it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." i'm frank holland. records out of reach stocks struggling to reach the all-time highs magic in the making. bracing for the disney results after the kitchen sink quarter and defeat of nelson peltz. new ipads and smarter chips. what apple has up its sleeve. and takeover boost the shares of ubs pop after the

blowout results. layter, boeing under faire again as regulators open a new investigation. it's tuesday, may 7th, 2024. you're watching "worldwide exchange" right here on cnbc ♪ good morning and welcome to "worldwide exchange. i'm coming to you live from cnbc london thank you for being here with us we kickoff the hour of the u.s. stock futures after the higher session for wall street which saw the dow and russell 2000 close up for the fourth straight session. the the big focus today is two stocks apple hosting the event at 10:00 a.m. today where it is expected to update the lineup of ipads for the first time in nearly two years. apple shares up nearly 1%. disney is out with the results

today and answering questions after the kitchen sink first quarter. disney is 50% from the 52-week high and up 17% reporting. disney shares up 1%. we are watching the bond market with the ten-year yield below 4.5% the benchmark at 4.45% important to note, we have been talking about it all week long the two-year note at 4.8%. it was 5% days ago looking here at energy and we continue to watch developments from the middle east take a look at oil which is fractionally higher. wti at $78.55 a barrel time for the check of the top corporate stories with silvana henao. silvana, good morning. >> frank, good morning apple is reportedly developing its own chip for a.i. data

centers. the project is code named internally as project ac/dc. short for apple chips and data centers. it has been in the works for several years. the report adds apple is working with taiwan semiconductor to design and begin production with the chips with no release timetable. u.s. regulators are opening a second investigation into boeing taking a look at whether or not its employees falsified records for the 787 dreamliner jets. boeing may not have inspected some jets for adequate bonding and grounding where the wings of the jet meet the body. boeing says any issues do not make the jets unsafe. ahead of results today, disney and comcast are looking

to hire financial advisers to resolve an issue over how to value comcast's 33% stake in hulu according to the report, jpmorgan chase valued hulu for disney close to $27.5 billion and morgan stanley valued hulu at $40 billion frank. >> silvana, thank you very much. see you later on turning attention back to the markets. the rebound showing fresh momentum as stocks come off back-to-back positive sessions and renewed hopes of a summer rate cut are looking for sentiment. the top voices are focused on that at the milken conference. >> goods are in better shape supply chains are in better shape. service is the sticky one. things are headed in the right

direction. we love it if it would go faster that way. >> with deglobalization, we're likely to see a level of inflationary pressure of goods be higher than it was for the last 30 years. the fed has to know that they're thinking about goods are likely to be higher baseline for the foreseeable future and services still unacceptably high >> inflation is going to be popping up in very different ways you can't just buy commodities or tips. you have to spread the assets. >> let's discuss how to position from here with douglas b bonaparte. d doug, great to have you on the show we heard from the leaders

talking about the stickiness of inflation. jane fraser said a hard landing is hard to come >> i don't think rate cuts are the solution higher for longer is the fed mandate. the longer we can stave off zero interest rate policy, it puts more ammunition in the fed's corner if things going south on the hard landing i don't see why with the decent prints you have an economy growing and inflation coming down. why we want to cut rates so quickly with things moving along where they are right now >> interesting a lot of people think that the markets need to see guidance that the fed will cut rates. i want to go to one of your other calls. you are saying right now is the

time to take advantage of- highe for longer with fixed income >> you had the ten-year yield which would be a good time to take advantage of higher yields if the fed cuts rates. you still have one or two slated for the year you get to clip a high coupon. as much as i think they shouldn't for the time being, i don't think there is anything stopping the fed from getting that one to two. the market may price in no cuts this year. fixed incomeattractive you get to clip a high coupon and park appreciation. >> you are part of the chorus of fixed income being attractive right now. we have another fed speaker speaking today neel kashkari. is that a market mover or have

we finally decided it will take longer to cut rates and do you think investors are more focused on the earnings which are surprisingly strong? >> yeah. if i was an investor, i would focus on earnings right now. we are going print to print. from one to another in terms of the market rallying or selling off a little bit we'll see if his words have any bearing on the market. when we see the fed speak, whether kashkari or jp, there is some selling off here. sometimes maybe the fed shouldn't speak and let the market do its thing. >> jp. you have nicknames i like that. thank you very much. coming up on "worldwide exchange," more to come including the one word that investors have to know today. first, a big day for money movers in london annd wall street shares of lucid losing juice and

a blowout report from ubs. later, more on what to expect from apple at the event being held lerat today more still ahead on "worldwide exchange." stay with us meets bold new thinking. (laughter) at 88 years old, we still see the world with the wonder of new eyes, helping you discover untapped possibilities and relentlessly working with you to make them real. old school grit. new world ideas. morgan stanley.

welcome back to "worldwide exchange." time for the big money movers palantir beat first quarter

profits. as you can see, shares are lower down 9%. the guidance was below estimates. lucid is keeping production targets in tact, but reported a wider first quarter loss and revenue that was just slightly below forecast company shares are down 8.5% the company expects higher capital spending this year something the ceo defended yesterday on cnbc. >> we are using our technology as a key enabler which uniquely allows lucid to provide an ev off offering. shares of hims and hers is swinging to the first quarter profit and raises outlook for the year the company expects to hit the growth target early as it continues to add subscribers for

the personal health plans. shares are up 16%. it is a big day for movers in europe. arabile gumede is here with more banks and chips and everything else reporting today >> playing some catch up trade because the uk was on holiday mode yesterday as well you are seeing that catch-up trade. the smi is moving higher in switzerland because ubs reported the earnings being on track. we will get into that story in a bit. 1% higher out of italy is the overall market picture semiconductor. infineon lowered the top line forecast for the year citing demand weakness in key markets the german chip maker posted 3.6 billion euro that is a 12% decline on the

same quarter just last year. i did manage to ask the ceo about his expectations for the upcoming year. >> you have to confess that previous to the full-year guidance, we had to lower expectations previously, we were guiding for 16 billion in revenue. now we are guiding down to 15.1 billion. now to the chemical sector where bp reported earnings of $2.7 billion that is down 40% on the year the oil giant said results reflected lower energy prices. outage of the key u.s. refinery with weaker fuel margins that is down in the early morning trade across europe. and unicredit raising full-year guidance after the net profit for the first quarter of 2.56 billion euro. that is well ahead of the 2.13

billion euro that was forecast which is 1.1% higher >> arabile, thank you. shares of ubs are jumping on first quarter results. the company pivoting back to profit after two quarter losses. silvia amaro has more on that with the sitdown with the ceo earlier. silvia, over to you. >> reporter: that's right. we are seeing strong results from ubs for the first quarter of 2024. the swiss bank provided a revenue beat, but a net profit beat net profit at $1.75 billion u.s. that was well above what analysts were expecting. cti ratio was above what they were expecting when i had the chance to sit

down with the ceo sergio ermotti, he explained the united states played a critical role with the higher revenues in the investment banking division. take a look. >> in the news, we grow on the share of banking revenue of 20% to 30% on the year on year basis. that is aligned to our strategy to reinforce our france. that's the main driver that is offsetting the slowdown in revenues in fixed income and partially offset of the equities of 3%. >> reporter: higher revenues in investment banking and strong performance with the global wealth management. we know there is one key question with the future of the

lender that is the potential new capital requirements from the swiss regulators in the meantime, frank, it is a good day for the bank and share price is proof of that frank. >> ubs shares up 8%. silvia, thank you. coming up here on "worldwide exchange," we have a ""worldwide exchange," exclusive with the ceo of okta. his take on protecting data, a.i. and the cloud all that is coming up when "worldwide exchange" returns. stay with us

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welcome back to "worldwide exchange." we are six months away from the election in the u.s. today, we reveal a cnbc generation lab poll on voters 18 to 34 stand on the economy and work and their lives when asked who they would vote for vieright now, it is 35% and% between biden and trump. 29% support robert kennedy jr. let's discuss this further with the founder and ceo of generation lab cyrus, good morning from london. based on the data, why do these people 18 to 34 believe trump is better for the economy >> a great question. that's a great question. biden upon the youth vote by 24 points this 2020

this is data you highlighted is part of the long side of data that is documented biden sliding with the young voters rfk is a massive wild card here. he has 29% in the survey you you can't expect that number to drop as you learn about rfk's passions they don't square closely with young voters a lot of smart people have said that the war in gaza will decide the youth vote one way or another. the data does disagree each quarter of our polling with cnbc, it found jobs and the economy is number one. >> jobs and the economy is the number one issue for voters between 18 and 34. i want to get some something else as well tiktok

70% of respondents want tiktok to operate the way it has. do they not see safety concerns? why is it they don't see any issues that our u.s. lawmakers see? >> i think they do if gen z had a logo, it would be don't tread on me with a tiktok logo on it instead of the snake. we asked who you supported for president and i would say i support trump and then you would assume that person chose and then the results blew my mind. >> okay. another hot button issue is abortion i'm looking at the data. 60% would say they would not

move to a state that limited access to abortion how big of an issue is that based on this upcoming election with this poll >> huge. if i'm sitting in the c-suite of the fortune 500 company and my governor is considering an abortion ban, i would call him up to make sure they understand the implications of the abortion laws and how much my state can compete. it is what happened with crime in illinois. i wonder how long it is before you see a ceo move shop based on the abortion laws. >> last question here on cnbc is money and finance. i thought this was fascinating you talked to the respondents where they are investing 42% said they are not investing at all another 18% say my money is in cash give us a sense. do these younger people not see

the gains in the stock market or are they not interested? why are they not investing >> this is the music in the economy the last few quarters. we are trying out the sentiment and economic indicators. with young people, it is easy. young people have a job, but not paying them enough if you are not paid enough, that record-smashing stock market is something you will participate in job market is like getting nose bleeds behind the pillar up in the rafters. you count the attendance number overall, but can you see the game >> cyrus, this is interesting. i'm going to remember you saying this generation's flag is a tiktok logo cut up like the don't trade on me snake. thank you for being here we appreciate it if you want to see the details of the generation lab poll, they

are up online. go to cnbc.com for all the results. time for the check on more of the headlines with nbc's frances rivera in new york good morning. >> to frank, good morning. after resfjecting a cease-fire, israeli entered gaza and the idf said it conducted a counterterrorism operation hours ago, they have taken control of the gaza border crossing with egypt. here in the united states, eight tornadoes reported in the central plains and the south in oklahoma, one person is dead and others are injured after the small town took a direct hit in just a few hours, testimony continues s in just a few hours, testimony continu in the hush money trial of trump the jury heard testimony from jeffery who oversaw the

accounting department of the trump organization he spoke about reimbursing the payment to stormy daniels. he did not talk to mr. trump about the business records you are up to date with the headlines. frank, back to you >> frances, thank you very much. coming up here on "worldwide exchange," why technical stock guru katie stockton and jim cramer both think the worries are behind us. much more coming up. stay with us

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it's 5:30 a.m. in the new york city area 10:30 here in london there is more ahead on "worldwide exchange. stocks looking to build more momentum what jim cramer and our next guest says the relief rally is starting to show signs of life. apple is a focus for investors today. the tech giant is expected to pull back the curtain on the popular ipads. will the devices be enough to bring life into the slumping stock? and fighting a.i. and cyber security how government and business leaders are looking to further tap in to keep your personal information protected. it is tuesday, may 7th, 2024 you are watching "worldwide exchange" here on cnbc ♪ welcome back to "worldwide

exchange." i'm frank holland coming to you from cnbc london we pick up the half hour check of the u.s. stock futures with the dow coming off the fourth positive session in a row. we have a development. the nasdaq is slipping into negative territory the dow hitting the highs of the morning. we are looking at the stocks lifting the dowin the pre-market walt disney at the top of the list ahead of the earnings before the bell. nike and apple and intel rounding out the top four. disney is one dow stock to watch with the second quarter results released ahead of the open up 17% since last reporting three months ago also, the bond market this morning with the ten-year yield holdi holding steady at 4.56%. the yield has fallen 20 basis

points in the last week. now we turn to apple they are kicking off the event today at 10:00 a.m. eastern time expectations are for tim cook to release a new ipad fiscal second quarter results show the device was down 16% from a year ago. steve kovach skrojoins us with e >> frank, this is the first launch of ipad models since october of 2022 and we have been seeing ipad sales fall for the last four of five quarters because if apple doesn't make new ipads, they don't sell new ipads. this is a small chunk compared to the mac but this time it is important to the top line revenue growth in the june quarter when apple reported last

week as they guided to the low single digit growth for top line revenue after falling 4% in the previous quarter a lot of that will come from ipad which will grow again because of the launch today by double digits. that is a big contributor to the top line frank. >> steve, apple talked about a.i. laptops and possibilities there. will we see a.i. ipads today >> i would be surprised if a.i. did not get a mention. you have to keep in mind, frank, this is a hardware event that said, the last hardware they released, the macbook air in march, they framed it as a a.i. computer. i would not be surprised if there is a soft mention of artificial intelligence. maybe it can run things faster the real a.i. announcement is not coming until the big

developer conference that is the software event where they talk about the tools developers use to put a.i. apps on the iphone. i consider this as a teaser to the artificial intelligence announcement >> this is a little teaser bigger screening and the m2 chip apple has gotten dinged by analysts, just like tom forte yesterday. are we expecting any other innovation with the hardware event? >> this is the biggest refresh for ipads. this is according to reports from bloomberg and elsewhere ipad pro will have the same screen technology that's on the iphone the better picture and things like that. it is a slick looking screen that is going to be part of the ipad pro it is not going to be cheap. i bet it costs a fortune like a macbook. that will be key with the other

ipad models. the ipad air and the bargain priced one and ipad mini which has not been updated in a long time these devices are due for a ref refresh, but people keep their ipads longer and so many people bought ipads during the pandemic you have the double whammy with all of the pandemic buying and they just haven't made new ipads in a year and a half. >> we will wait and see. steve, thank you very much coming up, tapping into the a.i. potential the strategy from the secretary of state antony blinken to better combat cyber attacks. and fighting inflation with $2,000 tequila that was the most expensive item

at the grand prix race last week netflix's big bet on the special premiering on netflix over the weekend from palm trees to flowers, hollywood descending on the met gala last night. garden of time theme with jlo in the silver leaves down "worldwide exchange" is coming up right after this. stay with us

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it's possible to have democratic elections if people don't have the access to the information to allow them to make the right decision on the candidate or party if speech is constrained in a fundamental way, you cannot expect people to make the right decision for informed decision because they are prevented from being informed i think it's a foundation element. >> we still have an inflation challenge in goods with the inflationary surge caused by the pandemic and supply chain has peaked and dissipated. now, in services, there is still a very steady level of inflation right around 4%.

>> 4% is a challenge for the fed which is why they're staying the course and leaving rates unchanged for the foreseeable future it's the right policy path they need to bring inflation down over time >> that was elon musk talking free speech and then ken griffin urging the fed to stay the course in the inflation fight in conversations at the milken conference yesterday there is more coming up on cnbc. coming up on "squawk on the street," we will hear from former secretary steve mnuchin on last call, they close it outline with the ceo of guggenheim and media mogul byron allen. the rsa conference kicked off in san francisco it is the largest security conference in the world and focused on protecting data and

artificial intelligence workloads in the cloud secretary of state antony blinken delivered the keynote speech last night. >> the state department is unveiling the u.s. inter nation al digital strategy. >> at the conference this year, one hot topic was the opportunity related to a.i. in the cyberspace and topic for the companies in attendance with 15% of the workloads in the cloud. work loads from regulated industries like healthcare and financials is the most sought after and profitable the percent of companies which put some of the data in the cloud has risen double digits since the pandemic i spoke with the ceo of okta and

he says moving data from legacy to servers can bring old vulnerabilities. >> you know, as they move to the cloud, are you saying the same vulnerabilities move with them because it is embedded in the data or is there another issue there? >> there are different ways to embrace the cloud. you can embrace with a new app or the software the company writes or the modern application or do lift and shift that is you take your own services and own systems and some could be decades old and you move them from the data center to the cloud data center. many times, what happens is what we described you lift and shrift and they are no better off. one usuaissue is move to the da stack. identity is a tremendous help for that it makes the services and sites

personalized to end users and make sure the end users have the experience they need and they want which will get the most value and it makes it most secure to have the bio-metric log-in experience to prevent other people from taking over an account. >> there is a shortage of 500,000 cyber pros in the u.s. a.i. is the way to makeup that shortfall as a tool for human workers to using according to the cloud security alliance. i also spoke with cisco. i spoke to the head of security about the acquisition of splunk. >> how you use data to correlate to make sure you predict and prevent rather than reactively detect and respond the one who has the largest amount of data to correlate to

get the best and most insights from it is the company that ends up winning >> we will have more from the rsa conference come here on "worldwide exchange. coming up, we stick with the bullish call on palantir despite the low value for the company. shares are down 10% right now. if you miss "wlddeorwi exchange," check us out on your favorite podcast app more "worldwide exchange" coming up after this.

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welcome back to "worldwide exchange." time for the morning call she'd. d.a. davidson raising the call on shares. goldman sachs raising the price target on nvidia despite the run up so far, goldman sees positive eps division citi raising the target on gap gap to a buy it expects sales and earnings upside for the retailer. time for the global briefing the central bank in australia is raising the forecast due to higher energy and services inflation. amazon is investing $9 billion to expand cloud infrastructure in singapore. amazon spent $8 billion in

singapore since opening in 2010. and european earnings with ubs rallying as it reports the first quarterly profit since the takeover of credit suisse last year sergio ermotti spoke out earlier today. >> in the u.s., for example, we grew in the share of banking revenue from 20% to 30% on a year on year basis that is aligned to the strategy to reinforce our frances globally that is the main driver that is the factor over offsetting with the slowdown in revenues in fixed income and partially offset of the iequity of 3% bp is confirming a $2

billion share buyback. infineon cutting after reporting the drop in the first quarter results. it is dealing with the slowdown in the auto market which the ceo addressed earlier today. >> i have to confess compared to the previous full-year guidance, we had to lower our expectations previously, we were guiding for 16 billi$16 billion dolin revene now guiding down to $15.1 billion. half of that comes from a pmore reduced growth in auto and a more extended recovery in some of our key target markets like the consumer compute communication and also industrial coming up here on "worldwide exchange," the one word every investor needs to know today and

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welcome back time for the "wex wrap-up. we start with spacecraft which could launch today after the cancellation yesterday with the

issues with the oxygen relief valve. this would be the first crewed mission to the international space tors are looking into an investigation into boeing over the probe of the 787. and s.e.c. prepares to sue robinhood. the assets are the platform on not stuecurities and will defen themselves in court if necessary. disney is looking to review the comcast value of hulu. nintendo expects profits to drop by 39% this year due to weaker device in game sales. it plans to make an announcement

about the nintendo switch by the end of next march. and brian newman is stepping down to focus on his health. the move comes as u.p.s. has struggled with weaker volumes. turning back to the trading day ahead and the dow looking to extend the four-session win streak futures are mixed. nasdaq is falling and looking to open 22 points lower the dow off the highs of earlier today. it would open 75 points higher front and center for investors is apple today with the apple refresh event at 10:00 and then disney with the kitchen sink report three months ago. the stock is up 15%. joining me now on this and more is katie stockton. katie, good morning from london. i want to see how you see the day shaping up

what is the "wex" worriedd of te day? >> volatility. in general, i do think that we can expect a more volatile market for the second part of the year we say that because volatility tends to move in cycles. we look at the cboe index to that end and you notice over that time, we will be in a low volatility regime and we have been in a low volatility regime and we see signs of moving out of that. that is not necessarily bearish for the s&p 500 to which the vix is related, but it does suggest that we can be expecting more corrective phases for the latter part of the year we are expecting a correction to resume here fairly soon. >> you are expecting a correction to resume yesterday, jim cramer on "mad

money" talked about the volatility you were talking about. i want to get your take about what he had to say about the selloff we just saw. >> you know, look at the survey and today's action with the dow gaining and s&p jumping and nasdaq moving. you know we moved to the aftermath of the selloff any decline from here may be an occasion to buy, buy, buy. maybe the worst is behind us forget the fed for a second. we have benign earnings here, but the most important take away is stop waiting for the correction to give you better buying opportunities we just had one for heaven's sake >> katie, back to you. do you agree with cramer's take that the worst is behind snus. >> there is an up trend. we believe the market has more

work to do on the downside the sentiment which was bullish ahead of the april pullback still hasn't yielded great buying opportunities we like to see that with the fear and greed index and in the vix as well. we don't feel sentiment is washed out enough in april to suggest we have the final low to the corrective phase we have some weak seasonal influences more importantly, there's been a loss of intermediate upside which we have not seen since the last corrective phase last fall. we can like the current indicators to last september >> i want to talk about momentum with you we are certainly expecting if the markets continue to move higher, the magnificent seven will take part of it you are looking at apple with the event later today and tesla. you are seeing the technicals show they're on an upward trend.

i see it can tesla, but not quite with apple let's start with apple what upward trend are you seeing >> i guess i need to clarify that by no means are these upward trends except a very long-term timeframe for apple. we have long-term oversold turn for apple and tesla. it is something we wrote about last week on cnbc pro. both stocks have important discovery and minor gaps up in response to news those relief rallies in the most beleagured of the mega cap complex should see momentum. >> one last question you cited utilities in april what does that signal? >> it is more defensive.

we tend to see more interest-rate sensitive sectors of the market outperform when the equity market is going lower or when fears are running high it is a reflection of that what it is helping to do is utilities now look more compelling from the long term perspective. that improvement for utilities improved the charts from the long-term perspective. the long-term momentum shift is meaningful for utilities it doesn't mean it is long-term performance, after the corrective phase matures, it will go right back to technology as upside leadership utilities can participate. >> all right looking at utilities up 8.5% fo the year katie stockton, thank you very much we have a look at the futures. the dow would up close to the

highs of the morning the s&p satisis flat. that's it for "worldwide exchange." "squawk box" starts right now. good morning stock futures are mixed ahead of the opening bell this hour we will bring you quarterly results from disney and first on cnbc interview with cfo hugh joh johnston more trouble for boeing dreamliner over inspections that were reported as completed, but never performed. survey data shows young americans are being left out of the housing market and with homes in short supply or simply unaffordable it's tuesday, may 7th, 2024. "squawk box" begins roight now

good morning welcome to "squawk box" here on cnbc i'm andrew ross sorkin along with becky quick and joe kernen. i'm in washington, d.c. this morning. we have a big lineup ahead both from d.c. and the nasdaq market site this morning from here, we are talking to s.e.c. chair gary gensler. that interview in the 8:00 hour. joe, you have a big interview in the 7:00 hour. i wish i could be at the table with you i hope to be involved in the con v versation. you have druckenmiller >> it will be a half hour. there will be time or 25 minutes or so, i think, stanley was last on in october. i was just figuring out how to