it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." we start within the red. stocks under pressure as we get set for the final day of trading in february. the big test is inflation. the release of the preferred inflation gauge. the pce is out at 8:30 a.m. crypto winner heappears to have thawed on us. that's ahead of the key market moving event. the department of justice eyeing boeing and its door plug

problems. later on in the show, one day after scrapping the ev ambitions, apple now is getting set to disclose the plans for artificial intelligence. we'll have to wait to see. it's thursday, february 29th, 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 for the trading day ahead. the last day of february. the check of the u.s. stock futures after a lower session for stocks yesterday. you see futures are in the red across the board. we are keeping a close eye on the dow. it would open 125 points lower. we'll continue to watch that throughout the morning. despite the weakness, the major indices are on pace for the fourth positive nomonth in a ro

looking back to november 1st. 17% and 24% during that period. nasdaq leading up over 24%. we are tracking the broad market leadership with stocks lower for the week, but 66 s&p names trading at 52-week highs. we are talking home depot and costco andping the board is ame express and sherwin williams with the broad-based rally. the s&p equal-weight index is out pacing the market cap by 50 basis points. you see the s.e.w. in positive territory. we want to check the bond market ahead of the pce inflation report. the benchmark at 4.30.

we're looking this morning at bitcoin after surpassing highs not seen since november of 2021. we are seeing bitcoin trading at $62,601. up 4%. bitcoin trades around the clock. we will debate the true investor virtues of bitcoin later this hour. that's the set up. let's get a check of the top corporate stories with silvana henao. silvana. >> good morning, frank. the justice department is looking into boeing's door panel blowout and possibility of criminal prosecution. according to "the wall street journal," the doj is looking if it falls under the 2021 sector after the crashes of the previous jetliner. snowflake shares sinking

ahead of the open. right now, we are seeing it down about 23% in extended hours. this after the company announced the ceo is stepping down immediately with the senior vice president of a.i. and a former google executive taking his place. the company is out with a weaker than expected sales outlook in the latest earnings report. shares of weightwatchers set to extend the losses after revealing oprah winfrey is leaving the board of directors. the company is worth $6.8 billion back in june of 2018, but the market cap has sunk 500 million. >> made a lot of news when oprah admitted using the glp-1 drugs. >> she was very open about that. >> silvana, thank you. toururning to a news alert

washington, d.c. the commerce department will investigate the national security risk from connected autos with parts made in china or other countries of concern. speaking with the reporters on the call last night, the secretary said it is a concern if the key connects to the car. the risk the vehicle could potentially be remotely disabled by bad actors in china. the white house wants to take action now before chinese made cars are more widespread in the u.s. looking at chinese autos, moving higher. epeng up 3% right now. back to the markets. investors embbracing for the bi fed report which is the pce report due at 8:30 a.m. eastern time. it is expected to show a tick up from january.

the data coming after the cpi reading showed inflation re remained high. for more, let's bring in ross mayfield at baird. great to see you. >> great to see you. >> pce is coming out. we are showing the headline numbers. here on cnbc, we cover every cough and spit and get any insight for this what means from the fed. you think we are getting a cut in june. in your mind, is pce that important? >> you know, probably not. it is an important data point in an economic aenvironment. at this point, the market expectation for the fed is in line with december. we are probably get gettting cu until later this year. it is not that it is not an important data reading here .

it is very important to get a read here. as for the fed, you have to surprise to the upside which is not out of the question for them to change how they are thinking. >> the hotter than expected cpi read is bad news was good news if you are a fan of the broadening of the market. we have seen that market broaden out since that read. if the pce number is hotter than expected, what depooes it mean the markets? >> it is not that different from cpi. you might see that. to your point, the market has broadened out despite the rate cuts off the table. despite the fact that rates are likely to remain restrictive. >> ross, i want to bounce something off you. you are a fan of cyclicals. consumer discretion areaary is

leading this week. this should represent a buying opportunity for a push higher into mid march before consolidation moves in. do you agree or disagree? >> i'm more in that camp than not. i think cyclical leadership remains whether it is in the tech and tech adjacent consumer space or something like industrials. i'm leaning into cyclicals and buying on consolidations. >> ross mayfield from baird, thank you. we have more to come on "worldwide exchange," including the one word that vordinvestorse to know. first, breaking down the glp-1 revolution and what this could mean for the companies behind the breakthrough drugs.

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disd disrupted the market, but the next is children. 20% of the kids in the u.s. are living with obesity. our melissa lee takes a look at the struggles in the documentary "big shot:the ozempic revolution." >> reporter: at 12 years old, natalie is pre-diabetic and takes medicine for high blood pressure. these are common conditions among kids with obesity. >> it is hard to get physical activity. you have to work to do that. foods are more dense and nutk nutrient poor. you have to work harder and pay more to get healthy. >> reporter: dr. armstrong helped write the guidelines for obesity treatment for children. one is a doctor should tell

families about all options, including surgery and medication, as soon as their kids become eligible. some glp-1 drugs are approved for kids, but there is limited data reported. >> some think how can you recommend medication or say it is okay for kids when there are so many unknowns? >> that answer is simple. that is because we know the consequences of untreated obesity. those consequences can be devastating. >> you can watch the documentary tonight at 10:00 p.m. eastern and pacific here on cnbc. let's talk more with emily field at barclays. emily, great to have you here. >> thanks for having me. >> i raised my eyebrow of the idea of kids taking the glp-1 drugs. i was a heavyset kid.

i shopped in the husky section here in the u.s. i outgrew it. do you believe parents will put their kids on the drugs? is this the next growth area? >> great question. these are drugs not for everybody. i think doctors will be discriminating in the younger populations. to the point that the doctor in the clip you aired said these are preventative medicines. we know the consequences of untreated obesiobesity. heart disease and liver disease. what we hear from doctors more and more is treat obesity earlier and you don't get type-two diabetes. >> when we talk about the adult population, how wide spread do these drugs get? we had the ceo of the big chain

on and he believes this is accompanying to his business. you still have to maintain your weight. >> absolutely. with the programs that offer weight-loss medication, you see diet counselling. you think you should be taking another approach to manage obe obesity. we really think this will be the largest pharmaceutical class. we think it could be $100 billion over the next decade. in terms of how that translates over the next few years, it will be how fast can they make these things. >> that is interesting. you cover a number of drugs in the space. eli lilly. astrazeneca. ro roche and novo nordisk. what do you expect? >> i think the thing we're focused on for novo next week is

any updates on the early stage pipeline. will they talk about the things they have going on in the pill form. wegovy and ozempic are shots. novo has a deal to purchase a drug manufacturer. they are still ongoing with the closing of that deal. pipeline and supply is with a investors are focused on. >> catalen, it was involved wit the vaccines. they are looking to expand now. i know you don't cover vikings therapeutics and zealand. what about those companies? are they game changers? >> it will get more competitive.

these are the biggest markets and more companies will try to catch up to novo and eli lilly. we think those two leaders have such a great advantage so far that the viking data and zealand data is similar to novo and eli lilly. novo and eli lilly are in phase three. novo's next-generation drug promised a 25% will see data la year. >> 20% of u.s. kids overweight. could be a big runway for the drugs. emily, thank you for your time. >> thank you. a programming note, catch "power lunch" today diving into rare disease with scott gottleib. coming up, an openai

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what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com. welcome back to "worldwide exchange." time for the "big money movers." another stock at 52-week high is okta. beating estimates citing strong win rates and confident in momentum for the year.

impact from the security breach last year is likely minimal. shares up 24%. amc under pressure despite reporting better than expected results. revenue growing by 12% and adjusted ebita tripling. increases attributed to taylor swift and beyonce's concert films. eras and renaissance? companies say the moves helped ticket sales across the country representing 1/9th of box office totals. amc shares down 9%. duolingo has record bookings. the stock has lagged this year, but doubled over the past 12 months. shares up 22%. we are watching shares of salesforce. weak guidance weighing on the

stock despite the jump in revenue. it has a 40 cents dividend. ceo marc benioff calling the quarter phenomenal on "mad money" last night. >> we had a record profits and cash flow and projecting incredible numbers. cash flow is phenomenal. >> let's dive into the quarter with stephan at bnp. good to see you. >> good to see you. >> help me dig through this. better than expected results. this is a case where the guidance and call is what people are paying attention to here. did you change your price rating or target after this report? >> we are still out perform on salesforce. we see 27% upside. wit we see a gen a.i. play.

we see the products coming available. you know, it is exciting to see that starting to come through for salesforce. we are seeing more momentum across the industry with gen-a.i. hype and buzz turning no reality with products launched and customers trialing and that should ramp as we go through the numbers the next couple of years. >> you are positive on the stock. we showed it. price target 381. 27% upside with the stock going forward. translate this for me. i was throlistening to the call. what is a more measured buying environment? on the other side, demand for artificial intelligence products is heavy, but the guidance is not factoring in. parse that for me. how can it be both and we are not including a.i. in the guidance? >> salesforce for the last two years, just like everyone has

seen the helps measured environ and the lag effect is weighing in on growth. marc benioff talked about the green shoots of recorecovery. he confirmed that last night and not only marc, but the cfo confirmed that last night. they are talking 180-degree turn with clients. you see the stock down 4% to 5% before the call. they guided for 10% plus subscription revenue growth for the next year. consensus was at 11%. that was weighing on it. after the call, you saw the stock up 1% on some of the comments. >> generally salesforce is a bellwether. is this report a positive trend p when it comes to selling a.i. products and tech spending? >> absolutely. the comments about the improving

environment are positive. when you look at the pricing, the premium sales cloud is $330. they just announced einstein skew at $500. that is a 50% uplift. that is positive for the a.i. trend. >> before we let you go, we have to ask about something. snowflake shares down big following the announcement that ceo, the other frank in business, is stepping down. what is your take about that? >> we're neutral on snowflake. you had three problems last night. one is product revenue growth deceleration from 33% last quarter to 22% this year. that means you exit this next year in high teens. data dog and azure is accelerating. secondly, you still have deeply negative margins, minus 40%.

the ceo leaving. not a good combination for snowflake. >> big dropoff with shares down 22%. stefan, thank you. coming up on "worldwide exchange," paying extra for a dave's double. it is out of the question after ckgh pointed social media balash. we're back on "worldwide exchange" after this.

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york city area. there is more ahead on "worldwide exchange." investors are bracing for the big event this week. the latest look at the pce. the futures in a holding pattern ahead of the reading. not in a holding pattern is bitcoin. hovering at the highest level in two years. we dig into the bull and bear cases if crypto can keep up momentum. apple not wasting time with the bigger pivot to artificial intelligence. it is sending the strongest signal yet it is embracing the tech. it is thursday, february 29th, 2024. you are watching "worldwide exchange" here on cnbc. welcome back to "worldwide exchange." i'm frank holland. let's get you ready for the last trading day of february.

stock futures show a lower session for stocks yesterday. take a look at futures in the red across the board. nasdaq off the lows from earlier. dow at the same level it was. despite the weakness, the indexes are on pace for the fourth positive month in a row with gains since november 1st, between 17% and 24%. nasdaq is the leader up over 24%. we are tracking the broadening of the market. stocks are lower for the week. 67 names in the s&p are trading at all-time highs or 52-week highs. we have a long list. close to a 52-week high. costco and abbvie and netflix in the red. very close to their highs. sticking with that theme, the s&p equal-weighted index is out pacing the market cap by 50

basis points. the equal-weight in positive, but the normal s&p down .30%. then we are checking the bond market. the benchmark at 4.31%. moving up since earlier. the 30-year bond moved higher in the hundred month of february. that is the set up. let's get the check on the top corporate stories with silvana henao. silvana. thank you, frank. the s.e.c. is opening a probe into open a.i. and if it misled investors. it is looking at the internal communications of sam altman after the company removed him as ceo last year. apple wasting no time in making a bigger pivot in a.i. after abandoning the ev ambitions. during the annual shareholder

meeting, tim cook said his company is pouring money into the technology adding that apple sees breakthrough potential for generative a.i. apple hasn't unveiled a competitor to gpt or gemini, cook teased a product for later this year. wendy's pulling the plug saying it has no plans to raise menu prices during times of peak demand. this is after backlash comments from the ceo which suggested wendy's would test diynamic pricing, frank. >> that wasn't going to work for me. i appreciate him trying to float it out there to see what it was, but i'm not paying more for a frosty because it is 4:15. >> i'll wait. >> or go to chipotle. boom. i'm out.

silvana, thank you. turning attention to bitcoin and the rally showing no sign of slowing down. up 46% this month alone. take a look at the chart which is moving 3.5% higher right now. briefly touched $64,000 yesterday. we're now hovering below the all-time high of $68,982 which hit on november of 2021. add this to the stats the etf saw $520 million inflows on tuesday. joining me to discuss how far this rally can go or if it is a house of cards waiting for a breeze to knock it over is jeffery kendrick and david tyst. jeff, good morning. you are our bull.

welcome back to the show. we had you on last year to talk about bitcoin. you said you were bullish on the potential for bitcoin. you are giving us interesting price targets. $200,000 by the end of 2025. what is the catalyst for the two-year rally? >> as you mentioned, it is the etfs. the flows are $14 billion. the net inflow once you take grayscale out is about 110,000 new bitcoins held in a net sense with the new nine minus grayscale. we have the halving coming up. i suspect it will hit a fresh all-time high before the halving. as we head through the year, we

should also see the broader market with the fed rate cuts by the middle of the year. that should continue to help. we have the etf inflows and halving and the fed helping down the track. we have the growth narrative helping with all stocks as well at the moment. really everything heading in the right direction. >> you are clearly bullish. everything is pro-bitcoin. david, you are a bear with bitcoin. you are not anti-cryptocurrency, but you think ethereum will create a lot of competition for bitcoin. >> i'm very worried about the entire crypto market and that is because of the ancillary market tether. tether has $96 billion market cap. what is interesting is jpmorgan chase just a few days ago, january 22nd warns of increase

in the crypto market due to lack of transparency. they warned lack of expansion could cause problems. tether has had significant fines. $40 million in 2021 from the new york attorney general. feel who are bullish on the crypto market should look at tether. >> david, i said ethereum. i meant to say tether. geoff, the halving is expected to be good for bitcoin? >> exactly. six weeks from now, the new bit coins that come from the mining process will halve. right now, that comes in at about 6.25 each time. that will halve. lite literally, the inflation rate at

1.7% in new coins year on year, will go down to.8%. that is one large positive. you see in the mining community consolidation around that. miners are buying more productive computers over the past 12 months. that helps. that is why the halving process is important. it has been a catalyst in previous cycles. the inflow and halving is the target. >> there has been a lot of talk of the halving. we see it traded lower. you know, analysts believe the halving means they will make it less. why is that a big boost for bitcoin? we see it rallying strongly. >> halving has historically created up cycles in bitcoin

prices. no doubt about that. that is an issue that is certainly favorable. i feel like this underlining issue means people have talked about this tether issue for a while. really, this is a huge deal. jpmorgan chase provided this warning right now. if you look at tether, from what i understand, they are not doing audits. think about that. how about audits? they are doing these every quarter. there should be more than that. people need to come out and ask about audits. >> we have to get going here. quickly, how do they play a part with bitcoin? we are waiting for the pce this morning and the fed signals higher for longer. geoff, will we see the rate cuts

pushed out and how does that impact bitcoin? >> the core use case for bitcoin is an alternative to the broader financial condition. when the fed and other central banks were printing money in 2020, that helped bitcoin push higher because there was less trust in the traditional financial system with central bank s. we saw that last year with svb in march. inflation isn't too much of a problem right now. as long as the economy remains strong and inflation doesn't re-accelerate to the top side, we don't get rate hikes from the fed any time in the cycle, it is fine. >> david, higher for longer. what does this mean for bitcoin? >> inflation being higher is definitely good for bitcoin. we were bullish with our small hedge fund bitcoin back in 2020.

we rode bitcoin from 10,000 to 50,000. we're not always bear on bitcoin. we hold gold. >> geoff and david, thank you for your time. i appreciate it. turning to washington, d.c. and president biden and former president trump are heading to texas today. both are calling for stricter enforcement on the illegal crossings, but this comes as the crucial role of immigration in the economy. m megan cassella joins me with more. >> reporter: the data shows the immigration is crucial to the inflation and helping the economy avoid recession this year. these trends are set to continue to the extent that the cbo has just revised the projections to say that higher immigration both legal and illegal, will boost

growth by $7 trillion above previously expected over the next decade. take a look at the trends. we saw immigration drop off under president trump and the covid pandemic. that related with hiring usual you issues and high inflation. as that has increased, price growth has since slowed down. this is something that jay powell has highlighted saying that immigration rebound is a big part of the re-balancing the last year. experts say reducing the flow of the immigrant labor will hold back the economy. >> policies that restrict the supply of immigrant workers would have a negative effect on the growth. fewer people available to fill jobs and fewer consumers and

fewer people participating in society and other economic ways. >> reporter: as you know, frank, the labor market is tight. 9 million jobs open. you will not hear president biden or former president trump talk about this at the border today. the focus is going to be on enforcement. the biden administration officials tell us the president's remarks will focus on emphasizing the need to pass a bipartisan border agreement. >> megan, thank you. coming up on "worldwide exchange," cc3ai funds are movig up. we'll have more coming up. and we have china auto revolution. >> one-third vehicles imported

from china. we will explain why they are so popular when "worldwide exchange" returns. to help sharpn your skills, you can stay on top of the market from wherever you are. bloop oh no, a rash. maybe it'll go away. awww, how am i going to find a doctor i'll actually like? is that a qr code? dr. stafford makes you feel at ease. thanks rash! you've got more tions than you know. book now.

welcome back. we we have a market flash for c 3 a.i. it narrowed the range of the revenue forecast. on the earnings call, the ceo saying the enterprise market is on fire. shares up over 15%.

turning attention to the nnew s out of washington. the commerce department will look at risks with cars made from china. this comes as china faces demanded for the autos domestically and all around the world. phil lebeau has more from one country that is buying in. chile. phil. >> reporter: frank, they have been buying in at a rapid pace the last four years when china auto sales and chinese vehicle sales increased here in chile. we went to san antonio, chile, an hour west of here which is the main port where they import vehicles from around the world and increasingly, when the ships are coming in and vehicles driving off are from china. they import about 90% of the

vehicles that are sold here. they import all 100%. 90% come from the port which is run by dp world chile. we asked the ceo about the increase. here is what he had to say. >> anecdotally, you see a difference in the brands and the diversity of the brands we handle. when we look at the stats and see 37% of the market now is chinese made vehicles, to me that is astonishing. that's quite a jump in a short period of time. >> you see it here? >> you see it on the streets. >> reporter: 37% are built in china. 33% are actually chinese auto brands. you have companies like saic or byd selling here. the main reason when you talk with people why they have embracedchinese vehicles is not

only being better built, but there is the price difference. this will drive it home clearly. you compare the price of the toyota corolla cross at over $24,300. the comparable vehicle is the haval jolion at just over $18,000. when people are going shopping for vehicles in chile, that price difference has caught their attention. >> translator: prices is very important. i was looking at a suburu and it is not a chinese brand so that price is higher. >> reporter: that is what we heard at the auto mall. i bought chinese before. the price is right. i'll buy it again. shares of byd against toyota and general motors. toyota, obviously is benefitting because of the sales of

hybrid-electric vehicles in the last year and a half. they boomed and that has helped shares of toyota. byd is coming on strong here, frank. we went to the byd auto gallery, if you will, they started selling last june and are expected to do well here. although evs is a small part of the market. frank. >> phil, thank you for sellttli that bet here. chile or chile. you see china exporting hlmillis of vehicles. when will they start building in more foreign markets? >> reporter: it depends. the place to focus on right now is mexico. several are eyeing a manufacturing facility or final assembly facility in mexico for good reason. it gives them entry to sell into the united states without a 25%

tariff. mexico has more trade agreements with countries where they can export that you can't find in other places. mexico to brazil is a popular manufacturing base. then a base where the vehicles are sold. that is one area where you see the chinese expand. frank, they have one-third of the world's capacity, assembly lines in china, they need to keep those going because the economy has slowed down. that is why they are exporting so many. >> phil lebeau live in chile. thank you. as we head to break on "worldwide exchange," during february, cnbc is celebrating black heritage. here is m & t state bank ceo. >> as a black ceo of the fortune 500 company, i may be an exce exception. it is important to remember there are many exceptional people who inspire others every day. black heritage month gives us

the opportunity to celebrate the exceptional extraordinary people in the black and brown communities across america.

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good morning. good to see you. >> good to see you, frank. >> let's jump into it. what is your "wex" word of the day? >> my word is head-fake. not a head-fake with inflation reversing the way we talk about it, but more head-fake with the broadening we have talked about with the small caps to the large caps and mega cap teches. >> a head-fake. the s&p equal weight out performing. we were talking about the 52-week highs. is that the head-fake? >> it is. a higher for longer met ackno message from the fed means the market goes back to the favorite safe haven trade which is big tech. >> all bounce this off you. the mild consolidation should represent a buying opportunity for a push higher to mid-march

before my consolidation pushes in. the qqq and nasdaq 100 could lead the markets higher. agree or disagree? >> i agree. i think mainly the balance sheets these companies have, microsoft and amazon and google and others they compete against have tens of billions of dollars in cash they can deploy to innovate and grow businesses. that is irrespective of how long it takes the fed to cut rates. despite the smaller companies that need the money, it only hurts them more and more. it feels good to say the market is broadening a little bit. more than likely, we're going back in that direction. >> you know, just in full disclosure, tom lee calling for small caps to rally 50% this year. i know you are not a big fan of small caps. i want to get to your pick for

us. cybersecurity etf. >> last week, we got palo alto which fell off a cliff. i thought that was absurd. what is happening now is consolidation will take effect in the cybersecurity sector. rather than calling the right name at the right time then buying the basket is the safer approach. >> speaking of the right time, we have to say good-bye. uric cibr. that's going to do it for us. "squawk box" is coming up next.

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good morning. this week's government shutdown appears to be averted for now. we will bring you the latest from d.c. on the partial budget deal that will keep the government running for at least another week. shares of ww, the company known as weight watchers, are plunging. oprah winfrey is leaving the company board. and the fed inflation gauge is due today. we will tell you what to expect on core pce. that is at 8:30 a.m. it's thursday, february 29th, only happens once every four

years, extra day. leap day. "squawk box" begins right now. good morning. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. here we go. look at the u.s. equities at this hour. you will see red arrows. dow futures off 140 points. s&p futures down 14. nasdaq off 40. that comes after all of the major averages were down yesterday. check out things in the treasury market. you will look and see the treasury yields are higher. ten-year yielding at 4.31%. we are keeping an eye on the price of bitcoin this morning. that is up b