good morning breaking overnight, ted cruz drops out of the race. pharma fight. pfizer making a play for drugmaker medivation. and life in the fast lane, google and fiat chrysler teaming up on self-driving minivans. it's wednesday, may the 4th, 2016. and "worldwide exchange" begins right now. ♪ my house we control now good morning, welcome to "worldwide exchange."

on cnbc. i'm sara eisen. >> and i'm wilfred frost. good morning from me as well. first, today's political story, ted cruz dropping out of the race after losing yesterday's indiana primary. >> with a heavy heart, but with boundless optimism for the long-term future of our nation, we are suspending our campaign. but hear me now, i am not suspending our fight for liberty. >> the move effectively makes donald trump the gop's candidate for president. in a tweet rnc chairman reince priebus calls trump the presumptive republican nominee and calls on the party to unite and focus on defeating hillary clinton. as for the democrats, bernie sanders got a surprise victory

in indiana. much more on the political story. the wall street set up after an ugly day, another selloff on wall street yesterday. at this hour, early futures indicating a lower start. dow futures down 45 points. s&p futures down 7.5. nasdaq futures down 15. nasdaq in particular has been an underperformer. it's finished lower eight of the last nine sessions. as for early trade in europe, let's see where we are on the board. that stronger euro with european stocks, looks like they're under pressure again with the german dax down 0.4%. overnight in asia, also a lower picture with some of the lower markets back open for trade and lower. in hong kong, down 0.25%. australia giving it all back today. at least some of it back today. the shanghai composite ending

flat. >> energy sector taking the worst. declines in australia. particularly bpp. the the energy sector across the board is reacting to in australia. oil prices there for you today. we're down a little further for wti, 43.6. as we said, we saw declines of about 2.5% yesterday for wti. part of that was down to the u.s. dollar, which we'll come to in a moment. first, with the bond, let's have a look at the ten-year u.s. treasury note. we did see yield compression. we saw significant buying on a risk-off day pushing it 1.78. back to 1.8 as i speak. as i said, the dollar was an important factor yesterday. broke its recent trend of weakness. saw a bit of strength and that hurt risk sentiment across the

globe. both for equity it's and oiies . the pound losing about 3%. disappointing manufacturing data out of the uk yesterday. we also got the euro basically flat. 114.9. a bit of u.s. dollar strength today, 106.8. let's have a look at the gold price quickly. it's down 0.6%. 1283. >> the question, i guess, for investors is, did that rally from the mid-february losses on the year actually showcase fund men strength in the economy? in other words, are the markets and the economy telling the same story? and this morning, sort of the last few sessions, there's been this feeling that global growth is slower and that the markets maybe got ahead of themselves, looking ahead at better growth. >> sure. >> yields on the german, the german government debt reported the biggest daily fall so far

this year. a sign that things may not be all that great on the global economy which is why the data is going to matter adp. and private sector. >> definitely a riskoff sentiment yesterday and this morning as well. the u.s. dollar, how much of the rally, since february as you say can be predicated on more fed easing and the weaker dollar as we've seen and the fact that weaker dollar has allowed on oil prices and how much down in earnings. >> or the rebound in oil. >> the rebound in oil which i think is linked to the u.s. dollar move but i do think earning season has seen differentiation in oil prices. apple an example of that. they saw eight days of decline. the crammer interview allowed it

to rally. i think earnings season has seen differentiation. a bidding war brewing in the pfizer second, pfizer approaching medivation. to challenge a 9.3 billion offer when satapy went public. of course, this is all still on reports. and it's also after pfizer's deal was blocked for allergen, which would have changed its tax address to ireland when the treasury imposed new laws on inversions. this is a smaller deal but it shows that pfizer is still hungry. by the way, pfizer reported earnings, solid revenue growth, profit growth, raising its outlook partly on better exchange rates because of the weaker dollar. >> a smaller deal but important

to see whether this deal or another deal come through sometime soon. so many big deals cancelled raises questions about the m and a environment on a structural basis. certainly through november, is it hard to get deals through. and takata is expected to announce it's recalling 35 million more air bags in the u.s. this already doubled what is the largest and most complex safety recall in u.s. history. an official announcement could come as soon as today. takata faces pressures from u.s. regulators. several big banks will settle a private lawsuit. several pension fund accused the firms of conspiring. the settlement requires court approval. the fcc approves altice.

to be the fourth largest cable provider. we're still deep in earnings season. got stocks to watch. cbs reporting first quarter revenue, rising 10%. the owner of u.s. tv network saw a 31% jump in ad revenue thanks to the super bowl. also an increase in police department cal ads due to the presidential campaign. les moonves will be "squawk on the street." and growth in revenue improving strong for etsy. it rose 40%. outpacing costs. a brooklyn-based company. match group reporting better than average profit.

as its popular tinder group, they get the bulk of its revenue from membership fees and paid features. and more stocks to watch. abi's first quarter profit sell with weak sales in brazil and currency rates in latin america. and financing cost it's. ab inbev says it still expects to close its takeover of rival miller in the second half. inbev down 2.5%. shell first quarter profits fell 58%. however earnings did beat forecasts. shell which just completed its $54 billion takeover of bg group will shut spending by another 10% this year. siemens reporting a strong

first quarter growth. the margin for the high margin short cycle businesses may not pick up as much in the second half of the year as expected. as we mentioned data is going to be important, it is a busy day of data for all shapes and sizes on the adp report, expected to rise by 196,000, that's roughly in line with what they did last month in march. at 9:30, we'll get the first read report on q1 activity and labor costs that's followed by the services index at 10:00. that's important because services make up the economy. and in terms of earnings, priceline and time warner reporting earnings. tesla, whole foods and iac active going out.

>> we have that interview on "squawk on the street" which we look forward to. wall street is looking for revenue of $1.6 billion and a loss of 58 cents per share. here are three things to watch. first, tesla, the electric carmaker has reported it will be profitable bit end the year. larger number of orders for the upcoming model represented refundable deposits. the firm says it's on track to deliver 80,000 to 90,000 units of the model x suv. and for the new cheaper model 3 watch to see how quickly the company can ramp up production to satisfy the 400,000 reservations. ceo elon musk saying last month it was probably unwise to short

tesla stocks but shares are down 8% in the past week. >> the third thing to watch, the gigafactory to produce sales and batteries for the model 3. >> it's such an interesting company where you almost want to pay more close attention to supply, whether they can get the production. it's not a demand problem. it's whether they can supply it. landon dowdy, thank you very much. in other news, fiat and chrysler are joining forces. tons out they're going to build a fleet of minivans. engineers and workers will join together in southeast michigan. google says this is the first time they've worked with an automaker to integrate its driving system into software into a passenger vehicle. the vehicles will not be offered for sale to the public. >> when we look at those videos as well, i think it's about time

that they've partnered at an automaker. they're not very good at making actual cars, are they? >> a lot of people are saying actually before you make fun of the minivans for being mom vehicle and grocery shoppers, they're actually very smart because it can help those having trouble driving on their own which is a huge market. >> i wasn't about to make fun of it. >> i was. so there you go. there's also an example of collaboration and general motors and lyft and getting together with the automakers. still to come, earnings dominating the trading session in europe today. a live report from london. but first on this date in history, in 1904, charles rolls is introduced to henry royce to a friend in manchester england.

they would unveil the rolls royce and then a century later rolls royce motor cars is owned by bmw. and a shoutout to one of our viewers, a very happy birthday wish.

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we saw 1% declines in the u.s. markets in the face of an oil price slide. and a bounce back upwards. today, we're expecting slight declines, slight declines which have increased in the last hour. the nasdaq by about 21. >> and that number has been moving south throughout this morning. we'll keep an eye on it for you. also making headlines, atlanta fed president dennis lockhart said the fed's vote could loom large. they vote on may 14th and 15th. indeed. let's get to early trading action in europe. louisa bojesen joins us with an update from london. >> hi, guys. get up, get up. the day is under way in europe. we're opened flattish to lower.

red for most of the european equity markets. ftse off by 0.5%. the dax following suit. a lot of focus on miners because of weaker data coming out of china. and a different story as well now hit by a $43.5 billion lawsuit. you've got the prosecutors in brazil that have filed a claim against the iron miners and the owners with damages over a deadly collapse of a dam last november. that's just weighing, in addition to the general environment on the likes of bhp billiton down. and after hitting $22 million, higher than expected, they've had cost cutting, the danish shipping giant they've kept the outlook unchanged. they had warned us. societe generale, the french

bank, soared up almost 4%. they announced cost cutting. some of the stories that we're watching here. back to you, guys. >> louisa, thank you very much for showing us some of the movers earnings season well under way as well. when we come back, ted cruz drops out of the presidential race. so what is next for the republican party? the latest on the campaign trail. but first, here's the weather channel's jen carfagno. >> hey, sara and wilfred. it's wednesday, we are missing the sunshine in the northeast. it's another day before you grab the rain beer, the umbrella is the staple every day. more rain in the forecast and below average temperatures, we are looking at this front diving down to the midwest. this will bring rain, maybe thunderstorm into the midwest. the stormy spot will be florida. this is where we could see severe weather especially along the east coast. we'll have the sea breeze convergence where it combines

with boundaries that go on. we could get some big ones popping in the afternoon and evening. meanwhile, in the midwest, we will see the rain. temperaturewise, below average in the west and the east. in the middle, this is where we have the dry weather and sunshine again today. that's the forecast. i'm meteorologist jen carfagno for the weather channel. "worldwide exchange" continues after this.

welcome back. let's get you caught up on the

market action. global stocks under pressure. oil prices are glow 44 on wt i. dow futures down 60. s&p futures down 9. nasdaq futures building on top of recent losses down 19. the story has been the currency market. the dollar making a slight comeback in yesterday's trade. that continues this morning with the euro below 115. we got up to 116 yesterday. so the dollar flexing its muscles again. it is against the japanese yen as well which a lot of people have been watching. that strong yen has hurt yaep equities and has spooked investors around the world. as for oil a big concentration. i mentioned wti below 44. in fact, it just turned positive in the last few minutes. we'll be monitoring that to see if equities can catch up. brent international benchmark about $45 a barrel. to today's top political story, donald trump has a new

title this morning, likely republican nominee. nbc's edward lawrence joins us with the story. edward. >> wilfred and sara, you might remember, right now, we're at two republican candidates for president. you may remember at the beginning or end of last summer when we started all of this there were 17. >> reporter: indiana republican voters overwhelmingly made their choice for donald trump. the leadup to the decision saw fall, there were accusations. >> listen, donald trump is a serial philanderer. and he boasts about it. >> reporter: and finally defeat. >> we gave it everything we've got, but the voters chose another path. >> reporter: 53% of gop voters in indiana wanted trump. cruz's 37% of the vote ended his bid to be president. >> just so you understand, ted cruz, i don't know if he likes me but he doesn't like me. but he is one hell of a competitor. >> reporter: senator bernie

sanders eked out a win over hillary clinton by five points with 57% of the vote. >> without being gent on powerful and wealthy special interests. >> reporter: because of delegate sharing, the win mathematically eliminated sanders from getting the nomination, unless you can convince superdelegates to change their minds. >> i think we can pull off one of the great political upsets in the history of the united states. >> reporter: clinton did not talk about her hoosier state loss last night, instead, she used trump's win as a campaign fund-raiser. >> and back to the republicans, now that donald trump is the likely nominee, you will see him pivot and start to challenge hillary clinton more. wilfred, sara. >> we asked on twitter and facebook, whether he managed to unite the water, who will you be looking for a republican party establishment in the elite to see that they actually start to back trump as they made their case? >> actually, reince priebus came

out yesterday saying that the republican party needs to rally around trump. however, governor kasich said he's not giving up. he's actually going to make his land the staff, california. he's holding out. trump only needs 182 delegates. california alone has 172. donald trump in his acceptance speech says he will not only unite the party, but had will unite the nation. we'll have to see if that happens. it's a very divided republican party this morning. >> edward, how important in delivering that unity will his running mate choice be? do we have any idea when that might be announced? >> i have not heard when it it is announced. nothing donald trump, it's probably someone who we are not thinking about. experts say he needs somebody who understands how congress works so he can get deals dong within congress and actually do something there. we've not heard any names floated as of yet.

>> edward lawrence thank you for your report. >> donald trump tweeted so interesting that sanders beat crooked hillary. the dysfunctional tim is totally rigged against him. >> political strategist stan collender is joining us. you're watching cnbc first in business worldwide. [ cheering ]

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good morning, breaking overnight -- ted cruz drops out of the presidential race, making a donald trump gop nomination all but certain. new this morning -- miners in focus after a $43 billion lawsuit puts bhp shares under pressure. would you like garlic with that? mcdonald's testing new fries. the tasty details straight ahead. it's wednesday, may 4th, 2016. you're watching "worldwide exchange" on cnbc. ♪ good morning, welcome back to "worldwide exchange." on cnbc. i'm sara eisen. >> i've already got that mcdonald's i don't think they should do that. i don't like that. >> i like that. they could pick up a lot of

people. >> a good morning to you from me as well. let's check in with markets. this morning, futures pointing to a lower open. yesterday, we had 1% declines in the face of weaker oil prices and a stronger dollar. we're looking at 55-point for the dow. s&p lower by 9 points, nasdaq by about 18 points. and we have just extended the size of that expected negative open in the last hour or so. european trade in the red as well. not as much as yesterday. big declines yesterday in europe. germany down 0.5%. ftse 100 down 1.9. we're seeing miners in particular and energy companies down, bhp, the most notable down 8% in the face of a lawsuit. asia seeing red, most notably in australia because of the gop listed in australia and china.

you mentioned oil as a catalyst, let's take a look at what oil is doing now. actually reversed unchanged from wti sitting at $44 a barrel. brent, we're switching between gains and losses. brent is at 44.97. buying of treasury signaling flight to safety kind of trade. some concerns about global growth that was definitely permeating through yesterday's session which is broad based. the only group to end up were utilities which is a future of yesterday's session. we'll see if the ten-year yield can stay about 1.80. and the dollar getting its groove back. dollar has started strengthening again. we'll keep an eye on that.

commodities, 1.1489, with the euro under pressure and bank of japan must be happy to see that change. gold goes in the other direction of the u.s. dollar which is stronger lately and weaker by 0.24%. >> the u.s. dollar having such a big impact on it. >> as for the overall market story, wouldn't you say there's some global growth concern. this idea that sharp rally and rebound from stocks in february lows might not be justified by the economic reports and earnings which have overall been somewhat underwhelming. maybe profits have managed to beat, revenues have been missing, guidance for the most part have sort of been shaky on this idea that global economy has a long way to go. >> two takeoffs on this, one is as you say, particularly in the face that the oil prices and the

dollar has gotten weaker. a little surprised that guidance hasn't been more positive going forward. that's one take. the other one is despite the fact that probably the u.s. dollar has been the biggest influence of the rally since mid-february, we have seen differentiation amongst individual stocks and sectors. macro factors are probably the biggest drivers since february. >> adp today, jobs friday, it's going to be important for the fed and u.s. markets. today's top political story, ted cruz dropping out of the presidential race after losing yesterday's indiana primary. listen. >> with a heavy heart, but with boundless optimism for the long-term future of our nation, we are suspending our campaign. but hear me now, i am not suspending our fight for liberty.

>> the move effectively making donald trump the gop's candidate for president. and joining us to talk about where we go from here is stan collender, national director of communication at mf group. stan has spent many years as a budget guru. good to see you. >> good morning. >> what does this mean for the republican party, do they ute against donald trump are they still considering a third party? >> well, there doesn't seem to be a third party in the offing any moment. it's not likely to develop. trump's winning last night, cruz dropping out really gives him a chance to at least shut off the third party candidacy, and get some of the undercard. the senators, members of the house, to coalesce around him. that's the big question going forward, whether or not the party will just drop out. that is decide not to

participate, do not endorse him, do not be associated with him. or whether they feel comfortable working with him. it will be done on a state-by-state, congressional district by congressional district level. those who feel he'll be toxic will walk away with him. those who don't, will fight with him. that's what will happen in the next six weeks. >> what's the tactic for donald trump? should he moderate his views become more mainstream to try to attract the traditional republican voters, even steal democratic voters? or should he maintain this unique perspective he launches every day? because if he does move, you can see traditional voters going for him but will he have alienated people who have supported himself thus far? >> you've seen a little bit of a change in attitude over the last

week or so. instead of every speech being angry, bully pulpit type things, it's one every three speeches. in between attacking hillary clinton looks like someone who could win the presidency. that's who he's got to convince first republicans and then independents. don't forget, there are a lot of polls that show him losing and losing badly either to hillary or bernie sanders. he's got to be able to convince voters not that he's viable to the nomination. but that he is a viable winner in november that's a big, big change because it's a very different electorate. we'll see how well he does. so far, he's showing a tendency to scorch whenever he's not sure what to say. we'll see if he can moderate that. >> stan, i like looking at the exit polls that's where you see the color on the issues. no surprise for the indiana voters economy and jobs were at the very top of the list. what is the trump message there that is resonating?

and will it work in a general election? >> i don't think it's so much that trump has got an economic message that's resonating. all he's saying is i've been a successful business man, trust me. what basically the indiana voters are saying we don't trust the established politicians to get done what needs to be done. we've heard from them for years, de decades for generations. so we're going to try somebody new. that's the interesti ing juxtaposition between trump and hillary. one saying i can get it done. that the choice that voters are going to have in november. >> quick comment on the results of the democratic primary in indiana, how much of a problem is a sanders win for clinton? >> almost not at all. he's actually falling farther behind and been mathematically eliminated now from getting the required number of delegates. but it obviously provides bernie

sanders with an ability to go back to the hillary campaign and say you've got to pay attention to me. you've got to pay attention to some of the things that i wanted done. and that my voters have said they want done. it's probably going to influence the presidential choice. she may even talk about who she's going to nominate for cabinet positions to get some of the bernie sanders to come along with her. >> stan collender, former house and budget analysts. and denim energy reporting a first quarter snare row loss with the continued slump in oil and gas prices. devin cut its workforce. brazilian prosecutors have filed a civil lawsuit demanding bhp billiton and vale responsible for a catastrophic accident. the accident believed to be brazil's worst environmental

disaster. it killed 19 people, destroyed villages and polluted miles of rivers. glencore reporting lower zinc production in the first quarter. they've promised to cut out and seeks to slash costs. and glencore also allowing production. and agrium reporting lower than reported first quarter profit. the fertilizer producer reports prices for nutrients remain weak. credit suisse with the swiss bank's retreat for risky trading. societe generale has pledged to make further costs this year. the bank assuring that it can. and bryce harper is said to break the bank when had he

becomes a free agent in two years. he could become baseball's first $400 million man. but before he hits the open market the 23-year-old is picking up extra spending money. under armour announcing it has suspended its deal with harper the reigning national league mvp. espn reports the deal is for ten years and is believed to be the largest in mlb history. under armour first hired harper back in 2011. the company will start selling harper's first baseball cleat in july. under armour has quite a lineup. golden state warrior's steph curry, cam newton. and four time champ tom brady. they know how to pick their athletes but the key is they have to get the products behind

the athletes. they don't have a baseball cleat yet. unlike nike they just reduced their jordan spieth golf club. they have these big names and endorsement deals the trick is getting production to line up with the name. >> on the data it would be interesting but what is better having just five or so top, top people, the mvps, versus the next 20 people who kind of spreads your brand more but not as high profile? clearly they focused on the mvps. >> and then nike which has been the $30 billion juggernaut in the industry and can get whoever it wants, under armour is trying to make a play for the best. adidas is getting out as the golf business. for the brand taylormade which has been struggling. sales fell 1% in the most recent

quarter. adidas bought taylormade in 1997. the company will now focus on selling clothes and shoes. and on "squawk on the street" with us, mark kane, and we'll talk golf and kanye west. >> and a built of soccer as well. >> okay. >> you give me that question. for today's top trending story. may the force be with you. every year on this date, "star wars" fans around the world celebrate a beloved franchise. the phrase "may the force be with you" an unofficial holiday known as "star wars" day, the 4th of may. >> may the 4th be with you. french fashion house chanel held a fashion show in one of havana's main streets. the design is set to present classic aesthetics of cuba and is the latest stream of cultural

events hosted by the country. you there go. and mcdonald's is now testing, your favorite story of the day, garlic fries, in four of its san francisco restaurants. and if it's successful, the new item known as gilroy garlic fries could spread to restaurants by august. >> garlic fries, rosemary fries. >> truffle fries are my favorite. >> in the best of times i don't like those. i certainly wouldn't go for those at mcdonald's. as fry, it's got to be simple. >> i always go for truffle fries. >> let us know what kind of fries you like. still to come, today's "must reads" including why donald trump and boris johnson have more in common than just their hair styles. "worldwide exchange" is back after this. cathy's gotten used to the smell of lingering garbage...

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class and washington-based establishment. the very people trump and his supporters have delighted in offends from the start. columnists from george will to radio hosts to sikes in iowa. and those who remain anti-trump, others are starting to hedge slightly. this question of more the donors and the political elite that have never backed trump, there's been this never back trump movement or move to him or hillary clinton. they've been so adamantly opposed. what did mitt romney, and meg whitman do? who says that trump is a demagogue. >> it's depends. i'd say you guys over here, state-side versus the uk, you're so much more loyal to your party. if the party unites, i think that could change a lot. >> and reince priebus did tweet out, he's the rnc chairman,

republicans should unite behind him. and "the new york times," make britain great again. it's comparing the tactics used by donald trump and london's boris johnson. it's a fun read, rather than a specifically clear political one. gold rights, his, johnson's weapon is comic derision. and some call donald trump, both men are raging narcissists and blondes both are media obsessions, both loathe detail. politics are different, but there are amusing comparisons moat notably the hair and the ambition, i think you would have to say. so it's a fun read. i'm going to point out one other similarity. because we've been talking today about who trump's running mate could be. and both born in new york. boris johnson could qualify as a are youing mate, if we want a double blonde on the ticket.

>> did not know this. this whole wave of anti-establishment that is resident in both, right? >> well, the politics, very clear long formed political opinion. but anyway, a fun read. we are approaching the top of the hour, that means that the team for "squawk box" is getting ready. joe kernin joins us. >> crazy hair is in the eye of the beholder. you know what i'm looking at. it's taking me a while. you say we are loyal to our two parties. you have a much better system over there. do you know -- how many parties are there where you're from, frost? but there's major parties, looks like there's a few. and then on wikipedia, there's actually minor parties. do you know -- that's a much better system that you have over

there. >> the minor parties don't like to be described as minor parties but labor. and then came a big rise in the scottish national party. and uk and also the liberal democrats who sit a lot. and those are the main five. >> i like our system. you know, my "must read" today. i just like reading this. in the journal. after indiana, they call them shaking republicans. they're like looking around. they're shaking. this has blind sided them? what happened, where are these people from? what did do we do? they had so much talent they thought in the 17. we got something for everybody. we got establishment candidates that are going -- everybody is going to be satisfied by one of these guys. then they all got 2%, 3%. suddenly, they wake up and look at -- suddenly, here we are.

and not many people talking about senator -- or secretary clinton, i mean, indiana, that bastion of left wing thinking? seriously, bernie sanders, you can't win indiana at this point in the race? that's -- you know -- i don't know what's going to happen in this election. but i have no idea. nothing would surprise me at this point. and i think indiana is near peoria, and if you can't play in peoria, right next to indiana, how are you going to win -- two very flawed candidates. i don't know who finally prevails in this. it's going to be really something to watch. >> it is indeed. joe, as is "squawk box" coming up in seven minutes time. we look forward to that. still to come on "worldwide exchange," one day down, one day again, art hogan joins us next with his taken 0 the latest market moves. ♪ welcome back to "worldwide

exchange." futuring selling up this morning, they've extended those sales, dow jones almost 100 points down. s&p back 13 point it's. nasdaq by 28 points. joins us, art hogan, chief strategist at wunderlich securities. declines yesterday. some declines today. they come in the face of the dollar changing its direction. a little bit of dollar strength. is that the main reason we've seen declines over the last 24 hours? >> i think so. if you look across currency of the market, the biggest move was surprise by bank of japan and the influence on the currency markets. i think that's been the driver over the last three days. when you think about how the driver has reacted. it's lockstep with the dollar. i think we've got a little bit of inflexion here. but i think the trend will be for the dollar to continue to

weaken a bit and energy to stabilize in the $40, $45 range. i think that's going to be very constructive for equity. >> beyond correlations, art, are you getting any fundamental computation from the economic data or the earnings that makes this market a buy? >> i'll tell you this, sara, i think it's more of the inflexion point we've seen in guidance. when you look at the first quarter, we're still straddled with the strong dollar. and the biggest drag on the energy reports. you heard guidance sound much more optimistic. you've got a weaker dollar. you've got a stabilized energy complex. that was a major drag in the s&p 500 earnings. as we look out we'll probably see estimates for 2017 go up, not go down, the first time we've seen that in the cycle. i think the first quarter is probably an inflexion point in earnings losses. we're probably looking at earnings estimates going higher and probably for '17 as well.

multiples -- we'll probably go into the multiples more than anything else. >> we'll have to leave you there. thank you very much for joining us this morning. that's it for "worldwide exchange." . you mean pay him back? so let's start talking about your long term goals. knowing your future is about more than just you. it's how edward jones makes sense of investing.

good morning. ted cruz calling it quits are a resounding win by donald frump in indiana. and that makes a trump nomination all but certain, lls suddenly kasich catches fire. pharma fight. making a bid for drugmaker medivation. and under armour reportedly striking the biggest endorsement deal if mlb history for a baseball superstar that i think plays for the senators or the

narm nationals -- i don't know, boston has a team again. "squawk box" begins right now. it's wednesday, may 4th, 2016. >> announcer: 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 kernin and andrew ross sorkin. the u.s. equity futures after a down day for the markets yesterday where the dow was actually down by 140 points. you can see this morning, that trend is continuing. the dow futures down another triple digit loss. 114 points. s&p down by 16. nasdaq off by 33. overnight in asia, you can see there were red arrows there was5