it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." under pressure stock futures pointing to a lower open after weaker than expected factory data put the damper on the first day of june trading and creates more questions about the fed's path forward. that economic data impacting oil after opec plus decides on the cuts we are live in dubai with reaction. and retail trader favorite roaring kitty sparks a tough decision at one trading house. and india wipes out a

massive rally as the count in the general election continues today. one week, two trading glitches and investor concerns growing about the safety net keeping trillions of dollars afloat it's tuesday, june 4th, 2024 you're watching "worldwide exchange" right here on cnbc ♪ good morning and welcome to "worldwide exchange. thank you so much for being here with us. let's kickoff this hour with the check of u.s. stock futures as we always do the nasdaq snapped a three-day losing streak. we're checking the bond market ahead of the april jolts report and factory data the bonds with the benchmark at 4.38 falling from yesterday we will continue to watch the move in bonds throughout the

morning. we are looking at oil to extend yesterday's losses coming off the worst day since january. the wti crude is down 1.75%. brent crude is down 1.5% that is the morning set up let's get a check of the top corporate stories. today s today is all about the comeback of meme stocks silvana. shares of gamestop and other favorites like blackberry and amc are set to pop this is afteris after gamestop d 20% higher at keith gill posted a screen shot to reddit showing a $116 million position in gamestop and an options bet as of friday's close.

gill confirming that position yesterday in a screen shot after the market closed. the positions have not been independently verified by cnbc. the fund for kitty is reporting that the morgan stanley platform is looking to ban gill over possible manipulation. the report adding no decision has been made, but discussions have been ongoing since gill resurfaced three weeks ago. >> you referred to him like kitty as kitty is his last name. >> it seems it is. >> silvana, thank you. we will talk about this and more with jay clayton later in the hour don't miss that one. turning attention back to the markets which got off to a sluggish and uneven start in june investors may question the strength of the u.s. economy as data shows manufacturing activity weakened last month

the ism index slipping for the second straight period in may. speaking on "closing bell," rob effort kaplan says this conflicts the path the fed has to navigate this year. >> the concern they have is they want to see more sustained improvement. the other concern they have is if they cut too early and you see a softening in financial conditions and further appreciation, that could actually fuel stronger growth and consumer spending. they are trying to thread that balance and i don't think making a precise prediction is that important. i think the next move is going to be down, not up >> joining me now is vince larosa from cloud capital. >> nice to see you, frank. >> we are parsing the latest economic report. ism moving deeper into

contraction territory. what does it mean to the fed and how will the market interpret that today >> frank, we continue to be bullish on equities. the quote you cited echos our given. i think it is harder for investors to predict precisely when and how much the fed will cut rates. we think there is a little bit of the goldilocks scenario that might set up a back drop for the fed to begin the easing path we anticipate. >> you are saying it is a goldilocks, but inflation moved sideways last pce. what are you saying? >> if you look at the overall trajectory of the economy, gdp growth good, the labor dynamic from full-time to part-time employment and margin can put a lid on inflation in the near term, inflation moving sideways, frank, is a second derivative improvement

over the markets' converscerns. we think that is pretty bullish. >> fair point. sidewise is better than moving higher we have a lot of people coming on "worldwide exchange" talking about the market broadening out. you look at materials and industrials. they are actually negative materials down 2.25% industrials down 3.5%. do you have fafith in the cyclical trade more and more people are looking to put money into the a.i. trade. >> we disclose daily, frank, and we have exposure to the a.i. trade. if broadening out the market means looking at a specific sector with a tailwind or

headwind, we will go a step further. the correlation and expectations of the individual stocks is about as low as it has been in decades. you know, specifically which sector or which passive index will make the most sense is hard to say if we use our compass and point to a bullish back drop, we do the fundamental research, we find interesting opportunities. >> vince, always good to see you. >> thank you >> for more on what is driving the markets on the trading day ahead, go to cnbc pro for insight and analysis. we have more to come on "worldwide exchange," including one word that investors need to know today first, flipping the script as they look to extend losses since the worst day since january. the latest on what is weighing on prices. and more on roaring kitty's possible e-trade ban

former s.e.c. chairman jay clayton is here. later, we speak to the fund manager who has beaten the s&p 500. more still ahead on "worldwide exchange." stay witange." stay with us. me-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. ♪ ♪ [crowd chanting] they ignored your potential, and mocked your ambition. but it's not the critic who counts. 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.

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passenger car association. sales of new vehicles fell 6.5% from a year agoi from last mont in may. tesla shares down .50% on the news. byd is up .50%. let's see how europe is shaping up as its trading day is under way and a wild session in india. silvia amaro is here with a lot of action in europe. a lot of red on the board, silvia. >> good itto see you, frank. it is red across the board. looking at the main board, we see move moves to the down side in italy and spain. one of the questions for investors at this stage is what will they hear from the ecb later on this week? i have to say weak manufacturing data from the united states is

also contributing to some of the downward move we are seeing in europe. let me take you to india because the moves in the equity space are significant. we are seeing equities in the red as narendra modi's majority looks set to be smaller than expected. modi is projected to win a rare third consecutive term in office with counting in the world's biggest election underway. you see the nifty 50 down by more than 5%. earlier, i have to say it was down as much as 8%. looking at the sectors in the indian market, this is the picture as this stage. we are still seeing significant losses for instance with infrastructure down 10%. oil and gas down more than 11%. you can see that a lot of concerns at this stage about whether we will see those pro-business reforms that were expected from modi, but no

doubt, this is an important development for the markets and what a clear example, frank, of when politics have a direct impact on equity space. >> silvia, great to see you. thank you very much. turning to the energy space and losses falling 3% in yesterday's session on the back of the opec decision to extend the voluntary output cuts. we have dan murphy with more from dubai. dan, investors don't think the voluntary cuts were extended long enough. >> reporter: that's exactly right, frank crude prices are taking a texas tumble here, you could say in line with the index. this knee-jerk reaction to the opec meeting has been decidedly bearish. we are seeing prices extend declines this morning. remember, opec extended production cuts until 2025. the headline is that's good

news. dig deeper into the fine print and you read opec outlined a plan to unwind the voluntary output cuts from october. the prices have seemed to have spooked traders here especially with rival production in the united states is strong. the there is a big question mark over the demand as well. the devil is in the detail. if opec goes ahead with the plan, we could see 500,000 barrels on the market by december and 1.5 million barrels on the market by june. that is just a plan at this point. analysts at ubs out with a fresh note this morning. they say this plan to bring back barrels and unwind output cuts is not likely to tilt the market into oversupply. they expect brent to trade at $87 at year end with the draws supporting prices. a bullish outlook.

>> ubs is bullish. i know you spoke to the saudi energyi minister. we were talking about the timing of the voluntary cuts ending q3 right before the u.s. election. is there any thought about the u.s. election when it comes to this decision? >> reporter: the saudi energy minister spoke to us in a call on sunday right after the opec meeting. he really stressed that opec still has flexibility when it comes to managing supply here. you also have to remember the m.o. from opec has been cut, cut, cut. that comes at a time when the u.s. has been steadily increasing its own output. by holding back its own supplies, opec is losing market share. the strategy here, by adding more barrels back into the market, may be one of short-term pain for long-term gain. whether or not that relates back to the u.s. election, i think,

is a question for the saudi energy minister himself. we know opec is not a political organization. he certainly doesn't like to weigh in on the politics. in the back of your meeind, you have to wonder the strategy. >> dan murphy reporting live from dubai. thank you. coming up, the future of the tax cuts now in question and what it means for the fate of investors. we are live in d.c. when "worldwide exchange" returns. stay with us. energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com.

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welcome black to "worldwide exchange." we are turning to the 2024 election and the trump 2017 tax cuts which are set to expire next year. depending who takes the white house in november, the cuts could have a massive impact on the balloons deficit. we have megan cassella with more. megan, good to see you. >> reporter: good morning. trump and his allies are pulling for an extension for the tax cuts when they expire. it will come at a price. research for the committee says a full extension would cost $4 trillion over the next ten years. the committee says the cost estimates are 50% higher than initial estimates in 2018. part of the reason is inflation and wages.

economists have seen the tax law in action now for a few years and they have better data on which they are basing estimates. the bigger question is what it means for the size of the u.s. debt. this would add another $4 trillion to the $20 trillion the u.s. is already projected to borrow in the next ten years. this matters most for debt sustainability. if you look at the debt-to-gdp ratio, it has been holding fairly steady. economists say debt growth is manageable when it increases slowly than the broader economy. extending the tax cuts could be the tipping point. economists say without major cuts in spending, debt would soar to 211% of gdp in 30 years. frank, this is highlighting a key economic issue in the

election in november. trump is talking about extension and biden is talking about raising taxes on the corporations and wealthy. >> megan, $4 trillion to the $20 trillion or more the u.s. is expected to borrow. i want to put the chart up again. the one with the federal debt. a straight line up. we're talking about more borrowing. what does this mean for interest rates? >> reporter: that's a good question. some economists called this a scary part. as debt increases, interest rates go up, especially in the bond market. bond buyers are demanding higher rates in exchange for this. they are worried it would have a glut in supply. the cost of servicing the debt gets higher. i cover the treasury statement. every month, we are setting a new report of how much we are paying in interest rates. the concern is we get into a spiral and both of those are pushing each other up over and

over and it is really difficult to get out of that in a clean and sustainable way. >> a lot of huge numbers. megan cassella, great to see you. thank you very much. let's talk about the various outcomes for the 2017 tax cuts and implications for investors. h henrietta is with us. good morning. great to you have here. >> thank you for having me. happy to be here. >> the numbers are all with a "t" and not "b." this has a $4 trillion price tag. your research adds another $500 million in debt service. what is the likely outcome? >> the business case is we are blowing out the deficit. $2 trillion is the most that lawmakers will wake up for to take votes next year. we saw the last couple of covid

relief bills top out at $9 trillion. that is the baseline for what lawmakers will pass next year. i expect $2 trillion or $2.5 trillion on a good day. if we get aggressive, a red wave or the most aggressive case scenario, if it is trump in the white house and democrats hold on to the house of representatives, you could see deficits blow out3 trillion as they try to mix extensions with just getting the votes. >> a lot of moving parts here. i have been doing a bit of reading on this. you republicans have taken a position that pro-growth tax cuts don't need to be paid for. is there any appetite in some parts of the republican party or other side of the aisle for more fiscal conseconservetism? >> that is on both the biden

winning the white house or if trump wins the white house. when i go around to the hill, i'm temperature checking. if that is the appetite and the cost of the bill is $4 trillion, you have to fill that gap. a couple of things on the docket include raising the corporate tax rate by a couple of points. each point legets you $150 billion. on the biden side, you expire the top tax bracket and republicans would cap the s.a.l.t. deduction. that generates $1.2 trillion. each side has its revenue raisers. >> i want to hit on one more thing. you said there is another option. a five-year option that costs $1.3 trillion. how likely is that? >> i think that is what is in

the 2017 bill. the easy way to keep costs in is keep it short-term. we could see that. >> thank you very much for your data and insight and a lot to think about here. coming up here on "worldwide exchange," the empire state an cracking down on social media platforms and how they intacert with kids. we'll be right back with that story and so much more. 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.

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there is more ahead on "worldwide exchange,." stocks with a rough start to the trading month. fresh economic data adding to the confusion of the outlook of fed rate cuts. shares of gamestop working to continue their rally. the man behind the frenzy facing potential fallout over his bets on the meme stock. former s.e.c. chair jay clayton is standing by to dig around potential market manipulation. the head of one fund that is beating the broader markets by going all in on a.i. tech. it is tuesday, june 4th, and 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. they kickoff the new trading month with futures in the red across the board. it looks like the dow would open more than 200 points lower. we are checking the bond market ahead of the april jolts report and april factory data. falling five basis points from the level we saw yesterday. we are looking at oil, speaking of something falling, coming off the woorst day since january. wti is down more than 2%. brent crude down almost 2%. that is the money set up. let's get a check of the top corporate stories with silvana henao. frank, good morning to you. google is layingoff 100 employees in the cloud unit. this is according to internal correspondence viewed by cnbc

which shows roles eliminated in the company's fastest growing businesses. google has been cutting jobs since early last year, including at least 200 employees from the core organization last month. meanwhile, new york lawmakers are planning to ban social media companies from using algorithms to target children without parental consent. the wall street journal says the state reached a tentative agreement prohibiting children from using violent and sexually explicit content. it would prevent platforms from sending notifications to children overnight. and intel's ceo pat ge

gelsinger stating they are looking for products from amd and qualcomm. gelsinger says the pricing crutchescr crash crushes the competition. >> thank you. we will stay with the enthusiasm and nvidia is the poster child, but other companies are benefitting from the wave of innovation. microsoft, apple and broadcomm sit in the growth fund. the fund with enablers and a.i. is up 30% in last year. joining me now is one of the managers of the fund is richard from putnam. great to you have here on the show. >> thanks, frank. >> talk about the fund t. is all about a.i. enablers.

half of the funds are the magnificent seven. are those still at this point in the a.i. trade, the best way to, you know, get the gains from the a.i. enthusiasm? >> semiconductor companies clearly benefitted from the first wave of a.i. investment. we do think there are, you know, broadening use cases for a.i. over the coming years. we have invested behind companies not only in the magnificent seven, but also in other areas of a.i. and beyond a.i. that enable multi-year durable growth trends. >> all right. as you mentioned, semiconductor have had a big run as of late. in the fund, you also own a number of software stocks, including salesforce and oracle and palo alto. we the got new reports and software accounted for 60% of the trade. there is a wide divergence with

software and chips this year. what do you make of that? >> conversely relative to semiconductor stocks, software companies invested in the a.i. trend. although, it is a work in progress as far as mondetizatio of the a.i. trend. it is at a time when, you know, corporate seats and customer seats are not growing as fast. it is a work in progress as far as direct monetization we are seeing across the software space. >> we are touching a lot of the headlines. give us a sense of the under the radar names. the picks and shovel plays within the fund. >> within our fund strategy, you mentioned a.i. enablers. the companies with multi-year

themes within the market with durable growth. you can't get from point "a" to point "b" without investment in these companies. one operating in a duopoly structure. for semiconductor companies to create and invest and come up with the new complex chips for a.i., they have to use software and hardware in silicon as well. pre-dominately software to develop the chips. this is an industry that grows itself at a double-digit rate. >> as we continue to look at this a.i. trade, i imagine there is some point you change some of the holdings in there. for investors that want to look forward, what do you see as being the next steps of the a.i. trade? the nextlevel of the a.i. enablers?

>> great question, frank. initially, the semiconductor companies are beneficiaries. we think there will be broader use cases for a.i. whether in the legal profession or consumer travel. there sis a strong case for dru development with a.i. >> richard, thank you for coming on. for more on the a.i. trade, head to cnbc.com/pro and looking at the a.i. chip stock that one fund manager said the market missed on. that is only on cnbc pro. coming up, a pair of bullish calls on the ev. and some of the business leaders are gathering today taking part in the cnbc ceo council. coverage continues on "squawk box" and throughout the day on cnbc.com. "worwi ehae"s ckn a moment.iba i

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welcome back to "worldwide exchange." time for the morning call sheet. bank of america with zeekr with a $35 price target. the chinese ev maker will be a strong winner. goldman saying zeekr has a strong valuation. and canaccord upgrades

sentinelone. oppenheimer initiates flutter with the $240 price target. it expects to maintain the leading u.s. market share of online sports betting. time for the global briefing. india stocks pulling back after logging the best day in years. polling suggests that narendra modi's victory may not be a landslide. we have our coverage from mumbai. good to see you again. >> reporter: good morning. you know, the message is loud and clear what happened in the exit poll yesterday and as result, we saw the big move in the indian markets. they underestimated the victory.

they underestimated the votes that the opposition would get. these are just trends as of now and not clear results. we have seen counting in over 50% of the votes so far. the ruling modi has been 293 seats out of 523. this is a strong divergence from the exit polls. as the opposition bloc has led in 234 out of 543. it is the weakness in the large state which has 80 seats. they were expecting to get 70 seats and only got even 34 seats. s that that's had a big bet. the nifty is down 50 points. the stocks that had seen the biggest rally is the government-owned companies and defense companies. all of them are big losers in

today's session. losing 15% to 20%. the cumulative loss is 25 to 30. in dollars, it would be a couple hundred billion dollars that have been eroded from the indian market cap. adani with the declines, too. toward the end, the only gainers are the consumer stocks. the belief is which ever government comes to power will be giving out a lot of boost to consumption. back to you, frank. >> thank you very much for that. coming up here on "worldwide exchange," the one word that every investor needs to know today, plus the renewed gamestop frenzy is set to continue today as the platform of roaring kitty is looking to pull the plug. former s.e.c. chair jay clayton is here with the wriores around the potential market

manipulation. stay with us.

welcome back to "worldwide exchange." the word of the day to kickoff june trading should have been volatility. there was plenty to go around. we will kickoff with gamestop. amc down 1%. searching for direction this morning. this after gamestop closed more than 20% higher yesterday on claims that keith gill, known as

roaring kitty, posted a screen shot with a $115 million stake in gamestop. gill confirming that yesterday after the market closed with a screen shot. both positions have not been independently verified by cnbc. the fund for roaring kitty could be short. morgan stanley looking to a possible ban on gill. no decision has been made, but discussions have been ongoing since gill resurfaced roughly three weeks ago. as for the broader market, the new york stock exchange is back at 1% after the swing of berkshire hathaway and chipotle. some have berkshire down at 90% at one point. that glitch was the second in

less than a week that impacted pricing data for the dow and s&p for more than an hour. joining me on the cnbc news line is former s.e.c. commissioner and cnbc contributor jay clayton. jay, great to have you on the show. >> thanks, frank. >> let's start off with the market glitches. how serious is this? a technical problem or investor confidence? we mentioned the berkshire hathaway trades were canceled. basically unwound. >> frank, you have to take every one of the glitches seriously. we do. we have a number of regulations. there is an s.e.c. regulation that goes to these critical systems and exchanges and clearinghouses and the like. rigorous oversight on the electronic systems. you have to take these seriously. looking at the glass half full, it is miraculous there are not

more of these given the sheer amount of data processed and transmitted every day and every second and every milislisecond. >> as we continue to insert this into the trading process, do you expect to see more? how does that impact the consumer confidence? the berkshire hathaway were down. they felt they were getting a deal and now that is getting undone. >> there are two points here, frank. one is the question of how much complexity do we continue to add to the markets and it is a good one. you know, with every ability to process more data, do more things, you can add complexity and add new ways to trade. one of the roles of the security exchange is to ensure they are not adding too much come please ty.

we should take a breath. we just made a giant transition which overall de-risks the market from the capital point of view. it was a huge technological lift. i applaud everybody for getting that done. i do wonder, though, are we making too many changes too fast? in particular with new s.e.c. rules on the docket, are we making too many changes to systems too fast? >> jay, you are leading me to the next question. we still want to talk about roaring kitty. would you implement something for more safe dguards or backstops? >> i think the s.e.c. should continue to evaluate these issues and continue to evaluate them publicly. it is good for the public to understand what is being done

here. for example, you said the trades were canceled. >> right now, i think we may have lost jay clayton on the cnbc news line. jay clayton saying it is a miracle we don't see more of the glitches happen. trades in berkshire hathaway and chipotle and 50 other stocks impacted by glitches. we will come back on "worldwide exchange." stay with us. sup? -who are you? i'm your inner child. get in. ♪ ♪ [ engine revving ] listen. horsepower keeps you going, but torque gets you going. ♪ ♪ [ engine revving ] oh now we're torquin'! the dodge hornet r/t. the totally torqued-out crossover.

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welcome back to "worldwide exchange." we're trying to get jay clayton back on the phone. a busy week of employment data kicks off with the jolts report at 10:00 a.m. we get earnings from hp and bath & body works. let's get a look at the trading day. take a look at futures. we have been mentioning all morning long, they have been lower across the board. the dow would open more than 200 points lower. joining me now is courtney garcia. courtney, good morning. good to see you. >> thanks for having me, frank. >> futures are taking a hard

turn to the down side. the dow would open 200 points lower. what do you make of this? is that off, the ism report yesterday, or is something else weighing on the snamarkets? >> we had a strong month last month month. the s&p is up 11% this year. markets are continuing to do well. the a.i. trade has continued to sky rocket. nvidia specifically. you will see profits taken. it is nothing i'm overly worried about. >> by the way, jeff cox is out with the headline. bad economic news has been good for stocks this week. what is your "wex" word of the day? how do you see today shaping up? >> today, we might see down

period. i'm not overly worried about it. our word of the day is resilient here. despite the fact that, the consumer is sour. one in two think the markets are down. they are not. they are doing well. three in five think we're in a recession. despite that, we are getting good data on the economy. the markets are holding up. i think that will continue as long as we have a strong labor market and earnings out. overall, you want to focus on the fact that the economy is in good position although the consumer is worried about it. overall, we are continuing to see the resiliency. that is our word of the day. >> why is there a vibe session? you hit on it. this is your phrase. why is there a vibe session right now? why are the consumers detached from what is going on in the market? we saw weak data points, but the economy is very strong. >> it comes down to inflation. people are hurting from

inflation. it is slowing, but the rate of inflation is still high. it is not coming down. that is what consumers want to see. they are feeling sdrtretched. we are hitting that breaking point. at some point in time, i'm going to hit a wall. whether you are going out to eat or traveling, things are costing more and more. it is exhausting on the consumer. you are seeing that reflected in the sentiment. when you see things like retail sales, the consumer is spending. it is a huge dichotomy where the consumer is worried where the economy is going and they feel things are going in the right direction. i focus on the data, but i don't think that is going to end. >> you are bullish on the magnificent seven. courtney, great to see you. thank you very much. we turn back to our conversation with former s.e.c. commissioner jay- clayton. jay, we got you back, right? jay, are you there?

we're working on the technicals. we are hoping to get -- courtney, we will come back to you. a apologies. we wanted to finish the conversation. courtney, are you there? we still have you. >> i'm here. >> we will lean into it. you are still bullish on the magnificent seven. a note yesterday with investors becoming less and less worried about valuation. are you continuing to invest in the a.i. stocks, but not worried about the valuation or is that a concern? >> you know, it is becoming a concern. i think nvidia is a prime example. trades 35 times sales which is 80% higher than the five-year average. this company has continued to do so well. 138% compared to 11% s&p 500. you will see the artificial intelligence cost more on businesses rather than the

revenue it is creating. it will come down in stock prices. do i think we're at the end of it? probably not. you will see fomo for investors. i'm not sure adding new money to the a.i. trade because it is getting locked in valuations. the rest of the markets are really trading at a discount. you can really take advantage of opportunities here. do we own it? absolutely. am i adding more money to it? not really. >> what about -- courtney, we will go back to jayclayton. courtney, thank you very much. jay, do we have you this time? >> i guess you do. i guess the market is not the only ones with technical difficulties. >> what do you think of morgan stanley and it might kick roaring kitty off the platform? >> i think roaring kitty should come on your program and answer questions about what he is up

to. are these posts all of his trades or some of his trades? does he have the trades? where is the money coming from and a host of other questions for a position that needs to come out and answer. >> that's the way you want it to work. in all seriousness, does he have any fiduciary? >> frank, let me break it down. there are certain positions if you take in the marketplace going over 5% of the publicly traded stock where you need to come out and make a filing unless an exemption applies. that is a mandatory disclosure and mandatory response to the questions i said. if you don't fall into the mandatory area, but go out and make statements and if those statements are not fair, true and complete, you run the risk of manipulation or other matters. the best way for keith gill and roaring kitty to come out and

handle this is to come out and answer questions. >> i want you to put your s.e.c. chair hat back on. i'm sorry. we're out of time. one more look at the futures. they are deep in the red. the dow would up more than 200 points lower right now. that's going to do it for "worldwide exchange." "squawk box" starts right now. good morning. intel unveiling its new a.i. chips a day after similar announcements from nvidia and amd. the meme stock drama rolls on. we were talking about this yesterday. a pretty good gig if you can get it. roaring kitty appears to hold his position. e*trade considers kicking him off the platform and andrew left reveals a short position in gamestop. plus, the ftc reportedly considering a crackdown on pricing at the liquor store.

preparing to take on the largest alcohol distributor. it is tuesday, june 4th, 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. andrew is on assignment at the cnbc ceo council summit in washington. he will join us later in the show. in the meantime, we are looking at down arrows this morning. dow futures are indicated off 210 points. the dow was down yesterday. it was a fractional loss yesterday. this is a big move this morning. s&p futures are off 27 points. that is a decline of .50%. nasdaq indicated