it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." we start with breaking through records. wall street looking to close out the best week in months, but could reinflation fears put a dent in the record rally? one regulator and $113 billion wiped out in a single day. we look closer to apple and the crackdown. and big pop in reddit since pinterest. is the stock a facebook rival or the next red-hot a.i. play or something in between?

could consumers sour on ath ag ag athleisure? it's friday, march 22nd, 2024. you're watching "worldwide exchange" right here on cnbc. good morning and welcome to "worldwide exchange." thank you for being with us. let's get you ready for the trading day ahead. we pick up with the u.s. stock futures with the nasdaq and s&p and dow coming off fresh record closes. the futures looking to open strongly right now. the dow looking like it would open 35 points higher. s&p and nasdaq firmly in the green. the major averages are higher for the week. dow on track for the best week since mid-december. there is one stock moving in the

other direction. that is apple. the u.s. department of justice on the list of global regulators taking issue with the way apple does big. apple coming off a 4% decline yesterday losing $113 billion in market value. you see the decline right here. for the week, apple in the red down more than .50%. under performing the s&p and nasdaq as well. when you look at the year to date, the s&p is up 10%. the nasdaq 100 in this case up 9%. apple deep in the red when you look at the year to date which is down 11%. let's pay attention to the bond market. we are seeing the benchmark at 4.23%. we are seeing an easing in bond yields. that something we will continue to watch. that is the set up right now. we continue the market conversation as investors assess whether stocks can continue hitting fresh record highs. joining me now is will stone and

erin gibbs at main street. good morning to bhooth of you. bill, we have seen record rallies after the jay powell press conference and at sure answ assurance of the three rate cuts. why is this important? is this a read on the markets or the economy? >> i think it is both. when you think about banks, they are particularly sensitive to when the rate cuts are going to come. any time you see movement in the thoughts on rate cuts come, you see a rally for if it is pushed further out. they are economically sensitive. i think both things in terms of when we saw the move from powell

that really the june cut is still on the table and it really puts gasoline on the fire of getting those going again. i think you could see it in the market overall as well. >> a lot of confidence in the june cut. questions of whether or not there are three cuts this year. i was talking to kkr's strategist this week. after the conference, they are looking at two rate cuts this year. you are looking at a reacceleration of inflation with ppi, erin. we will show the chart with the ppi here. why is that meaningful after jay powell say he is not as concerned about inflation? >> i do think they are over-optimistic when we look at the setup of where we are historically. you see a second wave of

inflation with a late cycle the phenomena with tight inflation and tight commodities. when you have those two setups and on top of the fuel on the fire with the fiscal spending and we are looking at the tight commodities. that's why i'm looking at the ppi. we see metals and energy and cocoa. we need to start paying attention to the signs that the economics are really telling us and the fmoc is trying to be optimistic and reassure about the three cuts and as we go down the road and when we come to september, they will have to start changing their tune. >> you know, you are not the only person worried about re reinflation.

blackrock was on yesterday and was focused on that. >> the fed interest rate tool does not impact the heavy levels. healthcare cost and education cost and insurance. there is a dynamic in part why the fed is right to say the last mile is hard. bringing down service inflation is very hard. >> erin, an i apologize for that. you have the same take as rick has? >> if you combine that with the commodity tightness and reinflation on that side and that is due to tight employment. that will be very difficult to overcome. when we are looking for the dot plots and we expect it over the next few years, those are almost

pol pollya pollyanna-ish. >> bill, you said you are confident you will get three cuts this year. what do you think of rick rieder's take? >> that is the biggest thing that chair powell waved it away and said the labor market is more in balance. i think it is fair to say if there is any risk, it is that continues to bleed through the overall inflation rate and won't allow us to get the cuts. i think that is a completely fair thing. what you really, as an investor should watch, be concerned about. >> erin, you are a contrarian. you are worried about a possible recession going forward. you are making defensive plays. you are looking at gold trading at all-time high right now. why are you defensive with the plays and people are bullish on the outlook of things?

>> it is more a contrary play. not necessarily a recession, but these are the plays that do well when we have to do that we adjustment and wake up and say there is a second wave which we have seen multiple times in history when you look at inflation waves. i think there are opportunities in gold and industrial metals and even in tips. when you look at tips, those are are the way to save your hedge. >> bill, do you agree or disagree? >> i may not tilt that far. you have to maybe lean into the less cyclical areas and staples just because the market seems so sure there is not recession. the market is probably right about no recession, but it has been priced in there will be no recession. i think there is more

opportunity to lean away from that. >> bill stone and erin gibbs, thank you very much. have a great day. >> thank you. >> for more on what is driving the markets, head to cnbc pro for exclusive insight. and time for a quick check with the top stories with bertha coombs. >> good morning, frank. we are watching shares of reddit after its blockbuster debut on the new york stock exchange yesterday. closing up 48% after pricing at the very top of the range and opening at $47 a share. reddit and select shareholders raising $750 million in the offering giving the company an the $8 billion valuation. this was the first major social media ipo since pinterest back in 2019. if it is any indication, shares of pinterest are up more than

80% since its debut. elizabeth warren is calling on the s.e.c. to probe tesla over what the senator calls possible misappropriation of resources and conflicts of interest stemming from musk's dual roles at tesla and social media platform x. warren expressed concerns in july, but this time adds new concerns that recent evidence suggests that tesla's board lacks independence from musk and not operating in the best interests of shareholders. and major airline ceos like united, southwest and alaska reportedly plan to speak with boeing chairman larry kelner in meetings that will not include company ceo david calhoun. according to "the wall street

journal," the group plans to express concerns that the alaska airlines max 9 blowout and the company response. the wall street analyst adding the decision to hold meetings without calhoun does not appear to be a good sign for the ceo's longevity at the company. frank, certainlyunusual. >> absolutely. take a look at shares since the blowout down 20%. bertha, thank you very much. see you later on. more to come here on "worldwide exchange," including the one word investors need to know today. first, one of the valuable companies is under siege from regulators. jim cramer will give us his take on shares of apple. the second day of reddit as a public company. will this face another alphabet or another snapchat in the making? nike and lululemon shares

get hit hard in the pre-market. a very busy hour when "worldwide exchange" returns. meets bold new thinking. (laughter) at 88 years old, we still see the world with the wonder of new eyes, helping you discover untapped possibilities and relentlessly working with you to make them real. old school grit. new world ideas. morgan stanley.

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welcome back. two big money movers of the morning. noo nike and lululemon with the shares slowing after the $2$2

billion restructuring plan. s similar picture for lululemon at consumers move to experiences over goods. joining me now is the vice president of the u.s. apparel and specialty retail at ab bernstein. thank you for joining us. >> good morning. >> in all fairness, the two different businesses here. let's start with nike. if you look at the report, it is all about weakness with china. china sales are 5% year over year higher. they did decline over 2022. 8% higher than 2021. the china weakness story. are we making too big of a deal or is it really the big deal that everybody is saying? >> the china issue for nike is a china issue more than nike. china demand is softening.

it was up mid single digits last year. nike was in the context of doing fine. nike is gaining share over global competitors and well as chinese brands. retailers like nike and consume are consumers like neike. nike declined in europe this quarter. the brand is strong and as the environment improves, so will nike sales. >> the numbers are a little bit softer, but that's not really the big issue. the people are pointing to the innovation which is nebulous. they are facing competition from rising competitors like hoka on run running. they are focusing on the direct-to-consumer channel. we say innovation. what does that mean? are they coming out with another nike air or nike gel?

what is everybody looking for here? >> nike has not come out with anything new or different in the last few years. you look at the launches with the women's running shoe. they are on the 40th iteration of the pegasus. they look really similar. when consumers are seeing pegasus 39 and pegasus 40, they all look similar and they lose interest in the brands. some brands are bringing out not necessarily the world's fastest carbon plate, but different silhouettes and colors and consumers want that. >> it is not necessarily innovation, but maybe marketing and styling. people are looking for something different. pegasus say popular running shoe and looking similar year after year. let's switch to lululemon. huge growth in china. the weak guidance is weighing on the stock. they really appear to maintain

pricing power. margin expansion. when you look at lululemon, what is the issue? the issue that the consumers don't like the brand or are they shifting their spend? >> the issue for lululemon is the u.s. the u.s. is the biggest market and they are the biggest women's apparel market shareholder in the u.s. not just sports, but women's apparel. they are nujthuge in the u.s. for them to outgrow the market becomes difficult as they become bigger. china takes a share and smaller and able to grow faster. it is a question of law of large numbers combined with the softening macro. the slowdown was due to catch up with lululemon at some point. >> your rprice target is 430. it is trading at 418. you see upside. thank you very much.

coming up on "worldwide exchange," fedex missing revenue for the eighth quarter in a row. how the shipping giant is wouoig investors coming up. f one partnr could do it all? that partner is ontario, canada. with all the critical minerals to make electric vehicle batteries. 65,000 stem graduates per year. one of north america's largest i.t. clusters. a fully integrated supply chain. all powered by one of the cleanest grids in north america. ontario. your innovation partner. ( ♪♪ )

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for the quarter, revenue fell 6% and came in below estimates. shares up 12%. china's hang seng is dropping in the decline in shares of li auto. it is on par for the worst quarter since 2022. other chinese ev makers moving lower like nio and expeng. and accenture is cutting full-year guidance and clients are facing economic uncertainty and pull back spending. shares are up 35% over the past year, but is now on pace for the worst month since december of 2022. shares of accenture up .50%. turning to the latest around apple. shares are looking to recover this morning after sliding 4% yesterday shedding $113 billion

in market value after the department of justice unveiled the anti-trust case against the tech giant. the doj calling the ecosystem a monopoly saying it drove the valuation at the expense of con consumers. apple plans to fight the suit. on "mad money" last night, jim cramer spoke out and not giving up on apple. >> i know a loser case when i see one. the united states of of america versus apple is a loser. the decision of the justice department will go on apple. it is one more buying opportunity because the regulators ain't got nothing for you. >> for more, let's bring in alex kantrowitz. alex, great to see you. >> good to see you. >> jim cramer thinks this is a nothing burger.

he had other insight. these cases can take years and years to unfold. i want to get your perspective. beyondthe short-term stock perspective, how does this impact the business? >> this is a multiyear headache for apple. these cases wind through the justice system and requiring the company to disclose information which comes to the public. scrutiny on the business will take off the marketing that apple has done so it shows it is on the side of the consumer. there may be a place where apple says we have to settle and that can cause further problems. >> you think there may be a chance they can settle again. you are in the same camp. it will take years and years. i heard people say the doj is throwing the kitchen sink at apple. they are going after everything. merrick garland is referencing the color of text bubbles and

the feeling when you send to your friend. how do you see apple fighting back when the doj is going after the business practice and consumer sentiment and feelings? it is a wide ranging complaint here. >> i was surprised to see merrick garland bring up the weakest part of the case which is the green bubble thing. what has apple done by locking in users on apple messages? it is giving way to the rise of wh wh whatsapp? they heare not the only phone i the game. they had to make up the performance saying apple is 70% of the market. of course, android is a comp competitor. apple will say there is choice in the market.

if developers don't want to work with us, they can work with ain d aindroid. why do consumers keep buying? >> alex, the other big tech story. microsoft revealing the line of surfaces powered with a.i. a report showing 22% of pcs sold are a.i. pcs. what is your take on the announcement from microsoft? big deal or are a.i. pcs the next big thing? >> the marketing is going to be great. i watched the introduction. i want that computer, but then i remembered i have a good functional apple and macbook and i like it. that will be the case with the first wave of a.i. pcs and devices will be more marketing than muscle t. it will make you want it in the customer, but it is about

functionality. i don't think it will make much use difference. >> it will be harder for companies to spend more on the a.i. pcs when they have functional pcs in the office. alex, great to see you. thank you for your time. >> thank you. >> catch a first on cnbc interview with the head of the doj anti-trust division jonathan kanter talking about the apple lawsuit. that is coming up on "squawk box" at 8:20 a.m. and the price of gold trading at $2,169 an ounce. it is trading just below the all-time high. for cnbc pro members, david neuhauser says there is more room for this metal to run this year. offering three other stocks he recommends buying now to play the precious metal rally.

it could out perform. for more names, head to cnbc.com/pro right now. we're back after this. planning . looks like you can make this work. we can make this work. and the feeling of confidence that comes from our advice... i can make this work. that seems to be universal. i can make this work. i can make this work. no wonder more than 9 out of 10 clients are likely to recommend us. because advice worth listening to is advice worth talking about. ameriprise financial.

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it is 5:30 a.m. in the new york city area. there's more ahead on "worldwide exchange." here's what's on deck. another day and another round of records. all three indices testing fresh highs. the staggering stat on how many companies are hitting new highs. big debut for reddit on wall

street in the first social media ipo in nearly five years. will the stock's long term performance follow in the steps of meta or snap? and the congress has hours left for a funding deal. we are live in washington with the latest. it is friday, march 22nd, 2024. you are watching "worldwide exchange" here on cnbc. ♪ welcome back to "worldwide exchange." i'm frank holland. well we will pick up the half hour check with the three indices picking up fresh highs. the dow would open up 45 points higher. the markets continue to test new highs and a number of companies. our cnbc data team wrucrunched

numbers. disney and amazon and home depot up just a .50% with home depot fractionally higher. walmart and american express here on the board with goldman sachs and visa and caterpillar and microsoft are within 5% of hitting their own fresh records. this morning, we are looking at the bond market with an easing of yields. the benchmark at 4.23%. we will continue to watch bonds throughout the morning. that was the set up. we turn back to stocks and time for the sectornomics. we have dom chu with more on the gains and which companies are leading the way. dom. >> maybe no surprise, frank, the

two biggest ones out in terms of social media.stagram and alphab. if you look at the services sector, it has been a leader. one of the top two sectors in the course of the last year. the other one being technology. a lot of the reason has been mega cap names. check out the impact those two stocks have had with the performance overall. if you look at the picture we are showing behind you, the market value of the sector overall has really moved from $2.6 trillion a year ago to $4 trillion today. the s&p 500 weighting was 8% a year ago. it is 9% now. the fifth biggest sector in the s&p 500. i mentioned those two stocks. meta and what is happening with

alphabet. look at the impact on the names within the sector. if you look at the performance, meta has been a massive performance up 33%. the reason why you care about this is if you care about the sector, look at the real impact some of the other stocks in the industry have on the overall weighting of the companies. they are so overwhelmed by those two stocks that even with a decline, the likes of paramount down 42% and warner bros. discovery down as well negates the gain. frank, it is communication services with meta and alphabet. back to you. >> dom, thank you for the sectornomics. dom mentioned that companies

class needified as information sectors with meta up 40% and another new name could be added to the index down the road which is reddit. the social media platform enjoying the fruits of the first day of trading. investors are tying to figure out what the future holds. is this the next meta or alphabet with advertising fuelling growth or is it more like a snap which was projected to be a meta killer, but has sing since struggled. let's bring in sarah kunst with more. >> good morning. >> there is a $1 trillion global market for digital advertising with meta and alphabet and

microsoft getting half of that. can they get significant market share? where do you stabnd on the data licensing with the businesses? >> that business case will start there. that's tough. remember a few quarters ago where papa johns said it is an a.i. company? the reality is a.i. moves markets. a lot of the companies saying it doesn't make sense. you know, alphabet did the deal with them. that is interesting. the reality is $60 million to alphabet is a small amount of money. a lot of the data isn't particularly proprietary and is not super helpful in training. the ceo is saying don't look at us as just an a.i. business. i think they are an ad business. it is an ad business that has struggled because the content is

not always super brand safe. they have not really found the magic of the really high value add unit. certainly there are lots of redditers active every day, but i don't know how that will turn to a profitable ad business. >> i don't think the audience was expecting you to bring up papa johns as an a.i. play. i do want to focus on the digital ad spend. that is a big issue for the business. they get 1 tr$1 trillion of glo digital ad spend. can reddit capture it? >> it is tough. there are sub redditers that make sense. i looked at a reddit about loading the dishwasher. there were some talking out against it. how much does that scale?

that is the question. there are areas of movie premieres that make sense. you have fandoms and that is an area that makes sense. at scale, we have not seen advertisers jump ships from twitter to other platforms that are edgier and riskier like reddit. >> to put it in context, reddit gets 1% of the global digital ad spend. a small portion compared to the giants. i think the last questionhas a . is the community a factor when you are looking at the stock? do you think the retail traders who did the reddit revolution a few years ago, do you think they can help power the stock higher? >> they can, but they can also take it the other way. i think wall street bets mentioned it in the report. it is a blessing and purse.

curse. i think the community drives them. they say they are a community company. that is true. the reality is we have no idea how the public market values a community company. >> sarah kunst. you are better stuff to do than that. thank you. coming up, lawmakers race to get a deal donbere tige foonht and if congress can avoid a shutdown. stay with us. >> announcer: sectornomics is sponsored by spdr etfs.

welcome back to "worldwide exchange." time for the "morning call sheet." best buy moved to overweight by jpmorgan chase. jpmorgan chase saying the headwind for the retailer should moderate in the second half of the year. and redburns moves verizon to neutral after healthy dividend cover. ubs raising nvidia from $100 to $11 a share. nvidia sits on the brink of a new wave of demand on the global scale. time for the "global briefing." chinese authorities are investigating the role in the evergrande accounting practices

after the property developer was accused of $78 billion fraud. the auditor was let go after the practices. the chairman was accused of inflating revenue by 75% and banned from the fainancial markets for life. the nikkei touched a record after the fresh inflation data from the country at 2.8% which was up over .50% from the previous month. the bank of japan is confident it can reach the target after ending negative interest rates this week. vodafone has five days to provide meaningful solutions over the proposed merger before the competition and markets authority launches an investigation. this could lead to legs ss competition and unfavorable environment for mobile network

operators. turning to washington, d.c. back here in the u.s. the race is on for congress to get the government funding package over the finish line. lawmakers have until midnight to approve the legislation and avoid a partial government shutdown. emily wilkins is here with the latest. emily, good morning. will congress get this done in time? >> reporter: frank, that is the question of the day. right now, the house is on track to pass the $1.2 trillion package to fund the government for the rest of the fiscal year. the vote expected this morning will have road blocks in it. certain republicans blamed the s bill as not doing enough for the border or pro abortion programs to allow to travel out of state for an abortion. the funding bills announced last night with some senators voting

no. congress member robert said the senate must respect the work of the house and i cannot and will not vote for these promise or this bill. democrats have also raised concern about the bill ending funding for united nations programs for refugees. you have issues on both sides here. 2/3 of the house will be needed to support this bill for it to pass. right now, passage is expected, but it could get close. once the house goes this morning, you still have the senate which has yet to reach agreement to pass the bill before midnight tonight. if they don't agree, we could see a short shutdown going into the weekend. now with the fiscal quarter done, now they are looking to the fiscal year 2025. this includes house republicans making moves on the budget and the white house putting out the $7.3 trillion funding request.

the package is voted on today and as well as the one last week, will fund the government until october 1st and we get to do this all again. >> we might get to do this again assuming things go correctly. you mentioned one short shutdown. even a short one, do you see it impacting services people rely on from the government? >> not really. shutdowns tend to get impact americans the longer they go on. most agencies have contingency plans. over the weekend, you don't have federal employees furloughed. the impact is minimal. when i talked with lawmakers, they say no shutdown is the best shutdown. they're not worried with a shutdown on saturday and sunday. so long as it is resolved by monday. >> no shutdown is the best shutdown.

i didn't think i would hear that phrase. emily wilkins, thank you. turning to the market flash. bloomberg reporting the company tesla is cutting cars in china. the model 3 and model y is produced in china. the shares are down 2.5%. coming up, the one word every investor needs to know today and the stock that is high on the shopping list for the next guest which is up 20%. we will show you the mystery chart coming up after the break. and cnbc celebrates women's heritage month. we have the list of 50 women who are innovating and transforming business. here is fannie mae's ceo. >> to me, a changemaker is someone who sees an opportunity to make things better. i have been told that for real change, you have to accept that

it doesn't have to be perfect, but don't let perfection be the ending of the good. i remind myself that life is fleeting and when you get the chance to affect change, you should move with real urgency. [sfx: wind, rain and rolling thunder] nobody's born with grit. british announcer: rose is really struggling. it's something you build over time. american announcer: that's 21 missed cuts in a row. [car trunk slammed shut] for 88 years, morgan stanley has offered clients determination and forward thinking to create the future... crowd: stop it! ...only you can see. american announcer: rose, back in the winner's circle. [crowd cheers] [music out]

welcome back. time for the "wex wrap-up." we start with elizabeth warren calling on the s.e.c. to

investigates tesla ceo elon musk over misappropriation of resources and conflict of interests. major airlines of ceo of alaska and united will speak with larry kelner over the door plug incident with boeing without david calhoun. shares of fedex are popping after raising guidance in the difficult environment. it is optimistic about improved profitability. fedex authorizing a $5 billion share buyback. different story for nike and lululemon. apple looking to recover the losses where it shed $113 billion of market value after the doj announced anti-trust case. heart patients will now be covered for novo nordisk's

wegovy as long as it reduces the risk of heart attacks and stroke. we are getting ready for the stock moves for the day ahead. the dow would open up 40 points higher. the s&p and nasdaq in the green. all three coming off record closing highs. let's bring in tiffany mcghee. good morning, tiffany. >> good morning, frank. >> let me get a sense of the day shaping up ahead coming off record closes for the dow, s&p and nasdaq. what is your "wex" word of the day? >> it is consistent. by the way, it seems every time i'm on, the market is hit bting new highs. i think i'm a good luck charm. listen, consistent is my word of the day. the fed has been consistent with the message with inflation and growth and policy. you know, they said they really

need to see data that supports movement, sustainable movement to the 2% target. we're not there yet, but powell did indicate that strong job growth is not enough. the dot plot is indicating three rate cuts. i think some of this is baked into the market. this rate cut optimism as you talked about at the top of the show is providing a tailwind to the market. that will continue. >> you think it is bringing a tailwind. you said cuts. you emphasized plural. >> same other. >> you don't have to apologize. how important is it that the firm believes after the conference that we might get two cuts. do we need three cuts?

could one cut keep the market rally going? >> i'm not sure about one cut. i think what the market is really responding to is the fact we will have some cuts. we think about what we have been going through over the past year and actually longer. we have had so much stress with the rate increases. now we're finally to the point where we know we will see cuts. i really don't think that the difference between two or three cuts will make a huge difference. right now, you know, we are headed into that second quarter. that optimism still really is fuelling the market growth. we think that will continue. one versus three? i'm not sure. it depends when we find out that information. >> i think we're all trying to figure that out. one is a micron pick that i want to talk about this morning.

the stock is seen as an a.i. play. would you still buy into it now after the big run-up? does it have more room to run on the a.i. story? >> i think people should really watch the show and should have been watching two weeks ago. when they dropped earnings, shares were up 17% pre-market on earnings alone. however, i think compared to nvidia, micron is still a better price stock. again, you know, you have to own these chip makers if you have high conviction around these a.i. plays. it really is in the chip space. i like micron. in addition to nvidia or as an alternative. >> tiffany, you advocate for lululemon. the stock has taken a dip.

is this a buying opportunity or is there something going with the business long term? >> so, i think it's both. you know that i love lululemon. not only am i a student of lululemon, but a customer. before the earnings report came out, i could tell that lulu has really lost the magic. the growth is slowing. >> we have to leave the conversation there. oueat to see y. that's going to do it for us. "squawk box" is coming up next. technology partners. education. supply chain. energy. what if one partner could do it all? that partner is ontario, canada. with all the critical minerals to make electric vehicle batteries. 65,000 stem graduates per year. one of north america's largest i.t. clusters. a fully integrated supply chain. all powered by one of the cleanest grids

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good morning. more records broken as investors ride the fed wave. we're calling futures pointing to another positive open this morning. we havhave mixed reviews. nike and lululemon sliding on weak guidance and fedex delivers positive comments. another government challenge of big tech. the doj claims that apple's iphone ecosystem is a monopoly. now the tech giant gears up for a battle. it's friday, march 22nd, 2024.

"squawk box" begins right now. ♪ good morning. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen. andrew is off today. we have steve here. we will talk to him in a few minutes. steve kovach is here with the big story of the morning. the dow and nasdaq and s&p off the record breaking session. 20 records set this year for the s&p. dow futures this morning indicated up 50 points. nasdaq futures up 30. the s&p indicated up 6 points. if you are watching the treasury market, for the week, it was a good week for all of the markets. treasuie