it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." back at records. stocks off the late-day rally pushing the s&p back over the 5,000 mark. top of mind for investors is the fed and inflation with the big economic report due out in three hours from now adding to the uncertainty is new comments from bostic on the war against inflation. a big day for big money movers, including coinbase which hasn't doing something in two

years. could it be another case of a meme stock madness for the a.i. stock play? it's friday, february 16th, 2024. you're watching "worldwide exchange" right here on cnbc. good morning and welcome to "worldwide exchange." i'm contessa brewer in for frank holland this morning. let's get the hour started with the check on stock futures. we saw a late session rally yesterday that pushed the s&p to its 11th record close of the year. for futures, the s&p implied to open up by almost ten points. the dow lower by 41. the nasdaq higher by almost 100. with the nasdaq leading the gains now with the check on the pre-market gainers. you see the trade desk up 19%.

applied materials up 13%. you have lam research and kla corp up 2% and 4%. ahead of the open, the dow and p s s&p are on pace for the sixth straight weekly gain. let's check the bond market. the two-year note is higher at 4.61%. the ten-year note at 4.269. othere we go with oil and wi being lower at .75%. brent is off by that and rbob is down 1.5%. that is the u.s. set up. let's get a check on the action in asia and europe with jp ong and arabile gumede in the london newsroom. jp, how are things in asia? >> contessa, good morning.

looking at one of the encouraging sessions across the board from tokyo to singapore where most equities closed in the green. you have to take each market on its own to figure out what was driving optimism. in south korea, the officials extending new incentive packages and measures to support the valuation of companies and tax breaks to make sure companies are more investable. out in australia, a different picture because there are signs that unemployment in australia is on the rise, but that is spurring bets that the bank of australia will cut rates sooner rather than later to provide support. now because of the pressures of inflation are showing signs of easing. japan is something you want to focus on because the nikkei 225 hit the highest levels in all

time. a lot of this is showing solid signs that corporations are putting support on the markets. the nikkei 225 looks good for investors. and in hong kong, the hang seng riding high with the end of the lunar new year holiday with airline and casino stocks giving hope that maybe there are signs the chinese consumer is ready to drive economic growth and market optimism out of china. we have to wait for next week to see if they can continue the optimistic start. that is the look here in asia. back to you in new york. >> we appreciate that. let's go to europe and arabile gumede in the london newsroom. arabile, what is the set up in europe? >> contessa, if it was mixed data in the united states, we have mixed data here in the uk.

we have seen inflation numbers come out. that held flat at 4%. th recession. we have retail sales numbers. they are posted and positioned the uk retailer as being able to stand the test of time. going up 3.4%. the expectation was an incline of 1.6%. better than anticipated on the retail sales front. it meant a host of green following on with the asian trade. a lot of gains across the board that point to the dax and cac 40 out of germany and francis those are in record territory. intra-day highs for the cac 40 and dax. we had been speaking about the insurance business and we spoke to the ceo of swiss re speaking about how the earnings managed

to climb 600%. you saw the dividend spike up considerably. the risks still remain, especially in the geopolitical environment. for now, the market across europe on the up. >> i thought it was interesting that the ceo of swiss re was talking about paying for climate change, the risks for climate change, is making its way to consumers around the world. we heard everybody from aig to chubb talking about the insurance costs. it gives you a picture of the inflation in the uk and here in the u.s. as well where insurance is a concern. arabile, great to see you. thank you. back on wall street, inflation dominating the market conversation this week. january ppi out in a few hours following the hotter than expected cpi on tuesday. fears of reinflation are tamping down expectations for rate cuts

in the next few months. fed president bostic says there is no rush to lower rates. he says it is not clear inflation is heading sustainably to the 2% target. traders are pricing in an 8% chance of a cut next month. let's discuss what this means with robert fein. it is great to see you today. give me a sense of how you are factoring in the cpi data and lower retail sales. what is the set up on the final day of trading this week? >> great to be with you, contessa. as i was with you last year on cnbc, i specifically said the fed needs the data to basically provide cover for them to maintain rates higher for longer. so the mixed data we're seeing is providing that cover just now

for the fed to kick the can down the road because of the fear of re-acceleration. that happens 87% of the time. they don't want to replay what happened in the '70s. >> as the markets readjust the he can pec expectations for the fed to cut, does that give you an opportunity to take profits off the table? >> specifically right now we are selling to the strength of the market that continued last october when the fed chairman jay powell was a little bit too optimistic in terms of what the markets were reading into. now we're seeing the markets coming to terms with the realistic expectations of higher for longer. we are positioning selling into the strength of what the market is giving us last few months and being patient.

historically speaking, february and march are markets where they take a breather. if you want to position accordingly, take advantage of when the markets pull back. it could happen sooner rather than later. >> your picks are eli lilly and amazon and alphabet. what do you like? >> they are all strong. if you look at the last quarterly reporting, specifically with eli lilly, 20% revenue growth over the year over year. 28% of the last quarter. they have the drug that was just approved by the fda last november which could be the most lucrative drug for weight loss of all time. zepbound. the eli lilly is making strategic investment to ramp up production to take advantage of the market which is billions. >> robert schein, thank you. >> thank you. let's check on the morning's top corporate stories with silvana henao. silvana, nice to see you.

>> contescontessa, good morning. let's get you headlines. apple is ramping up development of new generative a.i. features for the programming software similar to microsoft's copilot. bloom bberg says it will releas to third parties this year to complete lines of code and write code to test apps. executives demonstrated the new a.i. features late last year. nike is cutting 1,600 jobs. that is 2% of the work force. the company is will looking to costs with weaker profits as consumers cut back on non-essential items. in december, nukike announced a savings plan for the next few

years. jeff bezos is selling amazon stock for the third time this month. the s.e.c. filing shows the executive chairman sold 12 million shares on tuesday and wednesday. that's worth $2 billion. that brings the total to $6 billion since february 7th. this is the plan to sell up to 50 million shares by the end of january of 2025. bezos still owns $166 billion in amazon stock. >> that's all? >> that's all. >> silvana, thank you. more to come on "worldwide exchange," and the one word investors need to know today. the big pop in coin base as the company does something for the first time in years. and first it was the new target and its shares are sinking. later, more on what the

inflation report means for the fed. we have a very busy hour ahead when "worldwide exchange" returns. awkward question... is there going to be anything... -left over? -yeah. oh, absolutely. (inner monologue) my kids don't know what they want. you know who knows what she wants? me! with empower, we get all of our financial questions answered. so you don't have to worry.

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14 minutes past the hour. doordash shares dropping on mixed fourth quarter results. earnings loss of 39 cents which misses estimates. the stock surged 90% in the last year compared to the s&p's 20%

gain. shares of roku plunging. the company reported a larger q4 loss with lower customer spending. you see the shares off 16% in the early trade. roku remains optimistic. it will maintain the platform growth rate this quarter. don't miss the interview with anthony wood at 8:15 a.m. trade desk soaring on the revenue beat and strong guidance. sales rising 23% and net income by 37%. the company announced the approval of $647 million in share buybacks. that brings the total of future repurc repurchases to $700 million. it is up 18.5% in extended trading. shares of coinbase taking off in pre-market 11.5%. it swung to a surprise profit for the first time in two years.

arjun kharpal joins me now from london. so much enthusiasm for coinbase and crypto, arjun. >> that is right, contessa. 2023 was a big year for crypto. we saw a rally with coinbase reaping the rewards. turning the first profit in two years in the fourth quarter. eps of $1.04. smashing through expectations. the transaction revenue on the platform was up t83% in the fourth quarter. this is due to the sharp increase by the excitement over the spot bitcoin etfs approved in the u.s. earlier this year. on the etf front, there were concerns that approval of the etfs might take transactions away from coinbase if investors could own bitcoin without the

underlining asset. coinbase dismissing concerns saying it is a custodian of 8 of 11 bitcoin etf issuers. that boosted the coinbase subscription and service ref new. one concern is the crypto markets, the transaction revenue for coinbase was down 35% over 2022. that is a reflection on the retail trader which has not stepped back into the market after the damaging 2022 with the collapse of certain companies and court proceedings. coinbase is hoping with the strong start to the year this year for bitcoin and broader crypto markets that retail traders are coming back. >> is there a way to tell if the retail traders are going directly to the coins?

>> it seems certain from the conversations within the industry, the retail invesinvestor is cautious coming back into the market. the scarring with the ftx collapse and the money lost in 2022 was enough to put them off. you see with so much excitement with the etf and something upcoming in april calling the bitcoin halving which happens every four years with the amount of money rewards cut in half is the event that precedes a bull run. many expect the retail trader to dip their toes back in and i don't think this is happening this time. this is a broader concern. the retail traders are cautious over when bitcoin hit the all-time highs in 2021. many are wondering what will it take now for bitcoin now it

surpassed the $50,000 level to get near the all-time highs which is under $69,000 level. contes contessa. >> arjun, thank you. ahead on "worldwide exchange," why we are nearing the end of the bank reckoning. the ceo interview with ocean financial. that's when we return. (♪♪) it's inspiring to work at a place where our patients succeed. and where we as therapists do, too. with great benefits from principal, our clinic shows they truly care about us. (♪♪)

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21 minutes past the hour. market flash for you on lucid and tesla and rivian are all higher. tesla up 2.5%. lu s lucid is cutting the price of the air sedan. the gains are not confined to shares of u.s. based ev makers. nio and xpeng are up. li auto up 6% and climbing higher today. welcome back to "worldwide exchange." the real estate sector is getting strong earnings from rbe. the worst is over for office leasing and that sent shares to the highest level in almost two years. you are seeing slight pull back in the extended trade this morning. hotter than expected january cpi and lingering fears of higher rates for longer has

stresses on the regional banks and exposure to the space. let's discuss what one regional bank issues have with our next guest. when we are looking at the specter of what could happen with customers real estate and cbre saying it is largely over. are you seeing the same thing? you could put the biggest concerns in the rearview? >> we are. it is an intersection between the property type and geography. there are geographies with certain property types, but those are spot issues. they are not broader issues in the market. we are seeing it in office and multifamily. most of the market is very strong. >> swiss re came out with earnings this morning. the big global re-insurance company said profits soared. rates sky rocketed last year. that sent the cost of insurance

high er as well. how important is that factor when you are looking at whether to give someone a loan? can they afford the rising price of insurance? >> it is a factor. when we look at the rising cost of insurance, especially with a couple of causes. you have climate related stuff. you see that in areas like florida. you a are seeing the cost of repairs going up. when we make a lending decision, we have to stress of the loan. we look at where the costs are going and if the borrower can support that cause. anything moving high. property insurance or inflation in insurance. we are looking at that. >> in what ways is inflation and the spector that it is coming down, but pop back up, how does that inform the strategy you have through 2024? >> we are looking for it. we never thought going back to

the optimism in december we would have seven rate cuts. we run a business that is neutral to interest rates. you want to make sure it performs in a lot of environments. we are looking forward to a moderation of rates this year. the residential mortgage rate to come down and home affordability to improve. there is a bit of good news here. the reason it may take longer is the economy is doing well. the soft landing looks to be in sight. >> we are heading into the fierce part of the election cycle. does it matter to you the kinds of policies we see in place this time next year? >> it matters a great deal. even in the short-term, the more important thing we are watching is uncertainty and consumer confidence. the good news is consumer confidence is high today. it is coming back up in a strong way. you would be concerned that

uncertainty would lead to people not making decisions that could disrupt the economy in the second half. there are policy implications depending on what happened in the election cycle that will impact certain sectors. >> in new jersey, it would be helpful for a lot of clients to see the end of s.a.l.t. >> s.a.l.t. is a big topic in new jersey and in the northeast. let's see how it works. >> christopher, thank you. i appreciate it. let's check on the headlines with jessica leyton. >> contessa, good morning. fbi informant has been indicted on two counts of lying to the special counsel about president biden and his son hunter. the corruption allegations were critical part of the republicans impeachment into president biden. the source familiar with the matter told nbc news, hunter biden doesn't believe he met

sm smirnoff. the d.a. fani willis taking the stand today. she is accused of benefitting from the relationship with special prosecutor nathan wade in the form of romantic get aways while wade and willis say they split the cost. and caitlyn clark wasting no time. check out the bucket against michigan. the iowa superstar is the all-time leading scorer in women's college basketball celebrating with teammates during and after the iowa's big win over michigan. love to see that. contessa, back to you. >> she is driving so much engagement in women's college sports and sports betting by women on women.

it is incredible to see. nice to see. >> love to see her become a household name. people know a female college a athlete's name. >> thank you. shares of toast are heating up. why that is not goodews r nfo workers. we'll be right back. how am i going to find a doctor when i'm hallucinating? what about zocdoc? so many options. yeah, and dr. xichun even takes your sketchy insurance. xi-chun, xi-chun, xi-chun! you've got more options than you know. book now.

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there is still a lot ahead. here's what's on deck. inflation data after what ppi data could mean for the fed rate cut path moving forward. we get into the key factors here with the super size run for super macro. what do draftkings, toast and applied materials have in common? the big money movers. all three stocks in sizable swings. it is friday, february 16th, 2024. you are watching "worldwide exchange" on cnbc. welcome back to "worldwide exc exc exchange." i'm contessa brewer.

let's check the s&p after the 11th record close of the year and the dow within striking distance of all the-t-time high. the nasdaq is up 105 points this morning. ahead of the open, the dow and s&p are on pace for the sixth straight weekly gain. let's check the bond market with the yields near the highest level in two months. the two-year yield at 4.6%. the ten-year yield at 4.26%. investors getting a track at inflation data after the january cpi report rattled the markets. producer price index is due out at 8:30 a.m. eastern. the numbers for january were revised downward. headline ppi fell .2%. better than the previous

estimate of .1%. the experts don't expect another decline in january, but see slight gains for headline and core pp oi. let's get insight from aditi from bank of america. nice to see you. when we look at ppi, give me a sense of how much importance it should have for investors trying to gauge what will happen with the fed? >> good morning. thank you for having me. the ppi is of interest because some of the components feed into the pce. we know the fed was hot in january. that will feed into the pce, but not all of it. the pieces of the puzzle are health care and financial services and airfare s. >> does it take on more importance or get more of the spotlight because of cpi? >> yes, for sure.

the cpi was far too strong for the fed's comfort. the question is will the pce be too strong or rather strong? that is what we are watching for here. >> we get mixed signals because we saw weaker retail numbers coming in. what do you make of that? >> there were some distortions to the retail data for january. we flagged that in advance related to seasonal disruptions. that is part of the story. inflation is hot, but that is on the services side. retail sales a dollar number and that is measuring goods. that is probably dragging retail sales down. that is for good reasons. >> we heard from atlanta fed president bostic saying he doesn't think there should be any rush to cut rates. there are two key risks the fed has to deal with. one is that rates remain too restrictive for too long and the

second one is that they might have this loosening and inflation would remain stuck higher in spite of the loosening. what do you think the fed will do? how do they walk that fine line? >> it is definitely a balancing act for the fed. this typically happening with turning points in policy or weighing the risks in either direction of policy actions. we think the fed starts cutting in june and they cut at a pace of 25-basis points. three cuts this year. four next year. it looks difficultto cut right now after the january cpi. we have to remember there are four more cpi reports between now and the fed decision. the january number could be a distant memory by the time we get to june. >> it is great of you to join me this morning. thank you. >> thank you. time now for some other big money movers. draftking shares sinking due to

fourth quarter profits and missing estimates. monthly players rose to 3.5 million topping expectations. the company announced plans to buy jackpocket for $750 million. that acquisition expects to produce $260 million in revenue. you see the shares lower by 3.5%. shares of toast got a boost. the restaurant software maker cut 10% of its work force or 550 employees. earnings beat estimates in the recent quarter. growth continues to slow following the acceleration in 2021. toast announced it is buying back up to $250 million in stock. shares up almost 7% in the early trade. applied materials are higher. momentum in the a.i. and internet of things segments fueling upbeat results and

guidance. key inflation pointscontinue out performance. shares up 12% in the early trade. move over nvidia. there's a new red-hot a.i. play seeing shares soar this year to the tune of 960%. we are talking about san jose based super micro tied to the a.i. boom. the latest boom coming from the bank of america yesterday covering the stock with the buy and $1,040 price target. 11 buy ratings as of today in one sell. retail traders are piling in with smci topping the charts on stock. joining me to cut through the noise to see if there is conviction to the surge is john blank. is it a meme stock, john, or something more?

>> it is absolutely a meme stock. it is not the meme stock in the sense of profits. the real story is simple. you have $7 billion in revenue last year. you have $14 billion forecast this year. that is 100% growth rate. it goes to 21 and peaks out in summer of 2025. most of the analysts have two or three-year forecasts and looking for the surge in spending in rack servers with the nvidia chips. that's the story. it is a fairly simple story. everybody is piling in. the reason they are piling is it to put a secondary offer out in 2023. wall street put shares in front of this. you have the january 18th pick up in the stock and they did report on the 30th. next week is nvidia reporting after the market closes on wednesday. that's the setting for all of the day trading and options and

puts and calls and everything else. very tight window right now. most of the editors at short-term at zacks are bearish. they are considering this is a climax top for the stock. >> that's the whole thing. if you see retail traders rush in and see it posted on reddit, is the opportunity evaporated? >> i think so. the put call ratio is leaning toward the puts. the puts are at the 950 mark. you know, you will see a lot of movement around the areas when people cover their positions. i think it is options related now. people are playing short-term plays on the stock. nobody is in it for the long term. we are talking about long-term revenue, but the volumes in the stock are short term. do you think the market for artificial intelligence has the

potential even if we're seeing this inflated and frothy and all of those lovely adjectives show the broader opportunities in a.i. could actually make this seem relatively inexpensive three years down the road? >> that is a good point. if you take $21 of earnings this year and $25 next year, that is a 20% growth rate. let's go to 30 in 2025. put that against the $1,000 share price. that is a 33 pe. that is not that outlandish. we have tesla trading at 50 times earnings for years now. this is a 33 pe if you believe that growth keeps going. the problem here is is it a bump at 2025 and plays out because everybody installed all this stuff? that is the bull/bear case. is it a 33 pe or not?

>> all right. john blank, thank you for joining us. i appreciate your insight. >> thank you. coming up, swiss software provider temenos shedding $2 billion in value in 24 hours as it becomes the latest target of noted short selling firm hind hindenberg. first, some of the top trending stories. competition for taylor swift. jennifer lopez is out with her first studio album in ten years "this is me now." it comes with the film about her career. it's on prime video daftoday. and rod stewart selling his music catalog for $100 million. he is expected to release his 37th studio album this year.

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welcome back to "worldwide exchange." let's get to the morning cal sheet. nvidia with the new street price of $1,200. the largest customers will buy up everything from the chipmaker over the last two years according to loop. shares up 1.7%. shares of bloom energy plunging by key bank which says it is off 15%. it cites the q4 results miss and 2024 outlook. carvana shares downgraded from raymond james. down 3.5%. the stock valuation concerns being cited as well as challenges in the industry. dropbox with the downgrade from jpmorgan chase cutting the rating and price target.

jpm saying it sees a tough set up for growth ahead. that stock down 9% in the extended trade. time for the global briefing. bank of japan eyeing the end to the negative policy exchange. concerns doing nothing to dent the bullishness of the japanese equities. the nikkei closed sharply higher again and it is nearing an all-time high. look at it up almost 1%. in the uk, retail sales logged an increase by 3.4%. all reporting healthy activity levels due to january sales promotions. the rebound offers relief for the country which fell into recession during the most recent quarter. shares of swiss teneons

alleging accounting irregularities according to h hindenberg. ahead, the one word every investor needs to know today and the hot cpi report. the moves to make with your money to close out the week of action. during february, cnbc celebrates black heritage. here is tiaa chief institutional client officer courtney gibson. >> 54% of black americans do not have enough savings to maintain their current standard of living in retirement. what can we do about that? one, insure pay parity for black americans. two, ensure they have access to guaranteed lifetime income as

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welcome back to "worldwide exchange." time for the "wex wrap-up." atlanta fed president bostic says not too fast when it comes to rate cuts. he says the central bank has made progress in the fight against inflation, but there are

still plenty of ongoing risks. catch bostic at 11:00 a.m. eastern. the s.e.c. gave donald trump the green light to merge truth social media company with the blank check acquisition vehicle. it values it at $10 billion. half of elon musk's x platform. and yelp warns of a slowdown with the illness and holiday season hangover for the q4 sales. and microsoft's xbox will expand playstation 5 and nintendo switch. apple developing features for the code software similar to microsoft's git hub copilot.

nike is cutting 2% of the work force warning of weaker profits as consumers cut back on non-essential items. and coinbase with a profit for the first time in two years. the transactions drove most of the beat with service revenues flat. the stock is up 12% in the early trade. here is what to watch before the bell. we get a look at inflation with the ppi and housing starts as well as builder better mights data. on the earnings front, cinemark reports before the open and several fed speakers like tom barkin and mary daly. fuel for the markets today with the fresh inflation data and the fed speak to close out a whipsaw week. look at the trading day. futures are higher on the s&p

and implied open up 13 points. dow lower by 30 and nasdaq implied to open by 105. let's bring in sylvia jablonski. sylvia, i want to get to the word of the day. opport opportunistic. what ways could investors be opportunistic today. >> thank you, contescontessa. february is sort of over and march tends to have days where stocks pull back. particularly for younger investors and traders with longer-term holding periods, there's been so much money sitting on the sidelines which are great, but now you have stocks performing in 2023. look what happened during covid and in 2022 with the massive bear market? on the days you get the pull backs, have the chance to get into the stocks and s&p 500 or

whatever it may be and hold it for a couple of years. the market works finefficiently over time. it is time to get back in. >> do you think the little pull back is a reason to jump back into the magnificent seven? >> i do. i think the next five-to-ten years for the magnificent seven is going to move forward. amazon had a great year. they are picking up on retail spending. they have groceries and pharmaceuticals and cloud. every company, google with advertising. they are solid companies. now throw a.i. into the mix. you have the engine that will power so much in the coming years. >> you recently added amazon. why? >> i think amazon is a well rounded company. they were a lsle sleeper for a e

while. andy jassy came in and cut costs and they are efficient. they are starting to win. they have a huge presence in the cloud business which is expected to double and triple in the coming years. they have a strong ecommerce business. they are dabbling into health care and a.i. and pharm pharmaceuticals and grocery delivery. they are well rounded and positioned. the ad spend will pick up. it is an interesting play. i think it pulled back to get into the decent price point. >> i see you like ibm for quantum computing. can we talk about cruise and what you see here and what it says about the confidence in the consumer. >> ibm is a company you don't mention when you talk about a.i. they are the a.i. leader. they have been around the longest with watson a.i. look at ibm.

they will come out of the woodwork and monetize on this. for cruise, you talk about the casinos and what is happening in vegas. the consumer is spending. we saw reports from china coming back online. the airline earnings were looking good. carnival is looking great. consumers are spending in this space. the transition from goods to services picked up. wages are stable. the spending continues. i think it's has taken off. >> sylvia, thank you very much. that wraps up "worldwide exchange." "squawk box" is next. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is

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it's friday, february 16th, 2024. >> if you think i'm sexy and you want my body. >> i don't and i don't. "squawk box" begins right now. good morning. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew is off today. it is friday and we're burning into the friday ahead of the three-day weekend. you will see futures are mixed. dow futures off 32 points. the nasdaq is indicated up triple digits. you have the s&p 500 indicated up 12 points. let's look at the treasury yields. we are doing well for the week. if you look at the treasury yields, the ten-year