mrwilliams: (radio show 43:35) have a good weekend. mr. hawkins and mr. williams: (in unison) bye. craig melvin: that's all for this edition of dateline. i'm craig melvin, thank you for watching. ♪ it's your thursday edition of "street signs." i'm arabile gumede and these are your headlines. the yen sparking intervention that the bank of japan will raise interest rates next month. h&m will be tougher to hit

after a difficult set of earnings. and european equities are holding pattern as the united states inflation data and the pce puts the nasdaq puts beginning to dip as micron issues disappointing guidance and shares slide in after hours trading. the u.s. is gearing up for the first presidential debate showdown between joe biden and donald trump. here in the uk, rishi sunak is looking for the face-off for the general election. we're on intervention watch again after japan's finance minister said he is ready to act

to boost the yen. authorities are seriously concerned and on high alert with the currency languishing at a 30-year low against the dollar surpassing the 160 mark. the chief cabinet secretary said tokyo will take appropriate action with the moves adding to pressure on the bank of jof jap ahead of the next policy meeting at the end of july. 164 is where we are right now with the consistency of how much we lost on that one. let's have a chat with jp. jp, this is a scenario which the bank of japan is put between a rock and somewhat of a hard place. >> reporter: arabile, it is not just the bank of japan, but the authorities with the minutistry and said they are prepared to

move if volatility goes awry. it seems they are hamstrung and this means the bank of japan may have to move next month. all bets are off. we have seen the ultra low policy and conservative in terms of tweaking the monetary policy. if you see rates rise in japan, it could dampen the economic sentiment and economic recovery that seems to be gaining traction by so much. they are limited in how much they can actually do. keep in mind, 160 is a key level for the japanese yen. it tested 160 against the u.s. dollar in late april before the bank of japan and authorities intervened not once, but twice in one week to try to temper the currency's moves and going into the markets to ensure they can bring the yen back to respectable levels. we are not seeing anything happen at the moment. it is 165 against the greenback

right now. we started out at 160. we are seeing the intraday strength starting to wane and showing any moves might be short lived to temper the expectation. there is bias the yen will weaken with the interest rate diffe differentials. also, this means there is a lot of pressure on the japanese yen. it is putting corporates and equity markets in japan on edge. it means we might contend with higher rates that also might temper expectations for japanese corporates. there are a lot of moves parts they have to consider and keeping them between the rock and hard place. keep in mind, they might not make any sudden moves until they get the pce report from the

united states tomorrow and they will wait until the first presidential debate to wrap up. for now, the calculus is an issue for members of the japan senior cabinet that overlooked the japanese yen and fundamentals and those saying they are prepared to act, but they will wait before they pull the trigger to try to bring the yen back to what they hope are respectable levels. arabile, good morning and back to you. >> to give you a sense, the weakness in the yen year-to-date is 12%. that is a torrid six months. that is where the intervention comes into play and if the one two months ago did anything and if the next one will do anything at all. it is all about the yen, but it is not necessarily translating to anything in the market.

positivity we got from the united states did not follow through to the asian market. in fact, you are seeing weaknesses. semiconductor market is one to look out for on the shenzhen and shanghai which is down. shenzhen down .80% out of japan. after hmicron's numbers came down, it felt a pinch and not eating as much as nvidia. again, proving how far forward nvidia is in the semiconductor plays. even the australian market is down .13%. we have seen inflation sur surpsurprises there. it tells you there is still a bit of a worry when it comes to the inflation print globally somewhat. on to the european markets. this is how we open today. pretty much around the flat line. yes, we've gotten news from h&m.

we have seen not much and perhaps the market is still waiting the pce data from the united states. it is also looking toward the french elections, of course, the first round of those elections happening this weekend. so many permutations. we are also on the data front looking out for italy's consumer and business confidence numbers. the big sptory we heard is the interest rates unchanged at 3.75%. still a struggle for the swedish economy. we are speaking to the governor later on with regards to that one. for now, you see a mixed one with the ibex 35 going d down .35%. a slight turn negative for the cac 40. and other numbers. retail with a significant hall in h&m. double digit decline for h&m.

30% so far today. retail stocks going down nearly 2% so far this morning. weakness in basic resources is continuing and following on what we have seen as an uptick on the back of the anglo murmur of a merger. that hasful fallen away. .50% higher for oil and gas. here is the issue this morning. h&m missing forecast with the operating profit at $7.1 billion. that is versus under $7.4 billion. the fashion retailer said it expects sales to decline this month, in part, due to poor weather. the full-year earnings goal could be hard hit. are you beginning to see the impact of the interest rates hitting consumers globally? that is why you are seeing

hermes down 12% so far this morning. retailers not necessarily being able to follow through on the positivity they had seen of late. that now meaning that share price taking a hit. you have gsk lower this morning. this is the reason why gsk is down. it is trading at the bottom of the stoxx 600 after the cdc narrowed the age range for the rsv. jeffries said the move could cut the market for the rsv shots in the united states from 93 to 55 million people. that is some significant drawdown then. more than 4% weaker. you can tell over the last year, this year, it has only gone up 5.5%. overall, let's look at the

chipmakers. it is because as i said earlier, micron shares are falling in extended trade. 6.3%. that is despite beating third quarter earnings. not everything is rosy in the sector. the u.s. chipmaker reported adjusted earnings of 62 cents per share on revenue of $6.81 billion, but guidance for the current quarter fell flat missing eps expectations. this is, however, what you are getting out of the chipmakers then in europe. they have had a robust increase over the last couple of days. enjoying the uptick from nvidia. you did see a bit of a wobble. will that correction continue to be in play then? you can tell the for tunes are different for the chipmakers globally. we will hear from the ceo sanjay mehrotra. that interview is coming up on

"mad money" for the u.s. viewers at 6:00 p.m. eastern and cnbc pro for viewers outside of the united states. that happens at midnight cet. let's unpack more with europe with the head of the european equity across asset strategy stat deutsche bank. maxim m maximillian, thank you for the time. year to date, sa& p is up. >> very similar number. it is 30% of the performance of individuals. both are quite benefitting from the tech move. the under performance in europe

is basically come from the past few weeks. starting with the elections and before that, they were moving hand-in-hand. now with the uncertainty around elections, europe has been under performing. >> yeah. that under performance, i'm writing here. you are saying 30% of the stoxx 600 moves this year has been on the back of asml. that play is still significant. as we made note of, micron, things are not equal. is that the worry for europe? because things are not equal across the board, asml and st micro not able to take on the significant gains that you are seeing globally for the likes of nvidia and all the other tech players. >> if you look at the tech versus the u.s., the weight is lower. we have more exposure to banks and more exposure to oil and gas and other sectors.

those sectors play quite a role. short term, i'm worried we won't catch up. we have so many uncertainties in the market. you mentioned quite a few this morning. we have the u.s. debate later today. we have pmi late last week which was disappointing. we have the french elections, number one and two and uk next week. short term, u.s. and europe, i'm cautious on the short term. as soon as one month out, it will look brighter. you have earnings season starting which is a good starting point. in europe, we are quite co convinced we have strong beats again as we have seen in q1. we see stronger earnings than people expected. in q1, we will see a siml simil number in q2. we have good issues on the

elections and companies will buy back their shares. we're in the blackout period here in europe before the earnings. quite some reasons to be more positive longer term. >> i found it some odd. you said you are overweight europe versus the u.s. and this stance. one would think the valuations going as they have been for the united states and just with the data i've pointed to with s&p up 50.5% and many saying the rise of the tech and the rise of the concentration at the top of the u.s. stocks is going to continue. why would you be overweight europe? it is a big call, isn't it? >> europe, as i mentioned, we had a move up in tech and industrials. industrials doing fine and benefitting from electrification and all those events. outside of that, we are also seeing earnings growth. staples. what a boring sector.

you might want to good for staples as well. you mentioned basic resources. they have been flat for 1.5 years. they may also benefit. performance is going from being very focused on tech and more toward other secretartors which beneficial for europe. in europe, we had 14. i'm also saying relative to rates, that's not too cheap. i have more upside potential than i have on the u.s. in earnings, we expect 9% earnings the u.s. that is consensus. for europe, we expect 5% earnings and consensus is zero. >> that is the earnings potential. if you say, sure, valuation is 20 or 21 versus 14 in europe and you see the upside in europe, it is because you are not getting

the same revenues in europe as in the u.s. is this i'm not sure or steady as she goes is the way i want it right now in what is a volatile market. >> zooming out very far, i would say u.s., long term, will grow stronger. they have such an advantage in a.i. and other advantages. a very dynamic economy. we are struggling as we see in europe. looking more out for the next 6 to 12 months, i think europe has potential. valuation is just the -- the consequence of the other factors. we see a recovery in the economy in europe and we see a recovery in earnings better than the u.s. i think people will start to look back at europe and especially what i like most within europe is small caps. they have not been benefitting from any of the trends in the past two years. >> i have time for one question, but two points. you still like the european

small caps for the next 12 months and what are you seeing there? >> i'll talk a little bit more. usually small caps are trading at a premium versus large caps. why is sthat? they grow faster. that's a long-term trend. right now, the market is for the first time in 25 years, putting a discount on small caps versus large caps. if you expect a recession, i would agree and say there is more downside potential than long term. we no longer expect a recession. the recession is still priced in with the relative valuations. i think small caps is the place to be. if you have the catch up to large caps, you could have a double digit of small caps than large caps. that sis a concentrated market. >> i suppose that matches up

with your sentiment around the second half of the year also being europe more favored. you are still seeing that potential for growth. look, we could have waxed on lyrical. hopefully we can chat again. thank you for chatting with us here in studio. the head of european equity and cross asset strategy at deutsche bank research. coming up on the show, ipo divergence is widening with the golden goose boosting the offering outlook. more on that next. morethe fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, at walmart and drinkcirkul.com.

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now the global ipo divergence is widening with strong appetite for everything on in the americas. a slowdown in asia pacific is happening. that's according to ey's latest global ipo trends report. george chan is the global ipo leader and joins us now to unpack this more. george, thank you for the time. let's get into the strong

appetite for ipos overall. it was pretty much expected this year which has it met expectation as we reach the halfway point of 2024? >> yes, thank you for having me this morning. regarding the market landscape, i would say the first half would be encouraging and not exciting, to be honest, as you mentioned the america and region has led the ipo and the asia pacific has experienced a slowdown in ipo activity. i would say this is pretty much expected in q1 as we projected was going to happen for the rest of 2024. >> and one looks at it and thinks is it only just getting started? maybe there is a backlog because conditions were not right for the ipos and now the backlog sees these come to play.

is that fresh entrance for those not thinking about it and then now saying this is ripe for this stock to hit the market? >> our analysis shows that the economy -- the worldwide economy in most of the country is at a steady level and certainly in some countries, the economy is actually going up. that provides a very good environment for enterprises to do business. they do have caps on these. like you sidesaid, the ipo pipe is strong. with that said, the central banks will lower interest rates if they have not done so already and that would give investor more appetites for ipo transactions. this sentiment has also been coupled by the after mamarket performance in the stock market. what i mean is the ipo returns

and they pretty much surpassed the index return in most of the country according to our analysis. all this coupled together, i would think would pave the way for stronger sentiment for ipo debuts in the second half of the year as well. >> what's clear on the attractiveness on this? i mean, one would assume it is europe, primarily. what has created the attractiveness? some would say the valuations out of the united states is better. why not head there? >> if you look at the ipo companies in the first half, a majority of them are actually european companies. it is very natural for a european company to choose europe as the final desk ty anything of the ipo. if you have analysis in a more detailed way, india actually

tops the ipo number. with smaller proceeds for each of the ipo and just like you said, the majority of the ipo comes from european companies. also, one more important thing is the geopolitical tension in the region is relatively more or less than the rest of the world. i think that contributes at significant factor to it as well. >> i thought the backlogs with shein coming to london. is it the fact that they look at the united states and shein, for example, will shift from the united states to london not necessarily because it is the market they want to go to, but with regulations and they are forced to go in. will they take everything they

can and boost the stock market ultimately? >> i think for the second half of 2024, india is going to be strong in ipo as well. it is just simply because the fundamentals are there. their economy is very stable and their central bank, the european central bank has already cut interest rates which is very welcome by investor looking forward to the ipo. a couple of the large ipo candidates are switching the ipo destination because of the geopolitical tension and regulatory environment, et cetera, et cetera. i think it has the ideal attractiveness with all of the industries. >> do you want to touch on the type of companies and the problems for asia as well? >> of course. the major reason for

asia-pacific slowdown was because the asia ipo was temporarily suspended or periodic tightening is what we call it. the main reason for this is the chinese regulators do want to revitalize the secondary market, but also strengthen the rio grande stregulatory control in e ipo regulations. that means we will see more qualified company going to the asia ipo once this has been lifted. this was the main reason dragging behind asia-pacific. at the same time, when we look at the hong kong ipo market, another traditional power house, we see rebounds and we see a lot of companies preparing for the ipo partly because of the reason i just mentioned where most of the company withdrew on the asia and looking to list it in hong kong or some of them even

considering u.s. from our analysis and our prediction, hong kong is going to come back gradually. very steadily in the second half of 2024, but certainly, i'm expecting a lot more in the year 2025. >> yup. it's going to need it. george, i appreciate the time. thank you for joining us here on "street signs." george chan for ey. let's unpack and give you a sense of what's to come. a lot has happened so far with a week away from this election. coming up, rishi sunak facing off for the final time ahead of next week's general election. we'll bring you who said what and who came out on top nextt en andyourself. with shopify, youen have everything you need to sell online and in person. you.

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welcome to "street signs." i'm arabile gumede and these are your headlines. the yen is slumping to the 38-year low against the greenback fueling expectations that the bank of japan will

raise interest rates next month. h&m slumping to the bottom of the stoxx 600 as the retail giant admits it's full-year margin target will be tough to hit. and attention shifts to the u.s. inflation data point and pce and micron dips in after hours trade. and the showdown between joe biden and donald trump and while here in the uk, rishi sunak and keir starmer lock horns in their final tv face-off before next week's general election. just monitoring commentary for you out of the central bank

governor and ecb governing council member kazimir. taking note and something we should unpack for you. he says he expects a quiet summer on ecb rates. the question mark for the ecb is how many more rate cuts will they push forward? there was a slight blip in the inflation print. they said it would definitely be a hike, or a cut i should say, in june. kazimir says we can expect one more rate cut this year. that would, obviously, be data dependent, as they always said. one thing is for sure. whe what the ecb telegraphed as the first cut in june and may not stand too firm when the next

rate cut could wocome. peter kazimir expects one more rate cut this year, he thinks. overall, it has been an interesting picture with the board. now you are seeing a little bit of red across the board. steady as she were because we have the pce data to look out for and a little bit of news coming out as well. h&m in the news with it saying its target for the full year may be tougher to hit. disappointing quarterly numbers. weather conditions not appealing as much. perhaps a fruitful summer may help with regards to earnings. perhaps you are seeing it. cac 40 down ahead of the french elections. let's get to the currencies. it has all been about the dollar-yen at 160.55.

breaching that mark and hitting it in 38 years and attempts to prop up the currency on the back of that news. for the month, the yen falling 2%. you see the stability for the euro as well as sterling. very interestingly, the richts bank keeping rates on hold at 3.5%. interestingly, the dollar-swiss franc is unmoved for now at 0.89762. speaking of the snb the, the sw national bank, nominating martin schnegel. schnegel will serve until 2027. also make note of this, but the

riksbank guided toward two or three cuts this year with the inflation prospects remain unchanged. markets did reduce the bets in the wake of the decision with 50 basis points of easing which is just two cuts by the end of the year according to lseg data. we will have more on the decision. we are interviewing the president of the riksbank, erik thedeen at 1:00 p.m. european central time. now conservative party leader rishi sunak hit out at labour's keir starmer over migration and the economy and trust in politics as the two leaders clashed in the last debate before the election.

the voters were split 50/50 on who won the night and asked to put their political views aside. rishi sunak accused starmer of being dishonest of the tax plans. >> leadership means being honest with people about what you plan to do. i appreciate not everyone will agree with me, but at least you know where i stand. keir starmer is not being straight with you about his plan to raise taxes. i don't think that's leadership. i don't think people should surrender their family's finances to labour. >> we set out in our manifesto of the fully costed. we will not increase income tax or national insurance or v.a.t. what the prime minister is doing is he has a manifesto which has promises to you and everybody watching because the money he is relying on has already been spent. that is a mistake that liz truss

made. that is what cost so many people so much across this country and now we have a repeat unfunded commitment and lots of promises, promises, promises. where is the money coming from? the chancellor, himself, said it was spent last year. we will have the same as we got now with the cost of living crisis bearing down on people cr across the country because the economy is broken. this is the chance to turn the page and rebuild the economy. >> all right. labour leader keir starmer was challenged on his decarbonization plans after it was suggested hundreds of billions of pounds were needed than the 28 billion per year promised in the party's manifesto. >> we set out in the manifesto to go to renewable energy and we

set out how much that cost. exactly how much is put in. we have a column saying how that will be funded. yes, it is absolutely right that we want to get investors to come along side that government money. we've been talking to global investors for the best part of two years to say if we put down this money set out in the manifesto, will you come along side it and put down many more billions of pounds so in partnership with the government, we can make the change we need. >> now the chair of the uk energy transmission commission lamented the widening split between the parties on decarbonization on "squawk box" this morning. >> we had consensus to get to net zero, but conservatives have pulled away from that. i think that is undoubtedly

true. it doesn't motivate rishi sunak. i say it motivated boris johnson. he sort of thegot it. liz truss didn't get it. i think the labour party has sentiments in crucial areas. one is the power system to accelerate our progress. at the moment, we are committed in the uk to get to essentially close to zero carbon power system by 2035. labour say they will accelerate that to 2030. that will be challenging. it will be a heavy lift. i think it is a good objective. >> james alexander is joining us now as we unpack this uk political saga and perhaps a little bit more on the energy side of things. james, thank you so much for the time. i want to get your thoughts on the uk energy commissioner said with the change in leadership will mean that the uk

accelerates the progress to net zero. there was a consensus even within the conservative party with regard to how to tackle the transition and now it seems to have gone away a little bit. what are your thoughts? >> disappointing to see the change in the consensus. all of the evidence points this to being the right direction for the uk to travel. this is not just about decarbonizing our economy, but creating a cleaner energy for our future. we know the rest of the world is on this journey, too. we have a choice. we can either keep up, stay a leader, be an head and have the innovations here in the uk or wait for the rest of the world to do that and we lag behind. that can be very, very hard for us to catch up on in the long term. this is the clear choice. this is not about do we or not do net zero? it is about how do we keep up with the world.

>> are we losing, let's call it that lead, because maybe you don't hear enough in manifestos and all of the campaigning? >> the campaigning is not focusing on net zero. that's a shame because of the credentials of the uk is an important part of the future of the economy. we speak to our members regularly on this. the challenge that we have right now is the uk is not a good investment destination. we need huge amounts of private investment to come here and that will turn the economy and drive the jobs here in the uk. we need to do a lot more to make the uk an attractive destination. we know the united states has the inn inflation reduction act.

>> is that going to be done by investing in ourselves and meaning you spend quite a lot of money in this green transition and will that investment have to come from government primarily? >> we don't see the need for huge amounts of public sector subsidies. that is actually a really important part of the narrative. responding to the inflation reduction act doesn't mean we have to respond in the same way. we don't have to throw subsidies at every business to drive things forward. what we can do and need to do is unblock the barriers that are stopping the uk from attractive d destination. it takes ten years to get a renewable project through planning. that is far too long. if you get it through the planning, it is long term to get it built.

how do we unblock those barriers and build investor conconfidenc? we need to line up to attract long-term capital. >> i would say that is the reason why private investment holds back. not so long ago, i was in shetland and speaking to sse and trying to set up wind farms in that part of the world in scotland. it has taken us as long as you just said. ten years to get this project under way and that is the problem. now, on the other side, if you don't get the subsidies going, you say we don't need them, if you don't get them going, will there be evs and heat hpumps in place for consumers? that slows down the process and transition? >> what we know is the financial service industry, our members, have a wall of private capital they would be happy to bring and

invest in the uk in sustainability and driving the future economy. the challenge is we haven't got the building blocks in place from the policy perspective to make that poll. you mentioned evss. we had a 2030 ev target. it made investors confident to have plug-in points and battery factories here in the uk and knowing with that target and with that regulation around 2030 evs, there would be customers for the folks in the long term. move back to 2035. that instantly harmed investor confidence and changed the dynamic of the conversation. we see the parties looking at putting that back to 2030 in the election campaign. >> how does that transfer the nuclear over transition? >> nuclear is an extremely expensive way to get energy. we seem to forget how expensive

nuclear is. the new nuclear plant is astros astronomically expensive. we have the ability to create an amazing renewable power future for the uk. it means that energy bills are not going to be subject to the price spikes we have seen primarily caused by the price spikes of fossil fuels. if we take our electricity generation out of the fossil fuel mix, we give people stable energy prices for the full future. that is something we can't underestimate with the energy prices we have seen recently. >> one would hope solar panels would work in this part of the world. they don't always work with the winters. >> on a day like today, we should get more. >> you hope so. james, i appreciate the time. thank you for joining us and the

interesting conversation particularly with the uk politics and how much this will be significant for voters as they head to the polls in a week's time. james alexander. coming up on the show, the stage is set for the first u.s. presidential debate of this election cycle. we'll have the latest stateside after the break. aftethe fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com.

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welcome back. openai ceo sam altman believes will see new models built to go beyond training them on existing knowledge and will eventually be able to teach themselves. speaking at the aspen ideas festival where cnbc is the media partner, altman said the rising risk of a.i. generated deep fakes and disinformation will mestricter regulations will be needed when they come through, of course. >> it is is inevitable the

technology will be capable and there will be systems that will allow that. that's where i think we have society and governments need a role to allow some use cases of technology we're not comfortable with, but in some places, we will draw a line and face deep fake revenge porn is the place to draw the line. the federal reserve says the banks passed the annual stress test. under the baseline scenario, it was a 40%, 4-0, fall in home value and would see the biggest hit to capital in years, but still need regulatory standards. investors are eyeing the first quarter gdp print.

they are eyeing a slowdown on the prior quarter when it expanded nearly 3.5%. the stage is set for the first u.s. presidential debate of the u.s. election cycle taking place in atlanta don't. president biden and former president trump will trade off on reproductive rights and the economy. nbc news' alice barr joins us. another debate where feisty comments are anticipated. >> reporter: arabile, you can bet on that, if nothing else. there are some controls to make sure that things don't get too out of hand as they did, frankly, in 2020 with a lot of complaints after the first of those debates that you couldn't get a sense for each of the

candidates' policy perspective with the crossover talk. this time, candidates' microphones will be muted when the other person is talking to cut down on that. also worth noting, there is not a live studio audience in there. that is something both campaigns agreed to, but former president trump believes it will be a dead and sterile room and no audience to feed off. in the final hours, both candidates are fine tuning the talking points. the former president is focused on immigration and the economy and going after president biden on those issues. president biden is looking to fight on reproductive rights and the threat to democracy that his team says former president trump poses. this is this moment with the big stage and they have a chance earlier than ever before in the general election cycle to try to get people on their side. particularly people who are

skeptical of both candidates. called it double haters. they make up nearly a quarter of the electorate. you see it is just about a dead heat in poll after poll how closely these two candidates have been running inside the margin of error. these people who are skeptical and uneven ngaged, those are th people that the candidates are trying to reach. worth noting, the biden campaign is working with high profile content creators have clips and shared far and wide. they are planning post-debate rallies tomorrow. president biden in north carolina and former president trump in virginia. arabile. >> alice, i appreciate your reporting. we will continue to check in with you as well throughout the election cycle. alice barr of nbc news.

a quick look of the numbers as we close out the show. you see weakness as well, particularly, out of the uk and france as we head toward the first round of elections this weekend. pce data in the united states is one to look out for. we still have italian data as well as spanish retail sales numbers to unpack as well. we will speak to the riksbank as they kept rates unchanged at 3.57%. if we talk about rates, we can't leave the show without the bank of japan. the governor of japan saying that economy is in moderate recovery, although it appears to be pausing recently five months. that is according to the monthly report put out by the japanese government. it follows on from the yen hitting 160 versus the u.s. dollar. 160.82 is what 9 mthe market is

looking at today. the government also saying it was on risk of elevated interest rates in the west are effecting the weak yen. all of those are impacting things significantly. we see jgb hit a 13-year high reflecting the end of the low rate era, should i say. we are headed to the united states as markets open a little bit later on. we look like we could have a negative day. all roads leading to the pce number. thank you for joining us on "street signs." back with you here tomorrow. "worldwide exchange" is coming up next. my name is arabile gumede. what is cirkul? cirkul is the fuel you need to take flight. cirkul is your frosted treat with a sweet kick of confidence. cirkul

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it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." stocks on a roller coaster this week as we close out the second quarter. ahead, a history lesson on the double digit pull back may be closer than you think. the pull back on micron. shares hit hard in the pre-market. big banks getting passing grades with the stress test. sam altman