it is 5:00 a.m. at cnbc global headquarters. i'm frank holland. here's your "five@5." pulling back with the nasdaq at an all-time high and the other major indices very close to records of their own. trouble in the skies. american airlines sinking ahead of the open and dragging down the entire airline sector as high-flying consumer spending appears to be softeningle. big oil, big deal. the m & as showing know signs of easing as conocophillips looked to make a deal with its rival

marathon. salesforce and the one thing you need to watch for in that report. and what ai calls a big opportunity in autos. mark thee yoes is here. it's wednesday, may 29th, 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 kick off the hour as we always do. futures in the red across the board. you can see it looks like the dow would open more than 140 points lower. we're going to continue to look at the markets throughout the morning. so this action in the premarket. this is after the nasdaq. it crossed 17,000 for the first time ever and right now is sitting just below a fresh all-time high. ahead of the open we're checking some of the biggest premarket laggards in the s&p 500. you see zscaler down by 2.5%

followed by pdd holdings, a chinese company. micro c.hchip tech down as well. we're watching the bond market, the beige book to be released at 2:00 p.m. eastern time. take a look at yields. we saw a big jump in yields yesterday. right now the benchmark at 4.56. this is about ten basis points higher. peter boockvar who is coming up in just a few minutes saying one of the big catalysts to the move to the upside is an auction. we'll talk more about that. also looking at the energy sector, oil coming off its best day in more than two months. you're seeing wti crossing what was a key sentiment level. right now up 0.75%. brent crude up, just about

0.75%. we're keeping a close eye on the airline sector, this after american airlines lowered its second quarter earnings forecast and said one of i its top executives will be leaving the company. you can see airlines stocks trading significantly lower, down more than 7%. that is your morning setup. let's get a check on the top corporate stories. silvana henao is here with those. good morning. >> hey, frank. good morning to you. conocophillips is in advance talks to buy marathon oil that could value marathon at just over $15 billion. a although a deal exists, it could fall apart. meanwhile cathie wood is one of the investors who just scosc

scooped up a stake in xai. according to bloomberg, the stake representing about 2% of ark's holdings. and a u.s. judge is rejecting amazon's request to dismiss an amazon suit. the lawsuit which was first filed in june of 2023 accuses amazon of deceptive practices, intentionally making it hard for consumers to cancel their prime accounts, frank. >> thank you very much. we'll see you a bit later in the show. back to wall street, futures are lower that saw the nasdaq close at a record high. gains from nvidia potentially overshadowing concerns about rates, inflation, and the

economy as investors await the beige book meeting today, gdp tomorrow. there's a chance of a 10% chance of a cut in july. despite that, the nasdaq is up 6.5% during the same time the tech trade continues to dominate. let's talk more about this with peter boockvar. he's also a cnbc contributor. always reading your notes every day, the boock report. thanks for being on. >> thank you for having me on. >> the rise in bond yields, is that why the future is so much lower? you mentioned the view for the five-year auction. >> i think that triggered it. also in the last couple of weeks, we heard about the fed minutes that reflects a committee that still is not ready to cut interest rates. i think that want to cut interest rates.

they're looking for every reason, they just can't find one just yet. so i think every time we get excitement over the possibility, we get declining yields and then we get a reality check, a backup in yields and you throw in poor auction as you mentioned and we have the 10-year yield back to 4.5%. which seems to be a trigger line. >> it seems to trigger some selling in the market. by the way, peter, i think you may really kind of encapsulate the fed and the market. you say you're looking for a reason to cut. the fed officials don't seem to be looking at it like that. we're going to get insight on how the economy is doing. what is the impact on a 10% rising yields that partly, at least, has an impact on the futures? >> the thill i'll be watching for is, yes, i'll be focused the inflation aspect, but, if there is going to be a trigger for a

fed rate cut, it's going to be weakness in the labor market. i think we've seen anecdotal evidence, we've seen things here and there that's pointing to a slowdown in the demand for workers. not necessarily a notable pickup in firings, but a slowdown the hirings. that's one aspect i'll be most focused on. if the unemployment rate gets above 4 pnlts 5%, 4.1, 4.2, then i think you can confidently say the fed will be cutting interest rates under that scenario. >> for the last few weeks we've been looking at whether it's the earnings or fed driving the mark. it seems like it's the fed driving the market with now it being tech versus the fed driving the market. you're looking at inflation when it comes to commodities, tech driving some of this commodity inflation. quarter to date, copper is up 20%, silver up 30%. a lot of that is attributed to

data center spending. to your mind, this rise in commodities, how does that impact fed? how does tech continue to impact the market? >> it very much complicates the fed's job when you see the c or b index encapsulating a lot of different commodity prices gong up. if you look at gold, gold at a record high, what central banker can ignore what's going on in gold? i think that would be tough to deal with. you talked about the industrial incrementals. iron prices that have incrincre, alum nugs, natural gas prices have gotten a lift. that makes it difficult. even if the fed wanted to cut, that commodity price lift keeps sort of a big underneath inflation and makes their job even more difficult. the tech influence, yes, in terms of the demand for copper, building out data centers, the need for raw materials in evs. for sure that's going to be a

factor as well and lifting commodity prices, and we remain bullish and long now. >> in your mind, the tech or the fed driving the market now ta we're pretty much done with the earning season? >> i'm going to take the easy way out and say both. >> really. >> the 10-year yield back to above 4.5%. the rest of the market is now lacking again. >> peter boockvar, also ways gr to see you. for much more on what's driving the market and the trading day ahead head over to c cnbcpro.com/pro for exclusive ivg insielts and analysis. we have a lot more coming unincluding the one word investors want you to know. shares of pita and cava shares are loweringing and american airlines dials back expectations for the current quarter. we're going to look at whether

the consumer is to blame. and later, former ford ceo mark fields is going to be here to weigh in. we have a busy hour ahead on "worldwide exchange." stay with us. [ inner monologue ] i needed some help. good thing i knew someone... ♪ ♪ or... some-thing. [ a.i. copilot ] glad you called, j. [ a.i. copilot ] it's time for an upgrade. awesome. ♪ ♪ [ inner monologue ] i knew what i had to do. because they never stop. no time to waste.

this isn't sci-fi. this is precision ai. ♪ ♪ whoa, what's that, grandpa? look at us knuckleheads. and they're all coming? those who are still with us, yes. you look good. you as well. one, two three. grandpa! what's this, ellie? your wings. light 'em up! gentlemen, it's a beautiful... ...day to fly. wooooooo! whoa! on your wing, grandpa!

norman, bad news... i never graduated from med school. what? -but the good news is... xfinity mobile just got even better! now, you can automatically connect to wifi speeds up to a gig on the go. plus, buy one unlimited line and get one free for a year. i gotta get this deal... i know... faster wifi and savings? ...i don't want to miss that. that's amazing doc. mobile savings are calling. visit xfinitymobile.com to learn more. doc? welcome back to "worldwide exchange." it looks like the dow would open up 50 points lower. let's see how europe is shaping up as this trading day gets underway.

carolin roth in our newsroom looking at the mix. bond yields rising as well, carolin. >> absolutely. a mix of cocktail affecters. we don't have too many here. a little m & a to talk about. i want to show you the markets one by one. the xetra dax down 1.5%. we're waiting for the german inflation numbers. we're expecting a slight uptick of 2.4%. despite that the ecb will be cutting interest rates for the first time next week to the tune of 25 basis points. the ftse yield in italy up by half a percent. i want to let you know about the m & a that's impacting the ftse 100 in the uk. bhp has asked for an extension

to buy anglo american. they say the likelihood of this deal going through is only at 50-50. i want to show you the sectors one by one here. you will see that telco's insurance retail holding up reasonably well along with oil and gas that probably has to do with the big deals that you're talking about on your side of the pond. on the downside, financial, travel and leisure and household down. we're seeing airlines are under pressure on the back of the american airlines slashing its sales guidance. back over to you. >> anglo american story has been continuing for weeks now. it will be interesting to see how it resolves itself. time now for our big money mo moves. we're going to start out with cava. they expect sales to grow by

6.5% from the previous forecast as customers lean toward more protein. for more catch the ceo of cava on mo"money movers"" later toda on cnbc. robinhood sl working on a $1 billion share buyback. they're bringing in new customers by offering credit cards and share accounts. up over 3.5%. shares of microchip under pressure after the company says it plans to raise $1 billion of convertible notes. initial buyers may have the option to purchase up to $150 billion more in notes within a 13-day time period. microchip has been looking at microchips as they forecast a decline in sales. shares of microchip tech down

2.25%. coming up, getting set for salesforce and what you need to be wchating for when it reports today. stay with us. 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.

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welcome back to "worldwide exchange." american airlines cut its second quarter guidance after the chief offer declared he's leaving next

month. it's down from a year ago, down from a previous forecast of no more than 3%. future estimates lower to a range of $1 to $1.15. the estimates were 30. united airlines, delta, y southwest, and jetblue all falling. leslie joe sefs is right here in the studio. thanks for coming in. >> thanks for having me. >> what's going on? i'm looking at the tsa. they say friday was the busiest day ever, 2.5 million people in the air. it seemed really strong. what's going on? >> this is a pretty big miss on the revenue. american a month ago was guiding for strong but not this bad for their unit revenue growth to come out and double what the unit revenue decline is going to

be year over year, that's not what we're seeing from other major airlines. that's kind of a divergence there. >> let's talking april. they say the planes aren't safe, saying, you know, the pilots need to be vigilant, there's tolls left here, a really rough month. then we see them lowering their guidance. i'm not familiar with their history. obviously during the pandemic we saw big disruptions. how common is this? >> it's not common. just a month ago for the guidance to change this moptd, it's very unusual. the ceo of american airlines is going to be at the bernstein conference in a couple of hours. he'll be asked lots of questions like what didn't you see that you see now that your guidance for q2 is falling? >> one thing we saw over the holiday weekend, a lot of

delays. not just in the new york area but overall in the system. i remember last christmas southwest had a lot of delays. that weighed on margins and earnings overall. anything similar like that with american? any issues with delays? before we hear from the ceo latter today that we can look at and go, oh, that's probably it? >> american airlines has made a big change. the ceo ispart of the new strategy to sell directly to consumers instead of for corporate bookings and things like that. you push little more in that realm. they're asking are you losing money on the table that united and delta might be getting? those questions are likely to come up and robert isom will be answering that.

storms and blizzards, we'll be able to predict a little more. what are you seeing when it comes to the indices overall and pricing and demand? >> it depends where you are. american, united, and delta have big international networks. probably delta and united are the standouts at this time. demand to europe is sky-high. they're seeing a strong summer. if you've been to europe, it's kind of wall to wall. >> i was in europe for a month. >> all you hear is suitcases along the cobblestone. i came back from europe myself and it's very crowded. it depends on which airline you ask. it has opinion a drag across the board with a lot of airlines. >> kiemtd of a wait and see-mode. we'll be looking forward to your story. it will be on cnbc.com later

today as well. thank you very much. time for a check on this morning's headlines. outside the world of money and business. nbc's frances rivera in new york, great to see you. >> good morning, frank. we start with the gazan ministry who says at least 21 palestinians were killed in an israeli strike outside rafah. the attack happened in a hooumt safe zone, something israel denies. it comes days after scores were killed in an attack on another tent city. meanwhile as israeli tanks come into rafah, they say they have not. trump trial deliberations lasted until 8:00 p.m. in a few hours the judge will give the jury their instructions and the deliberations will begin. spacex september a rocket to

orbit launched its earthcare mission. this marked the seventh flight supporting the mission. you're up to date on the wednesday morning, frank. >> frances, thank you. good to see you. as we head to break, it nvidia trading at record all-time highs. the company nearly $1 billion away as apple is the most. they haven't been this close to taking over apple cap since 2009. again, pretty close. atems like $100 billion isn't th much anymore. much more "worldwide exchange" coming up after this. the personal ekg device, you can check it from home using your smartphone. i use kardiamobile every day. sometimes twice a day. every morning i check, make sure i'm in good shape. and it makes me feel pretty good about my heart condition. it's a complete game-changer. i mean, you might as well be

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welcome back to "worldwide exchange." thanks for joining us. we pick up on the u.s. dow futures after nasdaq crosses 17,000 for the first time. futures in the red, pretty close to the lows in the morning. looks like the dow would open 173 points lower. we're also watching the bond market as today's beige book releases it at 2:00 p.m. eastern time and the fed and the possible rate cut path forward. taking a look at yields, they've risen recently. we had peter boockvar on a bit ago. the benchmark at 4.56, rising about 10 basis points from yesterday and we're looking at the energy market, specifically oil coming off its best day in more than two months. right now wti crude above $80 a barrel, up 1%.

brent crude at 85% a barrel. up about the same level as wti is up almost 1%. that's your morning money setup. now we have to get a check on this morning's top stories. >> good morning to you. merck is reportedly close to a deal to buy eyebio. merck would pay that amount in cash up front and could make an additional $1.7 billion in milestone payments. eyebiois developing a drug to treat macular degeneration. a parent company of former president trump's social media platform is asking louisiana to open an investigation into potential market manipulation around its stock. a letter from trump media and technology to the state's financial regulator says a large number of shares traded over the

past 30 days has been short sales. that's led to higher volumes of failures to deliver which occurs when one party in a contract doesn't meet their trading obligations. and elon musk is offering tours to tesla's giga factory who will vote on his proposed pay package. this is his latest effort to rally support for compensation, which was originally approved in 2018 but was struck down by a judge earlier this year. the tours, which will be led by musk and other tesla executives will take place on june 12th. that's one day before the annual shareholder meeting whelp the results of the vote will be announced, frank. >> silvana, thank you very much. turning now to what could be one of your big "money movers" today, salesforce issues results. shares are flat since the company announced its merger

would not happen. margins are expected to improve to just over 32% this year. the number one metric to watch will be current remains performance operation or crpo. that's the total contracted revenue for products s or servis yet to be delivered to customers. this is seen as a read on the adoption of the company's ai assistant. they say, quote, unquote, interest in crm ai solutions remains very high. joining me now is matt porous, a salesforce shareholder. good morning. good to have you back on the show. analysts are looking for adoption when it comes to ai assistants or tools. is that something important to you as an investor? >> of course. in last quarter's haul going

bac backward, nvidia did not say anything about a guidance on ai moving forward. so the next fiscal year, the revenue guidance is lower. >> they're not factoring into that. the key metric is that remaining performance obligation often seen as kind of a read on demand. it's basically the things we're having to do, but we're expecting to get paid for. that 11% mark, if they're able to top it, does that give you more confidence as an investor? are you looking to get more into salesforce. right now it's trading in line with the s&p. we haven't seen a jump. >> of course. salesforce, they've beaten their earnings every year and clearly management is good at managing expectations. the last three-quarters -- this is interesting. the subsequent couple of trading

days, salesforce has been up 6% last quarter, two days after, 13%. two days after the previous quarter, and 3% after that. so we see, you know, assuming they beat expectations, then we're looking at a good pop in the stock price. >> a good pop that will make you want to increase how much you hold or continue to hold and, you know, hopefully enjoy that appreciation? >> you know, increase. it's something that actually happened yesterday, which might not be a positive for salesforce is that hub spot confirmed that alphabet's been in talks of hub spot, which is a competitor of salesforce. that's concerning to them, and we'll see what they have to say, a commentary like that. >> a competitor, but salesforce is, no question, on top. >> yes. not even close.

with salesforce and enterprise data, they're in this unique position with respect to being one of the largest repositories. they have data, unique data, but when you're in the ai space, obviously data is the most important part of the -- it's the end product. it's going to be hard for other companies to catch them at this point, and with their price not really seeing the jump that other tech companies have this year, it's -- it looks like it's in a unique position. >> matt, speaking of data, the deal with format ka didn't work out. u how you do feel about it going forward? >> with company buyouts, with that not moving forward, i don't think it's going to put any pressure on salesforce.

one area of the company is their data cloud's segment. it's $400 million in revenue year over year, so we're looking to see updates than neff else. >> matt powers looking at the data cloud. appreciate you having here. also coming up later today, you do not want to miss jim cramer's exclusive interview with c salesforce ceo mark ben yof. it should be a good one. america airlines two fresh rating calls. take a look at shares. down almost 8%. united almost 1%. now we want to go to your top trading stories. you'll soon be able to hear the world's rarest album if you get to tasmania. the museum has acquired wu-tang clan's album. it was recently bot by martin

shkreli. he was convicted of security flood. pore porsha's come out with a new vehicle and melinda gates is donating $1 billion to wenom's reproduction rights. much more on "worldwide exchange." we'll be right back after this.

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exchange." time now for your morning call sheet. we start with a pair of ratings calls from jefferies on american airlines and united. they're saying its long item strategy will take some time to execute. but jeffer years upgrading it to a buy. . a first call on your money mo movers. cava says it's continuing to see a positive cap. nice price target increase, this time on ubs moving it from 270 to 370 a share underlining

projects driven by corporate demand. also time for your global briefing. this is a story we've been following quite a bit on ubs. anglo american has rejected all three of bhp's bids so far saying the deal to spin off south african aspects is a disservice. in response bhp said it will provide substantial risk extension if this deal is approved. the imf raising its forecast for economic growth in china this year but beijing needs to, quote, unquote scale back on policies. it's being offset by weakness in the private sector, mainly due to the property slump. low inflation means there's room for more monetary easing. and a group of bipartisan lawmakers are in taiwan to meet with the country's new leader. this comes days after china held

military drills following inauguration ceremonies. the u.s. is continuing to support taiwan as it faces provocation from china. coming up, how the ai explosion could fast trackhe t auto industry and advance opportunities. we'll be right back after this break. that's me. i'd seen this before... or, had i? ♪ ♪ what was this ai treachery? i needed some help. good thing i knew someone... or... some-thing. [ a.i. copilot ] glad you called, j. [ a.i. copilot ] it's time for an upgrade. awesome. ♪ ♪ [ inner monologue ] my path became clear. ♪ ♪

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developers were operating with iphone. it's what software jeers are learning in order to program gpus. that combination right now, i'm calling it an impenetrable moat. >> that was the quote of the day yesterday. that was beth kingdig on our air talking about the price target for nvidia. that's likely to be the auto sector. in the words of nvidia's own chief financial officer in the earnings call last week, and this is a quote, we expect automotive to be our largest enterprise vertical within data center this year driving a multi-year opportunity. joining us now, marc benioff here. glad to have you on the show.

seen you here many times on c nbc. always appreciate your insight. let's talk about this for a minute. we know cars are rolling computers and during the pandemic, we saw an interruption of the semiconductors and raised costs. we know how important chips are for production, but what can ai do for the automotive industry at least in the near term? are we going to see any big changes? >> there are big buckets that ai is going to have a huge impact. the first is around increased efficiency, and the second is around transformation of business operations, and when you peel back the onion on those things, it's about the improvements on customer service, the personalization of marketing and logistics. in moring you get predictive

maintenance, but i think one of the other biggest opportunities on this transformation of their business operations is like the advent of digital assistance. the automotive companies have been talking about it for quite some number of years that their vehicles, now that they're connecting through the moe des moines, how do they get revenue out of that? with the advent of ai and the significant improvement in digital assistance, i think that's going to turbocharge the type of offerings that automakers can offer their customers while they're actually owning the vehicle. beyond just the initial purchase of it. >> that's really interesting. so it's mostly some of the answer lei things. you don't see ai transforming the car itself. i do want to ask about electric vehicles. we've seen kind of choppy adoption here in the united states. in fact, the white house actually softening some of its

expectations for ev, making 60% of all vehicles sold by 2032 after some pushback from automakers. two big questions. is there a chance we'll see the nvidia chips in cars themselves and what data are they talking about? i actually worked in detroit, been on quite a few auto assembly lines. what data centers? is it about that back office stuff you were talking about? >> well, no. the automakers do have the main data centers. an example is ford has a huge data center on its head core campus. the same thing is true for the big automakers in that, you know, they have a lot of data. when you think about the advent of autonomous vehicles and getting to nirvana, which is called level four, you know, a lot of that data that their vehicles are collecting, again, because they're connecting, is going to be really important, and i do think, you know, chipmakers like inabout nvidia,

you know -- nvidia has been trying to penetrate the automotive market for 10 to 15 years now. >> really. >> it had some success, but i think particularly with the advent of ai and the fact that ai is going to be crucial to developing full autonomous vehicles at level 4 level, i think that's going to, like i said, kind of turbocharge, if you will, the purchase of chips from companies like nvidia, which the automakers are going to use to make a lot of progress on this. >> can it help with ev adoptions, help with setting up the charge networks? what tangible things can we expect to see in the near term or medium term? >> listen, overall for ev adoption, this really comes down to what i would call meat and potatoes issues for customers, right? going to full adoption in the main s.t.e.a.m. market is very different than early adopters. early adopters, it's about the

latest technology, impact on the environment. for mainstream adopters, it's around cost and convenience. so when you look at the advent of ai, i don't know if that's going to hugely increase the cost of reduction within evs. it may, as i mentioned, help with the business operations and efficiencies of the automakers, which could allow them to get more efficient and reduce costs, but risk really comes down to, as i said, some basic needs of customers. and i think ai's not going to have a huge impact on that. it's really about those other issues. >> so a lot of things to watch. i'm sure we'll see more announcements, nvidia saying it's a multi-billion-dollar revenue opportunity. coming up here on "worldwide exchange," we have the one word that every investor needs to know today, plus the power stocks that are electrifying our next guests including this name up 40% so far this year. also throughout may, cnbc is celebrating asian-american

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exchange." it's time now for your w.e.x. wrap-up. the "financial times" is reporting on an oil stock deal that could involve marathon. the deal could be announced as soon as today. you see marathon up just over 6%. cathie wood is one of the invest everies who scooped up x

ai. it represents about 2% of ark's holdings. a u.s. judge has dismissed an amazon lawsuit. nvidia shares trading at record-highs. the company now at $100 billion away from overtaking apple as the second most vpublic trading company in the u.s. celsius holdings wiping out $2 billion after new industry sales pointed to sales growth. and shares of sam seung, they're sinking 3% in south korea. a union representing more than a fifth october of the work force is calling for a strike after talks over higher pay has broken down. we get earnings from salesforce, chewy, cpai and the latest beige book at 2:00 p.m. eastern.

sticking with the fed, two will be speaking later today. let's get another check on how the trading day is shaping up. taking a look at futures, red all all morning long. for much more, let's bring in stephanie link. shed's a cnbc contributor and a friend of the show. steph, good to see you. >> good morning. >> so looking at the futures right now, you know, deeply in the red right now. what do you think the catalyst is for this move to the downside for futures. what do you see coming up today? what's your w.e.x. word of the day? >> i think we're going to see a little bit of volatility, frank, because we are up 6% in the last month alone, so we have had a nice run. and now we're dub with earnings for the most part. we have a couple here and there. but we're now kind of hostage to the fed speakers and also the economic data, and we know we get a lot of economic data with the inflation report on friday.

that's what we're all watching. my w.e.x. word of the day is growth because we have it here in the united states. we do get the second revision gdp number this week, and it's going to be a little on the sluggish side, about 1.6. i think it might get revised a little bit higher, but it's a little bit below trend. that's backward looking. the fed tracker is running at 3.5%. i don't know that we're going to get to 3.5%, frank. the numbers are very volatile. but we're back on track to above trend and we're seeing above growth trends around the world. you guys were talking about the imf revising china growth to 5% for the full year. we're seeing growth in india. we're seeing growth in the eurozone. so all of that, you add it all up, and it bodes well for earning, but unfortunately we don't have companiestelling us a lot on a real-time basis, so we have to expect a little bit of volatility. i think you want to be patient and take advantage of the down

days to be buying. >> you want to take advantage of any dips. at the same time, we have the beige book coming up later today. also, how do you see it influencing the markets. as you mentioned, we're hearing from the fed speakers. they don't necessarily move the markets, but these official reports, they do seem to have a huge impact on investors. >> they can from time to time. but, again, they, too, are backward-looking. i think the most important piece of the bake booj, frank, is really going to be inflation and any kind of progress that they are seeing and talking about. we know we are making progress. we know that we're down from 9.1% cpi at the peak. unfortunately we have elevated inflation, which is why i think the number is going to be more important. it could be like 2.7%. not near the 2% where they want to get to, but we're destinily making progress. that should help corporate margins too. so not only do we have topline

growth growing because of the elevated gdp. but as inflation comes down and companies have pricing power, you should see better margins ahead. >> got it. so today you have a bunch of picks for us today. they're focused on power. power's been a big thing. why buy these stocks today because you said look for dips, but these stocks have been rallying. >> that's why. we look for dips on the stocks in particular because they have had nice runs. they're not super cheap. however, electrification is a big, big theme. i've been talking about it for quite some time. it's a decade-plus in terms of theme. we ore going to spend $14 trillion on electrification. i want to be part of that. ge vernova is going to be part of that. it's a pin-off from ge. spins typically work because the companies can focus on their core business, so ge can focus on ge innovation, ge vernov a

can focus on power and wind. >> thank you. great to see you as always. futures in the red across the board. that's going to do it for us here on "worldwide exchange." "squawk box" starts right now. good morning. we're going to show you what's happening now. american airlines cuts its outlook. and an album so rare only one cd copy exists. it's about to be played in a museum exhibition in australia. it is wednesday, may 29th, 2024, and "squawk box" begins right now. ♪

a. good morning, everybody, and welcome to "squawk box" right here on cnbc. we're live from the nasdaq market site in times square. i'm beck request quick along with andrew ross sorkin. joe is off today. as an true mentioned yesterday, we did see the nasdaq setting a new high. it closed above 17,000 for the first time, but this morning you see a pullback across the board. the nasdaq with a triple-digit loss, about 105. the dow is off by almost 200 points, right now down at 190. s&p 500 down by 27. the treasury yields have been creeping higher. this morning you see them even higher. 10-year sitting at 457, the 2-year at 496. so, andrew, gettin