it is 5:00 a.m. at cnbc's global headquarters. i'm frank holland and here is your "five@5." investors looking for the next catalyst. chip stocks doing something for the first time ever as we kickoff a new trading month. nvidia and amd rollout new chips with the very aggressive timelines. opec looks to keep the floor under oil prices after the latest output decision. later, roaring kitty gives

meme stock traders a new reason to buy. it is monday, june 3rd, 2024. you are watching "worldwide exchange" here on cnbc. good morning. welcome to "worldwide exchange." thank you for being with us. let's kick off the first day of june trading with the check of futures. the dow coming off the best day and the nasdaq with the best month since november. futures in the green. the nasdaq is getting a boost from nvidia. nvidia up .50%. chip stocks are helping lead the charge higher. semiconductors. vanneck is coming off the six months of trading higher. starting today, semis have the heaviest weighting in the s&p for the first time ever. much more on the chip trade

coming up. we are checking the bond market ahead of the busy check of economic data including the may jobs report. look at bond yields. the benchmark at 4.47. this was as high as 4.62% a few days ago. we will talk more about the bond impact coming up. and opec agrees to extend the output cuts. let's look at the oil markets. wti is up .25%. similar for brent crude. both below the sentiment levels. brent crude is 85. you see both trading below that. we have rbc's helima croft here to weigh in on oil coming up in the show tha. that is the set up, let's get the latest with arabile gumede in the london newsroom with more on the early action.

arabile, good morning. >> good morning, frank. it is about the data as well. what we have seen is manufacturing data coming out of europe still pointing to contractionary in italy and france and germany. the eurozone manufacturing pmi data still sitting in the contractionary territory. perhaps with the ecb saying we need to find a cut to boost the economic circumstances for europe. a rate cut by the european central bank will be made on thursday. overall, an uptick across the board. a significant move higher for may. the tech stocks getting a boost from the nvidia play with jensen huang with the new chip.

speaking of stocks, let's look at some of the sectorsdoing well today. initially, you saw basic resources doing well on the back of china's story with the pmi numbers. that has lost out a little bit today. it is on the downturn going down .13%. at the top of the stoxx 600 is construction with retail managing to move up more than 1%. technology is following on from that nvidia surge. that's what you are seeing out of the market right now. again, all eyes will certainly be on the ecb as we head toward that decision later this week. frank. >> a very busy week. arabile, thank you. we will turn our attention back stateside and a busy week capped off with the jobs report on friday and earning season almost over, now you are searching for a higher more. if the weekend headlines are any

issue, we have ross mayfield with us from baird. ross, great to see you. >> thank you for having me. >> we have two economic reports today. they are similar. i know you are watching one of them. explain this to me. we have ism. it looks like the estimate is for expansion. for pmi, it is a slight contraction. do you think this is something the market needs to pay attention to? >> probably not as much as the other data this week. these reports have been right around that 50 range, particularly on services. for the better part over the last 6 to 12 months, showing slight expansion. you really get a good market read on these when they are really high or really low. when they are muddling along in the middle, you get a good sense of what the economy is doing. we will watch the jobs data this week to get a read on the fed.

>> you know what is powerful? the chips sector. you sent us a chart. smhe, it is negative last week. down 1.5%. nvidia out with a surprise yesterday. nvidia up. chip stocks would likely get a boost. when you look at the chip sector, is it too hot to handle or do you want to get in and we see amd making an announcement as well. >> i think there is plenty of time to get in to add to chip stocks. you have to understand it is a cyclical sector. there's going to be big volatile movements as the a.i. trade proves sticky. we are looking at equal weight chips. we want to look at the equal weight and see how the overall health of the sector is and it has been solid against the software sector. there is plenty of room to get in. you have to have a tough stomach

for it. >> again, we are seeing it up 1.5% in the pre-market right now. we will continue to watch that throughout the show. i want to come full circle. here are the headline from "the wall street journal." the fed will have to worry more about inflation. we have our own page on cnbc.com highlighting growing concerns about the market's marrow leadnarrow leadership. people keep looking for something to be bearish about. any one of these concern you? >> i would say on face, it shows to me there's not quite a euphoria to show the market top. as far as the sentiment check and all headlines are pointing about the hthings to worry abou. the one that is mostconcerning is real pce, consumer spending.

as long as rates are high, it will be hard for the cyclical sectors to take leadership. manufacturing or housing. if the consumer is slowing, but the fed can't find the ability to cut, the economy will slow. the consumer is too important and they pulled their weight too long. you see consumer spending and normalizing, that say cis a con. it doesn't portend weak returns. there are concerns and the consumer is focused. >> it is all about balance. ross mayfield, thank you very much. for more on what is driving the markets and trading day ahead, head to cnbc pro. time for a check on the top corporate stories with silvana henao. silvana, good morning.

>> to frank, good morning. gamestop shares may be in for another record-breaking day with the stock up 72% in the pre-market. this is on speculation keith gill, known as rochearing kittyy have a stake in the stock. he claims to have 5 million shares of gamestop worth $115 million as of friday's closing price. amd trying to one-up nvidia. the company revealing a new line of a.i. chips at the conference in taiwan over the weekend. one with more memory and faster processors than it what it currently offers. amd says the chips will be available in the fourth quarter with future generations planned for 2025 and beyond. this is as nvidia ceo jensen

huang unveiled his latest chips to succeed blackrock. and aramco stock offers sells out. the saudi government said all shares were accounted for just hours after books opened with a cover price as high as 29 reals or $7.75 in u.s. dollars. >> nvidia shares up 3%. big moves in the pre-market. last time i looked, it was up .50%. the s silvana, thank you. we have more to come on "worldwide exchange," and the one word investors need to know today. opec looking to keep a floor ahead of the summer driving season. our panel is here next to weigh in. and next on the chip wars

and latest from amd will do anything to move the needle with its fight with nvidia. and india points to another landslide victory for narendra mo's pty.diar we'll have a live report coming up when "worldwide exchange" returns. glp-1 drugs used in weight loss treatments are a global blockbuster, even with unliked and inconvenient injections. more human study results for lexarias patented oral delivery technology are coming soon. lexaria bioscience. before you use ai to transform business, accelerate growth, predict trends, you need to begin with trust.

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as the market weighs the move by opec plus for production cuts next year. allies are cutting output by 5.6 million barrels a day. this includes nearly 3.7 million barrels in cuts that were set to expire this year and 2.2 million barrels in voluntary cuts by eight members which was set to expire by the end of june. opec is extending those cuts by 2025. it will be phased out over the next year. let's discuss this further with the senior researcher and helima croft at rbc capital. ladies, good morning. great to have you both here. >> good morning, frank. >> good morning. >> amin, i'll start with you. opec plus cuts extending them. that was intended to put a floor under prices.

do you think it will work? >> it is a very extensive deal, frank. there was a lot announced here. you covered the basic elements of it. that is keeping cuts in place until the end of december of 2025. in terms of how the market reacts, the market had been reacting to geopolitical risk we have been seeing here in the region. any kind of reaction has been not necessarily to the fundamentals, but more relying on sentiment. i think there is concern in the market here about the growth trajectory for this year and we will see that in the numbers. opec's very bullish forecast versus other agencies which have half of that amount. in terms of being bullish for prices, i don't think we're seeing that because that's not translating. >> you don't think it is translating. helima, oil is trading at the

lowest price in about a month. we did see a spike after the middle east tensions, since then, they have declined. do you think extending them will put a floor on prices? >> what is important now is we have a road map on opec production. as she pointed out, we have geopolitical risk coming out of the market. now we have a market that is well supplied. we are not in deficit at the moment. we are going into summer driving season. we have to see what type of draws we get. some people read the opec statement yesterday, particularly about adding the barrels back as bearish. essentially saying saudi arabia is taking a bite out of the lollipop. the one thing i would say is they are clear this is data dependent. as we get to the end of august and if the fundamental picture is worse than now, they would

pause that addition. they will not roll the barrels into the market if there is a market deterioration in the fundamentals. they are giving you a road map for bringing the barrels back, but they have an exit ramp. >> there is one thing a lot of people scratch their head about. the uae receiving a revision for more barrels. what is that about? >> the uae is building capacity. let me rewind and explain why that happened. this doesn't mean it was favored by the organization. back in june last year, the uae was given the baseline of 3.4. the officials here told the saudis they are okay having the revision of 3.2. they were able to agree to a lower baseline to support the deal. as a sign of appreciation to the uae and knowing the uae is building capacity and if you look at the uae cuts in terms of

percentage, it doesn't match the other countries. giving that uae that extra 300,000 barrels does make sense and make the process a fair one. they were not favored here. >> helima, you call this a plot twist. does this impact just the idea of the road map you were laying out? amena gave us the explanation there. >> i think the twist was we didn't get simply a rollover everything through year end. we had the extension of the collective cut through december of 2025, but now we have the road map of what they will do with the voluntaries. there were market participants saying show me how they come back. are they definitely off the snar market? we now have them slow rolling

them into the market. some market analysts were focused on any additional supply, essentially saying this is bearish. i would caution it is a slow roll into the market and they can, basically pull back if there is a change in the outlook. >> helima, i'll stay with you. extending the cuts through q3 leads us to the u.s. election. that is coincidence, are you la laughing? >> i think that's the question everyone is asking right now. is this somehow related to the election? the fact that essentially they are putting barrels on as we go into the u.s. election. what i would think if i were in washington, i would be happy with this result. having a road map for barrels coming back, i think is something the biden administration should be happy with. right now, we still have the

u.s. and saudi bargain. right now, they have a willingness to bring back barrels and that buys them goodwill in washington. >> amena and helima, thank you. looking at the latest announcement from opec and latest cuts. i appreciate your time and inchinisii insight. and micong up on "worldwide exchange," we will have the latest interview with ceo about what happens next. the places we cheer. trust. hang out. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. powering more businesses than anyone. powering possibilities.

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welcome back to "worldwide exchange." stocks in india raising to a high after the landslide win by narendra modi in the election. today's gains is impressive for the indian stocks up 21%. we have cnbc tv managing editor joining us live from delhi. >> reporter: hi, frank. good to be on the program. you are right. we are seeing a rally play out as far as the market. if the polls, as predicted, go right, then prime minister modi is expected to return for the third consecutive term. they are predicting a thumping for the democratic alliance and

the hope is there will be a continuing of the agenda and macroeconomics stability which is what the modi government has promised. if you look at how the markets did today, they open at record highs. all of the indices hitting record highs. crossing 23,300 for the nse for the very first time. this sharp bounce has taken the market cap to a record high of $5.1 trillion. nearly 125 stocks hitting a 52-week high today. it is bullish on the exit polls and if what happened in 2014 and 2019, the last time we saw the exit polls predict a victory for the nda, it underestimated the margin of victory for the alliance led by modi led by 56. they are hoping for the exestim.

they have largely been keeping away from the markets in the past with the expectation of stability and continuity with the reforms, fii will make a return as well and institutional investors have been buying strongly in india. the hope is that sectors linked to infrastructure where the government has been spending in a big way and manufacturing with a slew of scheme to promote manufacturing with the likes of apple manufacturing here in india is expected to be the theme that the government focuses on in the near term. this suspense at this point in time is what happens on tuesday morning when we see the official result coming in. the india is going in strong on the macros as well as far as the

election result is concerned with the 8.2% gdp growth rate coming in for the full fiscal year. for now, i'll hand it back to you. >> all right. thank you very much. we are watching the mexican elections and the landslide victory as mayor claudia sheinbaum captured 59% of the vote. if confirmed, that would be the highest total in mexico history. as we head to break, we are showing the boeing stock is up .25%. the next possible launch dates for starliner is wednesday or thursday. s starliner has been delayed for years since 2020. "worldwide ehae"s ckn st moment.ba i

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it is 5:30 a.m. in the new york city area. there's more ahead here on "worldwide exchange." tech coming off the best month since november. what amd and nvidia are doing today that should push shares higher. with stocks pushing higher, what is next in the rally as we track the troubling signs for the kconsumer. and the kitty is back.

claiming to hold a massive stake in gamestop. it is monday, june 3rd, 2024. you are watching "worldwide exchange" here on cnbc. welcome back to "worldwide exc exchange" and the first trading day of the month. i'm frank holland. let's pick up the check of the stock futures with the dow coming off the best day and the nasdaq's best month since november. we actually saw the dow take a downturn the last few minutes looking to open 20 points lower. nasdaq powered higher by nvidia and chip stocks. we will talk about that in a second. we are watching the vaneck etf coming off the six months of trading higher in the last

seven. this index or etf is up about 1.5%. to to touchscreen not working for me. you can see it is up 3% year to date for nvidia. starting today, semis have overtaken softwares with the heavyweighti with the s&p 500. more on that chip trade coming up. we have a very busy week of economic data with the jobs report on this friday. the bond yields at 4.48. you remember a fewdays ago at the end of may, we saw 4.62. we will continue to watch bond yields. we are looking at oil as opec plus agrees to extend the output cuts. oil is ticking higher, but well off the highs of a few days ago. right now, wti is up .25%. similar for brent crude. below sentiment levels of wti

and and $85 for brent crude. that's the set up and we are halfway through the year and no sign of a.i. news slowing down. the biggest is taiwan for the biggest computex convention. we have emily tan on the floor in t'aipei. >> reporter: amd's chips are the fastest in the market. opening for the convention, that's the first product with 50 tops, 50 trillion operations per second and the speed of the npu. this means amd will out pace snapdragon which is running 45 tops currently on the market. nearly all chip firm bosses are here. jensen huang got a rock star

welcome. jensen said a.i. is driving a new industrial revolution. >> the next wave of a.i. a.i. that can work among us. everything is going to be robotic. all of the factories will be robotic. the factories will orchestrate robots. the robots will build products that are robotic. >> reporter: reporting from t'aipei, i'm emily tan. back to you. nvidia will reveal a new chip in 2025 and a ruben platform in 2026. this as the company is ramping up the latest blackwell chip set to ship to customers later this year. let's bring in sarah kunst with

more. >> good to see you. >> what was your take on the ruben platform and the chip market and the a.i. trade? >> i think we're going to continue to see innovation from nvidia. that's not what keeps me up at night about the company. my question mark is will they keep that margin that they've had? they've had the massive margins. you see news coming from amd saying we are going to build something similar that is competitive and coming out in the not too far future. nvidia continues to innovate. they are very good at that. the competitors are catching up fast. >> you think the competitors are catching up fast. we had a guest on last week that says nvidia has an impenetrable

moa moat. you think this chip is arr riva? >> i had a good laugh with that clip. we see this on the apple side and meta and the other companies making chips or designing in house and they have the know how to do so and the supply chain. you are also seeing it with the amds of the world designing the chips. i think it will be really, really tough for nvidia to keep the moat and 1,000% margin. he talked about ceo math. ceos will look at that and say i'll go cheaper. >> other investors seem to disagree with you. nvidia shares are up in the pre-market right now. i want to ask you if this re-raises concerns of the air pocket? instead of rolling out new architecture every two years, it is every year?

>> jensen is saying you have to buy now to save later. buy now and buy up front. that is talking his book. we are seeing some of the delays where people say i will wait to see what comes out of the next chip. to some extent, innovation is getting in the way of sales, which has to beinternally. the market is not seeing the same stuff i'm seeing. we have seen a rise in retail investors on nvidia. some, not pullback, but slowdown from wall street. i think that does say this might be a little bit into fan boy and meme stock territory versus people trading on fundamentals. >> on a day we are talking about roaring kitty jumping back into the market. that is doing a stock split. i want to talk about something else. speaking this year is the qualcomm ceo. jon fortt caught up with the

latest from qualcomm. >> you see microsoft trying to drive that change. i'm hopeful that everything that is happening with the copilot plus will drive an upgrade cycle for laptops. we come in with a solution that we design across multiple price points. it is all new for qualcomm. we don't need any market share assumptions to be a player and significant financial contribution. >> sarah, a lot to digest there. i want your quick take. >> i like that subtle tdig. we don't need heroic projections. the qualcomms of the world and intels and the names relevant in tech when we were in short pants

are becoming relevant again. they stayed relaevant because they have been doing this a long time. i think you can't count them out. even nvidia, these are not new companies. i'm not surprised to see them come out with the big claims now that everybody suddenly and finally cares about chips and semiconductors after decades of them being the most boring and least sexy part of the industry. >> sarah kunst, thank you. >> you can see the latest on "closing bell overtime" at 4:00 p.m. eastern. one stock is up double over the past week ansed t to pop again this morning. the morning call sheet is coming up. eight loss drugs known as glp-1. even with unliked and inconvenient injections, dehydratech processing of a glp-1 drug demonstrated

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welcome back to "worldwide exchange." time for the morning call sheet. guggenheim upgrading mongodb. the firm said the debate is if it can achieve 20% growth this year. and rbc is raising kimberly-clark with the supply chain partners leading to the bul bullish outlook on the stock. citi is increasing best buy from

a upgrade to a buy. coming up, the one word that every investor needs to know today and we see if cyber stocks can break out of the 2024 funk. we have a one-on-one with one ceo who counts fedex and pirelli as customers. we'll be right back. then i found a chance to let in the lyte.” discover caplyta. unlike some medicines that only treat bipolar i, caplyta is proven to deliver significant symptom relief from both bipolar i & ii depression. and in clinical trials, movement disorders and weight gain were not common. caplyta can cause serious side effects. call your doctor about sudden mood changes, behaviors, or suicidal thoughts right away. anti-depressants may increase these risks in young adults. elderly dementia patients have increased risk of death or stroke.

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welcome back to "worldwide exchange." we have a market flash for you. auto desk shares are up 7% after the company provided preliminary first quarter numbers after the bell on friday that topped expectations along with better than expected guidance for the current quarter. the company also said it would not restate any results following the investigation into the accounting issues that delayed original earnings. shares of auto desk up 7%. speaking of software, micro is working with nvidia to create new tools to rprotect data centers. another suber company working with nvidia is checkpoint software. it provided guidance below expectations. the company leaning into the

strategy saying the infinity platform accounts for 13% of revenue. platform is a shift where cyber companies sell a solution to protect data and networks. joining me to discuss the business and cybersecurity sector is gil. >> great to be here. >> i want to talk about what is going on with your company. the demand environment is mixed. you put out guidance with revenue that was soft. is that due to the software slump we talk about or is there some other factor? >> i thoiink it is very good demand with cyber slolutions. the general enterprise solutions are challenging.

we are positive about checkpoint. we are seeing a good pipeline. we want to be cautious. >> you want to be cautious. you also have a rolled out a.i. copilot. tell me what you hear from customers with the copilot. what are they telling you about how they are using it? >> we started with a.i. copilot at the beginning of the year with tasks which can be done with a neutral language. it can make a huge difference. an investigation that could take days and changing permissions and we don't understand how you have access to certain systems. that can all be organized with the interface. many of these things that were complicated can become simple.

we see good reception in the customer intterinterface. >> you are collaborating with microsoft azure and openai. >> i think what we found is best engine and the one that provides us with the environment which is private to our customers when customer data is not shared with others. we have our own universe. >> you are leaning into the platform strategy. last quarter was 10% of revenue. this quarter is 13% of revenue. investors just don't seem to like the term. i know you have been a platform company since 2018. you leaned in on it. if you look back since february 20th when palo alto network announced their strategy. their stocks have dipped. why lean into the idea of

platformization? >> it is very important to level the cybersecurity. that can only be achieved if we get different collaborations to work together. they are using dozens and hundreds of technologies. if they don't work together, you won't get the security. you will attack one vector and you will stop it on the network and you get it from email or vice versa. what we are doing when we get all of the technologies to collaborate, we have third parties with everything consolidated. the main one is el evate the level of security. >> gil, thank you. >> thank you very much. i appreciate it. coming up on "worldwide

exchange," the one word that investors need to know that can best describe the trading action ahead. and roaring kitty returns. the favorite meme stock trader claims to have a massive stock. and if you miss "worldwide exchange," check us out on spotify or other podcast apps. more "worldwide exchange" coming up after this. with every swing and block, your game plan never changed. ♪♪ some still call it luck. let them. because you know what it's always been. inevitable. ♪♪ ♪♪ if your business needs a new application then developers will have to write code. a lot of code. if an application needs to be modernized

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welcome back to "worldwide exchange." time for the "wex wrap-up." gamestop's roaring kitty posted a screen shot of what could be his portfolio with a large amount of gamestop shares and call options. cnbc has yet to verify the claims. saudi aramco sales sold out after the saudi government said all shares were accounted for with the cover price as high as 29 reals. shein is planning to file an ipo in the uk. the deal could value shein below the $66 billion estimate from

last year. and india polls predict narendra modi winning the latest general election. a new report from the iata says the airline industry is set to generate $30 billion in net income this year and above the previous estimate of $25 billion. here is what to watch today, it is all about the unemployment and jolts. we get a read on the global supply chain with ism services on wednesday. the final stretch of earnings season is upon us as hpe and campbell's and lululemon report. the ecb is expected to cut rates for the first time in eight years. we are keeping an eye on nvidia ahead of the 10 for 1 stock split on friday. owners of stock will receive nine additional shares after friday's close.

let's siee how the markets are happine shaping up ahead of the market open today. joining me now is erin gibbs from main street asset management. erin, good morning. >> good morning. >> how do you see today shaping up? what is your "wex" word of the day? >> my word of the day is rate-boost. i know we like to talk about equities and higher interest rates hurt equities, but we want to think about how it f fundamentally benefits corporations. they are earning more interest off the cash investments. most have a net cap position and that ultimately helps their health and they are able to put that money into more investment and be more profitable.

while it certainly changes the risk profile for equities, it is a big economic boost and that gives us going forward really a nice tailwind going into this next year. >> rate-boost is your word of the day. we are talking about the consumer. consumer discretionary sector traded lower last month. that is part of the reason the weakness in the consumer is salesforce and lowe's. that is tied to discretionary spending. >> of course, we have inflation and that does hurt a good portion of the u.s. economy, specifically those rech renters

impacted. we see less of an impact for durables. we have seen a good run-up since 2002 and they are looking pricey particularly as consumers are reevaluating their spend. they look vulnerable. if you have holdings in the stocks, these are the stocks you want to take profits if you haven't already done so. >> that's where you want to take profits. i want to look ahead today. we have economic reports which is not as big as the jobs report on friday. we have ism and pmi. when you lyou are looking at th check reports, do they influence other decisions you want to make? >> i think it is more about when you look at any economic reports these days, it is trying to guess what the fed is going to do after therefore what will happen to rates and that trickle-down effect. of course, absolutely we are

looking at them. am i trading off it? not unless it is something dramatic and unexpected where it would force the fed into a different stance or we see an immediate expectation of a rate cut going down. as long as it is the middle of the road reports, i wouldn't say we will see big changes. >> we're talking about nvidia today after the surprise announcement yesterday. how do you feel about tech right now? there are concerns about overconcentration. >> certainly. i think the a.i. story is something that has a long way to go. it is about how it will be implemented and how it trickles down to other industries. nvidia, obviously, is the leader of the pack. i think with regards to technology, you really should be looking very carefully about how they have been managing the integration of a.i. and the

really getting down to the fundamentals. right now, it is still the infrastructure side that is doing well, whether it is the semiconductors or making the materials or energy. i would still say beware -- >> i'm sorry about that. we have to wrap it up. that is it for "worldwide exchange." "squawk box" starts right now. and gamestop is back after roaring kitty posted a screen shot of the large position in the stock. the trade wars are heating up. nvidia and amd announcing processors months after unveiling the last chips. the stocks both higher this morning. a it's monday, june 3rd, 2024

and "squawk box" begins right now. good morning, everybody. 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. andrew ross sorkin will join us later this morning. it is monday morning. if you want to check out the stock market right now, you will see the dow is down 26 points. the s&p is indicated up 10. you have the nasdaq indicated up by 74. closed out the month. we are now officially in june. on friday, we did close out the month in positive territory. the dow had its best day on friday since november of 2023. if you were looking at the month, the dow was up 2.3%. the s&p for the month up 4.8%. th