and rick santelli will be online with that number, the news, and the analysis that starts at 8:15 a.m. tomorrow morning on good friday on cnbc.com. here we go, last day of the quarter, joe >> do you still have easter egg hunts? >> oh, yeah, i got the eggs yesterday. we're making more eggs today >> 22 and 24 >> you never get too old for this stuff it's so much fun >> you're right. >> happy easter, everybody join us next week. right now, it's time for "squawk on the street. ♪ good thursday morning, welcome to "squawk on the street," i'm carl quintanilla with jim cramer at post nine of the new york stock exchange. david faber has the morning off. farewell, q1, it's good to know you. very good, in fact, all-time closing highs, best q1 for the s&p since 2019 the 14th best going all the way back to the 1920s. busy day today with fed speak, ecodata, and some m&a. our road map begins with stocks on track for a fifth straight

monthly gain as we wrap up march of q1. home depot announcing the biggest acquisition for them, buying building products distributor srs, more than $18 billion, including debt. and the sentencing hearing for sam bankman-fried due to get under way in new york city later on this hour let's begin with the markets, though, as we close out q1, jim. you've been talking about broadening, but yesterday was what an example of it. >> i would say, the banks, great. the industrials are great. there's some health care, like merck, that's phenomenal and entertainment company like disney, of course, we got proxy fight there. american express was amazing this quarter so, if you think about it, and caterpillar -- american express, caterpillar, disney, these are remarkable companies to be winning right here at a time when jpmorgan -- at a time when the fed's tightening or not loosening and waller says, look, we got to take our time. so, i think the fed really

misled you there were two markets there was the fed, which sent -- took you off the track, and then there were the earnings. that's why i mentioned peter lynch last night great investor at magellan fund. the earnings saved you if you watched the earnings, you did great. if you watched the fed, you should do another job, which is fine there's nothing wrong with that. people who follow the fed, they do it as a hobby, and it's great. but it hurts you and i just want people at home to understand that in the end, if you follow the companies, you made a lot of money, and if you followed the fed, you stayed out of the market, and i think that's really important. >> yeah. it is interesting this morning to see the futures at least sort of look past waller last night as he said, no rush to cut some of the price tends, disappointing. wants to see a couple months of better data. here's what waller said. >> in the absence of an unexpected and material deterioration in the real

economy, i'm going to need to see at least a couple of months of better inflation data before i have enough confidence that beginning to cut rates will keep the economy on a path to 2% inflation. >> and of course, we just got revisions to q4 consumption, at least, up 0.3. >> and tomorrow, good friday, we've got great reporting here, and it's going to be -- those numbers will be hot. pce. and all you need to do is just listen to steve squeri at american express or gary friedman at rh i sent him an email and said, i guess "happy days" are here again, because the cadence of homes, which are, by the way, the 30th -- he said, it's been 30 years since homes have been this bad the cadence of his business went up dramatically, which is really good news. >> rh is going to open up 10%. b of a today reiterates a buy, say they think demand could

outpace revenue by 4 to 8% >> gary said, you know what, wall street? to hell with you he's opening stores everywhere they're not stores i'm sorry. they're basically museums to furniture. i think he's an amazing merchant, and he's reinvented himself. he talks about picasso, you have to destroy yourself to reinvent. if you want a treat, read his letters, and if you really want a treat, read what he says to analysts who don't get it. >> one of the best we get. >> well, we expect conditions to remain challenging until interest rates ease and the housing market begins to rebound. we expect our demand trends to accelerate throughout 2024 due to the extensive transformation of our assortment, we do expect revenue to lack demand by 4 to 8 points until we read and react to new collections, reduce back orders, and shorten special order lead times. therefore, we will be guiding

and reporting both demand and revenue growth each quarter during fiscal 2024, so shareholders and investors can accurately analyze the business. >> he's got the source book coming out soon. he has this rollout of -- just rolled out cleveland he goes to every area that has wealthy people and puts his places in. point-blank, it is all wealthy people, because this stuff is expensive. this man has a vision, paris, london he wasn't really happy with lo london, but they're doing this incredible place that's like -- what's that bond house dark fall, whatever? he's got this great place in the country. itc i have to applaud him. everyone wrote this company off a second time, and he has what people want who are wealthy, and he recognizes that there's a class of people everywhere around the globe that wants this

stuff, and he's really the only one. so, i think this is a great story. and i think it's been a while. gary had been so down beat on his last calls that i would send him an email and say, gary, you got to cheer up. i would send him something my wife had bought that just made the quarter for him. and now, he didn't need my wife to make the quarter. >> you mentioned the enthusiasm out of rh. you talked about the multiyear highs in energy, financials, health care, materials, but jim, year to date, total return nvidia, is 80%-plus. >> well, i mean, that's disappointing, because a week ago, it was much better. look, i started recommending nvidia three and a half here, and when it dropped to three, i was widely pilloried but if you look at what jensen's doing, and you read between the lines about the anthropic deal, now, anthropic committed -- >> your biggest venture ever

>> anthropic runs on nvidia. they're the base customer. when you look at nvidia, you say, what are they doing well, how about they're dominating in this space and they're dominating with google, amazon, oracle who else do you need microsoft. everybody is -- they all run on nvidia and if you think it's going to be a commodity, doesn't matter you have to run on nvidia. and the thing is that now, what you're doing is you're feeding movies to nvidia you're feeding stills to nvidia. you're feeding every book to nvidia, every article that's ever written that all goes to this blackwell, and blackwell can basically, you know, i'm glad david faber's not here, because blackwell is smarter than we are. he also knows what we want to drink. it knows what we want to eat if you look at chipotle, which is really good piece today, very positive, they have amazing throughput if you were to merge what blackwell can do, which is their

high-end chip, with what chipotle can do, because they're very good about tech, you could have a store that only has a couple of people it would be what i -- i don't know if you remember it would be the chef of the future lucille ball >> right yes, with the -- speaking of easter candy by the way, you mentioned oracle deutsche adds to the fresh money list today my question is, do you feel the need to pivot as we turn the page here, the calendar page, away from some of the mag seven and towards some of these other -- >> yeah, i do, because these others, when you get a home depot making this acquisition, you got caterpillar's had a big move, but that means there's a lot of other stocks that go through it there's a piece about datacenters, largest users of copper i'm going short ftx and long fcx. i think we're seeing a lot of companies that have been dogs move up. estee lauder, one of my worst picks, what a pivot going into

amazon from being travel, resort, and china. kimberly clark is another good one to watch colgate, which rings the bell today, another good one. you're seeing it broaden i thought this was incredible. morgan stanley likes -- they like sl green. i thought they went out of business >> we mentioned the sl green barclay's upgrade yesterday. >> sl green went out of business and it's almost 100% occupied. i'm just joking. sl green is an amazing company, and you have to go to grand central to know, and i know that's hard for a lot of analysts to do modelo -- constellation is going to be number one because bud lost so much shelf space, and i just find when you see minorfol southern go up, and draftkings making a comeback, and wells fargo do well, and jpmorgan -- this is a follow the leader, but the leaders are everywhere, and let's let mag seven rest a little bit let's let it rest. we don't -- it doesn't have to go up every quarter. >> and let the troops joining

the generals, as they say. >> you don't -- now, i went to mark zuckerberg, because i thought it was photoshopped that he was with jensen, because jensen was not wearing the telltale leather jacket. indeed, it is zuckerberg >> they switched >> yeah. yes. indeed and that is another client that may be -- when i asked jensen about, would andy jassy, who runs amazon, would he want blackwell? he said, he'll take every one. i mean, you've got these people -- you can't -- if you sell nvidia, i do want you to still send me that invitation to your funeral don't tell me exactly what date, because i'll be able to guess it but i do think that one has to win, just because the demand is great. now, salesforce, quietly, has lined up a bunch of companies for the enterprise that they are going to use announcement's coming. snowflake, google is going to be in it. amazon will be in it so, there are a lot of -- these

second tier -- servicenow, doing in incredibly well. bill mcdermott will be on soon we have a lot of companies doing well so that maybe you can buy the ancillaries. >> right >> but jb hunt was one of the best performers. that's incredible. i had norfolk southern on. they're in a proxy fight, and they're doing great. i mean, there's just -- and intermodal look at that winner list merck, last night, rob davis said on the show that this medicine that affects is boutique, that it actually could be expanded and really end the hardening of the aorta, the hardening. that would be the end of congestive heart failure he mentioned that he thought that keytruda might cure cancer. i'm listening to this man saying, listen, we could get a solution for congenital heart and cure cancer? i mean, merck should be at $200 if that's true st. merck. >> it was a good interview last night, and i know you got

walgreens' tim wentworth tonight. we're going to get to that quarter and the guidance in a moment >> he has a little explaining to do about some things that were bought last year meanwhile, it is sentencing day for ftx founder sam bankman-fried. faces a maximum sentence of more than a century behind bars we'll take you live to that scene. in the meantime, futures looking okay coming off the 21st closing high of the year so far. more "squawk on the street" straight ahead they're waiting for you. hey, do you have a second? they're all expecting more. more efficiency. more benefits. more growth. when you realize you can give your people everything, and more. thank you very much. [applause] ask, "now what?" here's what. you go with prudential to protect, empower and grow. with everything you need to deliver, you guessed it... more. one more thing... who's your rock? learn more at prudential.com

rylee! from rylee's realty! hi! this listing sounds incredible. let's check it out. says here it gets plenty of light. and this must be the ocean view? of aruba? huh. this listing is misleading. well, when at&t says we give businesses get our best deal, on the iphone 15 pro made with titanium. we mean it. amazing. all my agents want it. says here...“inviting pool”. come on over! too inviting. only at&t gives businesses our best deals on any iphone. get iphone 15 pro on us. (♪♪) trading at schwab is now powered by ameritrade, giving traders even more ways to sharpen their skills with tailored education. get an expanding library filled with new online videos, webcasts, articles, courses, and more - all crafted just for traders. and with guided learning paths stacked with content curated to fit your unique goals, you can spend less time searching and more time learning. trade brilliantly with schwab.

business. it's not a nine-to-five proposition. it's all day and into the night. it's all the things that keep this world turning. the go-tos that keep us going. the places we cheer. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. see why comcast business powers more small businesses than anyone else. get started for $49.99 a month plus ask how to get up to an $800 prepaid card. don't wait- call today.

♪ ftx founder sam bankman-fried set to receive sentencing today in a manhattan federal court months after being found guilty of orchestrating that fraud that prompted the

collapse of his crypto exchange. kate rooney is outside the courthouse this morning. >> reporter: good morning. we saw sam bankman-fried's parents arriving at the courthouse this morning ahead of today's hearing, bankman-fried's crimes carry a max sentence of more than a hundred years. the prosecution has recommended 40 to 50 years as they put it, he understood the rules but decided they did not apply to him they say that sentence is sufficient and severe enough to provide justice and to dissuade others from committing similar crimes ban ban b bankman-fried's lawyers describe him as a complex and humane person, not a villain. they claim the $10 billion loss figure is overstated and the harm to customers, lenders, and investors is zero because the money has largely been recouped. they blame the chapter 11 team john ray, the new ceo of ftx, in

a letter to the judge, called those statements categorically false, called the exchange when it collapsed a metaphorical dumpster fire. this debate over losses is going to be key. typically, the larger the loss, longer the sentence. while customers could get a dollar value of their accounts back, the time ftx collapsed, they won't get their cryptocurrency, meaning some missed bitcoin's 300% rise since then the judge has sole discretion in that sentencing, but the fact that bankman-fried testified, intimidated witnesses and p perjured himself, kcould have implications >> they claim he never valued or decided great personal wealth or status does that ring true? >> reporter: yeah, they talk about the fact that they say he was not motivated by greed, which is complete opposite of

what we heard from the prosecution. they talked about the multimillion dollar penthouses he was buying in the bahamas, and they said sort of greed looks different for different people he may not have been driving a lamborghini, but the prosecution describes that as immense greed, that he was doing these campaign donations and violating campaign finance laws, all in the name of, you know, really his own ego, and that's sort of how they described it it might not be the traditional sense of greed, but that's what the prosecution has argued the defense, meanwhile, says that he had this moral compass we heard that through some of the witness letters, looking for leniency, including from his mom who talked about he's a precocious child, cares about other people, and they've tried to show the other side of sam bankman-fried. it's up to the judge at the end of the day he saw sam bankman-fried on the stand potentially perjuring himself. experts i'm talking to say that's really going to weigh on this sentencing, the fact that he may have committed a crime in front of the judge could end up adding decades to the sentence >> all right, kate, you've covered this really well, so let me ask you a question.

i once had to give a speech for the prosecution in a federal case, and i was impassioned about it, and i know that ten years were added to the person's sentence didn't expect that but is there any chance that there could be -- that the judge might say that the prosecution is too lenient >> reporter: yeah, that's a possibility, jim we've heard from victims we expect to hear more today, and that could influence the outcome here we've heard from about 100 victims so far in some of these letters. some of them have been really passionate the judge could say, you know, he's a young guy that's some of what the arguments in these letters have been he has a lot of potential. he had the potential to commit severe crimes, but is also, by a lot of accounts, a brilliant young person, and to put that type of person sam bankman-fried is, with that amount of potential and intelligence, in jail for this long, it could, depending on how you see it, be a disservice to society, which

is what at least his mother has argued, which you can understand where she's coming from, but we have heard that, and that could also -- how young he is could also play into this. they may not want to send him away from life, which is what i'm hearing from experts the consensus is really 20 to 30 years. >> right lex luthor was a brilliant man >> kate, it's important that you're there for us today. really appreciate that we look forward to checking in with you throughout the morning. when we come back, cramer's "mad dash. we'll count down to the opening bell with one more look at the futures ts nadaof1. onhifil y ♪ this is not just another e-class. because it evolves with you. it adapts to you. engineering. it is the first e-class made just for you. for you. for you. this is not just design because your e-class... it adapts to you. it recognizes you. understands you. empowers you. energizes you. feels you. it evolves with you. the new e-class.

♪ ♪ (grunting) at morgan stanley, old school hard work meets bold new thinking. (laughter) at 88 years old, we still see the world with the wonder of new eyes, helping you discover untapped possibilities and relentlessly working with you to make them real. old school grit. new world ideas. morgan stanley.

stevens dribbles up the court... he stops! ...for the championship! nice shot, marcus! sweet, turn simulation off. tssk, tssk, not so fast. what, why? did you forget marcus? forget what? your chem exam? uggh? flashcard time! the atomic weight of boron. the future isn't scary, not investing in it is. 100 innovative companies, one etf. before investing, carefully read and consider fund investment objectives, risks, charges expenses and more in prospectus at invesco.com. you know doug, ever since switching to workday you've been a real rock star. rock star? what do you know about rock stars? billy idol? i mean where's the skin-tight leather? my shoes are leather. where's the unnecessary zippers? that thing! billy, rock star is just how doug feels when he uses workday. thanks, rory. i'll show you rock star! be a finance and hr rock star. workday. for a changing world.

billy idol just stole your golf cart! let's get to cramer's "mad dash" and wait for the opening bell here. >> wow okay walgreens, here's the man, tim wentworth, he wants to put everything behind him, and he wants to do it now he is -- well, we don't know he's taking big writedowns for village md, and apparently summit md. he's just getting out of that doc-in-the-box business. he had a lot of sencora shares, so he can sell that. people don't like the fact that he -- the guidance wasn't good but i would say this about tim, who's going to be on tonight he bit the bullet.

he's making it a clean break with the past, and he had to some people are saying that this gives the game, set, match to cvs. i say, look, he wants to get out of a business that was really terrible, that was added on. the only problem is they just did it last year, but he wrote -- worse than goldman-sachs is the way i look at this. >> retail pharmacy comps, though, up four-plus >> yes, and he's going -- my understanding, you're going to go into the store, not pass the cheez-it aisle anymore, and you're going to get your glps there, all pharmacists, it's going the place you get it amazon might be able to beat them i don't know but wentworth is an operator, and he sold express scripts for a large amount of money. he's brilliant this is exactly what you have to do you have to do a total reset, and he's doing it. we had three walgreens -- third walgreens opened up next to us i went to the ceo and said, you have three within a block. he goes, concentration

>> i know you've been excited for his tenure to begin. >> i love him, because he's just -- he's a big thinker, and he basically is going to say, we are going to win, and it starts today. that's why he's coming on. >> we look forward to that tonight on "mad money" at 6:00 we'll get the opening bell in about five minutes.

-so, what's the code? -it says 547. 5-well, that's not working. dad, she really needs to pee. [baby crying] we're gonna get in in a minute, okay? -it's not opening. -well, i'll call. representative. [baby crying] speak with a person. [cs line] you are a valued customer. representative! we can go in the window. (♪♪) daddy! just a moment darling. meanwhile, at a vrbo... when other vacation rentals leave you hanging, try one where you can reach a human in about a minute.

>> announcer: the opening bell is brought to you by nuveen, a leader in income, alternatives, and responsible investing. let's get to home depot and its largest acquisition ever the retail giant buying specialty distributor srs for more than $18 billion, including debt deal comes as hd looks to capitalize on the growing business with professional contractors, jim, and decker says this could increase that t.a.m. by $50 billion. >> it's incredible the total adjustable market is a trillion i had builders for a source on, which has been one of the best stocks in the s&p for years and years, and that's the nation's largest supplier of building products, serves the professional market for single-family homes. they're crushing it. maybe this is also a way to be able to blunt them

i think the world of home depot, i think they're amazing. this is going -- remember, we are in their christmas season. gardening starts in another four weeks. this is a terrific, terrific move by them, because now they'll really kind of just say, you know, we have every base covered. i don't know what marvin ellison can do with lowe's, i mean, lowe's does a lot of do-it-yourself, but what can i say? i've been waiting for somebody to blunt this builders first source, which i love 29,000 people. maybe this does that actually, home depot doesn't need to blunt anything that's how powerful they are, but i think ted decker is fantastic. >> page one of "the ft" this morning is about q1 m&a blockbuster deals. >> the jeffries quarter last night was so remarkable, and they're saying the credit market are going to be great. this kind of -- the takeover market is going to be great. it was an extraordinary quarter, and that's going to be the beginning of what i think is going to be some amazing quarters from a lot of the companies in the banking

business, because there's so many deals read that jeffries quarter, people that's an amazing quarter they put together richard handler. >> and, of course, financial earnings for q1, not that far away as we wrap up q1 today. let's get the opening bell at the big board, it's elta md, a colgate palmolive brand. at the nasdaq, a clinical stage oncology company celebrating its ipo. jim, we try to hang on to double-digit gains for the year so far >> what can i say? the broad nature of it is really extraordinary. i think that one of the -- i tell you, one of the question marks is, will amazon be the company that is -- of the magnificent eight, as you retweeted this morning the reason i say that is because one of the things people may not realize is claude 3 is just amazing. that's anthropic

it passed chatgpt. they're now the number one in the chat arena amazon, we know they put the money with it -- >> almost $3 billion >> incredible. and claude 3 is funny, great prose. it's very colloquial it has fewer hallucinations. chatgpt is incredibly dry, wooden, sounds like a robot, and gemini is a powerpoint and so, if you want to have some fun, go to cloud 3 i mean, i use claude 3 now instead of search. i started with claude 3, because it's entertaining. >> does that mean you're less positive on microsoft? >> i think that they had the microsoft pc coming out, and that's going to be amazing i am less positive on google now, there's a note today by michael nathanson, whom i love, saying youtube is really good, so don't worry about it. but i think search -- and it questions whether search is existentially challenged i don't go to google search

first anymore. i got to go through 50 ads when i go to google i don't want to do that. chat is good but claude 3 is like going -- it's -- you're speaking to claude 3, and it's speaking to you, and when i watch these anthropic guys, they really know what people want so, amazon's going to be the winner in this that's why amazon, again, we're going to have to ask tim wentworth, when i speak to him on walgreens, how do you blunt amazon pharma? how do you do it they're amazing. jassy wants to own that -- well, jassy wants to own everything. >> especially after the initiative announced yesterday regarding basically minute-away delivery on pharma >> i ordered dove soap right before i started my 8:00 block, and when i got home, the dove soap was there >> it is easier than going to the store. >> how did he do that? here's what i think. they have a.i., and they knew that i needed dove they knew i had a rash from the soap my daughter bought me, and they gave me -- unfortunately, though, i ordered ten of them. i didn't know they were six

packs, so now i'm a dove distributor in southern new jersey >> if anybody needs soap in brooklyn, go to jim's house. >> i'm the guy i'm the guard. it really is amazing what he is doing, jassy >> yes although, jim, bespoke, interesting figure, five of seven. five of the mag seven are underperforming for a positive month. that hasn't happened in a couple years. >> that money is going to places that we would never dream. the money is going to colgate. rang the bell. money's going to american express, just incredible merck is too up. if you have colitis under control, heart disease under control, and you have cancer under control, i mean, what are we going to say? how can that stock be only where it is? in the meantime, i know i say apple, own it, don't trade it, but we had another downgrade today by another outfit, and apple seems like the pitiful, helpless child right now >> there's this digitimes piece

suggesting that a foldable phone gets pushed to '27 is it the next titan >> i think that vision pro is going to be the shocker. people are going to be surprised. it's business-to-business. by the way, tim wentworth, we mentioned him, that stock is going higher when you write down everything that your predecessor did, and you have a clean slate, that's not negative that's positive. he made a great sale he's going to turn on the juice tonight. but apple, no. i mean, i know -- look, the long knives have been out for apple china's not good estee lauder is going into amazon, and tjx, because they've got a problem. >> wba is the number one s&p'er this morning second is estee, based on that upgrade we talked about a moment ago. >> they need to do something because you can't do free in china. i didn't think they would go amazon and tjx >> did you check out this tweet from ambassador rahm emanuel to japan, about the lavish dinner, he says, that xi gave for these

ceos and basically called it an offensive -- charm offensive, because on the one hand, you're issuing sweet words and then green lighting cyberattacks. >> yeah, i think it's a mixed blessing here, because the chinese apparently are behind a huge number of the hacks i have all the cyber guys come on but i want to see them, you know, dr. borla was over there for pfizer, tim cook a lot of guys who he needs to have more business done. he needs to have someone open a new factory in china no one will do it. no one will do it. and meanwhile, gina raimondo, denying them any of the chips that you need for a.i., and the chips from a.i., unless -- taiwan -- we want taiwan not to be challenged, obviously, but xi is in trouble. >> yeah. our michelle was on "squawk" today. she spoke to one of the ceos that was present and said

business sentiment there is terrible and remains terrible. >> if you open anything there, one of the -- the only thing that i think that biden and trump are really united on is how much they really despise china. despise. and we know that there's been -- that president trump -- i mean, when i spoke to president trump in the early 2000s, he told me, he said, jim, look, china is horrible they are our enemy he's only hardened his position. raimondo is going in a much sophisticated way, going through intellectual property, but everyone's afraid to open a factory. any factory that opens will be in mexico. >> jim, new york fed, earlier in the week, had a piece about china's efforts to revamp, say, manufacturing and output, and the impact that might have on global commodities watch oil today. we have this chatter about the first golden cross in a couple years. >> copper is moving up, but that's because of datacenter use, not china, which has been the single biggest user of copper china, of course, building a coal plant, constantly building

coal plants, one of the reasons why we have climate change president trump doesn't believe, i think, in climate change, but i think if you -- the norfolk southern is going to pick up a lot of the coal business from csx, and the coal business tends to be related to china and india. >> right meantime, jpm issues a warning of sorts that you could see crude get to $100 before the election, based on some of the russian production cuts. do you think that's too much >> i think we have so much in the permian that we can turn it on builders first source, by the way, down off home depot just want to point that out. i do think that we can make up whatever oil is needed we can keep oil at, say, $80 or $85. the only thing i'm worried about -- my friend rusty brazil came out and said that -- i'm going to say this, but it's true -- we have a total eclipse of the sun coming up, and that's going to hurt the solar industry >> more than yellen's comments yesterday about chinese production >> yeah. i mean, the solar -- that's going to be a bad day for solar.

that's a good day to buy the solar stocks, though i do think that the energy business -- when you have marathon pete, a refiner, being a top five company in the s&p, i mean, wow. that's how diverse things are. you have trump, refiners, banks. i mean, you know, it's an incredible moment, and it's a broad moment, but then again, we have waller. look, i think that you have waller, and you make nothing well, you have waller, you make 4.7, and you have the rest of these, you make, like, 20. >> watch tesla today lot of commentary. rbc cuts delivery numbers. do i deutsche cuts delivery dan ives cuts to 300 nightmare quarter. >> he's going to wear a pink jacket >> a great macro look at evs, saying evs are at a turning point. we prefer hybrids. their bear scenario of negative deliveries this year is more likely, they say >> "detroit free press" today

with an article today about how the ford 150 lightning plant, they're going to do nothing. that was the hope. you know what? they have the bronco, and they have the ranger. they obviously have lots of f-150s that are i.c.e. i think this is good -- i own ford i saw phil lebeau, because i own ford for the travel trust. this is fabulous >> this is the jonas playbook, like the optionality -- >> jonas got it right. jonas is -- i haven't seen a thing from jonas in a day. what's going on there? actually, it's been a couple weeks. i think jonas's ford call is going to go down as one of the great calls. gm's buyback is amazing, but tesla, i don't know. i mean, musk is interested in other things right now he doesn't like bob iger >> no. or disney, i think, necessarily. although we did get this settlement with the desantis -- >> how about that? i think that bob iger is -- doesn't want -- here's something i picked up. he doesn't want nelson peltz on

the board. >> iger? >> mark my words can you believe how bitter -- it's even more bitter than norfolk southern by the way, it's a very, very bitter proxy fight this one's the most bitter of all. >> there's the thr piece from yesterday. bob iger basically argues that the board is going to take a firmer hand this time when it comes to things like this. >> the board is filled with heavyweights, but a lot of them are, as nelson peltz would tell you, really busy at their own companies. you know, when you have katz, she's crushing it at oracle, but you have mary barra crushing it at gm. i'm not calling for a full board of council of foreign relations and avon representative, which is what they have, who peltz wants, but i think these people are -- they need some people who basically -- like gorman, like rasulo, like peltz look, peltz concentrates his mind i went to the ceo of procter, and the chairman

they thought he did a great job. >> do you want him anywhere near programming decisions at the studio >> i want him to help to get the search -- there's a -- i know sonnenfeld is getting calls from the great destroyer of everything or whatever, but i want the board to offer advice on issues involving process, and that's not making movies issues involving how do you cut costs or, personally, how to have a succession? jeff sonnenfeld taught me that's the most important thing they obviously don't know how to do succession. i'd rather have shiv >> i knew there was going to be a -- >> shiv lives in brooklyn, for heaven's sake. >> reddit's under pressure the huffman sales were filed before the ipo >> yeah. just had that bad feel when it comes out. but look, if they can make money, the stock will go up. they have more revenue than trump's company. >> which you have been pretty

clear is -- >> well, i think that's not a company. that's a campaign finance. >> a keepsake, as you did call it >> yes, and i think that reddit is something that is -- they've got to make money, but i think that owning the -- a piece of trump, if you like trump, owning a piece of the company, i guess, is something you want to do. i'm not recommending the stock, just to be clear >> right speaking of insider buying and selling, snowflake's new ceo, ramaswamy, bought some >> by the way, benioff and ramaswamy, when ramaswamy was at google, made a deal, so i think snowflake and benioff are going to have a good -- better relationship than i even thought. when i say -- i've got to tell you. he's a bullish story if you want to -- don't know whether you really want to be in -- be all a.i., you rent a.i. with snowflake, and you find out whether you want it, and you call bill mcdermott at servicenow and call mark for

data there's a lot of good things happening when it comes to snowflake, which, by the way, i was very upset when frank slootman resigned. i knew he was going to that's what he does. int but slootman is one of the greats >> do you think the next chapter in a.i. is going to be about enterprise stuff >> that's exactly it >> or is it going to be more about whatever apple may say on june 10th? >> well, apple has to -- they have to align with nvidia. i know that that's not their thinking i know that's jensen's thinking. jensen did a great takeout in his keynote about apple, but apple is, you know, marches to its own drummer, and they don't necessarily have to do anything. they can ride things out but i think business-to-business initiative by apple, when it comes to the vision pro, would be, instead of $350,000 would be $3.5 million >> reminds me of the day where the ipad was talked about, by apple, as a big enterprise tool. it was going to be lighter on airplanes for pilots, things

like that. >> well, i just think that if you're siemens and building these digital twins, everybody would be doing it on the vision pro. if you're carvana, one of the great stocks of all time, if you want to buy a car, you send people the vision pro, and they get to step in the car, decide if they like it, which is all you do you put a chair in your room, feel like you're in the car, and then you order the car and more than likely, you'll own the car. there are a lot of companies that can use vision pro. if eddy cue is listening, this is your chance >> and i know you've been talking -- you thought a lot about the vision pro's role in, say, pro sports. what a day it's opening day rubenstein is going to get the os you got the wizards-caps, staying in d.c >> by the way, you have a zaslav-like seat, mid court seat, if you're wearing the vision pro, and they do it right. zaslav is a big knicks guy, but i've got to tell you, if you do

vision pro soccer and vision pro basketball, and then if you do vision pro for your fantasy, not, of course, prop player, college, fantasy in the fall, this could be so big but i have to quit here and go run the vision pro division. actually, i think i could run it -- with jensen, i could run it in my spare time. >> the ncaa prop bet ban would that have negative -- draftkings isn't lower on that >> 1.2%. doesn't matter but i think people have to recognize that you can't gamble if you play. that's out and i use the -- i use the sports app i watch the -- they send you a note, saying, hey, the sixers are about to win close game i think apple -- you want to bet against apple here go ahead you might -- just tell me when you're going to buy it back, okay give me the buy side, not just the sell side. >> jim, some of the glp-1s, this piece yesterday about the

study -- it was in jama -- that argued it's making a month's worth of supply of ozempic could cost the company as little as 89 cents. >> we don't know what the real price is going to be there are going to be two plants in north carolina for david ricks and a plant over in europe those are being done by big, big contractors to get this thing done look, there is -- there is very little zepbound in the country right now. you didn't get zepbound. we're going to ask wentworth from walgreens, do you have zepbound it's almost impossible they're doing a lot of wegovy. but this drug is going to be the biggest of all time. >> but you don't think it's worth asking any questions about, i don't know, predatory pricing? >> well, we have to get discounts for it i know rob davis is going to have to probably set some discounts for that amazing drug that he had. the government's going to have to play a little more hardball, but these drugs are -- people are talking about these drugs being additive to gdp.

i know that larry fink referenced them directly as being a reason why you got to worry about your retirement, because you're going to live longer larry fink, by the way, didn't get enough credit for his incredible -- it was a screed saying, come on, people, start saving, and not just on bitcoin, although he's very pro-bitcoin >> one of the most important reads of the week. speaking of data, we did get gdp and claims from santelli earlier and now chicago pmi. good morning again, rick >> good morning, carl. this is a surprise chicago pmi give us a glimpse of manufacturing, expected to be 46, which in and of itself is below expansion of 50, but this is well below. 41.4 this is the lowest level since may of last year closing in on a year you can see that yields have slipped a little bit after this number hit the wires and preopening equities -- i'm sorry -- equities already open have popped a little bit we still have more data to come in the form of penny and home sales and university of michigan sentiment on our final march

read, which includes a couple inflation metrics, so the day is long way from over holiday closures tomorrow. we'll cover the big number on cnbc.com, but chicago pmi, a miss "squawk on the street" will return after a short break so this is pickleball? it's basically tennis for babies, but for adults. it should be called wiffle tennis. pickle! yeah, aw! whoo! ♪♪ these guys are intense.

we got nothing to worry about. with e*trade from morgan stanley, we're ready for whatever gets served up. dude, you gotta work on your trash talk. i'd rather work on saving for retirement. or college, since you like to get schooled. that's a pretty good burn, right? got him. good game. thanks for coming to our clinic, first one's free.

they're waiting for you. hey, do you have a second? they're all expecting more. more efficiency. more benefits. more growth. when you realize you can give your people everything,

and more. thank you very much. [applause] ask, "now what?" here's what. you go with prudential to protect, empower and grow. with everything you need to deliver, you guessed it... more. one more thing... who's your rock? learn more at prudential.com tomorrow watch cnbc.com for the most important data point of the week they'll be online with the aliser and news and full

anys full coverage begins at 8:15 eastern tomorrow when we come back, stock trading with cramer. this listing is misleading. well, when at&t says we give businesses get our best deal, on the iphone 15 pro made with titanium. we mean it. amazing. all my agents want it. says here...“inviting pool”. come on over! too inviting. only at&t gives businesses our best deals on any iphone. get iphone 15 pro on us. (♪♪)

you know what's brilliant? boring. think about it. boring is the unsung catalyst for bold. what straps bold to a rocket and hurtles it into space? boring does. boring makes vacations happen, early retirements possible, and startups start up. because it's smart, dependable, and steady. all words you want from your bank. for nearly 160 years, pnc bank has been brilliantly boring so you can be happily fulfilled... which is pretty un-boring if you think about it. when i was your age, we never had anything like this. what? wifi? wifi that works all over the house, even the basement. the basement. so i can finally throw that party... and invite shannon barnes. dream do come true.

xfinity gives you reliable wifi with wall-to-wall coverage on all your devices, even when everyone is online. maybe we'll even get married one day. i wonder what i will be doing? probably still living here with mom and dad. fast reliable speeds right where you need them. that's wall-to-wall wifi on the xfinity 10g network. let's get to jim

>> united health, they own this division, change health care, it keeps going up it was the big hack. i think the hacks continue this is the worst. i get a call from someone who has my medical records they represent themselves from medicare i challenge them and want to speak to the supervisor. they say, no then i call back and the line doesn't exist. they have all my medical records. they knew every procedure i've ever had that happened during this one period. this hack i think -- i don't know if united health i'm getting. they have a lot of information and when palo alto called in, this was a sign where they may not have as much a handle on it as they think.

>> not the worst, but in the top five. >> they have to get arms around this whole thing they have to to have a hacker know everything about you -- it's the first time i ever had this. they represent themselves very well from medicare they say they're the medicare part that deals with this issue. i have tim wentworth on tonight. maybe we'll talk about that. i think this is not being recognized nearly enough. >> interesting that's a deep tease. look forward to -- >> i mentioned cintas thing. let's watch this what a show. ve it was good, jim. ha a good long weekend. >> we'll see you tonight. when we come back, some consumer sentiment as "squawk on

the street" continues. nice shot... shot... taker. who programmed you?! i'll see you tomorrow. the future isn't scary, not investing in it is. 100 innovative companies, one etf. before investing, carefully read and consider fund investment objectives, risks, charges expenses and more in prospectus at invesco.com. (vo) what does it mean to be rich? maybe rich is less about reaching a magic number... and more about discovering magic.

rich is being able to keep your loved ones close. and also send them away. rich is living life your way. and having someone who can help you get there. the key to being rich is knowing what counts. you know doug, ever since switching to workday you've been a real rock star. rock star? what do you know about rock stars? billy idol? i mean where's the skin-tight leather? my shoes are leather. where's the unnecessary zippers? that thing! billy, rock star is just how doug feels when he uses workday. thanks, rory. i'll show you rock star! be a finance and hr rock star. workday. for a changing world. billy idol just stole your golf cart! (marci) so, how long have you lived here? (opponent) foover forty years.d. (marci) and how are the restaurants around here? are they good, bad, meh? what's the average household income? is there a mall? i don't know. a hair salon? where do you get your hair done?

(opponent) you gonna move, or what? (marci) oh, i'm sorry. it's a lovely neighborhood. (luke) marci, we've gotta go. (marci) i'm coming! (luke) we've got seventeen thousand more parks to visit. (marci) you wanna give me a hand? (luke) we bring you the best neighborhood info. (vo) ding dong! homes-dot-com.

♪ good thursday morning. welcome to another hour of "squawk on the street. i'm sara eisen with carl quintanilla and wilfred frost. take a look at stocks on this final trading day on the first quarter. the market is up 10% for the year s&p is unchanged the nasdaq lagging a little bit. the dow, again up 6 points looking at treasuries, it's a heavy day today. we'll talk about jobless claims and gdp. treasuries ten-year up to 4.2. a bit firmer 30 minutes into the trading session. here are stocks we are watching. deal news ahead of the long weekend. home depot buying srs distribution it's home depot's latest push to

buy things from contractors. sales of rh rallying the company gave pretty upbeat revenue guidance for the year. trump media trying for a third day of gains, but under pressure today. stock is still up over 50% that djt, man, no stopping that one. >> sara mentions a lot of data let's get to rick santelli again. >> reporter: we have some surprises here looking at university of michigan, these are march final reads. 79.4 79.4 this is a huge jump. that's the best level since july of '21, july of '21. doesn't stop there expectation, 77.4.

july of '21. current conditions, 82.5 july of '21. all three metrics are the best since july of '21 which means in not that many months we're looking at three years since we've seen numbers on michigan this strong. let's go to what may be the most important part here. the inflation reads. on one year 2.9. well the midmonth read was 3%. these are midmonth to final reads. they move a lot. 2.9 equals what we started out the year, and that was the lowest level since december of '20. we look at five to ten-year, same scenario. we're expecting it to remain at 2.9. it moves to 2.8. that equals september of '23, september of '23 to find a smaller one, april of '21.

these numbers are definitely hot in terms of what confidence levels we're looking at, but cooler in terms of pricing which should be perfect for treasury yields to move down more doesn't end there. we have our february read on pending home sales for that we head to diana olick. >> pending home sales rose 1.6% from january to february sales still down 7% from a year ago. this is based on signed contracts. buyers out shopping in february when mortgage rates crossed back over 7% and stayed there for most of the month. sales were mixed regionally. falling in the northeast and western regions month to month and rising just slightly in the south. the driver here was the midwest which jumped nearly 11%. the midwest is where homes are cheapest we're seeing a lot of young people move to the region in

search of more affordable housing. active listings are up 6% from a year ago according to red fin. still about 30% below pre pandemic levels. prices just continue to rise sara >> that's the story. diana, thank you. a lot of data to chew on there. i think the university of michigan confidence numbers are worth hitting again as rick mentioned. really strong. they're for march, but also goldilocks because the one year and longer term inflation expectations in the consumer number showed moderation from the prior month. that's a good sign for the fed, for the markets worried about inflation and who are worrying about a stronger economy that's good news.

>> good news and the confidence is never bad news. of all the metrics you're looking at, if that's building, then fantastic stuff. >> it's a better look at fourth quarter gdp. it was revised higher. within the details it came from the right places, real sales, consumer spending. we ended 2023 in a healthier place than we thought. we knew it was good growth most economists expect that to moderate in the first quarter. the gdp numbers tracking 2.1%. now we're coming off greater momentum, little different than what we got out of the uk today. >> the only less negative thing is it confirmed a recession we already knew about there was no revision today. since the second quarter of negative gdp growth was already

negative 0.3%. it's quite unfortunate because it's such a minor recession. with all the indicators in january and february's reads, it's not going to last as we head into an aelection, that sound bite hands set. >> german retail sales, a surprising drop. our gdp index is pretty good kind of an echo of what michigan told us. >> we'll get pce tomorrow. it's a february number it's derisked by powell who was dismissive of the january, february reads cnbc will be live streaming a special report on this number because inflation has become so front and center for this market that's at 8:15 on cnbc.com

0.3% is the expectation for the month over month increase. in february it would be disappointing to see something hotter than that. >> i wonder if it's been derisked because of the market's reaction from what we've got this week. we've gone from expecting 3 and everyone's come out and raised the prospect of none gorman, warren the alpha survey yesterday, it's not like they're guaranteed they must see it. >> part of it is the economy is on firmer footing which is why it's prompting folks to come out and say we might not need to cut as much or we're not in a rush here's what the fed governor did say about the current data >> in the absence of an unexpected and material deterioration in the real economy, i'm going to need to

see a couple months of better inflation data before i have enough confidence that beginning to cut rates will keep the economy on a path to 2% inflation. >> he used the phrase no rush and then i just wanted to compare it to what we got from powell a week or so ago on the fed meeting when he talked about the recent hotter inflation data he wasn't quite as concerned about it listen >> the february number was higher than expectations, but we have it at currently well below 30 basis points core pce it's not like the january number i take the two of them together and i think they haven't really changed the overall story, which is that of inflation moving down gradually on a sometimes bumpy road toward 2% i don't think that story has changed. >> i like the reaction from r

renai renaissance, i like powell better than waller. >> personally? >> no, just in terms of that message on inflation i'm not sure that waller was so off message or so different than powell that it would lead to any kind of repricing or rethinking of where rates go. clearly they're in wait and see. they want to see more proof of inflation down to 2% and hoping that january and february was an anomaly. >> we've seen yields tick up a little bit overnight hasn't derailed stocks we're up to session highs. we pulled back a little bit. either way, it's going to be a strong end to the month and the quarter. >> jobless claims, 210, there's not stress in the jobs market either we're on firm footing in this economy. that's making up for the lack of rate cuts and that's helpful to earnings. >> the vix remains frozen at 13.

it's the last day of the trading quarter. s&p and nasdaq on pace for the best straight winning month. our senior markets commentator mike santoli is here to talk about that. >> look, 2019, it was a pretty good year the rest of the way. all of the things that, when you look at how does the market tend to behave after it's done what it's done in the last five months, it's not an ultimate peak i would argue the last three months, obviously the first quarter, has been the market answering the main complaints we had against it going into the year it's overaligned on a handful of stocks and, oh, no if the magnificent don't go higher, we're in trouble and b, rates cut both of those things have gone by the wayside nvidia, granted is about half of

the net upside in the s&p 500 for the first quarter. if it weren't there, you're up 5% 21 new record highs in the first three months of the year after not having had one in more than two years. all to the good. i would argue that, if we are going to play the game of is this a 1995 best case scenario soft landing, there's nothing that's happened this year that argues strenuously against that. you can keep that as your upside case i would say the momentum sector of the market is the one area that has cooled off in the last four months. the s&p 500 momentum factor etf was unstable how much it was outperforming for a while. yesterday was very telling all the year to date winners got slammed. the laggers were picked up the speculative juice is running

through the meme stocks. that's the back drop. >> 10% per quarter also not sustainable. >> most likely not. >> if you go back to last october, it looked stretched go back to the october before and it becomes more -- maybe not sustainable, but less scary. >> if you go from october '22 to bear market low, it's a pretty routine bull market to date. it will slow down. you have to expect it to get a little choppier. '95 was the best year in terms of not having the 3% pullback along the way, which is way more than you should expect i say, look, if you've been involved, stay involved and keep expectations low and probably things are okay. i don't think you can stray too far from the perfect soft landing macro data and avoid an air pocket. >> is the market now embracing

good economic news >> yeah. >> if we look at the best performers of the quarter, yes, it's technology, but right up there is energy, financials, industrials. >> i think industrials in particular if you look at construction of manufacturing facilities, it's nothing for a decade and now it's like this that's what you're seeing in terms of basic material stocks it's steel, aluminum, rocks. >> because of fiscal spending? >> a lot of it is fiscal spend all of that is, i think, a yes i think we got there in november >> finally, do you think this broadening ends at large caps or is the hope for mid and small alive? >> it remains alive. i don't put too much weight on that being something decisive that has to happen in order for this to be a legitimate rally. if you get rate cuts and the earnings growth broadening out,

right now that's what you're seeing earnings estimates over the next few quarters look like it's not concentrated in the big growth names. earning growths broadens out i wouldn't hold my breath to say the russell's going to lead and put in a stellar year. >> thanks, mike. mike santoli here's our road map for the rest of the hour tesla, the worst performing stock in the s&p 500 this year a number of firms cutting their tesla delivery targets what the street is saying about the stock. plus, the energy sector up double digits in 2024. can that rally keep going? we'll look ahead to q2 how to position uryo portfolio best more as "squawk on the street" continues after this break

(fisher investments) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? aren't we all just looking for the hottest stocks? (fisher investments) nope. we use diversified strategies to position our clients' portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money, only when your clients make more money? (fisher investments) yep. we do better when our clients do better. at fisher investments, we're clearly different.

business. it's not a nine-to-five proposition. it's all day and into the night. it's all the things that keep this world turning. the go-tos that keep us going. the places we cheer. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. see why comcast business powers more small businesses than anyone else. get started for $49.99 a month plus ask how to get up to an $800 prepaid card. don't wait- call today.

an historic day for crypto as sam bankman-fried prepares to be sentenced. we have the latest outside the courtroom. what can we expect >> reporter: so i just got out of the courtroom we have new headlines. the first big one is that the judge decided that sam bankman-fried committed perjury on three counts.

judge kaplan said he obstructed justice, talked about sam bankman-fried committed some of these crimes, which was the opposite of what he testified to in the fall during his criminal trial. we also got updates on the losses that has been a big point of contention between the government and the defense the defense argued there were no losses in part because they say customers are going to recoup a lot of their cryptocurrency because of what the judge called this fortuitous runup in prices. he compared him to a criminal that stole money and went to las vegas and gambled. he said the fact you made your money back gambling does not affect the severity of the crimes the judge called the defense's argument misleading, flawed and speculative. he's saying the losses exceed 550 million. anything above that he said is

gravy. it doesn't change the sentencing guidelines he gave us an update on the max sentence, which is 110 years in terms of the adjustments he talked about witness tampering and said that bankman-fried did witness tamper when he reached out to the general counsel of ftx that's factoring into how the judge will look at the sentencing guidelines. although 110 years is a big number, it sounds like he'll go down we heard from a victim on the stand. that's what's going on now big news on the perjury findings we'll bring you updates as we get them. >> what's the lowest number that the defense is pushing for >> reporter: five to six years is what the defense argued for they're looking for a max of six years. that has hinged on the argument that there were no losses and

customers in the end will get their money back, which is because of what's going on with the bankruptcy proceedings in delaware that team recouped a lot of those losses the judge saying it's irrelevant that is what the defense is looking for, a wide gap from what the prosecution has mentioned, which is 40 to 50 year. >> bernie madoff got, what, 150? elizabeth holmes had 11. that's a big gap >> reporter: bernie evers was 25 i'm told by some experts the floor is 11 because of elizabeth holmes that's what some people think. the consensus from legal experts i'm talking to, they've said between 25 and 35. it's up to the judge's discretion he can look at the sentencing guidelines in the end, judge kaplan makes the call experts say 25 to 35 is

reasonable based on how young sam bankman-fried is he's got a long life ahead of him. whether he spends the rest of it in jail is up for debate that's what's being taken into consideration. >> good it kate, thank you. kate rooney outside the courthouse with the s&p 500 the only one of the big withiones higherh now. up 1 f t0%orhe quarter nasdaq capping off on a 9% gain for the quarter. we're all over the market coverage when we come right back on "squawk on the street." ad nauseam. but oh how he can nail a software solution like the best high screen pick and roll you've ever seen. you need ron. ron needs a retirement plan. work with principal so we can help you help ron with a retirement and benefits plan that's right for him.

let our expertise round out yours. power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. e*trade from morgan stanley power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities, while an earnings tool helps you plan your trades and stay on top of the market. e*trade from morgan stanley investment opportunities are everywhere you turn. but at t. rowe price, we're letting curiosity light the way. asking smart questions about opportunities like advances in healthcare. and how these innovations will create a healthier world tomorrow. better questions. better outcomes.

tesla the biggest lagger on the s&p 500 this quarter phil lebeau looking at the road ah ahead. a white knuckle period for tesla. >> it will be. these aren't good numbers,

especially when you're looking at growth margin this is without a doubt the worst quarter tesla has seen since the fourth quarter of 2022 down 26% for the first quarter three things are happening right now. you have a slower delivery pace. are delivers growing year over year probably they delivered 422,000 last year some are saying it could be 425,000 for the first quarter. there's pricing pressure, especially in china. the competition is china is br brutal that is having a huge impact on tesla. that competition will be increases with the handset maker. they unveiled -- they did this a couple months ago -- the su-7. people are ordering this it's about $40,000 it's another example of the

market the number of offerings has increased dramatically tesla has had to respond. >> on the price cuts, phil, there's been outright cuts and incentives talk about the other way around. are they still seen as the premium ev maker in the u.s. or are that losing that >> they are still king of the hill their market share -- we'll find out what it is next week it was 55% in the fourth quarter last year. does it drop below 50% that's a reflection of more evs on the market. you'll lose market share that's expected that they continue to lose the market share. they're still king of the hill within the world of electric vehicles. >> the competition issue, that's abroad, right? they're fighting the chinese auto makers in europe and china. >> the european auto makers,

yes. they've caught up. >> right this is probably the best market for them the u.s., it's the most protected market for them. >> what do the china markets look like? >> they don't break them up by region you can piece everything together you can tell the delivery growth is slowing there the economy there is under pressure let's be honest, chinese auto makers get assistance from the chinese government which makes it much more difficult for tesla to continue to grow there. >> goldman's got this 30,000-foot view piece where they say their bearish scenario of negative year on year delivery growth is likely. how important is that? >> it's psychological. okay, deliveries dropped year over year. it's going to happen at some point. to a certain extent people have expected it, but it will get headlines if it happens. >> this is a win for hybrids

>> that's not slowing down any time soon. the market share is about 9, 10%. we're a world where people are saying, eventually i want to go c electric, but i'm not ready. >> good to have you onset. >> good to be here. when we come back, sam bankman-iesefrd t to find out how long he'll spend behind bars for one of the biggest frauds in history. what comes next, after the break. ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ [thunder rumbles] ♪ ♪ rylee! from rylee's realty! hi! this listing sounds incredible. let's check it out. says here it gets plenty of light.

and this must be the ocean view? of aruba? huh. this listing is misleading. well, when at&t says we give businesses get our best deal, on the iphone 15 pro made with titanium. we mean it. amazing. all my agents want it. says here...“inviting pool”. come on over! too inviting. only at&t gives businesses our best deals on any iphone. get iphone 15 pro on us. (♪♪) you know what's brilliant? boring. think about it. boring is the unsung catalyst for bold. what straps bold to a rocket and hurtles it into space? boring does. boring makes vacations happen, early retirements possible, and startups start up. because it's smart, dependable, and steady. all words you want from your bank. for nearly 160 years, pnc bank has been brilliantly boring so you can be happily fulfilled... which is pretty un-boring if you think about it.

welcome back russia president vladimir putin says he had no plans to attack any nato countries or poland, but warned russian forces would shut down any plane sent by the west ukraine has requested fighter planes for months.

several countries have pledged to supply them others say they will help to train ukrainian pilots to fly the jets. the census is getting its first big change in nearly 30 years. there will now be just one question for race and ethnicity and people will be able to check as many as apply to their identity people of middle eastern or north african descent get a new box. new york city mayor eric adams launched a new permitting system to test autonomous cars there are some conditions. companies need prior experience testing in urban environments to get approval and there must be a safety driver in the cars at all times. sara >> let's hope so thank you. let's get a check on crypto as we get set to wrap up the first quarter. what a quarter it's been bitcoin prices up 65% since the

start of the year, holding on above $71,000 a coin crypto getting a boost from approvals as institutions jump into the space overall net inflows total around $11.3 billion since their january 11st launches. it's not just bitcoin. it's been really strong. surprised a lot of people. >> what a story for the quarter. sam bankman-fried's sentencing hearing under way in new york city he was convicted on seven counts of wire fraud and conspiracy to launder money and facing 50 years in prison. if the judge imposes the toughest penalty allowed, he would face more than 100 years behind bars. the judge in the hearing calling the defense argument

misleading, logically fort lauderdaled flawed and said bankman-fried perjured himself jacob frankel joining us good to see you. >> good to see you. >> a lot of things the judge has to consider. you think it's going to be more l like 30? >> i think we're looking alt more than 30 years the judge basically saying perjury, you know, the jury came back in hours, i mean, the defense argument not being taken as credible, it clearly shows in my mind a 30 plus year sentence. this is a criminal case. there are two components one is punitive, punishing sam bankman-fried for what he did. the other is deterrence. there's a crypto enamored generation that's paying close attention to what this judge does he really is going to want to send a message as well, which is

there will be a long sentence if you commit fraud regardless of what is the type of currency or the security >> on that note, compare and contrast for us the scale of his crime and punishment versus bernie madoff. is there an element that they want to make a big of an example out of him >> it's a great question i don't see madoff and bankman-fried as comparable. madoff was the ultimate ponzi scheme here you're talking about a fraud. basically he took money, used it for himself, used it for other purposes and lied to investors about it i think it's more in some respects a generational prosecution. that's why i think the judge is very much going to have in mind the level of attention that's going to be paid to his sentence no way he's going to impose a

sentence of 100 years or something as outlandish as was imposed on bernie madoff i think it's going to be substantial because of the scrutiny and attention this decision is going to get at the same time, it's going to come down well below the federal sentencing guidelines because the judge also knows he needs to build the perfect record for the appeal because the sentence as well as the verdict will be appealed. >> what about the defense argument that the ftx victims didn't suffer major losses is that likely to work is that true >> well, number one, i think a speculative argument is not going to impact the judge's decision whatsoever with respect to sentencing. that's my prediction the other thing is it's not as if sam bankman-fried actually

provided restitution, you know, to the victims we're talking about what may happen as a result of a bankruptcy the judge is going to look at the conductat the time for which he was prosecuted. i don't think that defense argument is going to hold water with this judge. >> how about characterizing the performance of the prosecution and the defense, jacob, did the defense ever have a shot >> whatever shot they had they lost when sam bankman-fried took the stand. as we heard from the judge, the judge's view and clearly the view of the jury, he perjured himself. so usually that is make or b break. that's the ultimate desperation move the government did what they needed to do in trying this case not let itself going down the rabbit hole of crypto issues, crypto complexity. instead they focussed on follow the money, look at the money, it was stolen

that's what the case was about as quickly as the jury returned the verdict in this case, that's exactly how the jury perceived it i think the government did a great job trying the case. i think the defense did the best job with what it had, which was little the government gets high marks. >> on that note, jacob, it wasn't as planned, thought through ponzi scheme as with bernie madoff. the prosecutors didn't have that much evidence. the rebound we've seen in crypto prices, had bankman-fried did this temporarily, might he have got away with it all >> well, you know, that's a great question i think the judge is very much going to view his conduct as very much premeditated we have to look at it as to what

happened at the time clearly there are probably many fraud cases that have been -- that have never been investigated or brought merely because investors have been made whole during the perpetration of the fraud. that's not what happened here. we have to look at it as a snapshot in time, which is what happened under these circumstances. in some respects, you know, i think the market and the public is fortunate because i think there's a lot of manipulation going on in the crypto market. we've seen a lot of crypto cases from the department of justice and i think the fact that there's such a high profile case serves a critical deterrent messaging purpose and opportunity to prevent future fraud. there are victims here we'll hear from those victims, at least one of them, during the sentencing hearing they've submitted their

positions to the judge as well for his consideration in sentencing. >> jacob, of course, crypto's a global business. victims of fraud are all over the planet are you seeing any alignment in the way prosecutors address elements of fraud in countries everywhere >> that's really hard to tell. you know, i think prosecutors in other countries are certainly going to look to what happened in the bankman-fried case as a template for how best to prosecute, or at least invest and prosecute the presentation crypto-related fraud cases i do think if you're in a jurisdiction that allows for a jury -- keep in mind in a lot of countries there's no jury system at all you're talking about presentation offacts to a judg or magistrate who is going to make the ultimate deposition the fundamental message for

prosecutors here is, if they can present the case without getting into the minutia and detail of how crypto works, that's going to be the template for investigations. >> final question, which we didn't get into, the mental health issue, the fact his lawyers say he's been diagnosed with autism, that he was falsely represented as a depraved super human and has a condition that has lack of enjoyment and interest in reality. might that play a role in the sentencing decision? >> i think we'll hear the judge acknowledge it because he will want to acknowledge any evidence that's favorable to the defendant when it comes down to the 100-year guideline range ultimately i don't think it will impact the judge's decision.

it may make a difference if the judge makes an incarceration recommendation, in other words what federal facility at which sam bankman-fried will be housed to serve his time of imprisonment ultimately, when you have such a premeditated the fraud, i don't think the judge will give it any weight. >> jacob, good to see you. thanks again. >> thank you >> for more coverage of today's trial, head to cnbc.co cnbc.com/cryptoworld. >> it's been a silver lining for the victims, the crypto rise we see will help them recover their losses. still ahead, honing in on usg. a jor shift taking place we'll give you the pulse of the property market aswe head into the spring selling season. don't go anywhere.

♪♪ something amazing is happening here. the next era of ai has arrived. cdw data engineers are helping organizations harness the power of ai with intel core ultra processors. the power to run workloads faster means greater performance. giving your team a better shot at success. make amazing happen. cdw. ♪♪ ♪(voya)♪ there are some things that work better together.

like your workplace benefits and retirement savings. presentation looks great. thanks! thanks! voya provides tools that help you make the right investment and benefit choices so you can reach today's financial goals. that one! and look forward, to a more confident future. that is one dynamic duo. voya, well planned, well invested, well protected. (grandpa vo) i'm the richest guy in the world. voya, hi baby!nned, (woman 1 vo) i have inherited the best traditions. (woman 2 vo) i have a great boss... it's me. (man 1 vo) i have people, people i can count on. (man 2 vo) i have time to give (grandma vo) and a million stories to share. (grandpa vo) if that's not rich, i don't know what is. (vo) the key to being rich is knowing what counts. [sfx: wind, rain and rolling thunder] nobody's born with grit.

british announcer: rose is really struggling. it's something you build over time. american announcer: that's 21 missed cuts in a row. [car trunk slammed shut] for 88 years, morgan stanley has offered clients determination and forward thinking to create the future... crowd: stop it! ...only you can see. american announcer: rose, back in the winner's circle. [crowd cheers] [music out]

welcome back elevated mortgage rates and rising prices making renting cheaper than owning a home in all 50 of america's biggest metro areas. joining us to discuss is logan great to see you logan why don't we hit that headline first. how rare is it to see renting cheaper in all 50 biggest metro areas? does it happen often >> no. when you have accelerated home price growth and mortgage rates shooting from 3 to 7 or 8%, it's not shocking it's shocking it didn't happen earlier. affordability has been an issue for some time. even with that we'll range about

5 million total home sales this year. >> what are the latest moving factors? are we seeing supply pick up >> the best news for 2024 is new listings growing year over year. it's not a lot, but it's growing. active inventory is growing year over year. this is a positive. we get more people listing their homes as long as the economy is creating jobs. that's a net positive for demand if mortgage rates fall back down to the low 6s, you could grow sales a little bit again we're working from the lowest level of sales ever recorded in history. don't compare this to 2008 we have more people now and demographics are better. >> i was going to ask you the magic number on rates to stimulate the market gary freedman last night on "the call" talked about the pent-up demand and people are hanging on waiting for mortgage rates to

drop he said one fed cut isn't going to do it what is? >> you need rates to range from 5.75 to 5 p.85. what we saw at the end of 2022 and 2023, just that first move lowering rates can bounce sales. however, this year, unlike last year, new listings data is growing. people feel more comfortable putting their homes on the market as long as rates don't spike up again, there's no reason inventory shouldn't grow on the new listing side. >> logan, great stuff. thanks so much. after the break, positioning your portfolio for the second quarter and former yahoo ceo is here that's all ahead on "money movers." don't go any bheer

quick reminder as we close out this hour. tomorrow watch cnbc.com for key data that is pce, personal consumption expenditures a key measure of inflation we'll be online beginning at 8:15 a.m. eastern.

morgan brennan, steve liesman will be online with the news and analysis 8:15 tomorrow on cnbc.com. it is the last trading day of the month and the first quarter, so how should you be positioning for portfolio for q2 our next guest says industrials and research why are you telling people to avoid industrials? it's a good performer. the economy looks to be on solid footing. cyclicals are flooding into the industrial sector. why don't you like it? >> look, you know eyei've been bullish on u.s. equities when i have recommendations i say where is it more achievable than not i'm recommending software, a.i., semis, health care i think industrials, part of the industrials, have high inventory, high valuation and

high expectation if you do get any sign of a slowdown, you could have the double whammy on lower estimates. i think that stuff as well as other parts of the market. >> what about semiconductors, you think at 41% as a subsector, the best s&p 500 subsector to date, you don't think expectations are too high there? >> well, you know, like some of the industrials, i think what semis has is a long-term dream if you thought a year or two ago that semis grew gdp plus a couple of percent, now it's gdp plus five or six, i think select industrials will benefit from electrification and decarbonization, other investment so, if maybe they're also gdp plus 5 or 6. if you belong in that long-term

dream, can you own them. for me, i think we're very early on in the a.i. semis trade i mentioned it to you first on air, a year ago, so i'm bullish that we're in the early stages of this deployment i think there are eight or nine semiconductor companies likely to benefit if i'm an investor, i want exposure on three, five and ten-year view. i think as long as gross margins are expanding, i want to own the semis. i think the trickier part of adi, microchip, et cetera, because they all guided down they had high inventory and margins won't expand the next couple of quarters i'll play that relative gains when it comes to chips. >> adam, is energy outright cheap or just relatively so? >> to me it's a great portfolio

strategy to own it my bull case has been the same for the last three years maybe i'm getting to be a broken record, but to me, i don't see how the install base of vehicles won't require more oil to be produced that's currently being produced meaning, i know demand will exceed supply at some point. it's always harder with a six-month view you have a 19 variable problem with strategic reserves and opec and venezuela and china -- there are all kinds of variables that are impossible for me to figure out with a six-month view. peak oil demand six, seven years from now we need 700 million barrels, we'll be short. that's why i want to own cheap commodities, low expectation, low valuation that most people don't like but i think demand will exceed supply yeah, i do. >> what would make you less bullish on the overall equity market right now

>> i think the three biggest risks are, one, a slowdown in the u.s. consumer. that's cheap to say but i was worried about discover reported skishyness and then they got bought you have to follow the 90-day credit card delinquencies and retail sales, wages, jobs. one is u.s. consumer two is one of the u.s. companies i follow telling me about china demand because i think there's a general -- i don't want to say complacency, it's just hard to know but a general sense that china could bottom and improve earning estimates, some are in industrials, sara. you have to embed china rebound, that could be disappointing if you don't get better china demand the third thing is something around the fed balance quantitative tightening. i think consumer, china and quantitative tightening are the three biggest risks that i think

about. i think the bull thesis is still in control which is gross margin expanding and the fed will be accommodative on the front end i think the bull case is still in control but those are the biggest risks i see right now, bigger picture. >> china is a whole can of worms. it has lagged, despite the global world equity performance. we'll talk about that next time. thank you. adam parker. >> have a good weekend. >> you, too. wilf, we'll see you this afternoon. >> indeed. on "the exchange." back again in july. >> in july >> in july this is fun. >> thanks for having me. sam bankman-fried on the stand right now. his sentencing hearing in new york, facing up to 110 years behind bars. we'll get back to the courthouse at "money movers" starts

they're waiting for you. hey, do you have a second? they're all expecting more. more efficiency. more benefits. more growth. when you realize you can give your people everything, and more. thank you very much. [applause] ask, "now what?" here's what. you go with prudential to protect, empower and grow. with everything you need to deliver, you guessed it... more. one more thing... who's your rock? learn more at prudential.com

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. as an independent financial advisor, my promise to you is simple. as a fiduciary, i promise to put your interests first, always. i promise that our relationship will go well beyond just investment decisions. it's the intersection of your money and your life

where we can make the biggest difference. [announcer] charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com good thursday morning. welcome to "money movers." i'm sara eisen with carl quintanilla live on the floor of the new york stock exchange. today waller says no rush on rate cuts. fidelity's head of macro