it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." trying for a rebound stocks looking to claw back the losses yesterday as investors push past a weaker than expected gdp read and meta's earnings mess today is all about big tech with a different spin. alphabet stock is popping and set to join the $2 trillion market cap club. microsoft pushes aside concerns and focusing on growth in the cloud and artificial intelligence. a stellar report from snap which has that stock surging

ahead of the open on the unexpected and welcome profit beat. getting set for the latest on consumer prices and what it could mean for the fed decision next week. it's friday, april 26th, 2024. you're watching "worldwide exchange" right here on cnbc ♪ good morning and welcome to "worldwide exchange. we're coming to you live from cnbc london. thank you for being with us on friday morning let's kickoff the check after whipsaw action yesterday with the major averages closing off session lows offer the weaker than expected gdp print and what was the busiest day of the first quarter earnings season. look at the beats. you see they are in the green. nasdaq up 1% the dow looking like they would open 60 points higher. s&p up .75%. the big story is big tech led by

alphabet and what you could call a triple crown earnings report first quarter revenue and net income ahead of estimates. $17 billion in free cash flow announcing the quarterly dividend and $70 billion share buyback program. the stock is popping after hours trading up 11% it is set to join the $2 trillion market cap club at the open microsoft with the top and bottom line fiscal third quarter results above estimates. revenue growth was a bit weaker than expected. cap ex is high with satya nadella telling shareholders to expect more of the same in the coming quarters. and then snapchat parent company with snap with beats all around and earnings and profit revenue and daily active users beat.

snap shares up over 23%. and trying to keep the equity gains in check with the two-year note hovering at 5% yield ahead of the pce inflation report. the two-year yield popping up at 4.99 it crossed the 5%-year-old yestyiel yesterday. > that's the setup joining me now is sophie lund-yates and ryan from the carson group i want to start off with the report it came after weaker than expected gdp which is counterintuitive of economic reports work in recent weeks it has been the hotter report leads to the selloff were you surprised by this or is

this part of the seasonality of the election year? >> frank, good morning thank you for having me back after 30% rally over the past year, the huge rally off the october lows, you see i indigestion and then you get a surprise rally look at the gdp. consumption was strong parts of the economy mattered. imports and exports took away 1% of the dgdp. what upset the apple cart was inflation data pce. monthly pce comes in later today. to put a bow on this, you look at the quarterly data. most of the financial services fees are higher.

why is that? the stock market did great last year that is the reason the quarterly pce was hotter we are anxious for today i know the last two months have been rocky we think today could bring good news and the market look past the gdp number you have to be impressed with the reversal 24 hours ago, things were ugly now we're doing better. >> sophie, coming over to you. gdp appeared to show the impact of higher rates on the economy and leading to a bit of a slowdown in your mind, that gdp report, does it have any read on the tech trade we are seeing the markets move higher with alphabet and microsoft. >> the macro picture is always going to effect super growth stocks liooksikes like this

things are more muted than they usually would be the market is far more interested with the outlook statements and pure play individual stock stories and growth outlooks and runway for a.i. it does matter if we see dramatic moves in either side with the macro that will affect appetite for growth growth stocks. however, the macro is more diluted than in previous times >> i want to go back to gdp. one data point accelerated up over priv3% sophie, microsoft increased cap ex by 80%. alphabet by 91%. a day ago, meta got dinged for that why were they rewarded for the huge cap ex?

>> that is a good way to state that there is a reason for this primarily, the market is spooked by what meta is doing. the strategy behind that increase in accelerated spending is less clear cut than it is for the likes of microsoft in particular for example, the a.i. for microsoft is a lot clearlier tit is for meta. there is not the tried and tested track record. it is a leap of faith. i have the right ideas and the spending will payoff microsoft has a clear track record of already pulling it off. that's why the market is a lot jumpy around meta's plans. >> ryan, back over to you. you believe pce is cooler than expected you believe it will be a positive surprise here is this a market moving economic report or has this already been figured out that we are going to

take a few more for the fed to make a definitive decision >> it wellill take a few more positive inflation reports we have not had too many we could see a pop if inflation after yesterday's worry after looking deeper in the quarterly pce number you look at what is going on we have unit labor production which is low high productivity. wages are strong, but coming back down. there are parts of inflation that are sticky. shelter which is what people have talked about for a while now. it is not a perfect scenario we are optimistic we will have two cuts this year i know not many thought that three months ago, everybody was saying seven cuts. we may see three cuts. now the pendulum has swung no cuts or a hike. we will see more data. >> ryan, i want to jump in your forecast is two cuts.

some people believe zero cuts. is it important we get two cuts or the fed indicates we get cuts to kieep the rally going >> the pull backs happen we have a huge rally it could be any reason i think just as long as the fed continues to give a clue they will not hike and the hiking cycle is done, which they have because that is what they have given. at the end of the day, we have seen potential cuts baecause the economy is strong and we continue to see higher earnings growth 12 months out those are the things that truly matter and consumption at 200,000 jobs every month there are still positives, frank, with overweight equities. once we get through the seasonal lull, we will get a summer rally. you tend to see that a lot in the election year. sell in may and go away. we will know this. the worst six months of the year

are in strong election years. >> sophie, the last word right now. ryan believes we could see two cuts this year we have seen the magnificent seven mega cap trade breakdown since jay powell said rates will stay higher for as long as needed is this pce report important investors have turned their back on tech with the rate cut path become less clear. >> it is very important because it speaks to the fact that where we are with inflation now which is moving in the right direction. the last few points of inflation are sticky i know we are all sick of hearing that word. what we know is all of the spending that can be pulled out of the economy has already happened what is left is entrenched that is problematic. that is why we see heightened nerves it matters to mega cap tech.

we don't want to see interest rates protracted as i was stating earlier, what will move the dial more are the comments on a.i. and outlook and who will win this very interesting race that we're in the middle of at the moment. >> two more big reports to go. apple and amazon sophie and ryan, thank you very much for more on what is driving the markets, head to cnbc pro at cnbc.com/pro busy day stateside not to be outdone by the action in london. silvia amaro is here with me silvia, you mentioned yesterday we were 300 companies reporting, but today is 100 >> not as busy as yesterday, but a very busy day for investors. we are hearing from 100 companies across the continent

i want to bring you the highlights so far. let's talk about airbus. they reported a miss on the first quarter operating profit down 25% on the year at 577 million euro however, the planemaker is sticking to the guidance for the year and raising its a-350 production target. you can see at the moment slhare are moving lower by 2.4% i want to take you to another french stock remy reported 0.7% decline in the fourth quarter sales cognac maker has seen an im improvement in china sales declined ahead of the expectations and then total energies dropped 22% on the year in the first quarter as higher refining margins brought on a sharp fall

of profits the oil and gas company will buy back $2 billion of shares this your and declared the first interim dividend of 79 cents per shear. that boosted the stock a little bit. let's see what else happens today, frank no doubt, a very busy day for investors over here in europe. >> silvia, thank you very much. we have a lot more to come here on "worldwide exchange," including the one word that investors have to know today first, more on the big tech results as we dig into what snap is doing right now and what meta is doing very wrong. shares of paramount global popping as takeover talks appear to be moving forward and later, why intel continues to fall behind in the a.i. rat race. a very busy hour still ahead when "worldwide exchange" returns. stay with us

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he said he is worried and inflation may thought go away as people expect. i'm not talking about this year. i'm talking about 2025 or 2026 walmart announcing rob walton, the longest serving member of the retailer's board and oldest son of sam walton, is stepping down from the board walmart revealing it nominated the chipotle ceo brian niccol to replace walton if elected, he would be the fifth added to the board since 2017. and paramount global and skydance are moving closer to a deal to merge the companies. sources telling cnbc the two sides are narrowing in on how to value skydance assets and how to merger the company those sources are adding

skydance and equity backers are shooting to finalize the terms of the deal by next month. frank. >> interesting a lot of movement in the streaming space. a lot going on silvana, thank you time for the big money movers shares of intel are sinking after the chipmaker posted mixed results and weaker guidance for the quarter. shares down 7.5% first quarter sales coming up short leading investors to believe the bottom for intel is not in just yet despite comments from ceo pat gelsinger to have revenue growth to strengthen throughout the year and into 2025 thanks to a.i. and what he says is a delayed refresh cycle. gelsinger adding that growth should start later this year >> we delivered a solid q1 we met revenue we beat on eps we gave an outlook for first

half to second half. a much stronger second half outlook with growth across every business forecast for the second half somewhat like the market indicates and maybe market weakness in the first half of the year we're working through that >> a dim forecast overshadowing roku warning of a higher growth warning ahead with the tough growth rate comparisons with the pricing increases. shares of roku down 3.5% skechers reporting a record quarter for sales thanks to new products and surge in growth demand the sneakermaker is raising guidance of $10 billion by 2026. shares up more than 11%. for more on the quarter, catch john vandemore today at 11:00

a.m. more "worldwide exchange" coming up after the break. stay with us with gold and copper prices pushing towards all-time highs, u.s. gold corp is advancing its environmentally friendly gold and copper mining project and creating american jobs in mining friendly wyoming. with a proven management team and board, a tight share structure, and a solid cash balance, u.s. gold's portfolio of world-class assets are creating american growth and homegrown strategic metals as the us moves towards an electrified future.(grunting) corp.

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the company has a growing need for data management tools. >> data is foundational to a.i from the data in the training models and fine tuning and data used for augmented innovation. that is giving context to the large language model to um prove accuracy and relevance >> salesforce announcing ability of the copilot to manage data. of course, salesforce is one looking to monetize a.i. co copilot. adoption is still thin questionn the emerging tech. let's get othe latest headlines with richard lui in

new york >> most justices seemed in favor of protection from criminal charges, but not the absolute immunity former president trump is requesting. t at protests grow on college campuses, the university of southern california cancelling the may commencement ceremony. that event is attended by 65,000 people the university said it would take too long to process the guests with the security measures in it place with the protests. offense is the name of the game on the first night of the 2024 nfl draft chicago bears drafted usc quarterback williams the record six quarterbacks were taken in the first round williams was followed by lsu heisman winner daniels selected by the commanders and drake maye is set to kickoff a new era for the new england patriots all of that on the first day

frank, back to you. >> thank you, richard. before we head to break, we are watching shares of boyd gaming first quarter revenue coming in line with estimates. earnings have fallen short the company said severe weather hit the midwest hard in the quarter and competition on the strip remain intense shares down just over 8.5%. we're back right after this.

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it is almost 5:30 a.m. in the new york city area and 10:30 a.m. here in london. here's what's on deck. investors looking for the move in inflation key part of the bump issing big tech earnings after the company confirms the may fall behind in the a.i. race. and investment shows early signs of paying off for microsoft. it is friday, april 26th, 2024 you are watching "worldwide exchange" here on cnbc welcome back to "worldwide exchange." i'm frank holland coming to you from cnbc london let's get you ready on the trading day. we pick up the stock futures after what was a whipsaw session

yesterday. we saw the major session lows close off the disappointing first quarter gdp print and earnings miss. big reversal it looks like the dow would open up 40 points higher. nasdaq is the big winner over 1% high near prer in the pre-market the economist expect core prices to rise 2.7% year over year. a slight particular lower than a month ago. the report today is due out at 8:30 a.m. eastern time it is the last economic data point before the federal reserve policy meeting next week ahead of that, we look at the bond market. right now, the benchmark at 4.628. highest since november of 2023 the two-year note at 4.99. holding below 5% it hit 5% yesterday.

that's the morning set up. let's turn our attention to the biggest money movers of the day. alphabet soaring first quarter profits jumped by more than half and beating forecasts as it continues the push into a.i. the company announcing a $70 billion buyback and the first ever dividend of 20 cents a share. elsewhere, snap with revenue and daily active users beating estimates and guidance and user growth above estimates the bigger rival, snap is leading into a.i. to boost the ad business. let's get more from richard kramer richard, it is good to see you in person. we are both tall who knew >> who knew? >> let's start off with snap a surprise here. before the quarter, there were

concerns of the digital ad business >> in the case of snap, it is a minnow compared to microsoft and alphabet 50 million higher than consensus than for second quarter. put that in for a $1.2 billion business put that in context of google results which had a 7 billion increment al addition to the ad for the quarter. it is brought forward by the trends you see at google >> i want to get to the google digital ad numbers 2% higher at over $66 billion. 12% higher year over year. this report from google is more reflective than the google ad environment? >> absolutely. google and meta have half of the global digital ad market both added $6 billion and $7

billion respectively in terms of additional ad spend year on year when you add that with microsoft, you are looking at $25 billion of incremental revenue they pulled in year on year that is unprecedented. we have never seen that economic concentration. they are backing that up with massive investment google is on the $50 billion cap ex run rate. they are plowing money into the a.i. arms race like never before. >> alphabet cap ex is up year on year most of the spending is expected to be spent on artificial intelligence snap is using a.i. to boost their ad business. mark zuckerberg is investing in a.i., but did not have a clear path forward richard, does a.i. matter when it comes to the ad space i don't think we quite see the impact of it when it comes to the copilot. in the ad space, is there a

definitive use case? >> the reality is a.i. has been driving the ad business for years already. all of the google search recommendations and youtube recommendations and ad placements on meta are all driven by machine learning or a.i. technology already. that's already embedded in the business what zuckerberg is rightly pointing out will take more time is the new products and assistants that consumers have to get comfortable using make most mistake, the digital ads business for meta and google runs on a.i. today >> i never thought about it before you are right. talking about something to your friend and all of a sudden it pops up on the timeline as a advertisement. it is an ad function we have some other players coming up. one is amazon with the growing digital ad business. is that read from what we see

from google the? >> neither amazon has a digital demand side platform business growing quickly. the majority of the ads business is sponsored products listings on amazon itself if you want to sell on amazon, the largest ecommerce in the u.s. and most of the western world, you have to sponsor our products with advertising. that's the core of the ad offering it shows especially with google calling out strength in the retail business, that the pay-to-play ad placement for retailers and product producers is essential >> does that mean amazon will benefit? >> absolutely. all of the companies, there is no way they can place the scale of $60 billion or $35 billion of digital ads in a given quarter without automating that business >> richard, always great to sigh you. thank you for being here coming up later today, you don't want to miss the interview

with snap ceo evan spiegel at 11:00 a.m. time for the check of the big money movers with silvana henao at cnbc hq silvana. >> frank, let's start with boston beer getting a pop as it reported a surprise first quarter profit and revenue above forecast we are seeing shares up 6% in the pre-market now shipments rising nearly 1% all on growth in the twisted tea brand and offsetting the hard seltzer. jumps 21% in the first quarter. shares of resmed are moving higher first quarter profit beating estimates on strong demand for the company's sleep apnea devices. resmed market share is getting a boost as philips is facing a long recall of the machines.

shares of resmed up 9% in the pre-market and shares of atlassian sharply lower despite the third quarter profit and revenue coming in ahead of forecast on continued demand for cloud services cloud revenue rising 30% and the company is guiding above estimates. they are also announcing the co founder will step down as co-ceo >> silvana, thank you. shares down 5.25%. coming up on "worldwide exchange," a bump after the microsoft early charge in the a.i. arms race is it already paying off first, a few of the top trending stories beatles firing off one last call for help the guitar used on songs like "help" "and it is only love"

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welcome back to "worldwide exchange." not just alphabet, but microsoft taking center stage. the company blowing past q3 estimates thanks to growth in the cloud on the push into a.i those a.i. investments are proving to be a double-edged sword with the the cfo telling near-term demand is higher than the microsoft capacity satya nadella is still remaining optimistic about growth opportunities on yesterday's earnings call.

>> otur a.i. innovation is building on the partnership with the openai the number of $100 million plus a azure deals increased month over month. >> joining me with the take is timothy, the senior analyst in cloud services at oppenheimer. good morning from london good to have you on the show we email or talk when i figure out the hyper scalers. azure has 36% of the market share globally all of the a.i. enthusiasm, does this have potential to move it higher with the market share maybe in the first spot taking out aws? >> there is a potential. that woill take a couple of years. you have aws growing at half that rate. it is just a matter of time if it continues at this rate. >> just a matter of time in your mind, how real is this

a.i. copilot adoption? i talked to a lot of people who say it is mixed. early adoption is a push and pull it is not going smoothly people are using it and companies are buying it, but getting the employees to use it. what does this is a to you about the horizon with the ya.i. copilot? >> teams users of a.i. double on actual transactional basis they rolled out 150 upgrades of the 365 copilot in the quarter alone. this is the early product. they think the demand is extremely strong you are basically seeing that in the cap ex numbers they would not be doubling cap ex from $30 billion to $60 billion without indication the demand would be extremely

strong if you look at the cap ex guidance of the big three. meta just reported and alphabet and microsoft, the guidance is going from $100 billion of cap ex to $150 billion the proof is in the pudding. if you are going to spend that money, you believe you will get a payback in a relatively short period of time >> microsoft is guiding cap ex which bgrew 80% year over year. why are investors reacting positively to this when meta got hit for its cap ex guidance? >> a couple of years ago, cap ex was speculative. we didn't know the metaverse would develop. we are seeing a supply/demand imbalance. our channel checks suggest there is not enough accelerate error

k out there. you see the improvements from a.i. are astonishing that is why microsoft exa accelerated growth in azure and the supply/demand im balance azure would have grown faster if they had all of the components they needed. microsoft thinks our i.t. stack will be transformed with all this you are looking at unbelievable productivity improvements. >> you sound sold on it. we have people coming on who are bullish like dan ives. you sound like you are 100% sold a.i. sayis a catalyst. they revealed surfaces in the quarter and they have a digital ad business. is that going to benefit the

other segments as well >> absolutely. it is something they highlighted with coca-cola contract. when you look at drug development and healthcare industry, you will very productivity improvement in almost every segment of the market we are very early in the process. it will not be a straight line process at all we think we will -- >> i was asking about the microsoft device business and ad business does a.i. boost those businesses for microsoft? i know you are sold on them helping other businesses, but what about their internal businesses >> great point the device business will take longer to develop. it is helping a bit on the margin at this point that will take time. on the ad business, clearly every segment that microsoft is using internally is talking about eating their own dog food. they didn't specifically mention the ad business yesterday.

>> all right we have to leave it there. microsoft share up 4%. timothy, thank you coming up on "worldwide exchange," thanks, but no thanks mega mining merger looks like it wy be over before it starts weill be right back right after this break . people person. but he is an “i can solve this in 4 different ways” person. you need clem. clem needs benefits. work with principal so we can help you with a plan that's right for him. you know what i'm saying? let our expertise round out yours.

welcome back to "worldwide exchange." we start with anglo american rejecting the takeover proposal

from bhp saying it is significantly under valuing the company and prospects. in a statement, the chairman calls the bid unattractive and creates substantial uncertainty and execution risks for the company and other shareholders shares of both companies trading lower. the bank of japan keeping rates unchanged after the policy meeting. this after inflation came in lower than expected for the month. the boj will buy bonds at the same pace as previous months. we start with remy which says significant growth in china boosted sales in the cognac division a different story from other luxury makers. first quarter property at nat west falling after competition for savings and lending and mortgage products. and saab raising organic sales

outgrowth. coming up here on "worldwide exchange," stocks looking to close out the note with the latest look at inflation the moves maki ingt a critical trading day ahead. much more "worldwide exchange" coming up after this you need them. they need a retirement plan. work with principal so we can help you with a plan that's right for your team. let our expertise round out yours. awkward question... is there going to be anything... -left over? -yeah. oh, absolutely. (inner monologue) my kids don't know what they want. you know who knows what she wants? me! with empower, we get all of our financial questions answered. so you don't have to worry. empower. what's next.

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welcome back time for the "wex wrap-up. we start with meta ceo zuckerberg and the stock plummeting shares up 1% this morning. the strong start for rubrik. shares of the data security company rising 25% before ending the day up 16% you see in the pre-market up .50%. the ftc voting to restore net neutrality rules to provide verizon and at&t and comcast from favoring particular web sites and apps over others. and jamie dimon reiterating the potential skepticism for the u.s. to hit the soft landing. annd walmart's rob walton i stepping down. looking to replace him with john

niccol. and paramount global and skydance in a potential merger deal paramount shares are popping on the news, or they were popping down 2% after hours. stocks looking to close out the week with the s&p and nasdaq looking to break the losing streak ahead of the pce inflation report you see the futures in the green across the board the dow hitting the highs of the morning opening up 60 points higher nasdaq is the big gainer with microsoft and alphabet up 1% for more on the trading day ahead, i'm joined by the global equity strategist from citi. good to see you in person. >> likewise. >> we have to look at the pce report at 8:30 a.m. in the u.s how important is it to the u.s. markets and global economy do you feel this could be a market moving event? >> it is going to be very

important. all eyes are on it the view of our economists has been if it comes at 2.7, this is still the threshold for the fed to cut in june if it comes higher and yesterday's data suggests the level could be 2.8, then that brings questions into the timing of the first cut >> you still think a june cut is on the table do you think many people in the market and investors are seeing that cut on the table? it felt like jay powell in april should t shut the door on that. >> there is still a small chance it could happen. the market pricing is suggests it will be later it comes at 2.8% and we perhaps get a july cut >> i want to talk about the magnificent seven mega cap tech. we got reports from microsoft and alphabet a lot of concentration in the

m market with the risk of the burst. investors have confidence in the companies. going forward, do you see the magnificent seven trade being something that continues to power the market or are we going to see rotation? >> a good question of course, it is not a bubble if it is underpinned by the fundamentals our philosophy is the area is another trigger catalyst for the direction of the equity market moving forward our view and models with pricing for eps has been suggesting that the u.s. market and especially big tech and growth companies have been priced for perfection. that means the bar to satisfy the markets is quite high. in terms of europe, the market is more fairly priced.

if reports come in line with the analysts, it is okay for the u.s., the numbers have to come higher we see that playing out in the market this week >> you favor europe over the u.s. right now you think there is more upside opportunity? >> what we see going forward, if we don't see too many cracks in the global economy and so far so good, we see continuous upgrades, but low levels, especially in europe the extratrajectory is happenin within europe, the ecb will go ahead in june. sentiment measures are improving. we think it will be -- we are coming back to the environment that is going to be conducive of the broadening of the market >> i know you can't pick individual stocks but, but you there is a lot hanging on the consumer discretionary

we will show a chart from jay powell with rates. consumer discretion is down. are you concerned that commodity inflation will hit industrials and consumers in the u.s. are stretched? what cycle s are we in right no? >> that's the most important question where we are in the cycle. our view is no cycle the anymore. traditional cycle thes are basen booms and busts. this is why we don't necessarily need a big credit bust what has happened over the last few weeks in the market with the sectors slightly down means we need to step back and put them in perspective of the markets with sentiment they have gone up so high over the past five months that is suggesting the market

was ready to take some profit. we had quite a few negatives happening at the same time geopolitical flare up. >> beata, thank you so much for being here great stay you in person that's going to do it for us futures are higher have a great weekend "squawk box" starts right now. good morning nasdaq futures point to a jump at the open thanks to big begins from alphabet. google is set to join the $2 trillion club. snap shares are soaring after the company reported a resurgence of ad revenue which dropped off in 2022. plus two key reports due this hour. we hear from chevron and exxonmobil and bring you an interview with ceo darren woods. it's friday, april 26th, 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. markets are giving a little bit of a friday surprise for everybody. surprise present for everyone. futures indicated up after a down day yesterday the markets did close off their lows of the session yesterday. across the board, the averages were lower you see the dow futures up 65 points the nasdaq is the big winner up 170 on strong tech earnings and response to that overnight the s&p indicated up 35. of course, this all comes after stocks closed yesterday off the lows of the session. you can see the dow was th