it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." 40,000 and beyond. the dow closing at the highest in history. global rally. not just wall street riding the recent winning wave. a dozen indices around the world in rally mode. we look at the markets that you need to watch. small chips and big results. investors looking to a.i. and nvidia when it reports this week. why it could decide the direction of the enter market.

and banks push back on the fed which appears to now be on board. forget the weight loss wars, the big drug that johnson & johnson is betting on. it's monday, may 20th, 2024. you're watching "worldwide exchange" right here on cnbc. ♪ good morning and welcome to "worldwide exchange." thank you for being with us. it is great to be right back here at cnbc hq. great time in london. weill b we'll bring you more insights from that trip. he'll talk about that later. we'll start off with the check of the futures with the dow set to open above 40,000 for the first time ever. the major indices all in the green right now. the dow looks like it would open up a few points higher. that pushes us into the 40,000

territory. the nasdaq moving the highest. with the averaging os riding the win streak, goldman sachs is up right now. we are looking at applied materials annnd walmart and tractor supply as well. we are checking the bond market with the week of economic reports and durable goods and home sales. the benchmark down 20 basis points since the start of the month. we have seen it tick up a bit in recent days. the long bond at 4.56%. that's the read on inflation expectations. the two-year note pulling back a bit from the 5% yields we saw in april. investors weighing the fallout from the iran president and foreign minister passing way

in the helicopter crash. the international benchmark is flat this morning below $85 a barrel. we will talk more about oil a bit later in the show. we are watching gold this morning back at all-time highs. look at gold right now trading at at $2,445. that's the set up. we are seeing green arrows across the board in europe with the exception of the ftse mib. we have arabile gumede in the london newsroom. arabile, we had a great time in london. this morning, you are seeing upside with the luxury trade. something we talked about. >> good to see you, frank. a lot of green on the board outside of the market from amsterdam as the italian market goes down 1.2%. positivity coming to the floor

a and the market picture. ftse 100 is pushing on as well with 8,437 points. we have the cars or autos tracking lower as well as technology stocks this morning. not necessarily doing too well. on the other side, you have ryanair dropping down 1%. they brought out a number of earnings. profits managing to climb .13% and managing to push out a share buyback program. the summer does look good with airline flights and the numbers they are anticipating from the company overall. as you can tell, you are looking at positivity across the board with inflation data anticipated this week from the uk and that may continue to go through with the ftse pushing into record territory. frank. >> arabile, you added the holland stock exchange after i leave? that's odd. why didn't you have it up when i

was there? arabile, great to see you. >> we make sure you are part of everything. >> great seeing you. we will turn our attention back to the wall street. the october lows looking to extend into the new trading week as the dow pushes 40,000. enthusiasm with the rate cuts and a.i. is pushing the s&p 500 which has set 24 new all-time highs this year. let's talk about if the momentum can continue with alan mcknight. the alan, good morning. >> good morning, frank. >> i'm sure you get calls from investors about the rally. lou how are you viewing the rally? the dow is different from the s&p. >> we are pleased to see the dow

doing as well as it has done. through 2023 and through 2024, the tech names are doing well. now we see the other sectors working well. whether it is financials or the technology side, that is healthy for the market broadly. the challenge with the summer months, you get into the summer d doldrums and you worry. >> are you concerned about the aniimal spirits? are you worried we are just another economic report away from a possible selloff after the gdp report? >> it's a great point. i think the way we think about it and coming off the pga championship, if you are a golf fan, you have to play the ball where it lies as bobby jones once said. that's where we are right now with each data point. we get a little bit more information where the economy is

and the market is and we know the market is very jittery with the earnings. we had the great earnings report coming out of q1 whether it is on the tech side or whether we are seeing some from the retailer. we think the economic data will drive a lot of the short-term momentum in the market. if the fmoc holds steady, we can hold through the summer. >> i play golf, but in the rough. investors are doing better than me. i want to talk about one thing. the dollar. the moves in the dollar. the dollar is down .30%. that is bullish for emerging markets and bonds. i have to ask why isn't it just bullish for all stocks? some of the u.s. large companies or multinationals benefit from a softer dollar. >> i think everyone does benefit. more specifically with the emerging markets because they have not performed well compared

to the domestic brethren. we really have not seen momentum in that trade with em. we are finally playing catch up with the strength within the countries with the weakening dollar and they are able to do that. it is all boats being lifted. >> alan mcknight, thank you. time for the check on the morning's top corporate stories. silvana henao is here. great to see you. >> frank, good morning. great to see you. i was hoping for an accent. >> i don't do accents. >> i thought it was going to rub off on you while you were there. let's get you headlines. u.s. regulators are moving

toward a new plan to significantly reduce the nearly 20% mandated increase in capital requirements for the country's biggest banks. according to several reports, the new reserve requirements would be around .50%. the revised rules come after lobbying efforts from industry ceos to the fed and fdic and office of the comptroller of the currency. "the new york times" is reporting that sony and apollo signed a non-disclosnon-disclos. according to the report, the venture is considering several plans for paramount's futures adding that shari redstone would not oppose the deal. and the vice chairman of nippon steel is heading to pittsburgh to shore up the deal

for u.s. steel. the one opposed by the biden administration and the former trump administration and the union. the japanese steelmaker expects to close the deal in the second half of the year. >> silvana, i almost did the pittsburgh accent living in pennsylvania, but did not. >> great to have you back, frank. thank you. we have more to come on "worldwide exchange," and the one word investors have to know today and the latest on the record run and the earnings report which could decide the next move by the fed. and taiwan doubles down on its opposition to beijing. and later, the latest bet by elliott management sending one share popping. we'll have more on "worldwide exchange" when we return. stay with us.

in real time. (jen) so we partner with verizon. their solution for us? a private 5g network. (ella) we now get more control of production, efficiencies, and greater agility. (marquis) with a custom private 5g network. our customers get what they want, when they want it. (jen) now we're even smarter and ready for what's next. (vo) achieve enterprise intelligence. it's your vision, it's your verizon. (grandpa) i'm the richest guy in the world. (man 1) i have time to give. (man 2) i have people i can count on. (grandma) and a million stories to share. (vo) the key to being rich is knowing what counts.

shipstation saves us so much time it makes it really easy and seamless pick an order print everything you need slap the label onto the box and it's ready to go our cost for shipping, were cut in half just like that go to shipstation/try and get 2 months free welcome back. state media confirms the president and foreign minister were killed in the helicopter crash on thursday. this leaves iran without the two leaders during a time of heightened tensions. joining me now is gina tina for.

>> good morning, frank. >> give us more perspective. the president of iran is a symbolic position. the supreme leader has control of the country, but you said this is important. ebrahim raisi would have been next in line to be the supreme leader. how should we view the passing of the president and foreign minister? >> the passing of the president and foreign minister in the helicopter crash in iran is coming at a time when investors are paying attention to the middle east and a few weeks after iran and israel exchanged ballistic missile fire in an unprecedented increase in tension. it is right to look at what's happening there. as you said, the office of the president, ebrahim raisi, is largely ceremonial, but he was

tipped to be a successor. i think of all of the moving pieces going on the middle east right now, we will see a tightly managed succession process happening with iran and new elections coming within 50 days and not a likely spike in the oil price risk premium. >> i want to talk about the oil prices in a minute. iran has been vocal of continuity in government. could this shift a policy move with the middle east and the u.s.? does this lead to any change in the stance against israel? >> again, it is the right question to ask because the iranian leadership through the proxies, hamas, houthi rebels causing disruption to supply,

and supply chain disruption and the west and others where iran might change its stance are present, but not well founded. in my view, the iranian leadership and supreme leader, ultimate holder of power, will be at great pains to emphasize continuity. russia, for example, will be looking to maintain iran provides it with the drones in the fight against ukraine. continuity and managed succession will be paramount, but remember, raisi will not be mourned by many. he was known as the butcher of te tehran. many tens of millions of people will not be sorry he is gone. >> you mentioned he was elected president, but it was during historically low turnout. it may not be representative of

the population. i want to talk about the oil prices. brent crude in particular. that's when we saw the hamas attack on israel on october 7th and you look at the international benchmark. oil prices are down more than .50%. when i was in london, we kept hearing over and over that oil prices were stuck, but if there was any type of geopolitical disruption, it would spike. we actions and other things. what does this mean? >> it is a head scratcher, as you say, but there is one change in the trend which is the u.s. energy independence and shale gas. that explains why oil prices are not moving in response to the middle east risk. however, i would caution that

doesn't mean that middle east geopolitical risks are of no significance from the investment environment broadly. we have so many moving pieces. the war in gaza and the fact that king salman ailing and that means he is seriously unwell if state media and the kingdom are reporting that. i don't expect that the death of raisi will change policy in iran. the thing to watch would be if the domestic opposition to the regime, which is strong, were to try to push for change. i think they are pretty flattened after the harsh crackdown over the protests over dress code and the green

movement in 2008 and 2009. thousands were executed after that. raisi and his team were part of it. >> tina fordham, thank you. the markets are digesting this news. thank you. i appreciate your time. >> thank you. coming up on "worldwide exchange," forget the weight loss wars, johnson & johnson could take the top spot. stay with us. oh, not the fries! where's the ball? -anybody see it? oh wait, there it is! -back into play and... aw no, it's in the water. wait a minute... -alligator. are you kidding me? you got to be kidding me. rolling towards the cup, and it's in the hole! what an impossible shot brought to you by comcast business. wall street forecasts over $100 billion

in sales for weight loss drugs known as glp-1. even with unliked and inconvenient injections, dehydratech processing of a glp-1 drug demonstrated improved blood sugar reduction and reduced side effects. more human study results for lexarias patented oral delivery technology are coming soon. lexaria bioscience, transforming the future of glp-1 drug delivery.

welcome back to "worldwide exchange." johnson & johnson has taken an unusual step today pitting two drugs against each other as it fends off the blow of the generic competition. we have angelica peebles with more. >> this week, johnson & johnson is presenting data from the drug in two inflammatory bowel disease. it was improved for arthritis and now johnson & johnson is looking to show it can work in other diseases. if these results are promising, tremfeya would go to treat

several other diseases. it brought in $11 billion last year. stelara faces competition in europe this year and in the u.s. next year. tremfeya won big in those sales. it did $3 billion last career. if the trial for uc, johnson & johnson says half of the participants saw symptoms resolved and two-thirds saw no signs of inflaflammation in one year. they will look to see if the numbers are better than stelara. tremfya is the newest for johnson & johnson. showing better outcomes for patients helps do that. morgan stanley sees 3% movement on the results. it will give a better picture for investors on what life will

look like after stelara. >> you are using a lot of big words. ulcerative colitis. johns hopkins says 15% of americans have this disease. >> these are big dwiseases. this is why you see so many drugmakers go after autoimmune disease. it is not just the ib diseases, but you have one drug that can be used for multiple diseases that all have the same problem of inflaminflammation. >> these are all in the autoimmune category. these drugs have the potential to fan out and cover uc and a number of other things. is the idea you get the drugs out here and you continue to test and see what other uses?

>> exactly. tremfya was approved in 2017 and now it is 2024 and we are expanding. we see the same from abbvie, the biggest competitor here in the space to johnson & johnson. they have humira which has been a huge seller for decades. that is facing similar competition. they have the newer drugs with the same playbook. they will go after as many d dis diseases. >> it's like the original glp-1 drugs. thank you. as we head to break, we are watching shares of johnson controls international. they are up 4%. bloomberg is reporting a top ten position on the stock from elliott. the intentions of elliott are

not known. we are back right after this. ors and unforgettable scenery with viking. unpack once, and get closer to iconic landmarks, local life, and cultural treasures. because when you experience europe on a viking longship, you'll spend less time getting there and more time being there. viking. exploring the world in comfort.

a slow network is no network for business. that's why more choose comcast business. and now, we're introducing ultimate speed for business —our fastest plans yet. we're up to 12 times faster than verizon, at&t, and t-mobile. and existing customers could even get up to triple the speeds... at no additional cost. it's ultimate speed for ultimate business. don't miss out on our fastest speed plans yet! switch to comcast business and get started for $49.99 a month. plus, ask how to get up to an $800 prepaid card. call today!

it is 5:30 a.m. in the new york city area. there's more ahead on "worldwide exchange." here's what on deck, the dow set to open above 40,000 for the first time ever. futures are pointing to more gains ahead. the rally is facing a test

this week with the nvidia earning. we tee up the impact it could have on the markets. and one looking to make it a key player in the space. it is monday, may 20th, 2024. are yo you are watching "worldwide exchange" here on cnbc. ♪ good morning. welcome back to "worldwide exchange." i'm frank holland. great to be back here at cnbc headquarters. let's get to the markets. we pick up this half hour check of the stock futures with the dow set to open above 40,000 for the first time ever. futures are in the green across the board. dow poised to open above the 40,000 mark. nasdaq is up .25%. we will continue to watch futures. we're talking about the u.s. futures, but not just the u.s.

markets hovering near new records. of the world's 20 big stock markets, 14 will testing highs. canada and brazil and europe and japan and australia. you see the map there. we are looking at the bond market ahead of the key economic reports from durable goods and existing home sales. the ten-year note is 4.41% right now. we are looking at the energy market this morning. investors are weighing the fallout of the deaths of the iran president and foreign minister in the helicopter crash yesterday. we are seeing oil pull back a bit. oil is hitting the low of the morning. brent crude is the international benchmark where we expect to see the most movement. it is falling below $84 a barrel. right now, $83.815.

we will have more on that story related to oil and the iranian helicopter crash in a moment. let's get back into markets. they are facing a critical test as one stock responsible for the rally this year is preparing to report earnings. we are talking about nvidia with results on wednesday. shares up 85% year-to-date and jumping 200% for the last year following the blockbuster results. joining me now with more is gunjan banerji. she has a piece out in the "journal." gunjan, good morning. >> good morning, frank. traders are poised for a huge move in nvidia this week. >> i want to get a sense of what they are doing. downside protection? you have to keep in mind nvidia

is a big part of the market. 5% of the s&p. more of the nasdaq 100. >> that's right. what we are seeing in data in the options market is traders are positioning for a 10% move in nvidia stock after earnings on wednesday and through the end of the week on friday. what we are seeing ahead of the earnings is some of the ultra bullish activity that has become a hallmark of the stock. options have been a favorite way for traders to play the move in nvidia stock higher. they keep looking for super bullish calls with last earnings. i remember 1,300 calls were super popular. i hear the sentiment is calming down and people are more cautious this time around. the question is how much more can this stock keep going up? >> it is interesting you say people are a bit more cautious. i have been talking to keep. i have talked to traders in london.

they say there is the estimate for revenue which is $24.5 billion. there's that whisper number and bank of america was out with a note and they say the revenue at $26 billion. can nvidia meet heexpectations? is there guidance which leads to the major shift in the stock in your mind? >> that's a good point, frank. the stock has tripled in the last year. the company keeps smashing expectations. it is tough to tell. this has become a story stock. this has become everyone's favorite stock of the moment. this makes this tough to predict. it is why we see the one-day move in nvidia with april with

the biggest fall on record. after the last earnings report, the stock soared 16%. these are huge moves for a $2 trillion company. it can affect the broader market with the weight in the s&p 500. >> the news story posting this morning. i think the bottom line question here is does nvidia need a beat and a raise or will we see a shift in sentiment with the a.i. trade? >> what we're seeing which is broadly speaking with tech is investors are keeping a really close eye on ompanies' bottom line. it is a time to make a moon-shot bet, but investors want to see it paying out. that is the focus on the a.i. trade this earnings season. it is the same for nvidia. >> what do you hear with nvidia's impact on the markets? this is the chart. this is nvidia and s&p

quarter-to-date. i'll share this in a second. nvidia has taken dips, but the market has stayed buoyant at this time. is it possible we are overstating this on the market cause it has taken steep declines, but the market has kept going in the direction it is going? >> that's a great point, frank. at times, we have seen the rally broaden out. we have seen other corners of the market lead the way. utilities have been picking up steam and we're seeing the rally broaden out. just in terms of the simple path, nvidia is a $2 trillion company. one of the biggest companies on the planet. it does have a really big weighting on the s&p 500. i don't think you can ignore that. 10% move for a company that size is around a $200 billion move for nvidia. i think it has become a

sentiment indicator. a sentiment check on a.i. and tech. >> gunjan, one thing i can promise you, we are not ignoring nvidia. thank you very much. >> thank you. time for the check of the top corporate stories with silvana. >> good morning, frank. amazon is inching closer to becoming one of the nba's three media partners, axios announced that the league and amazon agreed to stream regular season and playoff games on prime. the nba would add to amazon's fast growing sports business and it is heading into its third season as the exclusive home for thursday night football and air the first playoff game? jan in january. and snap's ceo evan spiegel

is shifting focus on a.i. he is focusing on a.i. and machine learning to snapchat to make the platform more interesting to users. snap is working with amazon and google on cloud partnerships and expecting to invest $1.5 million a year on infrastructure. and blue origin returns to the final frontier. jeff bezos' company launching a six-person dcrew to the edge of space. this is the first voyage since the shepard rocket was grounded two years ago after the failure on the un-crewed mission. on board is ed johnson. he is now the oldest person in space at 90 years and 8 humonth. >> captain kirk really went to

space? i don't think i heard about this one, silvana. >> yeah. come on. >> that's fascinating. silvana, thank you. coming up, we turn back to the a.i. trade and dig into fresh opportunities that could provide one important slice of the tech sector. we're back on "worldwide exchange" in just a moment. ♪ ♪ 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] ♪ ♪

ga, the advanced form of dry age-related macular degeneration, can irreversibly damage your vision. it can progress faster than you think. when ga threatens your eyes, take a stand. slow ga with syfovre. syfovre is an eye injection that was proven to slow damaging lesion growth over 2 years with increasing effect over time.

it's the only fda-approved treatment to slow ga in as few as 6 doses per year. don't take syfovre if you have an infection, or active swelling in or around your eye that may include pain and redness. syfovre can cause serious side effects, such as eye infection and retinal detachments, severe inflammation of vessels in the retina which may result in severe vision loss, wet amd, eye inflammation, and an increase in eye pressure. most common side effects are eye discomfort, wet amd, small specks floating in vision, and blood in the white of the eye. tell your doctor right away if you have any side effects. every moment counts—act now to slow ga with syfovre. ask your retina specialist about syfovre. welcome back to "worldwide exchange."

we have been preparing for results from nvidia and the wave of new chips and apps on the way, we have kristina partsinevelos now with more on how the future may be wide open for the industry. >> good morning, frank. the a.i. pc opportunity is expected to be big over the next two years. first, microsoft is ending support for windows 10 in 2025. the average four-year pc refresh cycle this set to hit at the en of the year. chip companies from amd to intel and nvidia will be touting the next must-have product especially ahead of the microsoft event today and the trade show in early june in taiwan. the definitions for a.i. pcs vary. you can run work loads locally

on the device using a gpu or cpu or a npu which is for a.i. work ta tasks. there is no wifi or cloud needed so it is better for security and power use. the product everything onover o are big in the market. amd will have their device available in the second quarter this year. and apple will hit laptops in late 2024. you will hear more about that at the conference in june. what we are seeing is companies trying to convince investors this is a revenue driver. wall street analysts are skeptical. they say there is no-killer app aside from microsoft's copilot

to drive people to upgrade computers. secondly, the $1,200 price tag for lenovo's computers could delay adoption because they are expensive. lastly, wells fargo says they are confused on what gets processed on the a.i. pc versus in the cloud. companies are convinced this is the moment for a new wave of corporate computer buying. they are trying to tell us that. frank. >> new wave of corporate computer buying. interesting. you buried the lead. what about nvidia? where does that company fall in all this? we are talking about nvidia all the week. >> i didn't bury the lead because nvidia hasn't come out with an a.i. pc chip. in the past, they have said our gpus are better than the basic a.i. chips. the gpus are expensiexpensive.

they average $30,000 on e-bay. obviously, it is expensive for people like you and me to stick into a laptop. there are rumors that nvidia is teaming up to make an a.i. pc regardless of the rumors as the earnings are out wednesday. computech conference is coming up this year and jensen wong will talk more about the products. that is something we need to look out for in june. >> a lot to watch out for here. great analysis. >> you always want to hear about nvidia. >> we want to know what is on the sticky pad on the laptop lid. for another time. >> phone number for the doctor. >> thank you, kristina

partsinevelos. a bullish call around micron sending shares higher ahead of the open. cnbc is celebrating aanhpi month. here is astrazeneca's executive dir director. >> i was born and brought up in east africa and my parents are of indian descent. what makes me proud is i have a wide culture understanding and it is being able to bring diverse views together that leads to best decision making and eventual success. “the darkness of bipolar depression made me feel like i was losing interest in the things i love. then i found a chance to let in the lyte.” discover caplyta. unlike some medicines that only treat bipolar i, caplyta is proven to deliver significant symptom

relief from both bipolar i & ii depression. and in clinical trials, movement disorders and weight gain were not common. caplyta can cause serious side effects. call your doctor about sudden mood changes, behaviors, or suicidal thoughts right away. anti-depressants may increase these risks in young adults. elderly dementia patients have increased risk of death or stroke. caplyta is not approved for dementia-related psychosis. report fever, confusion, or stiff muscles, which may be life threatening, or uncontrolled muscle movements which may be permanent. common side effects include sleepiness, dizziness, nausea, and dry mouth. these aren't all the side effects. in the darkness of bipolar i & ii depression, caplyta can help you let in the lyte. ask your doctor about caplyta. find savings and support at caplyta.com. (grandpa vo) i'm the richest guy in the world. ask your doctor about caplyta. hi baby! (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. (traffic noises) (♪♪) the road to opportunity. is often the road overlooked. (♪♪) at enterprise mobility, we guide companies to unique solutions, from our team of mobility experts. because we believe the more ways we all have to move forward. the further we'll all go.

welcome back to "worldwide exchange." time for the morning call sheet. micron boosting the target from $98 to $130 per share by morgan stanley. we have a pair of price target increases on another a.i. darling in the market this week. nvidia with stifel moving the target from $1085 per share. time for the global briefing. taiwan swearing in the new

president for the progressive party after the victory back in january. this coming as the ministry of commerce is announcing sanctions against boeing over arms sales to taiwan. and ryanair is reporting a 34% increase and expressing cautious optimism. peak summer fares will be higher to flat this year. didi's global founder is stepping down as president and board director after ten years at the helm. according to the letter viewed by reuters, she will have a new role and partner. and the developing story we have been following this morning. the iran president and foreign minister are dead following the the helicopter crash on sunday. we have dan murphy in dubai with

more. dan, this leaves the country without two leaders during heightened tensions. >> reporter: within the last hour, we learned iran has declared five days of national mourning with president raisi and the foreign minister and several others died in the sunday crash. regulators is state they had difficulty reaching the crash site in azerbaijan. when they reached the site, they learned the helicopter was completely burned in the crash. the low light and weather would all factors to contribute to the crash. iran has old civilian aircraft due to the sanctions. u.s. intelligence officials believe this was an accident and there was no evidence of foul play. also, fair to say the timing is

significant given the soaring tensions in the region since october 7th and the tit-for-tat issues with israel. the question is what happens next here? the vice president will assume the presidency until an election is called within the election 50 days. the real power in iran is with the ayatollah khomeini. the supreme leader. no major changes in the foreign or dpomestic policies like oil and gold. i think key to watch from here, frank, is any reaction from the iranian proxies with the hezbollah and houthis and hamas and which countries come forward to express condolence and why. malt ultimately, on balance, no impact on the basmarkets.

back tao you. >> thank you, dan. coming up on "worldwide exchange," the word of the day to express the markets for the week. wd a false sense of security? weill have much more when "worldwide exchange" returns. stay with us. it's all the things that keep this world turning. it's the go-tos that keep us going. the places we cheer. trust. hang out. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. powering more businesses than anyone. powering possibilities.

i don't want you to move. i'm gonna miss you so much. you realize we'll have internet waiting for us at the new place, right?

oh, we know. we just like making a scene. transferring your services has never been easier. get connected on the day of your move with the xfinity app. can i sleep over at your new place? can katie sleep over tonight? sure, honey! this generation is so dramatic! move with xfinity.

welcome back to "worldwide exchange." time for the "wex wrap-up." we begin with the doj and the tiktok asking for a ruling by december 6th. boeing shareholders approving the pay package for the ceo. elon musk launching the internet service in indonesia over the weerkend. u.s. regulators moving toward a new plan to significantly reduce the nearly 20% mandated increase in capital requirements for the country's biggest banks by half of what was originally proposed. sony and apollo signing an nda with paramount. nippon steel's vice chairman

is in pittsburgh this week to talk about the $14 billion takeover of u.s. steel. xander schauffele winning the pga championship this weekend. and nvidia is reporting on wednesday and then on the economic front, we get new home sales and durable goods and the fed minutes from the latest meeting. microsoft is kicking off the developer con frinference today the a.i. computers expected. let's see how the dow is shaping up for the week at the opening bell. futures are in the green. for more, let's bring in jeff kilburg. he is a cnbc and pro contributor. he published on cnbc pro to protect his big tech profits.

jeff, let's get into it. what is your "wex" word of the day? >> my "wex" word of the day is waiting. you know, frank, waiting is the hardest part according to tom petty. that will dictate short-term market direction. >> waiting is the hardest part. we wait for the report on wednesday after the bell. do people want to take profits? nvidia has had an incredible rur run-up this year. are you advising to take money off the table? >> it is a consideration. you have seen nvidia up over 500% from january of 2023. to reduce exposure makes sense. this allows us to put in a portfolio hedge. it is like buying insurance.

nvidia has high expectations. they are not giving you any reason to hedge. not one is suggesting to sell. that seems too complacent for me. >> i want to touch on the s&p 500 price target. you have 5,300. you are higher from the survey. how important or meaningful is the price target? if we get a blowout nvidia report, does that change your view for the year? if we miss expectations, does that change your view? >> i think nvidia is the critical component and imperative piece of the puzzle tpuzzle. my range was 5,300. i think it is range bound which is healthy. i remain bullish. i think it is range bound.

>> give us the elevator pitch on nvidia? you are looking at the technicals on the qqq. >> the vix with the qqq and the top three holdings of the qqq is microsoft, apple and nvidia. i think you want to buy at 437 and sell for protection. >> we have to leave it there. that will do it for "worldwide exchange." "squawk box" starts right now. good morning. breaking overnight. iran state media says the country's president and foreign minister both killed in a helicopter crash. stock futures relate toughly flat here after the dow did close above 40,000 for the first time ever. we will show you what's moving right now. and blue origin has resumed space tourism flights after a two-year grounding. the company carried six customers to the edge of space

yesterday. it's monday, may 20th, 2024. "squawk box" begins right now. ♪ good morning. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe joe kernen. andrew is on assignment this morning. we have moderate green arrows when you look at the u.s. equities. the dow is up 12. s&p is up 8. nasdaq up 38. this does come after a really big week a lot of week with the dow closing above the 40,000 level for the first time. we will see where things head this morning and this week. if you look at treasury yields, it looks like the ten-year yield at 4.41.

two-year