good morning. welcome to q2 the dow and s&p now on a six-quarter winning streak. behind the wheel, tesla beats expectations delivering a record 25,000 vehicles in its last quarter. plus, washington watch. president trump draws a hard line on dealing with korea, this as he prepared to welcome china's to the united states this week. "worldwide exchange" begins right now. ♪ let's get it started let's get it started in here ♪ good morning, a warm welcome to "worldwide exchange" here on

cnbc. i'm wilfred frost. >> and i'm susan lee in for sara eisen. a new month, new quarter. >> that's right, let's have a look at what markets are doing on this the first day of the second quarter of 2017. of course, it comes off a day of slight declines on friday. about 0.3% for the dow, a little less than that for the s&p and nasdaq. and they are called higher, about 28 points for the dow. dollar points for the s&p, nasdaq got about 9 points high. the dow rising 4.6%. the s&p 5.5. the nasdaq placing its best performance since 2013 up nearly 10%. the small cap index slightly underperforming. but the rally slowed. the s&p finished flat. the dow lost nearly 1%. and the nasdaq gained about 1.a5%. i'd say given all the focus

we've had during the month of march, susan, from some of those pullbacks and declines when you have a look at that snapshot, you have to frame it as one of resilience. yes, we did pull back a little bit in march, but nothing too significant and still very big gains for the first quarter as a whole. >>ed best gains since 2006. let's check in on the ten-year note. the ten-year yield trades also has an impact on equity markets. we dipped below 240. that was the close on friday. new week and new month and new quarter, here we are a little bit below that. let's check on oil pricing. oil is up for a fourth positive session in a row giving back what they gained. the winning streak might be coming to an end. we're up a few dollars a barrel when it comes to brent, west texas down a little bit. natural gas, big gains with a rally of 1%. as for the dollar, of course, currency impact, commodity

trades and the dollar index has been up for four straight sessions as well. as you can see, it's giving back a little bit. the euro is gaining a touch versus the u.s. dollar losing a bit versus the pound. and as you see, looks like a bit of strength against the japanese yen. let's check in on gold. and the safety trade of gold work three days of down declines and making a losing streak. 1248 is where we're sitting per ounce. >> interesting to note as we said, clearly over the course of the quarter, we still had that trump trade closing in. equities, that's not the same for the dollar. that's something to keep an eye on. resiliency in the market but the dollar trade so strong in the fourth quarter down 1.5%. down also for the month. the dollar aspect of that trump trade. and to look at just there on the

euro, just less than a week ago we were up 109. and the comments from the ecb suggests that the ecb meeting last month was misinterpreted or overinterpreted the level of dovishness. and another ecb going back on that, too. the euro is up but we pulled back. amazing how that turnaround in the euro has come around, 106. economic data out of japan overnight sent japanese manufacturers business confidence improved in march. here's a look at the trade for you today. the nikkei up a little bit. hong kong is up a little bit. chinese and taiwanese markets are shut for holiday. several economic reports coming ought of europe this morning. uk manufacturing falling short, 54.2 versus the prior month of 54.6. and expectations it was going to rise.

soften nicely by 50. across the continental data better. the german pmi came in at 58.3. and expectation of 55.4. and lastly, overall, the manufacturing number coming into 56.2 showing the fastest growth in 71 months. so the take-away from that is strong for the eurozone. strong and a little disappointing for the uk. markets for europe, as you can see, a little bit mixed today. i'd say the difference isn't for the first quarter of europe versus u.s. equities is that we didn't get that pulled back in march. we still saw gains in march. if you want to accentuate that, the banks were the big ones to pull back in march. they were the big ones to gain in europe. that explains a snapshot of where valuations were. europe playing catch-up and having similar 5% gains for the

quarter as a whole but also up a percent. >> going through the best quarter since 2015. 18 months. let's check in on the week ahead for economic reports. topped by the march jobs numbers on friday. here's a rundown of the calendar for today. the ism manufacturing index, construction spending and march auto sales. tomorrow, factory orders. wednesday is the adp employment report. ism services index, and the minutes, and friday, the trade numbers and the big one, the march jobs reports. there are a few names of notes reporting earning. that includes monsanto, walgreens, beth, bath and bebeyond and consolation brands. and u.s. fed president dudley holds a press conference at 10:30 eastern.

and philadelphia fed president patrick harker 'richmond fed will talk about too big to fail this evening. >> president trump will host chinese president xi jinping at mar-a-lago resort later this week. president trump is suggesting that trade could be a key to securing cooperation against north korea. in an interview with the financial times, trump is quoted as having china has great influence over north korea. and china will will decide to help us if they do, that would be very good for china. if they don't it won't gb for anyone. he adds that washington is ready to deal with pyongyang's nuclear missile programs on its own if needed. we did see a bit of a selldown when those headlines hit the tape. people are thinking is this a

preeminent trikstrike, what doe this mean. >> all eyes will be on the president on friday. on the topic of china, not so much the north korea aspect what we just read, the broader topic saying trade is the incentive. wilbur ross actually joined the segment for the long interview, he said people have got to be careful because he is not bluffing on these topics. i think that's another aspect that made people wake up and think, gosh, this could be a heated exchange when talking north korea or chinese topics. that he's plans apparently to stick to his guns. >> the chinese diplomacy in my experience covering china ansia. the chinese president when he makes these trips it's very orchestrated. in china, it's about keeping face. are they going to be here for a confrontation, there are going to be any surprises?

i would be surprised if there were. >> the turn between the two vastly improved. let's stick with the interview, among the other topics on the president's agenda is health care. with mick mulvaney, the republican senator from kentucky came out strongly. trump tweeted saying talks on repealing the law will continue and will continue until a deal is struck. i mentioned the topic of health care, he did say if we don't get a deal with the republicans, we'll do a deal with the democrats. still working on that topic. not close to it but still working on it. >> very big in washington because the senate judiciary committee is scheduled to vote on the nomination of supreme court nominee neil gorsuch. the democrats want to block it and apparently have enough votes

to filibuster. and republicans are going to declare the majority. >> when a nominee doesn't get 60 votes, you shouldn't change the rules. you should change the nominee. >> but republicans say they will use the nuclear option if necessary which is to change rules that you can't filibuster and meaning that you need less than 60 votes. tesla reporting its q1 delivery numbers. landon dowdy joins us. >> tesla shifts into high gear with global sales rising nearly 70%. the american carmaker posted its best record yet. that breaks down to 13,450 model s sedans. and lever,550 model s suvs. this compares to 14,000 deliveries a year ago putting tesla on track to meet its goal

of deliveries this year. this could be a pivotal year for elon musk as he diversifies by adding his first lower priced vehicle, the model 3 along with the s and x. the model 3 starts at $30,000. and tesla shares up more than 30% this year. the to be is at 2% in early trading today. another vote of confidence, last week, the chinese giants said it has bought a 5% stake in the automaker. let's check on other corporate fuse. shares of toshiba dropping sharply. the company is likely to miss a third deadline to post its quarterly results. this comes after westinghouse, the new subsidiary here in the u.s. is facing bankruptcy. and toshiba is at risk because there are rules in tokyo that you can't provide negative

equity to shareholders. >> and they have, of course, bounced back a little bit, down 5% today. more stocks to watch, ricket benefit keyser waiting in on the business sale. sni schneider etrlectric is reportea deal around $1 million. schneider is up a third of 1%. shares of uk chip makers, apple said no one uses chips in and apple is the imagination biggest customer and an 8% stake in the company. more stocks to watch, shares of things like under armour could rise 30%. the paper suggests the company is likely to increase. they've also had a double-digit

clip. under armour has been under pressure this year and during the last six months. barron's is upbeat on lowe's helped by better projected earning and great room for margin improvement. and cutting its stake in lloyds bank just under 2%. previously held 2.1 billion shares. a price is not disclosed for the sale but the government is putting the money raised towards reducing its national debt. skill to come here on "worldwide exchange," marine le pen is calls the euro a knife in the heart of the french people. first, as we head to break, check out the trading picture overseas this morning. european trade pretty much flat after a first quarter and strong month for europe in q1.

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welcome back. friday saw a third of a percent. this morning, wee expecting a slight bounceback. 18 points for the dow. about a tenth of 1%. it comes offer the back of very strong gains as a quarter as a whole.

the dow gaining 5%. the nasdaq up 10% for the quarter. a little bit of profit taking in the month of march. the dow in negative territory for the month. but certainly not down as much as some of the negative territory in the course of march has been, you have to refer to it as resiliency. let's take a look at the dollar. the same reason really been said there. the dollar has declined for the month of march and also for the quarter as a whole. dollar index down 1.5% for q switzerla 1. that part, is that a sign to come or sign to continue? we'll have to wait to see. not too much in the dollar, the found softer by 0.5%. the euro bounce a little better this morning. we're pointing out we're seeing a lot of euro weakness in five or six trading sessions after ecb members are starting to suggest that the last ecb meeting was taken too hawkishly.

and at 109 briefly last week back at 10665. french presidential candidate marine le pen is calling it as the knife in the french people. joining us from the north of france. good morning. >> good morning to you, what's interesting about one of the strongholds of the national front in the north of france is that it used to vote traditionally for the left. and then the people grew really disgusted with the traditional parties among corruption scandals. and also they grew concerned about immigration problems and the high unemployment. you have to know that this old mining city, the jobless rate is at 17%, when the national average is at 10% so, they waited for a national front

player, and what they see now, this mayor lowered the taxes and he's starting to renovate the city. they don't care about going out of the eurozone or voting for the party of the hatred like the centrist candidates say. the question is can marine le pen from this success make it a national victory? well, that remains to be seen. that depends on two factors, abstention level which is predicted high. and also what we call the republican front which is has prevented them to access power when the electorate, from the left, from the right, from the center all gather to present a national front from gaining a major election. we'll see what happens in three weeks, back toy. >> claire, one of the key points of course you're touching on there is the economic performance of certain regions in france and what that has done to galvanize support for

traditional and nontraditional parties like marine le pen. i suppose that's a similar thing that happened with the brexit vote and the donald trump victory is the level of the unemployment and how they push towards nontypical political parties. how close is that? and how does it play for thing a dem graphics? because support for la pen actually differs from brexit and donald trump in terms of it does actually have some support of the young? >> exactly, yes, 18 to 25 year olds strongly support the national front which can seem a little bit strange. it used to be very much a vote of older people. the national vote in the south of france but now it has fled to the north of france. because of high unemployment as you said and economic concerns, so it has changed a little bit by virtue, criteria number one, immigration, number two, economic difficulties. and number three the disgust

about traditional parties. what the french people seem to want really in this election, and you see it with the candidacy of centrist candidate m macron is the need for that. with that coming in less than three weeks we'll see. >> claires thank you for joinings in the north of france. still to come, president trump preparing to meet with several international leaders this week. blut first as we head to break, here's the weather forecast and the weather channel's jen carfagno. we've got severe weather ongoing. it's been ongoing all weekend long. in the southeast, we will see storms possibly storms damaging wind and hail. there is a tornado threat as well. birmingham, alabama, panama city, all in the mix for that. rain spreads north all the way

to chicago getting into the northeast overnight tonight. temperaturewise, we're going to see a lot of warmth ahead of the system and even behind it. dallas, a nice cool day, same thing in houston after the big storms over the weekend. 88 degrees in dallas. l.a., 69 and 54 in seattle. i'm meteorologist jen carfagno for the weather channel. "worldwide exchange" continues after this. card from capital on. with it, i earn unlimited 2% cash back on all of my purchasing. and that unlimited 2% cash back from spark means thousands of dollars each year going back into my business... which adds fuel to my bottom line. what's in your wallet?

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welcome back to "worldwide exchange." a busy week in washington ahead, nbc's tracie potts joins us for

the stories we need to be watching. >> hey, wilfred. one thing we need to watch is the neil gorsuch confirmation process. we've got a vote later today and finally the end of the week, lawmakers trying to figure out if they require fewer votes to make that happen. also, the white house today focused on foreign policy. >> reporter: a senior u.s. officials tells nbc that presidential son-in-law jared kushner made an unannounced trip to iraq with the joint chiefs chair. reuters reported he's not there. it comes as the white house responds overnight to kushner's vast real estate holds. his attorneys say they're, vote, unlikely to pose the conflicts that would trigger the need to divest. this as president jump welcomes egypt's controversial leader. >> they need to put pressure on north korea. the only country that can stop north korea is china. >> reporter: back home the senate takes a committee vote on

supreme court nominee neil gorsuch today. they expect confirmation by the end of the week. >> how that happens depends. >> reporter: they may lower it to 51 votes. the so-called nuclear option if the democrats doesn't support. >> when the nominee doesn't get 60 votes you shouldn't change the rules you should change the nominee. >> reporter: the russia investigation continues this week. not ready to give national security adviser mike flynn immunity. >> it's not unmon. but i think it's premature. >> so, that's the senate side. remember, there's another investigation happening on the house side involved in that controversy about classified documents about who got them and who didn't and what they say but democrats, will tread say it's distracting from what they're trying to get to the bottom of, which is did members of the trump transition team, the campaign help russia influence this election. >> tracie, in terms of the other big topics of the week.

the president from president xi jinping, any details on that that is taking place in florida? >> right, he's going down to mar-a-lago with the president. the key issue there seems to be north korea and what role china is going to play by trying to put pressure on north korea in that region. it's interesting, the president talking a lot about america first. this is an area where he's going to have to team up with the hour house in that region to keep that. >> tracie potts in washington. do we know if president xi plays golf? >> no, he does not. it's supposed to be a very quick 25-hour visit. coming up next, today's top stories and the roundup of the global markets, plus, the top trending stories including an elementary school feud between prime minister trudeau and matthew perry does it continue? stay tuned. you're watching "worldwide

exchange." ange."

good morning, u.s. equity futures pointing to a high. the first trading dade round up the global market picture straight ahead. behind the wheel. tesla beats expectations delivering a record 25,000 vehicles in the last quarter. and stories include a wedding proposal inside the ring. it is monday, april 3rd, 2017. you're watching "worldwide exchange" on cnbc. ♪

good morning, a warm welcome to "worldwide exchange" on cnbc. i'm wilfred frost. >> i'm susan lee in for sara eisen. i guess when it comes to worldwide wrestling, a showman with john cena. >> i'm looking forward to the wwe details. let's check in on the futures boards and how u.s. markets might open a little bit later on. looks like we're trading above fair value at this point. set to open in positive territory. we are starting offer a new month, new quarter, new week. the first quarter finishing, the dow rising 4.6%. the s&p rising 5.5%. for both the s&p and dow, we're looking at a six-quarter winning streak which is the best for the dow, wow, since 2006. for the month, we actually did see declines but let's count the

quarter. as for the nasdaq, posting its best quarterly performance since 2013. up 10% on the back of strength on tech which rallied close to 13%. the q1 rally slowed down in planche. the s&p finished flat. the dow lufosing nearly 1%. as for asia, emerging markets outperformed u.s. equity markets in the quarter, believe it or not. in fact, the best quarter for the emergent space is 2012, japan's nikkei after a modestly disappointing survey seeing gains. the hang seng trading higher. europe seeing its best quarter by end of 2015. european markets as were early in the session there i would say seeing some -- what, flat trading so far in the session? >> yeah, i think the other thing to pink out out of europe is the various bits of pmi data to sum that up across the cotton nents

continent, it was better than expected for the uk. all of them softening in about 50. so expansion territory. 9.5% the reading for february, it's in line for expectations but it is the best reading since may 2009 and it's down from 9.6 slightly higher in zwran. down from 10.3% in february. a significantly improving trend for europe. high levels at 9.5% in the grand scheme of things. let's have a look at broader markets. oil prices up. a volatile quarter for oil prices over the course of first quarter. it was up about 5% last week. even with that accounted for, still down 6% for the month of march. and still down 5% for the quarter as a whole. but we have to, i suppose, stabilize over the last few days or so. now back above 50 for wti, 50.6.

up a fraction. treasury notes crucial for what bank stocks have been doing over the course of the last month. and equity markets have more broadly done, sitting below 2.4%. where we remain at the moment, 2.389. at the moment, dollars with equities during the course of the first quarter that trump reflation trade, just still maintaining for equities, but not for the dollar. it was down 1.5% for the quarter. also down about 0.5% for the month of march, albeit bouncing back last week at 0.9% for the week as a whole. not doing too much with the pound. 125. gold just to round things off which, of course, had a great quarter because of that softer dollar is up 8% for the quarter as a whole. not doing too much, though, last week or last month. not doing too much 1248. we have a busy week ahead full of economic reports topped by the march jobs numbers on

friday. here's a rundown of the calendar. for today, ism manufacturing index, construction spending and march auto sales. tomorrow, we're going to get factory orders. wednesday comes the adp report, ism services and fed minutes. friday, weekly jobless claims. friday a big one, trade 91s and, then, for the march jobs report there are a few names of note. monsanto, walgreens, boot alliance, bed, bath & beyond, and constellation brands and a whole host of matters. the egyptian leader is here as well. and king abdullah of jordan. we also have lots of talk coming from fed members. a trio in fact today, new york fed president bill dudley holds an economic press conference at 10:30 eastern. philadelphia president patrick

harker speaking this afternoon. and richmond fed jeffrey lacquer will talk about too big to fail this evening. and tesla said it delivered a record 25,000 vehicles in the first quarter. that's up nearly 70% from last year. that breaks down to 13,000 model s sedans. and model x suvs. and tlaesla has set a record delivery this year. on the more affordable model 3 in july. meeting the 50,000 delivery expectations. you can bet that the stock is going to rock later on today. to corporate news, japan trading today the drop follows a report that the company is lakely to miss a ped deadline to post quarterly results, toshiba down. and the news, the white house releasing documents detailing the millions of

dollars in assets. the following show ivanka trump and jared kushner they have more than $700 million in real estate investments. they also show that trump's chief strategic steve bannon made more than $2 million while top economic adviser gary cohen has assets worth $230 million. it's probably one of the richest cabinetses in u.s. history. >> yeah, i think it's a surprise with the findings over the weekend, the level of wealth amassed by jared kushner and ivanka trump. i think people's estimates had them in the hundreds of millions but close to the 1 billion market. they're not surprised. to hollywood, after two weeks of domination by "beauty and the beast" there's a new pint sized boss. dreamworks "boss baby" claimed the top spot for an estimated $49 million. the animated movie stars as a

voice of a baby. disney's "beauty and the beast" posted second now has made more than $400 million at the box office already. i haven't seen either of these films yet. >> i have not. i have not. is it really our genre, to be honest? >> probably not. i'm definitely going to see "beauty and the beast" and this one, alec baldwin deserves to be seen. and the women beat mississippi state, it's the 30 time south carolina beat their conference rivals. staley is the second african-american coach to win the title. tongts, it's the men's turns. tar heels and i'm sure our very own landon dowdy and kala toush chicago will be watching that. >> we flow who they're rooting

for. i feel bad for mississippi state because they did the hard job of knocking off uconn which won the last four ncaa championship and they lost to a better team in the evening. that was a buzzer beater on friday night. people who stayed up late for that caught a good game. let's talk about the baseball season getting under way. world series champs, chicago cubs went on the road to face their fierce rivals the st. louis cardinals. the game was tied at 3-3. that's then stepped up with the bases lowed and won the game with a long single. st. louis beats chicago in a dramatic fashion. canadian prime minister justin trudeau is challenging actor matthew perry to a fight. don't worry, it's all in good fun. perry who played on the hit tv show "friends" admitted to jimmy kimmel that he beat up trudeau in elementary school.

taking it to twitter, trudeau saying i've been giving it some shot, who hasn't wanted to punch chandler? perry responds i think i will pass at your request for a rematch kind sir given that you currently have an army at your disposal. >> who do you think would win? >> the last time they fought was in elementary school, grade six. >> i think that will be a good deal. trudeau would definitely win. >> he's been training the last two years. >> the back street boys, yes, the boy band of the '90s taking the academy of music awards by storm. the boy band teaming up with florida georgia line performed their single. the hits since 1997, their song "everybody" bringing the crowd to their feet. and sending social media into a

frenzy. i like that mass shot. >> i like it as well. >> it was the '90s. >> i'm a big fan as well. >> were you a back street or 'n sync fan? >> i was back street over 'n sync, but we've discussed it in the show before, i've tried to get people into them. john cena proposing to his girlfriend at the middle of the ring. the proposal to his longtime girlfriend. just after he won a tag team in front of thousands of fans, nikki quickly accepted the proposal. have a look at this. >> will you marry me? >> there you go, congratulations to them. the public proposals, i'm not sure it's my kind of thing. >> 75,000, that's just an intimate group. apple isn't done trying to sell pay tv. pitch consumers a premium tv

bundle combining hbo and starz. apple already sells each of those channels individually, they're considering rolling them out in separate packages. >> did you see over the weekend the next "game of thrones" trailer? very exciting. amazon is launching a new program to help social media stars start their own stores. influences with large followings can post their sales. the program still in early testing though not a sign -- >> and facebook is extending its diversity efforts. the company is now requiring that women and ethnic minorities account for at least 33% of law firm teams workingen its legal matters. firms must also show that they, quote, actively identify and

create career opportunities for minorities. we'll have a look at the way european markets are trading at this hour. essentially, the markets are flat. germany leading. and against continental europe and improving unemployment numbers. certainly disappointing employment numbers for the uk. back in a few minutes. analysis, level 2 data, and a team of experienced traders ready to help you if you need it. ♪ ♪ it's like having the power of a trading floor, wherever you are. it's your trade. ♪ ♪ e*trade. ♪ ♪ start trading today at etrade.com may not always be clear. but at t. rowe price, we can help guide your retirement savings. so wherever your retirement journey takes you,

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exchange." time for the must read stories catching our attention. my picks in the financial times, we talked about it already. if you haven't read it yet, it's a must, must read. trump on merkel, twitter and republican infighting. this is after the post on the financial times website and the paper today. with president donald trump. i just picked out a few select quotes but it's a very long detailed interview and well worth reading on health care reform this is what the president said if we don't get what we want from republicans we will make a deal with democrats. this is what he said on tax reform, i don't want to talk about timing, but we'll have a very strong tax reform. on twitter, he said, without the tweets i wouldn't be here. i have over 100 million followers i do vent have to go fake media. and comments on chinese

president xi jinping and extensive comments. >> let's talk about the big meeting at the end of this week, chinese president xi jinping will be in florida, mar-a-lago with president donald trump. my pick comes from "the washington post" basically titled "inside the kouchner channel to china." this meeting was orchestrated by trump's sonld gera-in-law jaredr had high level backing and he comes in the form of henry kissinger who is responsible for modern china and the u.s. during the mixon administration. writing about kushner's goal is to broaden and improve the relationship despite several persistent challenges. that runs with other top officials who want to confront beijing with various issues as

trump promised in the campaign. it's a one-on-one battle between the team that want probably more engaging discussions with china. more cooperation. and the other side of the cabinet right now that want to be more confrontational led by steve bannon, according to this "washington post" op-ed. >> the most important of the foreign leader meetings so far. either way, already, the tone as we approach it infinitely more conciliatory than it could have been a week ago or a month ago. the tone has been improving. and heightened by the comments towards china saying trade is the key thing. coming up to the hour, "squawk box." joe kernin is there. >> good morning, i love that josh rogin -- hilarious, isn't he? wasn't he in -- seth rogen.

>> seth, seth. he's hilarious. pretty amazing to write a piece in the paper. how are you doing, andrew? how's the cold? >> good. >> that's the lead, andrew is better this morning. that's what we're talking about -- no, actually, i felt like these teases felt like a monologue. they summarize what's going on. here's what we're thinking about today. i'm thinking about six straight gains of quarters. the futures are higher that makes me think. but then i think of a flattening yield curve what does that mean and record short numbers for bonds. and now we're hearing that central bankers and the fed might move one goalpost. i guess one goalpost on one side of the field, 6%, 5.5%. now, 5%, i don't know where they decided. now, they're going to move the 2% inflation target. the other thing that -- i don't

know what you thought about this wilf, you know what's happening this week -- you know -- >> it's going to be the mafster. >> it's tough to pick the team that wins out of 64 teams for march madness which may happen for me or the producer of the show. the producer has gonzaga. and a couple of us have north carolina. that's tough enough. it's even harder to pick who is going to win the masters, except one guy who should win every tournament he plays and he has been, that's d.j. dustin johnson. he's number one in the world. so, i'm going to be watching him. >> it's going to be some brits in there as well, though. >> you never know. >> we're not as good as we once were, we're still out there. >> absolutely, justin rose, he's a great guy. i almost wish he would win. he's a great guy. i wish i could watch the night -- did you see what time

it comes on? 9:15? 9:15, it starts at 9:15 -- >> "worldwide exchange" and "squawk box" anchors not watching that. >> anyway, we'll talk china. that's another big deal. gorsuch. that's another one. >> they want to take their show back. >> right now? >> not necessarily, becky. >> joe, thank you very much. "squawk box" when it's time. still to come here on "worldwide exchange," we'll get you ready for the trading week ahead. we're back in a couple minutes.

back to "worldwide exchange," futures pointing higher, comes from the slight declines on friday. slight declines for the month of march. significant gains for all three indices. 5% for the dow as much as 9% for the nasdaq.

joining us jurrien timmer. thank you for joining us. you still have to frame things as resilience given those q1 returns? >> yes, that's correct, so about a year ago, february last year was really a key global inflexion point. oil prices, the fed backed off. china yet again. ever since for the last 13 months we've been in a global reflation. and then a lot of hopes and expectations there will be fiscal policy changes in the u.s. as well. so, that whole theme continues although -- and we're getting the pmis starting today. we're probably getting into that sort of peak inflation bhmode where the rate of change is probably peaking here, although the overall cycle still continues. so i think the bull market is intact. i think we're reaching a little

bit of peak momentum here. that's the reason why small caps have not done too much. >> jurrien, it's what you call a trump trade versus a trump fade. you said that the pendulum might swing again. i'm wondering what kind of policies that might place in? >> it's tricky, because as you know, we don't have a lot of detail but my understanding how the markets respond to the election is that the markets have met the president halfway in terms of pricing in the regulation for tax reform, et cetera. it hasn't priced all in. but they priced half in and now they want to see the actual results. and even if we get the results, the question is to what degree will the fed offset that to a monetary offset. to a result, what will the fiscal multiplier be for infrastructure spending. there are a lot of different

questions but my sense is there is a global synchronized inflation under way. that does create resiliency. that's one of the reasons why the markets have actually done pretty well. even though there hasn't been a lot of momentum coming out of washington on the fiscal side. >> this week out of washington, what are you mostly watching, we have the gorsuch hearing later today. we have chinese president xi jinping in town. and lots of detail going forward? >> well, obviously the meeting with the chinese leadership is important. one of those out there since day one has been, you know, very string against protectionism with mexico china, et cetera. so, if nothing big happens in terms of protection film coism out of this summit this week, i think the markets will have a lead. jurrien, thank you for joining us this morning. jurrien timmer of fidelity.

that's it for "worldwide exchange." futures pointing higher following slight gains. "squawk box" comes up next.

good morning, we're kicking off the second quarter of trading and the dow and s&p are both on six-quarter winning streaks. that's a year and a half. i'll do the math for you. a rundown of today's market movers straight ahead. and we're off today on the futures a little bit, anyway. behind the wheel, tesla beat expectations delivering a record 25,000 vehicles in its latest quarter. plus, washington watched a lot going on, president trump dealing a hard line dealing with north korea, as he prepares to welcome china's president to the united states this week. it's monday, april 3rd.

masters week, no tiger. 2017, "squawk box" begins right now. ♪ >> announcer: live from new york where business never sleeps, this is "squawk box." good morning, everybody. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernin and andrew ross sorkin. let's take a look at the global markets this morning. you're going to see that right now futures are indicated higher on the first day of the quarter. dow futures up by 30 points on the fair value. s&p up by 4.5. nasdaq up by 12. by the way, check out how the last quarter finished. the dow up 4.6%. the s&p gained 5.5%. and the nasdaq posted its best quarterly performance since 2013 up nearly 10%. but the