it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." markets are set to close out the best first quarter in a half decade another day and another fed official throwing cold water on rate cuts this year. those comments in a moment. historic day for crypto and sam bankman-fried is sentenced. and a bull on tesla. the worst in the s&p this year and it is getting a fresh ding from one bull.

and disney shares set to wrap up the first quarter with the proxy fight moving to the main stage it's thursday, march 28th, 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 with the check of the u.s. stock futures with the s&p coming off another record close. look at futures which are mixed. dow opening 20 points higher nasdaq in the red. s&p is flat. we want to look at stocks as they wrap up the week and month and quarter. the dow is up 5.5% the nasdaq is up 9%. the s&p, the best performer, up over 9%. off to the best start since

before the pandemic in 2019. and the stock we have been talking about a lot is super micro. it is up 250% for the year that is followed by old dominion and then nvidia and followed by constellation energy we are checking bond market yields the benchmark at 4.22. that is stable the last few days bond yields have risen 25 basis points for the year. we will talk more about rates in a bit. let's look at energy and oil with wti and brent up 13% and 11% so far this year on pace for the second positive quarter. both up this morning up .50% brent trading at $86.50 a barrel that is the set up.

let's see how asia and london is doing with arabile gumede in the london newsroom. >> frank, we will start off in asia it was a mixed quarter you saw a significant move with the hang seng out of hong kong the tech kocounters moved significantly. we are down 3% there marginal losses for the first three months of the year, but gains in japan and that market has been propped up 40,000 points that is a key mark 20% gained on that figure. a big gain pon that front. that entire market has been looking at the yen let's check on that. 152 is the key intervention mark by the bank of japan which could step in to buy more of the currency we sit below that figure at 151.

now on to europe and this is where we are looking today we had seen positivity across the quarter for europe, but record territory as well for the french and german markets. we are seeing that mixed picture with the ibex 35 out of spain sitting in negative territory. happy easter, frank. >> thank you very much. turning attention back to the markets. fed governor christopher twaller throwing cold water on the hopes of a rate cut. for more on this, let's bring in the vp of fixed income at goldman sachs. p thank you for being here. >> thank you >> let's talk about this a lot of rate rhetoric in recent days you look at the ten-year and

that has risen 25 basis points since the start of the year and since the start of february 1st. we have seen a broadening of the market give us a sense. what is your view of the overall market is the rally we have seen dependent on rate cuts or does the market continue to move higher on the a.i. enthusiasm? >> that's a big question markets are fast moving and information rich we have seen a lot happening over the first quarter we had no landing. you had disinflation confidence and reinflation worries. we had expectations for the central bank cutting cycles move back and move lower. against that back drop, what you have seen is interesting you have seen bond yields gravitate higher interestingly, risk assets have been undeterred by that. credit has moved higher. why is that? in my view, the inflation data

is good enough that you still will have central bank rate cuts this year. the growth is not too good that you risk reigniting inflation. if anything, it means government bond valuations are more attractive it is opening to add there are other opportunities to be had in fixed income >> i want your outlook for rates. where are you right now? do you still see the same number of cuts? will we see these cuts in june >> that's a good question. as the data stands, we still do anticipate that the u.s. central bank and ecb will initiate rate cutting cycles in june between now and then, we have several cpi prints with the employment cost index which is a key wage for the fed we need to see what happens with that at present, we anticipate rate

cutting cycles to begin this summer >> i want to come back to the equity markets for a minute. i want to get your take where brad gerstner is talking about the bubble. >> meta trading at 22 times. nvidia trading at 31 times these are not bubble territory you have to get your forecast right. we continue to own thoses n nam in our portfolio. >> he is saying the markets are not in a bubble. do you agree or disagree >> first of all, i don't work in the equity space on that front, the fixed income markets are opportunistic. i think the enthusiasm you have seen in the equity markets does rest not on the issues in the economy, but enthusiasm with the secular trends like the adoption

of a.i from a fixed income standpoint, this is ambiguous. we don't know the full impact on jobs and productivity. >> great to see you. have a great day >> thank you >> a quick programming note. watch cnbc.com for the pce report morgan brennan will be online with the number and news and the analysis full coverage starts at 8:15 a.m. tomorrow on cnbc.com. time for the check of the top corporate stories with silvana henao. silvana. >> frank, good morning discover financial announcing ceo and president michael rhodes is resigning and becoming the ceo of allied financial. rhodes was named ceo in december his departure comes one month

after capital one would buy discover for $35 billion s&p global cutting paramount global to junk citing pressure on cash flow with the continued decline in the company's broadcast and cable tv business. the company, which is controlled by the redstone family, has been weighing asale of the company. tiktok launching a more than $2 million tv ad campaign as the senate reviews the bill that could ban the app in the u.s the ads started running in montana, wisconsin and pennsylvania and ohio according to unreported data those states are represented by senate democrats who are running for re-election. >> silvana, thank you very much. we have more to come on "worldwide exchange," including the one word that investors have to know today. first, a landmark day for the

crypto sector as sam bankman-fried is sentenced for the fraud. we will see how long he can be going to prison. and first napster and then the moves on protecting the artists. and tesla's stock slides is the latest on the bull versus bear case. that's all ahead in the very busy hour of "worldwide exchange." we earn your trust. maintain our financial strength and stability.

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welcome back to "worldwide exchange." look at the dow year to date gainers. walt disney. we will talk more about the magic kingdom later in the show. followed by caterpillar and american express as well as merck. turning attention now to the crypto space bitcoin climbing back above $70,000. look at where it is moving right now. it is $70,740. sam bankman-fried is set to be sentenced today over the implosion of the crypto exchange ftx. we have mackenzie sigalos here with more. >> good morning. >> what are you expecting when this kicks off in court at 9:30? >> frank, this is sam

bankman-fried's final chance to make a direct appeal to the judge. this is an old-school judge who is a legend in the southern districts of new york. he had zero patience for sam's appeal on the stand in october can sam change the judge's mind? the only way he can do that is if he takes the stand and if this time around he accepts responsibility for what happened to ftx customers the judge will also give the government and defense one last chance to make their arguments without a jury in the room, there is nothing off limits. sam bankman-fried's attorney helped a previous client get a four four-year sentence it is possible the victims will take the stand from there, it is all the judge who gives long speeches with the

rulings like when he sent sam bankman-fried back to jail in august. >> what are you hearing in terms of possible sentencing what could this mean for the crypto sector? we saw crypto prices decline when this story first broke. >> in terms of sentencing, the max sentence is north of 110 years. prosecutors are angling for something in the range of 40 years to 50 years. the defense team wants 5 to 6 and a half years we are seeing people at different ends of the spectrum i spoke to former prosecutors and white collar defense attorneys and trial attorneys and the consensus here is they will see halfway between those two ranges something in the 20-to-30 year space. what does this mean for the larger crypto sector it means a good thing. we have seen record high prices

in last six months that speaks to the grifters wash out. >> thank you great to see you i know you are heading to the court room right now good luck. >> thank you. coming up on "worldwide exchange," as the s&p preparing to wrap the best first quarter in a half a decade, what jim cramer is saying fear of the b pullback is not an option. 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 we are watching shares of amazon this morning the stock coming off a 1% pop p yesterday after announcing it will invest $2.7 billion in anthropic. that startup is a competitor to openai's chatgpt amazon announced an initial $1.2 billion investment in anthropic in december. we have a news alert now around artificial intelligence and the biden administration laying out new rules megan cassella is joining us with more. >> the biden administration is laying out new rules with oversight and transparency and safety this will rare all agencies to designate a chief a.i. officer and board within the next two

months agencies will need to public an annual report on the a.i. use and managing risk and establish safeguards by the start of december the white house says these are rules meant to protect rights and safety for americans vice president kamala harris gave an example with if the department of affairs wanted to help diagnose patients, the v.a. would have to prove it is not discriminating on the basis of race or anything else. these rules were developed in consultation with the private sector and apply to the federal agencies at this point that will likely change, however, because the office of management and budget is looking to guidelines on a.i. use at private companies who work as federal contractors. frank, the administration wants these rules in place, but white house officials are encouraging the use of a.i they are planning to hire 100 a.i. professionals by this

summer and telling agencies to responsibly experiment with generative a.i. in particular. >> right now, the rules apply to the federal government, but in the near term, what does this mean for companies >> right now, you are right. it doesn't mean much for companies at the moment. on the one hand, they hope this becomes the model for how companies here and governments globally regulate use of a.i they also are going to start to regulate, like i mentioned, how federal contractors who have to follow rules these this also applies to the technology they are using private a.i. and they have to abide by the guidance as they use the privately developed a.i. system. >> megan, thank you very much. commerce secretary gina raimondo will have more on the biden administration roles of a.i. at the change makers event

which is taking place in new york on april 18th for more, scan the qr code. two decades after music piracy is threatening the use of tech, we have more with julia boorstin on the use of a.i.'s impact ♪ >> reporter: this may sound like demi lovato, but it is not it is an artificial intelligence generated song created by the dream track tool the company is partnering are record labels, including universal music, to create guardrails to protect artists from being exploited and enable them to profit from custom a.i. music. ♪

>> reporter: dream track, tested as an integration into youtube's tiktok rival, youtube shorts, allows a.i. generated songs with the voices of famous artists nine artists are participating and paid for the participation by youtube from john legend to demi lovato. ♪ >> a.i. is crazy >> reporter: we were the first tv journalists to demo the tool alongside a youtube creator who is part of the initial test. we asked to create a song about the stock market ♪ s&p ♪ s&p ♪ ♪ you're sweet ♪ >> reporter: two decades after music pieracy threatened the

industry, we have to see how these challenges are impacting the market >> i think you will see we work to try to understand where the opportunity is and to get out in front of it. >> reporter: youtube wasn't the first to experiment with a.i., but the artist grimes used a.i. to use her voice as to when youtube's dream track tool is available, the company is working on it >> we know there are challenges and a lot of work we need to do to get to the place where we will be able to fully scale a product. in other words, it might take time before you have the ability to make your own song. >> reporter: in the meantime, 100 of youtube creators and fans are getting a window into the future of custom a.i. music. for "worldwide exchange," i'm

julia boorstin comi . coming up on "worldwide exchange," what janet yellen is saying with the latest on china. and the annual list of women transforming business. here is wnba commissioner as we head to break. >> i was always very curious curiosity drove me, but confidence built me. i tell a lot of young women today to raise your hand and build your capability. good things will come. that happened to me. that's what happened to me in the wnba you need to effect change and transform a league i'm thrilled with where we are right now. it should be called wiffle tennis. pickle! yeah, aw!

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it is almost 5:30 a.m. here in the new york area here is what is on stage markets set to close the first quarter in a half deck as the best quarter in an decade. and we layout the bull versus bear case. and bob iger is preparing for the proxy fight to come to a head why iger is under pressured in the second stint as ceo.

it is thursday, march 28th, 2024 you are watching "worldwide exchange" here on cnbc welcome back to "worldwide exchange." i'm frank holland. we pick up the half hour check with the stock futures take a look at the dow which is off the highs of earlier today it looks to open up close to flat the s&p is lower and nasdaq is deep in the red. we'll talk more about that later in the show. stocks are looking to wrap up the week and month and quarter today. the dow up 5.5%. the nasdaq is up more than 9%. s&p is up over 10% its best start the year since 2019 we are looking at top gainers for the index. super micro up 250%. this is not a typo

we have talked a lot about the chipmaker. followed by old dominion and nvidia on the board as well. a different story with the magnificent seven and tesla. the biggest laggard on the s&p this year. down 27% dan ives is the latest to cut the price target on tesla. he joins the chorus of bearish calls from citi and mizuho key to the falling sentiment is the first quarter deliveries due next week. analysts cite more ev growth tesla's decision to give ap o one-month free trial of the self driving car as part of the latest efforts to improve the sales. let's start off with the bear

case with craig. your price target is half what the street is looking for here is that based on the slowdown of sales with the chinese competition or is there somethings else in there >> we see tesla being ove overvalued they don't have anything that toyota doesn't why trade at a massive premium you look at the growth company here, but there is no growth we will see continued price cuts this year. this price increase for april 1st is a bit of gaming to juice the numbers into a weak quarter. i think consumers expect price cuts later on this year. you will see more negative momentum in the stock. that is the most important thing. retail profits are up and that will drive the stock down. >> you are very bearish. let's go to the other side tom, your price target is 50% higher than the street you believe that people may be

overblown with the growth concerns europe is down quarter over quarter. we don't talk about that story you say the lofty valuation of tesla is 60 times forward earnings has nothing do to with evs? >> that's right. i agree with what your speaker was saying just now with what is happening in the quarter i think everybody knew q1 would be weak. a pull forward of demand into q4 because of the i.r.a there was the red sea impact on europe in february of this year. we know that things were slowing down model 3 and model y is saturated. the newer model is not coming until 2025 this is not toyota this is not a car business it is an autonomy business and energy storage business. i love to hear what your speaker thinks of the valuation of the energy storage going from 100 gigawatt hours to 20 terabyte

hours. we have not talked about autonomy giving sd for a month for free that could ignite volumes. >> you are throwing down the gauntlet, tom. craig, over to you the storage question first and back to self driving what is your answer of the fact he is basing the valuation on autonomy and storage >> autonomy and robotics and storage are the three subjects that people care about most. i'm the only analyst on the self side and street which worked in the battery and storage industry margins are razor thin a couple of years ago, you saw the exit of nec which dominated that market. a lot of froth in the business we have to be careful.

there are good companies out there. tesla is one of them you don't get to $600 billion valuation on storage that's not rational. boston dynamics is the winner. hyundai bought that from softbank it is not worth 600. this whole a.i. thing and if you are doing level four, it will consume more electricity to support the compute of that level for autonomy than the drive train. that's a non starter i look at this and say there are fundamental flaws and it is overvalued >> tom, he answered a couple of points he worked in the battery industry i know you are bullish, tom, but when it comes to self driving, have we seen other difficulties? some got out of the space with the trouble executing. >> i want to say energy storage

and tesla is making more profit on that business than they are on the car business. i went to the facility a few weeks ago and saw it and met with the utilities who suggest the growth there on fsd, it is difficult to do this that's why a lot of companies are pulling out of it, fsd, i want to correct the speaker, it is not level four. it is level two plus the 80% driving on highways. tesla is the only automated lane changing and exits for you the concern is the accidents on small roads. that is where you and i can take the car over the 80% of the driving on highways, i'm telling you this product is amazing you need to try it it is amazing. no other automaker has something on the road with this many miles. now they will get to try it and i think the pricing is too high. once they drop the pricing, you could get an autonomy for that

>> you are saying it is still in the early stages of self driving. that is the point you are trying to make. before i let you go, sometimes the stock trades on the delivery numbers. tom, what is your expectation for delivery does tesla meet those expectations >> i cut my estimates yesterday. i'm at 446 it could come below. i think if estimates are 461 as of yesterday, it could miss. the buy side is there. >> it doesn't change the bull case >> no. >> craig in. >> 440 it comes down to the tap up on prices in the u.s. >> if they beat, does it change the view >> doesn't change anything >> that's the bull and bears tom and craig, thank you, both. time for the check on the top corporate stories with

silvana henao. silvana. >> frank, good morning norfolk southern proxy fight is ratcheting up. ancora is pushing to nominate eight directors to the board alan shaw is firing back over the impact of the changes to shareholders listen in from "mad money" last night. >> we offered a settlement >> we offered a couple of board seats. >> you have? you went through the process >> we went through the process they are looking for wholesale change u.s. and china tensions is showing few signs of easing. janet yellen is warning of the solar panel surplus saying the country is treating the economy is a dumping ground for cheaper

and clean energy products. yellen says this is depressing market prices and squeezing manufacturing here in the u.s. which she plans to discuss during the meeting next week speaking of alternative energy, hyundai is considering plans to produce all electric vehicles at its new $7 billion plant in georgia speaking to cnbc at this week's new york auto show, hyundai's president says his company is preparing for a ramp-up in ev production even as adoptions of e vvs take a slower start he adds hyundai is committed to evs, but knows hybrids may be better for some consumers, frank. >> silvana, thank you very much. coming up, jim cramer has advice for investors worried about a pullback and the battle with bob iger and nelson peltz comes to a head. now it is time to separate the

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welcome back take look at the nasdaq 100 gainers to date. old dominion up over 100%. that is followed by nvidia and constellation energy. turning attention to disney. it is set to close a strong first quarter up 30% the best q1 performance since

2000 the stock still has more gains ahead thanks to the streaming business disney settling the tourism lawsuit over who controls the special governing district around walt disney world this comes ahead of the shareholder meeting next week with the proxy fight with nelson peltz. let's bring in jeff sohnenfeldt. he is also the author of the piece in the times entitled five myths critics get wrong about bob iger's performance at disney >> good morning, frank. >> this is a contentious situation. i was driving in and listening to youtube or spotify. disney is running ads for shareholders you are on the disney side based on the article the article cites disney under

iger's return up 27% over the other peers. where about this mindset come from >> it kams fcame from the maste illusion you have nelson peltz who has an amazing way with the locker room bravado and comically long tirades on social media to give you false data he wants to districftract from him himself. peltz has been down on 15 boards the only places that performed on him were at the boards that did not listen to him. >> you think the under performance is backwards you think nelson peltz should be criticized for the companies he

is involved with >> that is right, frank. i should ask you the questions your response is so much better than mine. the myths are ridiculous he says iger and disney is under performing they are soaring past the media peers. up 27% up now 30% thanks to the ubs upgrade. this has nothing to do with being stalked by peltz ubs did not upgrade with peltz >> according to the article, another myth iger overpaid for acquisitions we will look at your research. disney has tripled the investment in marvel more than that with pixar. that is what i think of as tent poles as the disney empire. you have math that makes it all make sense

>> drive through the article the money that they pulled in by selling right away with sky at $15 billion. you got $11 billion for selling off the regional sports network. selling to arts and entertainment and selling that off. they have great valuation and a big indian operation in star $12 billion there. the hulu valuation is $12 billion. this starts to add up after a while before you get to the franchises they get in the deal here some hottest properties have come in. this is quite valuable this is worth $74 billion and they paid 71 it is hard to say this is a bad deal nelson peltz confuses the math

>> you can't be that surprised we have the graphic. you're on cnbc all the time. >> at this hour? frank, i don't know how you do it. >> we have the shareholder meeting. i'm hearing ads and listening to the radio that disney wants to remind shareholders have vote by april 2nd. the myths you are talking about here and do you think that leads to the issue with peltz? >> disney will win out you look at george lucas, the largest owner and taking a look at the great legacy there. take a look at the folks who have lined up behind jamie dimon. this is an all-star board. i can't imagine a stronger board out there with mary barra and mark barker of nike and james

gorman of jpmorgan chase this is a strong board they have a great team if they needed to pick a ceo, they have a half dozen people to pick for people in the management team. >> we have to leave it there, jeff great to see you thank you very much. >> extra credit for you. coming up, the one word every investor needs to know today and our jim cramer weighs in on the possible pullback on stocks and what investors shouldn't do if you haven't already, follow our podcast on apple, spotify or other podcast apps. more "worldwide exchange" coming up after this. e's not a no look pass, double double, or buzzer beater he won't wax poetic on. ad nauseam.

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cut to junk after the broadcast and cable tv businesses with the latest poor review. and tiktok is reserving ad time in battleground states where senators are running for re-election. reddit's is looking to rebound from the slump shares are down more than 5% according to the filing, huffmann sold 500,000 shares on monday. and two spinoffs are set to join the s&p 500 next week ge and 3m. here is what to watch today. we get jobless claims andi fourt quarter gdp and pending home figures and earnings from walgreens before the opening bell. getting a check on the futures as markets repair to

cl prepare to close out the week and month and quarter. the s&p is lower with the dow in negative territory the s&p is on track for the best start of the year since 2019 as it comes off the fresh record close. jim cramer says the index could be due for a pull bback that is not necessarily a bad thing. >> we should welcome it, not fear it. buy, buy, buy. how can i cheer something to costs people money selloffs are inevitable never know when they will hit. we have to welcome them. >> joining me now is sylvia jablonski. joining us on vacation great to have you here. >> good morning, frank >> you just heard what jim cramer said. he also threw out shoutouts.

he cited peter lunchynch do you agree or disagree >> i agree the general thesis i have about investing is dollar cost average and holding for longer period of times is a good thing. the semiconductor stocks and the s&p in the broad based index is a good thing you have the opportunity to buy in and hold for a longer time and generate additional wealth i agree. it is fine it is part of the healthy market >> i want to get a sense of how you see today and the markets overall. what is the word of the day? >> my word of the day is actually quantum the way i see markets today is the absolute fervor and interest

in all things a.i. and a.i. is the tide that rises all boats. i think quantum is the next generation of a.i. you need it to process data and make changes in all of the sectors we have been talking about that a.i. has been impacting with drug discovery and curing diseases. you have to keep your eye on it especially if you missed out of amd and nvidia. >> you have an etf that covers the computer space qtum it is a number of stocks that touch that space one is ibm and microsoft and amazon these are tech names we know which one is the best way to play the idea of the prospect of computing going forward? >> the purest play in computing is a stock like ionq

that is a pure play quantum. they are helping companies like amazon and google and helping with the innovations they are poised to grow if this takes off. they had awesome growth. this is the first time revenues jumped 90% year over year. it is a field that can go from close to $1 billion now to $40 billion by 2030. th those are the projections. >> sylvia, it is really great to see you. again, your picks are playing on the computing space. enjoy your vacation. >> thank you we have a programming note for you. watch cnbc.com for the key data of the week. pce report morgan brennan will be online with the news and analysis full coverage at 8:15 a.m.

tomorrow only on cnbc.com before we let you go, look at fu futures rounding out the week and quarter. the dow would open up slightly higher we want to take a look at the other s&p gainers. the s&p on track for the best first quarter since 2019 super micro at the top of the list over 250% followed by old dominion that's going to do it for us have a great day "squawk box" is coming up next

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good morning at it again. we're talking about chris waller throwing cold water on hopes for a rate cut he is a hawk, but saying the central bank is in no rush details straight ahead. disney settling a lawsuit in florida in the first step toward reconciliation with governor ron desantis. a new call on tesla. we will talk to an analyst who is dropping the price target ahead of the delivery numbers

next weeks week it's thursday, march 28th, 2024. "squawk box" starts 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. today is thursday, but it is the last trading day of the week and last trading day of the quarter as well. let's take a look at where things stand right now for stocks looks like dow futures are indicated up by close to 20 points s&p futures are flat nasdaq is indicated off 20 points it comes after the rally yesterday. the dow and s&p turning positive for the week based on yesterday's results. you did have the comments from waller overnight that put a chill on things as