it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." after the best week of the year, wall street waking up to appreciate pressure. one fed head and others are thinking and not swayed by the bears yet. goldman sachs out with the note with the mega bull case for stocks driven in a big way by big tech. the crisis continues at boeing now facing new pressure from the largest workers union. disney responds to the

nelson peltz comments over the casting decisions. and china ramps up the pressure as it kicks off the ceo forum. it's monday, march 25th, 2024. you're watching "worldwide exchange" right here on cnbc ♪ good morning and welcome to "worldwide exchange. thank you for being here with us let's get you ready for the trading day ahead. the dow and s&p are looking at the best weekly gains. they are in the red across the board. dow opening up 50 points lower s&p and nasdaq in negative territory. we will show you the laggards in the s&p in the pre-market. dow down 50 points the laggards are intel we will talk more about chipmakers later on in the show. followed by amd which is down 2%

united airlines as well. we have news coming up later in the show about them. the markets are headed for a lower open, but that is not stopping the imagination at goldman sachs. the bank sticking with the 5,200 price target of the year, but a new scenario goldman sees the index up 15% to 6,000 by the end of the year that something we will talk more throughout the hour. we are checking the bond market as we he expect the ppce later this week. let's pay attention to the energy market with oil we we see wti up .50% brent crude is up .50% we have to pay attention to bitcoin. we continue to follow its rise it trades around the clock bitcoin at $67,000 this morning.

well off the all-time high in recent days. for the month of march, up 30% that's the money check let's see how europe is getting under way with arabile gumede in the london newsroom. a bit of a muted start in europe >> it is, frank. where has the time gone? in the final week of the first quarter of the year. can you believe it a mixed picture is what we are getting from the european trading picture. not many moves and that goldman sachs report pointing out to gains they are expecting to see from the european market mega bull cases as well. the overall market is anticipating it, but that is not enough for the early market picture. we have been open for an hour here in europe overall, these are the sectors pushing things higher. the moves are significant. that means autos are at the top of the pop .50% to the good for

the auto sector. oil and gas following on the back of that energy that you have been speaking about as well, frank. .4% higher stocks are managing to gain around .10% higher we are seeing consistent gains this month you see the likes of the dax getting off to the best figures for the year household goods are the lag lagglaggards today .30% frank. >> arabile, thank you very much. arabile gumede live in the london newsroom. with stocks coming off the best week of the year, investors are looking for insight to see if the markets can continue to power higher the focus finds the u.s. is the still the most trattractive rego for investment there are concerns with inflation and consumer spending

slowdown the global wealth council is made up of ubs and morgan stanley and others the group was chaired by the chief investment strategy. the panel's view is we are entering a time of higher inflation and slower economic growth >> we believe public equity returns will come down from 8% to 9% in the past five years to closer to 5% to 6% we expect higher volatility and higher inflation volatility. just relying on two asset classes to achieve your goals is going to be a challenge. the area where you have the highest allocation is private equity over time, what that offered has been 430 basis points. we expect going forward for that premium to increase given the

new regime >> private equity for income generation for down side protection and real estate are the council's top choices in alternatives looking at kkr and it see twos r two rate cuts this year. opinions are split on the dollar which is seen as a possible threat to the recent rally due to the rise this year. so far, it is up 3%. the council believes it will move higher. let's talk most about where investors should put their money to work with mark avallone >> good morning. >> we saw the s&p and nasdaq hit new records. i want to talk about the dollar here for a minute. are you worried about the dollar's rise again up 3% year to date? >> no, we're actually not because it was a few months ago that we were talking about inflation being public enemy number one

we think the move in the dollar helps jay powell with his efforts to tame inflation. for our international allocation, it is a drag, but overall, this is a positive on the inflation front. >> i want to get your take on the markets. earlier in the show, we had a new note from goldman. they see 5,200 they see a scenario where they see mega cap tech move to 6,000. do you agree or disagree >> i don't know about the exact number, but we're not abandoning technology it is way too important everywhere in the economy. it is not just tech companies right now. if you are not a tech-enabled company, you are likely losing ground we think this development and innovation from silicon valley and other places is here to stay it is a permanent trend. we don't think it's low valuation, of course, so you want to be careful where you go.

you have to be in technology if you are looking into the future. >> you are all about technology. do you agree in the sentiment with the goldman sachs note? you don't know if it is 6,000 s&p year-end number, but agree with the thesis. you are one of the people who has come on the show bullish on small caps i want to show you a chart under performing the equal weight and s&p everybody continues to be bullish on it. what do you see the situation? some estimates show people seeing this move higher significantly to achieve >> we go back to valuation matters. if you look at some other charts, which i could show you, if you buy stocks at high premiums, the subsequent returns are muted relative to when you buy them on inexpensive basis. i know we have been saying that about other trades and it hasn't

really panned out. i think at this point small caps have a lot of activity in the bio-tech sector and some technology companies in small cap. we are looking for catalysts of m&a in small cap we think the fed has clamped down on mergers. when the fed lowers rates, and we think they will slightly lower this year and rates will eventually come down, small caps will be poised and the valuation that you can pay for with small and midcap portfolio is far more attractive than large cap growth >> a lot of people looking for that small caps. they continue to under perform as we see the broadening of the markets. mark, thank you very much. >> good to be here >> for more on what is driving the markets, head to cnbc pro

for exclusive insights and analysis. time for the check of the corporate stories with silvana henao. silvana, good morning. >> frank, good morning frank, boeing's largest union is seeking a board seat at the plane maker. according to the financial times, the international association of machinists which represents 32,000 workers is looking to have a bigger voice at the company the union just began contract talks with boeing earlier this month. that's the first in 16 years boeing says it is reviewing the union's proposals and plans to discuss them at the bargaining table. atlanta fed president bostic, a voting member on the fmoc, is projecting one interest rate cut this year and adding it will likely happen later than

previously expected. bostic had been guiding toward two cuts this year with the first occurring this summer. bostic telling reporters it will be a close call and he will have to see how the data comes in over the next several weeks. disney responding to the latest criticism from nelson peltz who recently blasted the company for making movies dominated by female and black actors highlighting the marvel and black panther saying the disney films are too focused on delivering a message and not enough on quality story telling. disney says peltz's per tspectie is showing why he should not be allowed on any kboard. frank. thank you. coming up on "worldwide exchange," the one word that investors need to know today and

then the growing chip pressure on trying to get companies to china. and later, what could be the chip sector's best quarter in 20 years. the names set for a breakout and others may have run up too far too fast we have a very busy hour when "worldwide exchange" returns stay with us

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exchange." we're following a developing story. china is introducing new guidelines to phase out chips made from intel and amd from personal and government computers. according to the financial times, it looks to push out microsoft's windows. this as beijing kicks off a forum welcoming 100 c,eos from across the globe this event is coming as they continue with the geopolitical tensions eunice yoon is joining us from beijing. eunice, what's the latest? >> reporter: frank, as one delegate told me, the americans are not hiding anymore, unlike last year with the spy balloon which brought on the tensions. the mood at the forum was more up beat with over 30 american ceos taking part with the biggest delegation

apple and qualcomm and amd showed up. on the chinese side, the premier delivered the keynote speech the premier did downplay the economic problems saying they were not as grave as some imagined he also said china was quote carefully studying long health concerns of american companies market access and data flows delegates told me talk of the meeting among ceos with president xi jinping was set to take place later in the week on wednesday. sources said this group would be a small, elite group about five speakers taking part details are still being worked out. despite the improved mood, the delegates said the messages is still mixed. the access to the event was tight. american scholars critical of china were barred from some of the panels

even though in some respects it could be good to meet president xi, but a lot of folks were concerned that it meant that president xi is the one making all of the decisions traditionally, the premier met the ceos at the conference >> eunice, i want to talk more about this with the next guest it seems mixed messages. trying to promote foreign investment, but putting up restrictions >> reporter: the report that you just mentioned from the financial times really indicates the conflicting messages going on on the one hand, we were here at the conference with the american ceos welcomed by the premier, but on the other hand, the government procurement list, released in december, now looks like it is being implemented one could say one positive thing is it is not directly aimed at

intel or amd or microsoft, but it means only domestic brands will be used for government tech >> shares of intel and microsoft and amd in the red eunice yoon, great to see you. great reporting. thank you. for more on the push to attract foreign investment, let's bring in the chinese operating officer from the beige book. >> good morning. >> i'll ask the same question. what is going on with the mixed messaging? china welcoming foreign direct investment, but putting up restrictions on u.s. businesses. how should investors view this >> first, this is the national security view in beijing right now. that is driving everything in sectors where they think software and hardware is going to become a national security threat they want american companies

out. they need american technology and access to the ip to eventually become lead players in the sectors and they will welcome foreign investment that is the paradigm that investors need to fully comprehend and move forward on the basis. >> that is an interesting dynamic. they want the u.s. businesses out, but we saw tim cook on the panel there when eunice was talking and in china opening up a new apple store. how do you explain that? one of the big industries in china they were trying to protect was the mobile phone business, huawei in particular, but welcoming in tim cook and opening a new store. it seems like a bibipolar view. >> the fact that local companies have a tremendous amount of state subsidy and other support

from beijing, but apple is important to china because it has factories in china and china, of course, is very important to apple given that supply chain integration we're talking about. that makes sense i think it goes back to the same concept that i described here. where china has an advantage, in terms of jobs or access to technology, and retaining the critical position in the supply chain, it wants apple there. they want more american pharmaceutical investment in china rather than less big security risk for america, of course. >> report out that china's foreign direct investment fell 20% last year. i'll show you a number mexico, on the other hand, $36 billion of foreign investment. you see a strong number. is it possible that things have shifted? u.s. companies want supply

chains that you mentioned closer to home and the trend is going to be lower no matter what china does with the foreign investment >> i think china has been the biggest beneficiary of the near-shoring that we're trying to propmote here in america are yo you are seeing a lot of chinese companies opening up plants in mexico to continue supplying the american market, but away from china so they can evade the tariffs. that is a trend that may continue the top line number hides the fact that it is chinese companies who are at least benefitting from the shift >> i spent time in mexico. there were a number of chinese companies down there as well shehad, thank you. ahead on "worldwide exchange," the china ev price war hits anotherutak aomer

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welcome back quick look at the futures. looks like the dow would open just about 50 points lower s&p and nas ddaq lower as well. the top of the list for the nasdaq 100 is intel. that is under pressure with restrictions in china. amd is a similar story monster beverage, the third

biggest laggard, is down 1%. let's get to the headlines with frances rivera. >> thank you, frank. we begin with the deadline for donald trump he must post a bond of $500 million as he tries to appeal the judgment for financial fraud. the attorney general of new york can seize the iconic properties if he is unable to come up with the money in time. trump posted on social media that he has nearly $500 million in cash. he has denied any wrongdoing and calling this case election interference. turning to russia where four men have been charged over the mass shooting in the concert hall in moscow on friday in the court appearances photos, all show signs of ill treatment. one appeared to be barely consc consc

cons conscious. at least 137 people have been confirmed dead dozens are still missing. all eyes on shohei ohtani who is expected to address the media later today. it will be the two-way player's first time speaking to the press since his interpreter, ippei mizuhara, was fired over gambling allegations last week the manager said ohtani made the decision to speak and it will provide more clarity into the investigation. with that clarity, frank, comes more question as they delve deeper into what went on here. >> i would expect an in-depth investigation with gambling in sports no room for lack of clarity. frances, thank you very much coming up, the growing list of tech billionaires who think the stock's record run is

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it is 5:30 a.m. in the new york city area there is more ahead on "worldwide exchange. here's what's on deck. stocks looking to lock in the fifth straight week of gains goldman sachs says the bulls can take the markets before the end of the year. key to the overall markets performance is semis, but rising tides are not lifting all boats. we get into the disconnect of chips. and the pressure facing from federal regulators it is march 25th, 2024 are you are watching "worldwide

exchange" here on cnbc welcome back to "worldwide exchange." i'm frank holland. let's get you ready for the trading day ahead. we pick up with the dow and s&p coming off the best weekly gain of the year. the futures are under pressure dow looking like it would open 60 points lower. s&p and nasdaq in the red. we are looking at the chip sector amd and intel falling on the report that the chinese regulators are phasing out u.s. made chips from the computers and servers. it would curb microsoftmicrosofs windows operating systems. intel is down 2% microsoft is down .50% in the p pre-market we are looking at other chips in the space. intel is up .50%

we will talk more about chips in a moment. we are checking the bond market as the investors embrace for the pce. the two-year yield is following at 4.6%. we also see oil holding above above $80 a barrel we are look agent the vaneck semiconductor chip index it is up so far this year and on the best performance for the quarter. nvidia is up 90% and on pace for the best quarter since 2001. others are riding impressive rallies like taiwan semi and micron and applied up 30%.

with the haves, come have-nots which missed out on the trade. intel is down 15% this year along with stm and on semi and skyworks joining me with the closer look at names which may have come too far and too fast is james cekmak at clockwise capital james, good to see you. >> good morning, frank. >> we are talking about the chip etf possibly on track for the bestquarter since 2001 nvidia is 25% of the etf two other a.i. focused names in there. we're talking amd and taiwan semi is that the thing pushing the etf higher or is there something else pushing it? >> nvidia was part of it with the etf. i think for the first part of

the year and last year, you know, we had a rising tide lifts all boats situation. it is up 30% this year versus triple the s&p it was a good trade. i think going forward, you will point out with the winners and losers, you will see that not all semiconductors are created equal. what is the separation is which companies are first and foremost helping with the data center build out and which chips are demand with the respect to the buildouts where the cap ex is spent with the hyper scalers and which ones come later. that will bifurcate. vi nvidia is climbing higher and on semi will drag a bit. >> you are saying there is more to talk about. basically two story ies when het

co comes to here. what chips are tied to the story? >> you play what is working. we like nvidia, broad ccom an tsm. we like all of them. it is not just the data center build out. which companies are helping. we like nvt. we like vrt. these companies will help provide the services and the supplies and products to the cap ex spenders will prosrospers we are staying away from the companies limited to the pc cycle. >> talk about the legacy names nvidia and texas instruments up

2% year to date. do they have an opportunity to get in one of the stories here with the data center side or a.i. trade >> later i think for now they will be cyclical being reliant on the upgrade of the pc cycle which gets further and further pushed out late 2024 and now 2025 it keeps getting pushed out. amd, despite at the center of the a.i. trade, you know, it has a big pc exposure. now add on china it's split >> to some other names you are patient with here like marvell a lot of investors are not feeling patient right now with the index hit new highs. the broadening of the market

what names are worth the patience >> i think you have to continue to play and work with what's been working there's a reason why nvidia is doing so well. it is trading at 30 to 35 times forward earnings it has a significant degree of o optionality. marvell doesn't have the upside to beat estimate you have to maintain that momentum of the estimates climbing higher. it is too expensive for that degree of uncertainty. their products are simply not in demand you have to build the stuff out and add on the layers. ma ma marvell and others kick in >> i want to talk about possible restrictions about the u.s. made chips in kindchina.

is that a big deal >> it is a big deal. anytime china cuts you off in some way could hurt you. you have any company with exposure in china is operating with uncertainty now we don't know what the revenue will be. i still have to look into it at the end of the day, what these things do is not so much hurt the projection horizon and revenue, but more so does it temper the multiple and tamp down that multiple you don't want to see high multiple stocks get hurt in that way. that will add to the volatility. we stay away from china exposure >> a lot of questions about that nvidia has china being the single digit of the revenue. i want to bounce something else off you. sticking with tech, signals from sector insiders of the top to the market according to the data from verity which tracks

disclosures. the ratio of corporate insider selling to insider buying is at the highest level in three years. a big driver is from tech executives selling their own stock like palantir's peter thiel and then amazon's andy jassy sold 21 million worth of amazon stock this year lastly, this has a lot of headlines, mark zuckerberg, has really ramped up the pace of sales this year. selling $135 million in meta stock last month first sale of that magnitude since november of 2021 what is your take on the insiders selling >> well, you don't like to see it what signal implies if the

founder is not committed shareholders you have to look at it on the percentage basis of the overall net worth within the firm. bezos sold $1 billion or two a month ago. that was 1% of the total net worth within the amazon shares it is the same for the ones you mentioned. at least i know for zuckerberg you have to bring context into it and not look at the absolute number >> there is context there. quickly, if you are an investor, can you blame some of the founders and ceos from taking profit >> no, i can't they need to build bigger homes and in better locations. >> we all like bigger homes. james cakmak, thank you. >> thanks. time for the check on the corporate stories with silvana henao. silvana. >> good morning, frank president biden signing off on the $1.2 trillion spending

package to fund the government until october. the president doing so just hours after the senate approved the measure in the early hours of saturday morning. biden's signature ends a months long fight for lawmakers trying to secure a budget resolution. the faa says it is increasing oversight of united airlines to make sure it is complying with safety regulations following a series of incidents involving the carrier's planes no word yet from united on the matter part of the faa plan could involve not giving approval to customers on united's new planes or approving new routes. united health's change health care unit is binning be beginning to process the backlog. united says so far it processed $2.5 billion of the $14 billion

in total claims. the company continues to work to fully restore changes with full restoration likely happening in the next two weeks frank. >> silvana, thank you very much. coming up on "worldwide exchange," the bumpy road for the ev space leading to a new pessimistic call around tesla. first we, we have the top trending stories joe rogan cannot stay away with joni mitchell returns to spotify after misinformation revealed from rogan first, it was hollywood and now video game council voice actors looking to strike as yoa.i. is battling for thei jobs. and whistle pig whiskey teaming up with the maple syrup.

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ad tier and password crackdown. and mizuho downgrades tesla. there are challenges going into next year. and barclays moving disney to $135 per share. the necesxt phase of earnings i impactful as a number of turn around elements yield results. time for the global br briefing didi's revenue is up 55% ahead of the ipo this comes when they were forced to delist from the new york stock exchaexchange didi lost in recent years from competitors. and china looking to phase out u.s. chips from pcs and servers. it is looking to curb microsoft's windows system in favor of the domestic options.

and in japan, nissan is targeting 1 million vehicle sales in the next three years and 30% reduction in ev costs by 2030 the automaker is launching 30 new models by 2026 coming up on w"worldwide exchange," the one word investors need to know today if you miss "worldwide exchange" catch us on apple or spo oo or spotify or your favorite

podcast yapp. more "worldwide exchange" companies after this

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all powered by one of the cleanest grids in north america. ontario. your innovation partner. ( ♪♪ ) welcome back time for the "wex wrap-up. we start with boeing's largest union seeking a board seat at the plane maker. raphael bostic now projecting one interest rate cut this year. bostic adds the cut will likely happen later than previously expected. disney responding to nelson peltz. in a statement, disney says peltz's perspective shows he should not be allowed on the board or anywhere near a

creatively drive especially company. anthropic is looking to rule out saudi arabia as more investors are looking at the company. here is what to watch on the week ahead several data points on housing, including home sales and home prices and pending home sales. we get durable goods and earnings from walgreens and gamestop the biggest is core pce on friday the dow and s&p off the best weekthis week. futures are inthe red. the dow would open 65 points lower. goldman sachs is sticking with the year-end s&p target of 5,200. the index could move 50% higher. this could lead to 6,000 the bank adds a.i. optimism is high, but mega cap tech stocks

are far from bubble territory. let's talk more about this with jeff kilburg jeff, good morning good to see you. >> good morning, frank >> i want to get your take of the goldman sachs report agree with them that there is a possibility for the s&p to hit 6,000 on the back of mega cap tech >> that is part of the euphoria we're talking about. all of the analysts with the near 10% move higher on the s&p is reconfiguring the price targets. as asset hanmanagers, we don't movie on that. i think at this moment in time, frank, we see a lot of people move the price target which makes me unsettled that is the cash narrative chasing the market higher. >> you feel unsettled. how do you see the trading day

an s ahead? what is your word of the day >> dubious that means to question where i'm questioning the market is not the a.i. theme or move higher not the parabolic move up. i think fed president raphael bostic will talk about the potential rate cut of one is what i'm questioning the word dubious relates to the fact that i don't think the fed can pull off three rate cuts in 2024 when we see the inflation target they are targeting of 2% not being achieved >> i want to be clear. the idea we might get one rate cut, the bostic forecast, creating doubts in your mind about the future path of the market >> i think a lot of money managers are embracing the bostic view. the lens is still three rate cuts it is interesting with conflicting components with the vix at the 12 or 13 level and

t the 4.25% term you could see a healthy pullback frank. it has been 500 days the s&p has not had a pullback it will come back on the 4,950 you will see a lot of the cash on the sideline by that pullback >> i want to get your moves you are making these are moves you advise others to make you are reducing in mega cap tech amd and nvidia and meta. why reduce now >> we have been long all these names. we have been long on soxx. s-o-x-x. if you look at soxx, 25% of the portfolio is exposed to these top three names. nvidia, broadco m&a md we want to belong the theme. we are not long for 2024, but look at the laggards

ibm, intel and tesla cathie wood said this is the best place for a.i i agree. all we are doing is increasing exposure and buying the lag laggards that makes a good time to reposition the portfolios. that is how you capture the pullback or proflt it taking. >> let's talk about the g laggards do you have a reason you are buying in tesla is under pressure from chinese ev makers and inflation with higher rates. >> tesla is not a car company. that is my view. the data that elon musk, one of the most scrutinized companies in the world, gathers self-driving cars, tesla is in the position to be the a.i. leader if you look at intel with the pressure from china and not using their chips, a lot has been priced in we own these stocks.

all we are doing to the laggards is adding to them and reducing or allowing ourselves to increase exposure to nvidia and amd. >> killingjeff kilburg, thank y. futures are under pressure right now. dow would open 50 points lower that's going to do it for us "squawk box" is coming up next we earn your trust. maintain our financial strength and stability. and deliver solutions that meet complex needs. massmutual. partnering with financial professionals, benefits brokers, and institutions.

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good morning futures pointing to a lower open and one voting member of the fmoc now sees just one rate cut this year. why bother that's straight ahead. faa adding more oversight to united airlines. th impact the company's future. and china upping the ante in the chips war with the united states yup. it's monday, i warned you, it would be here fast march 25th, 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 >> still >> andrew is off today >> still joe kernen. >> it is monday morning. you are looking at red arrows. nasdaq futures are off 50. the s&p futures are down 13. the dow and s&p are coming off the best weeks of 2024 nasdaq was at another new high on friday. goldman sachs reiterated the target for the year-end of s&p at 5,200 the chief strategist see