it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." holding at records. u.s. stock futures pointing to a higher open with the nasdaq and s&p hovering at or close to all-time highs. bracing for data. counting down to the jobs report today and if it will move the needle on the rate call. and roaring hadness. shares of gamestop soaring. and apple's big unveil next week and if it has what it takes

to move nvidia. and the regional banking sector warning. it's friday, june 7th, 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. happy friday. we will kickoff the hour of the u.s. stock futures with the dow riding a three-day win streak. look at it right now. a mixed picture with the futures. the s&p is firmly in the green. we are looking at bonds right now. yields at the lowest since april. 4.29% for the ten-year yield. a big downside moves there. back to jobs report.

economists are expecting 190,000 net new jobs and the unemployment rate to hold at 3.9%. that would be the 28th straight month. the longest stretch in 70 years. now breaking news from europe and karen tso standing by in london. good to see you. >> good morning. we are looking at the latest numbers on gdp. the final print for the eurozone at 0.3% for the quarter. unrevised and this is bang in line with forecasts. we have the ecb yesterday upgrading the forecast for growth this year as it has seen improvement in the underlining factors here. some recessionary signals. we picked up off the trough and the data confirming that in the first quarter.

also what is key here is the employment numbers. don't forget yesterday in the ecb press conference, christine lagarde was talking about the labor market, the labor market and labor market and services prices. we have had the employment numbers today. also plus 1% year over year. still an l little bit of acceleration here, but not enough to scare bankers. don't forget the expectations for the rate cuts. we are sitting on the fence for two or three this year before the ecb. take a look at what we are seeing on the european markets. we had days odisappointments on the equities trade. some of the selling rampss oingo up. back to you. >> i have seen a few notes

calling it a hawkish cut. karen, thank you. time to check on the top corporate stories with heps of silvana henao. silvana. >> thank you, frank. shares of gamestop surging after jumping 40% yesterday. we are seeing shares of 34% in pre-market trading. this after trader keith gill, roaring kitty, had his first live youtube stream in four years. now totally $557 million. if the position is confirmed and the stock returns to $64.83, per share, the paper position would be worth more than $1 billion. moody's is placing six u.s. regional banks on downgrade.

first merchants and fnb and fulton financial and washington federal. the ratings agency says these banks have substantial exposure to customers real estate loans which raise longstanding risk to the banks, especially in the event of an economic downturn. and saudi arabia is reportedly set to raise $1 billion after pricing the aramco stock offer at $7.27 a piece. the kingdom owns more than 82% of aramco and the $1.5 billion share share stake represents half of that action. >> a market cap of over $6 trillion. a huge company. silvana, see you later. turning attention back to the broader markets as investors wait for the may jobs report with the s&p and nasdaq trading just below or at all-time highs.

let's bring in brian. good morning. >> thanks for having me. >> ecb cuts yesterday. markets are lower. some of that may be the read on gdp may remain to be seen. does the ecb cut push the fed to cut sooner or later? what is your opinion? >> i agree with the characterization of the hawkish cut of the ecb. you need to give guidance as to when and why you cut rates further. if you don't, you will dis disappoint markets. you do tend to see synchronicity with banks here. if they tend to happen together,

this cycle hasn't been and synchronous as other ones. the market is expecting benign inflation. we will see if not this morning, the next couple months to force their hand and bring them to the table with the interest rate cuts. >> great point. i want to turn back to the u.s. you are having doubts about the u.s. achieving a soft landing. the things yo you are looking a unemployment. we are expecting it to increase in jobs. what are you seeing when it comes to the jobs market? >> sure. the payrolls have been strong in the last year or two years. we have seen this gradual decline in job creation which is natural the latest you get in a cycle. the leading indicators for the unemployment rate tends to be

too late for the fed to step in and help the market or help the economy with interest rate cuts. the unemployment rate is higher by .50% than it was a year ago. >> wage growth is higher as well. generally, if the labor market is softening, why is the labor market so strong? why is the wage growth if the labor market is soft? >> wage growth is decelerating. the two things are the quits rate. how often are people leaving their jobs voluntarily. that leads wage growth by a year. that is coming down over the last year as the markets are normalizing and quits are less common than before the pandemic. we think that will continue to bring wage growth down. the labor market is not as tight as a year ago. things like small business hiring. how many are hiring in the next three-to-six months? that is coming down significantly as well.

that has been a very reliable indicator for rising unemployment rate. that's what we're concerned about over the summer. >> i want to switch gears, brian. i want to switch to the markets. quarter to date, the russell down 3.5%. industrials down 3.25%. that is raising questions about us reaching the so called soft landing. isn't that of a shift of investors going to the a.i. trade and leaning into it? the money can't go everywhere at the same time. >> you certainly have it out there on its own leading because of the a.i. trade. what you also see the internals with the rest of the market, this was a soft landing at the early stages of the new cycle. we should see the cyclical sectors performing better. utilities and reits is interest rate sensitive.

they like lower interest rates and they don't mind slower economic growth. those are the sectors outside of tech had been in the lead in latest rally we have beening ha. you see it at the same time the fed is holding rates high. by the time you get to the cuts, the market is starting to roll over as the bad economic news is coming in. >> reading the tea leaves. brian nick, thank you. for more on the markets and trading day ahead, head to cnbc.com/pro. we have more to come here on "worldwide exchange," and one word that investors need to know today. first, more on roaring k kitty's return to youtube and the gamestop stock. karl roessner and michael piwowar are here to weigh in. and will nvidia have what it

takes to move in the a.i. wars? and what you need to watch in the may jobs report. we have a very busy hour when "worldwide exchange" returns. stay with us. wall street forecasts over $100 billion in sales for weight loss drugs known as glp-1. even with unliked and inconvenient injections, dehydratech processing of a glp-1 drug demonstrated improved blood sugar reduction and reduced side effects. more human study results for lexarias patented oral delivery technology are coming soon. lexaria bioscience, transforming the future of glp-1 drug delivery.

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market in shenzhen which is a middleman with the user. eunice yoon takes us inside. >> reporter: anyone in china whose livelihood depends on iphone, is here. this is near the border with the city of hong kong. this has been a barometer of the iphone demand. for years, many sellers source the product releases to hong kong to be sold here and all over china. vendors tell us that nearly all of apple products are the floor are brought in from hong kong. upstairs is the west of china sell excess inventory. the sellers say the china market has become more challenging for the iphone. jeff has been selling them on the grey market for 17 years. his sales have dropped in half

for the iphone 15. consumers are downgrading. more people feel it is harder to earn money. he says in the past year, 40% of customers switched from iphones to huawei devices which upgraded technology. people feel more patriotic. a lot of people bought the huawei phone to support domestic brands. john feels the smartphone makers are providing services that are tailored to the chinese audiences. especially for the a.i. his advice for tim cook, i would advice him to make more phones for chinese. it could happen with the growing expectation that the company could partner with baidu on a.i. for the china market. there's now a growing expectation there could be an announcement, frank, as early as

next week when apple holds its developer conference. >> we will talk about that later in the show. i had a strong suggestion for tim cook. i want to ask what else about the vision pro and iphone 16. he mentioned the consumers are more aware of how much they're spending. >> reporter: absolutely. for the vision pro, as well as iphone 16, the expectation is they will be in the china market later this year. officially, the vision pro glasses are in china. you mentioned the sensitivity to price, this is going for double the price in china. $5,600. the vendor doesn't expect this to be a mainstream product. as for the iphone 16, the expectation is they will mark it up by $70 per phone which is half of what they are able to markup the iphone 14. the another big challenge, frank, is they said chinese

people more and more like big screens. they like foldable phones and apple doesn't have that at this point. >> huawei and samsung do. eunice yoon, thank you. coming up, we stick with apple ahead of the monday software reveal and the expected foray into a.i. and if you miss "worldwide exchange," check us out on apple or spotify or other podcast apps. more "worldwide exchange" coming up after this. the road to opportunity. is often the road overlooked. (♪♪) at enterprise mobility, we guide companies to unique solutions, from our team of mobility experts. because we believe the more ways we all have to move forward. the further we'll all go. (♪♪)

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welcome back to "worldwide exchange." tim cook has been teasing the apple announcement for months and now it is time to show his cards at the conference next week. we have steve kovach with more. steve, how much is riding on this? >> a ton. we have enormous pressure on apple to deliver a gangbusters announcement on monday. we can talk about what we are expecting in a bit like the reported openai partnership, but first the quiet executive behind the strategy john giannandrea. apple poached him from google six years ago. within months, he was promoted to the leadership team.

there was a sign apple was taking a.i. seriously. his work will be on display on monday. i caught up with former colleagues and giannandrea is humble. one of the godfathers of a.i. who worked with giannandrea said he is a rare combo of manager. one who started a company with giannandrea still goes to him for advice. they would not be surprised if joa giannandrea is not part of the big announcement on monday. it's the products, frank, that is the most important. that's what investors are watching for. what is the artificial intelligence take from apple, frank. >> what is this product? what will we see? what are your expectations?

will we see a.i. in an iphone or somewhere else? >> a number of reports have come out. we have been talking about the openai partnership which is interesting. the bloomberg report last week stuck out to me of a deeper voice control for the first party apps. telling your phone what to do unde instead of poking around. that is really interesting to start on the apple ecosystem. you can see them opening that up to developers in the future. that is the thing i'm paying attention to, frank. >> a lot of talk about possibly integrating a.i. into siri. that's the last thing that steve jobs worked on. a lot of pressure there. the fact that steve jobs had his hands on it before he pass ed away. steve, i know you have a busy weekend and monday ahead of you. >> thanks. all week long, we have been

talking about apple and despite the partnership with nvidia, it surpassed the company as the second largest in the u.s. it was moving in the pre-market. you are looking at it right there. fractionally moving either way. it's like a horse race. joining me now is alex kantrowitz to help us with the horse race. a alex, good to see you. >> good morning, frank. >> we have talked about wwdc coming up on monday. what do you expect and how big of a deal does it really have to be? >> it's a big deal because we're in the middle of the computing shift. it might take two years or 50. we are moving from tapping on the phones to talking to devices. this is the first foray into the shift. this has created winners and losers in the past. the companies which have won have said we have the fundamentals. we are sacrificing the

fundamentals of today to build for tomorrow. by the time microsoft was ready to let go of windows and move to cloud, that's when they had the revitalization. we know this is coming and we are serious about it and building for it. on the other side, they have 1 billion plus users using the phone. many haven't touched generative a.i. before. they need to make a balance. i expect an update and vision they will set on monday talking about how the operating system, as steve indicated, will shift a little bit. where you control app s with yor voice. we will get smaller features. most likely a voice memo feature that will not excite people too much. we will see that on monday. >> a lot of expectations on monday. we are showing the stock chart while were you speaking. move the ups and downs is due to

iphone weakness in china. on the other side of the coin, was and alphabet too fast out of the gate? dell hasn't made pcs work. is it possible that apple is waiting for the raight time to come out with something meaningful? >> last numbers we had on chatgpt is there are 100 million users. maybe up to 200 million now if you listen to the whispering. we have a whole population that hasn't touched these products yet. many people don't know what generative a.i. is. when a big company like apple enters the fray, it is introducing this technology to many of its customers. you don't necessarily want to be too fast because you have the flagship business and you want to maintain it. there is a risk of waiting too long. we have seen others with the

device where people say we will interact with the device with voice. wait too long and maybe one of those hits. it is a very important balancing act that tim cook has to get right. >> i want to talk about the moves in the market related to apple and nvidia. s3 partners saying there is a short against nvidia which is more than apple or tesla. what does that mean about investor sentiment about the growth prospects of nvidia and apple? >> nvidia is up 150% for the year. to have the picks and shovels company worth more than the gold will raise investor eyebrows. you will have the shorts involved. then again, as anybody who has shorted nvidia along the run and how they're feeling and they're not feeling great. there's got to be a limit to the way nvidia is growing. we will need to see roi from the

a.i. development. the companies that are working in this field are going to continue to buy from nvidia for the next few years because what they need to do is make this bet that adding more compute and data to the models is going to lead to further exponential growth in their ability to produce impressive results. we're not at the end of the rainbow yet. >> a lot of metaphors. picks and shovels and gold. alex, i know you have a big weekend ahead of wwdc. thank you for joining us. as we head to break on "worldwide exchange," we have a drop after the ski operator cut the numbers after the slowing demand for the key upcoming ski season. it is facing a decrease in snowfall rates and a cooldown from pandemic-era demand. shares are down more than 6%. wereack "rlid a bonwodwe exchange" right after this break. os treatments are a global blockbuster,

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it is 5:30 in the new york city area. there is more ahead on "worldwide exchange." here's what's on deck. the fed rate cut happening sooner rather than later. the numbers you need to watch out for in the critical report. the s&p and nasdaq once again testing fresh highs. futures in a holding pattern ahead of the open. and the man known as roaring

kitty teasing youtube today. the former heads of the s.e.c. and e*trade weigh in if his actions could land him in hot water. it's friday, june 7th, 2024. you are watching "worldwide exchange" here on cnbc. welcome back to "worldwide exchange." i'm frank holland. let's get you ready for the trading day on this friday. the nasdaq and s&p are sitting below all-time highs. the dow off the lows of earlier. still looking like it would open 18 points lower. s&p is basically flat. nasdaq firmly in the green. we are looking at the bond market. benchmark ten-year yield at 4.29. remember, it was above 4.6 a few weeks ago.

bond yields have declined considerably this month. that's the set up. let's go to the big market story. may's employment report due out in three hours from now at 8:30 a.m. eastern time. the report is expected to show non-farm payroll ticking up from april of 175,000 to 190,000 jobs added in may. the unemployment rate is remaining steady the at 3.9%. this comes ahead of the fed policy meeting next week. investors will be looking at this report for any insight on when jay powell and company could begin cutting rates. jpmorgan chase and citi are among the few banks calling for easing to begin as soon as next month. let's bring in julia pollak from ziprecruiter here in studio. >> good morning. >> what are you expecting from the jobs report? how do you think the fed reads this? >> i don't think the fed's job is that easy.

the labor market is cooling and slowing, but it is a gradual and orderly dissent. it is not lineal. i expect a two handle on the report. job postings have been level all year. the services number came in really, really hot. let's see. >> whoa, whoa, whoa. back up, julia. you believe it could be over 200,000? that sounds like no july cut. cuts are pushed way back then. >> i think a strong labor market is not necessarily compatible with rate cuts. the jolts report we saw is cooling. this is a funny economy where employers are slow to hire and slow to fire. workers are slow to switch jobs. that all puts downward pressure on wages. we know wage growth is a lot slower than job switchers. >> are we all misreading the

jolts report? that is a sign of the cooling job market and the most openings in three years. everybody is all over this one. you are saying the jolts might not be an accurate read of what's going on in the job market. >> the job openings are all the way back to where they were before the pandemic. quits are lower than that. the number is 15% higher. it is not like there was a big drop suddenly in april. that last number we got on tuesday showed a 296,000 decline in job openings. do you see weakness in he healthcare. we don't at ziprecruiter. >> i don't. i want to talk about the key data points. wage growth. is there anything we should be looking at or areas you are focused on as a read on the economy or the read on what the fed may or may not do? >> i'm going to be looking like the summer job market for the

young americans. >> i didn't quite understand why that's so important. >> it is a bellwether for the rest of the economy. we have been seeing lots of doom and gloom headlines of entry level hiringplummeting. 75% fewer jobs for new grads. that is not the case. youth employment is the highest or the second highest each month this year since the great recession. i think we could see that number actually hit a high since the great recession in may. >> a barometer of kids working at mcdonald's. >> and new grads. 18 to 24-year-olds. not just the 16 to 19. >> also making a call on the jobs report. julia, thank you very much. coming up, fresh regulatory headwinds is not stopping one from a bullish bet on microsoft. well have the morning call sheet

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the fundamentals are in good shape. and loop says lyft's management team is on track to execute a successful turn around. coming up on "worldwide exchange," the one word every investor needs to know today. and roaring kitty returns to youtube today. we have karl roessner and michael piwowar are weighing in on the possible market manipulation. we'll be right back after this break.

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welcome back to "worldwide exchange." we are watching shares of gamestop upmore than 30% after jumping 40% yesterday. all this action after keith gill, of course, roaring kitty, scheduled his first live youtube stream in four years and posted a new position update to the yellow thread on reddit totaling $577 million. if the position is confirmed and the stock returns to the may high, gill's paper position would be worth $1 billion. all this as the return of three years of silence raised questions of market manipulation and outside funding sources and a possible ban of his trading source e*trade. joining me is michael piwowar

and karl roessner. good morning to both of you. >> good morning. >> karl, i'll go back to your past life at e*trade. would you have banned roaring kitty? do you think there is a reason to ban him and e*trade, a company that is the trading platform, is there a reason to ban somebody who has become a cult hero? >> it is an interesting question. the way you have to look at this as e*trade and so everybody is aware, i did not work at morgan stanley following the acquisition of e*trade. i wasn't involved at morgan stanley. i talk about this in my personal views. the way i look at this situation, you need to look at the customer agreement. has mr. gill violated the customer agreement with e*trade? has he committed any crimes? is he suspected of committing any crimes? has he come in clean? did he pass aml?

if you check all of those boxes, absent additional facts and circumstances, i don't see anything here that would lead me in my capacity to ask him to leave or what we used to call nfb no further business letters, to go out to mr. gill. it is a situation you need to keep a close eye on. if they have additional facts or circumstances of a crime or suspicion of a crime, sure, it is time for him to go. i don't see anything right now that leads me to believe he should leave the platform. in terms of the second part of the question, where we are today and reputational risk and how quickly things travel, that's what it comes down to. do you want to leave the platform that claims to be de

democratizing ktrading? i welcome someone like this to help investors and traders come back on to the platform. it is a learning experience for everyone at this point. >> i talked to a couple of traders saying banning him is bad for business. the fact he is on e*trade is making these moves is bringing attention to e*trade for free. michael, keith gill from $53,000 to $1 billion. these moves, does this warrant an s.e.c. investigation? should they look at this as possible market manipulation or some other illegal thing? >> i have no doubt that the s.e.c. is already looking at this and investigating it as possible market manipulation. here is the key point. as karl pointed out, there is nothing obvious about what he is

doing that is illegal under the current rules. the key point of this is the s.e.c. f they view that this is trading that is not good for the market consistent with maintaining fair order and efficient markets, they could actually change the rules. what is happening today is not new. this is deja vu all over again. with s we saw this three years ago with the meme stock frenzy. after that, there were four hearings on congress, i testified in two of them. the s.e.c. went forward with market structure reforms. some were needed and some were not. they didn't address the underlining issue of possible market manipulation going on in the current markets that is not caught under the current rules. they could have changed the rule set. they spent three years doing nothing. three years ago, they got a wake-up call and they hit the snooze button. >> you are being critical.

they had the time before the rebellion to make the changes and since they have not taken action? >> correct. if you look at what happened after that trading, they did a study and came out with recommendations and the recommendations did not flow from what was happening in the trading. they kind of thought, you know, it was maybe some fomo going on during the pandemic or people using stimulus checks. they didn't address the underlines issue with social media where it allows people to act in groups and trade on the same side where retail traders are now allowed to do that institutional traders have been doing. >> you mentioned the testimony you did, michael. i want to go back to gill who was called to capitol hill in february of 2021. we will show a bit of his testimony. he talks about who he is as far as the species and other things. listen. >> a few things i am not. i am not a cat. i am not an institutional

investor. nor am i a hedge fund. i do not provide advice for fees or commissions. i'm an individual whose investment in gamestop is based on my own analysis. >> he is not a cat and also not a hedge fund. you would not give him the nfb letter. what would you do? he is having such a big inn flo influence. is he a good risk? >> to me or michael? >> i'm sorry. michael. >> oh, yeah. look, karl and e*trade are between a rock and hard place. on the one hand, if they find illegal activity, they are obligated to get rid of the person. on the other hand, they are stuck and karl laid it out well. the business case if you get rid

of the person, you net neglget negative press. karl laid out really how difficult it is for the business case. >> karl, i apologize. i got you mixed up there. i'll finish off with you. what now? if you are someone like e*trade, would you be looking for any signs as an outside investor is a concern? is there another concern we are not looking at right now? >> you need to keep an eye on your platform at all times. trust me, there are tons of people at e*trade who focus on nothing other than this. behavior that may seem atypical or trades that don't make sense. from all things i have seen, this does not appear to fit in any one of the categories. to finish on the point that michael made, retail investors need to have the same playing field as the big boys do. think about, you know, what

happens at conferences where hedge funds talk about their positions and go out in the marketplace and talk about how they are seeking alpha? see what happens in terms of the great insights that he gives into so many companies. from what i see, mr. gill is doing the same thing so far. they have not proven this out yet. this is a wait-and-see view that we will tune in. >> gentlemen, i want to ask both of you, michael and karl, what will you listen for today at n noon? is there one thing are you listening for? >> i want to see if he is taking the same approach as last time. given the stock and the fundamentals of gamestop, it is difficult to make an argument this could still be a successful company or some place you need to get into. i think everyone needs to do

their own personal risk assessment with the stocks. there is a lot of downside risk. i would be curious how he approaches this one. this is a different situation from the pandemic. >> michael? >> same thing. the first time around, he was making the case of brick and mortar shop could survive in today's world. this time around, he is putting out memes and stuff. it is interesting to see if he can make the business case for the fundamentals. >> michael piwowar and karl roessner, thank you. coming up on "worldwide exchange," why our next guest is caut cautioning. as we head to break, here is the etoro u.s. ceo. >> one of the ways i think we can combat anti-gay sentiment is to first understand what it means to be gay. for me, at least, it is a

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exchange." time for the "wex wrap-up." china exports up 7.6% in may after heightened tensions with the u.s. and europe. donald trump raising $12 million at the fund-raiser in san francisco. the event was hosted by two tech investors, including david saks. he is backing trump because of his foreign policy and immigration and lawfare. and tsmc sales grow by 30% in may. and docusign raises full-year guidance and buying back $1 billion of shares. moody's placing six regional banks in the u.s. on review over the commercial real estate loans. the agency says it is concerned about the banks' as setset

quality. saudi arabia set to raise over $11 billion after pricing the aramco price offering at the low end. and let's see how today is shaping up ahead of the jobs report. look at futures right now. you can see it has been mixed all day. the s&p is flat. the dow is opening 20 points lower. joining me now is delano sapuro. >> good morning, frank. >> markets close to highs on the aye a.i. trade. how do you see today shaping up? what is your "wex" word of the day? >> the word of the day is pl plateau. i think the market is looking for any nugget and taking that

as a sign. if i'm looking at any areas of the market to be frothy, the investors need to be patient. >> you are watch withing out fo frothiness. you are not bullish on nvidia at this levels. the forward pe is down from where it was a year ago. why now are the valuation in your mind too high? before when it was higher, investors were rewarded. >> it was. investors were rewarded. a lot of that is the growth story and investors betting on the growth story and you make a good point with the valuation tied to the fundfundamentals. looking at the current moves the company made to share the market cap and now the second largest in the u.s. that begs the question of how

far can this go? in the long term, nvidia will do well. investors need to be patient if they are holding or look for areas where the market takes a breather and actually buy in at lower levels at 10% or 15%. at some point, the story and investors may get a breather and there is a possibility that happens and they can't continue to meet expectations. >> people will have sentiment after the jobs report if it is hot or cool. you position differently after this? this is a meaningful point for the fed? >> it is a meaningful data point. investors are looking at this as a meaningful data point. i don't think it well change them up as far as the fed with the timing of the cut. i think investors will look at this and bite into data to show that could happen.

from my standpoint, i think of next week is a big inflection point. it will continue to take a stronger run. >> delano, i appreciate the time. thank you very much. one more quick look at futures. they have been mixed. that does it for us. "squawk box" starts right now. good morning. gamestop shares are soaring once again after roaring kitty scheduled a youtube live stream. the first one in quite a while. the other meme stocks are running as well. moody's is placing six regional banks on downgrade review because of the exposure to customers real estate loans. the countdown, final countdown to the sdwjobs report on. we get you ready for the may numbers and the potential impact from the fed after the ecb yesterday. it's friday, june 7th, 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. it's friday. i'm becky quick along with joe kernen and andrew ross sorkin. yesterday, you saw the dow up by a little bit. t the nasdaq and s&p were down and set new intraday highs. the dow off 20. the s&p down fractionally. the nasdaq up 15. if you look at treasury yields, which have come under pressure in the last few weeks, you are looking at the 10-year at 4.29. the two-year at 4.74. andrew. big story