it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." rate shock. investors come to grib grips wi higher rates for longer. t nasdaq with the worst day since april. and heavyweight salesforce down double digits. from earnings to the economy. looking at the second quarter gdp. former fed vice chair roger

flight ferguson is here with the preview. and nelson peltz dumps disney. and google inks a $2 billion deal in asia. it's thursday, may 30th, 2024. you're watching "worldwide exchange" right here on cnbc. ♪ good morning. welcome to "worldwide exchange." let's get you ready for the trading day ahead. let's start off with the u.s. stock futures facing heavy selling pressure after a rough day for the dow yesterday. the nasdaq with the worst day of the month. it is in the red across the board. let's focus on the dow. the dow would open up 300 points lowe lower right now. a big chunk of the pre-market pressure is dtied to salesforce. it is set to shave 280 points on

the dow if the losses hold. it is down 16% right now earnings did beat estimates for the first quarter, but revenue missed for the first time since 2006. guidance for the first quarter fell short of confidence. they are looking at another driver of the trading action today with the first quarter gdp is expected to come in at 1.6%. that led to a sell on wall street. the yields on the benchmark have risen 10 or 15 basis points higher. the long bond is a read of the expectations. we will talk about that awith roger ferguson coming up. let's get to the action in london and asia. we have carolin roth with latest.

carolin, bond yields on the rise. >> that's it, frank. we have seen a reversal in sentiment across the european equity markets. i want to show you the markets one by one. the dax is bouncing back at 1.1%. s.a.p. is down 2.5%. by and large, frank, we are seeing sellers stepping back into the markets. the cac 40 is up .25%. the smi in zurich is seeing marginal losses here. we have seen bond yields on the decline. yes, we did see them rising the last couple of trading sessions. we also got the inflation print from germany yesterday which was hotter than expected. we are expecting the ecb to go ahead with the first 25-basis point cut next week. this is the picture if en europ. i want to show you asia. i want to circle the nikkei 225. a lot of red on the charts.

down 1.3%. this as we saw ten-year jgb yields. the highest level in more than 12 years on the back of the strength in the dollar and u.s. yields, of course. there is concern in the market, frank, that the boj, will once again have to intervene in the markets. the key data point in japan this week is the inflation print come. by and large, a lot of selling taking hold in the asian trading session. once again, stabilization in europe. back over to you. >> inflation is the story around the world. carolin, thank you. let's bring in our guest. alex. >> good to be back. >> we have seen bond yields on the rise. in your mind, is that the cause of the selling pressure or are there other factors weighing on the markets this week? >> bond yields are back up ten

years near its high. the two-year is knocking on 5% again. that is caused by the weak auctions this week and a bit last week. starting to wonder if supply is o outstripping demand. as we have seen in the story, there is not a clear direction from boj or the fed yet. you will see yields and the yen continuing in the upward trend until we get a clear message of this is when cuts are coming or as more than one president has now started to say, maybe there's a hike coming. as long as we sit in the middle ground, we will continue to meander in these directions without much run. >> alex, i was looking at your eyes with the hikes coming. i don't think anybody on wall street is looking at highs. we have two economic reports. pce tomorrow. the fed preferred inflation gauge and the second read of gdp today.

the first led to a selloff. what is your expectation today? >> i think we will see more of the same. i don't have any reason to believe gdp miraculously turned around. some of that is not all bad news. we have seen a lot of strong ca indicat indicators, some lagging, and the fed wants some of these to go down. that means rig injury to the labor market. that may be welcome news. >> a soft gdp may be welcome news? the soft gdp before was not good news. it led to a selloff. >> the series of kindicators means it is a change. >> you say investors are spreading bets. this week, as we see bond yields rise, the only thing in the green is tech. do you think investors changed

their minds now bond yields are not as friendly? why is tech only in the green? >> i think most folks have done that. i don't think it will work all the time. you are seeing tech up. if you look at nvidia, its market cap is so big and folks keep piling into that trade. it's not a bad trade. we saw positive numbers. that makes us look like something will work there. in the short-term, we saw salesforce, as you noted. >> alex, we have to wrap it up. thanks. for more on the trading day ahead, go to cnbc pro. we have more to come on "worldwide exchange," including the one word investors need to know today and also what is the gdp read and the pce report. what it could mean for the summer playbook. former vice chair roger ferguson

is here with us. the stock on pace with the worse day since 2008. we have dan ives here to weigh in. i have the one word you need to know for the trading day ahead. we have ctvria greene here with the latest on trading. stay with us. more on "worldwide exchange" coming up. 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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exchange." time for the big money movers. shares of c 3 a.i. is up after the demand for a.i. revenue jumping 20% as the number of companies adopting the technology now rises to 19. the ceo said the a.i. boom is quote staggering. >> there's no aspect of the economy that's not revolutionized by a.i. and now particularly with generative a.i. it's just staggering. the problems we could solve there are really remarremarkabl. uipath is set to shed 30% of the value at the open. it faces deal scrutiny. the ceo is also resigning on june 1st. he will be replaced by the ceo

from 2005. the shares are down 30%. big decline. hp moving higher after the company beat second quarter r rev revenue. education customers are upgrading following the slump from the pandemic. hp looks to the new generation of pcs. we are watching chip stocks as the artificial intelligence semiconductor. nvidia is the poster child of the trade makes up 70% of the etf. its rally 100% year to date and pushed the nasdaq to all h-time highs. companies not directly tied to the a.i. trade traded lower, including intel and universal display. joining me now to discuss how

a.i. has impacted the chip sector is gene sheridan. >> good to be back, frank. >> i don't want to start off with the bad part, but stock is down this year. you are not tied directly to a.i., but chips are used in power supply. including power supply for data centers. how is this impacting demand and perception of your company? >> semiconductors are down with the big exception of a.i. we are not shipping a.i. today. our stock price reflects that. that is about to change. a.i. means an exponential growth in power. >> the really deo idea is the picks and shovel.

the idea is you support the power cost was the data centers. why aren't investors getting that that you are not a pick and shovel company? power is such a big part of the story. >> it is just rolling out. everything is developing quickly. a year ago, we didn't see this coming. nobody saw it coming. we developed new technology. these are new energy efficient power chip technologies that make power supplies more vick. we can deliver three times faster power in half the size with better energy efficiency. the technologies is just coming out now. we started sampling last year and our customers are integrating it. they all start ramping later this year. this will be tens of millions for us next year. it is all unfolding. >> you are talking about your own book.

another company actually put out a note saying that your core chip business can help the loss of cooling and requiring the space for servers. your tech can help. aws and microsoft azure and cloud and dell are all saying the demand for the chips in the data centers -- are they focused on a.i. chips? why aren't you seeing a big uptick? >> the power demand for the supply is about 18 months. we are trying to cut that in half. what they are telling me is go faster. hurry up. get these into data centers. that is what we're doing. we're tripling the power delivery in 12 months where it would normally take years in the traditional sense. it is about speed and solving the power problem. >> it is not all about a.i., of

course. you also provide chips that power cell phones and computers. we are hearing a lot of talk about the upswing of super cycle with a.i. i'm i'm talking about the hardware. >> that's right. we are converting silicon chips to phones, tablets and kpcomputs in half the size and weight. we are starting to do that in the same for electric vehicles. on-board chargers. big demand for these things. our revenued in the last few years. >> gene, good to see you. thanks for your time and insight. i appreciate it. coming up on "worldwide exchange," the fed steps up the pressure on tesla and the probe into the reports and power

steering failures on model 3s and model ys. we are tracking the trip of tae ceo hoping to bring more capil to the south american country. stay with us. more coming up.

welcome back to "worldwide exchange." we have silvana henao with the latest. >> we will see the nhtsa seeking records from tesla from the steering loss in the model 3 and model y vehicles. it wants the information from tesla by july 24th. the probe covers 324,000 vehicles and it comes after the agency received more than 100 reports about the loss of steering control. regulateser r regulators want to know the solutions for the defects. tesla has not responded to the request for comment. the u.s. government is close to a deal to fund a late-stage trial for the bird flu vaccine. the funding could be in the tens of millions of dollars and it could include a commitment by the u.s. if the phase three

trials are asuccessful. the bird flu was detected in dairy cattle in march and a second case confirmed last week. and google will invest $2 t billion in asia as it tries to capitalize on the a.i. services. in a statement, google and a alphabet ceo said the investment will be the largest in malaysia in the 13 years of operation there. frank. >> silvana, thank you very much. sticking with big tech, the president of argentina, is in silicon valley this week speaking with top tech ceos hoping to attract investment in the country. steve kovach joins us with more. >> he is meeting with the elite

tech leaders out there. sam altman and tim cook and meta ceo mark zuckerberg later this afternoon. he is stopping at the hoover institute at stanford university where he met with former secretary of state condoleezza rice. look at what he posted on social media. no comments from any of the companies over what was discuss in the meetings. we know enough about milei to see why he is embraced by the silicon valley. he is a libertarian and was recently reelected. silicon valley is well known for the libertarian culture. he is promised to open up economic activity in the country after years of isolationist policies. you can't buy an iphone in argentina because of the law that says electronics say electronics have to be made

there. he tries to turn argentina into the main tech hub in south america. many of the large tech companies are in the middle of global i investments with a.i. and building data centers all over the world and looking for fresh talent. what is the investment milei wants, frank. >> pictures with tim cook? >> he is retweeting all of his followers who are retweeting. >> it is a loop. >> a rock star visiting silicon valley. >> there are policy issues. argentina has severe -- i don't know the right word, with protectionist policies. how does that work? >> right now, i used the iphone as an example. left-wing leaders created the

isolationist policies. the iphone is the latest one. he is the opposite. he is trying to open things back up and turn it into a tech hub t. is interesting to see what's going on down there in argentina with that attitude toward foreign investment. we have two candidates in the united states with the opposite approach. president biden with the 100% tariff on the chinese evs to have the protectionist policies. we know what trump thinks about tech manufacturing. i said iphones should be made in the united states and things like that. >> very interesting character. >> and incredible haircut, too. >> steve kovach, thank you. coming up, salesforce set for the first miss in the quarter. we have wedbush's dan ives, wall

street's best dressed here next. and it remains measured. that is just the reaglity out there because of the pandemic buying surge was so enormous. it is all rational 00ed. aru look at every company this quter with the same crazy narrative. that is still a crazy environment out there. count on. (grandma) and a million stories to share. (vo) the key to being rich is knowing what counts. wall street forecasts over $100 billion in sales for weight loss drugs known as glp-1. even with unliked and inconvenient injections,

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there is more shoaping up to ar a big market morning. the nasdaq coming off the worst day in a month. victoria greene is here to layout the stocks to find opportunity. and a big drag on the market today is salesforce. falling on the first revenue miss in nearly two decades. dan ives is here to give his take on the quarter and company. and investors looking for the latest health of the economy. former fed chair roger ferguson is here to layout the latest. it is thursday, may 30th, 2024. you are watching "worldwide exchange" here on cnbc. ♪ welcome back to "worldwide exchange." i'm frank holland.

we pick up the half hour check of the u.s. stock futures. we are seeing heavy selling pressure after a rough day for wall street yesterday with the dow close down 1% and the nasdaq with the worst day of the month. it is in the red across the board. it looks like futures are sitting the lows of this morning. the dow looks like it would open 300 points lower. nasdaq under a bit of pressure, of course, a big chunk of the pressure is tied to tech heavyweight salesforce. shares right here down 16%. it is set to shave about 280 points from the dow if these losses hold through the open. although earnings did beat estimates for the first quarter, revenue fell short for the first time in 2006. profits and guidance fell short. we will speak with wedbush's dan i ives coming up. we turn to the bond market

which investors await the second quarter gdp out at 8:30 a.m. eastern time. it is expected to come in at 1.2% from the previous read of 1.6%. s also, we have the big one tomorrow, april pce, the gauge on inflation, is expected to hold at 2.7% year over year. that will be the lowest read since march of 2021. all this coming after the atlanta fed president raphael bostic saying that many measure s of inflation are moving back to the target range. joining me with more is roger ferguson. roger, good morning. >> good morning, nice to be with you. >> we get the second reading on gdp later today. i want to ask you about the gdp

report. what does it mean to the fed? >> i think this is one of a settle thset of building blocks. bostic says they are many months away from making a decision to cut if one occurs at all. i look at this and tomorrow's data as basically another building block, but not necessarily definitive one way or the other. they want to see many months before they decide what to do. this is one of many months of data to make a decision. >> i want to be clear. the estimate for the second is 1 1.2%. if it comes in softer, it would lead to the cuts a lot of people are looking for? >> it might. the main thing is timeframe. i don't think the market should get wrapped up in a done deal. you heard from bostic. he is looking at the quote

fourth quarter. others are saying several months and many more reads. i to think this is a data point. the market is a bit more aligned with the fed. they are not in any hurry to make a decision. the numbers are in the direction that made the cut question more remote. i don't think a little bit of realignment is sufficient to change the narrative of many months down the road. think third quarter, fourth quarter likely. >> what is the estimate for the pce? the estimate is 2.7%. that would be the lowest read. how does the fed view that? i know many months is what they are looking for, but this could be the start of the trend a lot of people are looking for. >> it could be the start of the trend, but recognize at the end of last year, there was a great deal of confidence being

expressed and we got three bad reads in a row. the emphasis on could be the start of the trend, yes, but is it? we don't know. it would be nice if it comes in at 2.7%. i would not be surprised if it is higher than that. i think inflation is sticky right now. fingers crossed. let's see. start of the trend is not necessarily decisive because we have seen a head fake in the past. >> i asked you about this before. i want your take in the rise of oil prices we have seen in recent days and the real spike, not a rise, the spike in commodity prices. how does the fed view that? some of that is out eof their control and you cannot cut with oil rates. the commodities are fueled by the a.i. trade. how does the fed view that? >> i think it is part of the economy that is very strong. it is part of the inflationary pressures that exist in certain

pockets. think of the oil prices. is that a question of overall macro strength? i think one puts all those together and says maybe the slowdown picture and slowdown story is not validated around every data point. it is a feeling of mixed data which is on the other side of the perhaps things are slowing. perhaps things aren't. perhaps supply and demand show there is inflationary pressure still in the system and oil may be an indicator of that. >> so much to consider two weeks away from the next fed meeting. roger ferguson, thank you. >> thank you. coming up on "worldwide exchange," bowing out. nelson peltz selling his entire stake in disney. first, a bonus round of big money movers. shares of american eagle thsinkg

after the tougher comps. the company is reducing the number items they are selling. shares down 8 .5%. and agilent with the back drop improving and it is doing so at a slower pace. it follows a mixed quarter with the revenue drop of 8%. shares of toyota have slumping on the sales decline in april. china and japan were the biggest drop in sales. toyota shares down over 1.5%. we're back in a moment.

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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. i hope bob can keep his promises. i hope they can do all the things they assured us they were going to do and we'll only watch and wait. if they do it, they won't hear from me again. if they don't, jim, you may be seeing me on your show next year doing this same thing again. >> all right. that was nelson peltz talking to cnbc last month after the defeat of the proxy on fight with disney. the exit coming after trian lost

the proxy battle. disney did not return a request from cnbc for a comment. joining us is jason ware on the cnbc line. jason, thanks for jumping on the phone with us. >> good to be with you, frank. >> the technicals are pretty clear. disney shares are down 18% since the company won the vote. based on the scott wapner report. shares were around $120 a share. today, they are around 100. what does this mean? >> it doesn't mean much. we're investors, not traders. peltz advocated for change. they claimed they got what they wanted. look, it was a tidy little profit for the firm. we continue to look at the business longer term, not six

months, but rather over the next many years. we still think thereare things to like at disney. >> a lot of things to like. disney's streaming business will turn profitable in the future. still concerns about the succession plan. just a question about the stock. does most of the investors believe that nelson peltz is right about a lot of his concerns? how do you interpret this reaction? >> you know, we have to remember where the stock has come from. you know, it was doing really well going into the most recent earnings report and kind of up to where it seems that peltz and trian held their shares. start of the year, it was $90 a share. it got up to $122 a share. that is about where peltz sold. great trade. nothing against what they're doing. we had a big move.

we had a big move off the fairly low level of the stock. at some level, it seems convenient to say nelson peltz sold at $120 and since he lost the proxy battle in april, the stock pulled back. maybe that means something. we think it is more of a reflection of the run the stock had over a short period of time. it was oversold. they had a couple of good quarters. they are taking profits out. it support 30% year over year in the first quarter. they are not profitable. the box office struggled. the suggccession plan still up the air. i think a pullback is warranted. >> you did not throw this in. espn and marvel universe going forward after not a couple of flops, but not doing as well as thought. jason, looking to add more at this level?

is this an opportunity? >> for people who don't own any, it is a good entry point. for folks, it makes sense to lean into it. if you think that the direct-to-consumer streaming business will turn profitable, which we do by the end of the year, we will see profitability begin and then the out years, there are a number of levers at disney plus and espn as they go to streaming to contribute meaningful to profits. we own a sufficient amount of disney. we have been adding to it. we like our position. we like our sizing. if you are somebody who is interested in the stock and you think there is upside, it makes sense. >> jason ware, thank you. we are looking at shares of 1$10 a share. nelson peltz exited with his

position. coming up, wedbush's dan ives is digging through the salesforce wreck. question, is he still bullish on benioff's company? stay with us for the best dressed man.

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welcome back to "worldwide exchange." we are turning to salesforce with the rshares plunging with the weak quarter guidance.

if these losses hold, we are talking 280 points from the dow and the worst trading day since 2008 during great financial crash. the company is dealing with longer deals. speaking with jim cramer, ceo marc benioff is optimistic with the growth outlook thanks to a.i. >> the most important thing remains is the customer success. how will we make the customers transform themselves and more profitable and better customer success with the a.i. technology. >> joining me now is dan ives of wedbush. recently named wall street's best dressed man. you have a new jacket for us today. >> of course. >> i was expecting to hear salesforce is the lu ka doncic.

>> that's a tweak. the weakness today is a calendar that you own. it is a growth story. when you look at benioff and where this is all going with a.i., i believe they will see a renaissance on the horwh horizo. this is a golden buy opportunity. >> you say that about all stocks. >> that's our philosophy. you own the special transformational growth names. many head for the elevators. that's where we hand-hold investors through it especially dealing with a tactician benioff. >> stock's down 16%. the company reaffirmed the guidance. the quarter guidance was weak.

they raised the guidance. is there something else going on with the demand especially with the a.i. tools? >> i think a.i. has confused sales cycles. you saw it with workday as well. with salesforce, with the golden install base, it is taking longer. where we sit 12 or 18 months from now, they will be on the highway toward a.i. that could ada d an incremental4 billion a year. betting against benioff is like betting general luka. >> is that an issue? it is easy to say ywe're an a.i company. what are your channels telling you? >> for the use cases for salesforces 12 to 16 months out.

right now, it is about microsoft and godfather. i believe this is the story. this is a speed bump on the autobahn toward a.i. >> i'm looking right now. service is down 4% in the pre-market. s&p was down 3% or 4% in the pre-market. the whole sector is getting hit. is there demand for enterprise software with so much money in a.i.? >> you nailed it. it is a choppy environment because a.i. is sucking up budgets. for my view, service now, we're talking gold standard. >> alphabet looking to buy hub spot which is kind of a salesforce competitor.

salesforce is so big being a legacy tech company. is competitionrising as more companies look to access a.i.? we talk about platform. >> it is a "game of thrones." you will see massive consolidation. if you look at alphabet, it will happen as well. we are talking $1 trillion of spend. >> dan ives, what is this? velvet? >> spandex for you. a little bpink. i'm trying to bring it on "worldwide exchange". >> best dressed man. you look great. good to see you. coming up on "worldwide exchange," the one word every investor needs to know that could best describe the trading action today. stocks are stumbling toward the finish line on a strong month so far. we have victoria greene who says

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welcome back to "worldwide exchange." here's what to hawatch. we get the looks at the gdp and an earnings reports from gap and dollar general and others. we have fed pspeakers this afternoon. salesforce plunge on the back of the earnings.

the dow would open 320 points lower. hitting the lows of the morning. let's bring in victoria green, founding part er partner at g squared. >> good to see you, frank. >> what did you think about the quarter? jim cramer believes the selling was a bit overdone. what was your take? >> i think it was a oversold knee jerk reaction. it is a pretty outlook. this may be a bit overdone. you talk about legacy software and more companies focused on cloud migration and a.i. they getting left behind. they are not the only ones that are struggling to grow sales. i see it as more of a speed bump versus hitting a wall. we may see a pull back. tail end of earnings season and we focus more on macro economic

and less large companies and cat catalysts. you face the selling pressure the first two weeks after the big names finished reporting. a lot of this is a normal cycle to me. >> we get the first read of the gdp. how do you see today shaping up? what is your "wex" word of the day? >> my word of day is piggyback. we are looking at companies that are piggybacking off the a.i. trade and beyond nvidia. you have power and storage and other chips and servers and solution. you have companies to piggyback off the a.i. demand and seepseeping into other industries. you actually have to have a pickup. i think dell will have a big pick up today after close. >> you think it will be a big quarter. the last quarter they saw a big

spike. this is where you get highs up 30% year to date? >> it is expensive. this is a value play. nvidia chips are specific. dell is uniquely positioned. we believe the customer base is a strong one. if you look at hp, if they get a pick up of computer and laptop spending, that is a forward. replacing technology at a higher rate because you have a.i. shares driving the personal computers and there is a pick up there, we could see revenue growth. i still see a.i. in the early n innings. >> we are talking about the early innings. we have an economic record with the second gdp. the selloff the 1.6%. the second read estimate i

is 1.2%. is good news good news? >> i think you will see a reinvesti reversion downward with the data points in march. i think the expectation is it is not bad. we want a slowing economy. if you look at the fed speaker bostic yesterday, it looks q4 or higher for longer. i don't think it will change the narrative. i look at pce on friday as the mover of the week because that one is a huge data point for the fed. it should moderate some. gdp expected to come in lighter. we want to see that slowing. we are in the bad news is good news category for slowing economy and slowing labor. >> last time is bad news is bad news. >> sometimes bad news is bad news. the read through with what is slowing down. >> thank goodness we have you here to straighten it out.

vic victoria greene, thank you. before we let you go, the last look at the numbers. the dow would open 300 points lower. salesforce is putting 280 points of downward pressure on the dow. that does it for us. "squawk box" is up next. good morning. salesforce dragging down the dow. that's right. it is a dow component. what about general electric? maybe not. the stock plunging after revenue fell short of estimates. details ahead. activist investor nelson peltz dropping his entire stake in disney. and shares of american tumbling after the ceo said the sales strategy had back fired and it is cutting capacity for

growth in the second halftime y half of the year. it's thursday, may 30th, 2024. "squawk box" begins right now. ♪ good morning. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. welcome back, joe. >> thank you. happy monday. >> ha. >> happy thursday. >> the only saving grace. >> a short week? >> i'm here. if i can get this and tomorrow, it is a little bit of a shock. >> ease your way back in. >> it's okay. you know, it's not like politically anything happening that is divisive or anything with the stock market down 1,500 points in three days. >> here we are thi