it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." we start with stocks back in record territory, but can they keep going higher? futures are fighting for more gains today. also, earnings well have a say to where the averages go. taking center stage today with the likes of u.p.s. and microsoft and alphabet and more. we tee up the numbers to watch. it is not just earnings that will have an impact today. the federal reserve kicks off the latest meeting with new calls from lawmakers to cut rates sooner.

new concerns of the u.s. consumers and it may be fading as shares of whirlpool fading. and on a goodwill a.i. tour as openai and microsoft face headwinds. it's tuesday, january 30th, 2024. you're watching "worldwide exchange" right here on cnbc. ♪ good morning and welcome to "worldwide exchange." i'm frank holland. let's get you ready to start the day with the check of u.s. stock futures after the s&p closed above 4,9 hundr00 for tht time ever. you can see the market is red across the board. the dow would open up 40 points lower. the major indices are on base

led by communications services with netflix and meta and verizon up double digits. we have to check the bond market. bonds are declining. benchmark at 4.05%. down from the levels we saw yesterday. also looking at the energy market with oil up 7% this month. the highest level since november. this morning, you see it continues to move higher. wti is up .50%. brent crude is up .30%. that is the u.s. set up. let's get to breaking news in europe and a few big stock movers overseas. joumanna bercetche is in the london newsroom with the action. good morning. >> good morning, frank. breaking news from the eurozone. the preliminary flash q4 gdp at 0% quarter on quarter. this is better than the consensus estimate of minus

0.1%. that translates to 0.1% year on year. better than the consensus figure of 0%. earlier, we had the full numbers from germany. eurozone's largest economy showing contraction of minus 0.3% for the quarter. higher energy prices and weak demand took its toll. the french economy better coming in flat. spain and italy continue to be the strongest performing countries within the eurozone. that data has come through. elsewhere, we are watching corporates closely today. lloyd reported a slump in quarterly profit as volumes suffer in the houthi rebel attacks in the red sea. another stock we are watching closely is renault.

they scrapped the plan of the ev business. the offer had been expected this year targeting a valuation as high as 10 billion euro. finally, in food and beverage, diageo sales figures mixed he can ex-tpectations in the first half. it is at the bottom of the ftse 100. frank, we are off to a good start today. >> joumanna bercetche in london. now back to the markets. the all world index now at a two-two h t two-year high as investors slash cuts. traders are pricing in a 47% chance of a cut at the march meeting which is down from a monthing ago. joining me now is preet.

>> thank you, frank. >> the decision tomorrow with not a lot of action expected, but expectations for the jay powell comments. how do you feel what he says tomorrow impacts march? >> there are two key things tomorrow. the first is if the fed drops a statement over the rates. the second is how chairman powell will address the questions around the potential for a rate cut in march. our expectations is that the fed won't cut in march. we think growth is good enough for the fed to wait to be more conf confident. the rate cut in may is plausible if disinflation stays on track. it is worth keeping indepe mindt

the fed is looking at the core pce which is below 2% for months. if that trend continues, we think the fed will pivot to easing. >> you are looking at the bank of england making its decision coming up this week. what is the outlook on the bank of england and why are you bullish on gilts? >> one of the reasons we think -- first of all, in the expectation, the bank of england will pivot to easing and the picture for investors is to keep in mind policy rates will end the year lower this year. that's the difference for the last two years. that creates an opportunity. we think the bank of england will deliver. like the fed, the pbank of england will drop bias this

week. they will wait until may. we expect six rate cuts in the uk versus five in the u.s. >> i want to get your take on earnings season. give us a sense of what you see so far and bond yields declining as we head into the fed meeting. >> first of all, the declines bond yields brought the funding announcement. that positive response back in november is the reason for that. as it relates to earnings, we get a lot this week. two keys so far. the first is lower input costs means companies are no longer raising prices to expand corporate margins. they have to rely on increasing sales. that reinforces disinflation. one of the second observations is that we are seeing some moderation in spending on

services like travel and entertainment. that is cold weather or the symptom of the budgeting trends on social media. we are seeing companies generate cash flow. >> gurpreet gill from goldman sachs. thank you. time for the check on the top corporate stories with silvana henao. silvana. >> frank, good morning. we are watching shares of whirlpool under pressure ahead of the open. the maker of kitchenaid saying sales will be weaker. the outlook is renewing concerns that the consumer resilience may be fading noting falling demand in north america, the region accounts for half of the company's revenue. elon musk says neuralink

company says they conducted the first human implant and the patient is recovering well. musk said they have promising spikes in the neuron detection. and ibm has a message for employees still clinging to a work from home lifestyle. a memo reviewed earlier this month and the senior vice president from is telling all to immediately report to the office or client location three days a week regardless of work status or separate from ibm. the memo adds those working remotely who don't live close enough to commute to a facility must relocate near the office by august. >> we see a broad back to the

office push. some companies are saying three days and others want employees back every day. >> we will see. >> silvana, thank you. more to come on wo"worldwid exchange," and the one word you need to know. more delays for boeing 737 max jet pipeline and new investor concerns. later on, getting set for kickoff to the two-day policy meeting and lawmakers putting pressure for powell to act on interest rates. a very busy hour still ahead when "worldwide exchange" returns. old school hard work 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

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welcome back to "worldwide exchange." u.p.s. guiding the teamsters contract to be realized in the fiscal year. the price tag for the deal has been disputed by u.p.s. the consensus by investors is the customer lost during negotiations and i amncreased lr costs will impact the company. the two key things to watch are full year guidance and margin. the drop of margin will be

returning to 10% this quarter. guidance has revenues growing by 4.5%. if u.p.s. guides in line or above, it could give investors confidence. t the strategy over $1 billion of acquisitions last year alone. expanding in warehouses and last mile delivery. analysts have questions about u.p.s. and a.i. this year, the company opened a new a.i. automation focused facility they call velocity. it uses 700 bots. it will triple that across the country this year. let's bring in our managing director of shipping at deutsche bank. good morning. great to have you here. >> good morning, frank. great to see you. >> let's start off with the stock. what is the price target and rating? what is the number one thing you are watching for in this report? >> we have a price target of

$190 on u.p.s. that is higher than where the stock is today. we have been bullish of what the senior management team is doing to drive long-term value creation. last year was a blip which reflected in what you said, frank, with the front-end labor deal and volume impact. make no mistake, the labor deal is shareholder friendly if you have a four-to-five year view. that will be clear in the market in the second half of the year. they will report in under an hour from now. that chart you showed with the third quarter will be a blip. margins will be back to high single digits for the company. >> margins are very important for the company like u.p.s. and fe fedex. you hementioned confidence in t

executives. the company has a big push with a.i. and automation. how do you see a.i. and automation impacting the company going forward? what do you expect with the results impacted by a.i. and automation, but forward guidance? >> this company in the u.s. does 5 billion packages per year. it is hard to think about the scale of that business in that context. little changes in process automation and little changes in efficiency can be multiplied by 5 billion with the effect on the return profile. the key thing here is the new labor deal does give the union a lot higher wages, which they deserve and it is a great thing. we know our u.p.s. driver and value them significantly, but the key thing is it does not stop the company from automating

the sort centers or anything that goes on within the four walls of the thousand buildings in the united states. this is the key thing as part of the labor deal. this is a 115-year old company. automation and modernization are factors. >> i talked to a number of investors. a lot of people are excited about what you would say about a.i. and automation. another thing you are looking at is the generate increase by u.p.s. it is almost 6%. i have a question for you. is that a test for u.p.s.? they lost 1 million packages a day during the labor negotiations mostly to fedex. this is a test of pricing power and just how much customer stickiness they really have in. >> that is the great point. the biggest thing for carol is not about giving up price for

volume. the general increase is a headline grabber. it is the rule over the exception. the company's fidelity to the generate increase. we recently saw what they did with the fuel surcharge. we think price discipline is strong at u.p.s. and fedex. that is a 180 degree change willing to give up volume for price discipline. the last thing, frank, we are forecasting a 30% increase in u.p.s. volume from q3 to q4. we talk about the packages lost and the difficulty in the strike, but that is in the rear-view mirror. we feel volume growth is better. >> u.p.s. reports in 40 minutes. your price target for u.p.s. is $190. thank you. coming up on "worldwide

exchange," what is described as a seatbelt moment for social media as the ceo of meta and tiktok and others could be headed to washington, d.c. we have more coming up next. stay with "wex."

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wealth carblcome back to "w exchange."

time for "big money movers." super micro blew past estimates which come in above the analysts. the stock has tripled since last may when the ceo said super micro is benefitting from a.i. shares up 11%. >> and cleveland-cliffs with a second quarter loss. steel maker says with the strike, they stayed healthy this year. shares are down 2.5%. >> shares of f-5 are jumping as the company reported better than expected first quarter results. it is projecting the second quarter revenue demand. shares up over 9%. turning to d.c. the ceos of the social media

platforms are heading to d.c. to keep kids safe online. we have emily wilkins with more. what is the status of the legislation? >> good morning, frank. the status of the legislation has had movement on it previously. the hearing is meant to keep building momentum. we will see social media companies facing questions from senators on what they are doing to keep kids safe online. this is going to include the heads of meta and tiktok and x and snap and discord. they will be at a hearing tomorrow on whether they are doing enough to protect youngest users. companies are facing a number of lawsuits for making the platforms addictive to kids and harassment and images. as pressure has built for

companies to take more responsibility for protecting teens, you have seen meta add features in the past year to make sites safer for those under 16. at this point, senators are not impressed after meta announced the legislation to put the responsibility on app stores. the group's efforts were beyond the pale and the company's proposal puts the safety on parents without making the necessary changes to toxic black box the al gogorithms. this was the one that was approved by the senate panel last year and that bill requires companies to provide options for protecting teens' information. social media companies could be held accountable for harms to

kids. at this point, only snap has endorsed that bill. other social media groups like meta have asked congress for a single the national standard as utah, ohio and arkansas and florida are moving various pieces of legislation to limit what kids can see online and who can contact them. frank, it should be interesting tomorrow. the question is can they build up enough momentum with what we hear tomorrow to actually get a vote on the senate floor. >> emily, a lot of huge names here. snap, meta, tiktok, et cetera. i want to ask despite the outrage of the senators, what is the likelihood of the bill hitting the floor? >> frank, i think this congress sees difficulty with legislation going to the floor. they have so many priorities. they have to fund the government and certain programs expiring

and the senate will have to deal with that. the one thing the bill has going for it besides the fact it is bipartisan and has strong support is that chuck schumer did come out last year and say congress needs to get a bill like this done. he sees it as the first step to larger bills on data privacy. you heard it from senators that data privacy needs to go first before the senate gets to legislation on a.i. that is another priority. >> emily wilkins live in d.c., thank you. coming up on "worldwide exchange," openai goes on a goodwill tour with a growing amount of legal headwinds. we'll be right back. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley.

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it is 5:30 a.m. in the new york city area. there is more ahead on "worldwide exchange." futures fighting to keep the records going with the s&p topping 4,900 for the first time ever. earnings serving as a driver for the markets today with two members of the mag seven in the spotlight. we tee up the numbers to watch. the fed and rate cut timeline atop the investors minds with the latest policy meeting. it is tuesday, january 30th, 2024. you are watching "worldwide exchange" here on cnbc.

welcome back to "worldwide exchange." i'm frank holland. let's start your day with the check on the u.s. stock futures after the s&p closed above 4,900 and the dow recorded the sixth record close of the year. the futures have a change with the nasdaq. now up fractionally. the dow would open up down about 35 points right now. we are looking to kickoff the latest fed policy meeting. more on that in a moment. look at the bond market. 4.05% for the ten-year yield. we will watch yields. we have seen them tick lower as we head into the moeeting. let's turn back to earnings for investors today with two of the magnificent seven reporting along with a number of other companies. deidra bosa is tracking our

board. >> the key number to watch when microsoft reports after the bell is azure cloud growth. you thought i was going to say a.i. a quarter ago, we learned all that activity on openai has directly benefitted the cloud business. openai runs azure. for the fiscal first quarter, azure cloud growth beat expectations by three percentage points. for this report, street is expecting 27.5% growth for azure. if microsoft beats that, take it as a sign that microsoft has two strong revenue extremes for a.i. copilot and cloud sales from other a.i. companies operating

on azure cloud. microsoft helped customers cut costs. we are not expecting microsoft to reveal sales for copilot unless the numbers are really impressive. >> boa writes 2024 could establish google as a leader or at risk for further search erosion. google's advanced version of gemini is expected to become available early this year. we will be looking for any further details on the call. also in focus is layoffs and cost controls after rolling layoffs to start the year, wall streets wants to know the bottom line. and finally, alphabet has a miss on overall results. the bar is high for alphabet.

it hit a fresh all-time high. s>> starbucks had a lackluster 2023 down over 23%. eps is expected 993 cents. same-store sales is the metric and expected to climb 7.2%. international comps is expected to grow 13.2%. analysts are warning about the softness in the company for this quarter. first up is weather in the u.s. has been noted. stifel notes an impact from the consumer boycotts in the markets. looking to china and piper notes questions about the quarter and full year there. it believes investors are expecting a same-store sales

miss. at the end of the day, the bigger picture is what is going on with starbucks in china and is the growth story in tact over the long term. we don't have the answer for that. more to come after the bell. frank, back to you. this week is all about the fed as they kickoff the latest policy meeting today. ahead of the decision, interest rate traders are pricing in a 2% chance of a cut tomorrow, but the odds shoot up looking ahead to march and beyond. for some democratic lawmakers, march is not coming soon enough with the group urging the central bank to do more sooner. the direct effect of the rates has been a significant increase in the overall home purchasing costs to the average consumer. we urge you to reconsider the decisions. joining me now is gina smilek.

>> thank you. >> i know you are heading to d.c. later today. you will be in the room when they make the decision. everybody is expecting no move at all. a lot of anticipation with jay powell's press conference. what do you expect? >> this is going to be a tough press conference. they will try to walk a fine line between not ruling march out as a live meeting for a rate cut and not absolutely locking it in. they will try to keep it live and keep options open. they will not want to be too definitive. >> you said the odds are 50/50. i want to talk about the week overall. fed decision and palmyrjay powe conference and the jobs report on friday. how does that factor in?

the consensus is we reached that soft landing. does the fed see it the same way? >> i think the fed is hopeful. i think they have to watch a couple of data points between now and the march meeting. the most important is february 9th. that is the cpi revision. in this case, last year we saw the cpi revision is an upward revision to the fourth quarter. the inflation picture wasn't as positive. if that were to happen again, it could really change the picture the fed is looking at here. the february 9th revisions will be incredibly crucial to how they are thinking for the march meeting. we will have another cpi report. the one-two punch of the cpi data and revisions from last year will be the critical thing to watch. >> is cpi and pce the deciding factors here? how does the jobs report play in? >> the most important question for powell this week.

he will be asked about this. if no one else asks, i'll ask. how are they thinking about growth data over inflation data? the growth data is strong. it is weird to cut interest rates with growth above trend and unemployment at 3.7% and job gains are solid. inflation is coming down faster than they expected. maybe we will under-shoot that 2% target. we will see how the balancing act plays out and he needs to describe. >> what about what senator warren and the democratic lawmakers are saying? does that factor? >> they will tell you absolutely not. theydo not take political considerations. this is why they have that famous independence from the presidency and they are insulated from media change from

congress. they say it doesn't matter. i do think they are conscious of the fact that people are really struggling under the combined weight of high prices and high mortgage rates. that is something they are thinking about as they try to navigate the soft landing and make sure to set it down without rece recession. >> there is a lot going on in the world impacting everything. including the oil market which can have inflation impact. how do those factors factor into the fed decision with the mandates are unemployment and inflation? >> if you talk to an economist, this is the big thing they are worried about. what could derail the soft landing? geopolitics. we have the red sea disruption messing with the supply chains. we have the potential of the middle east conflict. >> thank you for being here.

you will be in the lockup. we know your question. it is really great to see you. thank you. >> thank you. time for the check on the top corporate stories with silvana henao. silvana. >> good morning. boeing says it is withdrawing the respect for a safety exception for the new 737 max 7 jet which would allow regulators to speed up approval. the exemption was requested last year with the faa would allowed the max 7 to be certified before design changes. boeing's withdrawal is ahead of the fourth quarter results tomorrow. the doj and s.e.c. announcing charges to a nearly $2 billion crypto fraud. doj says the three people cha charged falsely claimed the investors in hyper fund would receive substantial returns paid from crypto mining operations that did not exist.

openai announcing it is teaming up with the non-profit common sense media on the push to help teens understand how to use a.i. in a safe manner. openai has been looking for a review system for parents to better understand a.i. risk and benefits. openai's goodwill tour is happening across a growing wave of content use and one from the new york times. something that satya nadella weighed in while speaking withes lester holt. >> i want to ask about the lawsuit from "the new york t times" gets openai and using their content to train a.i. i know it is a legal open case

and you can only say so much about it. it does open up a thought about where this information comes from and who benefits. >> i think one of the things that will be very important is what is the copyright protection as well as what is fair use in a world where there is transformative new technology. that is really where the copyright laws have to essentially now be interpreted for a new transformation technology. we have done this in the past. i'm sure we will come out with the right set of guidelines used for training and it is clear you can't use copyrighted material and regurgregurgitate anything. what japan is doing is how to

think about copyright in an enlightened way. the technologycan be developed and competitors can be introduced and protecting copyright. >> and frank, sam altman had been in talks with "the new york times" before the news of the lawsuit came out. thank you. coming up on "worldwide exchange," we have the details next on the bullish call for spotify. and seriusxm podcasts are being moved from the plot farm. it will provide content for subscribers and early access to new episodes. you will get your chance to mix coffee and olive oil. coffee launched drinks in the

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welcome back to "worldwide exchange." a market check on calix. shares tanking and pulling attention away from the better than expected quarterly report. the shares are down 20%. we are watching shares of arcus bio-science. gilead is raising the stake in the company to 33%. it is expand anniing the presen the board of directors. and ubs upgrades spotify. the efforts have increased the margin expansion and stronger bottom line trends. spottyify is up 2%. and raymond james downgrades amd.

shares of amd right now down 1%. and oppenheimer is downgrading five below. shares of five below are unchanged and down 3% over the last year. time for the global briefing. the eu outlook on the gdp av avoiding recession last year after stablizing in the fourth quarter. this despite weakness in the eu's largest member germany. and byd profits forecast fall short and surpassed tesla in sales volume, but still faces pressure with other chinese automakers. and aramco halts production

plans. this comes after aramco said it would boost capacity to 13 million barrels a day. coming up, we have the one word that every investor needs to know today and too much love for the magnificent seven? the members our next guest says has been overbought as they prepare to roll out earnings. follow our podcast, if you miss us, you can check us out on spotify or other podcast apps. more "wex" coming up after this. and choose any car in the aisle... even manage your rental right from the app. so you can give some quality time to a quality cause. swing by to see one more customer... [audience cheering] and really get down to business. go national. go like a pro. ♪ something amazing is happening here.

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welcome back. time for the "wex wrap-up." we start with f5. the company citing the portfolio with the beat in the q2. >> sofi with the best day of august of 2022 yesterday. this on the earnings and expansion investment options available to customers. >> netflix shares being donated to the silicon valley community foundation. >> diageo under pressure on the sales and earnings. the uk distiller says sticky inflation is causing sales to slump in the u.s. and latin america. >> and neuralink implanting the

first device into the first human trial. >> and whirlpool deals with pricing pressure and the consumer demand and higher expenses. shares are down 5%. here is what to watch today. we get the latest from the home shiller price index and jolt survey and consumer confidence figures. we have results from microsoft, alphabet, u.p.s. and pfizer and amd. all set to report. the fed kicks off the policy meeting today. and markets continue to notch fresh record highs. nasdaq has dipped into negative territory. dow back to the lows of the morning. looking like it would open 45 points lower. let's bring in jay woods at freedom capital markets.

jay, good morning. >> good morning. good to be here. >> a huge week for earnings this week. big tech earnings. magnificent seven earnings. with that in mind, what is your wex word? >> when you watch the earnings and storcks, you have to respec the trend lines. the first was tesla. tesla was in the down trend. that brokedo down. if you are looking at the long term, the trends look great. look at apple first. this has me concerned. the price action is slightly down. we made a lower high this time up. watch the 200-day moving average. it is on the up trend. you have three of them that are overbought. that has me a little concerned, not concerned because they could go down, but when you look at microsoft and meta and google, i know alphabet. they should change the symbol to abc. it is available. >> we are bringing you here for

markets, not branding. >> i apologize. >> let's get to the companies that are in overbought territory. are you talking alphabet and meta and microsoft? all three with the rsi above 70. why is that meaningful? >> it will take a beat to take the next leg higher. we have seen it. given the run they have been on, i expect them to do well. it puts you in a position for an actionable pull back. that is why the trend line comes into play. microsoft up 12% year to date. if it pulls back, it allows someone to come in. the one i like is amazon. amazon has done the full roundabout, but has and made all-time highs with the other four stocks. they have room to run. the trend line is slow and

steady going higher. it is not overbought. the a.i. story. i can't wait to hear what they say on the call. >> a lot of people are waiting for amazon to talk about a.i. alphabet and meta and microsoft. amazon's elevation at 26 times forward earnings. amazon trading at 48 times forward earnings. are you concerned about earnings justifying the elevated valuation? >> i'm a technician first. this is not anything that i'm concerned about. i look at momentum and where rotation goes into the stocks and sectors. what we saw at the end of last year, the rotation in the small caps. they took off to start the year. now what i think we will see is the mega caps pause and maybe go up a little bit more. i don't think the momentum is there. you will see it come back to the

small caps and russell. look at the finances within the russell and industrials within the russell. that is where the next rotation goes. >> the pick is amazon. if you see a pullback in the overbought names s is that a bu the dip opportunity? >> these are great long-term companies you buy and put away and don't worry about. >> jay woods, thank you very much. one quick look at futures. nasdaq back into negative territory. the dow would open up 45 points wer. "squawk box" is coming up next. thanks for watching.

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good morning. a busy earnings day ahead. we're hearing from u.p.s., gm, pfizer and jetblue coming in the next hour. plus, allphabet and microsot after the closing bell. whirlpool sales are falling. consumers are putting off upgrades and are more price sensitive. ibm top brass sending work from home employees an you will

tha ultamatum. move closer to the company or get another job. it's tuesday, january 30th, 2024 and "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 with mike santoli. we are watching the equity futures ahead of the earnings flood today. big day not only during the market, but after the market. the dow is off 44 points. s&p futures are down 4. the nasdaq indicated down by 3. that comes after the dow and s&p turned in the sixth record close of the year. s&p closed above 4,900 for the first time. we have more on the big tech earnings a moment. look