is to write what you know." ♪ good morning and welcome to "street signs." i'm arabile gumede and these are your headlines. european equities pulling back from the record high as investors await key economic data and ecb members reinforce signals that a mid-year rate cut is in the cards. >> there was broad agreement we will get more data and more information in june. that's a certainty.

investors say good-bye to hellofresh which plunges 40% after scrapping the midterm guidance sending shares to the five-year low. p and vivendi splits with the media giant after failing to update on the spinoff plans saying it is keeping options open. and u.s. president joe biden lashes out at donald trump in the fiery state of the union address and calling on congress to stand up to russia. >> my message is simple. we will not walk away. we will not bow down. fr certainly sounds like fir in the belly of president biden

in that state of the union address. not too much fire with the overall markets here in europe if one was to look at the movements. it is just managing to inch higher. it is around the flat line. in the nuance within the stocks is significant to look at here because we have a big movement when it comes to a lot of the stock counters. ecb has been a key factor to the market movement. take a look at what has happened from there. the june rate cut is the potential. madame lagarde stating we will get more data by june. the forecast for inflation dropping off to around 2.3% for 2024 which is helping the market to get a sense we are heading lower. perhaps, you could see the ecb cutting in june. that's what the market is ultimately pricing at this

stage. where are we with the sectors? this is what the boards are looking like here. a mixed picture. the ftse 100 dropping .25%. a laggard in this regard with the dax .20% weaker. at the flat line for the french market. that is the one we will look at with vivendi. the ftse 100 will take a look with other counters as the dax is taking a hit from hellofresh. that will be significant to look at as well. that is the big players we are looking at across the market movement. on to the sectors that are moving which will give you a clearer sense of what is moving. oil and gas is up .75%. .40% weaker for telecoms. overall, we have a clear sense we are in and around the

flatline because we don't have too much disparity along the lines. on to the stocks gainers and losers. this is where you see the biggest movement. hellofresh doing away with the midterm guidance and cutting off the core earnings picture for the company. not doing too well. a stock which languished post the highs it did have particularly during the pan pandemic. it has fallen off since those highs. down 44% just today off the back of the earnings forecast which doesn't look pretty at this moment. on to the semi conductor space n the netherlands is down 6% thus far. on the other side, you have grifols managing to move up .20% with the results yesterday and that is managing to pick up from yesterday 5.5% higher.

to the united states we go. still more data. we did see congressional testimony for two days for jay powell. that, however, did come to an end with the sentiment being that interest rates could be cut, but not ready to do so just yet. we could be headed a bit higher for the open for the u.s. markets. speaking of the u.s. and fed, they are not far from gaining the confidence they need that inflation is coming down to begin loosening policy according to chairman jay powell who gave his second day of testimony to lawmakers yesterday. powell gave his take on the economic picture and speculation grows that the central bank could move to cut rates toward the middle of the year. >> what we expect and what we are seeing is strong growth and

labor market and continued progress in bringing inflation down. if that happens and if the economyevolves over that path, we think the process of carefully removing the restrictive stance of policy will begin over the course of this year. >> this comes as weekly jobless claims came in at 217,000. that along with the wednesday's softer adp jobs report suggests that labor conditions could be beginning to ease all ahead of the non-farm payroll report which lseg data could indicate a deceleration from the january figure with the gain of 200,000. carl weinberg is joining us. thank you for the time, carl. would you be surprised to see the number drop off to 200,000? i suppose that softening is the result of the effects of the higher interest rates. >> frankly, it doesn't really

seem that way from where we are sitting right now. good morning. thank you for having me on the program. you know, these numbers are volatile. we have seen a wide range of 100,000 give or take over the last three months. the 200,000 jobs per month increase. the average in the five years before covid was around 200,000 jobs per month. we are looking at a labor market that is responding to a slowing economy. the number that we're going to get today is probably going to be 200,000, give or take 50,000 or 100,000. the trend at that pace is expected to be unbroken. >> that trend gives a sense of where the economy he is meant to be lying. does this become the biggest factor now post inflation? give a clear sense of where to from here? does it cement the stance that interest rates would need to be cut going into at least the

middle of the year? >> there's no real clairion call to move interest rates immediately. there is no sign of the break in the economy. we are talking about gdp growth of 2.25% in the first quarter. the atlanta fed gdp number is around 2.5%. that's a pretty cheeky number for the u.s. economy. it's a little bit above estimates of potential growth. we're at a situation where we are growing and we are at full employment at the same time. we have to make sure that our growth of demand doesn't exceed our ability to produce goods and services. we can see numbers on the high side of the trend of employment gains and not send off alarm bells of inflation because we have more output of every worker. >> is the risk, however, not

that you hope that, of course, according to the fed, that hope it is headed toward 2%, but if a cut is coming, the anticipation is rates stay higher and real rates stay higher and impacts inflation again and it picks up all over again and you have to do the job all over, is that not another worry? >> let's think about getting back to normal and what that means. normally, fed interest rates are 1% to 2% higher than inflation. if we get back to inflation, normally, we want to see fed interest rates around 4% with 2% inflation. that's a little bit below where we were right now. i think the fed is seeking a level of interest rates that it can maintain and sustain to keep the economy at full employment, but keep prices from accelerating. i think that long-term rate is lower than where we are right now. where we are right now is set to

push inflation lower, but there comes a point where we don't want to put inflation any lower than it already might be. i think we have to look for some cuts in rates. that's the message jay powell said in coppngress. we will not go back to where we were, but we are not goining to stay where we are. >> we would not call yesterday's testimony a pivot, would we? >> no, no. jay powell has been saying the same thing for a long time which is look to the horizon. rates will be lower at some time in the future. look to the next fed meeting. probably not. this is a consistent message. it is a good message for equity markets and it is a good message for companies and a good message for home buyers and people who are considering big ticket consumer durable purchases. rates may not be where you want them today, but they will be there tomorrow. if you want to buy that car, you

can buy it or refinance it in a year or buy that house and refinance it in a year. more importantly, if you are a company, you want to build that new factory, start the project now knowing you can refinance it a year from now at a lower rate and that's an incentive to move now. that's an incentive to keep the economy going. for corporate profits, interest costs of companies are lower a year from now than today. that has to leave more money on the bottom line. >> carl, it doesn't matter for the real economy when the cuts come, but the volume of those cuts this year. how many are you seeing now at this stage? we had ross saying there could be one happening this year. the fed is still pricing in three overall. >> i think you should stick with what the fed is overall rather than forecasting one individual

speaker. it is a consensus among the committee. the consensus is there are rate cuts, plural, coming. whether there are two on three doesn't matter for the economy. for the market and people who trade on a day-to-day basis, this timing is essential. for the economy, overall, which is the fed's responsibility, they are in no rush to cut rates. when they cut, they want to go gradually until the right interest rate keeps the economy going and not over heating and causes prices to rise again. >> carl, i appreciate the time. thank you for joining us here on cnbc. carl weinberg unpacking that jobs be report. we are looking forward to the non-farm payroll later today. we will unpack that across the channel as they drop. coming up on the show, we are speaking to the head of

commodities as gold surges to a record high. we'll unpack that after the break. 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.

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welcome back. he hellofresh shares have a fallen after the food delivery company scrapped the midterm outlook citing tough conditions. the company announced 2024 guidance below expectations with the ebitda between 350 million euro and 450 million euro miss. hellofresh will publish the annual report on march 15th. ubs shares are moving higher after morgan stanley upgraded the rating from overweight to equal weight. vivendi posted a 7.5% rise on core quarterly earnings with

the tv businesses as well as the integration with the french media company which said it continued to work on its proposed split plan, but gave no update. that stock hasn't reacted to well to the news. down nearly 2% this morning. charlotte is joining us for more on this story. 40% to 45% discount is what the ceo thought would be an overall discount? that was before the announcement of the split. i don't know if it dropped off or went higher? >> analysts agree with the 40% discount that it is suffering from. that splitting the business surprised the market back in december when they announced it. it was a u-turn from the top shareholder who for a long time was trying to convince the market it was not a desperate amount of assets that were put

together. he said this is a media empire. nowu-turn. the idea of the businesses will be separately listed. the first is the canal with half of the revenue earnings up 3%. they pushed to internationalize that part of the business. they bought in asia and europe and recently in africa. they are in talks with south africa's biggest pay tv group. they are trying to expand there because they have this conglomerate discount and they cannot do as much as they would like. that is an argument they like to push there. there is no update on the split of the business yesterday during the earnings which was disappointing to the investors. they said it will take 12-to-18months to complete the split. they are looking at transaction costs and tax implications.

they are working to the success they had with universal music group that spun off in 2021. that was a valuable asset. they are looking to do that with the rest of the business. >> this could happen outside of france? i want to focus, if i can, on the biggest part of the business. i do have a little bit of a bias with this because it is in talks and the remaining shares the re 6%. is a deal like that -- here is the other part of the question. do you know which is the biggest streaming services in africa? >> multichoice? >> it is not netflix. netflix has actually lost share in africa and show max which is part in partnership with canal

plus and comcast, of course, parent company for cnbc. actually it has -- how big of an expansion plan is this to be as they reach out and get this discount back? >> they are aware of the opportunity. that's why they keep pushing for that. that was part of the strategy that pushed the european focus. they he bobought a lot of other outside of europe. that is the strategy. there was a note from deutsche bank this morning saying that strategy is working. these numbers were better than expected. at the time they did the spinoff of the music group, they are selling the family silver. what is left of the company? this is the best asset. the rest of the business has done well. particularly canal plus. potentially doing the splitting of business will give them extra opportunities to expand. >> we will see how the deal

comes along. it is interesting to see that part about 50% of the business with canal plus. how much more can they get out of the business? charlotte, thank you for the time. i appreciate it this morning. british packaging firm mondi reached agreement in principle to buy ds smith for 1.4 billion pounds pounds. it will creadate mondi owning 5 of the group. and the bottom line beat for informa which raised the guidance at 54.6 million pounds. that stock price is 1.5% higher this morning. a 20% gain over the last year. on to the commodities. precious metals on a roll.

gold prices not seen since 1979. you see silver prices hitting a nine-week high and palladium rising this week as well in anticipation of the fed rate cuts. gold is surging in china. it topped $2,100 an ounce and up 3% this week alone on track for the third straight increase. we have our head of markets joining us now. mark, thank you for joining us now. isn't gold a risk-off trade that is now gaining in this risk-on environment? >> good morning. thanks for having me. that's a fair question. if you look at gold's correlation, what you see is despite the narrative of the defensive asset, it ossilates

between the two. you need to get back to the cause of the moves and why is gold reacting in one way or the other. i think the thing that is setting up gold very well as we spoke about earlier on the show is expectation of rate cuts. that is positive. that is bringing down real interest rates which reduces the opportunity costs of holding gold as a zero interest rate asset. i would stress in terms of the moves we he had in the last week or so, it is notable how much dp gold has out performed. if you look at it versus the dollar, the move is striking. >> it has gone higher in the face of higher interest rates and the dollar that was soaring. now with a slightly weaker dollar and perhaps falling real

rates, especially, that could be another sling shot for the price to go higher. does $2,200 look like the end of the rally? >> i think in the short-term, the key thing is what do we get from the non-farm payroll report in the united states and if that gives you a catalyst to the top shoot to the upside? in that case, we are looking at $2,300. you will do better than $2,200. length has come into the market. etf buying has not been there. if you look at systematic models, they are not stretched by that. if you don't have a catalyst for buying and the fees come in strong, you will see a pull back in consolidation here back to 2,100 or below. it is binary with the data on the nfp and the cpi report.

on the underlining basis, to your point, we had gold prove resilient on the back of three things. one, central bank buying. two, strong buying from china. three, investors have not had a strong appetite for gold, but what we have seen from real rates and the dollar, they have not sold out as much as you expected with the strong relationships. when we do get to the point of rate cuts are imminent and being priced under way, dpolgold has chance of shooting higher this year. >> i have one question, but i'll try to squeeze two in at the same time, marcus. is gold fighting for investors' attention? i see the likes in bitcoin as well. many similarities there with regards to that one. what is what's happening with

the resistance levels with silver? is that set to move lower at this stage? >> on the bitcoin point, you naturally get a narrative around the substitution with the two because they are both potentially seen as stores of wealth. if you step back, i don't think you could argue, for example, that bitcoin is cannibalizing gold's place as an investment opportunity. really, that you look at the relationship with the two. they are different. from the institutional investor, they have a different role in the portfolio and add that volatility profile. bitcoin is a lot calmer now, but trading at four times the volatility of gold. that will have a different impact. i wouldn't treat them as substitutes. there is a difference that needs

to be broken down. from silver's perspective, you want to get comfortably clear from the 2024 level that you have upside level to run. you are just north of it and the correction back down is clearly a vulnerability. i think to the same points on gold, the macro drivers are the determining factor. the last thing on silver, as a precious metal, if you see global growth pick up this year which is the base case, i would expect we will cecisee it as a performer in the third and fourth quarter this year >> marcus, the story is a fascinating one. we'll continue to unpack it as well as things continue to move. marcus garvey, head of strategies at macquarie. novo nordisk expects to

approve the drug wegovy for sale this year and plans to sell with capped volumes in the country. the danish pharmaceutical giant surpassed market cap on thursday following positive trial data. our u.s. colleagues will speak to the ceo at 5:00 cet. coming up on the show, the ecb laying the ground work for the potential rate cut in june as christine lagarde sees taming inflation. we will bring you the comments next.

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welcome to "street signs." i'm arabile gumede and these are your headlines. european equities pulling back from the record high as investors await key economic data and ecb members wait for signals from christine lagarde that the mid-year rate cut is firmly in the cards. >> there was broad agreement about the fact we will get a lot more data and information in

june. that's a certainty. investors saying good-bye to hellofresh as it plunges 40% after scrapping midterm guidance sending shares to a five-year low. and vivendi fails to update on the potential spinoff plans saying it is keeping its options open. u.s. president joe biden lashes out at his rival donald trump in the fiery state of the union address and calling on congress to stand up to russia. >> my message to president putin, who i've known for a long time, is sysimple. we will not walk away. we will not bow down. now ecb policymaker and

french central bank governor says there is strong consensus at the ecb that interest rates will be lowered this spring. de galhau added that spring is likely which could come at the june meeting. the ecb lowered the forecast and left interest rates unchanged as it significaalled that june is earliest it would cut rates. speaking after the decision, ecb president christine lagarde said good progress had been made to the inflation target, but said more evidence was needed. hinting at a potential cut in june, lagarde went on to say the central bank would have more datain the next three months. >> there was general broad agreement about the fact that we will get a lot more data and a lot more information in june. that's a certainty. i think there was also a very

broad agreement around the fact that we will not change our views on one single data. what we are seeing in the data at the moment are indicating certain movements, directionally good, but it is not strong enough and durable enough for the moment to give us sufficient confidence. >> it was that speech yesterday that moved markets considerably. a lot of investors still digesting that part of the speech with the outlook lowered for 2024 which is some respite to the inflation general general agenda the last year or so. a mixed picture across the board for the european markets. still some earnings news that we are looking at here, but german industrial output rising 1% in

january. we have seen mixed data from germany so far. quickly with a look at the european yields. bond yields cooling as they considered the comments from had madame lagarde. you can see it there at 2.264 on the ten-year bund yield. and traders are on edge with the non-farm payroll out of the united states. the speech from christine lagarde yesterday saw the euro moving to 109.30. the japanese yen there as it now goes to 147 for a u.s. dollar. let's unpack this with the head of gt fx research. thank you so much for the time. how significant was yesterday's speech to where the euro could

now go over the next three months as we are looking for that information? >> the outcome of the meeting confirmed the ecb's on the path of becoming one of the most dovish central banks in or ur view. we expect the bank to cut in june and out of the major central banks like the fed and bank of england. going back to the euro, that is bad news for the currency. that will add to the currency rate disadvantage. that means the euro will be a more attractive funding krurn as i currency. you mentioned the japan yen, but at a time where investors are trying to reassess the appeal of the shorts in yen to carry trades, it is growing the advantage of the euro which is bad news for the currency that

will be attractive currency from here. it is bearish. it is not sustainable. we think in particular the meetings in april and june will be closely scrutinized over the timing of the easing cycle and the magnitude of the rate cuts to come. >> you are saying more dovish than the fed? i say that because the fed has maintained its stance for a long time, but the dovish stance to what the fed chair said. rate cuts are possible, but we are not ready to push that forward yet. some could see dovish tones in that. that is a similar message to christine lagarde? >> indeed when it comes to the timing of the start of the easing cycling. both could start around the same time in the summer. not much of a difference there. the point is how many rate cuts

would the ecb and the fed deliver. in our view, the ecb would deliver three to four cuts and the fed two to three. as a result, the persistence of inflation pressure from here. in the case of eurozone, the growth outlook is in most of last year and it is worth highlighting with inflation and 80% is driven by global commodities prices. prices are tight everywhere. the pressure is lower than in the u.s. that means the inflation is also less sticky in the eurozone than the u.s. >> madame lagarde saying they can't change their views on one data point. is the one data point that is soso significant as well to see where

inflation would go. how much importance do we put to that wage data? is it part of the sum? >> ultimately, it should be. it is a complex decision. a lot of moving parts. i think i mentioned growth for a reason because if it were not for the wage data, it would have cut. the way i interpret the narrative coming out is the one final piece of the puzzle to fall into place. we are highlighting something which is another difference with the ecb and fed which could argue for more aggressive cuts from here. something that clients that i meet done focus on. the fact that the fed is also planning to taper qt which is contributing to the easing financial conditions in the u.s. from here means they don't have to cut as aggressively. the ecb is taking a different path. they were late to start qt. they were late to drain excess liquidity. they will exaccelerate that

process, actually tighten financial conditions, that may mean that you have to cut more aggressively to maintain favorable financial conditions as the inflation slows down and growth remains weak. on the whole, fairly confident that the ecb will out-dove the fed and boe. we have a bearish joutlook on te euro/dollar. the boj is expected to normalize policy. euro/yen could be volatile. >> i wanted to focus on that. we have the divergence you spoken about with europe and u.s. when you go to japan, the expectation there on getting out of the loose monetary policy stimulus there means how much do you see it here? you see it strengthen. we have seen it at better levels than this ultimately. does it get a sling shot if you

were to see a hike in the rates? >> it is partly in the press. i agree with you. it is high yielding currency with 10% to 20 basis point hike. the fed is gradual in what they are doing in what they start easing policy. the domestic markets will respond and how much of the upside in the jgp with the normal policy and how attractive those assets will become for the japanese investors who have been investing most of the excess savings in the u.s. and eurozone. jgp yields have certain room to grow from here. that will encourage unwinding of the yen rates. that could produce the strength

of the yen. the yen will remain at the rate disadvantage. we are in an oversold position that the yen is likely to benefit. >> just as we are speaking about this, flashes have come up with regards to japan as well. very interestingly and sources are speaking to reuters saying the bank of japan is leaning to exiting the negative rates in march. does it help to have it happen now as opposed to -- sorry. 30 seconds. does it have to happen now as opposed to later in the year? >> to be honest, our view is they he have to wait for the latest inflation projections. data will be available in april so they can update that meeting. this is when i expect them to hike rates. they have been known to surprise the markets on many occasions. i guess it is not going to be a more beneficial outcome. it fuels market uncertainty.

given how important the yen has become with risk correlated tra trades could undermine risk sentiment and trigger a correction or undermine financial stability globally. i hope they go in april which would support the yen. a march hike could be a surprise. >> you see the yen moving. 147.07. it is getting stronger on the back of the news. >> we expect it to go further. as a target for the year, we have 140 or 138. we think that given the bearish euro/dollar view, we have a pronounced view. >> thank you for the conversation. it is interesting. just to add to that, wages have been significant to the overall picture. bank of japan policymakers watching the outcome of the annual wage negotiations with unions on march 13th.

sources speaking to reuters saying they could exit the negative rate picture in march. that would be on the back of the wage negotiations talks. interesting conversation. we'll continue to have that across the month. thank you for being here. we are just showing you that picture for the yen. very president biden has delivered a partisan state of the union address. the last before the presidential election in november. he took aim at his rival former president trump and tout his success on the domestic economy and immigration. biden reiterated his support for ukraine and usuaissued this statement to russia. >> we have to stand up to putin. send me a security bill.

history is literally watching. the united states walks away, it will put ukraine at risk. europe is at risk. the free world will be at risk and embolden others to do us harm. my message to president putin is simple. we will not walk away. we will not bow down. to sweden now which has become the 32nd member state of nato after completing the a accession process. the final document was handed to the nato congress thursday. sweden would stand with the values of the alliance.

>> today is as secretary blinken said, a victory for sweden. sweden has made democratic sovereign and united choice to join nato. there is an overwhelming support in our parliament and among our people. that is a strength both of sweden and the alliance. as a strong democracy, sweden will stand for the values in the washington treaty signed a few blocks from here 75 years ago. freedom, democracy, individual liberty and the rule of law. portugal heads to the polls on sunday in what is said to be a hotly contested snap general election. neither of the two leading forces, socialists or the democratic alliance will win a working parliamentary majority. fr ursula von der leyen's

nomination as the lead candidate comes ahead of the parliamentary elections happening in june with the epp is expected to remain the biggest party. silvia has a little bit more on this one. a good place to head up the european commission? >> it does look like she is well positioned to continue as president of the european commission. let's see what happens at the parliamentary elections in june. what we are seeing is gearing up for the big vote across the european union. we are gearing to see more and more of the parties putting food the lead candidates. now latest one is the confirmation that she is the main candidate for the conservative party. it is a good time to look at her legacy. the coronavirus pandemic and the russian invasion of ukraine dominated the first five years

as president of the european commission. going forward, what can we expect from von der leyen and the eu? the speech stated she will focus on defense policy as they are dealing with the aftermath of the russian invasion of ukraine. there is the question mark of the european union that is less focused on climate policy. she addressed the concerns we have seen in the last couple months from farmers. this is also a narrative that is played by the far right and what we're seeing is the conservative party actually trying to use some of the forecast us and essentially getting some of the voters on the far right parties focused on themselves on the conservative party. with that also in mind, it will also see a european union more focused on competitiveness and

the need to build more and produce more within the block. of course, let's see what the vote will look like in a couple of months time. it feels like we're gearing up for that big vote. >> so many permutations still at play. we could have touched on p por portugal. i wanted to focus on the far right. it seems like a similar case across the world. silvia, thank you for the time right now coming up on that story. we will follow on the elections of the eu commission and portugal as well throughout the year. coming up on the show, it's international women's day. to mark the day, cnbc has been speaking to a series of trail blazing women. switch to shopify and sell smarter at every stage of your business. take full control of your brand with your own custom store. scale faster with tools that let you manage every sale from every channel.

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asked barrister and asked how we can speed up equality. >> it is worse if you look at women's economic equality. that report shows we are making progress with health and education. the trouble is when it comes to putting that education to use in the economy and in politics, where the power is, it is 160 years for political and 169 years for economic participation. all of the surveys tell us if women had equal chances to participate in the world economy as business owners or employees, there are trillions of additional gdp that could be given. particularly in the poorest countries of the world. their economies could expand and grow. why aren't we taking this as a world crisis? it is a crisis if we are not

allowing every person to fulfill their talents and to be able to live their dreams. >> tanya sat down with her spice girl mel b. who updated her 2018 book "brutally honest" and releasing it to coincide with the international women's day. >> the purpose of book is me discovering and talking about my ten-year abusive marriage. i brought the book out in 2018, but a lot happened between 2018 to 2024. i just thought, you know, it is about time i updated the book and i wanted to bring it out on a positive week. women's international day. i could not have peicked a bettr time. it is an epidemic. unless we start talking about it and doing something about it, then it will not change any time soon. on to corporate news.

new york community bank shares are continuing the rebound pre-market after moody's announced it is placing the regional lender on review for upgrade from review for a downgrade. the rating comes a day after the lender received a $1 billion lifeline from the consortium of investors and named joseph ottingi as its ceo. it is up 2.5% in pre-market trade. it has been a spectacular move we have seen from nvidia of late. managing yesterday to gain 4.5% in the normal duration of the market picture. leading a lot of the uptick across the nasdaq and tech heavy nasdaq. gaining 1.5% yesterday. nvidia gaining 3% in the pre-market trading picture. if we continue just on the semiconductor story, broad dcom expects $10 billion of revenue

on chips this year, but issued a forecast to investors sending shares lower in pre-market. 7% weaker so far. the tech giant said 70% of chip sales come from two clients. google and meta. we are headed to the non-farm payroll numbers. lseg suggesting 200,000 is the number to look out for here. the market believes it could be higher. what will happen to the market picture and how long strength is there left in the u.s. economy? we head toward that in just a moment. thank you for watching "street signs." i'm arabile gumede. we're back in a few weeks time. join us then. "worldwide exchange" is up next. it's hard to run a business on your own. make it easier on yourself. with shopify, you have everything you need to sell online and in person. you

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it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." i'm frank holland. we begin with investors looking to close out a wild week with the s&p at the all-time high. the stocks are set to do something for the first time since the 1960s. jay powell not mincingi wors in the second day of testimony. showing a clear vision. president biden in the state of the union laying out his case for the second term and the economic