz here with me on set. >> good morning. >> i'll dig deeper into the note. first, apple iphone sales are up 9% month over month, but down 15% year over year. is this meaningful? is the fact we are seeing month over month growth meaningful or 15% declines year over year more meaningful? >> i don't love looking at the device sales. the reality is you don't need a new iphone every year. t they are not coming out with new features. if you bought a phone three years ago, it works well. in markets like china, they are not seeing that same embrace from the government they used to have a little bit. i'm not shocked it is down month over month. that is not a huge warning sign.

>> can i take you back to faang? three faang stocks hitting 52-week highs. there is one you don't like. netflix. i'm not saying you don't like it, but not as bullish as everybody else. you don't have the same confidence. why is that? >> i actually think they are doing a great job with their business. they are profitable. streamer making money. that is not something we are used to seeing. the problem is most streamers don't actually have to be in the business of streaming. the disney plus of the world can lose a ton of money. apple tv plus can lose money because they are not the only one. the thing that scares me about netflix is that is their own business. they don't have as many hit shows as we have gotten used to seeing. >> content is still king. it is not ads and other things coming into the streaming space or competition on price. >> advertising is hard for media

companies. netflix trying to become an ad company and crackdown on sharing has helped in gains. if they don't have hit shows and it is harder to access, do people forget and move on to the other five streaming subscriptions? >> we are looking at the chart. netflix is up 29% year to date. we hit on the declines on apple. right now, is this an opportunity to buy apple or an opportunity to take profits on netflix based on your thesis? >> i would take profits on netflix. they have done a great job of coming back for some of the post-covid lulls where everybody left the house. it is a great time to lock in the gains if you have them. for apple, i like apple. it is decently well priced. i don't think it is a big and exciting and sexy company. >> sarah, sit tight for a

second. we will switch gears and get your take on what's coming up. coming up, we will switch gears a bit. give me a second to get that going. coming up, bitcoin and ethereum pulling back. we igo to the largest crypto event in europe next. and south korcarolina is no the only winner in women's basketball. setting a record with 18.7 million viewers. the most watched women's college basketball game since 1992. dawn staley from philly. she is the greatest women's basketball coach of all time. props to her. another year and dominated victory. the huskies winning the men's title against purdue. marking the second straight national championship. uconn joins florida and duke as

the third team with the repeat win. those teams are amazing. they may not be winning in basketball, but still on top when it comes to price. the cost to attend an ivy league school next year. surpassing $90,000. the most expensive schools include university of pennsylvania, cornell, brown and dart dartmouth. stay with us. more "worldwide exchange" coming up.

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welcome back. it is time for the morning call sheet. we start with goldman sachs cutting the price target on tesla from $195 a share. weaker first quarter delivery and the new price target reflects market conditions. shares down .50%. barclays downgrading american express to equal weight with decelerating loan global. shares are flat right now. deutsche bank reinstating cisco. the recently completed acquisition of splunk could reaccelerate. shares of cisco up over .50% in the pre-market. time for the global briefing. hsbc is selling in argentina to focus on asia. the company will take a $1 billion pre-tax loss in the fiscal first quarter. hsbc is selling assets which include banking and asset

management and insurance to the argentinean fifth's largest bank. and bloomberg reports that blackstone will take l'occitane deal private. berkshire hathaway is selling yen bonds. that is over warren buffett considering more investments in japan. berkshire is the first major overseas debt issuing insurance the bank of japan scrapped negligence tough rates last month. we turn attention now to the cryptocurrency sector with bitcoin crossing above $72,000 for the first time since the

middle of last month. we saw it down 1.5% this morning trading at $70,600. and the coin ethereum is fueled by the expectations of the approval of a spot ethereum etf. sarah kunst is still with us. we have the halving coming up in a few weeks and the ethereum which people see as a viable and useful crypto because you can build apps on it. >> when crypto comes back, it comes back across coins. you don't just see bitcoin. we have seen some of those coins that are a little bit as a lag are ramping up the last couple months. i'm not surprised with ethereum. the crypto diehards think ethereum is a perfect bitcoin. the price never catches up.

i do think we will continue to see positive moves. >> i think some investors don't think that is cute. i was on the european shows earlier today. how important are rate cuts to the tstory of bitcoin? >> bitcoin is supposed to be a non correlated asset. that may be true some day, but not any time soon. when rates go down, there are fewer places to get easy money and to get the safe money from the sweep account or money market. crypto is an interesting and relatively easy place to go. it usually, as we get closer to rate cuts, people like bitcoin more. as we he get closer to rate cuts, the economy is doing things that tend to mean there's more retail investor money going

into bitcoin as well. >> you mentioned retail investment money. when it comes to bitcoin and ethereum. the etf for ethereum coming up and the halving. how far do you see the landscape in the first month of the second quarter? we have central bank decisions and a lot of action in the general markets. what is the forecast for the month? upward or volatile or is it a significant shift? >> you have to remember about the cryptocurrencies is people bought in at zero per coin. some of them are still holding and when you see these highs, you often see a dip right after. the ability to lock in at $70,000you meained it for $1 a decade ago, you almost see a

dip. that is not indicative of what people are looking to do which is lock in gains. it will go up and go down a little bit. the overall trend line is clearly up and to the right. >> you know, i want to put you on the spot. put up a year-to-date bitcoin chart. we have talked about bitcoin for weeks. we are seeing over two years up 65%. a considerably sharper move just this year. up 66% year to date. the halving is coming up on april 21st. if you have been on the sidelines, is this your potential to get in and make money? do you see the halving having a significant impact on the upside move as a lot of people are speculating? >> it probably will show price bumps. that being said, the best time to get into bitcoin is not when it is in the news and hitting all-time highs. >> that's a clear answer.

sarah, thank you for joining us. we appreciate your time. time to go to arjun kharpal in paris. he is talking to the industry's key players. a arjun, over to you. >> reporter: frank, the first thing coming out on the etf application approval. i spoke to the ceo of van eck and coinshares. the ceos both side they don't think the etf will be approved any time soon. i spoke to the ceo of bi narcobinance. part of what the doj alleged was a culture issue at binance.

i spoke to the new ceo richard teng over the issues. he comes from the regulatory background. he is looking to clean up the company. the doj alleged was past issues with binance. he is looking to grow. the direction is to more compliance and he is focused on the robust compliance program. the helps ackmessage he is tryi he is cleaning up the company's act as the market continues to be moving higher. he was bullish saying and what is interesting is the etf combined with the halving will support markets for the year. his prediction is behind where the market is right now. frank. >> arjun kharpal live in paris.

thank you. coming up here on "worldwide exchange," the one word every investor needs to know. plus don't sweat the fed. that is what we are discussing about shiprinking hopes. and how denver and boulder have created two powerhouse economies. that expansion is coming with growing pains. cities of success pre premieres thursday on cnbc. we are back in a moment. - so this is pickleball? - pickle! ah, these guys are intense. with e*trade from morgan stanley, we're ready for whatever gets served up. dude, you gotta work on your trash talk. i'd rather work on saving for retirement. or college, since you like to get schooled. that's a pretty good burn, right?

welcome back. it is time for the "wex wrap-up." shares of trump media declines. now the company is worth less than $3 billion. and treasury steps up the crypto fight to protect national security from bad actors like north korea and russia. tesla setting the lawsuit over the auto-pilot crash with the apple engineer. and morgan stanley is pricing in a no-landing scenario

as the economy will inclchug al with no rate cuts this year. and the latest ahead today with the house returning from recess today and ukraine funding is top of the agenda for lawmakers and in tech, the cloud developer conference kicks off today. investors are waiting for the big cpi report. futures are in the green. the dow would open up higher. the nasdaq is continuing to move higher. the markets continue to focus on fed rate cuts this year, but jim cramer is telling investors be thankful that powell is not hiking any more. >> we have a robust economy. i'm less worried about the earnings season. i checked the record and this job creation is about as good as it gets regardless of short-term interest rates.

if you are hoping for a rate cut, don't hold your breath. be glad you are not getting more rate hikes. >> for this day ahead, let's bring in jeffery klein. what do you think of jim cramer's take with the fed? how do you see rate cuts in the economy and the stock market tied together? >> there are stocks in the market that are looking forward to the release of liquidity that can come from fed rate cuts. i focus on the one place where they are hiking rates in japan. i'm a big fan of the japan stock market. a lot of things in place in japan sustaining that and more attractive valuations than here in the u.s. >> jeff, you have been talking about japan for a while. you were one of the first guests to highlight that here on "worldwide exchange." i want to talk about the wex

word of the day. commodities. >> oil is my word of the day. we get the oil report from the u.s. energy information agency at noon today. oil demand estimates may be revised higher intoday's report given the strength of the global economic data. that can push oil to the new highs with the geopolitical concerns with the war in the northe middle east and ukraine targeting the russian infrastructure. the temporary move higher could boost the energy sector. a major and sustained upward move in oil prices could negatively impact the oil outlook. >> you know, jeff, you took the words out of my mouth. oil continues to rise. wti up double digits year to date. how do you see oil going forward as we get closer to june? is oil one of the factors that the fed will see as possiblying

something that they can overlook or will that influence the rate cut decision? >> it is getting harder to overlook the factors of inflation that is stubborn. we know housing is an issue. you have other commodities and not just oil, metals and many other inputs as manufacturing ramps up. that could be more important for the fed. i will not say they will dismiss it and look at cpi without energy. it will be an important factor. >> let's get back to the markets. earnings season is about to kickoff. yesterday was the eclipse. you are looking at the earnings ecl eclipse. explain why this is important for investors and how should this influence if other people fall along with the investment strategy? >> in the first quarter, it is

expected that it will be the last quarter that the magnificent seven earnings growth in yellow is positive and negative for the rest of the stock market. by the fourth quarter of this year, relative earnings growth is expected to flip with the rest of the world expected to eclipse the growth in the magnificent seven. this may further shift away from the mag seven where others are recovering like financials and energy and materials. >> jeff, we have to leave it there. thank you. jeff kleintop from charles schwab. that is it for "worldwide exchange." we have "squawk box" cing omup next. thank you for watching.

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good morning. stock futures are calm right now, but gold is trading at another record high. we will show you what is moving right now. plus, elon musk saying a.i. is getting smarter faster than you might think. those comments straight ahead. plus, congress is back in session. we will tell you what is on the legislative agenda and get a live report from the defense contractor awaiting word of the ukraine funding bill. it is tuesday, april 9th, 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 andrew ross sorkin. joe is off this week. let's lookat what is happening with the u.s. equities at this hour. there are some green arrows. these are modest advances. dow up 4 points. s&p indicated up 5 points. nasdaq indicated up by 30. that matches what we saw at the close yesterday where the dow and s&p were down. nasdaq was up. let's look at what is happening with treasury yields. the ten-year yield is below 4.4%. 4.39%. the two-year