it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." wall street wreck. stocks coming off the worst day in a year. the selloff goes global. red arrows all over the world with asia closing lower and europe with selling in the early going. wit we have live reports from london and singapore. and barry sternlich, it is str struggling with assets.

and just how high the a.i. trade can fly. and tracking consumer spending trends ahead of the unofficial kickoff of summer it's friday, may 24th, 2024. you're watching "worldwide exchange" right here on cnbc ♪ good morning and welcome to "worldwide exchange. thank you so much for being here with us. let's get you ready for the trading day ahead. we kickoff the hour with the stock futures check. take a look. the futures are in the green. the dow would open up 20 points higher right now, the markets are looking to rebound from the selloff fueled by concerns of the fed and outlook for cuts that negated another strong quarter from nvidia. the dow had the worst day since march falling more than 600 points closer lower by 1.5%. the nasdaq and s&p 500 having the worst day since april with the s&p on pace to snap a four-day win streak.

for weeks, we have been debating if the earnings were the driver for the fed. we got our answer yesterday. stronger than expected pmi numbers weighed on investors with good news being bad news again or stronger than expected economic data signaling to investors that cuts will come later than many of them hope the outlook for the quarter-point cut or no cut at all in september is just about 50/50. there is also a growing consensus among portfolio managers that i spoke with that a second cut is now likely off the table. that's the set up. let's turn to the markets all around the world with red arrows as stocks in asia follow wall street lower. we have jp ong in singapore and carolin roth in london carolin. >> good morning to you we are also seeing indiscriminate selling across europe i will say losses are limited and i know i sound like a broken record, but we're not far away from the record highs.

there may be a little bit of profit taking in here. as you pointed out. owe have the wage data from the ecb for the first quarter which was stronger than expected we have the strong pmi in europe that making investors reassess the rate outlook coming from the ecb. traders now only pricing in 60 basis points of cuts from the ecb. the cac 40 today off 0.2%. the dax is tracking lower to the tune of 0.4% we are on track for the worst job in five weeks. for week, these european indices tracking plus 1% declines. we also had some worse than expected retail sales coming from the uk which is putting pressure on the retailer there is for the month of april, are frank, retail shares dropped i want to show you the sectors one by one autos and technology or retail

tracking to the upside technology is a mirror image from yesterday the biggest decliner off 0.9%. back to you. >> carolin, thank you very much for that one let's turn to the action in asia and what was a roughe end to th week with jp ong in singapore. >> i will not lie, it stung with the selloff. in tokyo, the selloff happened despite the japanese yen we weakened weakening past 157 against the greenback. we saw core inflation soften again in japan calling in question of the demand may an be on the last legs that caused a significant outflow of funds from the japanese markets and nikkei 225 close in the red we saw stocks selloff with

property and banking stocks in focus. one of the many property developers in china actually getting a $2.8 billion loan from the syndicate of banks this is keeping risk off we want to look at the south korean stocks and the chip stocks samsung, the heavily weighted stock on the kospi, with worries today with the memory chips failed tests with the power consumption and overheating issues that cause samsung shares to fall and pull down on the kospi and the known supplier of nvidia markets from seoul to shanghai could not catch a break. frank, back to you and good morning. >> good morning. thank you, jp. let's turn attention back to wall street after the rough session that saw a positive

reaction from nvidia let's bring in the chief in investment officer at horizon. scott, good morning. good to see you. >> good morning, frank thanks. >> scott, a big selloff yesterday. fed concerns are weighing on the market if you look at september, where most thought we would get the first cut and it's 50/50 right now. what is your outlook >> it is confusing i thought we were over the fed yesterday was the fed-induced selloff with the stronger numbers. that dynamic as you said good news is bad news shouldn't be on the table. i think powell has done a good job and the fed has done a good job of saying hikes are probably off the table. maybe we have to wait a little longer if it is december or september in terms of the first cut, it doesn't matter that much

what we are more concerned about is the slowdown we have seeing from the consumers >> scott, quick question i spoke to money managers in the u.s. and europe, there is assessment the second cut is off the table. do you agree or disagree >> i agree with that they will be political with that being off the table. >> yesterday, nvidia with the blowout report you, like many others believe it is time to invest in the picks and shovels of the gold rush one was utilities. utilities is out performing the broader market in recent weeks, we have seen rates tick back up especially after the pmi report yesterday can utilities continue to out perform? a.i. has so many big power

dep dem demands. >> we do utilities cannot continue to perform if we are going to get high arer and higher rates. we think it is at the top of the range here and so long as we don't get higher rates like a ten-year yield approaching 5%. there will be not only from a.i., but from the continued electrification of the car system and everything else we need more electricity in the country. we don't have a way to supply it yet. >> i think the question after the selloff is stocks sold off and there might be a buying opportunity. where would you buy? >> i think utilities and that space and the gen a.i. space tech sold off yesterday. we are looking at utilities and tech space are right for

investment >> scott ladner, thank you for more on what is driving the markets, head to cnbc pro at cnbc.com/pro for insights and anal analysis we have more coming up on "worldwide exchange,." and barry sternlicht has more to fend off and spacex is looking at another sale. and a closer look at the a.i. blockbuster report and the sectors still right for disruption we have a very busy hour still ahead when "worldwide exchange" returns.

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welcome back to "worldwide exchange." let's get the check on the top corporate stories with the brilliant bertha coombs. bertha, good morning >> good morning, frank let's start with the commercial real estate crisis potentially looming. a $10 billion non traded property fund managed by barry sternlicht's starwood capital is significantly limiting the investors ability to pull out their funds capping monthly withdraws at less than .50% of value from the earlier 2%. the move comes as starwood is facing higher redemption requests and shrinking liquidity in the fund. investors are growing impatiimp,

but feels sternlicht will rebound. and elon musk says spacex is in early talks to value the startup at $200 billion up from $18 billion valuation just six months ago or $88 billion just six months ago this as the financial times report that musk's xai secured backing from recent partners and others valuing the a.i. company at $18 billion all this while musk's core business continues to hit road blocks with tesla cutting model y production in shanghai by 20% from a year ago. the s.e.c. is clearing the way for a batch of new etfs that deal directly in ethereum with trading set to begin later this

year through products offered by blackrock and fidelity and ark invest and more. the decision comes less than six months after a similar approval for spot bitcoin etf with the inflow surpassing $12 million. it is on pace for the best week in more than a year. frank, if you had told me some ten years ago we would see etfs for cryptocurrency, i would have said really? it is incredible how much this has grown. >> bertha, if you said cryptocurrency would still be around, i would have bought a lot of it. i did a story on local news a couple years ago when bitcoin was 1/20th what it is now. if i had only known. thank you. turning attention to the transports they were lower yesterday adding to the 5% decline with the soft demand in trucking with walmart and amazon de-stock inventory.

there are signs the market could be bottoming containers are 40% higher than last month which frayeder says it due to unseasonable demand and rerouted cargo in the red sea. we have craig fuller here in studio to discuss. >> good morning. >> let's talk about containers prices were 40% higher than last month and we see amazon and walmart say they are de-stocking. what what's going on? is it the red sea disruption >> it is part of it. we are seeing relatively high demand from february to a year ago. really, what is happening is the ocean container lines have a lot of pricing power with the high concentration of the market. they have been able to manage to pass on a lot of the market disruptions in terms of additional pricing. >> how big of a factor is the

red sea disruption a lot of ships are rerouting around the south end of africa how big of a deal is that? it might be empty shelves in europe i was in europe. all of the shelves were full. >> it hasn't been a disruption of splupply chains supply chains are self healing it is showing up in container prices. >> i want to focus on the u.s. de-stocking is a thing walmart down 3% year over year target down 7% what are you hearing from the companies you are working with here are you at the bottom of the freight recession or do we have more downward trajectory to go >> the volume question and capacity question. on the volume standpoint, we think the market bottomed last year and is continuing to increase it is very marginal. it is not sharp.

it doesn't feel like the covid cycle. what is driving soft conditions in the freight market is the excess capacity. we add the 28% more trucks in the market from 2020 to 2022 that market is trying to get rid of the excess capacity that was added. >> i feel we were talking about a shortage and now overcapacity. here is something i'm excited about is the cross border trade with mexico near shoring the data from the u.s. census show imports are up 4% in q1 from q1 of last year from the people i talked to, that is not representative of everything going on. how big can it get >> it is the biggest story for the next decade. if the last decade anwas china,i is the next decade being mexico.

the official government data under reports the impact of industrialization. not only is it chinese companies building production and distribution in mexico, because that is happening, largely to bypass tariffs and secure their own demand, but it is also american companies and european companies that are investing in production in the united states and in mexico that is driving a lot of the industrialization. >> what companies will benefit i know some of the rails lines from mexico to the u.s. would expect to hurt the container shipping lines with less traffic from asia. in your mind, what areas will benefit? transports are negative for the year down 5% >> i think the trucking and anything moving freight on road or surface will benefit. particularly companies with high concentration of the north/south lane

kansas city southern now part of cp cp/kansas city railroad is probably a imamajor beneficiaryf that the large cross border will do well look at reits. they do well what you see with additional demanded in the market, they have the ability to build warehouses and distribution centers. >> we have not talked a lot about them since the rate of growth has calmed down a bit craig fuller, great to sigh. than see you. coming up on "worldwide exchange," why the a.i. strategy shift is nothing doing anything to help rbtuo tax maker intuit move we'll be right back. dehydratech processing of a glp-1 drug demonstrated improved blood sugar reduction and reduced side effects.

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welcome back to "worldwide exchange." time for the big money movers. we start off with shakes of deckers. they are 8% higher thanks to the gains for the sneakers and ugg boots. partially offset by the decline in teva. intuit selling off and raising annual forecast. shares are down 6% the company says this quarter marked the first back to normal tax season since covid

the ceo highlighted the role of integration on cnbc yesterday. >> all of our investments we made in data and a.i. is allowing us to deliver more innovation for customers and be more effective internally. that is the leverage you are seeing and why we are able to increase guidance across all of those metrics. >> also workday under pressure shares down 13%. it comes as the company says it is facing elevated sales scrutiny which is weighing on the outlook. the company trimming full-year forecast for the subscription revenue. that is key for this business with lower customer head count growth. more than 3 million people are heading to the airport according to aaa the travel trends are in contrast on the consumer which the retailer say is under

pressure joining me now is steve audland. steve, good morning. >> good morning, frank. >> not only are you the ceo of the conference board, but the face of two companies. auto zone being one of them. give us a sense when we talk about the consumer what are you expecting >> this is the start of the summer season when you should see the seasonal spending happen memorial day kicks it off. you see the increased pressure on the consumer going into memorial day and summer season first of all, shoppers are thin with the credit cards maxed out. you have delinquencies soaring here gas prices are high. you have food prices high. the consumer is really stressed at the moment. they have run out of all of

their capital. you are starting to see them trade down how will this impact going into the travel season? we think people will spend more time in their cars and make shorter trips and trade down in terms of whatever hotels they use. trade down in terms of restaurants. have more barbecues and more in-home food production. >> steve, it sounds like restaurants and hotels will see soft demand. what do you see with the uptick? >> anything of value, frank. consumers are concerned about inflation with food and gas. you see gas here spike since the beginning of the year which is the reversal of the trend which had been happening you see the administration trying to push 1 million gallons of gas to push the prices. you see consumers trading down in the number of miles traveled. you will see them trading down in the kind of food they buy eating in versus eating out.

trying to hit more value everything is screaming value right now, frank you have the lower-end consumer which is fixed here and they're under real stress. >> you have insight about the con consumers and the ceos the economy is strong and the consumer and consumer sentiment is really weak. >> frank, we talk to ceos every day. ceo confidence has edged up. a year ago, 90% of ceo'ss say there is a recession now they say it is a significant slowdown the slowdown can feel like a recession particularly if the consumers back off which is what we're seeing here. ceos are really in neutral right now. they're holding on to all their people they are banking talent because of the recent experience they had with skill shortages and so forth. we are not seeing layoffs, but

we are seeing them back off spending interest rates are higher, so debt is expensive right now. you are not seeing acquisitions or big capital investments >> we have to look for any new trends steve, thank you >> thank you >> enjoy the holiday weekend. as we head to break, we are watching fast food stocks turn around a rough start to 2024 burger king throws its crown into the ring for the $5 meals confirming an early report it will take on mcdonald's and wendy's with a quote/unquote with a promotion with plans to release it to the public weeks before the golden arches now it is the $5 value meal. we have to watch the stock and trends much more "worldwide exchange" coming up after this

her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit...

unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for. it's about 5:30 a.m. in the new york city area there is still more ahead here on "worldwide exchange." here's what's on deck. stocks trying to rebound as fed fears overshadow. and a closer look at the chip makers grs growth. and big tech makes a big bet on one african country that many say is prime to ride the a.i. wave it's friday, may 24th, 2024. you are watching "worldwide exchange" here on cnbc

♪ welcome back to "worldwide exchange." i'm frank holland. thank you for joining us let's get you ready for the trading day ahead. we pick up the check of the u.s. stock futures in the green across the board the dow off the highs of earlier this morning solidly in the green as you can see, wall street is looking to rebound from the selloff fueled by concerns of the fed and the outlook for cuts that negated another strong quarter from nvidia. the dow having a very bad day. falling more than 600 points and closing more than 1.5% lower nasdaq and s&p having a bad day. the s&p on pace to snap a four-week win streak we have been debating if it is earnings or the fed. if either of those was the driver of the market, we got the

answer yesterday we have good news now being bad news or stronger than expected economic data meaning cuts will come later than many people hope the outlook is just about 50/50 right now for september with the first cut happening. a second cut is now pretty much off the table. that's the money set up. let's turn back to tech and nvidia adding $221 billion in market value thanks to the soaring data center sales beyond the adoption in early tech, we are looking at the sectors. one which was featured on "worldwide exchange" a year ago outlining the sectors to watch with the impact of generative a.i. near the top of the list is healthcare let's bring in fred hassan and a

cnbc contributor and sits on a number of boards within the healthcare space good morning good to see you. >> good morning, frank >> i was just looking at data from pwc according to pwc, in pharma, you have the potential to boost profits $254 billion a year globally by 2030 when you talk about this, what areas in pharma and drug development do you see benefitting the most and the most in the near term? >> frank, pharma is a very intelligent industry intelligent a.i. is here and it is making a big, big impact industry after industry, especially in the industry like pharma in pharma, the biggest opportunity is for new drugs that's content creation. new content creation a.i. can go through vast data

sets and help you get to much better drug molecules in a more efficient man aftner and come u with new molecules than ever before huge opportunities there there is a huge opportunity with clinical trials and finding the right patients and finding the right sites and finding the right way to get through clinical trials and enormous opportunities to manage patients a lot better for doctors pharma is going to benefit from it >> i really want to lean into your insights. it is some new drugs potentially developed faster are there certain areas you expect to see development get a big boost? oncology or hiv or weight loss >> most likely infectious disease. that's where we can get much

better molecules there is an issue around the world about antibiotics starting to create resistance we need new families of molecules there. oncology is a huge area. that's where you can do a lot of good geonomics on the tumor. in fact, itis really area afte area even glp-1s which are now opening up a huge area for maybe 30% of the population. down the road, there will be specific glp-1s for specific people personalization of medicine. again, another opportunity for a.i. >> more like a custom drug that's really interesting. >> yeah. >> i want to get your take on this as well earlier this week, sanofi sealed a deal with openai with drug

development. i want to get your response to what the chief operating officer had to say. >> it is all about the unmet needs. with generative a.i., you can map new proteins i think the spectrum of the possible is huge, frank. it is not just on specific drugs. it's a wide range of drugs. >> i asked if he is going to focus on the most profitable drugs. he thinks it is a wide range i do have to ask you, isn't there a temptation for the companies to focus on the most profitable drugs as opposed to the most needed drugs? the glp-1 is a profitable business. >> first of all on sanofi, that is a very advanced company on the subject. proteins are the best area for work with a.i. because they also not have the molecule, but the shape of the molecule.

there is so much complexity there. when it comes to glp-1s, there is a big benefit for the companies and they are making good money on the weight-loss drugs. you have to remember that overweight is the biggest cause of healthcare costs. if you can get the weight down with the glp-1s, you can benefit from the weight loss, you can see let heart attacks and strokes. i think it is is a win-win for society. >> fred hassan, thank you for being here i appreciate your insight. i want to keep this conversation going next week and focus on autos. we are chatting with former ford ceo mark fields. it is not just traditional sectors, but new a.i. tools are helping sports tackle the

time-consumer jobs we have julia boorstin with a closer look. >> reporter: the nba has 30 teams with over 1,200 regular season games putting together the schedule was traditionally a tedious, manual process it has improved the last decade thanks to software that process has gotten faster thanks to artificial intelligence starting with the pilot last summer, the league partnered with and inn vvested in a.i. startup fast break to bring together the schedule. it plans matchups and designs travel around rest days and player health and venue availability evan wash who runs the strategy and analytics division, says they can design road trips for teams and eliminates the number of flights traveled.

>> it helps with the system which goes and pores over billions and trillions of potential schedules because the number of schedules is astronomical it is able to return back the schedules that best meet the constraints. >> reporter: the nba is part of the growing group of leagues using the technology, including the nhl and pickleball and big east the nba says the latest a.i. tools build on other investments in computing automation which led to a 40% decrease in the number of back-to-back games over the past decade wash says the a.i. technology optimizes exciting team match ups which can drive ratings. >> viewership don't drive revenue, but they are important to grow the fan base and exposure and in the middle of the national media with renew or

extensions >> reporter: leagues are de deploying a.i. to cut highlights that is happening with 450 broad broadcasters it is analyzing live sports and identifying big moments and creating highlights instantly to create content for fans across social and digital platforms for "worldwide exchanging," i'm julia oorstin. the ncaa agreeing to share revenue with athletes as soon as next fall. this marks a major shift for the 14,000 current and former students that take part in college sports. coming up on "worldwide exchange," big tech makes a big bet on one african country that many say is prime to ride the a.i. wave. we are live in d.c. with the details coming up next i found that i just wasn't sharp and that doesn't work when you're writing a mystery

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[♪♪] your skin is ever-changing, take care of it with gold bond's age renew formulations of 7 moisturizers and 3 vitamins. for all your skins, gold bond. welcome back to "worldwide exchange." you are looking at a rough session in asia. all indices there closing lower. we will go over to europe and arabile gumede with the latest in black good morning >> good morning, frank the market is also not in the black, unfortunately, but in the red. europe is going down significantly with the broader losses out of the ftse 100 which had been trading near record territory of late. taking in that negativity that came from the markets yesterday,

we have seen the tech counters manage to move significantly higher yesterday utilities falling down 2.8%. if you want to look at the sector basis, here it is you are just seeing autos and retail managing to eek out gains with only being open for three hours. technology stocks at the bottom of the stoxx 600 oil and gas taking a hit and utilities taking a hit down .7%. uk retail sales numbers coming out 2.3% lower the economic data front is what everybody is looking at as we head to the elections here out of the united kingdom. that's how things look this side we will go to a break right now. "worldwide exchange" is back right after this stay tuned help make trading feel effortless. and its customizable scans with social sentiment help you find and unlock opportunities in the market. e*trade from morgan stanley

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welcome back president biden we'lcoming his counterpart from kenya megan cassella has details with major corporate partnerships boosting investment in kenya megan, good morning. >> reporter: good morning, frank. the u.s. chamber is hosting kenyan president ruto today with a forum of business leaders. they are focusing on investment in africa. ruto met with president biden

and both have been touting cooperation in tech and a.i. a few of the announcements we heard is microsoft with g42 announcing a $1 billion commitment to build a data center in kenya. google is investing in digital infrastructure the biden administration among other kmicommitments. meg whitman says this is a great place for investment in a.i. >> it is very powerful technology that i think can change everything and we have to guard against it being destructive. i think it can also be a real force for good and consume tremendous amounts of power. a.i. uses tremendous amounts of

power. that is an asset for many countries. >> reporter: whitman said many countries should be investing in africa frank. >> we heard from meg whitman right there. former hp and e-bay ceo. why does she think every company should invest in africa to some extent >> reporter: it is really a focus on the demographics. there are amazing stats. the average age on the continent is 19. when you look further ahead, 1 in 4 working age people will be living in africa within 20 years. she says any business that really wants to plan ahead and be part of that and wants to find customers should really be looking there. that is the pitch she is making when she talks to the old contacts she brought the kenyan president

to silicon valley last year and said this is what you could get and kenya is the tech capital. she thinks this is the wave of the future and where they will build out especially on green energy because she thinks if you want to build an a.i. data center and make sure that you are doing it in a renewable way, kenya is the place to do it. >> fascinating 1 in 4 workers in the world will be in africa in 20 years wow. that's incredible. megan, great to see you. coming up on "worldwide exchange," meta platforms joins openai and alphabet trying to turn the chatbot into a money maker. if you miss us, check us out on spotify or your favorite podcast apps more "worldwide exchange" coming up after this. your people are buried in busy work.

and you might be thinking... can ai make it all work? can ai help your people work... without all the workarounds? feel better. make customer service work the way customers expect? that one. make your old tech work with your new tech? thank you. and todd here is wondering, can ai do all that... now? no pressure. it can. on the servicenow platform, ai transforms your entire business. your people work better, your customers are happier, and todd... well... he's practically euphoric. practically. because when your people work better, everything works better. so what are you waiting for? let's get to work. idris elba works here? mm-hmm. ya, he's super nice.

welcome back to "worldwide exchange." i'm f time for the "wex wrap-up. starwood is fighting off a fire sale investors are growing impatient and buarry sternlicht thinks it

will rebound. and the s.e.c. clears the way for ether etf with ark and blackrock. shares of ross stores popping after the retailer raised the profit forecast despite the warning from the ceo saying higher prices are impacting discretionary trends. the entire gildan board resigns. the company's founder has gained significant shareholder support to reclaim the business after being ousted last december. meta is working on a paid version of the a.i. chatbot. microsoft and google charge $20 a month for their versions. and turning back to futures. nvidia being the rising tide that lifts all boats and did not

comeback today the biggest point decline since february of 2023 the dow is off the highs of early this morning joining me now is matt powers. matt, good morning >> good morning, frank thanks for having me on. >> i want to get your take on the market big selloff yesterday. nvidia is the third biggest stock in the market. what did you make of that and the concern of the fed cuts? >> it is interesting about that with rolling at the end of april with the ten stocks account for the 30% of the market. assuming after nvidia had the huge day, we see rates are driving the market and we expect that through the rest of the year. >> how do you see today shaping up

futures are higher after the big selloff. what is your "wex" word of the day? >> the "wex" word of the day is remember it is the unofficial start to summer with the three-day weekend. we want to remember to thank those who serve our country. remembering there are other opportunities out there that are not mega cap tech or a.i. >> you say there are other opportunities. we had a guest on earlier who liked utilities. you are seeing opportunities in utilities. utilities are out performing the market this year. >> utilities are leading year to date it is the generation of electricity to d with pricing p. following those earnings, hopefully some adjustments are

being made lastly, they had a rough time the past few years is the reits. >> you gave us a bunch of picks. johnson & johnson and atos one that had me scratching my head is lowe's consumer is stretched. why do you think right now is a good time to buy lowe's when they think the outlook is not amazing. marvin ellison said he hopes it will rebound the market is tough. >> our focus is primarily growth there are two players in that area lowe's and home depot. we love lowe's you know what is unique is a 26% payout ratio they increased the earnings 30% year over year home depot is not.

the attractive valuation right now over the five-year pe. >> not concerned about the do it yourself opposed to contractors and builders >> some analysts say higher home prices should lift free cash flow over the next five years for $46 billion for lowe's you just mentioned the customer experience and we see that as positive. >> what are you seeing in johnson & johnson? we have talked about a.i. and healthcare is that why you are bullish on johnson & johnson? >> that is part of it. they have a reverse revenue base it helps keep them insulated for us, as a dividend growth, they hit all numbers their next generation of pipeline drugs are specialty which carries strong pricing power. they had strong numbers and growth year over year. fairly attractive valuation. >> i know it is about the

dividends. matt powers, thank you we will take one look at futures right now. futures are higher across the board. important to note the dow off the highs of earlier we are on pace for a rebound on wall street after the selloff yesterday. that will do it for "worldwide exchange." selloff yesterday, but the economic data could be a catalyst for investors we will get you ready. a new s.e.c. decision paving the way for the spot etfs. plus, the amateur era of college sports is over the landmark new deal setting up revenue sharing for universities to pay athletes directly it's friday, may 24th, 2024 and "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. m cky quick an along with andrew ross sorkin joe is off today on this friday, if you look at the equity futures, they are in the green at the moment. this is not a big pull back after yesterday. this came after the selloff for the dow where it dropped 1.5%. that's the biggest decline in a year it was weighed down by the 7.6 drop in boeing the nasdaq was down 0.4% despite the 9% rise in nvidia. pressure for the s&p and nasdaq. that was the biggest loss we have seen for the month of may if you look at treasury yields this morning, you will