it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." we begin with stocks pulling back again this morning as wall street hovers below all-time highs. the advice jim cramer is giving. stocks may be lower, but one thing is not. bitcoin coming within 1,000 dollars of the all-time high. and a fresh read on retail as target gets set to report before the open today. the number one thing investors should watch for.

and now nelson peltz wants to restore the magic at disney that he believes is lost under bob iger. it is super tuesday and while nikki haley's last hope in the 2024 election. it is anything but for investors looking to breakout the election stock playbook. it's tuesday, march 5th, 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 and kickoff with the check of the u.s. stock futures. the major averages all fell from the record all-time highs. you see in the red across the board. nasdaq down more than .50%. the dow would open 60 points lower. a big part of yesterday's pullback was linked to apple off

the 2.5% decline linked to the $2 billion fine from the eu alleging anti-competitive behavior in the music streaming space. shares of apple here. fractional losses doing nothing to top gainers with more than one-fifth of the s&p trading at fresh 52-week highs. disney, amazon, jpmorgan chase and cat piapillar. we saw healthcare hitting fresh highs with cardinal health and eli lilly and general dynamics and vulcan materials and unnighted rentals. we will have a guest on later with the new acronym for this trade. outside of stocks, we don't

check metals. gold is trading at an all-time high. we will continue to talk about the moves in this if there is something to talk about. we are also checking on digital gold. bitcoin is briefly hitting $67,500 yesterday. a pullback right now. bitcoin trades around the clock. trading at $66,600. we have a news alert from thing biden administration and the fight against flags with megan cassella. >> reporter: good morning, frank. the most concrete step is they will reduce the amount the credit card companies can charge

for late fees. taking the fee from $32 to the max of $8. that is set to take effect two months from today and the administration says it should save $10 billion a year. in other steps, the fcc will take steps to reduce internet costs for people who live in an apartment buildings. the agriculture department is cracking down on meat processors to help reduce costs for farmers. bigger picture, the white house is launching a strike force which is led by the justice department to share data and resources across agencies to root out what the administration says are really deceptive and ill 4egal attempts to keep pric high on food and prescription drugs and housing and financial services. the list goes on.

overall, frank, a lot of this is good messaging for the white house as it tries to fight inflation. the white house says competition is good for the economy and their actions on junk fees are saving americans $20 billion a year. frank. >> megan, a lot of the announcements from the biden administration. i want to narrow in on one. the credit card rule. we heard about this before. will it happen this time? >> reporter: you are right to be skeptical. we heard a lot about this already. this is in the final stages now. as soon as it is published, it should be in effect 60 days from now. one is credit card companies could sue and attempt to block the rule in some way. there was pushback with the rule as it was initially written. it was adjusted slightly so there should be no need for litigation, but that is always a possibility. there is a possibility for

larger credit card companies to charge slightly more than $8. if they are able to show the math and say that it really does cost them more than $8 to collect. >> megan cassella with new announcements from the biden administration. thank you. time for the check on the top corporate stories with silvana henao. silvana, good morning. >> frank, good morning. amd hit age road block in the efforts to sell an a.i. chip specifically tailored for the chinese market. bloomberg reports the company tried to get approval from the commerce department to sell the processor. government officials told amd the chip is still too powerful and the company must obtain a license to sell in china. amd and the commerce department have not commented.

meanwhile, an audit from the faa said boeing finds they are failing to ensure manufacturing sta standards. the company stepped up inspections since the january blowout of the door. nelson peltz has published his manifesto for changes at disney as he prepares to face-off against the shareholder meeting next month. in the paper titled "restore the magic." peltz has demands for overall h hauling the board and the succession plan for bob iger and the digital strategy for espn.

he wants to get peltz and former disney cfo elected to the board. >> the saga continues. disney shares under pressure. silvana, thank you. turning attention now back to the markets and check out this stat. this is courtesy of jonathan krinsky. the s&p has gone 300 trading days without a pull back. the qqq tracks the nasdaq 100 which mark ed a 14th straight record high. this does not mean the a.i. driven boom in the market is headed for a selloff, but he feels we are due for a shakeout. on "mad money" last night, jim cramer said the haters have failed to celebrate market victories. >> i will be ready to buy if the market sells off.

don't pick the first bite. the haters will be ready to show. raise some cash and be ready to do some pbuying. >> jim cramer addressing the haters out there. let's get more from alex morris at fm investments. not sure if you are a hater. good morning. >> good morning. thank you for having me back, frank. >> let's dig into it. is this the time to pile in with mega cap tech or look for other opportunities? we will show a chart that you are pointing out since october 27th, they are trading closely. the s&p is a little bit higher, but the equal weight is close. are you a hater or are youstick

with the mega cap trade? >> i'm not a hater. this is the time to take winnings and think about where you want to be difficulversidiv. it is hard to look at the magnificent seven and p now loo at the mag three. amazon will continue to move higher. if you look at the s&p 493 or the s&p everything else, it has been good. if you look at the mag seven of that, it is up 30%. everything up is up 25. you are getting a pretty good trade by picking up a lot of good diversification. >> for the people just listening, s&p since october 27th, up24%. equal weight up 24%. you are looking at something that is a good investment right now. bonds and corporate bonds.

the ztwotf. >> we bought it to invest in corporate bonds. we want to give folks a current coupon. people get sideways with a lot of them and it is hard to pick things. if you look at the bond indices, they are full of bonds and some don't trade well so it prices things off. i want to have people to have precise moves with duration. there are a lot of bonds coming to offer on a regular basis. investors will get the current coupon in the four or five. forced to wait for years makes it difficult. >> you call target which reports later today. analysts are expecting same-store sales to fall.

they also guided to sales to be lower and maybe last. what is the growth you are talking about with target? >> longer term targets is trading below 17.2 trailing the five-year pe. 16.8. it is a good beat of expectation. last quarter, it had a low bar and it jumped over it. analysts have been warning tweaks with the estimates. three or four times it beats on top and bottom line. this could be another quarter for them. if you look at it in general with the marketplace, the consumer has been resilient. target is a place people like to spend their money. with the membership program, that will be a deal. >>alex, thank you. i know you and your family used to watch me in chicago.

say hi to your mom. >> thanks, frank. turning attention to a developing story and tesla shares. a tesla spokesperson said the factory outside berlin, germany has been evacuated and production at a standstill with the fire near the plant. officials adding the fire has not spread to the fact rory itself. we will bring you the latest developments. tesla shares are down about 2.5% in the pre-market. coming up, a lot more ahead on "worldwide exchange," including the one word that investors have to know today. first, china reveals the economic targets for the year ahead and the new buzz word for growth. a live report from beijing coming up next. getting said for super tuesday and the moves you can make to your portfolio to take advantage of profitable election year trends. later, your big money movers and the ev price wars taking a

toll on tesla and other ev makers. a very busy hour when "worldwide exchange" returns.

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welcome back to "worldwide exchange." a market flash on apple. sales falling 24% from a year ago in the first six weeks of the year according to research from counter point. apple saw competition from huawei which saw sales jump a whopping 64% during that time.

shares of apple down 1.5% in the pre-market. we will stick with china now. leaders revealing the latest economic targets for 2024 and looking to tackle deflation risk and surging unemployment. we have eunice yoon with more from beijing. good morning, eunice. >> reporter: targets are than changed from last year, frank, but because they are coming off a higher base, these numbers are seen a bit more ambitious. the premier, when he unveiled these numbers at the national people's congress said gdp would be around 5%. consumer inflation at 4% and unemployment at 5.5%. china would stick to the fiscal deficit of 3.3% of gdp. and issues the special treasury and local bonds. the local bond number was more than what people were expecting.

for the most part, the money would be invested in major national strategies as well as security areas. the premier had also acknowledged that it wasn't going to be easy to reach their targets, but at the same time he did not signal any meaningful change to the approach. saying chaina would stick to th approach that is proactive and pru pru prudent. where they could signal changes coming is in the language of the work report where they dropped for the first time a president xi's mantra that he setforth in 2019. housing is for living in, not speculation. that is suggests to some here that some of the restrictions on housing are going to be lifted and make it easier for people to invest there. they pushed made in china brands overseas.

that was seen as a priority in the work report and also, interestingly, the authorities dropped the word "peaceful" when they described unification with taiwan. this with the higher defense budget of 7.2% raised eyebrows. >> interesting language there. back to the housing. you showed us the empty housing earlier this year. they made a push for made in china brands overseas. we had a report with apple sales falling in china. is that partly from government incentives to buy huawei phones? is that linked to this at all? >> reporter: it is not explicitly linked. the report did get attention domestically. it was one of the top trending topics. people were throwing out

theories saying it is because people had to cut back on spending or one theory that people were saying i'm not allowed to use an iphone at work. there was a lot of discussion that was triggered by that report. in terms of the policy that the government has been pushing forward, it liooks they will promote made in china brands. interestingly enough, they were pushing the idea of new, productive forces as they see as growth drivers in technology and there's been a lot of discussion how the authorities are concerned about china falling behind when it comes to the more advanced gadgets as well as i.t. >> eunice yoon with the latest report. china with a 5% growth target for 2024. eunice, thank you. great reporting. coming up on "worldwide exchange," your big money movers and more from super micro as it

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welcome back to "worldwide exchange." i'm frances rivera with the nbc news headlines. let's start with texas where wildfires are raging in the state's panhandle and now claiming two lives. an estimated 500 structures have been hit by flames.

authorities say the cause of the fire is under investigation. a new lawsuit alleges xcel energy is to blame for the smokehouse fire. the national guard member is facing time in prison for leaking military secrets. jack texeira leaked military documents about the war in ukraine. a lineman made it official monday that he snapped his last football. in an emotional press conference, jason kelce announced his retirement from the sport after 13 seasons all with the birds. kelce was a crucial part of the team's 2017 super bowl run and became a philly icon during the victory parade. he managed to drop some of the f-bombs, frank, during the press conference between all the tears

that were dropping as well. frank. >> frances, somebody is cutting onions in here. i'm a big eagle theeagles fan. he is the heart and soul of the team. google his super bowl parade speech. he dresses up as a mummer. it is a philadelphia thing. it is priceless. >> there's best of reels of his greatest hits. >> it's priceless. frances, thank you. great to see you. time now for the big money movers. we start off with tesla. looking to extend the losses from yesterday. the stock falling 5% on the fresh round of discounts and price cuts in china and in the u.s. it is now down 20% in three months and dragging down other ev makers like li and geely and byd. and micro rallies 18% to start the week. this rally comes as it joins the

s&p next monday. that is march 18th. it is next monday. march 18th. shares up 270% this year with the market cap of $60 billion compared to $4.5 billion in just 2022. shares of gitlab plunging with guidance coming in light. management citing churn among customers, but optimistic over integrating a.i. into the life cycle. shares down 24% right now. coming up, the guest list at one far east wedding that saw rihanna and mark zuckerberg who answered the age-old question of chicken or fish. we have cookie monster versus inflation on the top trending stories coming up next. stay with us.

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whet what a likely biden-trump rematch means for the market. it is tuesday, march 5th, 2024 and are yoyou are watching "wor exchange" on cnbc. welcome back. i'm frank holland. let's get you ready for the trading day ahead with the half hour check of the futures. markets coming off the futures after falling from record all-time highs. the dow opens 70 points lower. the nasdaq is down .75%. a big part of the pullback yesterday is apple over the nearly $2 billion fine. shares of apple are down 1.5%.

and about 102 s&p stocks, a fifth of the index, including four dow components treading at 52 week highs. disney, amazon, jpmorgan chase and caterpillar. and names across health care hitting highs. we are talking cardinal health and eli lilly and vulcan materials. and outside of that, gold is trading at $2,130 an ounce with bitcoin trading at $68,98$68,98. let's turn back to the markets and the earnings coming up later today. shares of target ahead of

earnings noin the next hour. it has been going head-to-head with walmart over lowers prices with food and beauty. the stock is down 8% in the last year compared to walmart's 20% gain. we have michael baker here in studio for the target investor day coming up this morning. great to have you here. good morning. >> hi, how are you? >> you have a price target of 167. price targetimplies a 10% move higher. what do you expect? we mentioned tar get has been under pressure. >> we think same store sales will be down. to us, the fourth quarter outlook for 2024. we think it will be the story of recovery here for target. we think margins should be

better this year. in 2023, they had issues. shrink was an issue. inflation hurt them more than others. we think they will have a better 2024 year as they cycle products. >> this represents the holiday quarter. christmas and honoanukkah and holiday shopping in general. the market focus is discretionary shopping. isn't holiday shopping discretionary shopping? does that mean just as much as the guidance? i know people are looking for guidance. >> i think the fourth quarter is better than previous quarters because discretionary did do better. they have comped down 4% or 5%. to me, the holiday is obviously important, but the 2024 outlook to us, is more important. we feel they will guide flat for the full year next year as they

cycle issues from 2023. the pride issue hurt them mid mid-year. we feel the worst is behind them. they had a decent quarter sdpquarter. >> you mentioned shrink. it was a big thing last year. i have not heard a lot of shrink. the target downtown in philadelphia, it closed with shoplifting. i talked to business leaders there. how big of a deal is shrink? >> over the summer, that's all anyone could talk about. it was the key issue which would have led the story. retailers have gotten their arms over it. they have it. the worst is behind them. a big issue in the first and second quarter. less of an issue in the third quarter. it has gone away as they have

got gotten their arms around it. >> i have to ask. you mentioned a couple of factors. are they getting their arms around it with accounting for store closers? closures? >> yes, yes. it was all over the news in the summer with all the theft. they have started to combat that. it is really a number of ways they combat of the shrink issue. >> michael baker, your price target is $167. >> thank you. >> check out the interview with brian cornell on "squawk box." that is at 7:00 a.m. time for the check of the top corporate stories with silvana henao. silvana. >> frank, good morning. the biden administration taking new steps to tackle instances of

price gouging aimed at reducing costs for consumers. that includes a launch of the strike force led by the department of justice. it will target efforts by companies that illegally raise prices for groceries and prescription drugs. and former twitter executives are filing a new lawsuit against elon musk. it argues they are owed $128 million in unpaid severance from when they were ousted from the platform from the takeover. the executives had clauses in the contracts stipulates they could receive severance if twitter was no longer a public company. google co-founder speaking out on the product gemini in a rare public appearance over the weekend at the a.i.-focused

event. he said the company messed up when it came to the faulty image generation launch. he lelaborated it likely came down to not enough testing on the product. >> certainly a lot of controversial with the results that gemini put out. shares down .50%. silvana, thank you. we turn attention now to the 2024 presidential race. today is super tuesday. voters will head to the polls today for the biggest primary contest in the lead-up to the election. it is also seen as nikki haley's last shot to slow former president donald trump's path to the nominee. it appears november will feature a rematch with trump and president biden as voters decide who will be in the white house. for more on what that can mean for the markets and your money,

let's bring in the chief u.s. strategist at chisel research. >> thanks for having me. >> fun fact here. the first time two former presidents have faced off since 1892. i'll save the audience. grover cleveland facing off. >> one of the two big reasons that the market reacts to the presidential election is the uncertainty over what will happen and particularly if the incumbent loses. you don't know the policies of the new administration. we have a recent memory of 2016 to 2020 of the economic policies of the trump administration could be. perhaps the uncertainty over who will win is there which will be a tight election means the fact we probably know the basic poli.

>> this is one of the days you want to listen and watch. we are showing sector moves based on the president. we showed industrials moving when biden was president and we showed other sectors when trump was president. tech is showing a lot of leadership in the markets. according to your research, in q1, investors turn defensive. you call it the shut index or trade. staples and health care and utilities and telecom. are you expecting that to continue this year? with tech surging, does that break up yin your mind? >> we feel there is some co consolidation in the market the next couple months. we would not be surprised with more defensive leadership. if you think of the defensive sectors, with the staples and

healthcare as utilities would fit that bill. we would not be surprised. you have to look the broader context. the economy is doing well. they were talking if the fed is cutting rates as aggressively as before. that is fairly positive for cyclicals. this is one data point. to think we get a bounce from the defensive sectors and consolidation is not too big of a stretch. >> by the way, materials actually out performing tech the last month. the last question is the economy is strong. general thinking is that favors the incumbent . in this case, with the country divided, do you expect the economy to be a big factor when it comes to voters? >> if it keeps improving, yes. you see consumer confidence rise when the incumbent wins. you see the university of

michigan index poll. biden has to focus on inflation. that's going to be the biggest issue economically. if inflation continues to come down, that will be a positive for biden. >> ed clissold, thank you. have a good day. coming up here on "worldwide exchange," shares of amd under pressure head of the open. details on the new hurdles it is facing in getting the new chip to china. now the top trend aring st stories. surpassing elon musk as the world's richest person for the first time since the fall of 2021. jeff bezos is now worth $200 billion compared to elon musk and his $198 billion. even cookie monster is not impressed with the economy. in the post on twitter, the favorite blue monster said me

hate inflation. me cookies are getting smaller. he added guess me have to eat double the cookies. terrible impression. it may have been the hottest ticket of the year. mark zuckerberg and bill gates and rihanna traveling to india for the pre-wedding party over the weekend. hosting over 1,200 guests in the complex built for the wedding. i have seen online video of rihanna performing. amazing. more "worldwide exchange" coming up after this.

welcome back to "worldwide exchange." time for the morning call sheet. citi under appreciates novo's ambition with scaling the weight loss drug ozempic. shares down in the pre-market. and jpmorgan chase moving sea limited to overweight. the singapore company is earnings heexpectations to see positives in the year term. you see shares of sea limited are up 1% in the pre-market. and luke capital downgrading

williams-sonoma. shares of williams-sonoma not mo moving in the pre-market. and now time for the global briefing. the target for china will be hard to reach without more policy support as the country deals with a property slump and slowing consumer ma demand. in india, tata motors will be split into two businesses. the filing will not have material impact on shareholders and could take 15 months to go into effect. shares of tata up 3.5%. u.s. communications commitment firm viavi solutions will buy spirent telecommunications for more than $1 billion. they will get a special

dividend. the deal values the company at 61% based on the closing price yesterday. sh coming up on "worldwide exchange," the one word every investor needs to know today and the market signals that has our next guest on board with small caps. if you haven't already, follow our podcast. check us out on apple orpofy sti or other podcast apps. more "wex" coming up after this.

welcome back to "worldwide exchange." we are looking at the nasdaq 100 laggards. advance technology down 2%. palo alto under pressure since it has changed how it has done business. and tesla is down right now due to the fire. and time to turn to the "wex wrap-up." the group of seven banks reportedly in talks with elon musk over refinancing more than $12 billion debt package that he used to purchase social media platform x. berkshire hathaway accused of conspiring to keep real estate costs higher.

and the faa flagging compliance failure in the audit of boeing and spirit aerosystems. the issue with the process control and parts handling and storage with the product control. shares of boeing up fractionally. back to amd. facing pressure from washington over the efforts to sell artificial intelligence chip designed for the chinese market. u.s. officials have told amd the chip is too powerful and needs a license to be sold. amd shares down 2.5%. nelson peltz slamming disney in the manifesto calling for an overhaul of the company's board as he prepares to face off at the shareholder meeting next month. the disney shares hit a 52-week high yesterday.

apple showing aiphone sales in china are down this year as it faces increased competition from huawei. we get february ism services and factory orders this morning. we watch earnings from target and box and nordstrom and crowdstrike. it is super tuesday in the united states with a dozen states holding the primary contest for the 2024 president presidental race. look at futures this morning. they are in the red across the board. the dow is off the lows of earlier, but would open 5 a5 points lower. joining me now is jay woods from fre freedom capital markets. futures are under pressure right now. >> we have come so far, so fast.

i know you highlighted jim cramer who was talking about a pullback. we have gone 87 days without a direc correction in the s&p. >> we want to keep you. >> what happens when you run too far, too fast? you take a break. a 5% correction and i say this happens three times on average a year. we are still above all technical levels. this is normal and healthy. we take a break this time of year. i'm not concerned about any small pull back. i use it to put money to work. >> jay wood saying buy the dip. you have your wex word of the day. you cheated a bit. >> i know. where do you want to invest? h.i.m. we talk small caps. three sectors. healthcare and industrials and materials. those are the sectors that are all breaking out a nice

long-term plbasis. look at healthcare. you had eli lilly and merck. stocks are lagging. pfizer, johnson & johnson. pfizer, we are still waiting for pfizer. there is strength there. whet where i see the strength is eli lilly. these stocks are for the aging population which we're in the boom. >> i'll skip the industrials. i'll go to materials. an unloved sector. i was looking which out performed tech in the last 30 days. what does that signal to you? you are looking at the tec technicals and fundamentals. >> you are looking at industrials and the things they make and things that they help make are the materials. those material stocks is 22% of

the xlb has been leading. we are seeing follow. sherwin williams coming back for the first time in three years. 52-week highs. that is the kind of stuff we want to see when you see a broadening out of the rally. rpm, the small stock in cleveland, making a 52-week high. i like to see the leaders and small caps underneath. that gives me credit dense to h.i.m. >> a lot of people talking about small caps. generally, they are priessured y higher interest rates. >> pressured by high rates. higher for longer and they are making 52-week highs. they are absorbing the change. it we get the cut, that is the platform that they need to go to the next level. i'm happy they are making 52-week highs at 5.5%. >> they are below the all-time

high. >> 16% to run. you look for stocks that haven't gone yet. don't get me wrong. i'm in love with technology and discretionary stocks. if you are looking for stocks that are safer and less volatile, that's where you want to go. >> jay woods with the h.i.m. trade. thank you. one quick look at the futures. the nasdaq under the most pressure. the dow is off the lows and opening up 45 points lower. that's going to do it for us. "squawk box" is coming up next. thank you for watching.

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good morning. not a lot happening in the stock futures. pointing to a slight decline ahead of the opening bell. gold prices and crypto both rising this week. we'll show you what is moving. it's super tuesday. i don't feel super. i guess they are talking about 15 states voting. don't forget american samoa set to cast ballots. and target is set to report this hour. we will bring you the reaction on wall street with the

interview with brian cornell. it's tuesday, march 5 ath, 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 along with joe kernen. andrew is off today. here we go. it's tuesday. yesterday was a rare down day for the markets. the first session of three that you saw declines. none of the declines hit .50% which is why you see red arrows this morning. however, you are still talking about all three of the major averages less than 1% from the all-time highs. dow down 50 points s&p down 15. the nasdaq i