it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." we begin with the fed kicking off the policy meeting today in the face of the stubborn inflation. we layout the playbook. bigger and better. nvidia unveils the computer chips to power the next generation of a.i. and large language computing, but investors are not impressed this morning. in washington, a reported h handshake deal to keep the government funded through the

fall. the central bank shift as the bank of japan ends the negative interest rates. later, with the national association of realtors settlement means for realtor s and brokers. it's tuesday, march 19th, 2024. you're watching "worldwide exchange" right here on cnbc. ♪ good morning and welcome to "worldwide exchange." thank you so much for being with us. let's get you ready for the trading day ahead. we kickoff the hour with the stock futures check with the positive session for stocks yesterday and hthe fed kicking off the two-day policy meeting. the s&p is flat. dow is just down a bit. we are checking the yields. the benchmark coming in at

4.32%. we will watch the moves this morning. we want to look at energy market. look at the oil which is coming off the highest close since october. it is fractionally higher. wti is trading above $80 a barrel. $83 a barrel. brent crudeat $87 a barrel this morning. that's the set up. let's turn our attention overseas and the story of the boj and the impact with the japan central bank raising the key lending rate for the first time in 17 years. jp ong is in singapore and arabile gumede is in luondon wih the market reaction. jp. >> reporter: good morning, frank. you are right. a terrific tuesday for japanese markets and day to remember with the bank of japan ending the

negative interest rates. a lot of reasons why they did that which they will pay .10% of interest on reserves by financial institutions with the central bank. they decided to scrap the yield curve policy and etfs. a lot of reasons why they are more optimistic. you see signs of rising consumption and rise in salaries after the successful wage talks and signs that inflation will stay within the boj target range. deinflation may be a thing of the past. let's start with the asset dclas that did not react to this. jgp yields will maintain the purchasing for japanese government bonds and the governor ueda says if they see a sharp rise, they will respond.

that language is keeping bond yields from behaving in a naughty fashion, for lack of a better term. take a look at the japanese yen which is weak today despite the fact they lifted out of the negative rate territory. a lot of traders and analysts we spoke to earlier today in asia said they believe it has been largely priced in because markets expected the bank of japan to lift out of the negative rate territory and we see the yen starting to weaken. the thing to watch out for is the excess volatility for the yen which could prompt managers out in japan. the weaker yen is supporting the nikkei 225 and topix which started tuesday in the red and rallied and secured solid gains in today's session. insurance corporations is one of the biggest gainers. they are expected to get the most bang for their buck. banks have been up 22% year to

date. perhaps a bit of profit taking for the banks despite they will benefit from the exit of negative interest rates. the last samurai has lifted japan out of negative rates. last economy in the world to stay in interest rates. that is no more as of today. this will guide markets for japan in the future. frank, back to you. >> jp ong, thank you. we are going to turn attention to europe and arabile gumede with more on the trade over there. arabile, over to you. >> reporter: good morning, frank. nothing naughty here. a bit of a mixed trading picture. we did take on the news from the bank of japan as you noted there with hike in interest rates for the first time in 17 years. it hasn't really done much to the market picture overall. we are headed to the bank of

england interest rate decision which is anticipated on thursday. the real news is perhaps bubbling under the entities in the stocks you are seeing. oil and gas sector moved 0.5% higher yesterday. when you look at the sectors an gain, you will see oil and gas at the top end of the stoxx 600 across europe. that's because you saw the oil price move to $86 a barrel for brent crude oil and 82 for wti before coming down just ever so slightly. the oil companies are taking in a bit of positivity on the back of the news. utilities are .23% weaker. you still are looking at uni lever acceptseparating from the cream business. autos are managing to gain .25%. the central bank bonanza. the fed is today and tomorrow,

but the bank of england in europe is later this week. frank. >> arabile gumede live in london, thank you. time for the check of the corporate stories with silvana henao. silvana, good morning. >> frank, good morning. we are watching shares of nvidia which were lower yesterday and slightly lower this morning. just fractionally. this is after ceo jensen huang unveiled his company's latest chip which claims to be more powerful than anything else on the market. >> hopper is fantastic. we need bigger gpus. so, ladies and gentlemen, i would like to introduce you to a very, very big gpu. this is hopper.

hopper changed the world. this is blackwell. >> nvidia says the blackwell processing unit will massively increase the computing power driving a.i. and large language models. shares are down today, but they are up more than 11% since march 1st leading up to the keynote. we'll hear more from jensen huang in the cnbc exclusive interview coming up at 10:00 a.m. in washington, u.s. lawmakers and white house have reached a handshake deal to keep the government fully funded through september 30th and now must race to make it official before this friday's shutdown deadline. according to the report, the deal came late last night after negotiators were able to resolve funding for the department of home homeland security.

one of the national security officials is set to hold a closed door briefing today with top senate commerce and intel committee members about the threats posed by tiktok. this comes as the senate weighs how to proceed with the house passed bill to force a sale of tiktok by parent bytedance. on "last call," last night, joe manchin said there is no question as to what must be done. >> we cannot go and gather information in china. if we can't reciprocate in a country, that tells you something is wrong. everyone knows they are information. they should not be allowed to accumulate that type of information from america. >> manchin adding he would vote for the bill if it comes to the floor, frank. >> the if and how that bill comes to the floor.

silvana, thank you very much. see you later on. we have more to come on "worldwide exchange," including the one word that investors have to know today. first, the big money movers and if tesla moves the stock pop to two days. t . nvidia mentioned two companies during the keynote with a positive impact this morning. a quick check on jensen huang's hot stocks is coming up when "worldwide exchange" returns. stay with us.

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welcome back to "worldwide exchange." time for the big money movers. apple and alphabet. both stocks rallying on the gemini a.i. tool for the iphone. it will look to catch up with microsoft. apple shares up fractionally. alphabet shares down. tesla is higher again following the 6% rise yesterday after the ev maker announced price hikes for model y vehicles by $1,000. the price cuts hurt profit march gains. take a look at shares this morning up .75% in the pre-market. we are looking at bitcoin this morning fall below $65,000

after surpassing $73,000 last week. investors pulling money from funds tied to the currency including grayscale which saw the biggest outflow yesterday. take a look at bitcoin. it trades around the clock. the grayscale bitcoin etf is down 5.5%. turning attention back to the broader markets as the fed kicks off the two-day policy meeting today. investors are looking for clues if jay powell and company are looking to carry out three cuts this year. and goldman sachs is scaling back the forecast from four to three due to the higher than expected inflation reads over the last two months. for more, let's bring in janet moi at rbc. >> good morning. thank you for having me. >> the meeting kicks off today.

decision tomorrow. nothing is expected. everybody is expected to have the fed to stay pat. we will look at the dot plots to show the outlook and the jay powell comments. are you expecting anything different from jay powell or the dot plots? >> i still think there would be dot plots showing three cuts this year. it could come as a shock if they reduce it further. i think they may sound a little more concerned about inflation given the recent, you know, hotter than expected consumer price index report, but it can emphasize that things are heading in the right direction. inflation is slowing and the pce is doing all right. i think things are concerning, but i don't think they will change the overall guidance

because things are head in the right direction and signs the economy is slowing a bit. >> you are saying there are signs that would lead the fed to cut at least to some degree. there has been talk with economists saying there is a chance of no cuts. richard bernstein on cnbc yesterday saying the same thing. i want to talk about the a.i. trade. the magnificent seven trade. nvidia had the big event yesterday. shares are down right now. one thing that came out of it is the hyper scalers. alp alphabet, amazon and microsoft are signed up to get the new gpus. what does that say? does this create another leg of it? are you worried about the concentration in the names? does this change anything? >> i think in terms of the clear winner in a.i., there are some

that see the stock prices rally a lot. in this space, it is a multiyear theme which may be hard to decide who is the ultimate winner. what we like is a broad exposure to the stocks that are exposed to semiconductors in terms of the design and production and stocks that can benefit from the utilization of a.i. we would like broad exposure. normally, it is hard to determine who is the ultimate wn is japan. you are bullish after the rates. big run-up to the nikkei 225. do you think there is more room to run? >> there is potential. what we see from the boj is acknowledgment that it is

escaping the deflation which normalization is good for the economy. you know, negative interest rates and inflation acts as a de de de de deterent for companies. i think the secular tailwinds is an cons a consideration. >> janet mui, thank you. for more on what is driving the markets, head to cnbc pro at cnbc.com/ cnbc.com/pro. coming up on "worldwide exchange," with the national ll s sell settlement means if you are looking to buy or sell your

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yesterday. he was explaining how the company has rights over the hess assets in guyana. that is the key part of the $53 billion offer for hess. this fight now putting that deal at risk. wood adding if they wanted to buy hess, it would not have waited for chevron's deal. we will hear from chevron ceo mike wirth tonight at 7:00 p.m. we have housing data out today. the data is following what could be a seismic shift for the sector after the national association for realtors changed the commissions for agents. if this is approved, it could lower the cost for buyers and change how agents are paid. real estate broker stocks are mixed this morning after selling off on friday. let's discuss this with erin

sikes. good morning. good to see you. >> you, too, frank. thank you. >> let's get into it. i know it is contentious. if the settlement is approved, the new rules are expected to take effect in july or later this summer. what do you expect this to mean for the 5% or 6% commission that sellers normally have to pay? >> from the agent perspective, it peoples like we're gas lit a little bit. we heard in the case that we're not negotiating our commissions, which is inaccurate. we have always negotiated commissions. that's where the contention lies. now, there is also contention on the buyer side because if you look at that group, they have been hit with ne, two, three combo punches the last few years. high prices and high rates and low inventory. now they are facing the potential onus of carrying a commission. >> erin, can i jump in one

second. a lot of our audience has bought or solda house. i could not found a realtor to take my listing unless the commission was 5%. i know on paper, you can necesgotiate negotiate, but in practice, it is not the case. >> it is about getting the deal over the finish line. the commissions have negotiable. it is on the individual member of nar and the agent to take on the negotiation. i think new home buyers in particular might not have been educated on that. we need to do a better job as agents on educating. we also need to show our value, right? this is a business. >> fair enough. >> we are providing a service. >> it is a business. i want to get to the business for consumers. there were a lot of questions

how this could impact first-time home buyers especially. people on the lower end of the buying spectrum. how does this impact the first-time home buyer and large brokerages? i see compass is down and redfin down fractional ly right now. how does this impact the business? >> this is dealing with the brokerages under the $2 billion mark. this is for the smaller guys and also for nar, national association of realtors, which is our trade organization. it is not a legislative arm. that is said to answer the other part of the question about buyers. this would potentially put the onus of carrying a 2% to 3% commission on the part of pewpewer buyers. all of the headwinds they have faced and you cannot take a loan out to pay for that commission.

it has to be out of cash. >> out of pocket for a first-time buyer. i understand. >> correct. >> i want to ask about sellers. what do you see as the potential impact of sellers? one thing in the lawsuit is steering. an agent will tell you unless you offer the commission to the buyer's agent, they will steer customers over to other listings. what happens to sellers assuming the settlement goes through? >> i don't think that much is changing. that is my big take here. i think the seller will continue to pay commissions because the cooperative commission is still completely legitimate. that means the seller can pay a brokerage and then that broker can decide to split off some type of negotiating portion to the buyer's agent.

both sides have an advocate. if you go directly to the seller, you need to be your own advocate. their listing agent the will not negotiate on your behalf as a buyer. >> we have to leave the conversation there. i know this is a big issue for real s realtors. thank you. coming up on "worldwide exchange," the good times are just getting started thanks to high profile name problems by jensen huang. and as cnbc celebrating women's heritage month, we celebrate the change makers. the annual list of 50 women transforming business. here is american cancer society ceo dr. karen knudsen. >> as we set about to improve

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it is 5:30 in the new york city area. this is more ahead on the "worldwide exchange." the s&p and nasdaq snapping the three-day losing streak. futures are suggesting the gains may be short lived. the fed policy meeting. we layout the playbook for the portfolio as expectations for rate cuts continue to shrink. nvidia pulling back the curtain on the a.i. chips, but it is enough to accelerate the red-hot run? it is tuesday, march 19th, 2024. you are watching "worldwide exc exchange" here on cnbc. welcome back to "worldwide exchange." i'm frank holland. let's get you ready for the

trading day ahead. we check on the s&p and nasdaq which are snapping the three-day slide. we are looking at futures in the red. looking like they are hitting the lows of the mortgning. the dow would open 35 points lower. nasdaq also going from positive into negative territory. that's the money set up. let's turn to the big event today. the federal reserve kicking off the two-day monetary policy meeting with the decision tomorrow. ahead of the market-moving event, nearly 1100% of traders expect the central bank to keep the rates unchanged. that is a far cry from 70% expecting a .25% cut at the start of the year. wall street is expecting the first quarter point rate cut following the june meeting and two more before the end of the

year. what if powell throws a curve ball? that is why we're here today for a powell portfolio protection strategy session. joining me now is megan chu and vance howard. good morning to both of you. megan, i'll kick things off with you. let's start off with the most likely outcome. we will hear from jay powell later today. he is just as dovish as he was when he went to capitol hill. it looks like we're on track for the three cuts. how do you advise your clients? >> this is the position that we are positioned for here. we expect 100 to 125 basis points of rate cuts this year. we think that is a situation where we expect the market to continue to rally and for the leadership to broaden.

more t importantly, we expect the b barbell situation. we will continue rates to go lower. the back up in rates would reverse. we see small caps and other sicyclicals in the market. from the secular perspective, that is the issue with the banks and continued healthy growth of the economy. the loan books would do well. >> thank you for staying for you used. we were hearing vance check his mic while you were talking. vance, before were expecting six cuts. now we're down to three. how important is it that we get these three cuts and if we do get themas expected, how do you

advise your clients? >> powell said he was dial back. i'm bullish going into this even if we don't get any cuts at all this year. inflation is popping at a moderate pace. that is the direction we want to see it go in here. >> let's play devil's advocate. what happens if we hear a hawkish jay powell tomorrow and it looks like we won't get any cuts this year? when had the chief economists on yesterday. what happens if we don't get the cuts? where do you advise clients to move their money? >> the magnificent seven has done well although it pared down to six.

there is a lot of opportunity out there. a lot of companies are making money. it goes back to the old statement. money has been lost. let's stay within the trend and trade the trend. >> vance, you are not worried about the recession? that doesn't change your perspective? >> it gives me pause. i'll not lose sleep over it. we have to trade the market we have, not the one we wish we had. the trend will go up. i'm not losing sleep. >> megan, vance is getting a good night's sleep. how do you advise clients if we don't get cuts this year? does that change your perspective on the market and the economy? >> i apologize. i'm having a challenge with the audio. the context does matter.

if we know he rate cuts from the fed, it is possible that is because we are getting much better growth from the economy and a very resilient labor market as well as maybe some stickier than we like inflation. in that situation, equities could do well. that is not our expectation. we expect inflation to continue to move lower or stay where it is, the fed is too restrictive and does risk a policy mistake and possible recession. maybe not mid-year or maybe not in 2024, but possibly in 2025. in that situation, you want to be careful of both long duration assets like fixed income and tech and small cap. we have an overweight to small cap, but we have a healthy balance sheet and consistent profit profitability. those within small cap would likely get hurt if thefed is

not cutting at all. >> meghan, we had people come on the show and talk about small caps. tom lee thinking it could rally 50% this year. i know are you bullish on small caps. >> i think small caps does better if we get 50 to 100 or more basis points of rate cuts this year. i'm a little bit worried of small cap if the fed moves to a hawkish stance and cutting once or not at all. again, you have a lot of companies in the small cap index not profitable. if we are getting slower growth as we expect, that profitability is more expensive and you have maturities coming due on the debt market in small cap in 2025 and beyond. the bull case does depend on rates moving lower at some

point. >> vance, quickly, your view on small caps. do we need three cuts or a cut? does it matter for small caps? i know you said it doesn't matter for the broader market. >> i like small caps also. frank, i've been on the show and talking about the market broadening out. let's rephrase that. the market is inching out. the market is spilling over into the small caps. i'm bullish going into the next three yequarters. >> vance howard and meghan shue, thank you very much. >> thank you. turning attention to the mega cap tech trade, jensen huang revealing nvidia's new a.i. chip at the annual gtc event yesterday. >> hopper is fantastic, but we need bigger gpus.

so, ladies and gentlemen, i would like to introduce you to a very, very he big gpu. this is hopper. hopper changed the world. this is blackwell. >> huang says the blackwell offers a significant increase of performance and lower energy consumption than hopper gpu. nvidia says the cloud partners will include aws, google and microsoft azure and oracle and ibm. the stock is up 75% this year and that is a bit in the red right now down a .25%. let's talk about this with chris who runs an a.i. and innovation index. chris, good morning. great to have you with us.

>> good morning. great to be here after the woodstock of chipmaking. >> you are calling it the woodstock of chipmaking. okay. nvidia with the blackwell chip and the software. jensen huang says it is a platform. it is not just a chip. he is trying to make that clear. huge performance upgrade. i have to google what a petaflop. hopper, i know you didn't have to google it, but we did. what does this mean with the petaflops and why is nvidia's stock down? >> one of the main things that we have been thinking at wisdom tree is you are seeing all the biggest companies in the world spending on the order of tens of billions in capital improvements and further developments to build the massive computational

infrastructure. when they spend that, it goes toward nvidia. we see the stock with the incredible returns in the past year. the critical question and what i was interested in during the keynote was you get the perception of what the metaverse could be used for and how it is used across multiple industries and you use the computational power. last year, it was about figuring out a way to pass the gmat and lsat exams. to see it working in industries and proving factories and connecting over to robotics and health care, this is where, i think we thneed to go to have t companies spend tens of billions. >> if this is what it is needed to make the metaverse make

sense, minds will be blown. jensen huang talked about the big three. microsoft, alphabet and amazon will offer blackwell through cloud services. those are part of thing magnificent seven. does this cement the idea you want to be in the magnificent seven names for the a.i. trade in does it create a new leg of the a.i. trade? we are showing the other companies. i ibm and oracle as well. >> it is notable these companies offer a menu to their clients to allow them to use -- some of the companies like amazon and what have you offer access to quantum computing. i was more interested to hear the announcement of cadence and the next level down where you see the partnerships that nvidia is making with companies that are maybe not the most well

known companies in the world with the biggest client bases to see further benefits across the a.i. trade. >> chris gannatti, thank you so much for your insight. it was the woodstock of tech ev events. >> yes. 18,000 penople. >> i like you kicking it off. thank you very much. good to see you. >> thank you. >> jensen huang's keynote failing to move the needle for nvidia's stock. several partners got a boost. dell rose 3%. synopsys and cadence gaining 2%. applied digital also getting of a lift after huang said it would be among the first to use the new gpu in the data centers. huge programming note here. don't miss jim cramer's in interview with jensen huang at

10:00 a.m. today on "squawk on the street." coming up on "worldwide archange," why shares of one phma company nearly doubled this morning. we will tell you why. stay with us. you've been waiting for. the first fda-cleared at-home skin tag remover clinically proven to remove skin tags safely in as little as one treatment.

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well positioned to catch pent-up demand over home depot with the higher diy exposure. another initiation from jefferies on zoom. new products should provide a tailwind. a price target increase from micron from ubs moving it from $120 a share. ubs expects higher lower will translate to micron being able to hold a higher multiple. time for the global briefing. we start with news with the bank of japan ending the only negative rate regime and hiking rates for the first time since 2 2007. it will buy government bonds worth the same amount of $139 billion a month. and evergrande boosted sales

in the years prior to the collapse. it faces a fine of $500 million. the regulator banning the founder and former chairman from the financial markets for life rlife. shares of unilever will spinoff the ice cream unit of ben & jerry's. u unilever looks to deliver sales growth. coming up here on "worldwide exchange," the one word that every investor needs to know today and our next guest says you can cash in on the tech rise while dealing with the nagg valuation concerns. we're right back on "worldwide exchange."

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to make the electric vehicle of the future. with one of north america's largest i.t. clusters. 65,000 stem graduates per year. and all the critical minerals to make electric vehicle batteries. ontario. your innovation partner. welcome back. time for the "wex wrap-up." we start with the lawmakers in the white house and congress with a handshake deal to keep the government funded through september 30th. astrazeneca's buying fusion pharmaceuticals for $2.4 billion in the effort to build the cancer treatment space. shares are down 1%. shares of fusion up 90%. tesla trying to extend the gains from yesterday after the ev maker is raising prices in the model y by $1,000. shares are up .30%.

we are looking at crypto and bitcoin pulling back and taking the eetfs with t. grayscale with the biggest outflow yesterday. bitcoin trades around the clock and down 5%. we have selena gomez who hiring analysts for her beauty company. "sports illustrated" has a new life to keep the printed edition of the magazine on shelves. we want to check futures ahead of the start of the two-day fed policy meeting. look at futures right now. we are seeing them in the red across the board. the dow would open 55 points lower. s&p and nasdaq in negative territory. joining he now is simeon hyman.

>> thanks for having me. >> futures in the red ahead of the policy meeting. the s&p is still 1% away from the high. what do you expect as we go into the first day of the meeting with the press conference tomorrow? >> i think the fed doesn't have that much to do this time around. chairman powell said it is operating independent of fed policy. we have protracted inflation longer and we think is a problem, but the fed cutting a month or a quarter later is not a problem. >> you are in the camp we will get a cut? >> yes, but later than folks expect. that ten-year yield is range bound in the 4 handle. >> how does that impact the market and the magnificent seven mega cap tech trade? nvidia with the event last night. shares are down a bit right now. in your mind, this next chapter

of a.i., how does that influence your opinion on the market? >> the tech story is different than what it was in 1999 and 2000. this is quality tech. it was sock puppets back then. it was and really true. if you look at the s&p tech sector in 1999, it had much higher profitability. higher return on equity. all of the things it is saying of not a bubble. >> the wex word of the day is high quality tech. the elevator pitch for us? >> this is a feature and not a bug. the lag with the magnificent seven running, but this is the way to focus on high quality tech companies not just with q 4, but looking forward. the companies are telling you they are confident.

>> nvidia not in the top ten. you have a lot of chip holding. >> we do. >> simeon, thank you. before we let you go, we have a market flash on meta. the lawyer telling the eu it is cutting the subscription fee for facebook and instagram. shares are down over .50%. that will do it for us. thank you for watching "worldwide exchange." "squawk box" is up next.

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good morning. nvidia's ceo unveiling the next generation of a.i. chips to a packed sports arena in san jose. we have the highlights ahead. progress in congress. you don't hear that every day. lawmakers reaching a handshake agreement last night to fund the government all the way, get this, all the way through september and avert a shutdown this weekend. plus, ice cream split. u

u unilever is parting ways with ben & jerry's. it is tuesday, march 19th, 2024 and "squawk box" begins right now. good morning. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen. andrew is out today. yesterday was an up day for the markets. this morning, you are looking at a few red arrows. these are not too significant in terms of declines. dow is off 53 points. the nasdaq futures are down 45. s&p indicated off 10. yesterday, the s&p and nasdaq ended three-day losing streaks. you will see the ten-year yield which was higher thi