it is 5:00 a.m. here at cnbc global headquarters and 10:00 a.m. in london i'm frank holland and here is your "five@5." riding a win streak. stocks looking to close out the best week since march as bad news is good news for stocks what one fed president is saying today that could dash some hopes of a sooner than expected cut from powell and the fed. bounceback in china goldman sachs out with the bullish view as citi and morgan stanley say not so fast. a correction

apple is looking at anpology after social media outrage. one china ev maker with the sector wide crackdown. from his it's friday, may 10th, 2024. you're watching "worldwide exchange" right here on cnbc ♪ good morning and welcome to "worldwide exchange. we are coming to you live from cnbc london for the last day thank you for being with us today and the entire time we have been here in london we will kickoff the hour with the positive session of stocks yesterday. look at futures in the green across the board the dow would open up 125 points higher ahead of the open, the dow is riding a seven-session win streak we are checking the bond market with the ten-year yield falling

below 4.5% following the stronger than expected initial claims data. the benchmark at 4.44% the two-year note at 4.81% the energy market shows oil below $80 a barrel wti trading at $79.60. brent crude is up .13% that's the set up. we turn our attention back to london we're at all-time highs with the uk growth. silvia amaro is here with me fresh records with the boards and bond yields easing it is a goldilocks situation >> let me tell you the news that contributed to the positive momentum in europe looking at the uk, we got new gdp numbers this morning the economy has officially left

recession. the uk grew by 0.6% in the first three months of the year that is above the 0.4% forecast. jeremy hunt showed the economy is returning to full health. that is contributing to the positive momentum we are seeing in the ftse 100 and ftse mib hitting new record highs it is up .70%. we are also keeping an eye on the bond market and currency space in the situation of the bank of england decision yesterday. central bank sounded dovish than what markets were expecting. on the back of that, we are seeing a little bit more of strength when it comes to sterling against the u.s. dollar let's look at the equity space here as i said earlier, it is a positive week so far to give you an idea with yesterda yesterday's close, the stoxx 600 ended the week up more than 2%

the positive moves to contribute to a hea higher end to the week. the kcac 40 in france with a similar move frank, this is on the back of the good earnings season and also the rhetoric with rate cuts in europe. >> big day in europe silvia, it has been a pleasure working here in europe with you. thank you. turning attention back to the united states. the jobless claims rising to the highest level since august giving investors confidence with rate expectations. mary daly throwing cold water on the hopes. saying the central bank needs more time for higher rates to bring inflation down further >> what's important for monetary policy today is are we restrictive and under that higher estimate means it might take time to bring inflation down

>> i'm joined here in london with claire who is the fund man manager. mary daly right there not having that big of an impact old n the markets. we see the dow with the multi-day win streak what is your take on the fed insight? >> we are confident at putting capital to work at these levels. starting with the u.s. ten-year yield at 4.5% is a great tailwind for investing in companies over three-to-five years time horizon whether interest rates remain at current levels or we see rate cuts in the near term isn't a chief concern for us we are investing either in companies innovating to drive prices down for customers which

is where the demand is with rates high and we're feeling the squeeze or companies expanding the quality-to-price ratio they can really weather the high interest rates whether we see one cut or two cuts per year. >> i'm sure the audience can infer what you are talking about with the big a.i. players. you have confidence in them and they have the tools to drive down the costs of labor and improve productivity you are saying we have seen the rally in the headline a.i. players. now it is time to look at the picks and shovels of the a.i. gold rush. you say because of the a.i., we will see a replacement cycle more than $1 trillion for data centers alone. what stocks will benefit from the artificial intelligence? >> absolutely. the key message from the earnings season so far has been the demand for a.i.

infrastructure which is not going away we have seen this in the hyper scaler cap ex numbers. meta, microsoft and google collectively increased cap ex in q1 the elevated cap ex spend is a major support for the growth runway for the leading companies in a.i. infrastructure nvidia is the most obvious example, but they are not the only company arista reported blowout numbers this week. they provide the ethernet networking for meta and microsoft. they are in a really strong position as these companies continue to build up the data center expansion the $1 trillion of data center infrastructure has to be

replaced and they have to move from general purpose to competing to power the a.i.-related software. >> i feel you may be watching the show you gave us a list of un underappreciated tech names. tesla. tsmc and then the third is nvidia is it overvalued or overvalued you think it is under valued the stock. quite a premium to trade at 20 times. >> i have around 35 times forward earnings the key point is nvidia is trading on a similar multiple as it was this time last year because of the fundamentals of the company continue to move ahead of the stock price. >> who is not appreciating it? >> the market is pricing in for

2024, 85% revenue growth we think this is conservative. if you take tsmc revenue guide for the a.i. related processes, they are saying this is going to double this year that is significant because this is a very conservative management team. tsmc has the most visibility of anyone on nvidia's revenue extreme streams because they see the orders first if you apply this and you factor in the 5% to 10% market share loss to amd, you get to a revenue growth rate of 100% for the year you feel the market is underappreciating this build out. competitors are finding it hard to catch up. >> you are saying nvidia is under valued >> yes >> thank you for your time and insight. i appreciate it. if you want more insight on the trading day ahead, go to cnbc pro at cnbc.com/pro.

time for the check of the top corporate stories with silvana henao at cnbc hq good morning >> good morning, frank let's start with apple issuing a rare apology for an advertisement promoting the ipad pro tablet after it was almost universally criticized on social media. ♪ ♪ ♪ >> the most powerful ipad ever is the thinnest. >> in a statement, apple says, we missed the mark with the video and we're sorry. it is pulling plans to release

the ad on television calpers, the largest u.s. pension fund, is considering a vote against darren woods re-election to the company board of directors in comments to the times, the pension plan is deeply concerned about the exxon twin lawsuits challenging shareholder discontent over the greenhouse gas emissions and exxon has gone beyond any other company in terms of suing shareholders. it adds, there doesn't seeming to be anythingholder ability to speak their minds. and openai is releasing the a.i. search product on monday in a direct challenge to google search according to bloomberg, the date

is subject to change, but appears to coincide with the conference which kicks off on tuesday, frank >> i don't think that is a coincidence. that is intentional. >> i don't think so. >> silvana, that you have. we have more to come here on "worldwide exchange," including the one word that investors have to know today. first, tracking a china triple play from new tariffs and block buster ev ipo and bet from goldman sachs. boeing in hot water again as regulators look closer at the 737 max door blowout. we are looking at one of the favorite stock pickers and why it is never too early for sushi. we have a very busy hour still ahead when "worldwide exchange" returns. stay with us

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and they're all coming? to helping people achieve their financial goals. those who are still with us, yes. grandpa!

what's this? your wings. light 'em up! gentlemen, it's a beautiful... ...day to fly. welcome back to "worldwide exchange." we turn to a developing story in the biden administration which is set to unveil a sweeping decision on chinese tariffs next week and targeting the sectors of the second largest economy which could include evs. we have eunice yoon with more on the story. >> reporter: thank you, frank. the decision marks the end of review of tariffs imposed under the trump administration the biden administration hoped

to review the section 301 tariffs and narrow them in scope as opposed to across the board the details of this is all rather unclear however, reports say these tariffs would target evs and solar panels and batteries and semiconductors this announcement could come next week. the chinese foreign ministry reacted today. not surprisingly, called this move a mistake on top of a mistake. china already faces an investigation from europe on alleged subsidies for the chinese evs and accusations from several of the trading partners, frank, on what is described as chinese overcapacity distorting global markets >> eunice, it is hard not to think back to when janet yellen was in china and said there were no restrictions on chinese evs entering the market and now we are looking at possible tariffs.

at the same time, zeekr's ipo. how is this possibly impacting that >> reporter: well, in terms of the ipo, it is not going to impact the ipo in the short-term, it won't effect zeekr's plans zeekr, like other chinese car companies, has no presence or plans to sell in the u.s the impact is limited. however, it does have big plans to sell overseas, especially in europe, because the competition here in china is so fierce in terms of the ipo, sources familiar with the matter told us the company sold 21 million at $21 each raising $441 million. again, as you suggested, it will be trading later today under the ticker symbol zk

>> eunice yoon live in beijing great to sighee you thank you very much. the chinese averages are closer higher adding impressive gains. over the past two months, it has been a turn around story with the hang seng and shanghai composite out performing the s&p 500. similar for the tech stocks. out pacing by a 20% margin since march. the yellow line is the hang seng there. all of this is despite the uneasy economic recovery and uncertain chinese consumer and multiple warnings on earnings calls from the likes of starbucks and p&g and marriott and coca-cola and many other names. joining me now is the chief china equity strategist at goldman sachs. great to have you on good morning from london >> good morning, frank thanks for having me >> we were talking about the out performance of the chinese

indices with the s&p you actually believe chinese equities are under valued and have a big upside left to go i want to go with the blue sky case what is the blue sky case for the year with the chinese markets? do you see tech continuing this level of out performance >> yes, frank, over the past three months, china and china equities have been the best performing global market since the end of january looking ahead, even after the 24% recovery, the valuation levels remain quite attractive in our view. at the moment, our benchmark is trading on ten times forward earnings which is still about one division below the past five-year averages in looking ahead, the very positive and potentially

powerful catalyst would be the corporate governance reform in china. a few weeks ago, the state council revealed the ones ce in decade measures. on our estimate, if china can match global leaders in terms of shareholder returns as well as long term shareholder improvement, we think that is why the blue sky scenario could be as high as 40%. >> that's what i wanted to ask about. the blue sky scenario and base case depend on three things. chinese companies to match global leaders on shareholder returns and corporate gofvernmet

standards and corporate eow owne ownership. what else has changed? >> three things. number one, we have a new chairman who just got appointed three months ago in china. his mandate is very clear. he wants to increase the quality of the listed companies in china. number two, i think the disciplinary mechanisms have changed in china i think if the right policies are in place, the upside scenario can materialize from here >> a week ago today, you say your data shows that we saw the biggesty of inflows into chinese equities in the last week alone, over the last week, we heard from morgan

stanley and citi see fading and citing weak fundamentals and overbought signals >> first of all, we think fundamentals are improving somewhat, especially from the macro perspective. obviously, the first quarter gdp was better than expected on top of that, from the earnings standpoint, we have started to see earnings with upward revisions in the internet companies. i think the recent recovery has been triggered by policy expectation and we have seen fundamental support to the rally. >> kinger, thank you very much. coming up on "worldwide exchange," same story, different stock. the big money movers and yelp

topping results before issuing less than stellar ouootlk. we'll have that story coming up. stick with us. he world. hi baby! (woman 1 vo) i have inherited the best traditions. (woman 2 vo) i have a great boss... it's me. (man 1 vo) i have people, people i can count on. (man 2 vo) i have time to give (grandma vo) and a million stories to share. (grandpa vo) if that's not rich, i don't know what is. (vo) the key to being rich is knowing what counts.

welcome back to "worldwide exchange." time for the big money movers. yelp slashes revenue guidance with revenue coming in line with expectations yelp says strength from the home services category and a.i. assistant offset the challenging

environment with restaurants and retailers. shares down 4.5%. akamai with revenue growing in the first quarter after strong performance in the cloud and security in the cloud computing arms, but experiencing weakness in the content segment. shares down more than 10%. gen digital shares fifth str of organic growth. it plans to buy back $3 billion of shares. shares up 5.5%. coming up, getting bit guy the gold bug the key graphic looking to dive into the precious metal in a big way as it touches new highs. we'll be right back after this break.

wall street forecasts over $100 billion in sales for weight loss drugs known as glp-1. even with unliked and inconvenient injections, dehydratech processing of a glp-1 drug demonstrated improved blood sugar reduction and reduced side effects. more human study results for lexarias patented oral delivery technology are coming soon. lexaria bioscience, transforming the future of glp-1 drug delivery.

it is 5:30 a.m. in the new york city area and 10:30 here in london there's more ahead on "worldwide exchange." here's what on deck. could the dow make it eight in a row? it looks to do something for the first time in three months futures are higher. sounding the alarm on the consumer a growing number of companies raising concern over spending power as we get ready for retail earnings all revved-up. zeekr is set to trade today firing on all cylinders and

pricing its ipo. it is friday, may 10th, 2024 you are watching "worldwide exchange" here on cnbc ♪ welcome back to "worldwide exchange." i'm frank holland coming to you from cnbc london it's our last day here we pick up with the check of the u.s. stock futures take a look at futures in the green across the board the dow looks like it would open up 150 points higher ahead of the open, speaking of the cdow, it is on pace for the best week since march. we are looking at the dow's biggest pre-market movers this morning. look at the board here we see 3m up 1.25% that is followed by intel and nike in the number three spot we are checking the yields with the stronger than expected

initial claims data. the benchmark at 4.45. the two-year yield at 4.41 the energy market is up .50% brent crude is at $84.20 a barrel that is set up let's focus on the consumer that may be stretched that is what the companies are warning about as higher prices are pressuring consumers looking at every day items restaurants are squeezed as mcdonald's and starbucks and wendy's are slashing guidance. beyond meat and elp and airbnb

this comes with earnings from home depot and walmart along with the cpi number. joining me now is tsteve with mastercard steve, the retail sales are strong i'm seeing a lot of growth with online spending. how should we read this report consumers keep spending and we continue to feel they are stretched. >> frank, the comments are right. you are seeing growth and healthy online number at plus 7% you are seeing a slowing down in the overall rate of spending experiences are growing. restaurants are showing good growth at 3% apparel, surprisingly, is continuing to grow at 2% as you see innovation in fabrication. i thought it was interesting that the electronic space is

starting to continue to grow at 6% that is saying there is a replacement cycle that is beginning. having said that, you are seeing weaknesses home and home improvement and furniture are showing weakness at minus 5%. that is indicative of the slow a housing market people are staying home and you are seeing slowness there. i think what you are probably seeing is a lower-end consumer which is stressed. they are trading down and looking at value you are not going out as often that's a very difficult consumer space. the high-end consumer is healthy. >> steve, let me jump in for a second you mentioned the strength with app apparel. up double digits in the last three months that is consumers deciding i need shoes and clothes, but pulling back from other areas to continue to buy those things

particularly online with online sales up double digits >> i don't know if it is a tradeoff, but tracking at 2% which is a healthy number. i think it is really brand by brand and where there's innovation going on. the consumer is staying home they want newness. they are getting out and going to parties and they are looking for things that are innovative i think there is an innovation cycle going on and brands still matter it is winners and losers in the apparel space. it is healthy, but not overpowering strength. i see strength in the restaurant space being indicative of the experience although the -- >> steve, let me interrupt you people are pulling back on restaurants and i'm looking at the restaurants spending number up 3.1% year over year that is close to the inflation

number how much is this increase in spending due to inflation and how much is it due to people spending more? >> it is largely driven by inflation. that 3% is a good healthy number it shows consumer is still spending that is a lower spend over last year as the inflation rate has come down, you aring e seeing a slowg in the restaurants that is where the lower-end consumer is having a much tougher time and having to make tradeoffs. i don't think you are seeing a slowdown as much in the high-end consumer in the experience side. the high-end consumer is slowing down in goods. you see it in the luxury brands that are selling accessories is where you see a slowdown you are not seeing the high-end. >> you see the uptick in jewelry as we get closer to mother's

day. >> the factor is the swing in easter this is easter being early this year it was later coming off a number which doesn't include a easter stat >> steve, i'll leave that as the last word. thank you. time for the check of the top corporate stories with silvana henao who is back at cnbc hq. >> frank, thank you. zeekr is set to begin trading on the new york stock exchange under the ticker zk today. the chinese ev maker prices the ipo at the top end of the range at $21 a share the company aims to sell 21 million adr shares raising $441 million. china ev giant geely which backs zeekr will have 50% of the company voting power after the company ipo. the s.e.c. is taking a closer look at statements made by boeing about the safety practices following the mid-air

door blowout this year the probe is focusing if comments made by boeing or executives misled investors. s.e.c. reviews don't always lead to enforcement actions by the regulator, but they can lead to fines for companies or corporate officials. no comment from the s.e.c. or boeing. target is planning to cut lgbtq merchandise from the stores during pride month this june according to bloomberg, the move comes after backlash hit sales of the retailer last year over similar issues the report adds the company still plans to offer assortment of merchandise online, but it is still reviewing which locations will carry which products, frank. >> silvana, thank you very much. have a great weekend coming up here on "worldwide exchange," how younger investors

are looking to cash in on the pr precious metal and the record run. move over gold, sriracha is preparing for a third year of shortages. the peppers and sauce are not red enough and have to wait until the next chili season. and a new report shows more millionaires are living in new york over anywhere else in the world. the population is home to 350,000 millionaires and 60 billionaires. the mission to destroy the ring is back on. warner bros. will release the new batch of "the lord of the ring" movies based on golom. peter jackson will be involved with the production which is in

the early stages of script development. i think there is a show on amazon i'm talking to melysf now. "worldwide exchange" comes back after the break. so this is pickleball? it's basically tennis for babies, but for adults. it should be called wiffle tennis. pickle! yeah, aw! whoo! ♪♪ these guys are intense. we got nothing to worry about. 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? got him.

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welcome back to "worldwide exchange." the new cnbc lab poll where voters from 18 to 34 stand on key issues six months out from the election the poll finding that 42% of those asked are not investing or

saving another 18% and 17% are putting money to work in cash and also in stocks. one area that wasn't highlighted was gold despite it testing new highs and up once an bgain this morning. pippa stevens has more >> reporter: good morning, frank. this is far from the boomers-only trade boomers are at 10% with millennials at 17% according to stat state street t 27-year-old who lives outside toronto bought her first gold bar two years ago at td bank and buying ever since as part of the balanced portfolio >> there needs to be a way to secure the volume of funds and

that's why i bought gold it is not a short-term game. it is a way of storing value as long as it is 10% of the portfolio, i'm okay with it. if it does well, amazing if it goes coudown, i'm hedged against other things >> reporter: this dealer in pennsylvania said younger buyers are driven by distrust in the dollar >> what i am fascinated with is the interest in the really young buyers those under 35 years old and generally when i talk to them and we sell small bars or silver coins, the general concern is that there's a distrust with the do dollar that's what i guess pulls them into having interest in gold and

silver >> reporter: he owns gold bars and coins and stocks and silver. it makes up about 25% of the portfolio which also includes cryptocurrency they are all up double digits this yearmill millennials saying the best way to invest in gold is through etfs frank. >> first off, pippa, people are like 45 years old. not young people anymore i want to ask when it comes to the gold bars, you mention they are sold at costco i'm in the uk. they are selling for 31,000 pounds here. that is like $34,000 either way, $34,000. how many are buying those and taking them home and putting them in the safe or whatever you do with it >> reporter: there is more interest after costco started selling them and grabbed the headlines. we saw it onsocial media and this is not the most popular

trade, but it is one that's growing in popularity when gold is at a record high which does increase interest. there is a younger generation who is coming up and saying how can i diversify my portfolio with stocks doing so well and where else can i look for yields when she first went to td bank to buy the first gold bar, it took them an hour because no one came to buy gold now when she goes, the bank is running ads for gold it speaks to heightened awareness in the fact you can actually buy physical gold >> pippa, if you are a millennial, i'm not saying you're old i have so many questions if you buy a bunch, does the bank help you carry them to the car? >> reporter:s th s that's forxt

time. coming up on "worldwide exchange," the bullish call on warner bros. discovery more "worldwide exchange" coming up after this.

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♪♪ ♪♪ welcome back to "worldwide exchange." time for the morning call sheet. key bank up grading the rating on warner bros. after the

subscriber growth should continue. hsbc on 3m moving to a buy rating hsbc expects it to return to growth from the macro picture and cost savings and balance sheet reset after the spinoff. downgrade on planet fitness on the lower guidance. stifel moving the rating to a hold it is making progress and more changes to support greater franchisee development time for the global briefing uk out of recession after gdp grew 0.6 p% in the first quarter this information coming from the bank of england voted to keep rates unchanged. president biden is preparing to impose tariffs on ev

batteries on chinese evs smic, the chipmaker is warning of slow demand in the second half of the year. smic says it is because global customers were more willing to build up inventory and domestic customers wanted higher market share. still to come on the show, one word every investor needs to know today and the under the radar consumer player that our next guest says should be satisfied with if they are hungry for opportunity p % iseat is u40th yr. we will tell you the mystery chart name when we come back

and they're all coming? those who are still with us, yes. grandpa! what's this?

your wings. light 'em up! gentlemen, it's a beautiful... ...day to fly.

welcome back to "worldwide exchange." time for the "wex wrap-up. the nlrb is looking for tesla over employee complaints. and apple issuing a rare apology for the advertisement on the ipad pro after it was

criticized on social media the company says it just missed the mark with the video. calpers is considering a vote against the re-election of exxonmobil ceo darren woods to the board of directors it is concerned of shareholder dissent. and microsoft is looking to open up an openai on monday. and we get consumer sentiment and budget figures and fed speeches from michelle bowman and neel kashkari and austan goolsbee. kashkari and goolsbee will sit down with cnbc on power lunch at 2:00 p.m. and employees at apple will vote today to see if it will become the third unionized site. let's get another check on the trading day with another

look at gains. futures are higher across the board. the dow is pulling back a bit. it would open up 145 points higher at the open small caps are showing sciences of strengths up 2% this week and on pace for the third positive week in a row. the next guest says the momentum is far from over joining us now is amy zhang fro alger. you are seeing momentum with the small caps what are you seeing? it is 2% or 3% with small caps for the year, those small caps and mid-caps are flat. >> exactly good morning, frank. great to see you you know, as we talked about it last time, the gap is still very large currently with the s&p and the small-cap index is growing at a 23% discount to the s&p

500. historically in the last 20 years, the average premium is about 13% to 14% i think the reversion means the catch up is far from over. there is a lot of room for the valuation gap to close >> amy, i want to ask about this and we have people coming on talking about small caps i have no skin in the game the thesis doesn't pan out month to date, yes the small-cap index and mid-cap 600 is out performing the s&p by 1% if you look year to date, it is flat or up .13%. we continue to hear higher for longer doesn't that put pressure on the mid-caps >> yes if you look at index, there are a lot of low quality companies in the index

this provides greater opportunity for stock pickers like us at alger we are boughttom-up oriented at alger. the rate hikes are turning into a tailwind if we look for companies with no debt or strong balance sheets and strong revenue and cash flow growth, those companies will win in this market >> not too discouraged by what mary daly had to say the second largest sushi company in japan is a tech-enabled sushi chain. sometimes people take me for sushi because i'm there, but i don't really like it in new york city, they are

opening up one a we hear that the conkconsumer i under pressure and do you believe they will buy expensive meals that are relatively small. aren't consume rs looking for value? >> that is true. we are looking for companies that provide good bang for the buck ex this is exactly a company like that it is big in japan, but the one in the u.s. only has 60 stores there is a lot of room for growth >> amy, it is expensive. we hear restaurants -- >> yes, for them, they are inexpensive. on average, a plate is $3 to $4. $3.50 per average.

that's 50% cheaper than the mom and pop sushi. that is the attraction. >> we have to leave the conversation there amy zhang, thank you that is it for "worldwide exch exchange." thank you for watching while we have been in london. "squawk box" starts now. good morning stock futures with more gains as the dow looks to close out the week with an eighth straight winning session. we will show what you is mopping now. reports show openai could reveal a new search product on monday that could front rung the developer conference next week. apple is apologizing for an ad after backlash online from artists and musicians and content creators sorry. it's friday, may 10th, 2024 and

"squawk box" starts 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. here we go it's friday. u.s. equities this morning are looking up in fact, the dow is up by 150 points this is seven days in a row that we have seen gains for the dow s&p 500 is indicated up by 21. nasdaq up close to 100 points. this comes after gains for all three of the averages yesterday. treasury market will be in close focus this morning 4.45 is where the ten-year yield. people on edge looking for anything to figure out what the fed will do next

the senate