it's 5:00 a.m. at cnbc headquarters and here's your five at five why jim cramer says it's more about the top than the bubble about to burst there's nothing pretty about the mag 7 shedding more than $200 billion in market cap in one single day the single big question, is this a big tech buying opportunity? and record-high and record slide, tracking bitcoin after the brief moment when it achieved new highs.

plus openai firing back at elon muffingand his lawsuit an the very ethos of the microsoft back-off and the super tuesday primary battle, there's word mr. trump is trying to attract wealthy donors and he had a reported meeting with one of the richest people in the world. it's wednesday, march 6th, 2024. you're watching "worldwide exchange" right here on cnbc ♪ good morning welcome to "worldwide exchange." i'm frank holland. l let's get you ready for the trading day ahead. we're going to look at the stock u.s. futures a big difference from what we saw yesterday. in the green across the board in the premarket. looks like the dow would open about 85 points higher what we're seeing here, a big turnaround since yesterday, coming off their worst day since

february 18th with all of the averages shedding 1% or more we're showing you the big action on the boards. you're seeing the declines it was even worse for the mag 7. if you leave out nvidia, losing a combined $233 billion in market value yesterday you see the downward moves when it comes to mag 7. tesla, the hardest hit, down pretty much 4% so this big drop, it was one of the factors fueling the broader market selloff just to keep it in perspective, eye-popping number, but only the third largest single-day loss for the group this year. tech trying to regain some of its footing right now we're checking the gainers on the nasdaq 100. right at the top, crowd strike up followed by palo alto networks four of the top names you're seeing, zscaler up and also

fortinet take a look at the fed yields. down ten basis points. a similar move to the downslide for the 30-year bond that's seen as a read on inflation expectations we're going to speak with former fed chairman roger ferguson in just a moment with his expectations for powell. and this morning we're checking gold once again coming off another record high. it's down fractionally, trading at about basically 2130 an ounce this morning, and we've got to talk about it. bitcoin, a wild ride it keeps rolling later in the show we'll take a deeper look at the rally and see if it has any staying power. right now you see bitcoin is up just over 6.5%, trading at 66,000, almost 500 that's your morning set up

let's see if europe is following our lead we're going to arabile gumede with much more on the early action arabile, good morning. >> good morning, frank despite what might have been in the market from yesterday, that certainly hasn't played itself into this trade again today. the trade market has been open for two hours in year and you're seeing gains across the board finding their footing, really a lot of upgrades and market data being at play. of course, the uk is leaning toward its bucket then, which will be announced in around 2 1/2 hours' tomb and we'll be looking straightforward to that. income tax cuts are anticipated as well out of that announcement it really has been touted that the imf is not too happy about the market left. 's look at what let's moving the markets, particularly on the sector front media stocks are down around half a percent then. you do have the likes of tui, which are getting a bit of an

upgrade as well. that is managing to move prices a little higher. you do see that sitting pretty flash thus far, but on the other side of the spectrum, 1 1/2 to a third higher on the chemicals. real estate managing to move up to the good. so, too, retail. it does seem that gains are now in play. we had started off the market on a little bit of a shaky ground, but we are finding our feet across europe, frank. >> arabile, thank you very much. turning our attention back to wall street after yesterday's selloff which saw the major averages fall more than 1% fueled by weakness our jim cramer weighing in on it on "mad money. in his mind, this isn't like the dot-com or housing bubble that tank the markets. >> the first dot-com implosion affected the stock market maybe permanently. the second was systemic, leading

to the great recession that was truly a horrendous bear market now, those were bubbles. right now we've got nothing like that, but i'll admit the market feels topee, which is worse than frothy, and, therefore, not great. joining me now, philip komar. it sets the firm for some of the largest pensions and hedge funds as well as multi-management. good to have you here in the house. you heard jim cramer say it's topee. that's worse than frothy this is the topdown insights you pay for went're going to get it for free do you agree with jim framer it's a bit topee do you see signs of it >> there is. i mean the exceptations surrounding them is pretty elevated to this point

the broader market doesn't show that at all. there's no sense we're heading in toward a recession that would create that fallout. so i think that there is a difference there. >> so when you're advising your climates, we see a lot of economic data. sometimes it tells us different stories. for example, durable goods, worse report in about four years and something else whelp it comes to ism how much are you weighing that when you look at the market act? how much do you combine the two different things, the economy and the market >> very much if you look at the broad brush stroke, it is in good shape. the household sector is in good shape. the underlying trend is very solid. if you look at the corporate sector, business confidence is improving. the employment sector is solid we're in a solid foundation in terms of the u.s. economy. there's nothing in the sense of

recessionaries or worries. we would tie that into a stronger foundation for the equities market as well. the key is broadening that and diversifying to other sectors. >> a lot of o talk whether it was another bubble, i saw enough research hsbc put out notes wolfe put out a great note back at dot-com, 48 times earnings, now much lower they're saying not a bubble. something else we have to talk about, jay powell and the hill you laughed right now. a lot of your clients have called you about your expectations what are you expecting to hear from jay powell? in your mind do you expect them to deviate at all from what he said at the fomc meeting or what we heard from fed officials? >> he's trying to strike more of a dovish tone. we're on record for that being a mistake. i think the fed has completely mischaracterized how low interest or how reduced interest rate-sensitive the economy is

and the need for rate cuts inflation is going to come in stronger i think he's going to signal the rate cuts, but the economy is closing the window for it. the bond market is going to be it's been disappointing. it's going to continue to be disappointed they may be able to squeeze off one or two, but the economy is going to close that window there's an election cycle. >> you think he's going to turn more dovish? we've heard wait and see now you say when it comes to the hill, he gets a little more dovish >> i think he 's in the wait and see. he's got a dovish tone to him. i that've had to admit the data is coming in stronger, it's more durable, inflation is stickier i think the bond market continues to get disappointment. i wouldn't say there's an outside chance that the window closes. >> phillip colmar, thanks for

being here. president biden and former president trump are barreling toward what is expected to be a historic rematch after racking up wins on super tuesday nbc's brie jackson joins us from washington with much more. good morning. >> reporter: good morning, frank. both president biden and former president donald trump dominated super tuesday races as they look ahead to the general election. former president trump further expanding his delegate lead over his republican rival nikki haley, picking up decisive wins on super tuesday. >> they call it super tuesday for a reason this is a big one. >> reporter: haleydid win one state, vermont she did not make an appearance last night nor address if she'll remain in the race hefrm supporters hope so. >> i think she's just what we

need in this country i love her message. >> reporter: trump is one inch closer, setting up a rematch with president biden. >> the cities are being overrun with migrant crime and that's biden migrate grant crime. >> reporter: the president continues to remain the favorite on the democratic side he even beat his top challenger, minnesota congressman dean phillips in his own district. >> we've got to stick with joe and his team they're doing the right thing. >> reporter: concerns remain about the pr's low approval ratings. some voters express their frustration with his handling of the israel/hamas war. >> it's making me not wantto vote for joe biden honestly. i'm thinking of going third party because of it. >> other americans are not happy with their option. >> i don't like trump's approach to people, how negative he is, and how he treats others and some of his antics. >> it's such a divided country

i'm tied of it being divided i'd rather have it be somewhere in the middle. >> reporter: both trump and biden have half of the points needed to secure their nomination brie, certainly super tuesday was a big day. also president trump having a big night. we're also following reports that former president trump met with one of the world's richest people what are you hearing about that? >> reporter: that's right. he met with elon musk on sunday in florida along with three other wealthy republican donors all unnamed. now nbc news has yet to be able to confirm this story, but neither trump nor musk responded to request for comments. it's still unclear if musk plans to donate to the former president's campaign, but it looks like the former president is looking to garner financial support as he looks ahead to the general election. >> our brie jackson live in d.c.

always great to see you. we've got a lot more to come on "worldwide exchange" including one word investors have to know today but first getting set for jay powell's two-day capitol hill testimony. we're going to speak with former federal chair roger ferguson about what powell needs to say to reset expectations. >> plus much more on bitcoin's rally and the spectacular selloff. we dig in whether the sector has what it takes to hold the levels for the long term. plus, openai fires back. the blogs,posts, and emails. all of that coming up when "worldwide exchange" returns stay with us [sfx: wind, rain and rolling thunder] nobody's born with grit. british announcer: rose is really struggling.

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welcome back to "worldwide exchange." elon musk is firing back our pippa stevens is here with that story o every to you. >> good morning, frank openai is hitting back at elon musk, releasing emails from as far back as 2015 to show that the tesla boss originally supported a plan to create a for-profit entity and raise a billion dollars by partnering with about a already established tech giant two decisions were shown it alleges there was a breach of an agreement with an agreement with microsoft

members of openai including sam brockman and others indicated it was musk himself who spearheaded efforts to raise billions to attach to a cash cow like tesla all to keep up with who musk saw as the biggest leader in ai at the time, of course, google. in an email dated december 26th 20rks 18, musk told his fellow co-founders, my profound assessment of openai, a deepmind without a dramatic change in execution and resources is zero percent, not 1%. i wish it were otherwise even raising several hundred million won't be enough. this needs billions per year immediately or forget it the team saying they're sad. it's come to this, someone they deeply admired and inspired to aim higher i don't think this is the end of the story. there's more to come here. >> there always seems to be more to every single story he's

involved in. the saga continues pippa, you're going to continue too. turning our attention now to the big "money movers. we're going to start out with crowdstrike. revenue rising by 36% as they double down on cyber attacks shares are up 3% right now this stock has been a juggernaut, up over 130% over the past year and firmly in positive territory so far this year, outpacing the first security etf through both of those time frames. shares of nordstrom they're selling off. reporting of a sales decline of 1% to 2%, changing consumer trends and higher levels of markdowns weighing on nordstrom with the wind-down of the canadian business. shares down more than 9% box unveiling new large language models designed for microsoft

azure. cfo andrew levy talking about the shares up over 2%. coming up, signs of a regional reckoning i may be over as they flock back to the community bank. we speak to a key player in the space and a look at what's really going on. stay with us

welcome back to "worldwide exchange."

shares of community bank are moving up, coming off their lowest levels since 1996 the stock slowed down 68% on considers about loans and commercial real estate exposure, this coming days before the one-year anniversary of the silicon valley bank collapse the kre regional banking etf is down about 6% since then joining me now on what he's seeing is jim ryan the sixth largest commercial bank in the midwest. jim, it's great to have you here great to have you here in the studio. >> thanks, frank thanks for the opportunity. >> jim, you had earnings in late january, record eps, core deposit growth of 4% your stock jumped on the report. we're going to show the chart here you've had a strong quarter. how much does new york community bank and the issues there, how much do they affect your investor confidence and your customer confidence? >> i think earlier on the reports were like reopening the

wounds from last march and april, so unfortunately all bank stocks took a dive having said that, i came off the road with 40-plus investors and ceos i think it's relatively isolated i think investors are gaining confidence interestingly enough, long-term investors and general investors are starting to come back and look at the space. i think they're doing their homework, not quite ready to get back in. i hope we get more clarify around interest rates and the election and we might see a better bid for rate stocks. >> how closely are you watching capitol hill >> i think we're all looking for signs. >> what's the sign you're looking for? what's the most important thing to you is it simply the cuts or the runoff of the balance sheet? what are the key issues? >> i think most banks are looking for one to possibly three cuts total this year

it's looking less and less likely those cuts would help us lower deposit costs and lower drivings for sure. >> a lot of people are flocking to these money markets and sometimes its high yield savings can 'not because they want the risk of the market but they want some kind of a return. >> i think it has some potential, but i think a sensz of easing might give a nice strong boost to the economy, which tends to be weakening at this point in time it's not at a lot softer it's more of a confidence booster than anything else. >> you took us to the fed and what they might do i roy. to take you back to new york community bank their real issue was commercial real estate specifically the rent controlled buildings in new york city. you're in the midwest. it's a different real estate market when it comes to real estate for retail and things like that, but also multi-families not so much rent control, but a different space. give us your sense when it comes

to that. >> we do a fair amount of multi-family lending, but it's really strong. even again when we go back and look at the loans year as f doing the years of underwriting and looking at the rates up 300 basis points, actually our multi-family product has performed incredibly well, and there continues to be this structural deficit there's more demand for housing than there is housing available. for us, it's still a segment we continue to loan and invest in and it's performing incredibly well. >> how do you gauge the risk how do you mitigate the risk because we continue to hear it's a risk the kre risk is down year over year, just about at the one-year anniversary of silicon bank, which has nothing to do with real estate, but highlights the issue. how do you deal with that? >> for us, it's picking the right clients. client selection matters looking at the markets that

still have a capacity to build and not getting -- the issues, i believe, tend to be isolated in a few markets that have been overbuilt over the last handful of years, and in the midwest, by and large, particularly suburban products generally hold up well. >> jim, it's great to have you here the chicago polar plunge, a funny picture. we're showing it. >> i love it. >> jim, really appreciate your insight when it comes to the regional banking sector and thanks for taking me into the polar plunge i physically was not going to go there, but you brought me in spirit it's great to have you here again. coming up on "worldwide exchange," bitcoin after a brief moment with anyone who's ever invested in bitcoin turned a profit. we'll be right back on "worldwide exchange. stay with us

it is right around 5:30 in the new york city area here's what's still on deck. stocks looking to shake off with with the futures working to build a bit of a bounceback. bitcoin facing whipsaw action. we're going to dig into factors. and fed chairman jay powell set to kick off two days of testimony as investors look to

the latest clues on if and when the fed may start to ease rates. it is wednesday, march 6th, 2024 you're watching "worldwide exchange" right here on cnbc. and welcome back to "worldwide exchange. i'm frank holland. let's get you ready for the trading day ahead. we pick up with the u.s. fed stock futures after the worst day sense february 13th. the dow hitting look like the highs this morning looking like it would open up 80 points higher, nasdaq higher as well, partly on the really strong crowd strike report. what we're seeing here, very different from what we saw yesterday. worst day since february 13th. take a look. it was even worse for the mag 7. tesla the hardest hit, down 4%, apple down%.

the mag 7. if you tag out nvidia, losing $233 billion in market value yesterday, which, in part, fueled the broader market selloff. we're also checking the broader market there's a similar story for the long bond, the 30-year, often seen as a read on inflation expectation. in a moment we're going to speak with former vice chairman -- fed vice chairman roger ferguson on his expectations for today's testimony from fed chair powell. goldman coming off another record-high close. it's down a fraction of a percent, trading basically at 130 an ounce you can see it very close to its record-high. again, we'll continue to watch gold and other factors throughout the morning that is your morning money setup. now we want to turn our

attention to capitol hill and fed chairman jay powell when he speaks with the house financial services committee at 10:00 a.m. eastern time today, this testimony coming on the heels of the growing course of comments from other fed officials making remarks. vice chair warned late last month of easing too much also governor christopher waller who says there's no rush to begin cutting interest rates to normalize monetary policy. joining me now with someone who's been in the room, roger ferguson you're also a cnbc contributor it's great to have you here on a morning like this. >> great nice to be here with you. >> give us a sense take us into the room. what are your expectations for his testimony on capitol hill today. do you believe he'll deviate at

all from what he said during the last fomc meeting and what we're hearing recently we're just hearing from fed officials. >> i think he'll stick to what he's heard from his colleagues i think he's going to reinforce the no rush to cut message which was being delivered by many for a variety of good reasons. i think he likes the way the market is probably set up right now, expecting cuts, if any, later in the year, and probably fewer than had been planned or expected in the market earlier this year. i think he's going comment on the data, but in a way that says things are developing as expected you know, the economy might be slowing a little bit, but consumers continue to be healthy, and inflation is coming down i've always expected that to be uneven he'll nod to the january cpi i don't think he wants to get out too much ahead of that sort of data because there's data coming up later this week and next week and the cpi next week.

so i think he wants to stay close to the past data those are, i think, the two major messages. >> he's going to stay close to the data, but i'm sure when he's on capitol hill he'll get questions about the data coming up how does he respond about the path of inflation, i think a lot of people in the secular world feel like inflation is coming down, but we keep getting this pushback from fed officials. >> i think he's going to say the inflation is coming down, but importantly, you know, the path of inflation coming down is uneven there's still some risks of upside surprise. i think he'll observe the january data cpi came in hotter than many expected i don't think he wants to feed into the notion that it's going to be just one way because he doesn't know what the february data is going to bring, and it could be a surprise either way, but i think he wants to stick to the overall thing that, you know, the inflation number is looking healthier, which is why they have the possibility of

setting up for cuts a little later, you know. and finally i think he's going to want to reinforce the possibility, the hope of a soft landing, but i don't think he's going to jump to a commitment that we're going to get there. i think he'll talk about risks from both sides there. >> really. i think people feel we're already in a goldilocks situation. we'll have to wait to see what he says we had a bank ceo on a short time ago he says he's listening closely they're listening for more clarity and the balance sheet runoff when it comes to the fed. what are you thinking when it comes to that? >> i think he's thinking it will work smoothly. it's not the main tool they're using, so don't look to see dramatic shifts there. he'll also say if need be if liquidity conditions call for it, they can slow it down a little bit so i think he's going to be what i describe as sort of soothing

around the blass sheet it does not want the balance sheet discussion to be the instability of markets and i think he believes the best way to keep it in stability is to be very, very clear that it's going to continue on exactly the same path it's followed in the past up less something unexpected happens. >> overall the economy seems pretty strong. we did have that weak durable goods number yesterday also the market is moving higher, hitting new highs in a variety of different sectors we're seeing that broadening does that matter to jay powell is that something he takes into consideration when we get this rate decision? >> look. i think the understand lying strength of the economy absolutely does matter he'll be wise not to put too much rate on any one reading some is a little softer, some a little firmer. it doesn't matter directly i don't think he's trying to move the equity market one way

or the other it matters indirectly for the concept of financial conditions and that, you know, will be the financial conditions continue to be consistent with the outlook for the economy. i think that's one of the things that factors into why is there no rush to cut because, you know, financial conditions are supportive of ongoing growth one of those is obviously, you know, howic questionty markets are moving the other is interest rates are set by the market and that would save the 10-year and 30-year are moving in ways that would suggest a pretty good outlook for everybody. >> a lot going on. testimony begins at 10:00 a.m. eastern time roger ferguson, always great to have you here. thank you very much. >> thank you. turning our attention now to bit copy, looking to get back to that all-time high after hitting 69,210 after it quickly pullinged back it's trading at 66,250.

for much more let's bring in cnbc.com effect nomices reporter mackenzie sigalos. i've got a question for you. what let's moving us higher? how big of a factor is institutional factors? how much are retail investors? so much enthusiasm first question from a cab driver, are you in bitcoin what let's moving bitcoin? >> that's your classic story of hitting a peak bubble moment the spotty effs have solidified the coins but they've been setting new records. collectively in the past two months they've brought in $50 billion. you look at blackrock's i shares bitcoin trust, it's the fastest that an etf has gone from zero

to $10 billion in assets it's a game-changer. there are other things happening under the hood you've got the technological advancements that are going to put bitcoin on far we theory yum. they're flooding in in a way they haven't in the past. >> a real use case for bitcoin a lot of times there's use cases. >> bitcoin has been proud of the fact historically that it's kind of a boring commodity. it's something you can rely on, but i've been talking to a lot of o coders in the ecosystem and a lot of vcs i've been out there. there's so much enthusiasm around these so-called layer two companies, basically all these startups building on top of bitcoin. >> i like the name drop. take us under the hood explain it to us

the halving. it sounds like a horror movie. >> in a couple of weeks from now, this marketing event called halving is going to cut the production of new bitcoin in half it's something baked into bitcoin's code and it ee meant to be a deflationary measure and part of the reason why bitcoin is doing so well is basic supply and demand economics you're about to have new bitcoin production cut in half and all these startups that are building on top of bitcoin have the effect of scooping up supplies, so it's all moving in bitcoin's favor with respect to new price. >> when you see those kinds of moves, they're looking for different crypto space opportunities. >> what brought me out to denver was this denver event, 20,000 people coming in and the biggest narrative coming

out of that was an upgrade coming in a couple of weeks from now that's going to slash rates. that is a game changer with respect to what coders can build on top of ethereum there's going to be these use cases that weren't positive before because it was too cost-prohibitive. >> all right mackenzie sigalos. americans paying to keep a russian yacht running. what was supposed to be a windfall for the u u.s. government is a growing cost stay with us

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ontario. your innovation partner. ( ♪♪ ) welcome back to "worldwide exchange." time now for your morning call sheet. we start with morgan stanley cutting its price target it follows ev demand and an oversupplied ev market. hsbc upgrading its rating on target to buy citing higher eps and upgraded guidance from the retailer shares of target up over a quarter of a percent and honeywell citing underperformance and investors believe they could beat shares in the premarket. turning our attention now to a story of in kreeg on the high seas, it's billion fought in a u.s. courtroom and u.s.

taxpayers. it looks luke they're footing the bill we're talking an super yacht that may or may not be owned by a russian oligarch this is a frank and frank. frank, you go first. >> great to see you. two years ago the u.s. commandeered a yacht in fiji the yacht's name was am day ya it's owned by a sanctioned russian billionaire who made his fortune in mining. u.s. marshals sailed it back to san diego and worked on proceeding to force a takeover and sell it. they were using the cash to fund ukraine's war effort it turns out it wasn't that simple oligarchs are masters of cloaking their ownerships through others

the u.s. says he's just a proxy oh inner and emails from the yacht crew prove that karamov is the owner. meantime the u.s. government and taxpayers have to pay the maintenance on amadeus as it sits in san diego. it totals $1 million a month $360,000 a month for crew, $75,000 for fuel, $165,000 forred food and waste removal and other expenses it also including insurance -- that's a hot -- and dry dock repairs. so far the u.s. has spent over $20 million to maintain this boat, the u.s. asking the court to sell it valued at over $230 million because they call the fees excessive and they don't want to pay it anymore, understandably, frank. >> robert, this is an amazing story. first off, why are we

maintaining it why can't it sit there why would you need $165,000 in food and waste management? >> yachts are very expensive if you don't maintain them, wash them, clean them, maintain their mechanics, they vastly lose their value. this is valued at between 230 and $300 million the amount that, yes, you're paying a lot to maintain it, but you would lose even more if you maintain it and let it rot more. the u.s. government is learning how expensive these boats are to maintain. >> they're asking the court for permission to sell it. i'm asking for a friend, would they take buy now, pay later >> i don't know about that, but the attorneys for the yacht, the holding company, have basically tried to stall and extend this as long as possible. so we don't know what could happen, they could sell it and that money wouldn't

immediately go to the government they would then fight over those proceeds so even if they sold it in a week, it could be months or even years before the u.s. actually got the money. >> wow quite a story. a yacht believed to be owned by a russian oligarch costing us, the u.s. taxpayers millions. always great to see you. coming up on "worldwide exchange," we have the one word every investor needs to no, plus our signals. our next guest is suggesting continued strength for the rk dpimaeteste yesterday's selloff. we'll be right back on "worldwide exchange" with much more meets bold new thinking. (laughter) at 88 years old, we still see the world with the wonder of new eyes, helping you discover untapped possibilities and relentlessly working with you to make them real.

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welcome back to "worldwide exchange." we start with our w.e.x. wrap-up. president biden and donald trump both winning big on super tuesday. trump met over the weekend with elon musk seeking a cash infusion for his campaign. speaking o elon musk, openai responding to his lawsuit showing elon musk urged the startup to raise at least $1 billion and avoid sharing information with the public. elon musk is alleging open iowa is driven by product over safety. the mag 7 coming off a pretty rough session, shed ding $233 billion in market cap, the third loss this year china's central bank

governor says he plans to use policy to stimulate further prices. and byd cutting the praise of its cheapest car by 5%. other automakers including tesla, geely and xpeng also. we get weekly mortgage applications as well as adp and j.o.l.t.s. figures ahead of friday's jobs report on the earnings front we get results from campbell's soup, abercrombie & fitch, and victoria's secret. and then fed sanctuary powell kicks off with testimony on capitol hill. stocks are coming off back-to-back sessions. take a look at futures right now. we're seeing them in the green across the bore board. the dow off of its highs still we look like we'd open 70 points higher.

let's welcome in courtney. great to see you. >> thanks for having me. >> we saw the big selloff in the market, foo u turs indicating a bit of a rebond today. how do you i see things shaping up what's our w.e.x. word of the day? >> the markets are continuing the booming bull market. the market continues and the economy in general continues to be on good footing ultimately we're coming off of an earnings season where 90% of companies have reported earnings, and they beat expectations by about 8% we're getting the jolts numbers out today which shows we're continuing the last quarter saw 2$250 million and inflation comes to come in line with expectations

it's a good backdrop seeing a day like yesterday is normal, but rt matly we think the markets will continue in the upwards direction. >> you say all of this is normal the third biggest pullback from mag nif sent 7, it's only a third, but still $233 billion in market cap lost. in your mind when it comes to big tech, is this a buying opportunity or a wait-and-see situation? >> yeah, when you pointed out yesterday the pullback, it was mostly in the mag nif sent 7 what we want to take a look at is the broader market. we own it. it's not something you want to get out of it's also not something i'm jumping into if you look at the top ten holdings, the average price to earnings ratios is about 25 times is historically expensive, but there's plenty of areas. they trade blow their 10-year averages yes, i want to own those things,

but there's plenty of other buying opportunities make sure you're well diversified. i'm not saying to chase it here. >> you mentioned material. another thing is a longer term play material is the best performing sector up over 6 1/2%. in your mind, the long-term play for materials, what are you looking at there are you looking at individual stocks do you want to play it more broadly? how do you play? >> we use etfs materials is something that i think has become underappreciated because this year it's expected to be one of the lagging sectors. next year when you look at 2025, again, remember that stocks are forward looking, the earnings are expected to be one of the higher growing sectors you want to get in there before the earnings go up, not afternoon. it's something you want to get into. >> we want to uc ta about it jay powell on capitol hill today and tomorrow what are your expectations how does it impact potentially

your pieces? >> honestly, i think we're going to see more of the same. as much as the markets would like to see that, i think it's going to be a little while longer here. i don't think they're going to acc indicate that they're ready to do so. i think when you look at the markets, whether they're lowering rates in march, which clearly isn't happening, the bigger picture story is rates are coming down, which will be a good thing for the economy as long as the inflation continues, it's a good thing. >> courtney, good to see you as always that's going to do it for us here "squawk box" is coming up next what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to

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good morning getting closer to a rematch. president biden and former president trump whipping big on super tuesday, do tailsdetails straight ahead. elon musk, openai sharing emails where elon musk is criticized for doing the things he was criticizing. patrick mchenry will join us this hour. it's wednesday, march 6th, 2024,

and "squawk box" begins right now. good morning, everything welcome to "squawk box" on cnbc. we're live from the nasdaq market site in times square. i'm becky quick along with joe kernen andrew is off today. let's look at what happened with the markets. there was a big focus yesterday as we saw big declines d dow futures up the nasdaq up by about 130 this comes after that pullback for stocks in yesterday's session. yesterday the dow was down by about 400 points that was actually improvement from where it had been at the lows of the session. it was down by about 1%. the s&p down by 1% and th