it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5. back in action wall street back in business after the long holiday weekend the nasdaq at fresh record highs. consumer caution in the short week ahead and all roads lead to the pce inflation print. what it could mean for the fed summer playbook. $10 trillion and beyond after last week's nvidia report. we speak with an analyst doubling down on what could be the most bullish outlook on the street. elon musk and his $56

billion tpay package facing freh scr scrutiny it's tuesday, may 28th, 2024 you're watching "worldwide exchange" right here on cnbc ♪ good morning and welcome to "worldwide exchange. thanks so much for being with us we hope you had a great holiday weekend. take a look at u.s. stok futures. the nasdaq doing the best up over .50%. we're coming off a mixed session last week with the dow pull back 2 p 2% the nasdaq extended the win streak to five this seemed to be the inflection point in the market with nvidia. ahead of the open, the dow is 2.5% from the all-time high

despite the decline last week. the s&p is less than 1% from the all-time high. the nasdaq is trading in record territory. we are checking the bond market of the busy week for retail earnings and data. the bench nmark at 4.45 moving sideways ahead of the inflation report coming up here in the u.s. and in europe. a lot of investors eyeing both of those we are watching the oil ahead of the opec plus output decision. you are seeing wti up over 1%. up 1.3%. keep in mind, we saw muted trading yesterday where the u.s. markets were closed, but over in europe, according to cnbc.com, we saw active trading. muted overall. brent crude is flat right now. both are below $80 for wti and $85 for brent crude. that is the money set up let's get a check on of top

corporate stories with silvana henao. >> good morning, frank tesla shareholders are urged to reject elon musk's pay package proxy advisory firm glass lewis says it was walvalued at $46 billion and would concentrate musk's ownership it was struck down by a delaware court in january shareholders will vote on a re-proposed package on june 13th meanwhile, xai has raised $6 billion in new funding boosting the valuation to $24 billion in the blog post, tesla says the round was backed by investors, including ho rrrowitz and sequoa

capital. bill gross says trump would push deficitis higher than if voters reelect president biden that is because he continues tax cuts and more spending gross says the biden administration has spent far more money than it has taken in through taxes, but trump would be quote more disruptive. shares of gamestop are surging today after the video game retailer raised nearly $1 billion in a stock sale on friday we are seeing shares up over 18% in the pre-market. gamestop had filed to sell up to 45 million shares following a rally earlier this month that was sparked by the return on social media of keith gill, aka, roaring kitty, whose bullish call kicked off the meme

stock frenzy frank, up more than 100% month to date. >> it took one cryptic tweet silvana, thank you back to the markets. a big week ahead for the economic data in the u.s reports on housing and consumer confidence and gdp the biggest of all is pce on friday pce is expected to tick down 0.2% on the month. eurozone data is out on friday the numbers may not derail the ecb rate cut expected next week, but it could influence decisions on future rate cuts. joining me now is mark haeffele. >> great to see you. >> we have inflation reports here in europe also a central bank decision in europe a lot of things going on big earnings report from nvidia. with all this going on, you

raised your s&p price target to 5,500. you have a goldilocks numbers of 700. there is a lot of potential for volume actuality >> all great points. this is really a time to take a little bit of a step back as we enter the summer and look at some of the bigger trends. we have already seen some central banks cut interest rates around the world we have seen inflation falling around the world we have seen the a.i. cap ex spend increasing we have seen the real strength there. we have seen the equity rally broadening out not just in the united states, but also gl globally we think that is a benign back drop right now for stocks and bonds. >> benign back drop. that's what you're seeing. i want to show you something and listen to something. minneapolis fed president neel

kashkari was on cnbc earlier >> the u.s. economy has remained remarkably resilient gdp growth has been strong most people thought we would be in the recession toward the end of last year that didn't happen the housing market has remained resilient. i'm not seeing the need to hurry and do rate cuts i think we should take our time and get it right. >> i was listening to what he was saying he didn't say they're off the table or push them back. he said no hurry how do the comments impact the market >> that is bullish for him taking a nice summer break we think the rate cuts are going to start in september. we think two this year not necessarily out of line. the fed, you know, that was a bit of a victory lap saying things are on track. we can afford to take our time

>> so, do you think that's a change in what he was saying before or is he staying consistent he is a voting member, by the way. we keep hanging on every single word did you see any changes in his commentary or is that consistent to you >> i think the broader message of, you know, being data dependent, and kind of looking at the broader picture, that still remains constant as does a lot of commentary by various fed members in between the meetings. >> i want to get back to what you are seeing again despite record highs, the investor money on the sidelines and money markets continues to grow $30 billion. you put out targets for gdp and inflation and ten-year note. growth at the same level as last year you tell me, in this

environment, the last week of this month and this first half of the year, why do so many people want to stay on the sidelines? >> i think currently we have great yields in the money markets. as those numbers show and we have been telling clients, you know, that's probably not going to last. as rates do start to fall, this money that's in money markets will seek other homes. we think some of that will certainly go into fixed income that's why we're telling clients now is the time to lock in some of the longer-term yields before the money market rates start to fall. >> fixed incomes is your top pick ten-year or 20-year? how long do you want to lock in? >> we take a bar bella -bell aph the five huf-investment grade.

we like that private credit makes sense for some investors. >> alternatives is a bigger part of the market. mark haefele, thank you. for more on what's driving the markets on the trading day ahead, head to cnbc pro. we have more to come here on "worldwide exchange," including the one word investors need to know first, $10 trillion and beyond after the nvidia earnings report we talk what is next for the chipmaker as we talk to the analyst who has the most bullish outlook on the street. and real estate takes center stage in a busy week for housing data we have a report from the frontlines coming up. later, breaking down the a.i. impact in retail. former toys r us ceo is right here on what some estimate a $660 billion opportunity we have a very busy ur shotill ahead when "worldwide exchange"

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welcome back to "worldwide exchange." you see u.s. futures if n the green. the nasdaq up 1% let's go to europe with carolincarolin roth with the mixed start. >> we have been online for roughly two hours. this is the picture. we are seeing out performance from the dax in germany. fragrance company got a boost

from deutsche bank the ftse 100 which was closed yesterday, like the u.s. markets, is seeing a bit of catch-up trade down 0.1% all eyes on the inflation data, frank. on thursday, the inflation data that you talked about in the program. ahead of that, i want to share results with the ecb survey with inflation expectations what is worth pointing out is consumers see the inflation in the next 12 months ahead at 2.9% in the eurozone. that is the lowest level since september of 2021. when it comes to the three-year p expectations, it is 3.1% it is going in the right direction. everyone is waiting for the first cut to come next week. i want to show you the sectors one by one the banks with out performance

autos and real estate up to the tune of 1.1% travel and leisure and food and beverage and media under pe perf performing no major stories to tell you about. it is all about the macro data and the ecb cut. back to you. >> carolin roth, thank you we are turning back to the u.s. with the housing reports. the housing market is seeing high rights and inconvenient after and negative sentiment from buyers and sellers. shelter prices are sticky, but the rate on the 30-year fix san diego fixed is down 5% let's talk about this with our guest now. >> nice to see you, frank. >> i hope you had a nice weekend. back to business today back to business for everybody

wall street, real estate, the whole shebang. the rates for the 30-year ticked below just a bit it is still easing a bit give us a snapshot of what is going on in the housing market >> i think the fact that the last few weeks we have seen the 30-year dip down is a good sign. you know, the real estate market is cyclical. it can dip back up again it is hard to say. the challenge, frank, has been the artificial constraint on inventory. so many have been locked in at 2% and 3% and they are unwilling to let go of that which makes sense. i don't see any time soon inventory becoming flush where we need it to be because sellers are unwilling to put their homes on the market as much as we

need because of tight inventory, rates, even though they have come down a little bit, still has not created enough intersection between supply and demanded that's why we have seen a slower housing market. >> bess, explain this to me. the sale price in april was up 6% that was due to inventory, but out rates are still high i thought prices would go down why are they still up? >> parts of that is because of decent demand and not enough inventory, that keeps prices higher. >> where is the demand coming from where are people getting the money for the bidding wars that are pushing prices higher? >> there is a real commitment to buy housing. i think people -- it is a commitment to economic security. it's truly the queen of the asset classes. when people have a little bit of savings, they want to buy a

home even if it is a first-time home. rates are still historically low. we have to get that in context it is not like they are double digits 6% and 7% is still historical alihistorically low. 50 million people in america are between the ages of 30 and 40. those are a lot of the first-time home buyers today >> if you talk to your parents or grandparents, they talk about the double digit interest rates they had the issue of new real estate rules for agents is that going to have a meaningful impact? on who the sellers or buyers? >> i think the rule that goes into place at the end of the summer creates more transparenc for the consumer

that is a good thing that we are pushing for. keep in mind rates are negotiable and they continue to be negotiable. >> bess freedman, thank you. >> thank you, frank. coming up on "worldwide exchange," a rough holiday weekend for warner bros. discovery and sony making history in all the wrong ways. we're back right after this break. (♪♪) 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.

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welcome back to "worldwide exchange." a market flash on shares of apple. moving up over 2%. this is the latest figures from the china institute of technology showing iphone shipments rising up 52% last month gubuilding on gains. apple and the resellers have been cutting prices as they look to keep pace with rival huawei, currently the number one seller of the smartphone in china. time for the check of the headlines outside of the world of money and business. nbc's frances rivera is in new york with the latest >> good morning, frank residents across the heartland are reeling after the weekend of powerful storms devastated communities with heavy rain and hail and high winds and tornadoes. at least 24 people have died across six states. dozens more injured. governors in kentucky and

arkansas surveyed damage in the hard-hit areas on monday there is international outrage after israel bombed a gaza evncampment killing at leat 45 many of the dead are women and children the local health ministry reports dozens of injuries prime minister benjamin netanyahu acknowledged the mass killing calling it a tragic incident that will be investigated. closing arguments will soon begin in new york in the criminal hush money trial of donald trump jury deliberations are expected to begin tomorrow. if there is a conviction, the president is almost certain to file an appeal you are up to date on this back-to-work tuesday frank. thank you, frances first it was france and now eyeing another european nation and a possible multibillion

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it is just about 5:30 a.m. in the new york city area. there's still more ahead the nasdaq sitting at yet another fresh record futures are pointing to a higher

open. nvidia helping to drive the big gains. the chip giant rivaling microsoft. we talk to the most bullish analyst on the street who says it may be the beginning with the $10 trillion forecast. and we stay on the technology with the retail industry and how a.i. streamlines our shopping experience it is tuesday, may 28th, 2024 are you are watching "worldwide exchange" here on cnbc ♪ welcome back to "worldwide exchange." hope you had a great holiday weekend. let's pick up the check of the futures. wall street saw the dow pull back 2%. the nasdaq extended the win cree

streak to five the nasdaq up .50% the dow would open up slightly higher maybe 20 points ahead of the open, speaking of the dow, it's 2.5% from it's all-time high. the s&p less than 1% from the all-time high and the nasdaq trading in record territory. we are looking at the bond market ahead of the busy week for retail earnings and economic data benchmark 4.45%. it is moving sideways over the last week. big pce report coming up later this week. this follows fresh comments from minneapolis fed president neel kashkari on "squawk box europe" this morning. >> the u.s. economy has remained resilient. gdp growth has been strong stronger than forecast most people thought we would be in recession toward the end of last year. that did not happen. consumers remained resilient the housing market has remained

resilient. i'm not in a hurry to do rate cuts i think we should take our time and get it right. >> neel kashkari new oo in no ho cut rates. take a look at the oil market. according to cnbc.com, light trading yesterday over in europe which pushed up the price of oil with wti you can see it is up 1.5%. brent crude is flat. up fractionally right now in the early trade. that's the money set up. now to the stock that's on everybody's tongue nvidia shares rising 15% ahead of the blockbuster earnings report. it helped push the nasdaq to the fresh record high. the market cap is $2.6 trillion. just behind apple and microsoft. market caps of $3.2 trillion and

$2.9 trillion. our next guest sees a $10 trillion market cap. beth kindig -- i'm not coughing at your forecast i had something in my throat there, beth. good morning. >> good morning. >> how do we get to the $10 trillion is nvidia the most valuable company in the u.s. or are the other tech giants moving along with it? >> yes let me remind you that years ago, nvidia would surpass apple in becoming the most valuable company. now it is nipping at its heels what is unique from apple or microsoft, as you know, it is fueling the a.i. infrastructure. this is really important to understand our hopper infrastructure drove us to $80 trillion revenue blackrock data will be out

before the end of the year that will bring us to a $200 billion data center by the end of fiscal 2026 meaning, this next cadence of blackwe will exceed hopper it will enable 1 trillion plus large language models where big tech is trying to go those components all together equal a large hardware data center then we have software coming which i could talk at length about. i won't. we have automotive this is very early for nvidia. >> a lot coming. beth, i know you are in colorado that's coach prime country your price target is pending on a lot of assumptions, if you will the estimate for data centers are too low and the market for

the tam for chips is too low the market is bigger than we all think. isn't this a little bit bu bubblish >> lisa has a $400 billion segment. what my forecast is nvidia will take the lion's share of that. intel has a $1 trillion tam by 2030 again, my forecast is nvidia will take the lion's share of that i think those tam estimates are in line and what needs to be decided is who gets how much of the pie. >> you are saying the moat is sustainable as we see a build out of the chip production in the united states and other companies are trying to catch up not to mention the number one customers are making their own chips and becoming competitors how much longer do you see this

moat lasting another five years or does this moat continue to last because you feel nvidia is continuing to ramp up? >> there are a few elements there. when big tech makes silicon, they are making their applications they won't ever compete on merchant silicon they will not custommercial sdl sell chips like nvidia similar to i0s the same for nvidia. the platform is what software engineers and a.i. engineers are using. that helps lock them in. right now, it is an impenetrable moat this is not a moat that i see something that would crumble or

erode. although, i do think that let's fast forward to 2030. >> let's stop. impenetrable moat. $10 trillion market cap. i think we have to play devil's advocate i know cramer watches. he will send me an email kkr spoke to us last week. he downplayed the role of a.i. with the increased productivity and profitability. i want you to listen and get your take on what he has to say. >> we are seeing a surge in productivity it is driven by the cap ex we saw in covid that is leading to corporate profitability issues >> your take it is not necessarily a.i. a lot of us saying a.i. is hel helping. >> cap ex has been going up phenomenally just happened again.

q1 reports came in for full-year guide. we are having two discussions here that's where people are confused corporate productivity is one thing. big tech is entirely different thing. meta can optimize social media and ads without going out to market to customers. google will see that with the search engine. apple has a wide runway on what they can optimize. tesla is another one with r& d they don't need to go out and sell productivity. those are two different discussions. big tech is seeing the benefits. >> beth kindig, thank you very much great to have you here for more on nvidia, head to cnbc pro to play the semiconductor boom

you can find it at cnbc.com/pro. coming up, cruise operators sending shares in opposite directions we have more carbon oming up in morning call sheet. "furiosa" marking the worst memorial day weekend debut since 1989 box office ticket sales down 41% compared to 2019. nadrafa nadal losing in the first round for the first time ever the match lasted two hours his challenger is the third person to win against nadal for the first time ever. and babe ruth's jersey will go up for sale this summer the estimate is topping out the

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you've got more options than you know. book now. welcome back to "worldwide exchange." time for the "morning call sheet. duolingo is upgraded by jpmorgan chase. mizuho upgrading norwegian

cruise line to a buy it sees an upside to earnings. we have one more cruise call bank of america initiates a hold for vikings. in its view, it is well positioned in the industry. it is time for the global briefing ubs is rolling out naming an outsider to sergio ermotti when he steps down in three years the bank will choose from a short list of internal candidates no final decision has been made, but ubs' chief is expected to be right at the top of the list amazon is expanding the data center in italy. talks over the size and location are ongoing. sources say amazon web services is expanding the site in milan or building a new one.

aws and the italy's government declined to comment. china's government filing shows the state-backed fund has $47 billion in capital this highlights president xi jinping's goal to be self sufficient in chip manufacturing. coming up on "worldwide exchange," we dig into a.i. and the changes it is bringing to retail we have former toys r us chief gerald storch on why ts llhiwi lead to a revolution stay with us we'll be back with that and much more ♪ ♪ 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? ♪ ♪

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welcome back to "worldwide exchange." if the impact of a.i. leads to big tech, you can expect retail not far behind the retail and consumer goods sector could see productivity gains of $660 billion a year everything from inventory to staffing and pricing and customer service let's bring in someone who knows about retail gerry storch former chairman of toys r us the right person for this one. gerry, good morning. >> good morning. >> let's get into this one what does a.i. do for retail at least in the near term

consumer preferences are changing the way we shop is buying. what does a.i. do near term? >> timing is important here. the wording of your question is critical in the near term, mostly, it is efficiency gains in the long term, it is totally revolutionary. it reminds me when the internet started, if i can date nice a bit. not much has changed there is not a soul alive that doesn't say the internet didn't revolu revolutionize. we are looking at staffing solutions and stuff like that. as we look to the future and it happens a lot of faster once it is all over is three-to-five years and it will change everything you start with the top line which is where you make all the money. a.i. will help us predict what's going to sell and what's not going to sell. it is going to design those products you can imagine a store that's

in stock all the time on what people want to buy some of it was designed by a.i that's going to be fantastic secondly, the biggest problem in retail is all the markdowns we take you make a product you think people want and they don't want it with a.i., we identify the losers faster and never even make the losing product or once it is made, we cut it off fast sgrcfast >> i want to lean on this one. retailers reducing inconvventorn the low single digits for walmart and target explain this one to me when it comes to inventory, you need more stuff for ecommerce. i know when i buy something, i buy in large and extra large i might like the large, but send back the extra large and you are stuck with it and it gets marked down how do you change the consumer

habits of buying online because we can return them and you cannot predict what people will like and how things will fit on people's bodies differently which is where the inventory issues come up >> the good question a.i. can do that >> how >> we have your purchase history and we will use that and say this is your size. >> i'm still going to buy a large and extra large and try one on and walk one back to the store. >> you might most people are going to want what fits them we know what fits you before you buy it when you buy it, we will say, frank, this is for you and we will pick it out and send it to you. this is perfect for you. you will be satisfied. for the serial abusers, the people who do crazy stuff. buy 20 different styles and colors, we don't want you as a customer when you buy that product, we will say it is out of stock or

not available for you. it will not be mean, it will do it behind-the-scenes you won't know it. we will reduce returns it will reduce people who are outright sffraudsters there is a lot of fraud on the internet over people who are just buying a lot that day >> one of the things with a.i. is productivity. where is the productivity gains with retail? don't you need people in the stores for customer service? sometimes i didn't want people to bother me and other times i want help on what matches or fits right >> again, you are right. it is the optimization that makes the difference think of the staffing models who came into the store and when when you go from store to store and i've been to thousands of stores you go in and it is full of

staff and there are no customers. other times, it is full of customers and a line out the door we can model that better and get the staffing right so you don't have to worry about the times. that is huge i'm like a kid in a candy store on efficiency. >> you are like a kid in a toys r us you mentioned the internet we suaw a bust with the interne. any potential for that here? >> for a bust? i don't think so no >> no? >> no, i don't believe so at all. you say a bust with the internet, as i use it as a erb people invest in anything having to do with the internet. i hope people are smarting about this who knows? there are two different winners, if you will, in a.i., just like the internet

arms merchants like google who was a winner in the beginning and to this day. then there are people using the internet people got confused with winners in each categories there are retailers like pets.com or etoys. there is a point which etoys is worth more than toys are u. >> winner is the audience. they have your insight with a.i. and retail we appreciate it thanks for being here. >> my pleasure. coming up on "worldwide exchange," the one word that investor needs to know today and the signals our next guest is seeing that suggest the market is starting to heat up with the summer rally taking shape. throughout may, cnbc is celebrating aanhpi as we head to break, here is the coffee co-founder arum kang. >> one of the important lessons i learned is the importance of fully embracing myself

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welcome back to "worldwide exchange." time for the "wex wrap-up. iphone sales in china increased 52%. apple shares are up 2% now it adds 30% to the dow if these gains happen if it weren't for apple, the dow would be in negative territory. and saudi arabia is looking for a sale of aramco in one of the biggest stock deals ever it has a 90% stake and relies on the payouts heavily. officials say 12 people were hurt during turbulence on the qatar flight from doha to dublin over the weekend this comes days after 100 passengers were hurt when the

singapore airlines flight hit severe turbulence. tesla shareholders are urged to reject the elon musk pay package by glass lewis the $46 billion in pay could dilute the holdings in tesla and in the xai startup is boosted to $6 billion. and the one-time bond king, bill gross, says deficits will be pushed higher if donald trump is reelected. and you see gamestop shares up 100% in the last month. here is what to watch this week a busy week of retail and tech earnings and including ten s&p 500 companies and one dow come

point is salesforce. we get a string of housing reports and the latest fed beige book tomorrow. let's get a check of futures as we prepare to kickoff the week futures in the green across the board. the dow would open up slightly higher nasdaq up .50% right now joining me now is ryan detrick from the carson group. >> good morning, frank thanks for having me back. i appreciate it. >> holiday shortened week. give my a sense of how you see today shaping up give me your "wex" word of the day. >> we had the strength on friday you come in today with more green. we have seen that, frank this is one of the best years ever with the down day and the next day does really well. not surprisingly, it is the best

start ever after 100 s 00 days election year ever all in all, the last week of may into the first week of june, his t torically is a strong week >> i want to talk about the performance of the s&p this is an interesting historical stat. we talk about investors putting money to work. if there is a 5% gain in may, we get a 9% average return in june. since 1950, that has happened every single time. as we look at that potential, where would you put money to work now we have more investors putting money on the sidelines $30 billion into money market funds in last two weeks. >> may is not usually all that great. you usually have more strength

we like the cyclical names industrials and financials continue to do we'llll here. i know you asked which group i'm watching small caps s&p is up 16%. think about that one final thing we know here with friday and the pce inflation data we are optimistic we will see continued improvement on inflation. we thought we saw it in cpi with the rinse and a lot of people fw talked about that. small caps could do really well. >> ryan, i know you were watching earlier neel kashkari said no hurry to cut rates. how will that impact today's trading day? >> not that much, obviously, because he has a lot of opinions we hear from him a lot at the end of the day, powell is the voice that matters he continues to say watch the data the data coming out on friday. >> ryan detrick, thank you very much for being here.

we brappreciate it. that will do it for us "squawk box" starts right now. good morning minneapolis fed president neel kashkari speaking to our friends in europe overnight. he said everything is on the table and including rate hikes, folks. gamestop shares are surging. the company said it raised more than 9$900 million in a stock sale last week. and elon musk's st is starta new funding round. it is may 28th, 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. i'm becky quick along with andrew ross sorkin joe is off today guess what >> what is that? >> it's tuesday. monday is already gone the toughest entry day of the week four-day week. >> tuesdays are tough. on after a long weekend. >> mondays are tougher tuesday is here. it makes it easier this morning, you are looking at green arrows check things out dow futures indicated up 16 points it was a down week for the dow last week. it was off 2.3%. the nasdaq actually closed at an all-time high on friday. it's indicated up almost 100 points today you have the s&p 500 up 15 points both the s&p 500 and nasdaq are sitting on five-week winning streaks. boeing was a big problem for the dow. if you look at the treasuries, 4.45 for the