good morning. ending on a high note. stocks hit 2016 highs again with banks and tech fueling the rally. we'll see if it holds on this, the last day of the quarter. tesla's big reveal. it's model 3 day. customers are lining up for the new electric car. is the firm's big bet a sell signal? chips and fries. will burgers help chipotle rebound? it's thursday, march 31st, 2016. "worldwide exchange" begins right now. good morning and welcome to "worldwide exchange" on cnbc.

i'm sara eisen. >> and i'm wilfred frost. it's throwback thursday. we're throwing it back with some one-hit wonders. "mambo number five" playing there. i forget who sang that. lou vega i've just been told in my ear. i'm pretty sure in the u.k. they had more songs out. >> that would still be a one-hit wonder if it didn't make it over here. no offense. >> there we go again. america is better than britain. i agree, sara. >> happy throwback thursday and last day of the first quarter. >> indeed. and some great one-hit wonders coming up. i know we can't talk about that the whole way through. but i am excited. we'll switch to markets and have a look at u.s. futures. are we going to end the quarter higher or lower? well, today at least we're expected to take some of the positivity we've seen in recent weeks off the quarter's performance. the dow is expected to open down by about 26 points.

the s&p by about 5 and the nasdaq by 10. let's have a look at european trade today. very much in the red as you can see. germany down 0.5. france down 1%. if you're looking for a region with the most disappointing performance year to date this quarter, it is of course europe, which is still down markedly for most of the continental european marks. at least the ftse 100 performance closer to being flat. asian trade for you. hong kong down slightly. shanghai up slightly. the nikkei is suffering. it's down 0.7%. it is down some 12% for the quarter as a whole. we all know one of the main reasons for that is because the yen has surged 7% in the opposite direction. right, here's where u.s. stocks stand on the last day of the qua quarter. the dow is up nearly 1.7%. the s&p is up almost 1%. the nasdaq is down about 2.8%. so those futures we just showed you slightly in the red. unlikely to erase quite the

positivity the dow and s&p are seeing, but it's close. >> but look at that. after the worst start to a year for stocks ever, quite a turnaround and a sharp reversal. the month of march has been very friendly for u.s. stocks. at one point, the stock market was down 10.5%. we've come all the way back and then some. you can thank janet yellen. you can thank mario draghi. you can thank kuroda. but it wasn't until yellen sounded the cautious note on the pausing in the interest rate cycle that things took off. you can also look at the commodities stabilization. oil prices a big part of that story. >> absolutely right. it was late february and early march we saw the rally. the last two or three weeks of march, we've sort of been treading water. absolutely a quarter of two halves. i'd say, really, the one to focus on are the last couple weeks, very much janet yellen

more than anybody else. even though all we've had from the fed during the quarter is just a change in rhetoric as opposed to massive changes in action from the bank of japan and from the ecb. it's only really when the fed has become more dovish that we've seen that final leg of this rally. >> because it is a policy change from december when they were on board for the rate hikes and they were looking out forward. they've really pared it down. now the question is going to be, can the data resume strengthening? it's going to start tomorrow with the jobs report. th then, can the fed get back to a normal hiking cycle. >> i think it is a change in policy but nothing to the size of the change in policy we saw from the ecb and bank of japan. that's why i think this move highlights the way the fed is still the central bank of the world, that it has some power, some ability to act, whereas the others are losing any ability to act. negative rate, the yen still

soars. >> or maybe investors just like the idea that central banks are more in sync, that the fed isn't moving one direction and everybody else is going in the other, which results in a stronger dollar, which caused all sorts of headaches from emerging markets to u.s. corporate profits. let's show you the picture right now as far as the dollar. the dollar is headed for its worst quarter in five years. this has been a major relief for markets across the board. remember when everybody was freaking out about the chinese yuan at the beginning of the year? guess what, even that has reversed. and this weak dollar has allowed the chinese central bank to actually let its currency strengthen, which is much more reassuring for investors everywhere. let's quickly show you oil, which has given back a little bit of its gains after, again, a higher quarter. we're going to talk about whether we've seen the bottom during this first quarter of the price of oil. wti is back below $38 a barrel

this morning, down about 1.5 percent. we'll monitor that. could be a reason for some of the losses in the overseas marks. brent crude oil down 0.75%, just below $39 a barrel. nat gas getting a little pop. on the treasury front, what we have seen this quarter is buying of treasuries on the back of janet yellen just in the last few weeks. yields lower, seeing that again today. we'll watch that into the jobless claims report. >> an interesting thing to point out on this year to date is that we are closer now to the lowest yields of the year rather than the highest yields. even though equities have recovered to their starting point, the yield habit. so equities recovering since the middle of february, that's quite a bullish signal. of course, the ten-year note, closer to the 1.75 low of the year rather than the 2.3% high of the year is quite a bearish signal. there's been more bond buying alongside the equity buying as we've recovered. >> or just a signal the central banks are in easy mode. >> so it's a central bank

delivered equity rally. ic that's always something worth remembering. >> on that note, we've seen gold shoot up during the first quarter on the back of a weaker u.s. dollar and all the central bank stimulus efforts. gold is higher this morning on the back of equity losses. really starting in january, taking off there, having one of its best quarters in years since back in the financial crisis era. >> just want to bring it back to the chinese yuan point. we were just discussing it. we said how it's been front and center. there's been volatility. there's been moves in the yuan year to date. have a look at this chart to see the yuan against some of the other asian currencies against the dollar. clearly tiny performance. a couple percent versus more like a 10% move for the malaysian ringgit. big moves in the australian dollar. yes, i hear you say the renminbi is meant to be pegged.

compared to other currencies, it hasn't moved that much. yet, it's been such a big talker throughout the year. i think that's also worth bearing in mind. those moves for some of those currencies bouncing back against the dollar. it's huge. >> it's helped. it's helped the flows. it's helped their stock markets. that has been the story of the month of march. more jobs related data and fed speak on today's agenda. thursday, weekly jobless claims out at 8:30 eastern. just before 10:00 a.m., we'll get chicago pmi data for march. new york fed president bill dudley will be speaking today. in terms of earnings, movado reporting results before the opening bell. earnings kicking off much more into high gear starting next week, which a lot of folks say will be the next catalyst for the market. >> indeed. let's get to today's corporate

news. yahoo!'s implementing proxy access. the new bylaws allow a group of up to 20 stakeholders who hold a 3% stake and have for at least three years, rights to nominate directors. stocks to watch today. chipotle developing a burger chain. the company filing a trademark application earlier this month for better burger. a spokesperson saying the concept was in the works well before the burrito chain was hit by a wave of food-bourn illnesses in the past year. other chains include southeast asian kitchen. so the question there is whether investors are optimistic. actually, the stock finished up 2% on the news yesterday. big bets outside of burritos. will it work for chipotle? such a name brand. >> another big issue, they have to reassure people first. >> absolutely. sources telling cnbc medivation

has hired advisers to oversee a potential sale. the ceo of sun edison's two spinoffs has left the company. no reason being given for his departure. sun edison has been hit by a string of financial foe woes, forcing it to delay annual regulatory filings and pushing the stock down 88% this year. ugly chart. >> very ugly indeed. more stocks to watch. micron technology reports a smaller than expected second quarter loss. they see improvements starting in the second half of the year. it's up 1% this morning. boeing reportedly plans to cut up to 8,000 jobs this year from its commercial airplane business. the move could slash about $1 billion in annual costs. boeing acknowledged wednesday the plans to cut about 4,000 jobs from the unit by mid year

but says it doesn't have a specific target for the cuts. ibm is buying blue wolf group. terms haven't been disclosed, but ibm is paying about $200 million. the wait is over for some new highly anticipated products from two well-known companies. the latest iphone hits store shelves today. and tesla will take the wraps off its latest vehicle, the model 3, this evening. landon dowdy joins us with what to watch. >> good morning. if you and i were analysts, i'm sure we hoped the iphone se would be a massive success, as it is named after our very own sara eisen. will it be the apple of consumers' eyes and become a cash cow for the company? analysts agree the price point at $399, the lowest price point ever for an iphone, the smaller

se is aimed at helping apping expand into emerging markets. others believe the se is about above $100 other. mean while, the wait is over for the new tesla model 3. the latest model costs $35,000. about half the price of the model s. seeing isn't believing when it comes to paying up. production won't start until late 2017. but that habit quieted excitement. people lining up yesterday to pay the $is,000 deposit when preorders began in australia. u.s. preorders will start today. that means consumers are willing to pay for something sight unseen. the 340d el 3 will be revealed tonight on tesla.com at 11:30 p.m. eastern. wilfred, i'm sure you're getting ready to leave the show and line up to put your deposit down. >> well, i would be if i need a car here. you just don't. i got in a tesla for the first time. >> how was it?

>> it was pretty slick, i have to say. although, the model 3 is going to be less impressive. perhaps more practical. >> so nice of apple to name a phone after me. >> still going on about that, gosh. >> thank you, landon. up next, tesla followers may have a lot of faith when it comes to the new model 3. they're already lining up as landon just said. we'll tell you why investors maye need to be a little more skeptical. and we're sending out birthday wishes today to twitter co-founder and former ceo evan williams. he turns 44. after leaving the social media service, he went on to create medium, an online publishing platform. former massachusetts congressman barney frank turns 76 today. he served the house for more than 30 years and was the architect along with former senator chris dodd of the sweeping financial reform bill dodd-frank. he's also a cnbc contributor. happy birthday to you both. stay tuned. you're watching "worldwide exchange" on cnbc. a fair price, quality service, and that in a new house, you probably don't share the same tastes as the previous owner.

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comcast business knows that. that's why you can schedule an installation at a time that works for you. even late at night, or on the weekend, if that's what you need. because you have enough to worry about. i did not see that coming. don't deal with disruptions. get better internet installed on your schedule. comcast business. built for business. good morning to you. if you're just getting up, joining us on "worldwide exchange," good morning. let's get you up to speed on the market action. we are just in positive territory for the year, for the quarter on this last trading day of march for the dow and s&p. around about 1% of gains. at the moment, we're facing declines in the futures market, but not quite enough to eradicate those gains so far we've seen for the year. we're called higher on the dow by about 30 points. the nasdaq also called lower by

0.2. that is down a couple of percent for the year as a whole. let's have a look at europe. europe is in the red today. more meaningfully in the red for the quarter as a whole. broader markets like the german dax there down about 7% still for the year. it's extending those gains with a little bit of profit taking. the ftse 100 only down a percent for the quarter. commodity names suffering in europe. let's have a quick look at asia. interesting to see the shanghai composite eking out a gain on the day the yuan set its highest point for the year. declines slightly in hong kong. sara? >> wilfred a story everyone is talking about. former lehman brothers cfo erin callan was once called the most powerful woman on wall street. she took the reigns back in 2007

and then resigned in june 2008, just three months before the investment bank collapsed. she has since shied away from the spotlight until now. self-publishing a new memoir on amazon called "full circle" where she details her time at lehman. callan spoke exclusively with our own kelly evans on "closing bell" last night, who asked whether she felt she was picked to fall on the sword. >> if you really look at it practically speaking, nobody wanted me to fail. everybody's income, livelihood were tied up in lehman stock. there was no incentive to have me fail. do i think at some point it was easier for me to be the public face of the firm and as a result i was associated with the entire performance of the firm? yeah, absolutely. and i talk about that. but i don't think there was any kind of conspiracy theory or idea that people wanted me to fail. >> obviously notable because she has not spoken up until now. and neither really has any of

the major lehman brothers executives. so a lot of interest in this. what i also thought was interesting was her tone and her memoir and her message in stark contrast to what we have heard. remember dick fuld spoke last year at some point at a banking conference. he really sort of stuck to a defensive stance that lehman brothers was not bankrupt, sort of defended the firm, should not have fallen, and this was sort of a more introspective view. >> also questions from kelly as well about the timing of this, the book coming out, is there a desire to get back into it. >> although, she didn't say how she was making money. >> she did say she was enjoying family time. i felt it was a little self-serving, but still interesting to get that take because no one has spoken out about it. let's move on to today's trade of the day. we mentioned tesla earlier. unveiling its long-awaited model

3 tonight. our team found it may be wise to sell the company's shares before the curtain drops. tesla posted an average loss of 7% in the five days after its previous car launches. far, far underperforming the s&p 500 and shares of other car makers. one month out, the stock averages a slight increase, but it's only higher 40% at the time. so this may be the sell the news event, unless elon musk unveils a car with even better features than anticipated in previous months. for more on that, go to cnbc.com. i have to say, that is a stark move that we saw, that 7% on the five days after. i suppose because there is always so much expectation with his cars that it's hard for him to beat it. >> yeah, that or he gets crazy on twitter, raising the expectations himself. united air of emirates is introducing a travel fee for passengers leaving the country through dubai. anyone departing through the city's airport will be charged about $10 as a service fee to

support airport construction. that airport is set to reach 100 million passengers by 2023. fees go into effect this june. airport fees in and out, i don't think, are so uncommon. what's interesting here is the region is clearly suffering from this slump in oil, the collapse in oil prices. we've seen other sort of interesting moves to raise cash and help with infrastructure, where usually they could just go to their oil funds pretty easily. >> what's interesting is they've already got great airports relative to the jfks of this world. i'll pay $10 every time i go through jfk if you improve it. >> good point. but you don't have to. >> we all should if they were going to spend it straightaway and improve things. up next, 99 problems and title may no longer be one. jay-z may have a plan to take on netflix and hulu. first, let's get today's national forecast from the weather channel's jen carfagno. >> sara and wilfred, on this thursday, we start the day with thunderstorms. we'll end with a lot of active weather. looking at severe weather riskings today for 37 million

people stretching from the gulf coast straight up into the midwest. again, the risk of tornados. at least six reported tornadoes from wednesday. we're going to sew that severe risk continue today. the heavy rain in this area will also be a potential. yesterday saw some of our record wettest march days, especially around the little rock area. we're going to see that kind of rain moving east today with rainfall on the order of 3 to 5 inches in parts of the deep south. temperature-wise a lot of warmth ahead of this system. new york city getting to 70. there is a cooldown coming. you can see that in parts of the west today. we'll get into that coming up today. that's the latest forecast. "worldwide exchange" continues after this. i have read it is the hardest job in the world. that's why i'm here. can you... i can offer advice from the accumulated knowledge of other educators... that's wonderful but... i can tailor a curriculum for each student by cross-referencing aptitude, development, geography... sorry to interrupt. but i just have one question:

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welcome back to "worldwide exchange." very good morning to you. the republican front runner is now backing off comments he made last night. donald trump saying women who with get abortions should be punished. his remarks drawing immediate condemnation from both sides of the political aisle. nbc's edward lawrence joins us now from washington with more. >> reporter: good morning, wilfred and sara. both democrats and republicans always said that donald trump's comments would get him into trouble. well, that hasn't happened until now. donald trump is backing off comments this morning where he said women should be punished for having an abortion. >> do you believe in punishment for abortion, yes or no, as a principle? >> the answer is that there has to be some storm form of punishment. >> for the woman?

>> yeah. >> reporter: trump's campaign clarified his position saying, the doctor or any other person performing this illegal act upon a would be would be held legally responsible, not the woman. the exchange with msnbc's chris matthews has republicans and democrats condemning the republican front runner, saying the woman should never be punished. >> i think probably donald trump will figure out a way to say he didn't say it or he was misquoted or bhawhatever. i don't think so. i don't think that's an appropriate response. >> you know, i'm constantly just taken aback at the kinds of things that he advocates for. >> to punish a woman for having an abortion is beyond comprehension. >> reporter: some female voters are still for trump. >> no, it does not change my mind or anything about him. >> reporter: still, she thinks trump should tone it down.

a new marquette law school poll in wisconsin shows senator ted cruz is up by ten points in that state for the 42 delegate there is. wilfred, sara? >> i'm just looking at the cover of probably every newspaper today. it's on "the times." "the daily news" always does something colorful. today they call him a womb raider. i'm just wondering, have we seen -- you just mentioned the wisconsin polls. how important is the female vote there, and have we seen any meaningful drop off as he says these things? it's not the first time he's said something that would be a turn off to the female voter. >> reporter: exactly. you could hear the big beeping sound as his campaign is backing out of this comment. beep, beep, beep. at the moment, we haven't seen any polls after he made this comment. the poll that came out, came out yesterday before he made the comments. so he's already down ten points in a very crucial state of wisconsin. so it remains to be seen exactly how female voters will take to this. his campaign is obviously trying

to back pedal and say, no, no, no, what he really meant is that the doctors or anyone who performs illegal abortions will be the ones who are punished, not the women. >> and just to be clear, both sides, whether you're pro-life, pro-choice, however you call it and wherever you are on this issue, are condemning this, right? >> reporter: exactly. pro-choice and pro-life folks are both condemning this. wherever you fall on this topic here. planned parenthood said all three of the republican candidates have a problem with this, and pro-life groups, one called concerned women for america, came out and said that in no way shape or form should the woman be punished for an abortion. >> edward, thank you very much for that story. >> unbelievable. >> indeed. crazy stuff. still ahead here on "worldwide exchange," today's top stories, and we'll get you caught up on all the market action. joining us is helima croft, global head of strategy at rbc capital markets. you don't want to miss that. you're watching cnbc, first in

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great time for a shiny floor wax, no? not if you just put the finishing touches on your latest masterpiece. timing's important. comcast business knows that. that's why you can schedule an installation at a time that works for you. even late at night, or on the weekend, if that's what you need. because you have enough to worry about. i did not see that coming. don't deal with disruptions. get better internet installed on your schedule. comcast business. built for business. good morning. will march go out like a lion? stocks hitting 2016 highs again with banks and tech fueling this rally. we'll see if it holds on the last day of march and the quarter. new this morning, mcdonald's wants to supersize its presence in china, with plans to add several new restaurants in the country. and diamonds are a girl's best friend, and this little gem could be yours for a cool $45 million.

it's thursday, march 31st, 2016, and you're watching "worldwide exchange" on cnbc. good morning and welcome to "worldwide exchange" on cnbc. i'm sara eisen. >> and i'm wilfred frost. it's throwback thursday. we're throwing it back with some great one-hit wonders. of all the songs we've ever played, they timed it to try and get us to break into a dance as this camera came back. i'm pleased for you we restrained. it would have been a very sorry sight. >> i don't know. i think people would have enjoyed that. >> i don't think they would have. let's check in on global markets this morning. of course, we're just holding on to gains for the quarter for the year in u.s. markets. the s&p and dow at least. the nasdaq is down a couple of percent for the year so far. we are expected to open down today, though not quite enough to eradicate those around about

1% of gains for the s&p and dow so far this quarter. we're expected to open down today by about 20 points for the dow. a quick look at europe. europe of course for the quarter much more negative still, to the tune of about 7% for the dax. only a percent or two for the ftse 100. we're declining further today. the french index down 1%. germany down half a percent. quick look at asia as well, where the performance so far this quarter has been more mixed. we've seen the yen down sharply. the shanghai comp recovered more recently. the nikkei is down 0.7% today, adding to around 10% or 11%. sf >> we started this show on the first trading day of january. triple-digit moves, sharp swings to the downside. we thought we were bringing bad luck to the global markets. in fact, it was the worst start to a year ever for markets. at one point, the dow was down 11%. then mid-february, it shot back up. march has been a very positive month.

listen to this statistic. the quarterly comeback from an 11% deficit this year, the biggest turnaround since 1933. thank you, cnbc. as for the broader markets this morning, we are seeing a little of the selloff kind of mood. yields are backing off a bit. 1.81 is your yield on your ten-year note. lower yields throughout the year, even though stocks have come back, as wifld noted. the weak dollar has also been the story. in fact, the dollar heading for its weakest quarter in five years. thank you, janet yellen, for some of the dovishness, resit rating that again this week. if you look at the u.s. versus chinese currency, which was the point of everyone's anxiety earlier this year, that chinese currency had started the year weakening. that was causing a massive selloff. that's completely reversed, thanks in part to the weaker dollar. the chinese have signaled they have more control over their economy. now the chinese yuan is actually at the strongest point against

the dollar this year. >> a 2% gain for the quarter as a whole, which as you say compared to those losses we werer it fird about earlier, it's quite the opposite. >> euro strengthening. dollar continues to weak. the dollar is coming off a bit against the japanese yen, something worth watching. the stronger yen has been very spooky. >> 7% move up for the yen against the dollar over the course of the quarter. if you wanted an indicator of central banks outside of the fed not having the ability to react anymore, that's perhaps the best one. whereas the fed just changes its rhetoric on whether it will hike. we'll see the dollar move in the other direction. >> and we also showed gold, best quarter since the financial crisis. >> indeed. crude falling today, but wti has been on aer it since early february, up 46%, helping lift stocks. more factors are contributing to the rally. will it continue? here with her take is helema

croft. let's talk about this crazy quarter for oil. such a strong bounceback as we've seen. we've managed to sort of hold on to those gains in the last week or so. only briefly stayed above 40. is that 40 level pretty key? >> i think the big question is, when do we move to 50? i think we have a supply overhang. we still have concerns about inventory levels. we think we want to watch what comes out of the april 17th opec, non-opec meeting. i think it was that discussion that was the initial catalyst to the rally. it was the first time you had the big producers saying, we're not so good in this oil price environment. if you get a strong statement on april 17th, i think that will provide a bit of a lift. the question is, are we going to see the supply actually coming down? we think the rebalancing is in q-4, but we are starting to see supply outages pick up. if you start to see more oil come offline, that's your early catalyst. >> why do you so confidently say the question is when do we move to 50 and not when do we move

back down to 30? >> at this point, u.s. production is coming down. we have a situation where u.s. production has come down from about 9.6 million barrels in the spring to 9 now. we do see it falling. also, china's very important. like, what was the big scare we got earlier this year? china was going off a cliff. chinese demand going off a cliff. that is not happening. so the big question right now is when do we work off the inventories, when do we work off a supply overhang? we're not looking at an absolute crash in demand. >> it's good to hear you talk so much about the fundamentals of demand and supply. i suppose the focus has come back to more financial factors. is that as important as well? >> i think it is important. i think a lot of these things are macro stories. when you have fed governors being very hawkish last week, i think that was a real drag on prices. the yellen statement does provide a bit of a cushion, so we can return to the more fundamental question. when do we start to see the

market balance? >> so a lot of these things have come together during this quarter to help lead the rebound, but one missing piece of that is that inventories continue to stay very elevated, which we saw again yesterday. >> very high. and we think the move to 50 is easier than the move to 60, 65. we do need to start seeing inventories working down. >> can you just explain why they're so high, why they're at these multidecade highs? >> it's the problem of we had this ramp in oversupply. the question is, where can you put this? so the issue is, when do we get to a situation where the supply story startins to ebb? we put out a note highlighting increasing supply disruptions. if we move into balance earlier, then you can start to see those stock drops. people start worrying. oh, my gosh, inventories are so high, are we going to have to move to floating storage?

is there enough storage? >> can i ask quickly as well about gold? it's up 15%, 16% on the quarter. great quarter for gold. does it seem like we're hitting resistance levels in the high 1200s? it's tried a few times to get above that. >> we think we're at the resistance level right now. but you have to watch for some of these macro cat lialysts as well. >> i would ask fbt the energy producers. have they seen their most painful point because of these low prices? >> well, again, i think that hopefully we're not retreating back into the 20s. one of the things i always keep my eye on, it is the broader macro story. i think china, even over the summer, if you think about what was the big drag down in prices over the summer, it was a bad macro story out of china. you have to look for, is there something on the macro side that's different from supply and demand. >> and you don't think so? >> i don't think so, but i always watch the china story. >> helema, thank you for yoin g

i -- joining us this morning. more jobs related data. weekly jobless claims out at 8:30 a.m. eastern time. first-time filings for unemployment has held below that 300,000 level, which is good, for more than a year now. we'll see if it can continue. now it is time for today's trending stories. we promised you the diamond. well, christie's announcing the sale of a 14-carat blue diamond that could fetch more than $45 million at an auction in may. blue diamonds, did you know this, are formed when the chemical element boron is mixed with carbon when the gem is created. they're extremely rare. >> you just ad libbed that extra fact. you just knew that. >> i did not. i had no idea. but they are extremely rare. 0.1% of diamonds are blue. that's why they're commanding such high prices. >> although, i'm not quite so sure. it does seem like we have quite big auctions for a diamond once

a month, once a quarter. maybe they're not that rare. >> are you getting sick of them? >> yeah, a little bit. there we go. we can move on. >> he prefers the pink diamond. >> is that more valuable? >> i just think it's more pretty. >> there we go. the state department apologizing after its travel account tweeted some questionable tips under the hashtag spring breaking badly. one tweet warned about being lured in by expensive drinks. another tweet read somebody offered you a free trip abroad, but the free luggage they offered is lined with cocaine. beware of these scams. #springbreakingbadly. that wasn't the one that caused quite as much upset. >> there was one saying if you're not a ten in the u.s., then you're not a ten -- i mean, people got upset it was a gender offensive comment. they meant well, but it was kind of humorous the way they went about this. it's really hard to put those serious warnings into tweets that are supposed to be funny. >> i don't think any sort of government or official type

twitter account ever gets it right and they should just be boring or tweet from private accounts. >> or be really funny. or be really clever. but it's a fine line. move over, netflix. jay-z's tidal may be entering the game. they will soon offer original and acquired films to subscribers. tidal put in a request with apple for approval to add more streaming to its app. the service could be up and running as early as june. still to come, today's must reads, including why profits are high but investment levels are low. an op-ed from larry summers on that topic. as we head to break, take a look at where u.s. markets stand on this, the last day of the first quarter. we're just holding on to gains in the dow and s&p whilst the nasdaq is down the best part of 3%. much more to come on "worldwide exchange." don't go anywhere. statement... g to make a make sure it's an intelligent one. the all-new audi a4, with available virtual cockpit.

technology moves faster than ever. the all-new audi a4, with apple carplay integration. welcome to "worldwide exchange." time for this morning's must reads. mine is in "politico." it's titled "why wisconsin's never trump movement is different." it looks into the conservative radio host that has been part of the never trump movement, charlie sykes, who interviewed trump this week that everyone is talking about. sykes is outwardly confident that the wisconsin fire wall he's helped build will hold next week, but whatever happens, sykes is deeply unsettled by trump's appeal and the existential crisis laid bare for

conservatives and the party they have long called home. this piece was sort of a look into who he is, which a lot of people did not know around the country, but has really come as we march into tuesday's wisconsin primary. he's telling his radio listeners to go for cruz not because he likes cruz but because he's the only one that can stop trump. the question s how effectively it be? the politico piece makes the point, don't underestimate conservative talk radio hosts when it comes to getting people to elect certain people. >> and wisconsin is going to be absolutely crucial, particularly with the latest developments on trump this morning. my must read is from the ft. it's a blog piece from larry summers. it's a bit of a geeky one, but i quite enjoyed it. "corporate profits are near record highs, why is that a problem?"

profitability is so high, yet investment remains so low. he he explores the reasons. more an observation, he says, than a cause, but the answer he says is to growth in monopoly power. it's an interesting take. it's a question we continue to try and answer, why we're not seeing profits reinvested, why we're not seeing growth pick up as a result of that. he says we've got to look at monopoly powers. well worth the read. >> that is interesting. we're approaching the top of the hour. that means the team is getting ready for "squawk box." becky quick joins us with a look at what's coming up and who's coming up. >> good morning. we have a lot of stuff coming up today. our special guest host from 7:00

to 9:00 this morning, we have arthur brooks from the american enterprise institute, who's going to be joining us. also, bob wright will be here. he's got a new book out. i have a special guest who's here with me today. look. here's the real tease of the show today. we have puppies. this is gala. we have puppies for a reason. these are very special puppies. these are very sweet. you have to hear why they're here ped. that's all i'm going to tell you. >> have you got one named wilfred and sara? >> this is gaila. all the puppies here are gs. a couple of her brothers are here. >> oh, my god. incredibly cute. i'm definitely staying tuned. >> you're going to have record ratings today. >> thank you very much for that. we look forward to the show coming up in about 11 minutes' time. coming up here on "worldwide exchange," after four days of gains, u.s. equities may take a

breather as traders wrap up the month and the first quarter. we'll get insight from jeff kleintop. plus, be sure to tune into squawk on t"squawk on the stree. eastern time. canadian prime minister justin trudeau will join them for an exclusive interview. we'll be right back. or across the globe in under an hour. whole communities are living on mars and solar satellites provide earth with unlimited clean power. in less than a century, boeing took the world from seaplanes to space planes, across the universe and beyond. and if you thought that was amazing, you just wait. ♪

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and millions of women everywhere decided, "i love that shoe." and the company's data center handled the spike in traffic without any drama. before all of this. cdw orchestrated a scalable software defined data center solution using vmware nsx technology. scalability by vmware. orchestration by cdw. welcome back to "worldwide exchange." joining us in studio is jeff kleintop. what are the conversations right now with clients? >> people are starting to ask what to buy again. it's been a long time since i've heard that, but i do remember echoes of it back in october of last year when we had a similar pattern in the markets. big decline in august and september. then that rebound in october. in fact, the markets retracing that pattern in an uncanny kind of way. this is the point where it began

to roll over last october. i think it's going to be difficult this time. dollar strength has faded. commodities have begun to stabilize. global growth looks better. >> what do you mean only just starting to ask what to buy again, because they've been buying for the last six weeks. >> well, that's true. we have seen pretty good inflows from individual investor, but much of that is steady flows you see in 401(k) plans and the like. individual investors have been generally cautious. usually when you speak to them, there's a question of balance in risks and opportunities. >> so what are you telling them to buy? >> looking at exciting new things. the international markets. for a while, they've been a mace not exciting to be. europe appears to be bouncing back. a little more to go. got catch up to do with the u.s. japan as well. even the emerging markets, which have been a new bull market, really, since about the 20th of january. >> do you have to be selective in emerging markets?

we've seen a big sort of beta bounce back in a lot of them, but there's a lot of country specific risks out there. >> there are. certainly you look at brazil, its bounceback related to something other than real fundamentals. there are some good things going on for me. india, for example, looking strong and its economy is growing pretty well. i think you can look fundamentally at these countries and find value. >> so it sounds like your sort of world view on investing and stocks right now is largely dictated by this drop in the dollar. yes, the dollar is having its weakest quarter in about five years. but that could come to an end if the data in the u.s., starting with jobs tomorrow, looks better. >> well, that's true. certainly we have to watch that closely. janet yellen could begin to walk back some of her statements she made this week. >> would that change her mind? >> it would. it's amazing to see how chosely these international markets have been tied to the moves in the dollar. we think, you know, it wouldn't be surprising to see another return of a little bit of

strength to the dollar. that can create more volatility. but i think the backdrop is fundamentally changes from a growth perspective. things looking a bit firmer overseas. that could really change that trajectory going forward. >> when you said this wasn't going to be like the october rally, we're not going to have another couple months, a selloff like in january, what's the fundamental reason for that. u.s. dollar is one factor. we've touched on that. is the underlying data for the u.s. gdp growth strong enough to warrant a further rally from here? >> it's better. it's not fantastic. obviously growth is still below average around the world. but it's very different than it was last fall when growth was sliding. oil prices continued a dramatic slide to the downside. the backdrop has changed a little. we need to get profit growth before we can really see some real stronger performance out of the global markets. i don't think this rebound is going to roll right back over and give up all its gains. >> on this comeback trade you're on, do you like the beaten down parts of the u.s. market, the

banks, the biotech firms? those have not seen the recovery that the broader market has. >> it's true. we do like the financials. we like technology as well. that's a sector that's picked back up again. interestingly, a lot of technology capex is now an operating expenditure. what used to be a capex once every few years is now once every quarter as a service fee. we are seeing some growth in those industries and maybe the return of profitability as we look later this year. >> which sector are you avoiding? number one to avoid. >> some of the bond focused sectors. utilities, telecom. >> which are the best performers. >> i know. but i think you need to watch out for those. >> what about health care? what is plaguing health care? is it all the political noise? is that a buy signal for you? >> well, that may linger. we've got a lot of questions. health care sector is a very

legislative and regulatory affected sector. given everything that's going on with the election season, it's a sector that could still be under pressure up to the election. >> just to round things off, we touched on em. you said you still like europe. why in particular is europe attractive? >> a couple things. eurozone, we got the flash pmi reading. that seems to be rebounding along with profit growth. we've seen in local currency terms profit growth begin to turn up a little better in europe. >> so help us quickly pregame in the last 20 seconds here for jobs tomorrow. what metric in that jobs report will you be watching closely? >> wages. it's got to come back to wages. are we seeing that pickup in wage growth, and is that going to feed into core inflation and change the outlook for the fed. >> jeff, thanks so much for joining us today. we've only got a couple minutes left. main thing we're watching today, for me it's european trade this last day of the month.

we're in red territory. >> i'll be watching the nasdaq, which is the only one lagging for the year. jeff likes technology. it's reasserted its leadership. that's it for us. squa"squawk box" is next.

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good morning. is march going to go out like a lion? stocks hit 2016 highs. we'll see if it holds on this last day of the quarter. gop front runner donald trump backtracking after he said women who get an abortion, if it were to be outlawed, would have to receive some type of punishment. now he's taking flak from democrats and republicans on this one. and chipotle is thinking inside the bun. the company applying for a trademark for a burger chain. it's thursday, march 31st, 2016.

we're going to leave chipotle alone for now. "squawk box" begins right now. live from new york, where business never sleeps, this is "squawk box." good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. the stock market hitting 2016 highs as we get ready for the final trading session of the quarter. here's where stocks stand right now. the dow up nearly 1.7%. the s&p is up almost 1%. the nasdaq is up by about 2.8%. check out the u.s. equity futures today. after several days of gains, you can see moderate declines today. the not by much right now, but the dow futures are down close to 20 points below fair value. s&p futures off by four. the nasdaq off by about eight points right now. not much movement overnight in asia. the hang seng and shanghai