it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." i'm frank holland. we start with the whip saw week continues with the futures facing pressure after the higher day yesterday. why investors are feeling a bit skittish ahead of the open. too soon to cut. chairman jay powell testifying on capitol hill and telling lawmakers it needs to see more data before making a call on when to cut rates. and a $1 billion lifeline as

steven mnuchin steps in for new york bancorp. and boeing having issues are regulators over the door plug blowout. it's thursday, march 7th, 2024. you're watching "worldwide exchange" right here on cnbc. good morning and welcome to "worldwide exchange." thank you for being with us. we get you ready for the trading day ahead. the major averaging snapped a three-day leez losing streak. this action in the pre-market after we heard from jay powell saying he continues to expect

interest rates to come down this year, but not ready to say when yet. >> it will depend on the path of the economy. our focus is on maximum employment and price stability and the incoming data as you look at the outlook. >> we checkfor treasuries. we continue to watch yields throughout the hour. we are watching the energy market and oil with wti hovering close to $80 a barrel. tensions in the middle east continue to rise after the houthi missile attack yesterday that killed three on the cargo ship in the gulf of aden. take a look at the oil market. oil is moving lower down .75% for wti and brent crude. we have to talk about

metals. we don't talk about them often, but they are close to highs. that is the story with gold. gold is up more than 5% this week. trading at $2,165 an ounce. up .30%. gold is close to an all-time high. that is the morning money set up. we have a news alert for you. details this morning ahead of president biden's state of the union address tonight. the white house revealing that the president will call for denying corporate tax breaks for all salaries over $1 million. companies cannot deduct ceo and cfo executive salaries. this would expand the rule to the new $1 million threshold. looking to 21% for the corporate tax. the projections from the white house indicate that the biden plan would cut the deficit by $3

trillion in the next ten years. we will have more on the state of the union address coming up later in the show. time for the check of the top corporate stories with silvana henao. silvana. >> frank, good morning. just hours after federal relaters called out boeing for failing to cooperate in the investigation of the january door plug blowout, boeing is providing names of the employees on the 737 max door team. before the boeing reply, ntsb representative in the senate testimony yesterday characterized the cooperation so far beyond disappointing. exxonmobil is putting chevron's deal for hess at risk. filing the claim yesterday suggesting it may counter chevron's offer for hess oil

properties in itguyana. they are saying they have the right to counter the offer for the hess stake in the guyana project. one of the largest oil finds in years. we are watching shares of new york community bank after the session yesterday. all this before enclclosing 8% higher after the deal with several investment firms, including former treasury secretary steven mnuchin's firm. >> thank you, silvana. see you later on. turning attention back to the markets. jay powell back on capitol hill today for a second round of testimony on the economy and monetary policy. this time in front of the senate banking committee. powell telling house lawmakers yesterday he expects interest

rates to come down this year, but is not ready to say when. the fed chair added the fed is looking for more consist moves. >> because of the progress we made, we can approach that step thoughtfully and confidence. when we reach that con ifidence means can dial back the policy. >> june is the first rate cut. traders are pricing in a 55% chance of a .25% move. let's talk with jeremy schwartz at wisdom tree and sophie lund-yates. jeremy, we saw the markets finish higher after the jay powell testimony.

what does that indicate to you about traders' confidence in the cuts? >> we were saying the market was getting excited and started pricing in six-to-seven wcuts. if the fed doesn't price in the cuts, we will have a tough time of getting gains in the market. we said it wasn't about the cuts, but willingness to cut if there is weakness. we were worried to say inflation is the top concern. we cannot say. he showed the flexibility. we think inflation is lower than reality with the housing data and real-time housing is down 1%. you get updates on that. we think he should be cutting, but i think the data is coming in in a way to allow them to start cutting in it june. >> jeremy, you have come with alternative data on inflation in previous times. sophie, over to you. do you agree with jeremy's take

this gave the confidence the cuts are coming and is this enough to keep the rally going? >> there's no doubt, really, that cuts are going to be coming through. i personal thinly think there i disconnect when it happens. when you look at the labor situation as things are moving in the right direction, but we are in a situation where the labor market is hot. when you look at the consumers behaving with amazon's strength in the retail strength. the willingness to spend on disc discretionary items is hot. they are not committing to a timeline of when the cuts are going to happen. in terms of equity valuations, absolutely. we're in the holding pattern in terms of seeing any kind of

meaningful gains until we get a clearer trajectory on the timeline. >> sophie, it is interesting you say that. valuations have not seem to put pressure on the markets this year. now with what seems like more assurance from jay powell that the cuts are coming, we had the chief economist who is one voice saying the cuts may not come. you are saying valuations are an issue for the market? >> i think in some corners, yes. we are probably over the worst of the severe jitters. i think rather than looking at it through the lens of we're going to see the bottom fall out of the prices, i think we are talking monumental gains and further gains coming this year. i think it will rest on the trajectory of when we get more meaningful sentiment coming out of the fed. that said, cof course, that can change in short notice. i'm looking forward to april.

>> jeremy, back over to you. you don't have any trepidation of looking overseas for opportunity. we have seen japan. we have seen a run-up in the japanese markets. different story there. different central bank situation. why is now the time to turn to japan when we have the confidence from jay powell of cuts in the u.s. coming? >> coming back to what your other guest said. 5% earnings yield. nikkei is at all-time highs of 40,000. when you look the flagship equity product, it is a 14 pe ratio. it has been performing better than tech stocks in the u.s. it has all of the tailwinds behind it. the negative rates getting off to zero. very much a different situation. you have warren buffett continuing to talk about why you should buy the stocks, not the

currency. that is what dxj does on top of that. it is the combination of valuation and a new sentiment break to the 40,000 nikkei level. >> dxj is the japan hedge equity fund. sophie, you are also looking at the ecb decision. you are looking at ueurope. the valuations there are attractive. >> absolutely. you can't forget the growth trajectory outline isn't necessarily the most exciting, but i do think europe is harboring quite attractive names that have been forgotten. particularly at the moment, one thing this taught us is there remains a lot of uncertainty around us. that is go back to basics. there are companies with strong sectors and wide economic moats.

i'm thinking about the telecoms. then you have defense. if you hop over to the uk, as much as we have some broad-based productivity challenges here, i would say when you stoyou startk away at the financial sector, we have a lot of options. a lot of uk banks are trading below the value of assets. >> we will talk about european stocks later in the show. jeremy and sophie, thank you very much. we have more to come here on "worldwide exchange," including the one word that investors have to know today. first, you heard of thing magnificent seven, but what about the super 7? what citi says could outname those are wall street. and europe's digital markets act goes into effect today.

and foot locker losing ground over the holiday season and the stock isinng ski. we have the big money movers coming up when "worldwide exchange" returns. stay with us. (vo) what does it mean to be rich? maybe rich is less about reaching a magic number... and more about discovering magic. rich is being able to keep your loved ones close. and also send them away. rich is living life your way. and having someone who can help you get there. the key to being rich is knowing what counts.

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says shares similar characteristics to the magnificent seven. let's bring in the super 7. it sounds like a superhero team. good morning. >> good morning. >> we will show everybody the list. asml. lvmh. schneider and richemont and novo nordisk. what made you put the list of stocks together? what is the characteristic of the super 7 to our magnificent seven? >> what we noticed this year is there has been an interesting dynamic playing out in the european market. european markets are doing well. out performing the u.s. it is happening with the narrowing of the returns to these few stocks. we heard about narrowing in the

u.s. last year. it did not happen in europe. that is a new dynamic. there is a catch up of the european market from the perspective. of course, caveat here is i would like the broadening of the market with circumcyclical marke is a normal situation we are having righto the catch up of last year. the risk is the market narrows further this year and then we search for the characteristics of the magnificent seven that we could find in the european markets. we looked for superior growth and superior margins and also for economic moves. these are the companies that tick these boxes. >> we will continue it show the list. novo nordisk with a 52-week high

on trial data. it is hard to not see it is very different from the magnificent seven, the super 7 is luxury spending. how should we read that? >> this is what i like about the european super 7. it is more diverse from the sector perspective than the magnificent seven really crowding into one theme. you have the a.i. play in europe in the super 7. >> are you talking about s.a.p.? >> yes. asml as well. industrial play with schneider and then the three consumer stocks. two are luxury or three of them are luxury. they have the right characteristics for the narrowing, but further down the line, the economic data improves and the central bank cuts and we

argue it is a environment right for the broadening of the equity market. the cyclical market of the super 7 stocks are in could onwell. >> here in the u.s., we are looking for our central bank to cut. how important is the central bank cut to the stocks and equities in general? >> they are very important for the european equities in general and the european economy. our view is we will have five cuts from the ecb this year. five from the fed. an important point for what will happen next over the medium term, not the near term is the early cycle dynamics. we are seeing it in europe. the data is not great in europe, but improving. we see more and more evidence we are the cyclical trough or we

already hit it. >> the super 7, the european answer to the magnificent seven. we will continue to track those stocks. thank you for being with us. coming up on ""worldwide exchange," the countdown to the ecb decision tod aaynd will it follow the fed playbook of higher for longer? stick with us.

welcome back to "worldwide exchange." we are looking at apple and the fight with epic games. apple blocking the video game maker from launching on iphones and ipads in europe. regulators are looking at a historic day for the tech sector and possible ry for consumers. steve kovach joining us. steve, what is the latest with the battle? >> this is the digital markets act, frank, known as the dma. it is hours old and apple is testing the limits this morning. the european commission is investigating apple's compliance with the dma which includes fees it wants to charge and kicking epic games out of the apple

store. this has lots of rules here with the attention on apple because it is the most profitable and the most resistance to regulations like this. the dma forces apple for the first time to allow third-party apps to reside on the iphone and make it easier for users to choose a default web browser. apple announced how it will comply with the law. that angered companies like spotify and epic which wants looser rules. similar to the mac or windows computers. now regulators will have their say if apple is complying with the new law and if they find apple or any other company in it violation, they could be fined up to 10% of the global revenue. let's put a big number on that. for apple, that would be $40 billion, frank. >> $40 billion for a fine?

that's interesting. when is it going to be a decision or ruling on all this? what is the process? can apple appeal? what is the next step? >> this is novel, frank. apple had compliance with the law and the eu could not enforce it because the law went into effect today. i can refer back to the dig at that time cerdigital services a which is investigating in january about some content moderation problems around the war with israel and hamas. that has been taking months as well. it could be some time before this plays out. apple will do everything it can to drag its feet. >> we know you will follow it. steve kovach, thank you.

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

"worldwide exchange." here's what's on deck. stocks facing pressure after wall street stops the slide with modest gains yesterday. futures are fighting for gains right now. details emerging on president biden's agenda for the state of the union address tonight. top of the list is corporate taxes. we will dig into other areas for the president and what it means for your money. new york community bank fighting to stay afloat announcing a capital injection and leadership shakeup ands we approach one year since the sizable shock to the sector. it is thursday, march 7th, 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 after the averages snapped a three-day

losing streak yesterday. futures are in the green across the board. s&p moved into positive territory firmly with the dow moving in positive territory as well. the nasdaq in the pre-market up .25%. yesterday, chairman jay powell set to resume testimony today after telling lawmakers the central bank needs more data before it moves on rates. >> it is a very important step we think because of the strength of the economy and labor market and progress we made and we can approach that step carefully and thoughtfully and with con confidence. the expectation, as we will do so this year, dial back restrictions on policy. we are checking treasuries. the benchmark at 4.1%. we will continue to watch the

yields. we are also oil with wti hovering close to $80 a barrel. tensions in middle east are rising after the houthi attacks killed three aboard a cargo ship in the gulf of aden. take a look at the oil market. we are seeing oil move lower this morning down .75% for wti and brent crude. lastly, we have to hit gold with fresh record highs. moving about .25% higher. gold trading at $2,160 an ounce. that's the morning money set up. let's turn to a news alert. details this morning on president biden's state of the union address and the topics he plans to discuss during the speech. megan cassella is joining us with more. megan, good morning. >> reporter: good morning, frank. in the state of the union speech, president biden is

expected to pro pose raising the corporate minimum to 21%. he will call for eliminating the corporate tax breaks for employee salaries over $1 million. you cannot deduct ceo or other executive salaries. he also says it would raise $250 billion. this comes as the speech is focused on the economy. we are going to hear familiar proposals like raising the corporate tax rate to 28%. he will preview the budget that the white house says cuts $3 trillion in the next decade. frank, these are proposals. he will need congress' help to get this through and republicans are unlikely to get on board. this shows us where democrats are looking to fund the agenda

and cut the deficit moving forward. >> that proposal on corporate taxes will get the attention of investors out there. there is something else that the president has on his mind. not corporate taxes, but corporate jets. do you have more details? >> reporter: it is all part of the theme of trying to level the playing field and raise taxes on the wetalthy. that corporate jet tax proposal would cut the tax rate to give better treatment to corporate jets. we will see more of that theme. >> you know what? that is one of the things that for regular people is like you get a loophole in a corporate jet? megan cassella with the details. thank you. for more on the state of the union, let's bring in jimmy

pethokoukis, analyst at the american evnterprise institute. jimmy, good to see you. >> good morning, frank. >> megan hit on the proposal on corporate taxes. what else should investors be focused on? >> the corporate taxes is the big news. it is a way for him to draw a contrast with his certain opponent donald trump and these corporate tax revisions would repeal the business trump tax cuts which the former president will run on. also, he will talk about shrink infl shrinkflation and talking about funding healthcare. i'm not sure people have a good idea at this point of what the president would do in a second term. the president will talk about what he has been doing in this term. the general story of the first

biden term and infrastructure spending and clean energy spending is not well understood by the american people. >> you are saying taxes on corporations and wealthy is a theme. also a broader theme with the president focusing on what you are calling economic populism. >> he has populism which is not different when it comes to things like trade will be different with corporate jets. going after billionaires. going after companies, not just on corporate taxes, but on things like are they trying to take advantage of inflation by shrinking packages? all of the democratic populism as opposed to donald trump's right-wing populism. >> one youarea he is focusing os

healthcare. what are you expecting tonight? >> they want the government and medicare to negotiate across a wide spectrum of drugs. not just 10 or 20, but many. getting down healthcare costs. one thing about the affordable care act, it gave people health insurance, but it hasn't done a lot to rein in health care costs. this is not just policy. it is politics. the president needs to seem vigorous. >> you know, appearances matter with the speeches like this. there is one topic i imagine he would hit on. how does he address big tech and artificial intelligence? >> i will find that interesting. he put out the executive order over the summer and that will slowly be implemented on a.i.

i'll be interested to see if he says anything more about that. i would like to see the promise. it could upend economic growth. he wants to reduce the deficit with the corporate tax hikes. he wants to grow the economy faster. i would love for him to talk about a big part of our lives going forward. >> it sounds like he will be optimistic and talk about the promise. >> i don't know. he will talk about what has he done in the past that people may not know about. a.i. regulation is part of it. i would like for him to balance that with an up beat message. >> jimmy pethokoukis, thank you very much. turning back to banking. the latest with new york community bank in connect. we ar following the announcement of

the $1 billion capital raise and the shakeup led by steven mnuchin. this following the one-year an anniversary of the collapse of svb. we have leslie picker with more. a lot going on with the leander. >> reporter: it is remarkable, frank. one year to the day that svb experienced that historic run leading to its demise. that failure and the one of signature bank came at a cost to the banking system. it is still going on. that figure was revised upward by a whopping 25%. last fall, the fdic levied a $16 billion fee spread among the biggest banks that covered the depletion of the deposit insurance fund after it was used

to protect uninsured depositors of svb and signature. that fee was bumped up to $20 billion. the numbers are raising questions if uninsured depositors should have been required to take hair cuts on the deposits and if deposit insurance reform should be back on the table. this, of course, comes amid the price $1 billion infusion from the group of private investors into new york community bancorp yesterday. the deal of the terms which were finalized as shares were in free fall seemed to have stabilized the stock for now. shares up 3.2%. prior to the deal announcement, nycb stock was pricing in a high likelihood of failure. the company is hosting a conference call in two and a half hours to discuss the equity raise and the change of leadership which is board seat for steven mnucin and a seat for

joseph otting. we will tune in at 8:00 a.m. and we will bring you the high highlights. >> we heard fed chair jay powell say the real estate sector is mana manageable. we had a bank ceo yesterday on "worldwide exchange" say similar things. dehe poposits are strong and th commercial real estate risk is minimal and new york bank is an incident. what are you hearing? >> reporter: i think i would say the c-suite would agree with that. the risks for credit equality remain manageable. the key question if you talk to people focused on risk management is they are manageable now given the current state of the economy assuming we go into a soft landing.

if things deteriorate and we get into a hard landing or true recession, that does tend to have a diminished effect on credit quality which creates challenges for commercial real estate and office. areas of multifamily have been stra struggling as well. a lot of this has to do with macro environment. there are unique aspects to office. multifamily has had challenges with rent stabilization with the regulation passed in new york back in 2019 which is challenging. as long as the economy is going fine, i think most people agree with jay powell. it will be manage able for the most part. >> leslie, a big day ahead of you coming up at 8:00. thank you. coming up here on "worldwide exchange," throwing more cold

water on the rate cut hopes. how little the central bank may be easing the policy this year. and the bullish call on one ev maker not named tesla. that's coming up. a check of the big money movers and it is all about fashion. victoria's secret plummeting. it is staying conservative in the near term citing four quarters of falling demand. hugo boss warns of slowing growth after targets missed expectations. the german fashion giant may not meet the 2025 sales guidance due to weak consumer sentiment. foot locker is plunging 30% yesterday. the company reporting the holiday quarter loss and delaying the profitability target. it is working to turn around the business uerardyn.nd my la more "worldwide exchange" coming up after this. that your customers need to know about. constant contact makes it easy.

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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. old school grit. new world ideas. morgan stanley. welcome back to "worldwide exchange." we start with the morning call sheet and rivian with the price target. the ev maker looks closest to tesla in spirit with the brand identity. another coverage initiation from goldman sachs on tko group. it has a buy rating of $102 price target. tko is wellingiing well positio.

and stifel moving micron to $120 a buy. it is seeing estimates for next year which are too low. time for the global briefing. european markets under pressure ahead of the ecb monetary policy decision coming up at 8:15 a.m. it is expected to keep rates at a record 4% for the fourth meeting. officials warning it is too early to declare victory over inflation. new projections could make the case for cuts later this year. chinese exports rising p7% n january. the data echos strength from south korea over the past two months. surging demand for semiconductors. the u.s. says the three crew members on a cargo ship have

been killed by houthi strikes in the gulf of aden. coming up on "worldwide exchange," we have the one word that every investor needs to know today and the technical signals our next guest shows stocks may be overbought and one area she says looks a little bit extra frothy. if you haven't already, check ott "worldwide exchange" on spify or other podcast apps. more "worldwide exchange" coming up after this. ♪♪ heat makes it last. feel the power of contrast therapy. ♪♪ so you can rise from pain. icy hot. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com.

welcome back to "worldwide exchange." we have a market flash for you. bloomberg reporting that the u.s. government is set to invest $3.5 becillion in intel for intelligence programs. look at the semiconductor companies. intel up as well as taiwan semi up 2%. we go to the "wex wrap-up." jpmorgan chase discussed a deal before capital one announced the acquisition of discover. jpmorgan chase explored the deal in 2021, but abandoned the efforts. the european commission is seeking further explanations from apple on why it prevented epic games on launching on iphones and whether it violates

the rules there. and neel kashkari saying there could be only one cut this year. and shares of novo nordisk are popping after the company revealed the early trial data for the drug which showed participants had weight loss of over 13% after three months. just hours after federal regulators called out boeing after the investigation into the door plug blowout, boeing is providing names of the door team. and the chevron-hess deal at risk suggesting it may have an issue with the exxon properties. and here is what to watch today. we get earnings from american

eagle and costco and docusign. jay powell continues testimony on capitol hill before the senate banking committee as well as a pair of speeches from mic michelle bowman and loretta mester. fed comments from powell and company are likely today with the futures solidly in the green now. the dow would open up 30 points higher. the nasdaq is pushing higher from all three. joining me on the cnbc news line is the managing partner bryn talkington. >> good morning, frank. >> what did you think about what jay powell said yesterday and the market reaction? we have seen futures go from mixed to higher. >> i think the few good comments

that chairman powell is able to get for some of the silly questions that congress members are asking is chairman powell clearly said we don't have to be at 2% before we cut rates. we just need to be in that glide path. that was his exact words. i think that gave a lot of confidence to the market that we will not have to wait until 2%, but if we have this type of data, we will get rate cuts. you don't want the fed to wait too late to cut. you want a cut before another nycb happening in the market. >> you believe since the rate cuts are coming and that is giving the market confidence. all that matters is cuts are coming. the timing of the cuts, is that meaningful? >> when we look back at 2025,

looking at 2024, you won't remember when the rate cuts were. they matter. because we get more inflationary numbers and don't come until the back half of the year, that will cause more volatility in the market in that time period. i don't think they will cut rates before the election. i think we will get them in the summer and possibly right after the election. i believe they meet on november 4th. >> you are looking at the technicals with the market. according to data, 80% of s&p 500 names are above the 200-day moving afverage. what does that mean to you? >> we have the one-day scares this year like earlier this week. historically when you have 80% of s&p stocks above the 200-day moving average, that is not a great entry point. that is telling you the market

is over bought. you work that down into the 40% or 50%. like we see today, the market is looking past that. we seem to have liftoff in the market because i think of intel and more government spending and stimulus for semiconductors and the jay powell comments yesterday. >> you are making plays now. you are investing in a.i., but not the magnificent seven names. palantir popped yesterday on the army contract. >> palantir, if you go back and listen to the earnings report in february, what is exciting about the name is the government contract is what we have known about and that's where they dominate. it is the growth in commercial. the growth in commercial in q4 is up 34%. they have the company boot carbon camps. they will look at the company information and convert that and

monetize those. companies are spending $1 million to start working with palantir. if you listen to alex karp, he says we have to rebuild the company with the commercial lift. it is early days. i think palantir is very important military software company, but important corporate software company for investors. >> bryn, shares up 200% for palantir. thank you. that will do it for us. "squawk box" is coming up next. thanks for watching.

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good morning. white house says president biden will call for an increase in corporate taxes. no way! that's tonight at the state of the union address. details straight ahead. the eu market act takes effect today and regulators are probing the apple compliance and treatment of epic games. federal regulators are blasting boeing for failing to comply with the probe of the door plug blowout. it was a door. now boeing has responded.

it's thursday, march 7th, 2024. "squawk box" begins right now. good morning. welcome to "squawk box" here on cnbc. i'm quick quick becky quick along with joe kernen and andrew ross sorkin. i'm here at washington, d.c. we havehave lineup of guests including the ceo of con oco phillips and rtx. we are getting ready to hear from the administration and the president tonight, you have the business community which is concerned about the things which have been going on. the business round table is important because