it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." we begin with back at records. nasdaq doing something for the first time in more than two years as stocks lock in four straight months of gains. also, under pressure. shares of new york community banc are under pressure again as they move into the limelight. details ahead. backing bob. unlikely cast of disney characters coming out of the wood work to support bob iger and slam nelson peltz. and congress passes a

stopgap funding bill to kick the can down the road a bit longer. and later on, a closer look at one sector that is sis gaini lot of ground in 2024. it's friday, march 1st, 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 road ready for the first trading day of the month. the check of the stock futures. the s&p and nasdaq sitting at all-time record highs leaping to them on leap day. you can see a bit of a mixed picture. dow down 35 points. you see the nasdaq firmly in the green. s&p is fractionally higher and almost flat right here. the dow, s&p and nasdaq off the fourth straight winning month in

h a row. the nasdaq is the leader. with the nasdaq coming off the first record close in more than two years, we get a check of the stocks to help us get here. nvidia is up 61%. constellation energy may be a pr surprise. the best stock in the s&p and followed by meta up 39%. the bond market check after the pce report. the benchmark ticked down a few basis appo basis points. rbob gasoline with the best month. you see rbob up 1%. brent is up 1%. similar for wti. trading at $79.30 a barrel. last, but not least, bitcoin.

bitcoin essentially flat. bitcoin trades around the clock. bitcoin trading at $62,150. big run year to date with that chart. that is the set up. let's get into what is expected as the new trading month begins with scott lanyard. scott, good morning. great to see you. >> good morning. >> scott, you get the question that everybody is asking today. what now? you have the s&p and nasdaq at record highs. we have seen consumer staples is the best sector in february, but this is data from our cnbc data team. the fabulous four accounting for 57% of the s&p gains year to d date. how do we go from here? >> that is the most important question the next couple months. can we get more stocks than four

or seven of the stocks driving really all of the index value for the year? we think we can. it will have that moving had the in the year. we think we can get smaller names in the s&p broaden out the rally. we are at a place where the fed is going to start cutting rates probably in june. that is the time where we get the broadening rally. >> scott, you mentioned small caps. we will talk about those later in the show. we hear a lot of talk about small caps which will catch up. tom lee believes small caps will rise 50% this year. what is the argument against them? a lot of people and it sounds like you are one of them says it

will broaden. >> it is the earnings profile. you look at how small caps are looking in the s&p or russell. they are not keeping up with the earnings relative to mids or especially large caps. we need to see small caps earnings going and continue to strengthen. we need to see some of the interest expense p come down. that is only going to happen with lower short-term rates. that's the recipe for later this year. until you get the interest burden weighing on small-cap earnings, it will be tougher to get leglegs. >> one last thing i want to talk about with japan. you are bullish on investing outside the u.s. why is japan a good play?

>> we liked japan for a while now. they are continuing to get corporate restructuring. we have a new generation of people coming into the companies that are running on western values. that's a big thing. >> scott ladner, thank you very much. time for the check on the top corporate stories with a special treat on this friday with bertha coombs. >> good morning, frank. shares of new york community banc under pressure again. the regional bank announcing the ceo is stepping down effective immediately and replaced by the executi executive chairman. it is identifying material weakness in this its internal controls for the fourth quarter

weakness. and on the heels of that news, as we look at shares of valley national and citizens financial which are all deep into the red. and bob iger getting new support in the proxy fight with nelson peltz. in a pair of letters from the disney family, the four grandchildren call peltz's team is a wolf in sheep's clothing. iger and his team faithful to the company's magic. >> a strong show of support. bertha, thank you. turning attention now to d.c. and capitol hill. we have a developing story. congress approving a temporary spending bill to hold off a

partial shutdown. we have brie jackson with more. >> reporter: good morning, frank. congress averted a partial government shutdown for a week. the senate and house passed a one-week short-term funding bill thursday giving them wiggle room to come up with a plan to fund agencies through next september. president biden is expected to sign the continuing resolution although he calls it a short-term fix and not a long-term solution. without the cr, one-third of the government should have or could have run out of money at midnight tonight, including veterans affairs and transportation and the justice department. for now, they remain funded through march 8th and the rest of the federal government funding will be extended to march 22nd. the cr passed the house and some conservatives say they he are not happy without enough spending cuts. this does not include aid or israel or ukraine ho or taiwan.

now this is the fourth time this fiscal year that congress has had to pass a short-term spending bill to keep the government funded and avert a near miss shutdown. frank. >> i have to ask, brie, so much partisan politics in d.c. these days. what is the breakdown with democrat and republican with the support for the cr in the house? >> reporter: when it comes to the numbers, the house passed 320-99 vote. 207 democrats voted for it along with 113 republicans. >> brie jackson, thank you. great to see you. coming up here on "worldwide exchange," a lot more to come which includes the one word that investors have to know today, but first more on the new york community banc broader turmoil. leslie picker is here with the latest.

and we will have the latest on the stock rally and how long the party in japan can last. and it's not just nvidia, but dell stocks surging. the big money moverings are com up when "worldwide exchange" returns. stay with us.

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at the open. let's get a check of the overseas action with jp ong in asia and carolin roth in london. >> good morning, frank. we are seeing positivity come through for the european markets on the first day of march. the dax with a record high up .50%. the final manufacturing pmi for the country still indicating a recession. we also had eurozone february inflation numbers across the wires at 2.6%. once again, inflation proving to be stubborn. we are seeing gains here with the cac 40 dipping into the red. i want to show you what european markets have done over the course of february because we have seen gains for the stoxx 600 to the tune of 2%. it had been a bit of an uneven picture here. the dax is the standout up 5% for the month.

the ftse 100 being dragged down by the stocks, including the minors. another stock here which is hermes wit h the sales figures. the uk consumer is slumping after the sales figures di disap disappointed. back to you. >> carolin, thank you. we shift to the action in asia and another big month for japan. jp ong is in singapore. jp. >> reporter: good morning, frank. a good day for stocks on our side of the world. you think it would not be the case given the dismal pmi with ma manufacturing contracting again.

we may see hope with japan's nikkei 225 with the strong gains. the australia coming to the all-time highs with the session. there is growing hope that the soft economic data in australia means they will cut rates sooner rather than later. in japan, it is the hope around the corporate reform and the spring wage talks might lead to better consumer confidence that could lead to fundamental support for the nikkei 225 which is coming within striking distance of 40,000. over to china, you see it was a good day from shanghai to hong kong. the weak pmi data from china is nudging some of the policymakers to provide more stimulus which could underpin growth. the month of february saw net investors coming back to china and seeing flows supporting the stocks. out in hong kong, the tech

shares did well and property stocks still in the red and still a lot of questions there and hope that the property sector is a bit lagging. will this hope carry over to the weeks ahead? that is something, but until we actually see hope translate to action, whether from the fed or central bank, the rally might have the steam limited. good morning out there in new york. that's it from asia. >> thank you, jp. let's talk more about the japanese equity with kay okimora at newberger. kai, good morning. >> good morning. >> kai, nikkei at the all-time high. similar to the u.s., the stocks are the catalyst. a lot of hand wringing in the u.s. that the market may be topping out. in your view, what is it looking like in japan? does it have more room to run or

close to the japanese market topping out as well? >> for japan, we expect that the rally actually does have legs. there are a couple of tailwinds. you have good economic outlook given the potential rise in wages going forward and inflation picking up. we have the capital forms which was talked about in the session. of course, i think there is a geopolitical element where we are seeing many companies and investors choosing to invest in the market given the geopolitical situation. that being said, similar to the situation in the u.s., where we are starting to see a broadening out of the rally with the small-to-mid size component of the market, we are expecting something similar to japan. >> what sectors do you see catching a bid as the markets start to broaden out? we saw consumer staples lead the way in february. industrials hit a high.

we saw transport etfs hit a high. what should investors be focused on? >> we are a bunch of stock pickers here. if you look across the portfolio, we are across industrials. financials do have a macroeconomics component where the potential of the monetary policy for the bank of japan could mean businesses within the financial sector will find it easier to generate profits going forward. this forum is very important. it will make or break future corporate values in terms of higher capital returns. it is important to look at the companies on the stock by stock basis. >> kei, one other thing to consider here. foreign investors piled into

japan after warren buffett called into the financial firms. a lot of the foreign investors have taken profits and domestic investors taking more profits. how should investors read that? >> absolutely. in any given time, we will see some ebbs and flows from foreign and domestic investors. that being said, if you look across history, going back to 2015 peak, we did see foreign inflows peaked. we are a quarter of the way back. we have a long way to go. in addition, it is also important to remember that based on our conversations with many long-term investors, they are sitting on the sidelines looking at the positive trends in japan and getting interested. if they start to deploy capital, it will be more interesting. >> kei says more room to run. thank you. coming up on "worldwide exchange," one of the fastest growing segments of the auction business doesn't involve auctions at all.

make sense of that one. we have robert frank next with the look at the casecret sales side. that's coming up after this break. expansive display space, endless entertainment, and more comfort for everyone. but even with all that... we still left room for all the unpredictability, spontaneity and unexpected things you'll find out here. the new 2024 grand cherokee lineup. jeep. there's only one.

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board member. he is stating it is compromised app and transformed into a profit entity. shares of microsoft down .50%. elon musk suing openai and sam altman. shifting gears for the "big money movers." dell shares are up over 21%. that's due largely part to net income growing by 89% for strong demand for servers. the pc maker raising cash dividend by 20%. auto desk is moving higher this morning. generative a.i. generating robust demand for products. business in the asia pacific region is resilient. shares up 9%. zscaler under pressure despite beating on earnings.

more customers are moving away from firewall security and looking for better options. results show the selloff of stocks due to palo alto's light forecast. shares down 7%. we are turning attention to the other big money mover, but it is not stock, but art. the sellers ditching the auction block in favor of private sales. we have robert frank with more. robert, i don't know if this is a frank and frank, but it is interesting. >> it is a frank and frank. everything is a frank and frank, frank. auction sales fell 19% last year, but one area that is growing is private sales. that's when an auction house brokers a deal directly with a buyer and seller without auction. over $1 billion of private sales last year which was up 40% from before the pandemic. sellers really like private sales because they can sell a major painting without the

public attention and there's no risk of getting burned, that is when it fails at public auction. buyers like these because fees are lower and they have deal certainty. christie's said they had a private sale in january for over $100 million. he would not give us details, but art dealers tell me it was a rothco known as number 6. it was sold to hedge fund billionaire of citadel. he has a lot of walls to fill or maybe he will donate it to a few team. few museum. and elton john's auction tops $20 million.

his silver platform boots from the stage in 1971 was estimated at $5,000 and went for 94 125rks $94,500. >> i want to go back to elton john. the stuff from the rocketman went for double what people thought they would go for? >> the overall total was double and many of the auction items went for ten times. he had watches that sold for 8 or 10 times estimate. there were more than 1 million people, frank, talk about tv streaming. 1 million people tuned in to the live stream of the auction. you know, this is a guy who just has so much reach across so many generations. these celebrity auctions when celebrities sell their things, it is usually after they pass away, and have done really well.

they are becoming a big growth sector. >> clearly. $20 million. robert frank, thank you. great to see you. coming up on "worldwide exchange," our jim cramer lays out why wall street's recordun r may have more fuel left in fact tank. we'll be right back here on "worldwide exchange." stay with us.

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it is 5:30 a.m. in the new york city area. there is more ahead on

"worldwide exchange." stocks kicking off the new trading month after notching the fourth straight month of gains. nasdaq hitting a record close after two years. futures are pointing to more gains. it is not just the major indices, the russell 2000 with the fresh 52 w-week high. we dig into the bull case. the new york community banc woes resume after internal control issues. it is friday, march 1st, 2024. you are watching "worldwide exchange" here on cnbc. welcome back to "worldwide exchange." i'm frank holland. we pick up the half hour check of the u.s. stock futures and new month of trading with the s&p and nasdaq, i'll do it, on leap day, they leaped to new

record highs. look at futures right now. we have seen the dow turn lower right now. the s&p is similar. s that nasdaq in the red. we check out the three-hour chart of the s&p. you see the dip not long after we started the show. we want to say there is no clear indication or reason for the move. sharp downturn in the s&p futures. one other factor is february eurozone inflation numbers earlier this hour. s&p taking a leg to the downturn just a short time ago. the dow, s&p and nasdaq coming off the fourlth sth stra winning month in the row. this is the dow's first four-month win streak since may of 2021.

the nasdaq coming off the first record close in more than two years, we take a quick check of the stocks that helped us get there. at the top of the list and nobody is surprised with nvidia up 61% followed by constellation energy and meta platforms as well as doordash. we are checking the bond market after the pce inflation report. look at yields right now. we are seeing the benchmark coming in at 4.22. yields are easing from earlier today. we want to look at oil coming off the gains. rbob with the best month since july. rbob is up 1%. wti and brent crude are holding on to levels over 1% higher in the pre-market. then cryptocurrency with bitcoin. bitcoin moving higher.

trading at $62,190. turning attention back to the markets. it is not just tech. small cap stocks with an impressive run in february. russell 2000 rising 5% and out performing both is the dow and s&p. for the year, the index is still lagging the other averages. the big three are near record highs, but the russell is down 15% from the all-time mark set back in november of 2021. let's discuss if this investors should use this to think small. greg is an analyst at goldman. greg, great to have you here. i was going to say greg to is have you here. >> thanks for having me, frank. >> i have to get buttoned up. you worked out today. i know you are ready to go.

i have a lot of questions on small caps. especially talks about small caps. i'll give you credit because you're here. your etf is up 6%. what are you doing? >> it is a combination of things. we came into the year more positive than most people were on small caps. we have seen more from the healthcare companies and consumer companies and tech companies which helped us do well. we think the asset class is poised for a nice run after two tough years. most of which driven by a high velocity raise and interest rate raise. being in a range for now gives the small caps a tailwind. >> i had our data team run this. year to date, the fantastic four or fab four, 57% of the gains.

you are putting your head down already? mega cap tech dominates. generally, aren't higher rates bad for small caps? >> in the past, it was a bad signal for small caps. we have a better balance sheet and more liquidity. we are not focused on the deeply rate sensitive companies out there. that helps us. i think the other piece of it is as the market is a discounting mechanism and 6 months or 12 months from now will be good for the shall cap space. >> i think there is a bit of a theme. some picks here is shake shack. cava. i go to your offices and there

is one by your office. the other one is irtc and ticker brx. vertex inc. not the pharma company. >> vertex is focused on global ecommerce. a $23 billion market. less than 15% penetrated. the company has a really interesting approach to working with large software and commerce companies. global compliance is a big driver of how do people enforce the rules that are around the globe. a lot of countries need tax revenue. it is a big driver of growth. they had a great quarter yesterday. they are accelerating. family owned business that went public. >> greg from goldman sachs. making the case for small caps.

we will have to see if it works out. the fund you manage is out performing. thank you. checking out the top corporate stories with bertha coombs. bertha. >> frank, vanguard ceo tim bu buckley will retire at the end of the year. the company started a search process to evaluate internal and external candidates. buckley was named ceo in 2018 and he started as a research assistant to the founder. under his tenure, he moved assets to over $9 trillion. shares of fisker is full name tumbling warning it is at risk of staying afloat. the move follows a series of stumbles in the first year of

production. boeing agreeing to pay $51 million for export violations. the state department from 2013 to 2017, three chinese employees at the facilities in china, made unauthorized downloads to the u.s. defense programs. boeing voluntarily disclosed the violations which also occurred in more than a dozen other countries. frank. >> looking at boeing shares which are up right now, but down 20% year to date. bertha coombs, thank you. turning attention now to the developing story and new york community banc shares are under a bit of pressure. look at the chart here. you see shares down 29%. our leslie picker joins us with the latest. leslie, good morning. >> reporter: frank, thosthose m come on top of the shares cut in half since the start of the year. shares plunging in pre-market

trading today. detailed material weakness in internal controls over loan review. the company says management identified the issue which resulted from ineffective oversight monitoring activities. the company completed the goodwill assessment last week and decided it needed to take additional $2.4 billion dent to earnings. the company also announced alessandro dinello will step into the ceo role. one director resigned in opposition to dinello as ceo. it was the fourth quarter numbers showing several troubled commercial real estate properties and a bunch of

stockpiling of cash to set aside in case others deteriorated. that initially spooked the market and setoff the declines which cutits share price in more than half at this point. frank. >> leslie, you see the chart there with the dropoff. shares down 29%. i have to ask you. we are looking at the chart and so much turmoil on the board, the company will get hit. how big is the issue with this bank more broadly? does it seem like a contained crisis or is there a risk of a smilo spillover across the banking system? >> reporter: frank, that is the question since the fourth quarter earnings catapulted the stock. will this be the poster child for 20 this issuess 2024 issues

for banks? this could have the potential to impact other banks as well. the problems we saw yesterday are specific from operational standpoint to new york community banc. this means they did not have their house in order to adequately assess the potential risk oversight for loan valuations. this as they sort things out creates an extra layer for new york community banc that we have yet to see among the peers. at this point in time, this move that we're seeing today could create concern broadly. most investors that i speak to don't expect to see the magnitude of decline down 29% in new york community banc. >> a lot to watch here. the regional banking etf is down

this morning. leslie, great to see you. coming up here on "worldwide exchange," the headwinds for hpe which have shares falling ahead of the open. they are down over 6%. first, a few of the top trending stories. burger king wasting no time to capitalize on the backlash over wendy's now scrapped surge pricing strategy. i wasn't a fan. the chain offering a free w whopper with any $3 purchasing. . iowa's caitlin clark will enter the wnba draft. clark is making nearly $1 million a year in nil deals. the highest salary in the wnba is about $76,000. new memorabilia is up for grabs from the show's final scene has been listed for auction on e-bay on "the

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ralph lauren is up as well. the loser as well. paramount down 24%. the biggest laggard. followed by another communications company, charter communication. time for the morning call sheet. goldman sachs downgrades estee lauder and moving to uncertain. you see shares down .75%. daiwa raises nvidia to $900. nvidia is in the right place as the right time. shares of nvidia up 1%. price target increase on broadcom from bank of america moving from $1,500 per share. boa citing upside drivers to the company's full year 2024 sales outlook with upside from artificial intelligence.

shares up franctionally right now. time for the global briefing. meta will move news sections in april. it follows similar actions for those in the uk, france and germany. meta is moving away from the business following misinformation and content controversy. in china, the weak data for manufacturing is raising pressure ahead of the parliament meeting next week. the late lunar new year holiday accounting for weakness as factories shutdown as workers go home. and ryanair forecasts traffic under 200 million passengers after the previous target of 205 million. boeing forced ryanair to cut

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[thunder rumbles] ♪ ♪ ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ [thunder rumbles] ♪ ♪ welcome back to "worldwide exchange." time for the "wex wrap-up." elon musk suing openai with the relationship over microsoft.

musk is a former openai board member and csays the company is compromised and now transformed into a profit entity under the partnership with microsoft. we have been watching microsoft shares all morning. dell soaring on a strong fourth quarter driven by robust demand for artificial intelligence. the pc maker increasing the dividend by 20%. shares of dell are up 23%. bob iger is getting support from the grandchildren of walt disney and his brother roy. they are weighing in on the proxy fight with nelson peltz. calling the team wolves in sheep's clothing. congress passing another short-term spending bill to keep agencies open until march 8th and march 22nd. and a ceo change after

unte internal control issues for new york community bancorp. we are watching the latest this week as we have tom barkin speaking to cnbc this morning as well as austan goolsbee. back to the markets. s&p and nasdaq coming off fresh record closes to start the trading month. look at futures. we see they are in the red across the board. it took a turn to the down side. the dow would open 90 points lower. on "mad money," jim cramer said the one-two month of pce data and the momentum is providing fresh fuel for the rally. >> if you are bullish, you live for days like this one where all of the genius short sellers need to undo their bets or get

stampeded. you know what the biggest negative bet is in the market? you know what the bubble bears are saying it is all phony hocum? it is all artificial intelligence. >> we have kari firestone with us. kari, great to see you. >> frank, great to see you. >> what do you think about what cramer said? he said the short sellers got caught on the wrong side. that will continue to fuel things and bet against mega cap tech. what did you think about his thesis? >> well, i don't like to disagree with my classmate, jim cramer, but i think you have to be careful. nasdaq has been on a roar. s&p is up 23% year to date. over the last few months, sorry about that. since the october low, it is up 6.5% to 7% year to date. half of that in the s&p comes

from nvidia, microsoft and amazon. we can be positive about the economy and about the market, but not feel the desperate need to go all-in to a.i. if you look at the speculative nature with bitcoin, there has been buying frenzy that is occurring over the last few weeks. we just need to keep that in perspective. >> you are practicing what you are preaching, kari. you made sales and taking profits on the a.i. fueled names. why now? why do you take the profits now? >> we took some profits in meta which become our largest position. we own meta and we bought more meta back a couple of years ago when the stock craze cratered. we felt it has been such a

fantastic stock. it has grown. the portfolio weight of meta was large. just being prudent, we decided to cut back. it is still a large position, but not what it was before. we think growth is still there and a.i. is a big part of that. we see that they have been dominant in the space. it makes sense. we also sold adobe. that was because it hadgrown and the stock had been good over the year. we recognize there is potential disruption in their marketplace. if you think text-to-a.i. and text-to-video and the increasing number of options in the adobe space. >> kari, i want to get to your picks. it is beyond just tech. one ticker wab. shares up 12% year to date.

give me a sense. how did you identify this company? so many people are focused on tech. why are you focused on these stocks? >> we he bought this stock a few years ago. it was a client in pittsburgh who told us about it. we he did some work. this is an focused on rail cars. that was in need of an upgrade across the country. major railroads and the whole system. we thought it is a great idea. >> kari, thank you very much. that will do it for us. "squawk box" is coming up next.

good morning. there's a little turmoil in the regional banking sector after new york community bancorp. the bank replacing the leadership. and artificial intelligence battle royale with cheese. elon musk suing openai and sam altman. bob iger getting a vote of confidence from the heirs of walt and roy disney. they are backing the company

leadership and the proxy battle with nelson peltz. truly an enemy of my enemy is my friend. it's friday, march 1st, 2024. finally march. it felt like we were in february forever. "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. it is friday. if you are checking out what is happening with the u.s. equities, let's look at this hour. you see there are red arrows. dow futures off 75. nasdaq down 20. s&p down 10. this is for the first trading day of the month. it does come after the nasda