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 pinch. stocks coming off back-to-back days of losses as the wall street outlook for the future fed rate cut is uncertainty. trying for a comeback is boeing why the leadership shakeup could change the minds of would-be shareholders we think with an investor who is thinking about getting in on the stock. is microsoft about to have the iphone moment? dan ives is here to tell us why and what it means for investors. a possible wework lifeline

courtesy of the founder and ceo. and how one company is cutting the price of owning a small slice of the luxury vacation home. it's tuesday, march 26th, 2024 you're watching "worldwide exchange" right here on cnbc ♪ good morning and welcome to "worldwide exchange. thanks for being with us let's get you ready for the trading day ahead. we kick off the hour with the check of the u.s. stock futures with the dow and s&p coming off back-to-back losing sessions you see the futures are in the green. looks like the dow would open up 50 points higher s&p and nasdaq in positive territory. we want to check the bond market as investors await durable goods data and pce figures this week on friday. the benchmark at 4.24.

ticking up from the level we saw yesterday. we want to pay attention to cryptocurrency and bitcoin above $70,000 after a brief retreat down to 60,000 you see it is flat trading at $70,000 you see a little bit of movement the moves follow bitcoin hitting an all-time high of $73,800. trading at $70,600 we want to talk about the stock in the conversation today. boeing coming off a big day and trying to extend the gains after announcing the series of leadership shakeups that includes david calhoun stepping down at the end of the year. the stock is up .50% we will have more coming up later in the hour. that is the set up let's see how the trading is shaping up in asia and europe. arabile gumede is in the london

newsroom with both good morning >> good morning, frank the market across asia is looking to massive gains this year we saw the nikkei jump to the re record highs up to the 40,000 point mark weakness for the nikkei 225. this is significant with the south korean market with kospi moving up to the two-year high for the index. that is on the back of the tech counters moving higher 5% for the good for the kospi. the hang seng is managing to tick up on the back of the tech in influx to europe, we are tracking news from europe. it is flatter with the numbers today. the gaming and betting company really pointing to the u.s. operations with the boost for the entity they did see a pre-tax loss revenue and ebitda which beat

market expectations. the pce data is one we are looking toward today >> arabile, thank you very much. always good to see you. turning attention backs to the markets. the list of the big banks raising the s&p 500 targets growing by one hsbc growing from 5,000 to 5,400. the bank has a bear case where they there are no fed rate cuts due to inflation and economic data running hot in that scenario, the s&p falls to 4,800 the bullish scenario, it rises to 5,700 due to growth and inflation remaining under control. i spoke with the head of the strategy for the americas who says a.i. plays a major role in the bullish case >> we think going forward, if

companies start to be able to verbalize how much they can get with benefits from a.i. and in terms of improved margins and lower costs, we could see the market starting to price that in >> joining me now is hannah peters which is part of the team responsible for the high quality fund good to see you. >> good morning. thank you for having me. >> we mentioned hsbc is the latest bank coming out with a higher price target. do you agree with the case or the bullish one with a.i. having a big impact on earnings >> i think we are all bullish on the u.s. and i'm bullish for the market returns for the year. the narrowness of the market is what contributes to that it is not so much about what the market will do, but more about where the returns come from. i think there may be a stall in

the mega caps which have driven the returns in the last year ithink we have scopes broadening returns with the rest of the market with bifurcation in returns companies are able to grow and do well and you may find a full participation which should lead the market higher for the year i think we have to be careful with a.i. because it is already integrated in companies for many years. we have to think about the full forward of demand and it has been priced into some of the larger companies dominating that rally at the minute. if they fail to meet the expectations, you know, they have been building that capacity for the big a.i. news, we could see the setbacks with the larger names. >> we will talk more about the impact of a.i. later in the show there is bullishness on wall

street 8 of the 14 banks raised the price targets. i want to talk about the fed hsbc forecasting three rate cuts yesterday, raphael bostic forecast only one rate cut where are you when it comes to fed rate cuts on the u.s. side and how important is that for the outlook for the s&p going forward? >> i think the fed has been very clear about the 2% inflation target i don't know how many rate cuts there will be this year. i would like to look at things on the bottom-up basis it is the impact on the equity market that i'm interested in. the higher rate environment and inflation and the bond yields being higher as well that is already felt in the large part of the equity market which satisis amassed by the ha of names in the magnificent seven. we are actually already starting to see the impact of that higher

rate environment in a lot of the equity market which is lagging behind narrowness is showing that perhaps the largest companies are discounting that rate cut. >> you are mentioning the rise in bond yields higher cost to capital and the forward pe of the market the s&p in october was trading 18 teams forward pe. is that running too hot? >> i think we haven't seen earnings expectations catch up with it. you have seen the re-rating which is driving the market higher i think to move higher from here is really important that earnings moving up. i think it is really important to focus on stock selection with companies that are able to did your durably grow their

earnings apple is not managing to grow earnings so much it is lagging this year. i think the market will be punitive on companies that can't deliver on growth. >> united health and hilton. hannah gooch-peters, thank you for more, go to cnbc pro for insights and analysis. more to come on "worldwide exchange," including the one word that investors have to know today, but first, adam neumann is looking to take control of the company he ran and game stocks are surging after the latest game stop quarterly report. big tech under pressure as the eu flexes its new regulatory muscle we have more just ahead when "worldwide exchange" returns stay with us

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welcome back we will bring you breaking news. look here. i know it is dark, but this is a live shot of the scene from the francis scott key bridge in baltimore which is partially collapsed with the active rescue effort officials say the incident happened at 1:30 a.m. eastern after the cargo ship hit the bridge several workers falling into the water.

authorities say they are trying to rescue them as we speak the four-lane bridge crosses the baltimore harbor and crosses the 695. this is the scene around the francis scott key bridge in the baltimore area we will bring you the very latest as the story develops. time to get the check on the top corporate stories with silvana henao. silvana. >> frank, good morning wework founder and former ceo adam neumann submitted a bid in excess of $500 million to acquire wework out of bankruptcy sources tell cnbc, however, the offer could go as high as $900 million pending due diligence. this comes weeks after it emerged neumann had interest in taking back the company he was ousted from five years ago. citigroup is in the last phase of the sweeping overhaul to simplify the structure and

reduce head count and improve performance. according to the memo reviewed by reuters, the final and largest round of job cuts and staffing moves will be communicated to staff this week. citi has reduced its work force by 5,000 since september. and florida governor ron desantis signed a bill to prohibit people from under the age of 18 to have a social media account. social media companies will be required to close all accounts believed to be used by those under the new age restriction, frank. >> interesting story there silvana, thank you turning attention now to the big money movers we start with the meme stock that we were familiar within the reddit rebellion gamestop has earnings after the close today. take a look. you can see that stock up 1.5%

keep in mind, shares are down 80% from the all-time high reached back in january of 2021. that was during the reddit rebe rebellion. shares of truth media will begin trading on the nasdaq today under the ticker djt former president trump owns 50% of the media. and chewy is looking to reverse the losses from yesterday when it hit the all-time low shares up .50% the retailer offered soft guidance for the quarter a number of price targets were revised to the down side, but more than half rate it as a buy. coming up on "worldwide exchange," the fuel wedbush could drive the stock higher we chat with dan ives right after this break stay with us into the vending area.

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welcome back we are watching shares of apple, alphabet and meta this morning after the eu announced it is launching a probe into the three tech giants. arjun kharpal is joining us with the latest on this story arjun, good morning. >> reporter: good morning, frank. the tensions between the eu and tech giants is ramping up with the five probes opening up

the first two probes concern apple and alphabet and relate to anti-steering provisions tech firms cannot stop users about a cheaper subscription if you are a music streamer, you should be allowed to say it is cheaper on its web site. the commission argues that apple and google is restricting. this under the dma, the eu says apps should be uninstall able easily the commission is concerned this may not be the case with apple the fourth is relating to alphabet and if google is preferring google over rival services and the fifth probe is meta with the pay and consent model. it introduced an ad-free model for instagram and facebook to

comply with the digital market site the commission is arguing that users have to pay for the service or consent to have their data collected meta argues this is a standard practice and subscription is an old business model this should be a free option all companies say they are happy to have dialogue and made changes to comply, but it is set now for a showdown with the eu and the world's biggest tech companies. >> this is a showdown, arjun what is the possible outcomes and when do we expect to see a conclusion to the investigations >> reporter: the eu is looking to conclude within 12 months they could be fined up to 10% of the global turnover. that could turn into 20% for repeated offenses. these companies bring in billions of dollars of revenue every year the fines could be huge. the big question is whether the dma forces the tech companies to

fundamentally change the business models. in europe, apple said it will allow people to download apps that don't come from its app store. how much impact will this have on the services revenue? will meta be forced to release an ad-free model for free? a lot at stake for the tech companies, frank big fines are one thing, but the bigger issue is if the business models which turned these companies into the world's biggest need to change >> that's stocks rebounded from yesterday. amazon is in the cross-hairs with regulators as well. arjun kharpal, thank you. sticking with tech when it comes to artificial intelligence, not all names may be created equal wedbush raising the target on microsoft citing the copilot

a.i. tool. joining me now is the author of the note is dan ives from wedbush. great to have you in the studio. >> good to be here. >> you are a big tech bull your price target of $500 implies 18% upside you are above the street you have been on a world tour and u.s. tour doing customer checks what are they telling you of a.i. adoption? >> the revolution is here. we are seeing tit here. 7 of 10 microsoft customers will go to the copilot route. frank, when you put numbers around it, 25 to 30 billion for microsoft. they're in the driver's seat this is an iphone moment for satya nadella. >> you say this is the

accelerant for azure microsoft has 37% of the market share. aws is the leader. how much more market share could this lead to azure gaining >> i think 10% to 15% market share in the next ten years. partners think for every $100 of cloud spend, there is $35 to $40 of a.i. spend. when you put numbers around it, they're in the driver's seat of the a.i. revolution. we talk about nadella and what he has done in the past and now going forward, we are starting to see it. that is what the checks are showing us >> what are the partners and customers excited about with copilot? >> use kcases. we could talk about the revolution and the use cases the use case is five times from

where it was four months ago that is the key. microsoft has use cases. names like palantir will benefit and mongodb. a.i. does not start without nvidia that is what we are seeing playing out. >> various use cases depending on the customer. healthcare or supply chain they are finding active use cases to make it worth it to pay the money. >> with the roi. i think that is really now it is resonated in terms of what microsoft is selling >> you mentioned numbers we will show the audience the bar chart. this is azure growth back in the first quarter of 2023, it was above 35% we have seen here it had ups and downs. give me a sense with a.i. copilot, it is decelerated from

prior to 2023. how much growth do you see this creating with the business >> ithink it will be an incremental. when you think about it $50 billion or $60 billion azure will tick back up toward the 30% level. i think that's important because they are gaining share with andy jassy and aws. it is all being led by microsoft right now. i think we go into a quarter where this is going to be another flex the muscle moment for nadella and redmond. >> how do you view that threat to the eu? >> i think the doj is more of a threat to apple. eu versus big tech likely tweaks and fines. we are entering a bull's-eye on

the back of big tech right now, the bark is worse than the bite. >> you say battle royale dan, thank you >> thank you coming up on "worldwide exchange," new regime for boeing the potential candidates to take the helm of the embattled aerospace giant and do they have what it takes to right the ship? could it entice a shorformer shareholder to jump back in? we are sharing the stories of the annual list of 50 women transforming business. as we head to break, here is priscilla sims brown >> i think for every one, there is the secret sauce. you are enough you don't have to be perfect and you don't have to fulfill a certain mold to say today i really think a

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a massive c-suite shake up exiting the boeing giant we are looking at if the departures are enough. and the tech sector belt tightening continues with another key player reducing its head count it is tuesday, march 26th, 2024. are you are watching "worldwide exchange" here on cnbc welcome back to "worldwide exchange." i'm frank holland. we pick up the half hour check of the u.s. stocks futures with the dow and s&p coming off back-to-back negative sections futures hitting the highs of the morning. the dow opening up 80 points higher we look at the gainers on the nasdaq 100 tesla is here at the top of the list micron and dexcom is up 1.48%.

that's the morning set up. let's turn attention to the latest around boeing following the announcement david calhoun will step down at the end of the year this follows the door plug blowout during the alaska airlines flight in january spiki speaking with cnbc yesterday, calhoun spoke out over who he wants to take the helm next. >> i want somebody to handle the big, long cycle businesslike ours it is not just the production of the airplane it is the development of the next airplane. our next leader will call out the next airplane for the boeing company. it will be a $50 billion investment that will happen on the next leader's watch i would like somebody who clearly has the experience inside our industry. >> in addition to the exit,

boeing announced larry kelner will not stand at the meeting in may. he will be succeeded by steve malinkoff. he will lead the board in picking a new ceo. also, president and chief executive of the airplane unit is leaving effective immediately and replaced by stephanie pope for more on the story, let's bring in tony bancroft and nancy tangler. good morning to both of you. tony, i'll start off with you. i want your take on what we heard yesterday. calhoun is retiring, but not until the end of the year. how do you feel about him continuing to lead this turn around effort? >> you know, thanks for having me i think the band-aid has been ripped off the announcement yesterday was

the beginning of how investors are seeing boeing transitioning. in reality, it is an orderly and stable transition. i think dave will be 67 in april. he was only going to go to 70. 18 months was the most realistic time t timeline for him this was announced a little bit earlier with the january insu incident this gives him time to get boeing back to the 737 production line back to stable >> does this give you confidence going forward over the fact he is retiring and the board is searching for a new ceo? >> for sure.

boeing is a large holding in our portfolio. we have been long-term boeing shareholders we like the secular and structural tailwinds in the commercial aerospace industry. >> you are a former pilot as well we will lean on your expect te expectations in a moment let's go to nancy. huge news related to the max with the january incident. you said you were concerned about the culture. i want to play another sound bite from phil lebeau and the interview. does this sound like the fix to you? >> when you work out of the position, the message you send to your people and maybe that work was moved with the shortage or maybe you are trying to fix something that was non-c non-co non-conforming when you send it down the line, it sends a message of i guess

the movement of the airplane is more important than the first time quality of the product. we have to get that in balance >> nancy, balance. that was an interesting take on that do you think this company for you to become a shareholder again, need to focus on the quality or they need to strike a balance? >> i found those comments befuddling what has he been doing the last four years is my question? i understand when you turn around a big company like this, it does take a tremendous amount of time. look most recently at intel after the bob swan tenure. that company had the brand they squandered it in my view, i love tony's thoughts on this, but in my view, the only reason this is not a $50 stock is because of the moat around the company. no competition, effectively,

except for airbus which has now surged ahead for us, it matters who the ceo is here. what he described to me are things he should have been doing all along. you know, his tenure has not been impressive. it would have been better to make a quick adjustment instead of the long, drawn out period of him handing over the reins. >> nancy, they did make one quick adjustment stephanie pope taking that over. does that give you confidence in the company to return as a shareholder? >> it could. i think what we are going to want to see is what is the next level announcement she has a finance background nothing wrong with that. what you are in which is an engineering company, you need to be immersed in culture she is a third generation boeing employee she has been there for 30 years. that is a good move on paper and

now we want to see some action and activity in the right direction before we step back in and do it a little more. the free cash flow issue is troubling to me. it declined dramatically >> tony, i want to come back over to you. you are a current shareholder. wrap it in a bow for us as someone who knows airplanes inti intimately with the culture issues and production issues, do you feel like they are on the path to turn it around and also take back some of the market share gains from airbus? >> you know, i think in my old life, you know, everyone is a safety officer in a squadron safety is paramount in aviation. i think everyone is pretty keen on that. you know, you have to remember to step back and see where boeing has come from they had two mishaps in 2018 and

2019 and on top of that, covid hits which is the worst downturn in commercial travel in history. boeing's production based on hul multiple factors, from 52 a month, and through covid, down to zero on the production line then increasing back to 38 just before a lot of dynamics in boeing and they had a lot of things thrown at them. particularly calhoun i think having a transition at the commercial plane business is going to be the key to this and stephanie pope is well liked within the company and she can lead to a change here and open and willing to explore different avenues is a good thing for boeing >> the first chapter of a long story. tony and nancy, thank you for your time. time for the check on the top corporate stories with

silvana henao. silvana, good morning. >> frank, good morning dell becoming the latest tech company to trim its head count the company reveals in the filing that as of early last month, it had 120,000 employees which is down from 126,000 a year earlier dell saying it reduced its work force as part of the broader effort to cut costs that included limiting external hiring and employee reorganization cleveland cliffs ceo talked with the federal government about ways to avoid antitrust issues for the bid for u.s. steel. that conversation took place during the interview yesterday his comments coming almost two weeks after president biden said u.s. steel should retain american ownership that is raising questions over whether the bid by nippon steel will close. the new york stock exchange

says it will begin the process for delisting. shares of fisker saying that move would trigger an event of default on some of its convertible debt the exchange said the automaker has a right to review the decision this marks the last etest bad n that fisker is looking to file bankruptcy >> silvana, thank you very much. coming up here on "worldwide exchange," the cnbc exclusive and major nocentanunme from the luxury real estate we will have that for you when "worldwide exchange" returns oc? [talkative stomach gurgle] you're right, i bet they deal with this all the time. dr. finley really puts you at ease. let's do it! you've got more options than you know. book now.

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work with principal so we can help you with a plan that's right for him. let our expertise round out yours. welcome back to "worldwide exchange." som time for the morning call sheet. morgan stanley raising the sea d seagate upgrade. mizuho with the buy rating and $70 price target on vegas sands. bernstein cutting tesla from $150 down to $120 per share the val suation is too high turning attention now to real estate. we have a major announcement from the leader in luxury.

diana olick is joining us now with the details good morning >> reporter: good morning, frank. home sharing platform picasso is announcing a shift in the business today the company, which facilitates high-end vacation homes is introducing listings with prices at $200,000. shares had been in the half million dollar and plus range. this home is newly listed at $375,000 for a 1/8 share the way this works, this furnishes and manages the home and you book through the pacaso app. >> you can afford more home when you buy 1/8 compared to purchasing the whole thing we're living in the environment right now where housing af affordability is a problem it is difficult for people to

avoid the home of their dreams >> reporter: unlike time shares and resorts, where you don't own the rproperty, you benefit from the value which usuallily goes up. >> our owners who have resold benefitted from 10% of fr appreciation above what they paid for the home previously >> reporter: p, acaso sees thiss an airbnb scheme on steroids there is a web site to stop the company now. a similar issue in california was recently settled out of court. the approach is to work with policymakers and educate them on the facts and benefits and over time, the model will prevail in addition to the cheaper homes announcement, pacaso is announcing a new suite of people

co-owning. >> diana, he mentioned affordability. given how tight the housing market is, how is pacaso finding the homes? does this help with the housing shortage >> reporter: it is interesting on the high end, there is more is supply on the market. there is a lot of those available and not as much competition and they have time to find these buyers as they move into the lower price homes, it will get competitive. he admitted that and says they will lose out on a home because they can't get the buyers fast enough interestingly, he said in the vacation home market, you have people who own vacation homes and decide they want to sell the shares off and use pacaso to do that that is becoming more prevalent. that is easier for pacaso to sell if they have a seller waiting for the shares sold.

for the housing shortage, if you have eight people good eetting together buying one home helps with the shortage. >> really interesting in the luxury sector. vacation homes harder to find diana olick, thank you time for the global briefing kospi hitting a two-year high. the index has risen 15% in the past year. the hang seng has had a 17% decline. xi jinping is set to meet with business leaders in beijing tomorrow it will include the presidents of the national committee on u.s. and china relations and china business council also in china, regulators are asking to speed up new loans to private property with

dwindling reserves it is looking to ease the liquidity squeeze as risk around asset quality continues to rise. china's new home prices fell in february for an eighth straight month. coming up here on "worldwide exchange," the one word that every investor needs to know about the day ahead and what cars and cpshi and groceries have in common for our next guest. we'll be right back.

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news we have been covering this morning. this is the live scene from the francis scott key bridge in baltimore which has partially collapsed with the rescue operation under way. the incident happened at 1:30 a.m. eastern after the cargo ship collided with the bridge. about 20 people have fallen into the water. we will bring you the latest as the story develops. time for the "wex wrap-up. adam neumann submitting an offer to buy wework for $500 million he has been looking to control wework since being ousted. and citigroup is announcing final layoffs. citi aims to trim the work force by 20,000 in the next two years. governor ron desantis signing the social media bill

which bans accounts for kids under 14 and requires per permission. and game storm's biggest gain since december. shares of digital world surging as it prepares to merge with trump media the company will begin trading on the nasdaq today under the ticker djt. and moelon musk is requiring all employees to install the devil-driving system it automates driving on all highways, but requires the driver's attention at all times. we will have data on durable goods and earnings from mccormick and gamestop the markets will try to balance back from the losses yesterday look at futures right now. we are seeing futures close to the highs of the morning

the dow would open 80 points higher joining me now is degas wright good morning great to see you >> frank, great being on with you. thank you. >> we're looking for a possible turn around tuesday today. give me a sense. how do you see today shaping up? what is your word of the day >> the consumer confidence will be reporting later today we are seeing that it will be below where it was last month. it will probably come in 106.5 or below the february number we are seeing the consumer is concerned about the labor market and the u.s. political environment. the fed has given a green light to the market with the fed chair's statements from last week we're seeing the market which is bullish and we're seeing this is seen in the net earnings

reinvestigati revision as technology >> the wex word of the day is confidence we were talking about hsbc raising the s&p target to 5,400 from 5,000 they see the index moving up to 5,700. we had dan ives from wedbush on talking about the adoption of copilot. >> we support that s&p 500 by the end of the year. 5,600 to 5,700 i had a conversation with a ceo of the manufacturing company he shared with me how they will use a.i. to increase what they are doing on the factory floor we are seeing a.i. throughout all industries >> i want to get your stock picks. you have a focus on free cash flow that is something we have talked about with boeing. you are connected with the con

va versations you are talking about the solid number with free cash flow for every vested capital i want to start with sprouts market that is a thin margin business why are you bullish on this company? >> sprouts is doing something innovative they are looking at fresh and local foods. they have a good use of floor space in the stores. if you ever go in, it is tightly and attractively aligned with their produce. lastly, they have a very innovative marketing online strategy this is a 37% gross margin that ends up being a 9% free cash flow rate of return on the invest of capital.

>> degas wright, it is always great to see you thank you very much. one more look at the futures. the futures in the green across the board. looking for a tuesday turn around right now, it looks like the dow would open 80 points higher. that will do it for us "squawk box" is coming up next with powerful, easy-to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley. icy hot. ice works fast. ♪♪ heat makes it last. feel the power of contrast therapy.

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good morning breaking news from baltimore the francis scott key bridge collapsed overnight after it was struck by a cargo ship we'll bring you the latest wework's ousted founder adam neumann has submitted a bid to buy the company out of bankruptcy citigroup completing the sweeping reorganization this week it will conclude after the final layoffs and reassignments. it's tuesday, march 26th, 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. let's look at how things are shaping up you will see green arrows with the u.s. equities this morning dow futures indicated up close to 90 points nasdaq up 100 points s&p indicated up 20. this comes after the second day of declines for the s&p and the dow. the nasdaq was down yesterday. if you have been watching the treasury market, you will see yields lower 4.238% for the