good morning. under pressure. crude prices falling after kuwait oil workers end their strike. >> earnings central, intel shares dropping as the chip maker lowers revenue guidance and announces 12,000 job cuts. decision 2016, big wins for donald trump and hillary clinton in the new york primaries. but this race looks far from over. april 20, 2016 and "worldwide exchange" begins right now. ♪ you don't want to go to work ♪ but you got to go to work >> i'm sara eisen.

>> and i'm wilfred frost. >> first, if you went to sleep early last night. here are the results of yesterday's new york primaries. the front runners hillary clinton and donald trump both came out on top. clinton, the projected victor on the democrat side with 58% of the vote and adding 177 more delegates. >> today you proved once again there is no place like home. you know, in this campaign, we've won in every region of the country. from the north to the south, to the east, to the west. but this one is personal. donald trump also winning his home state by a landslide. john kasich with 25% of the vote. and ted cruz in third.

>> we don't have much of a race anymore based on what i'm seeing on television. senator cruz is just about mathematically eliminated. and we've won another state. as you know we have won millions of more votes than senator cruz. millions and millions of more votes than governor kasich. >> is there you go. the front runner solidifying their leads in new york. but new york won't be enough on either side to prevent a high level of turbulence ahead during the run. we'll talk to tracy potts more about what's to come. >> we will. let's get to the market action this morning. futures pointing lower to the tune of about a quarter of 1%. yesterday we hit highs for the year on the dow with slight gains. the nasdaq was down a little bit. today we're expecting as you can see to taking about 53 points

off the dow. 7 off the s&p and nasdaq expected to open down about 15 points. this follows declines in europe which have just extended slightly in the last half our hour. down about .4%. germany france, if ftsi 100. spain eking out a slight gain. asia a little more pronounced. particularly in china as you can see there. shanghai had rallied. no real reason there for that decline today. the nikkei is up. something something something. both showing risk off sentiment. however the nikkei eking out a slight gain there. >> a drop in oil prices. among the reasons for the pullback, kuwaiti oil workers

ending a three day strike which had cut production by nearly half. in the meantime back in the u.s. date late yesterday showing stockpiles rose last week. where do prices go from here? we're looking at 2.4% decline on w tti. >> we're concerned about the demand side of the story. especially closer to the end of the summer. we're going to face another season where there is not really peek demand. we see prices averaging during the quarter and then moving up by the end of the year. >> commodity price volatility will encourage something in the oil and gas sector. i would also note the dollars strengthening. after a 7 month low last week. that is on the rise. >> the bottom line really for oil prices given what we've had over the last three or four days, it is still above 40.

we've recovered a long way since mid february and we've managed to plateau. and keep it in and around the 40 level. >> i think take it with a pinch of salt it is not tlajic. and i also love how you referred to closing bell as last night. -- >> president obama will be visiting saudi arabia today. amid strained relations. obama is expected to push for better relations. he'll meet with king sal man ma. a tough task on his hand smoothing over relations. >> the broader market picture this morning, let's take a look. actions in the bond market. yields a bit lower and we remain below 180 on the 10 year

treasury note yield. definitely buying of treasury, of the dollar. >> not just happening as well in the u.s. bond market. the japan 10 year bond fell to a record low of minus naught point -- >> you mean zero. >> i tried so hard yesterday. and it just goes back to natural one day later. >> that's okay. i'll be here. the euro just flipped into to positive territory and the dollar actually weaker against the japanese yen. we'll watching that the morning. gold and silver have been doing especially well. here is the chart. 11 month high for the price of silver. so some buying there. 16.97. it is flat right now but it has been zooming higher as you can

see by the chart. >> very short-term chart. -- to this morning's top corporate stories. yahoo earnings topping estimates. still revenue tumbled. earnings aside, everyone was hoping for comments on company's search for a suitor. ceo saying the search is a priority. and verizon set to make yahoo's bid a short list. >> i think there are going to be multiple bidders. i'm going with verizon as the favorite right now before the kentucky derby. but we'll have to see. i think the pressure is on. there is a lot of value here. the value is in the users and i think the stock moves higher as the process unwinds. >> he thinks the stock moves higher and is up 1% in pre

market today. 36.71 for yahoo. >> he's also a shareholder. i would also note that in terms of results, as the sale process goes on that the core business hasn't really been turning around. and even some are disappointed with the so called mavens which is marissa meyers growth areas. versus the double digit growth she was seeing. only about 7% growth in that business as well. the focus turns to the sale. and to that note mayer on the call kid say this is a top priority. we have made the process a top priority. >> shares up 1%. >> she called it in line and a good start to the year. intel the other big mover after hours. the chip maker is giving weak

current quarter revenue guidance and cutting its full year profit margin outlook. intel also announcing it will cut 12,000 jobs globally as it works to diversify away from the swooning pc industry. cfo stacy smith was on closing belle last night. listen. >> this is restructuring is a tool. it allows us to to be more efficient, to be more profitable and to increase investments in some of these new areas. things like the data center. in memory, internet of things, 5 g. and we can concentrate on areas where we think we have great return and can focus growth in the future. >> you can't miss kris niczanic

this morning. >> just a continues story of the shrinking pc market and giant companies that led that last generation of technology missing the next generation, which is mobile, trying to get into faster but the new faster growing businesses aren't going fast enough to off set the declining pc market. >> yeah. >> for a company that has more than a hundred thousand employees this is about 12%. so a big change. in earnings we get abbot labs.

the worst dow performer since 2013. landon dowdy joins us now. >> wall street looking for earnings of a $1.35 a share. -- revenue growth has been poor and credit card has blamed the stronger dollar and lower gas prices. will we hear that again? and cost cutting. am exset out to cut a billion dollars in cost. what i'm hearing from analysts

saying look they can cut costs all they want. what they really need to address here is how they plan on regaining market share and growth. >> thank you. europe's anti-trust chief is expected to charge google with anti-competitive charges. the tech giant could be charged with breaking the european union's competition rules by fairly favoring google services like --. google previously denied it has broken any laws. something something something. >> other stocks today. united airlines this close to announcementing new board appointments. this a month after the carrier appointed three new directors and facing activist pressure. >> via com's programming could possibly go dark for millions of

customers by tomorrow. the apple chip maker arm holding reporting 14% increase in profits. and on the move about a quarter percent higher. >> sap rise in profits. vm ware posting increase in something. and lexmark agreeing to be acquired by china's apex technology for more than $3.5 billion. >> other corporate news. real estate investment trust pricing its ipo at $21 a share. the company raising more than a billion dollars in the offering which it will use to begin paying down debt. ticker mgp and we'll talk to the ceo today. >> oil prices under pressure

right now. we'll talk about the reasons why and the global market implications. that's up next. stay tuned you're watching "worldwide exchange" on cnbc. you shouldn't have to go far

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s. it turns out the dow and s&p 500 both rallied right along with the transports. in terms of the actual sectors that outperformed. consumer discretionary and materials were the best performances. for more you can go to cnbc.com and check out cnbc pro. overall dow transports led overall last year. the fact they have turned higher and posted a sharp rebound bodes well for the overall market and underlying economy. that non-recessionary view of the u.s. >> other stocks smaller caps as well starting to pick up. so again that highlights. and bond yields at the same point not joining that party. suggesting very fed driven. oil prices are the big global market story this morning.

steve joins us with a view on that. >> i think we were all taught a lesson this week. and it was look at the fundamentals and ignore deals that may or may not happen between global oil producers. because we were all focused on the wrong thing at one point. looking at doha and failure to get a deal and such and such. but what we should have been looking at is kuwait. why? i'll tell you why. because you know what --? i'm talking about the tight oil situation in the market. the global market is over supplied by 1.5 to 2 billion barrels a day. how much overcapacity do you think there is in the world? that's it.

so when kuwaitis have a strike -- kuwait we were worried about iranians can the saudis. if kuwait has a strike and its capacity goes down to $1.1 million barrels a day what happens? the market suddenly isn't oversupplied. and that is why we had the blip back up on wti. now the strike is over and that's why we're coming back down again. but it is a really important lesson for all of us oil watchers out there. keep an eye on the fundamentals and they can be very tight. back to you. >> thanks. saudi arabia has taken out a $10 billion bank loans as it deals with falli ining revenues reserves. the first in 25 years. i think it is very relevant because they avoid things in

2011. one of the push backs you would say to them dealing with the oil price fall would be they are debt free. they can issue debt. and i wonder if this is a start of a more meaningful change. a way for saudi arabia to test the quarters and set up an international borrowing profile. it's a significant moment of change in debt markets. and this could be highlighting the pressure they are facing from oil prices. >> interesting inflection point. in other global news. a bright spot in emerging markets. argentina sold $16.5 billion of sovereign bonds yesterday. the largest recorded sale of debt by any developing nation. the company defaulted back in 2002 locking it out of the

international markets until now. demand hit almost $70 billion with two-thirds of ours coming from u.s. investors. >> fiddle castro spoke at what he said could be has last cast yesterday telling party members that he would soon die and urged them to fulfill his communist vision. addressing the crowd in a --. still to come here on "worldwide exchange," today's big stories on the political front. decisive wins for hillary clinton and donald trump last night. the results plus what the polls

tell us. here's a hint. a high distrust of wall street. >> up next, gen cjen. >> we made it through yesterday. spending the day allowing the water to drain without any significant rainfall. today looks like it is going to be hard to avoid that with a big cluster of storms starting in northern texas including dallas early in the day and that tracking into towards houston into the afternoon. plus the rain up into the places like chicago a weak front knocking down temperatures a little bit into portions in the northeast and the mid atlantic by still very warm and well above average. and the temperature story is a big one. warm in the east. warm and hot in the west. day four of 80 plus degree temperatures in seattle. that is a new record streak for the month of april. that is your latest coast to coast forecast.

i'm jen carfagno. "worldwide exchange" continues after this. febreze air effects heavy duty has up to... ...two times the odor-eliminating power to... ...remove odors you've done noseblind to [inhales] mmm. use febreze air effects, till it's fresh and try febreze small spaces... ...to continuously eliminate up to two times the odors... ...for 30 days febreze small spaces and air effects, two more ways... [inhale + exhale mnemonic] to breathe happy.

welcome back to "worldwide exchange." results from in new york primary are in this morning and the front runners, hint and donald trump are both the big winners. tracy potts is live in washington with reaction. and a look at what is next. i guess the front runners have some breathing room but it is not over yet. >> it is not over yet. what we saw overnight was a huge move towards the nominations.

trump has now widened his lead over ted cruz by almost 300 delegates and hillary clinton is seeing the light at the end of the tunnel reaching out to bernie sanders supporters, saying that she's in home stretch for this nomination. >> -- proved once again there is no place like home. >> hillary clinton, the projected winner in new york this morning with more than half the vote and 177 more delegates. bernie sanders picked up 105 delegates says so far. he says the primary isn't fair. >> some three million new yorkers were unable to vote today because they had registered as independent, not democrats or republicans. and that makes no sense to me at all. >> donald trump also wins his home state by a landslide. >> we don't have much of a race anymore. based on what i'm seeing on television. we are going to go into the convention i think as the

winner. >> onward to victory. >> ted cruz came in third, shut out in new york. he moves to pennsylvania. his game plan to win the nomination during a contested convention. >> yeah, look at this. >> reporter: john kasich finished second in new york and picked up three delegates. he's concentrating on upcoming state, especially on indiana, hoping the mid west will once again keep his campaign alive. but before indiana they have to get through this next set of northeastern sates. maryland, delaware, pennsylvania, pennsylvania is the big prize next tuesday and also connecticut and rhode island. >> isn't california the biggy too? i can't remember the last time it remembered in a primary but at least for the republicans it will this year. >> it is going to matter this time. and same for new york. people where are saying yesterday over and over, i can't believe people are talking about

new york. usually this far in the season things are wrapped up and that's not the case on either side right now. >> you could not vote unless you were registered with a party. which was a problem actually for donald trump's own children who could make the deadline, which was i think last october. a lot of these voting rules and this whole process is coming under scrutiny finally. >> it is. and is bernie sanders really going challenge that? we don't know. but the rules are set and there are states that have those so called "closed primaries" for democrats and republicans. the idea is that people from their party should select. there are several states like that. >> and we've been look at the exit polls from yesterday. among the headlines the call wall street journal pointed out.

63% of democrats and 49% of republican voters said wall street hurts the economy more than it helps. wall street of course in new yorks own backyard just the rising anti-wall street business sentiment, it is so interesting how this race has become in a way a read o on the financial crisis 8 years later. >> bernie sanders didn't do well. yet that is still a sentiment that people clearly focus on. >> i a think a lot of the people in the financial crisis who came out of college couldn't get jobs right away. felt the pain of what was going on. and now growing up in the shadow of the crisis. and it is mattering. it is mattering in inequality. and low wages and of course this anti-trump sentiment? >> more to come. also the big market movers. and today's top trending

stories. do you want to stay mentally sharp? a new study tells you how? the details when "worldwide exchange" comes back you shouldn't have to go far

to get the help you're looking for. that's why at xfinity we're opening up more stores closer to you. where you can use all of our latest products and technology. and find out how to get the most out of your service. so when you get home, all you have to do is enjoy it. we're doing everything we can to give you the best experience possible. because we should fit into your life. not the other way around. markets now, oil prices under pressure and global investors are taking note. a round up of the biggest moves coming up. >> your money, your vote for big wins for donald trump and hint in the new york prime rest ris by the race is far from over. >> a prince and two --.

you're working "worldwide exchange" on cnbc. ♪ i've got the eye of the tiger ♪ ♪ the fire ♪ dancing through the fire ♪ because i am a champion ♪ and you're gonna here me roar ♪ ♪ >> i'm sarah isisen. >> i'm wilfred frost. good morning. >> officially accused google, talking about the anti-trust regulators, abusing the operating system and deals with phone makers and mobile network operators. a yearlong running investigation. separate from the charges the eu has already brought against google looking into its own shopping service and whether it prioritizes search results there. this has to do with droid mobile operating system and whether google prioritizes its own apps. we don't know exactly what the

amount of this charge. obviously google will have some chance to respond here. we do know in terms of numbers google made $11 billion with google app last year. >> and european competition margaret vestager will be on in europe early tomorrow morning. at the moment google not moving in pre market trade. this has just hit the tape. >> this has been very much expected. we had vestager on about two weeks ago. they announced they were going to be looking into droid as well. so this is been going on for a while. she's also been looking into the tax practices at apple, amazon, and she's received a lot of criticism for going after u.s. technology giants, sort of in a

political way to try to help europe. she's fought very hard against this. she had a meeting with treasury secretary lu about it just two weeks ago and here she is bringing action. >> no movement in pre market. let's check on global markets. futures at the moment pointing slightly lower. the dow -- the nasdaq however declined a bit yesterday. it is expected to decline by 9.7 points at the open. europe in the red as well to the tune of about 4%. germany now only down a quarter of 1%. asia's declines most pronounced. the nikkei managing to eke out a slight gain despite seeing some risk off signs in the yen and the japanese bond market. oil prices.

declining today but still above 40 which is still impressive for wti given what we've seen the last couple of days. >> and it is wednesday so we'll get inventory from the government later this morning. the dow and s&p 500 both closing at their highest levels of the year yesterday and what's notable on the momentum side, the dow's 50 day moving average crossed above its 200 day moving average and that is known by technical analysts as the golden cross which could just more short-term gains may be headed our way. joining us to discuss the overall market pitcher is rich from pimco. good to see you as always. strikes me this bullish momentum, while bonds remain pretty low. yields 1.75 on the 10 year you

don't see the same enthusiasm in the bond as eblgt. what does that tell you? >> couple of things. thanks for having me on. the first is through the fed is clearly indicating an accommodative stance. they are going to try to hike a couple of more times this year but sent out the message they don't want to upset the apple cart so we've had a shift and the fed is not going to hike too aggressively. yet that is keeping bond yields where they are. certainly global outlook looking better than a couple of months ago. >> what about earnings? have they come out and has the reaction to them shown you that there is some kind of reaction by investors to the fundamentals not just to what the fed's doing? >> that's a great point. because obviously earnings are soft. i wrote a piece recently that pointed out that, you know, profit share of income is declining but the good news is that labor share of the pie is

increasing and this is actually not uncommon at this point in a cycle. so when we look at those profit numbers remember that workers are getting a raise and that is also a positive for thechy. >> i'm wondering what you folks at pimco are saying about the u.s. election after the big primary wins for donald trump and hillary clinton last night. is the betting that you are going to see a democratic president, which is what it looks like in the markets, and a republican congress and therefore nothing gets done and that is a status quo environment for markets? >> well that is an interesting observation. i guess right now the betting odds would be just as you described but we saw for example in the bill clinton presidency a president can get a lot done working with congress of the other party. so i wouldn't rule that out. obviously it is a long way away so we can talk about a this after november but i wouldn't rule out getting things done if we had a clinton white house and

a ryan speakership and mitch mcconnell in the senate. >> how important has that been more the something and the forecast for the rest of the year is this. >> great point. i think the strong dollar was a symptom of a weak global economy. and i think now that the dollar has weakened somewhat, that's indication actually of a better balance at the margin in the global economy and also that's impacting the oil market as well. again, that is tied to chair yell b's comments in the fed pursuing a less aggressive liftoff than they indicated in december. so again it's positive we've had some weakening from the very strong levels earlier in the year. >> what are you going to catch for the u.s. economy that would suggest we could rebound from a dismal first quarter in terms of economic growth. >> we'll get the gdp numbers but they do look soft. we'll be looking to see the inventory cycle and manufacturing and the solid part

of the economy is now growing out of the slump induced by the strong dollar. >> rich clarita. thank you very much. >> let's get to earnings. intel earnings topping estimates while revenues were in line. the chip maker is giving weak guidance and cutting full year profit marge outlook. shares under pressure as a result. as you can see to the tune of 2%. intel also announced it will cut 12,000 jobs globally. as it starts to diversify away. there we go. from the swooning pc industry. don't miss intel ceo brian krzanich at squawk on the street at 9:00 eastern. >> i know you have been look at banks in terms of earnings. the reaction in the stock market has been much about the guidance and the idea that yes, goldman sachs earnings looked pretty weak. right? double digit declines in terms

of income, struggles with revenues but the idea the worst is over and things is going to gom out on top. bob pisani was look at that in the second quarter and the signals. those stocks traded down but the banks up. >> i think guidance is important. and investment side markets paced they saw a pick up. and the others haven't. and the guidance on that part wasn't strong. the key for all of the banks had been cost cutting and interesting to see some cuts there in the tech firms. and the question coming into the quarter is can they manage cost in the like of that and most beat on that cost cutting area. >> into coca-cola this morning as well. lot of optimism there about their restructuring program. >> the other in that big tech name, this morning yahoo topped estimates but revenue tumbled.

everyone was hoping for comments on the company's search for a suitor. yada yada yada. >> the suspense continues. >> indeed. >> let's get to the top trending stories. visa is updating software to address a major complaint that chip cards take too long to process. customers dip and remove their cards from payment terminals in two seconds or less. >> just is so much easier. >> it takes forever. because you have to stick it in that machine and wait for like a minute and a half. >> -- better. >> -- and then we have to sign anymore. >> yeah. which is so easy to forge and then you always -- >> -- selfie payment. want to stay mentally sharp? as we all do? a new study says the best

approach is to work part-time. researchers found that for middle-aged people and older people who may be thinking of retiring, working a 25 hour workweek instead offers mental stimulation without the fatigue and stress of a full time workweek. both chronic stress and early retirement have been identified as risk factors for alzheimer's. sort of makes sense but i wonder what the ability is for -- >> just to say a 25 hour workweek is good for people like us? or is it for retire ryes. >> i think it's for retirees and --. >> prince harry and prince william touring the set of "star wars" yesterday. they met luke skywalker, chewbacca and even had a light saber battle.

the visit was meant to play homage to the wealth of british talent involved in producing the "star wars" films. when we come back, must reads, including an op ed in the wall street journal. and jack lu. what's on his mind? and futures closing after highs of the year yesterday.

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-- written by treasury secretary jack lu, why we're reviewing asset management. he writes efforts to depict the court's decision as a o positive for our financial system are mistaken and dangerously ignored the lessons of the financial crisis. that was a reference that met life would not be deemed systemically important by the courts. a ruling the treasury secretary is challenging. fsoc has been examining products and activities in the asset management industry to evaluate whether risks may be developing if so what actions could be taken. so not only defending fsoc which is the worst name ever, that met life should be important he says it is only one of four non

financial firms that are but also expanding into the asset management looking at factors like liquidity and hedge funds and that sort of thing. something that passed this week that clearly he's going to make a big priority. >> i'd say it is not the most thrilling but very important. well worth the read and you said the story is catching our attention. -- got to move on. and approaching the top of the hour. so that means the team is getting ready for "squawk box." becky quick from new york with a preview. >> wilfred. tell me what you were thinking about. what was catching your attention today? >> well it was quite a comfortable article on obama's visit tor riyadh and the work hs

administration has done. very important to focus on i think. >> yes. i agree. and his plan set to land in reiad. this is a hugely important story. and it is also going to have a big impact on what happens in the oil market. and tom petry is going to be joining us to talk more about that. we'll also dig into the election results last night with that primary in new york. big victories. for donald trump and hillary clinton. and talk more about what that means. plus the earnings parade continues. we've got coca-cola coming up on our watch today and we'll have reaction to those numbers when they hit. of course we can't leave you without talking about a few fun things as we. we have justin rose the pro

golfer, is going to be joining us here onset. do you guys know what the cannonball run was? >> not to me? >> it was this crazy race across the united states. it was a movie. it was a really big deal. but there is something actually called the gum ball and this is a global event of that same kind of thing. a car race around the globe. we'll learn about that. and we have real housewives of the new york coming up. which is a big deal. ramona and louann are going to be joining us. >> that is a big deal. >> lovely stuff. look forward to "squawk box" coming up in 9:30 minutes.

>> -- i agree with about eight of them. two you have to push back on. but eight of out ten got it right. lot to come here. what will drive the trading day ahead? we'll ask. stay tuned you are watching cnbc, first in business worldwide. friends coming over?

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1-8008 1800. at the end day i this i think the biggest problem with investing, we've forgotten how to pick stocks and manage portfolios. so we think 2016 is the year of second derivative investing. less negative on the commodity side. less positive on other things. so i think at the end of the day you have to be a stock picker. so what does that mean at these levels? well, for the record our market target is 2100. we are among one of the only strategists to not change our target when the market was going down in january. i think it is going to be rinse and repeat from now to the year end. >> we're there. >> yeah. we're there. >> closed about 2100 for the first time since december yesterday. >> rinse and repeat between now and the end of the year. what does that mean

[ we're going to the a pullback, a and a rally. a pullback and a rally. lots of ind decision. so we move away from what was. and what was was, commodities, the fed, international investing. international investing and domestic investing and recovekc of u.s. stocks overall. >> have we really moved away from the if ed. >> sorry for that. moved away from strategies with respect to quantitative easing on the fed. if the economy is improving the stock market should be improving. rising interest rates is not the death of the bull market. rising interest rates is going to confirm the continuation of this bull market. >> what kind of clues are you getting out of earnings? we were expecting this em to decline. does the guidance look better to you. >> of course. because we overpromise and

underdeliver and -- >> you are just debunking all of this today. >> here is the key thing. consensus has been wrong for seven years. so why are they going to be right now? >> who do you look at in those reports? >> cash flow, balance sheet. they are delivers great capital. we're growing business still. stock picking, peter lynch, warren buffett. 35 to 40 stocks. stick with your companies. as the market peels off you drop positions. as the market peels back you add position. >> where you stand in the financial sector. >> we're seeing a the generational opportunity to buy

financials. >> thank you so much for joining us this morning. "squawk box" is next. have a lovely morning. you shouldn't have to go far

to get the help you're looking for. that's why at xfinity we're opening up more stores closer to you. where you can use all of our latest products and technology. and find out how to get the most out of your service. so when you get home, all you have to do is enjoy it. we're doing everything we can to give you the best experience possible. because we should fit into your life. not the other way around.

trump's gop rivals now need a contested convention. president obama expected to land in saudi arabia on this hour. on security, iran and the low price of crude. and this morning, intel shares, dow component, falling as the chip maker lowers revenue guidance and announces 12,000 job cuts. "squawk box" begins right now.

♪ >> live from new york where business never sleeps, this is "squawk box." good morning everyone. welcome to "squawk box." i'm becky quick, and check out the u.s. equity futures. markets slightly higher yesterday. this morning red arrows but these are modest right now. overnight in asia you will see that the nikkei closed up slightly. it was up about .2%. the hang seng down, the shanghai down as well. let's check out the early trade in europe. modest declines. dax down about .1. as the cac in france, the ftsi down by .5%. >> a drop in oil prices. among the reasons in