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 with the bold outlook on a.i.

we get the unofficial kickoff to earnings season. it's thursday, june 27th, 2024. you're watching "worldwide exchange" right here on cnbc. ♪ good morning and welcome to "worldwide exchange." thank you for being with us. let's get you ready for the trading day ahead. we kickoff the hour with a check of the futures. look at futures. in the red across the board. all three indices down. the dow would open up 30 points lower. today, the issue is big tech with the nasdaq off the second straight day of gains and another historic market cap milestone. this time around is amazon. becoming the fifth u.s. company to ever hit a $2 trillion market cap. much more on amazon later on in the hour. shares in the pre-market, down slightly. we have the first quarter gdp

read today. the benchmark is ticking up 4.33. we wait for the economic report and, of course, pce coming up tomorrow. that is the money set up. let's see how europe is shaping up its trading day with arabile gumede in the london newsroom. arabile, we see a lot of red on the board now. >> we certainly are, but, frank, if you are looking for direction, you will not necessarily find it out of these markets. we have seen the positivity stateside. it did impact things out of the market in asia. a lot of the semiconductor play from that side of the world. it is fairly mixed in. it is the lack of direction we're seeing out of this side of the world. you are still seeing the tech players, although micron went down stateside, the european chipmake rs are moving higher. they are finding some gains.

down on the cac 40. the french market ahead of the first set of polls that are set to open up this weekend in that poll in france. we are looking at that as the spanish market is down .30% so far. the interesting news at play is the swedish central bank and the riksbank is keeping the rates unchanged at 3.75%. you have the retailers on the downward trend. 1.7% weaker. media moving up .50% with utilitiies at the bottom of the stoxx 600. the gainers and losers with stocks, h&m is down because it missed forecasts in the second quarter. operating profit of $7.1 billion. the fashion retailer expects

sales to decline this month in part due to the weather, but warning its full-year earnings goal could be a little bit harder to hit, frank. >> a lot of issues in retail. levi's in the u.s. is down as well. arabile, thank you. time for the big money movers. we start with shares of micron under pressure with better than expected quarterly results. investors look at the lofty exe expec expectations. micron is getting demand from the a.i. boom. even with today's pre-market action, micron shares are up 50% year to date. micron is the largest memory chip maker in the u.s. shares are down 6 th%. don't miss sanjay mehrotra on

"mad money" tonight. levi's slides on sales miss. consumers have been quote generally cautious and not spending a lot on discretionary items. a lot with raising dividends, levi's is reducing reliance on department stores. here is michelle gass on "mad money" last night. >> we delivered another double digit quarter. we were up 11% and driven off nine consecutive quarters of strong comp growth. the federal reserve says the 31 largest banks that operate in the u.s. passed the latest stress test indicating they would be able to withstand an economic downturn. assuming unemployment surges and

values fall and banks will announce the repurchase plans tomorrow. the dow is on track for the first down quarter in the last three and the s&p and nasdaq are solidly in the green. take a look at the nasdaq on the screen. on pace for its first three-quarter win streak since 2021. however, if you look at the trends, a pullback this year could be in the cards according to the dow jones data. for all you investors, the average stocks rarely go more than a year without a correction. joining me now is vance howard from howard capital. good morning, vance. >> good morning, frank. good to see you. >> are we set for a pullback arreas the historic trends tell us?

how would you play it? >> it is really tricky, at this point, frank because we're in such a big bull market. the market is running ahead of itself on the technical standpoint. it is probably overdue for a modest pullback. i think it will be a viable pullback. we have two more trading sessions before we move into q3. i think we're staying bullish. i saw goldman sachs raised the estimate on the s&p to 6,100. that is a pretty bullish call. i can't disan agrngree with tha. >> tom lee last night making the call to triple by 2030. i want you to listen and get your reaction. >> when you get to your prime years, 30 or 50, you are borrowing more money and making big life decisions. on top of that, we have a big opportunity for u.s. technology

companies because of a.i. which is supplying the global digital labor with the shortage. these two forces are combining to, i think, power a decade of good stock returns. >> in context, tom lee is a big bull. i want your take on his take. >> i couldn't agree with him more. the other thing not talked about is the russell 5000. there are less and less stocks being bought by vitsz individuals and less opportunities. there is more con send indi concentration in the market. a lot of people don't want to own their own business and the other issue is the stock market. you have $6 trillion of cash sitting on the sideline. we monitor the cash build up religiously. that $6 trillion hasn't come down hardly at all. all of that money can be plowed into these companies that are

profitable. i think on the short-term basis, maybe we get a bit of a pullback here. that is not unreasooeasonable fe run we had. >> there are picks in biuy bio pharma. why that pick? >> you have to start looking for other opportunities. salesforce got beaten up pretty bad. moderna and regeneron. if you look at the charts for a decent breakout, you need to explore other than just tech. >> vance howard, thank you very much. a lot more to come here on "worldwide exchange," and the one word that investors have to know today. first, getting set for nike today. amazon is looking to take on temu and shein and the next

source to do it. we'll tell you on the very busy hour on "worldwide exchange" when we return. stay with us.

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the 160 mark in april, the japan central bank intervened. we will have more coming up in the hour. the yen falling to a 37-year low against the dollar. time for a check of the top business stories with bertha coombs. bertha, great to see you. >> good morning. good to see you, frank. openai's sam altman says he thinks the future of a.i. is going far beyond existing data. speaking at the 20th aspen ideas festival in colorado, altman adding people are going to use these tools to invent the future and its economic impact cannot be understated. >> i think the sort of point i was trying to make is it would double the world's gdp which feels like reasonable to me and be in line with other technological revolutions. yeah, we do think this is just

going to be a massive driver of productivity and already at this early stage, seeing what people are doing with it to sort of vastly improve products and services. >> we should mention that nbc universal group is the partner of the aspen festival. and amazon plans to launch a new discount store taking aim at temu and shein. allowing chinese sellers to ship directly to u.s. consumers. the storefront which was unveiled yesterday, will feature a range of items under $20 a piece. and state street global advisers will launch its first cryptocurrency fund. state street is the third largest etf issuer in the u.s.

o overseeing $4.3 trillion of assets. bitcoin has fallen 10% since the first and now trading well below $70,000. frank. >> bertha , thank you very much. see you later in the show. we get the economic read of gdp at 8:30 a.m. near shoring is expected to be a ma major driver for gdp going forward. domestic construction is overall spending. jeffries out with a note saying it sees steel, concrete, rail and real estate companies as positioned to benefit in the medium term. joining me now to look at the stocks expected to see the biggest benefit is the ceo which

manages rho. good morning. >> thanks, frank, for having me on the show. >> let's look at the applied technologies and eaton corp. in your mind, what is the biggest upside for these stocks in the near term? how do you see the stocks performing? >> we still think we're in the early innings of near shoring. the u.s. is under estimating the near shoring and that is impacting the gdp that went to infrastructure or railway or manufacturing spend. those numbers you show there are showing it has come back in the last two years. this is coupled with an urge to reshore and near shore. primarily to reshore? why reshore?

supply chain. realizing the third-party action not there. we see reshoring and we see beneficiaries. it is really a trend that we're in the first few years and covid accelerated that. covid is not the catalyst for this. >> why isn't the etf doing better if you don't mind me asking? it is lagging the broader market. why are these stocks trailing the broader market? >> the etf is ahead of the s&p 500 over a year ago without the magnificent seven. the year to date, the etf had a big runup in the second half of the year. some of the manufacturing startups, frankly, were re-priced. we think coming again in q2 earnings, we see a number of companies attractively positioned for a continued most

momentum with these companies. q1 was a bit softer. we are seeing q2 end strongly and we expect that to continue to q3. >> we talked about what is going in the u.s., but near shoring in mexico is a big factor. direct investment in mexico this year. $38 billion year to date. 35% higher year over year. how does that impact u.s. companies? >> there are icompanies that ar not reshore, so they near shore. it is better than offshoring. it is still a security risk and political risk and protectionism risk. companies will look at near shoring over reshoring. you see chinese manufacturers that cannot reshore. we think this is a trend that's

not just going to benefit the u.s. we see this across the world. you see regional in asia. moving from the supply chain in asia to vietnam. we believe the corporate beneficiaries is u.s. focused. that's what we see in the midwest. we see a tremendous amount of activity in states like indiana, michigan, kansas, texas and that's where we see it continuing. >> maurits pot, thank you very much. ceo of tema. coming up on "worldwide exchange," why millennials are saying no thanks to the stock market. opting for a more lucrative investment in the long term. we're back with that story right we're back with that story right after this chewy, a citi client, uses citi's financial expertise to help drive its growth and keep its supply chain moving,

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welcome back to "worldwide exchange." i'm frances rivera with the nbc news headlines. a 24 hours in bolivia with the coup fails. it was called off due to the lack of public support. the attackers later pulled back as supporters of the president took to the streets. the insurrection was letd by th army general. and here in the u.s., the public got a preview of the

supreme court decision. a document relating to a pending case on abortion care was posted on the court's web site. the court appears likely to send the decision back to a lower court. that means women in idaho would have access to abortion during medical emergencies while the lawsuit continues to play out. the official decision on the case could be released as soon as today. abortion will likely be a topic we hear about in atlanta. that's where tonight president biden and former president trump will face-off in the first debate in the tight race for the white house. the 90-minute debate will feature muted mics with the other candidate talking and no live studio audience. frank, you are up to date. back to you. >> frances rivera, thank you. turning now to -- all of us have dreams to be rich and successful, but now a growing divide among the older and younger generations of how we climb that mountain. robert frank joins with us the

survey that shows it is not your father's or grandfather's stock market. >> frank, they won't be able to get above average returns with traditional stocks and bonds according to the study. 72% still have faith in the stock and bond portfolio, but asked about the growth, younger investors listed real estate first and crypto and then private equity. the same question to older investors, they picked domestic stocks first and followed by real estate and then emerging market stocks right behind. younger investors have nearly three times more alternatives in their portfolio compared to xers and older investors. they have about half of the share of total stocks, only about 25%. the other difference,

collectibles. the young are likely to collect watches and classic wine. nearly one-third are interested in collecting sneakers. the younger investors see it as part of their investing strategy and much more likely to trade in and out of collectibles just like they would stocks. you can read more about the great wealth transfer in my new newsletter called "inside wealth" at cnbc.com/insidewealth. >> you are doing great stuff there. i want to get back to the younger investors with collectibles. real estate makes sense and crypto. collectibles. is there a market for collectibles long term? i used to be a big comic book

collect collector. they were valuable for a while and they dropped off the cliff. >> these are all opaque. with comic books or art or sneakers, every item is very different from the next. it is hard to really get a sense of the performance. if you look over the long term, five or ten years, a lot of the cat categories, especially art and classic cars, have done as well or better than the sdtock marke. all of the collectibles have derivative ways to buy them with the loans or funds that buy a bunch of sneakers or art or classic cars and you buy a share in that fund. there's much more choice in terms of how you invest in these markets and more, importantly, y you don't have to have a lot of

money. you can enter at a lower entry level because you don't have to have just $25 million for a picasso. you can buy a share. >> interesting stuff. by the way, we are showing the chart. s&p up 85% over the last five years. robert frank, great to see you. as we head to break, we are watching shares of boeing. federal regulators are accusing boeing of violating rules of not disclosing the report to the media. it is sanctioning boeing and referring the conduct to the department of justice for review. we'll be right back after this break.

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it is just about 5:30 a.m. in the new york city area and there is more ahead on "worldwide exchange." stocks are raising to the finish line as one adds to the mantle. futures are facing a bit of pressure. key to the market action. nike is hoping to put a stop to the streak of under whelming results. the big banks are passing the stress test, but the better gauge how strong the sector really is. it is thursday, june 27th, 2024. you are watching "worldwide exchange" here on cnbc.

♪ welcome back to "worldwide exchange." i'm frank holland. let's pick up the half hour as we do with the u.s. stock futures with the s&p and nasdaq coming off back-to-back positive sessions. they are in the red. the dow would open up 65 points lower off the lows of earlier this morning. we're also looking at another tech giant hitting a major milestone. amazon becoming the fifth u.s. company to hit a market cap of $2 trillion. the bit of a pullback this morning. market cap still above $2 tri trillion. we are watching shares of micron under pressure despite the company reporting better than quarterly results. the sales forecast failed to beat the street's expectations.

we are also looking at the bond market ahead of the third read of the first quarter gdp. the benchmark at 4.33. ticking up a few basis points since yesterday. also, the bond market probably reacting to the inflation report coming up tomorrow. we'll talk a lot about tomorrow. that's the money set up. let's turn to the stress test for the u.s. banks. the federal reserve says the biggest u.s. banks get passing grades in the stress test. they maintained strong capital levels in the hypothetical recession with the double digit decline. in the scenario, the banks would lose $685 billion combined which is more than last year. they would also survive a 40% drop of commercial real estate values. a major concern of the slaps of

svb and first republic last year. they would announce capital return plans on friday. we have devin from jmp with us this morning. good morning. >> good morning. >> we mentioned the cet ratio falling and declining 3%. that is the cushion the banks have. how should investors view that? >> i think to take a step back and investors should view the banking industry, particularly the largest banks in a great position. all of the banks passed this year's stress test. if you dig into the results a bit more, the results were, you know, mixed relative to last year. some banks were a bit better. some banks were a bit worse. on balance, everyone passed. the issuers are in a great capital position. we have been talking about the stress test and saying there is

not a huge event. we are moving more toward the end game which is a regulatory overhaul. we'll have more insights on that in august. we have been pretty constructive on the banking industry's position with the end game of capital return to ak st.ccelera more materially. >> that is not a concern in your mind? >> the largest banks and not a stress scenario. obviously, there are a few banks where they came down a bit more than last year and some were up a bit relative to the last year. these are all small ones. they all performed well. we expect on friday we get two capital return announcements. i expect a modest improvement overall to last year. the bigger capital return story is going to come on the other

side. >> difevin, before we skip ahea to friday, i want to talk about the stress test right now. we talk about customers real estate on cnbc, but the drivers of the decline are credit card delinquency and credit portfolios. is that an area of concern for investors? >> the large banks are so diversified. you see some stress and that is part of what drove down the ratios in this test. the banks still, overall, came out in a good spot because they have such good diversification. as you go below that and into the smaller regional banks, it has more concentration and we are more focused on investors. again, it is something where we knew there would be some stress in this test and ultimately the banks came out in a good spot given the severe scenarios the

fed is putting the banks through. >> you are mentioning the capital returns tomorrow. what banks? >> we will get announcements from everyone. i think the largest banks are in a good position to at least modestly accelerate return, but to my earlier point, there will be some reluctance to get too far ahead where capital rules shake how tall. there were press results that it will soft earen here. that is really good for the banking industry. as we get to the final rules which are potentially coming in august, that is the catalyst to the group which thinks about ak st. accelerating capital return.

>> devin ryan, thank you very much. coming up on "worldwide exchange," fresh fears in japan as the yen hits new lows. and softbank makes its latest bet on a.i. erthwhe ey are putting their money to work when we return. at least, not the way it could work. your people are buried in busy work. and you might be thinking... can ai make it all work? it can. on the servicenow platform, ai transform your enti. your people work better, your customers are happier, and todd... well... he's practically euphoric. practically. so, let's get to work. (♪♪)

welcome back to "worldwide exchange." time for the global briefing. investors in japan are concerned

over the yen currency. we have jp ong with that story and more. >> reporter: good morning, frank. it was not a cheerful day across asia with most stocks ending in the red. there is a lot of reasons to be a little bit more cautious. we start off in china. from shanghai to hong kong, all closed in the red. failing to impress on profits. growing lower at the 4% growth reported in april which raises more concerns of the chinese economy, second largest in the world, starting to slow down. still a lot of questions about the property sector which is clouding sentiment across the region. we want to talk about the yen with the yen, as you mentioned, falling to the weakest levels

since "top gun" 34 years ago. it has not hit the eject button after it raced 160 against the greenback. we have to wait for the bank of jep japan to introduce a rate hike. that could danger the fragile economy. we want to talk about softbank and staying in tokyo. the founder is wrapping up his investment in a.i. you have the bloomberg report saying softbangk is investing from a.i. and values that group at $3 billion. you have softbank with the joint venture with tempus a.i. this is a group that might look at personal medical data with a.i. solutions. the latest in the attempt to gear softbank to what he said is

a artificial super intelligence. frank, back to you. >> thank you, jp. coming up, the one word every investor needs to know today and we dig into what nike can do to help catch up to the competition. we'll be right back after this break.

welcome back to "worldwide exchange."

m nike expecting to report after the close. you see nike shares down 13% year to date. > a slowdown on the stock. morgan stanley expects the sportswear giant to guide above 1% revenue growth. analysts say that is due to a lack of clarity in the company's innovation pipeline. ubs estimates it takes 18 months to bring a product to market raising questions of the sneakers and apparel face costs. joining me now to look ahead at earnings is matt powers. he is a nike investor. matt, good morning. >> good morning, frank. >> what are you looking for in the report? we mentioned nike shares down double digits year to date. >> the shares are down 12% year

to date. they are actually 40% from the 2021 high. you know, and with nike, there's specific reasons for the poor performance. the turn around plan is clear. we are looking more at the numbers and more specifically at the tone change to positive and more color on the efforts on this turn around plan. >> as you mentioned, nike is changing the innovation pipeline. how confident are you in the plans to come out with new products? are you concerned they are leaning on jordan and air max? >> as a sneaker guy myself, i love jordans. i have more than i can count. with that, they have been leaning on him heavily. with the slowing sales growth in china and you just said the competition from on and hoka. you remember they slowed on the

wholesale relationship in stores and foot locker and dick's, et cetera, which opened the door for hoka. it has been a problem for them. as far as new products, they are using the olympics as the release. >> you mentioned the olympics. a lot of people think it will be a tailwind for this company. besides that, they have been facing headwinds. shipping costs and raw material costs rising. a lot of things going on. how concerned are you about the trends with the ocean shipping costs spiked with the red sea disr disruption? >> of course, that's a problem with nike especially with the china presence. they are focused on cost cutting. they had $2 billion. they are working towards as far as cuts. they reduced management layers and shipping more resources toward the consumer.

they were clear on the last quarterly call that they are increasing the design and branding. >> as an investor, is there one change we haven't highlighted? some analysts say they may shake up management to spur growth. as an investor, what are you looking for? >> so, specifically, before we are adding to the position, we like to see the plans take effect. regardless, any kind of economic challenges from a stretched consumer cyclical and that gives weight to renewed strength. nike is working hard and any good company is doing this, they are working hard on a turn around plan and putting themselves in position to capitalize on it. we like to see numbers before adding to it. the stock came on our radar because the price came done and drove the dividend yield up. they have a strong growth in the dividend. with that being said, this has to take effect. we are not looking for numbers

on the quarterly call that will be substantial. >> matt, you are echoing what analysts are saying. they need to see new innovation. facing competition from hoka. matt, thank you. we have a market flash on h & mar. getting hit due to bad weather in europe. it is the second largest fast fashion company. coming up on "worldwide exchange," the beaten up sector our next guest is finding opportunity in in the next six months. cnbc is sellcelebrating pri month. here is the chief financial officer of pai. >> being a proud member of the lgbtq, in a world of visibility,

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time for the "wex wrap-up." we start with spacex selling insider shares at 112 a piece boosting the valuation from 200 to $210 billion. the highest valuation for a u.s. private company ever. still lower than bytedance's valuation. watching shares of trump media after it closed 8% higher yesterday. up over 40% since losing half its value in the wake of former president trump's conviction. and webtoon prices the ipo at $2.7 billion. it will sell 15 million shares at $21 a piece. and federal regulators are accusing boeing of violating the reports of the blowout investigation to the media. the agency is referring the conduct to the department of justice for review. and shares of micron showing better than expected quarterly

results and focusing on the quarterly forecast. micron is getting a boost from the a.i. boom, demand is sluggish in the pc business. sources tell nbc that amazon is offering a discount store taking on temu and shein. here is what to watch on the economic front. we get jobless claims and the final read on first quarter gdp and pending home sales. we get reports from walgreens and mccormick. you can catch mccormick's ceo at 2:00 p.m. today. president biden and former president trump are facing off in the first presidential debate. we'll have more on that later on in the show. and the s&p and nasdaq are coming off positive sessions. futures are coming off positive

numbers across the board. futures still in the red across the board. off their lows. the dow would open 60 points lower. joining me now is mimi duff with a look at the day ahead. good morning, good to see you. >> thanks for having me. >> how do you see today shaping up? what is your "wex" word dof the day?oncentration. s&p is up 15%. if you look at the internals of the s&p, the equal weighted s&p is up 5% on the year. if you look at the top five names in the s&p, they account for 9% of the gain. the top ten account for 11%. we are in a situation where the large-cap index is carried by this top group in the index right now. >> are you worried about the

concentr concentration? i know you are worried about bonds, especially short-term bonds. >> the a.i. boom has delivered thus far. we don't want to be, you know, we don't want to be overweight equities here. we are slightly underweight equities in favor of bonds. we think the bonds will perform better in the range of outcomes. given where we are right now in the economic cycle, we see, perhaps, more warning signs over the coming year than we think is priced in. that's how and why we favor bonds slightly over equities at the margin. >> we're about to enter q2 earnings season right now. we mentioned nike reporting its results after the bell. one of the big companies. what are your expectations? with so much indecision by the fed of when they will cut, do you think the earnings season is

the driver? we did our cfo survey and one-third believe we will get the first cut in september. >> right now, we have almost two cuts priced in by the end of the year and about four in the coming 12 months. what do i think the driver of the fed is going to be? i think it's simple. it is the two mandates. maximum employment and inflation. on inflation, we have great numbers with the second half of last year. terrible numbers to start the year. the most recent cpi was f fantastic. we have the pce which is the more important print for the fed tomorrow. that's going to matter a lot. one print doesn't make fed policy change. interestingly, the fed has brought in to the equation the employment picture recently. if we did see the employment scenario weakens substantially, that could also ignite the fed.

>> quite a bit to watch there in the employment market. i want to get to your picks. one is broadly defense. we show the ishares etf lagging the broader market. why are you so bullish on defense right now when we haven't seen the big spike despite all that? >> so, as you point out lagging the broader market, but given the concentration, most are lagging with the exception of the top ten. having said that, we like infrastructure because of the spending that hasn't yet been spent. between the inflation reduction act and the build better america act, about $4 trillion in spending has been allocated to infrastructure. only half of that has happened. we feel it will play out over

multiple years. this is a theme we like. >> mimi duff from gen trust, thank you very much. one more quick look at futures as we have been talking about all morning long. futures in the red across the board. the dow would open up about 60 points lower. s&p and nasdaq are lower as well. that will do it for us. "squawk box" starts right now. good morning. amazon now the fifth member of the $2 trillion club. we will talk about the other big tech movers with just two trading days left in this second quarter. it's also debate day. it's here. president biden and former president trump will square-off in atlanta. we'll talk about the strategy for each candidate straight ahead. and nbc's peacock will use the a.i. voice of al michaels to create highlight reels during

the olympics. it's thursday, june 27th, 2024 and "squawk box" begins right now. ♪ good morning. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm melissa lee alongside joe kernen. becky is off today. andrew is at the aspen ideas festival. he will join us later on in the show. let's get a check of the u.s. equities. we see pressure pre-market from shares of micron as well as nvidia. micron reporting yesterday that beat expectations in terms of the last quarter. the current quarter guidance was not overwhelming. we see micron down 5% pre-market and nvidia down 1% pre-market. that is having an impact on the nasdaq down 42 and