it is 5:00 a.m. i'm frank holland. here is your "five@5." investors brace for a double whammy of the special rates and the fed. apple has high hopes for a push into artificial intelligence. a right wing wave over europe and possibly putting the european rally at risk. whether it supports elon musk and his 56 billion dollar

pay package and stop on shares after stock dropped and it's monday, june 10th, 2024. you're watching worldwide exchange right here on cnbc. good morning. thank you so much for here with us. i hope you had a great weekend. let's kick off the first trading day weekend with a stock futures. best weakly game since april. we are looking right across the board right now in the premarket, looks like the dow would open more than 100 points lower and s&p and nasdaq firmly in the red. the bottom market have a busy week for the u.s. economy. much more on the economy coming up in a second. first we start with yields. the benchmark jumping about 15 bases point and talk more about the rise in buying yields and

how that is impacting the equity market during the show. take a look at oil this morning in the red once again. down about a quarter of 1% and brent at 79.50 a barrel and close to 80 a barrel. turn attention back to the markets and busy week on economic data. on wednesday, the fed's latest policy decision followed by powell's press conference in the afternoon. on thursday the latest read on producer prices after the biggest month on month gain in april. let's bring in rian. great to have you here. >> thank you for having me back. >> we are talking about the benchmark jumping about 15 bases point after that hotter than expected jobs report with two big events coming up later this week cpi and the fed decision on

the same day. how do you see the markets reacting to higher bond yields today and possibly throughout the week? >> i think they will probably linger around where they are until we see what comes out of wednesday. if we get cpi report that is in line or a little softer than expected, you know, that should bring that down some. so that would be, you know, beneficial to start to bring yields down and starting to calm the markets a little bit more after that high unemployment report we got on friday which is a little unexpected. same with the fed meeting what they come out and what they are saying where they look and most likely look like fewer cuts going forward. as long as rate cuts on still on the table and we get a reasonable cpi report yields may tick down to some degree. >> it's monday. the wheels are turning but a lot of if's in this whole scenario. you say if this happen and a lot of if's. where do you personally come

when it comes to the federal rate cuts right now? do you believe july is possibly back on the table? last week, a little chatter about that. >> no. i think july is a long shot at this particular time. we don't really see any rate cuts coming the next few months and most likely not until later this year at best. . fed wants to see progress on inflation, even though we have seen some economic metrics decelerating to some degree, we still need to see progress on inflation consistent over a few months, you know, barring any significant economic deterioration but, most likely we won't see a rate until until the end of this user' maybe just one. >> you mean post-election? you say the ends of the year in possibly september? i'm not sure what time frame you mean. >> i would say most likely november or december. september is a possibility if we see some changes in the economy but, right now, our expectation

would be that it would be post-election. >> speaking of elections. today we are looking at europe. initial reports from parliamentary elections show kind of a growth in voting for the right wing candidates. we are seeing equities in europe trade lower. what is your view -- i should not say post this. but after this going forward. how will you continue to view the action of the equity market there? are you worried this conservative push may put the rally at risk? >> i mean, it's, you know, it's certainly a concern, but, at the end of the day, companies, it's really about the companies, what they are doing. there wasn't a majority. there are -- you know, it wasn't what anyone expected to see especially as it relates to france and germany, but, for now, we still think that there is room for europe to move forward and we have seen this year, so far, you know, european markets have been doing pretty well and, you know, they don't have the technology exposure

that we have in the u.s. with the s&p. if you back that out and look at it on an equal weighted basis, performance has been good and we expect that it makes sense to rebalance and have some of that international exposure. the elections are a factor and something to watch but, right now, we don't view it as a major concern. >> is there one sector in europe you view more favorably than others? >> you know, we typically invest more broadly across the sectors in europe. like i said there is not as much technology exposure there and gives you diversification what you have with an s&p exposure in the united states. but, yeah. you know? we would look at just a broad health care, technology, which is different than the technology we have here, but just

investinginvesting i across the european markets. >> thank you. have a great day. head to cnbc pro at cnbc.com/pro for executive unsights and analysis. check for the top corporate stories. on monday morning, here we go. >> apple's worldwide developers conference kicks off in co california today. they will address the a.i. sweeping across tech including integration in its suite of operating systems and a massive overall of a siri voice assistant. apple shares are sitting he top of one-year range it's been twice in the past before pulling back. elliott added again this time reportedly building a nearly $2 billion stake in southwest airlines with "the wall street

journal" reporting it's making a push for changes to reverse the company's relative underperformance, along with southwest, elliott is also looking for change at soft bank, texas instruments, johnson controls, and phillips 66. they will vote against musk's pay package at the company's shareholder meeting this week. it owned 1. 5% of the world's listed stocks says it is concerned about the size of the compensation package, its structure, and how it falls to mitigate key person rank. >> i wonder who they are talking about? huge pay package. stocks down more than 25% year-to-date so interesting environment for that. thank you so much. see you later in the show. a lot more to come on world

wi exchange. one thing the investors have to note toot. what gamestop's wild ride after a drop on friday and the first youtube live stream in years and show you a highlight. later getting set for apple today and if it's expected a.i. push will move the needle for investors. we have a busy hour ahead when worldwide exchange returns. stay with us.

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.

norman, bad news... i never graduated technfrom med school. soon. what? -but the good news is... xfinity mobile just got even better! now, you can automatically connect to wifi speeds up to a gig on the go. plus, buy one unlimited line and get one free for a year. i gotta get this deal... i know... faster wifi and savings? ...i don't want to miss that. that's amazing doc. mobile savings are calling. visit xfinitymobile.com to learn more. doc?

welcome back. taking a look at u.s. futures in the red across the board. looks like the dow would open about 125 points lower. trading day in europe now. sharp reaction from this week's election. arabile gumede is here with much more. >> reporter: good morning. over two hours or so since the markets here in europe has been open. one thing for sure, uncertainty is certainly at play across a lot of the european picture. we saw the eu parliamentary elections see things shift a little more to the right and gotten an impact out of germany, italy, but really significantly out of france. cac 40 index down nearly 2% in this morning's picture. that really is off the back then of the french president emmanuel

macron calling a snap election over the weekend saying he has to trust that the people will ultimately be voting. what has shifted along in the cac 40? a lot mother-in-law of the lenders. you're getting the entire picture most of the part. you have society here at the bottom 7.4% weaker and ligs loser across today's trading. the shift is going to the right wing. what happens to the rest of europe? we will see across the week, frank. >> we are talking about the impact reaction on the markets. i know you've been talking about the markets overall on "street signs." we saw a big jump in bond

yields. how much of an impact is that having on the markets as well? >> you're seeing that impact come to the forefront, frank. one thing for sure the italian tenure move 4.04% where it was just as we started things off. in fact, where it is now. it is the italian ten-year paper. meloni now continuing to pretty much consolidate her shift to the right for italy. the rest of europe has kind of followed suit. question marks around her influence as well as her policies and what they have done really for the rest of the market. you've seen a shift higher across a lot of these european yields, even the ten-year bond and 2.64. the risk factors between the ten-year and benchmark now signature around 140 bases points. >> a lot going on in europe. great to see you. thank you very much. coming up, wall street faces a

new test as a new player makes its public debut today. we have the story after this brk. ayitus. ♪♪ ♪♪ citi's industry leading global payments solutions help their clients move money around the world seamlessly in over 180 countries... and help a partner like the world food programme as they provide more than food to people in need. together, citi and the world food programme empower families across the globe. ♪♪ so this is pickleball? it's basically tennis for babies, but for adults. it should be called wiffle tennis. pickle! yeah, aw! whoo! ♪♪ these guys are intense. we got nothing to worry about. with e*trade from morgan stanley, we're ready for whatever gets served up. dude, you gotta work on your trash talk. i'd rather work on saving for retirement. or college, since you like to get schooled. that's a pretty good burn, right? got him.

good game. thanks for coming to our clinic, first one's free. (♪♪) business can happen virtually anywhere. (♪♪) but there's nothing like being there. at national, you can skip the counter... and choose any car in the aisle... even manage your rental right from the app. so you can give some quality time to a quality cause. swing by to see one more customer... [audience cheering] and really get down to business. go national. go like a pro.

[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. inevitable. ♪♪ ♪♪ transform? a lot of question marks understandably so but essentially the second page of the second part of the analysis this transformation part is a bet on the management.

>> if was keith gill showing up in nearly four years on friday. shares down following gill's stream offer little in terms of new ideas. g gamestop the stock facing whipsaw action and shares up over 6.5% and amc and blackberry are trading lower. transports. the ends to the so-called freight recession could be further away than expected. friday's jobs reports show the trucking industry lost 5400 lost of jobs in may and decline from august after the broader economy added 272,000 jobs. freight is struggling due to low demand and cargo rates and performance between truckers and shimp shippers could be emerging.

here with me to discuss is the global head of transport and low gistic research at hbc. thank you for joining me. you were in london last time i saw you. another considerable hike when it comes to guidance moving basically to the positive after forecasting maybe a negative year, maybe a flat year. largely off that disruption from the red sea that has been for them a benefit to pricing. how much longer to see that boost in pricing when it comes to that disruption from the red sea? here in the u.s. they say a lot of times mystery equals margin. >> maybe on that thought process and conversation we say shipping pricing and chaos. when will red sea ends? the biggest unknown. as a result the supply chain as they go. that's why actually for global like musk, they could predict their guidance at the start of the year. two upgrades in earnings in the

month's time tells you how about uncertain these things are. the way we are seeing now is that we have sufficient anecdotes and now it's likely to be stronger this first half. when it all began it seems like one -- >> so this surge in pricing, roughly, i know you don't have a percentage written down but how much of it is disruption and how much of it is demand? we keep hearing about elevated demands coming out of asia. >> it's a combination. it is a function of demand and supply. when it started at the end of december, it was disruption led. and as we moved into the second quarter, the stock not even necessarily a boost in consumption, absence of these stocking was good enough to see the trade looks good and that further followed by some front loading of demand and some fear of potential coming the later half of the year and all of this has just bring together a

situation where demand was exiting supply and it's reflected into the freight rates. >> concerns about tariffs that might motivate people to bring goods ahead of time. i want to shaw about near shoring in the u.s. and adjustments to the supply chain globally. a report was put out recently saying air cargo shipments haven't seen a boost from the red sea disruptions but, however, where the demand is coming from on companies like chen, timu. here in the u.s., though, we are seeing a lot of people move their supply chains down to mexico. where are we at when it comes to the global supply chain and pull and push near the traditional supply chain of goods comes from asia? >> i think all of these trends are there. i've been hearing about manufacturing moving away from china as early as as i was analyst in 2007. there is no alternative for

china when it comes to supply chain. all what we are seeing is that small slice of that entire is moving mexico but a large part of goods movement between these countries and china probably will be the trend that is here to exist for much of this decade and, therefore, all what you can say is that supply chain will continue to get more and more complex and that is keep those connections. >> are we going to see shortages when it comes to anything either in europe or here in the united states? we heard a lot of concerns about that last year. now it seems like they were kind of misplaced. >> for now, actually, nobody is talking about restocking with but what we know is that the early signs of this red sea disruption is mirroring what we saw at the time of covid. we are hearing about equipment sho shortage happening and singapore

or -- don't rule out this condition which started in the export hub might have ended on the import hubs and probably we start to see some of those shortages. >> a big if but more of a wait and see and take a while to get there? >> absolutely. >> thank you for coming in and good to see you in london. >> absolutely. accidental petroleum. brooks hathaway bought 60 bucks a share on friday. berkshire's stake in occidental, about 28% of that. can. you see the shares are up 1.5%. we will be right back. [♪♪] your skin is ever-changing, take care of it with gold bond's age renew formulations of 7 moisturizers and 3 vitamins. for all your skins, gold bond.

(grandpa) i'm the richest guy in the world. (man 1)oisturizers i have time to give. (man 2) i have people i can count on. (grandma) and a million stories to share. (vo) the key to being rich is knowing what counts.

a slow network is no network for business. that's why more choose comcast business. and now, we're introducing ultimate speed for business —our fastest plans yet. we're up to 12 times faster than verizon, at&t, and t-mobile. and existing customers could even get up to triple the speeds... at no additional cost.

it's ultimate speed for ultimate business. don't miss out on our fastest speed plans yet! switch to comcast business and get started for $49.99 a month. plus, ask how to get up to an $800 prepaid card. call today! it is just about 5:30 a.m. in the new york city area. a lot more ahead on "worldwide exchange." one-two punch set to provide the latest test for the markets and their march to new highs. futures right now are pointing their pressure as the new week kicks off. after months of apple is set to pull back its curtain on the a.i. transitions. it looks to play catch-up to the hottest trade in town. we will lay out what to expect and whether it will move the needle. far right political wave makes a

big gain in the parliamentary elections and what markets across that region have been riding. it is monday, june 10th, 2026. you're watching "worldwide exchange" here on cnbc. ♪ i'm frank holland. i hope your monday morning is getting off to a good start. a check of the u.s. stock futures and take a look at the futures in the red across the board. dow actually hitting lows this morning looking like it would open 135 points lower so we will continue to watch that throughout the morning. one of the facts on the s&p and nasdaq is videos under center. shares of the video down three-quarters of 1%. the notable price change right

now trending 119 per share. the stock split stocks today and we are watching it here today. bond yields jumped up 15 bases point from friday after hotter than expected jobs report and similar moves when it comes to the long bond. this is the read on expectations as well. look at energy specifically oil riding three-week losing streak. oil actually doing a bit of a reverse from earlier. actually moving to the upside. earlier this morning it was lower. right now it's higher fractionally. that is your morning money setup. let's turn our attention to apple. ahead of the company's worldwide developers conference that kicks off at 1:00 p.m. eastern today and could be a make or break moment to the stock which is flat this year and lagging its seven peers.

big focus on artificial intelligence something apple has been relatively quiet about outside of hits partnership with open a.i. and showing could be updates to siri and home screen layout and let's discuss it nancy tangler and she hat investor angle. with the analyst take, tom forte is with joining us. good morning. i start off with you, tom. price target for apple is 178. about 10% lower than the stock is trading right now. are you expecting anything that might change your price target or view on the company? >> what i'll be focusing on, frank, hour they are going to use artificial intelligence to sell more iphones given their overreliance on iphones which were half of their revenue the last fiscal year. i'm not convinced on a near term basis that apple is going to do anything that is going to enable it to do much better in

smartphone sales. when you think about a much-needed upgrade to siri, i don't think that is getting consumers to buy more iphones. i think the two big challenges for apple when it comes to artificial intelligence is navigating privacy concerns given their emphasis of privacy and a.i. mistakes giving apple's intent to give consumers products that really work. >> man! you don't see any real upside? you're not seeing anything that might get you or investors excited? >> again, on a near term bases i think it's wonderful for chips and hyperscale computing companies. you see microsoft is now the most valuable market cap and videos is second and apple is third. near term basis, i am bearish when it comes to apple an a.i. >> nancy, you're an investor and more bullish between the two of us. what are you examining from wwbc

today and anything that might change your position to add or trim? >> i think tom is right on a lot of points, frank. i would also point out that usually after this event, the stock trade is down but three months later it's up about 12%. so if you get a decline in the stock price and the news is good and i'll clarify that, then i think you step in and add the holdings. but i do think there are some things that tim cook learned from the google maps debacle when we initiated the stock in 2013. he has been very cagey not mentioning a.i. until the last earnings report. i do think they are are going to have some wow factor in the announcement and the privacy issue is, as tom pointed out, is critical. that is the differentiator for apple. last thingle say is that with almost 40% of the 800 million iphones outstanding -- i'm sorry. ft. -- hey! it's early!

>> definitely! >> 40% of the installed base is an iphone 12 or older so we think an upgrade cycle that would add 40 to the stock price driven by a.i. but also the fact that the base is old. >> the stock price. apple lagging most of the mag 7 and saw huge gains this year. do you think it's wise that tim cook kind of held back and waited to show his cards until now? do you think it's wise he has cards to show? >> well, i do think so. apple is never first but they are always best. so i think keeping that in mind. it's going to matter how the developers react to the announcement but i do think that the services -- impact to the services and i think services is

equally as important to the upgrade cycle and tom probably disagrees with me on that, but i think that is going to matter. i remember watching the apple watch launch and it was pretty cool and the stock did nothing afterwards so just be prepared for that. >> we have to do our own googles about the google map thing in 2013 but interesting parallel you make there, nancy. tom, how should investors use this through the apple vision pro and not seeing to move the needle for consumers or investors. >> to me, the vision pro is the poster child for artificial intelligence and apple. on a near term basis, despite the fact they had the launch in the march quarter, it does not move the needle. i think the challenge it takes time for apple to introduce consumers how they like to refer to it and things on that base and the 3499 price point i think

is a big factor. that to me is the most important near term a.i. initiative for apple and not a material impact to sales. >> oftentimes in previous years talking about apple a market mover and maybe maybe the tech sector moves apple a bit. is apple's first push into a.i. came to the big time possible? u.s. tech stocks posted largest weekly inflow in nine weeks to $1 billion after slipping late last month. are you expecting apple to be the beneficiary of this, you know, tech rebound? i know tech is showing leadership all year. tom, is apple benefiting from this upswing in tech or does it definitely need wwdc? >> it definitely needs wwdc. you're looking at a stock that is trading about 25-time pe with very modest top and bottom line growth and most single digit. the benefits to tech and video

ab microsoft is wonderful but apple need something at the developers conference to get developers excited. >> nancy, is apple septwept up this tech swing or make or break moment for this stock? he with see tesla trading lower so it's possible to be in this group and still not see that benefit. >> yeah. i do think tom is right. they need wwdc to be impressive but remember, too, this company generates over 100 billion in free cash flow which they turn around and use to buy back their shares so there is a floor under the stock and i think that is why it has surprised people take it hasn't maybe gone down further given the lack of innovation. i do think it's critical but i wouldn't be alarmed if the stock sells off. i would actually use it as a buying opportunity. >> nancy and tom, great to see you both again very early on a monday morning and we appreciate both of you.

catch our full kovcoverage of w today and it will be live and kickoffs at 12:00 and 3:00 eastern. coming up, why more private companies are not lining up to go public and cash in on the tech's red hot demand. bob pisani will break down the key factors that is keeping the firms on the sidelines.

as an independent financial advisor, i stand by these promises. as a fiduciary, i promise to be the financial steward that you and your family need. i promise to put your long-term financial well-being above any short term transaction. everyone has a big picture. my job is to help you invest in yours. [announcer] charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com

before you use ai to transform business, accelerate growth, predict trends, you need to begin with trust. introducing watsonx governance. helping you govern any ai, as data, models, and policies change, so you can scale it responsibly. let's create ai that begins with trust, with watsonx governance. ibm. let's create. were you worried the wedding would be too much? nahhhh... (inner monologue) another destination wedding?? why can't they use my backyard!! with empower, we get all of our financial questions answered. so we don't have to worry. empower. what's next. hot trade is artificial

intelligence is set to face its latest test this week with the public trading debut of tempest a.i. it is one of the few a.i. centered ipos on the docket this year. bob pisani has more. >> reporter: there is plenty of demand for investing in artificial intelligence or a.i. but what is lacking is product. this week, tempest a.i., a health care diagnostics company that uses a.i. to interpret it will share 11 million shares and slated to begin trading on friday. the company says they are applying a.i. to health care by endeavoring to make laboratory tests more accurate and make tests more intelligencely collecting laboratory data and personalizing the results.

a.i. is a big investing theme in 2024. a.i.-themed i.p.o.s few and far between. sterile labs went one in march and it's up 27% from its initial price. the appetite for a.i. ipos is large and investors are scanning for new investments. many a.i. firms have no trouble raising money in the private markets right now. companies like data bricks is a cloud-based platform that unifies and simplifies data systems is mentioned as an ipo candidate and recently completed a very successful private fund-raising round last november. another big name in a.i. is private as well has been successfully raising money at higher valuation rounds including 4 billion raise in march that values the company to 18.4 billion dollars, according to pitch book. there is also a different issue and that is the issue of valuation haircuts.

many tech companies raise money during the heady days of the pandemic and are now facing a lot of prosecute esche to lower the evaluations in order to attract investors in the public markets. many don't want to do that. although the anticipated flood of a.i. ipos has not materialized, tempest is likely the tip of the iceberg. back to you. >> coming up, we have the one word every investors needs to know today. european markets in the red following key elections and far right leaders making strong gains. we will look at whether those developments could hit the brakes on the region's 2024 rally. cac is down more than 2% right now.

exchange." time for your global briefing. we are markets the europe markets and they are in the red. up to 370 million eligible voters have cast ballots for the 720 seat in the eu parliament. sylviado joins us. >> reporter: the european elections has showed more support for right wring policy. this means they are focused on industrial policy over the next five years. there is a general feeling that

they need to do more to compete against china and against the united states. we are expecting the eu to be spending more on defense because, once again, a generally feeling they cannot fully rely on the united states for security. now, these european-wide elections are also seen as a referendum on national politics and this is very clearly the case in france. the party of the president macron lost a lot of support and as a result he so-called for a snap election. this volatility is having an impact on the markets. we are seeing shares in the main market in france trading about 2% lower at this stage. french lenders are moving lower also and the euro is about 0.4% against the u.s. dollar. so, frank, a very clear indication here that what is happening on politics is also having ramifications for the markets. >> silva amaro, thank you very

much. we are watching the run-up we have seen in european equity. so far in 2024, especially on the back of last week's rate cut by the ecb. sma with the height wave right siding, is this recently at risk? joining me is tina fordham. good morning. >> good morning from london. >> reporter: last time i saw you, we were in london together. a lot of anticipation about these upcoming eu elections. right nour we w, the equities a trading lower. is this a trend we have seen earlier this year with the markets rallying? >> well, usually, eu parliamentary elections don't move the markets at all, let alone interest them, but i think we have to look a little more closely at the data.

i do think markets will digest the news. there has been a political earthquake for france where macron responded to the performance of the far right party formerly led by ma rhine le pen and they called a snap elections from a point of weakness and this is very unusual. with that in mind, i do think the fallout is likely to be be contained mainly to france and we have seen it in french financials although the euro has been hit. i put back to you is that because of the fed data coming this week, more than anything? >> you're hitting on two things. number one, that france, which is trading alot lower than others, may be a bit of an outlier because of those snap elections. second, the impact of the central banks whether the ecb or the fed. we have seen in europe the bond yuled rise. how much are we see today in the equity markets is the rise in

bond yields following the jobs report in the u.s. and how much of it is anticipation about a change in policy if there is a big right wing shift? >> well, we are never really able to separate out those variables and that is the honest answer. with the ecb cutting well before the fed and their fates are now a bit more intertwined than we are used to, we will get more clarity, of course, about how much this has to do with france, as we start to get new polling data heading into these legislative elections. remember, that macron will stay in power as president. legislative elections are held in two rounds and that what makes this different from the uk elections, for example. here in london, the political, you know, elites have been clutching pearls and say why has macron do this. it is a big move and a risky

gamble and we are having elections july 4th and july 7th. >> both of them are in a position of weakness. >> yes. >> generally what you don't want to do. i want to come back to equities. we often talk about europe as a monolith. cac was down 2%. who is impact at least in the near term by these elections? is there an index, a sector, a force? what are you looking at possibly see the most impact? >> the investors i'm talking to think that french financials will receive most of the weakness and that makes sense. i think there is going to be plenty of volatility over the next month because we have these elections in two rounds and macron is clearly trying to, you know, call the bluff, not only of the far right, but of the

french public, which is a bit prone to protest voting. and buy himself a few more years would you this threat hanging over him, so we will have to wait and see. >> tina fordham, great to have you here to look at everything going on and outlook on the equity market following these elections. appreciate your time and insight. coming up, choppy waters ahead. our next guest says markets may face choppy trading and the key areas he is remaining bullish on. cnbc is celebrating pride month throughout the month of june. as i entered the banking industry i was struggling with my coming out because i did not see visible senior leadership at the top of the house. hence for me, i came to the

conclusion that for me it's important to speak out and to be visible now as a leader to inspire the same in people who just starting at the workplace. [ inner monologue ] i needed some help. good thing i knew someone... ♪ ♪ or... some-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. ♪ ♪ [thunder rumbles] ♪ ♪ ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently.

it still does. what can you do with spy? ♪ ♪ [thunder rumbles] ♪ ♪

welcome back.

it's time for your wex wrap-up. shares of gamestop this morning we are watching after friday's massive sell-off. shares closed oun down 40% on al share. and a new live stream in five years and he offered very little in terms of gains. he about talk about the celtics. he is pretty much a celtics fan. >> during the transformation stage here and what could they transform in to? do you know what i mean? a lot of question marks about that. understandably so. but essentially it becomes at this stage of that second part of the analysis this transformation part it becomes a bet on the management. >> we are also watching shares of aramco post-share offering pop. the world's top oiler exporter

looks to find its was he of reliance on oil. elliott management 2 billion stake in southwest airlines. "the wall street journal" reporting it's making a push for changes to reverse the company's relative unperformance. norway's 1.7 trillion dollar oil fund says it will vote against ratifying elon musk's 50 billion paper package at the company's shareholder meeting latering this week citing concerns about structure and size. they say go daddy and kkr are join the s&p 500 on june 25th. we are watching shares of nvidia with a 10 for 1 stock split. video shares down half a percent but off their lows of earlier today. here is what we are watching in the week ahead. oracle and cpi and ppi the fed's

latest policy decision followed by j. powell's press conference a big one, of course. we have tesla's annual shareholder meeting and the conclusion of the shareholder vote on e molon musk and pay package. president biden and other world leads gather in fitaly for the 7 summit so a busy week ahead. a look at futures. been in the red all morning long. still in the red. looks like the dow would open 140 points lower. for much more on the trading day ahead, keith lerner. good to see you. >> good morning, frank. a busy monday already. >> it is! how do you see today shaping up? what is your word of the day? >> yields. all about yields short-term. we saw a popping yield on friday after the preliminary report and high yields which are a little bit up today but were about ten

points on friday driving the relationship between the u.s. international because the u.s. dollar is stronger and when that happens it's stronger for the u.s. and driving u.s. large cap performance over small cap because small cap are sensitive because of that floating rate debt. so we stick with those trends. u.s. over international. >> i want to ask you about the eu elections and impact on the market there. you see upside in europe. do these elections change that view? >> well, our view we have been more team usa for several years and remain that. i think the geo political uncertainty reinforces our team usa bias. watch closely today is those european banks. europe tends to outperform when the banks outperform and seeing the opposite of that today. >> in the u.s. when tech outperforms the market outperform your take on apple is this a possible inflection p point? you said you said you are seeing upside when it comes to big tech

as well. >> we think we are more of a choppy in their terms after the run-up in tech and after the -- split today. with apple, i don't know if an inflexion point but i think the story if a.i. is still intact and bleeding of that story in the market today with apple specifically. >> i think today they will likely be someone under pressure but this week with the cpi and ppi mention i think a big driver. i think choppy into that and what you need to see for the next leg of there this market up is yields to move below on that ten-year treasury. i went down there on friday and it bounced on the up. >> keith lerner, thank you. one more look at the futures. futures have been in the red across the board all morning long. right now looking like the dow

would open about 140 points lower. ten for one stock split takes effect today for nvidia. nearly down half a percent. ten for one stocks today and trading 120 per shares compared to the lower level it was lack week. "squawk box" starts right now. >> good morning. stock futures under pressure this morning as investors prepare for key inflation data and the fed's june meeting. we will finally know how it will happen. at least we will tell you what to expect. apple is set to outline its artificial strategy in its annual conference. gamestop shares whipsaw rebounding after friday's -- a little bit. it was sparked by weaker first quarter sales.

really more of that plan to sell more stock. a live stream by roaring kitty. i don't know what you'd call it but to rally retail traders. it's monday, june 10th. pretty soon, the days will be getting shorter. >> stop! >> "squawk box" begins right now. ♪ good morning, everybody. welcome to "squawk box." here on cnbc. we are live from the nasdaq market site in times square. yes, i was just thinking this is about as good as it gets when you go outside and the birds are chirping and you can feel almost normal because it's not pitch dark when we leave to go to work. >> don't get used to it. >> i know. the 21st is coming and the days will get