it is 5:00 a.m. at cnbc headquarters. i'm frank holland. here's your "five@5." private sector payrolls today possibly giving more insight into what appears to be a cooling labor market. and could we be seeing a software rebound. hp reopening. will the move be enough to catch up in the ai trading frenzy? lululemon with its results in the second quarter

turnaround. we'll lay out the bullish and bearish stock. and we'll talk roari about g kitty's return and softbank and how it handles its cash. it's june 5th, 2024. you're watching "worldwide exchange" right here on cnbc. ♪ good morning. welcome to "worldwide exchange." thank you for joining us. we're going to start with a check of u.s. stock futures. right now you can see that trend continuing. a modest start to the futures right now. it looks luke the dow would open just about 35 points higher. the nasdaq up around a quarter. we're checking the bond market following yesterday's cooler than expected jobs data. showing the fewest job openings in about three years. take a look at yields.

the benchmark at 4.34. it's fallen about 15 basis points this week. it's something we'll be talking about shortly. fixed income coming up in a few minutes. we're looking at oil trading at its lowest level since february. trading lower once again. wti, down about a quarter of 1%. brennet crude, pretty much a similar story. both of them at around 80 buck as barrel. around 85 for brent crude. let's get a check on some of this morning's top corporate stories. silvana henao is here with more. >> good morning, frank. shares of hewlett-packard rising. we're seeing shares of 14.5%. this is after topping analyst estimates. that's thanks to a big jump of sales inner issers designed to handle ai workloads. says its current backlog now

stands at $3.1 billion. now, compared to industry peers like super, micro, and intel, he thinks the market is now waking up to hpe's potential. meanwhile apollo global and intel agreeing to an $11 billion financing deal in ireland which will handle a 40% equity stake in that, linked to that facility. it will manufacture the company's latest pc and data center chips. and elliott management targeting softbank for a second time. according to the "financial times," amassing a stake of more than $2 billion and is now pushing for the company to launch a $15 billion buyback. the report adding the activist

investor is currently engaged with softbank management. elliott first took a stake in soft baifrpg back in 2020 before cashing out after the firm ramped up the pace of buybacks, frank. >> thank you very much. we're turn ing our attentio back to the markets. we're seeing the first signs. it would benefit from a faster pace of cuts. the cuts hopefully coming sooner than later, rising this week on fresh signs of a cooling job market. they're falling to a three-year low. the odds of a september cut, they stand at 55% compared to a week ago at 42%. the u.s. treasury has tumbled from above 4.7% in april, right now right around 4.3%. for more let's bring in gene

goldman, chief investment officer. even though you're a west coast guy, you're wide awake, we need some energy on the show. >> i'm here. >> you believed that pc report on friday. you said it was perfect. you don't hear people calling pc reports perfect. what does this all mean? >> thanks for having me on your show. first of all, the pc report was perfect in the sense inflation is not as bad as was earlier in the year. we don't need to raise rates. the second part of the report showed growth was slowing down. you look at consumer spending was down. real spending was negative. you add the fact that they're lower. taken all together, this says the fed has a story they're worried about. you see the number of jobs available divided by the number of people looking for jobs. that's fine.

it was at 2.0. now it's 1.1. job numbers are increasing. >> does it go out the window? >> i think it's lower than expected. it's suggesting the labor market is lslowing down pretty fast. >> you believe we might see a pullback, but you might call it healthy. at the same time, you say you might be all in on fixed income. aren't you worried about missing out on some of the tiactivity? >> a short quick correction. they happen in eight to nine months. >> why lock in on fixed income? >> because fixed income, when you have money moving away from equities, take advantage. think about this. treasury yield is about 2.5%. this are some attractive opportunities. we like value, and small cap.

>> you also like health care. health care is not cyclical. >> if you like that, you can look at industrials and financials. one area that's extremely attractive, utilities. we're starting to get into utilities at this point in time. you see budget cuts, you see input costs rising. last year's software stocks beat earnings expectations, but they also revised lower for guidance. we're woed about that. >> gene goldman, thank you very much. turning our attention now to a market flash on dollar tree, "the wall street journal" reporting the retailer is exploring a potential sale of its family dollar business. a spin-off could be an option and jpmorgan has been tapped to review options around family dollar. the shares are up just over

4.5%. we have a lot more to come on "worldwide exchange" including one word investors need to know. plus, european markets and the fiftd rate cut since 2019. plus, look at those riding the ai rally. and later it's the crypto event in amsterdam. arjun kharpal is live. good to see you. >> good morning, frank. how does that impact the financial technology market? does the market have further to lln? i' bring you the answers right after this break.

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financial crises. jeff kleintop says he expected cyclicals will take leadership. he also sees financials with the steepening of the yield curve having the biggest potential for a near term balance. >> investors seem to be factoring in lower borrowing costs. in fact, the market's been led by utilities and real estate sectors and financials, which are traditional. >> so two other data points they're watching. that moved to expansion in february and has accelerated ever since. many see that as a potential double edged economic sword. also closely watching the euro has rallied into the weeks going into the ecb.

>> we think that lower interest rates are going to ease the mortgage squeeze that the european consumers have experienced because of the shorter mortgage fixings and rates that are more prevalent in europe than in the united states. and we also expect to see a reduction in the savings rates. the risk is if it were to weaken. >> that consumer balance is important for a number of u.s. listed companies with high skpo exposure. let's stick with the action overseas and turn our attention to amsterdam and one of the largest fintech and crypto conferences in europe. arjun kharpal is live on the floor. good to always see you. what are the big topics on the

world of fintech? >> you look at companies from payments to banking and how to infuse ai into their business. two things i've heard. one, they're starting to use ai in the back end. they're talking about ai as like co-pilot. they're talking about ai. those are some of the use cases for the financial services industry. in the longer term, they're looking at how ai might advance, like a personal financial adviser, which is having interesting and will require ai to get a lot smarter as well. the second big topic, crypto. again, at lower tech conferences, crypto comes and goes depending on how the market is going at the moment.

we know right now the markets are fluent. the etf inflows in the us on tuesday alone totaled $880 million. and, of course, just recently, we got the first stage of approval of an etf. of course, this cycle around crypto is different. the all-time high was hit different. this was different to previous cycles we've sean as well. the question i have and i put the president on is does this psych vl further to run. let's listen in to what she had to say. >> i personally don't think so. i think there's still a tail wind for how long the cycle can go. the value proposition is always there. the only difference this time is that the etf is getting a lot more spotlight and support to that valid proposition, and more and more institution and retail customers are seeing that.

>> so the crypto industry thinks it has further to run, that institutions will run and they'll support that rise higher, frank. >> really interesting stuff, frank, in the world of fintech. i want to go to an interview you did in the last hour. you sat down with the president of ripple. earlier they announced plans for a u.s. stablecoin. what can you tell does about those plans? >> this is fascinating. we've got us d.c. and stablecoin and now ripple jumping into the mix. monica, the president of ripple telling me this is ready to launch this year. they're ready to buy all the assets, the treasuries, et cetera, to back the stablecoin. this is a new player in what is a billion dollar market. they believe this pie can get a lot faster. >> bit copy trading above 70,000.

always great to see you. coming up, what lululemon needs to say today to chip at its 40% selloff. we're going to lay out the bold and bear case for the stock and we tell it large coming up right after this break.

we're watching shares of lulu lemp. analysts are looking for

earnings to grow and earnings up. the same store sales have been cut from a year ago. the stock's down 40%. this is over growing worries about its ability to sustain its rapid sales growth and justify its premium valuation, but are those concerns overdone? let's bring in our bull/bear panel. great to have both of you here. i'm going to start with you even though you're remote. you're definite will i the bear when it comes to this. you lowered your target rate. the street average is 425. why are you so bearish on lululemon? >> i think lululemon's problems are far bigger than what management has talked about. it's not about missing one or two sizes. it's about a mature business not

just in women's total sports wear but in total women's apparel in north america. it's a maturing market that's slowing down and it's having trouble attracting new customers, younger customers, male customers, so they're at the poumt where they're paying for growth. that i did a 15% off coupon all through may for new customer acquisition. it's the first time they're doing this. . they're facing growth. they're doing everything they can. it's going to impact margins. it's not just about cyclically cattle. it's about the eventual slowdown of this business, and unless they do something different with innovation or customer acquisition, they're going to continue to slow down. >> anisha, that's some conviction. that's a heck of a bear case. i want to come to you. you're a bull right here. you talk about sales being cut in half. that's usually a telling sign

for a retailer. why are you so bullish? >> 3% reflects consumer spending. 7% still shows consumers are engaged. when you compare lululemon to the competitors, it's the one particular athletic wear when it comes to customer almighty. they have such strong loyalty that they build. lseg is very bullish with their innovation, new styles, and smaller sizes. >> i've been in lululemon. i didn't see anything new in there. >> they're featuring new styles that will appeal to the a younger crowd. it's the olympic year. lululemon will be sponsoring the naudian team. so analysts are bullish on these init initiatives. >> you see some tailwinds. we were talking about this

amongst yourself. i have a lot of lululemon pants and i pay a lot for each one of them. >> this has been the true quality brands. they've been high quality, a loyal consumer base still willing to pay full price. the problem is they can't attract anyone new. they're doing this toggle which is not only troubling for growth margin but it indicates they're continuing to see bleeding at the top line, where some of these younger consumers are now leaving. they're struggling to acquire new customers. >> what about some of their smaller competitors, ananisha? 80% of the stores within lululemon and another one, 93%. how much of the newer brands are attracting the younger consumers lulu trying to get?

>> i think it's about lululemon not being able to retain them. the consumers that came in didn't stay because of the price points and the styles not appealing to them and they're flocking to others. >> i know you're a bull. you're seeing a lot of upside. almost everybody at cnbc wears the pants, a shout-out to joe kernen. when we look at your data, earnings are 22.5% higher. big box is even higher? are consumer continuing trade down? maybe they're buying swishy pants at walmart or target. maybe they're finding a better deal there. >> absolutely. we're hearing a lot that

consumers are still coming to their stores. when they're coming to walmart, they're opening up their wallets for more discretionary items. one thing we saw is value was a big winner. discounters, retailers, active wear were the strongest segment. there's no doubt that inflation is still on consumers' minds. over 50% of the companies that report it did mention inflation being a problem during their earnings call. as a result, the value proposition is key not only for the first quarter but the rest of the year. >> speaking of value, inditex is reporting. we're going to get lululemon today. after these two reports, what do you think we're going to get as far as a read on retail? >> we're expecting to see a lot of the discounters report like ollie, dollar jen rare, five below. the one they're most bullish on is ollie.

dollar general is expected to be healthy. we're going to be looking to what happens with the low income consumer, they've been trading down themselves. as you know, the muddle class continues to trade down. high end is in much better shape. >> we've got to leave it there. thank you to both of you. as we head to break, we're watching shares of vanguard international semi-con doubler and nxp semi-concosemiconductor. construction will be beginning in singapore. we're not seeing a movement in e crsi, but the news is osng thwe're. much more on "worldwide exchange" coming up right after this.

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return. it's wednesday, june 5th, 2024. you're watching "worldwide exchange" right here on cnbc. welcome back to "worldwide exchange." i'm frank holland. taking a lot at u.s. futures still in green. the nasdaq inching up just a bit. but as you can see, a positive start in the futures. we're also checking the bond market following yesterday's cooler than expects j.o.l.t.s. data. today we get adp private payrolls, the benchmark at 4.34 following 15 basis points this week alone. now time for some of your big money movers. were a going to start with hpe surging, drinken by strong ai demand. last quarter revenue fell by

14%. it also says its current backlog for ai systems is higher. crowd strike revenue growth jumps. both stocks offering relief to the so-called software slump as they fuel heavy selling in that sector. the question is whether all tech stocks from software to semiconductors are created equal. joining me now, time etf holds stocks. james, good morning. good to see you. >> good morning, frank. >> give me a sense. what was your take on the reports from ape and crowdstrike. in your mind is this a positive reversal that a lot of us have been flagging since the salesforce results? >> yeah. i mean, i'm not entirely sure

that the new opportunities within software that we're seeing, hpe and crowdstrike being up are a function of ground rates and better than expected results but rather the economic backdrop that's starting to bubble up with the weakening consumer, the softening economy. at least in the near to medium term ahead of us. i think what we've seen is phase 1 of the build-out. it's the parts that you need the most while software got pushed to phase 2 and 3. but now that the economy is slowing, we think software may be an area that may come back into favor and one we're starting to take a look at again. >> you say it may come back into faber. so we're seeing some reports of

hedge funds selling their software holdings to get more into the ai tried. enterprise software is used by just about every big company. >> i honestly think it's going to be a function of the economy. we've had a massive bull run since 12/23, and that's been a function that rates in the minds of most investors have peaked. but now growth is going to start slow. the software businesses are pretty predictable. when growth becomes scarce, you've got go go defensive and predictable. so these software names may start to offer that. if you think about the growth, 34% for crowdstrike is not a great number in the grand scheme of things. they posted 34% in 2022, a bds the stock would have been off 40%. >> i understand. it's all about perspective.

>> yeah, exactly. >> you know, part of the software slump has been cybersecurity. i've talked about this on the show quite a bit. ever since palo alto announced nair plans, they've been lower. it's absolutely necessary. there's s.e.c. regulations basically mandating it. why are we seeing such performance when it comes to cyber? >> cyber's been interesting, you know. it's supposed to be the most defensive way to play software, but it's been lumpy at best. i think there are more exciting names that have attracteded more interest. we're starting to take look at those again as well. we owned -- we traded in the last couple of weeks, but more of the short-term trade to take advantage of that pop, but now we're looking at things on a

much longer-term basis. a name like palapalantir. >> great to see you. thank you very much. don't miss hpe ceo antonio neri on "squawk on the street" at 10:30 eastern today and crowd strike george kurtz on "mad money" tonight at 6:00 p.m. coming up on "worldwide exchange," we stay on trades and talk with one of the tech leaders that has samsung shares popping. we've got the details on "worldwide exchange." stay with us.

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with watsonx governance. ibm. let's create. exchange." we start with the call sheet. barclays hikes applied materials. there are capex plans in the u.s., teaming up a more favorable environmental next year and beyond. bmo capital initiates coverage with old dominion. it's built a unique culture, which is evident with its financial performance. morgan stanley hikes boston beer after the stock's 13% decline so far this year. time for your global briefing. markets in india are steadying after coming off their first four-day lowering.

it leaves modi depen dentd on forming a coalition with his allies in order to maintain power. showers of they haven't failed any qualification test be that they need more work. and shares of zara owner inditex moving higher after sales growth missed expectations. a slowdown from the 18% last year. gross margin coming in softer than expected, which analysts say likely reflects the impact of increases. >> coming up on "worldwide exchange," the one word every investor needs to know. and game stop and the return of roaring kitty. we'll be back with that and much more. stay with us.

all right. welcome back to "worldwide exchange." taking a look at futures right now. we see they're in the green across the board. the dow looks like it would open 30 points higher. the nasdaq pretty positive as well. coming up on the show, we're going the lock at capitalizing on the overseas name. our next guest says there's a great way to play the boom. and cnbc is celebratesing pride month as we head to june. as we head to break, here's

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anyone sitting at home with a twitter feed and etrade or robinhood or other account able to make statements that market participants see and social media followings is something i don't think was contemplated when the street's laws were createsed. but i think if you're making a statement and you're able to for financially benefit from that statement, there's absolutely liability for it. >> they should come on your program to what he's up to. are these posts all of his trades? some of the trades? does he have some of the trades?

where is the money coming from? and a host of other questions that i think a person taking this large of a position and moving the market should come out and answer. >> those are strong words from insiders in what's been a wild week. since the rush of keith gill, also known as roaring kitty. the dust has anything but settled as regulators and investors work through the many questions that have remained unanswered as they ask is keith acting awe loan? is it an actual position? is there market manipulation as the s.e.c. is reportedly investigating trades and ties or a ban from the morgan stanley trade platform. to help us answer this litany of questions and perhaps raise a few more, let's bring in kate

kelly. good morning. good to see you. >> good morning. great to see you too. interesting stuff here. >> yeah. i think you might have the volume on something there, don't worry about it. 'll move past it. we hit you with an avialanche o questions. what do you think about the scrutiny -- short selling was suspended. are we possibly setting up for something like that now following the return of roaring kitty? >> i think that's a great question. i think it would take a great events to impose the short selling ban. that was done in order to keep the stocks from plummeting too badly, and there was a lot of anger and consternation about it at the time. i think we could see rule making and concern, and the s.e.c. from what i read, at least, may be taking a look at some of this stuff. i think you alluded to it with

the morgan stanley etrade platform. however, short of enforcement action or investigative action at the s.e.c., i think we're aways from that. >> you think we're awaying from that. there are fewer short selling firms out there than there were previously, but you're saying there's something going on. why get involved in this if you're a short selling firm? >> i would guess a lot of these professional short sellers are not playing around with game stop right now. i don't know that for a fact, but they've been burned before on this name and meme stocks as the audience well knows, so i have a feeling they're probably steering clear of this name if they can, especially with the huge run-up, which would have caused a giant short squeeze. but, yeah, i think short sellers have always had this sort of

frustration and pessimism of others in the market and certainly companies being shorted. they have faced regulatory scrutiny in the past. it can be very expensive, even devastating if you get a short squeeze, in other words, the stock shares run up and you have to essentially give them back to your lender at a higher price. it can really wipe you out. i think this market -- we've been o tear more or less and it's become increasingly difficult at last as a stand alone strategy. >> here's the big question. do you think it's really keith gill, and if it is, does he have an unnamed backer, and is this any way in your mind market manipulation? >> well, i want to steer clear of using the "m" world myself, although others are using it and raising questions about it. from what i've seen p, it seems

as though the amount of money being spent on these shares is out of whack with what we know about gill's financials, but i don't have reporting to show that he has one backer or another. so not to punt on your question, but i'm just as uncertain as many of the folks out there. it does seem like a unusual situation and a couple of the shorts i talked to yesterday said, look, we're the regulators. we need to know what's going on here. i think more questions than answers. but i do think this type of scenario is one of the reasons why we've seen a hollowing out of the short selling community. arguably they're a good check on the bull market and on companies that aren't honest. they have rooted out fraud and waste and dishonesty in the past.

>> i know you're doing a lot and getting a lot of great resources. in between now and then, what are you expecting? what are you hearing? give me just a general sense? like you, you're trying to figure it out. we're all trying to figure it out. we don't quite know what's going on. >> yeah. i mean, i think we're going to have to wait and hook for more information now. you know, sometimes it's possible to call around and figure out, you know, who's in this name, what are people hearing, what's going on. so i suspect we'll see more good reporting on this situation with roaring kitty and how he wound up with these assets and what's going on with gme, you know. it's been sort of a troubled name, right? i think they've only had a couple of profitable quarters in like three years. hard to necessarily see the bull case, even though as we know from the memes stock craze from a number of years ago, it's a

nostalgic name. the original advice is buy what you know. it a is a stock people felt they knew and understood and wanted to be involved with. i think more details h come out incrementally probably, but we will build out more of a mosaic in the coming weeks, and with these options, it will be interesting to see what goes from there. i would say stay tuned, and i don't have a perfect answer right now, but more will be revealed. >> i don't think anybody does. by the way, we're looking at the chart. in the last fire years, the stock up 2%. you don't see that every day. kate kelly, great to see you. time now for your w.e.x. wrap-up. blackrock backs a group. the exchange plans to begin operation later this year.

at&t says a nationwide outage between cellular carriers has been resolved. shares of dollar tree, they're popping this morning following a wall street report. it's looking at a spin-off of its family business. jpm trump media is currently requesting trading data from its shares from april 29th the may 3rd as well as dates in may and june. apollo is looking at a joint venture with intel. it will make chips for pcs and for data centers. elliott management targeting miya say she's son, softbank,

for a second time. amassing a stake of more than $2 billion. ebay says it will drop american express cards as payment due to, high charges. here's what we can watch today. on the economic front, adp employment and pmi data. we get a fresh read on the consumer with earnings from campbell's, lululemon, and vick to ya's secret. we take a look at futures. we're in the green. joining us now is our next guest. let's start with futures. what are you expecting and what's your w.e.x. word of the day? >> recently we have soft data

coming in this week. i don't think it's commensurate that equus neat to pull up. i don't think the two things jell here. >> you know what's 's odd? in recent weeks we've seen bond yields decline. at the same time, we've seen a breakdown of some of these other trades people were excite about, like industrials, material, even health care. that i have traded lower, not what they expected. what do you make of that? >> it's data that has come out softer. there's some concerns that the cycle could slow down or roll over. i don't think so. i think if anything corporate

spending is accelerating on the back of ai. grid spending build-out, and i think on the lower end consumer is softer and starting -- the higher interest rate is starting to bite. this is on the back of high prices. how important are fed cuts in your mind to the market going forward? of course, we came off the j.o.l.t.s. data that people think is leaning toward a dovish spread. in your mind, fed cuts, how important are they. >> it has been the story since the announcement october 30th and onward. month to month we're looking into it. as long as heights are not on the taubl. as long as hikes are not there. >> they're talking about partnering up to take on sk

hynix. the next, nor voe nordisk. which one do you suggest your clients put money in to today? >> there's only three memory producers in the moment. micron in the u.s. and two cian companies. memory is the real bottleneck for ai and hynix is the only producer. >> one of your other picks, utilities. they have had a big run. very quickly, do you think they have more room to run or is the need to trade already priced in? >> notal all. any bad economic data, slow down in rates, it was ta'u to underperformance last year. >> great to have you here. that's going to do it for

"worldwide exchange." "squawk box" starts right now. good morning. it's jobs week. we'll get the results that are due out on friday. at not outage is resolved. it affected me. actually i have verizon. but more important than me. >> your wife and my husband. >> let's get it together, guys. president biden's new border order took effect overnight. the border order. we're going to tell you how long the partial ban on asylum bans

is. he's on it. it's wednesday, june 5th, 2024, and "squawk box" begins right now. ♪ all right, good morning, everybody. welcome to "squawk box" right here on cbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen. andrew is in washington, d.c., for the cnbc council summit. he'll be joining us a little it laer in the show. let's check out what's happening before we complain any more about our show. you see the dow up by 30 points, s&p 500 up by 12 and nasdaq up by 85. we saw modest advances for all yesterday. if you take a look at treasury yields, which have been driving things for as long as we can remember at this point, the 10-year is sitting at 4.74