. good morning. crudes trying to stage a comeback after oil tumbles to the lowest levels of the year. warren buffett backing out of big blue. he tells season as soon as he has sold a third of his stake in ibm. exclusive details on that coming up. and uber under fire. why the ridesharing company faces a criminal investigation. it's friday may 5, 2015. "worldwide exchange" begins right now. ♪ good morning. welcome to "worldwide exchange" on cnbc. happy friday.

happy cinco de mayo. i'm sara eisen. >> i'm wilfred frost. it is new music friday. this is the latest from justin bieber, lil' wayne. >> it is jobs friday. u.s. equity futures right now are pointing to a mixed open. the dow futures are down about 16 points. s&p futures are up 1. nasdaq futures are up 4. oil is the big story. that tumble yesterday to the lowest level since november caught everyone and moved the market. wti is back above $45 a barrel. 45.70. getting a bit of a boost this morning. we'll see if that holds. there's been a pattern lately where the early morning, this time of morning bounce disappears by midday. brent crude, 48.72. nat gas, $3.21.

we'll watch this and the spillover effect on other commodities like gold, copper and iron ore. >> the real takeaway, despite this fall in various commodities, earnings good enough to keep markets in positive territory. we have the nasdaq up a half percent, the dow and s&p also in positive territory, coming off the back of a fantastic week last week. again, resilience and strong performances. let's look around the rest of the world. japanese markets were closed today for the children's day public holiday. the rest of asia is soft. down about 0.8% in hong kong and shanghai. the indonesian market just below flat. europe on the other hand enjoying a decent week, albeit today is mixed. a bit of green in london. softness elsewhere. for the week as a whole, europe is up over 1% for france and germany. just below 1 % for the ftse 100.

so much of that predicated on the french election. socgen, the french bank over the last month was 17% lower than it is today at one point as a sign of where it could head if we did get a surprise unexpected result in the french election. at the moment markets higher for the week. higher for the last two weeks since that first round report. >> the ten-year yield has ticked up on a week where the federal reserve brushed off weakness in the first quarter. expects a rebound in the second quarter and with its statement set june as the next potential rate hike meeting, which is the next meeting. ten-year yield unchanged. as for the u.s. dollar, the euro has been the big story over the week. it's been strong. highest levels since november. >> nearly hit 1.10 yesterday. >> 1.0969 is the level.

backing off the highs this morning. as for the dollar/yen, dollar is weaker against the yen. the pound is stronger at 1.2935. gold prices also have gone to multi-month lows. whether it's a broader deleveraging out of commodities. iron ore is a big story of the week. yesterday a 7% slide. the question that people are asking, is it individual supply and demand factors, or is there a broader china story to tell? the chinese stock market has had a rough week. that's always a signal that maybe some liquidity is coming off. some of the market is starting to catch up with all of the sti stimulus that's been pumped in. >> on oil prices, a lot is supply side, whether it's inventory data or libya production. normal correlations have broken down over the past couple weeks. we've seen yields tick up this week. we showed the ten-year getting

close to 2.4 again. yet the dollar has slipped. that doesn't typically play out. if you take that further, the dollar has been shofoft, but so have gold prices. typically they tend to move in opposite directions. this is typical correlations not really holding. the bottom line, u.s. equity markets very resilient in the face of whatever is thrown at them. corporate earnings keeping them up. over the last two weeks it's been a strong performance for u.s. equities. >> the yields ticked up a bit, but you don't see that picture that rosy, optimistic picture that the equity market paints, which is further to your point evidence that this is driven by earnings. the bond market may be more worried about what's happening in the rest of the world, the u.s. economy, pairing back of expectations on the trum pro growth agenda. >> we will get to the big political story of the weekend in a moment. breaking overnight, irk b mshgie

confidence of berkshire hathaway's ceo. warren you about tbuffett sayin value ibm the same way i did six years ago. when i got below $180, we sold a reasonable amount of stock. berkshire still owns more than 50 million shares of ibm. buffett saying with shares trading below $60, he has stopped selling. becky will join us in about a half hour's time. the french go to the polls this sunday to choose their next president. this election has wider implications for the future of the euro and europe. one candidate wants to keep france in. the other has campaigned to abandon it. michelle caruso-cabrera joins us live with the latest as we look forward to sunday.

good morning. >> yeah. this election is so consequential that even former u.s. president barack obama has weighed in and endorsed a candidate, emanuel macron who favors greater integration with europe. >> i know you face many challenges, i want all of my friends in france to know how much i am rooting for your success. because of how important this election is, i also want you to know that i'm supporting emanuel macron to lead you forward. >> these final days of campaigning have seen both candidates come under attack. macron has been booed and heckled as he visited factories. his critics call them a globalist. they think he will weaken labor laws, because he did so as minister of the economy. just yesterday, marine le pen had eggs thrown at her while she was campaigning. she favors total sis sodisassoc

with the european union, she wants to lower the retirement age, and a tax on foreign workers. new polls give macron the widest lead yet, 62% for him, 38% for le pen. the markets are acting like it's a done deal. french interest rates are lower again today. the spread is tighter, 37 basis points. it was as wide as 79% in february. the cac flat today, but it was up yesterday, had a strong performance on the back of that debate performance from macron where they thought it was his moment of high vulnerability and she would be at her strongest, that didn't play out at all. that means if on monday there another surprise, like we've seen in other elections, all hell will break out. right now the markets don't suggest it. >> markets and polls don't point to 60/40 or better for macron at

the moment, but talk about how a possible surprise could be delivered? what would le pen have to do? >> first of all, there's almost 20% of the people who say they are still undecided as of a poll that came out today. a lot of people wonder if undecide meund undecided means people who will vote for her but don't want to say so because she's labeled as racist. and then there could be people who show up and put an empty envelope in the box or don't show up at all. it's believed a high abstention rate favors her because she has the more animated voter. so potentially there is enough there to get her over the 51%. i'm curious about the barack obama endorsement. we were all there in the uk when

the brexit vote went down. one of the reasons after the final vote to leave the eu came through, they cited what was president obama doing or saying? why was he telling us what to do as a reason they voted out. is this going down differently in france? >> polls suggest that barack obama is still very popular here, and for macron supporters, this was seen as a great thing. but when of marine le pen's top political aides came out today and said what do you expect? obama was always behind wall street. that's how they paint macron. i think the division will go down based on the predisposed vision of each individual leader. i don't know that it would be as negative as it was in brexit. we might find out monday. >> thank you, michelle. live in paris all day for us. >> i have to say, the obama thing surprised me yesterday. it is true, as michelle says, that president obama is very,

very popular in france. he was and is still very, very popular in the uk. i feel that people don't like to be told what to do by outsiders, whether they like them or not. this does play to the idea that le pen is trying to paint macron as the international global elitist. my take on this is for the far left melenchon voters, who are also pretty anti-establishment, this makes them less likely to vote for macron. it doesn't make anyone more likely to vote for le pen, but it's another sign of the global elite being -- global political elite being asleep at the wheel. this whole election has been anti-establishment. macron is not one of the two main parties, le pen isn't either. i was surprised that came out yesterday. >> campaigned against brexit, campaigned against donald trump, two down. >> just to round things off in terms of whether we could get a surprise or not, it's similar to brexit in this sense, turnout could be a massive swing factor. just a little knnuance factor,

is a long holiday weekend in france. it's a day off on monday. in order to vote at france, you have to vote at your local constituency. if people are traveling for the weekend, if rich parisians are away and traveling who would normally vote for macron, it's hard for them to vote. there are little factors that show -- >> isn't there too much at stake for them? >> i don't know. his support does not have high conviction. ffrmgt we' >> if we're framing this as an election pro euro or anti- euro. i cannot decide if france wants to stay in the euro. are they satisfied with the status quo being inside the euro? most polls leading up to this on that question, yes, they want to stay in. >> crucial point. you're right. that's one of the two big

hurdles le pen has to get over. one overall most french people want to stay in the eu. second is this label she has attached to her of xenophobia. clearly she is trying to frame this, it's not so much about the euro, it's about globalization. if she's able to convince enough swing voters this is more a globalization, elitist banker versus me, someone who wants to fight for france, she has a chance. if it's on the euro, you're right. either way, as michelle made clear, polls got the first round right. they're pointing to a strong macron victory. >> so are the markets. >> markets have fully priced it in. >> any time you see multi-month highs for the euro, reminds me of the pound running up to 1.50 the night before brexit. >> absolutely. fully priced in for a macron victory. the upside for a macron victory is minimal.

the down side if we got a le pen surprise victory -- >> not so minimal. >> socgen about 17% lower over the past month. that's an indication you would expect that big a fall if you got that surprise vote. jeff bezos sold 1 million shares of amazon stock over the last three days. this according to a filing with the s.e.c. the move was part of a scheduled sale that bezos makes on a regular basis. this is now the biggest amount he's ever made at one single sale. bezos told a space conference that he's selling about $1 billion in amazon stock per year to fund blue origin. amazon down about a third of a percent. uber coming under fire. the company is reportedly the subject of a criminal investigation by the u.s. department of justice. the probe looking into the company's use of that software that helped drivers avoid local regulators. the software is known as greyball. uber admitted to using it and

said it would stop shortly after the "new york times" published a story exposing the software's existence in march. family members of three of the victims of the 2015 shooting in san bernardino, california are suing facebook, google and twitter. the suit accuses the companies of knowingly supporting isis. the relatives say allowing the terrorist organization to spread propaganda freely on social media means those tech firms provided material support to the group. johnson & johnson ordered to pay 1$110 million to a woman claiming she developed ovarian cancer after using the company's talc-based products. the verdict is the largest to arise out of 2400 lawsuits according j & j of not warning customers about the risks of using tamilc-based products. cbs benefitting from higher licensing and subscription fees,

led by streaming versions of its show time network. shares of shake shack slumping. the revenue goins couidance com weak. today we have employment taking center stage. the april jobs report will be released at. >> caller: 8:30 a.m. eastern. their janet yellen is the headliner speaking on women's participation in the economy at 1:30 eastern time. we'll also hear from vice chair stan fisher and presidents john williams, on the earnings front, cigna, moody's and transcanada report before the bell. still to come, becky has more on warren buffett's big ibm move. an expert's take ahead of this weekend's french election and we're counting down to the jobs report. we have a busy friday morning for you. stay tuned.

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hey you've gotta see this. cno.n. alright, see you down there. mmm, fine. okay, what do we got? okay, watch this. do the thing we talked about. what do we say? it's going to be great. watch. remember what we were just saying? go irish! see that? yes! i'm gonna just go back to doing what i was doing. find your awesome with the xfinity x1 voice remote. welcome back. fo futures at this hour are mixed. yesterday we had gains, albeit small, and gains for the nasdaq, slightly less for the s&p and dow. let's look at oil prices, front and center yesterday.

almost 5% we saw wti slide. it's bouncing back a quarter of a percent today. 45.64. for the week as a whole, we're down 7%. commodities, copper and iron ore have been soft, despite that equities remain resilient. >> also the highest volume day for stocks in six weeks, so selling in names like caterpillar and chevron was notable. stocks to watch, zynga forecasting a better than expected increase in current quarter bookings. the online game creator helped by the strong performance of titles like zynga poker. activision blizzard raising profit and video forecast. also reporting quarterly revenue above estimates. a second bhp billy ton shareholder making a push for strategic changes. they are being pushed to sell u.s. shale assets and overhaul

the board and management. insurers and hospital stocks rising yesterday as the house passed a gop healthcare bill. but there's a tougher challenge ahead to come in the senate. we're live in washington with the latest. first, as we head to break, the national weather forecast from bill karins. >> good morning. the weekend forecast is looking a little unusual. starting with a lot of heavy rain, a lot of business travel problems. soaking rain in washington, d.c. coming up through the northeast today. we know we'll have airport delays at the major airports, d.c., philly, and later this afternoon up towards logan airport in boston. showers in atlanta. straight thunderstorm in miami. middle of the country dries out. you probably have seen the pictures of the horrific flooding in arkansas. they will dry out. rivers will start coming down. for saturday, showers ending in the northeast.

on sunday, remaining kind of cool. we will be unusually chilly in the great lakes, ohio valley and northeast for the next couple of days. more "worldwide exchange" when we come back. she said the future freaks her out. how come no one likes me, jim? intel does! just think of everything intel's doing right now with artificial intelligence. and pretty soon ai is going to help executives like her see trends to stay ahead of her competition. no more sleepless nights. - we're going to be friends! - i'm sorry about this. don't be embarrassed of me, jim. i'm getting excited about this! we know the future. we're going to be friends! because we're building it. that's why a cutting edgeworld. university counts on centurylink to keep their global campus connected. and why a pro football team chose us to deliver fiber-enabled broadband to more than 65,000 fans. and why a leading car brand counts on us to keep their dealer network streamlined and nimble.

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act for months. it will be a bigger fight than in the house. >> obamacare is no longer living. >> reporter: president trump taking pride in republicans first step to dismantle obamacare. >> we have something that will be one of the best anywhere in the world. we look forward to it. >> reporter: earlier in the rose garden -- it was one big party after a revised american healthcare act passed the house. >> without objection, the motion to reconsider is laid upon the table. >> this is a repeal and a replace of obamacare, make no mistake about it. >> reporter: republicans say it will lower the price you pay for healthcare, children can remain on their parents plan to the age of 26. the bill also prohibits caps on annual and lifetime coverage. democrats say it will be the fuel needed to win back the house in 2018. this vote will be tattooed to them, as i also said, they will glow in the dark. >> reporter: the bill faces an enormous challenge in the senate. senator bernie sanders says it

is a bad bill and there are loopholes. >> they're going to raise premiums very significantly for older workers. they'll cut medicaid by some 0 $800 billion. >> reporter: with 52 republican senators, they can only afford two defections for the bill to pass. the american healthcare act also scraps the individual mandate, meaning there will be no tax penalty for not having health insurance. in addition, it also eliminates the subsidies for low income people who use the marketplace adding tax credits at the end of the year instead. >> what is the time frame here? you said months? >> months. senators are talking about putting this into committee. they're on a break next week. putting it into committee first, they'll talk about the bill. if their bill differs with the house bill, they will have to merge those two bills together. >> wow. maybe the house will be working on tax reform in the meantime.

thank you for the updated from washington. up next, warren buffett telling becky quick he is cutting his stake in ibm. big headline of the morning. more on those exclusive comments straight ahead. first another check on what futures are doing at this hour. mixed picture, dow slightly lower, nasdaq and s&p slightly higher. 1/4 white sox back in just a couple.

good morning. buffett backs off big blue. the oracle of omaha telling becky quick he sold shares of ibm. details straight ahead. crude new realities. oil bounces back slightly this morning after tumbling to the lowest levels of the year. how low will it be going? we'll drill down straight ahead. and counting you down to the big jobs report out three hours from now. it's friday may 5th, 2017, you're watching "worldwide exchange" on cnbc. ♪ it's our friday tradition here to have this song. >> i don't think we played this enough eventually. >> it's been a while. >> it's genuinely uplifting. reminds you tgif. >> it gets you in the mood for jobs friday. >> and drinks friday afternoon. >> and it is cinco de mayo. let's check in on the markets.

>> i say afternoon, late morning. >> right. afternoon starts at 11:00 for you? >> 10:30. >> dow futures are down 20 points. s&p is up 1. nasdaq up three. a mixed picture yesterday in the market. high volumes of trading, but that commodity slide, particularly in oil, weighing down some industrials and the energy names. as for asia overnight, more weakness in the chinese market which was notable. the shanghai closing lower by three quarters of a percent. hong kong lower by even more. as for the early action in europe. as wilfred mentioned earlier, it's been a strong week so far. weakness this morning. we're watching the french cac, the french stock market closely into the weekend elections on send. down 0.2%. it has been going strong. the euro has rallied to the highest since november as the market prices in a centrist macron victory. >> france will still end this week up about 1% as things

stand, adding to about 4% last week. significant gains since the first round. the macron victory very much priced in already. let's look at broader markets. oil prices are front and center, slipping about 5% yesterday. now down 7% for the week. bouncing back a bit today. only around a quarter percent. 45.6 for wti crude. that's happened even in light of stronger corporate earnings from the energy sector, whether you look at likes of chevron and exxon, or bp and shell. they've outperformed but oil prices themselves and other hard commodities like iron ore and copper slipping significantly. ten-year treasury note yield has risen to close to 2.4. at about 2.35 today. not a huge move. but worth noting that yields have been going up because on the flip side, which you might not expect, the dollar has been going down. the broader dollar index down about a third of a percent. the big mover, the big drive r s

euro strength. 1.096. again, the euro very much pricing in that macron victory. the pound higher. worth noting there have been local election results coming out across the uk, showing strong gains for the conser conservati conservatives, weakness for labour. all of those brexit voters going towards the conservative party. does that point to a strong victory for theresa may in the general election next month? we'll have to wait and see. gold prices, they have been soft over the course of the week. down 3%bouncing back by a half percent. >> and iron ore has had a down week. lost 7% yesterday. some people wonder if that says something about weakness looming in the chinese economy. we will watch that carefully. big overnight news from warren buffett. in exclusive comments to becky

quick, buffett said he sold about a third of his stake in ibm. becky is live in omaha, nebraska with the details. meeting hasn't started yet and we have moves on the buffett portfolio. >> i know. this is definitely news people will want to pay attention to. warren buffett talking about his holdings. he built up a significant stake in ibm. when we caught up with him last night, he said he changed the way he values this stock since he started buying it. listen to what he had to say as to why. >> i don't value ibm the same way that i did six years ago when i started buying it. overall i think in six years i revalued it somewhat downward. as a matter of fact, when it got up over 180, we sold a reasonable amount of stock. >> you sold a reasonable amount of ibm? >> right. >> least that i had seen you owned something like 13 billion

or $14 billion of worth -- >> done down the price. >> i'm trying to think back the number of shares. >> we owned about 81 million shares. when it got over 180 -- >> $180 a share. >> yeah. compared to the valuation then that i thought was appropriate, we started selling stock. some of that was sold in the first quarter. some sold in the second quarter. >> how much did you sell? >> we sold about 30%. >> 30% of the shares? you owned about 9% of the shares outstanding at ibm. >> we had 81 million shares. so we probably sold in the area of 24 million, 25 million shares. but that was at a higher price. >> you were selling at $180. that stock has come down significantly since the earnings, i think it's closer to $160 a share.

>> yeah. >> would you still sell. >> i don't think we would be selling. we could buy. i continuously look at what they do. i look at the price of the stock. when it was over 180, i looked at what was happening and everyone, they have run into tough competition. >> you may wonder why buffet would tell us he was selling the shares when he still owns more than 50 million shares. that was my question to him. he said he was selling when the stock was above $180, when it came below $160, they stopped that selling program after the stock sold off. after the earnings report, you can kind of look at when it dropped off like that. he said as a result they stopped selling. next week you will hear the 13f files from the s.e.c. and you will hear from big investors. if he doesn't have a selling program like that, he would have to tell anyone. he wouldn't feel right talking

about it as if he didn't sell anything and then have that come out a week later, and then share holders asking why he was so coy about it at the shareholders meeting. they are still a major investor, but he said he changed the way he values the stock and in large part it's because the company did not live up to his expectations from five or six years ago or management's own expectations. he pointed out if you look at their internal discussions about where they wanted to be at this point, they're not there. we talked about the problems with ibm. 20 quarters in a row now where they have seen revenue decline. that's five years in a row of declines. berkshire still a major sharehold shareholder, but buffet saying he views the company differently than he did before. >> of all his biggest holdings, ibm has been one of the headline underperformers, does this sale, albeit only a third of his stake, cement that as an admission of a mistake in the

initial investment? >> we talked to him about that. he said he would have done better. they have not lost money on this, because of the massive earnings coming in and because of how they have gotten paid out in dividends since this time. they have not lost money, but he did himself say if he were to put that in the s&p 500 he would have done better. there's the -- yes. he would have made more money had he done something else. he admitted that himself. i think you might put this in a mistake column. >> becky, he didn't mention who the competitors were. that he thought were a threat to ibm. he talked before about amazon, how amazing that company is, but big cloud competitor there. >> he talks at length about that. we'll run more of that today on "squawk box." he talks about the competitive environment. he goes out of his way to praise jeff bezos and the amazing runway he's had when it's come to amazon web services, the

cloud division they set up. jeff bay soezos set that up and long ahead of the competition. bezos said he thought he had two years of runway before people jumped in, turns out they had more like seven years. we'll run more of those clips later this morning. >> thank you very much. look forward to that great stuff. >> thanks, guys. >> awesome knowledge on the fly of ibm share prices. warren buffett's number of shares. >> how open he is. just answers the question. >> cool under fly. even more to look forward to monday morning. >> our other guest shareholders could learn a thing from that. to france, where today is the last day of campaigning before sunday's presidential election. the latest polls showing emanuel macron holding a lead over marine le pen. joining us is christian millard.

thanks for joining us. >> good morning. pleasure. >> we spoke in france last monday after the first round results. after that result everyone very confident that this would mean macron would beat le pen. over the course of the last couple weeks of campaigning, has peoples view on that softened? has there been nerves coming into the marketplace? >> it's clear now after the debate which took place two knights ago, i don't see personally as an observer how macron could not win. definite lir ly at no moment du this debate which lasted two hours and 20 minutes, madam le pen appeared as somebody who would be the next president of the french republic. she was more looking like the future leader of the opposition to macron. it was so pathetic, and a lot of people were ready to vote for her, probably won't go for her.

the situation in france is peculiar. i was talking to one of your colleagues from cnbc, i was telling him five years ago it was an anti-sarkozy vote, not a pro hollande. five years after we will be in the same situation. we have not a pro macron vote, but an anti-le pen vote now. so many people have been exerting pressure to make her lose. and she's going to lose. i don't see how she's going to win, unless we have the trump phenomenon, like which happened in the united states. i doubt it. >> christian, i'll ask you a question that i asked wilfred earlier, how much disdain is there for the euro? the common currency and the eu at large in france versus in the uk, since for the markets that's clearly what the main point of this election is. >> great question. you're right. the problem is many people thought that it was illusion to

think that france could get out of the european union, and out of the euro currency. and this is why i think madam le pen will have lost a lot of people ready to vote for her. the only moment in the debate where she was outplaying macron was when she started talking about struggle against terrorism, struggle against the muslim fundamentalist networks, which we have to face all around the country here. she was good on that. but it's not enough. people think that globally macron is more reliable and more presidential than marine le pen. europe definitely was devastating for her. >> but they want in the euro. that's the point, right? they want to stay. >> well, europe -- the program concerning france and europe was devastating. people think we don't want to get out of the european union. we don't want to get out of the euro currency. on that she has never looked at

any moment credible. >> christian, final question. if turnout was significantly lower than expected, could that deliver a surprise result on sunday? >> yes. definitely we have a lot of people from former fillon's electorate divided going for macron and going for her. you have the extreme left. it's very divided going for her and going for macron. at the same time, all the experts agree to say that the more people abstain, the more people have a blank vote, the more it will help her to have a surprise. still, honestly i doubt it. you never know. in france, it's like in great britton, you have to expect the unexpected. >> thank you very much for joining us. >> thanks. >> look forward to speaking to you after the result. >> want to hit top trending stories today. this is good.

canadian prime minister justin trudeau went all out yesterday to celebrate may 4th, which is often dubbed "star wars" day. trudeau sporting "star wars" socks in a meeting with the ireland prime minister. pictures were posted on his instagram page. >> kudos, i like that very much. >> harry potter and the cursed child is heading to the great white way. the two-part stage play, which earned rave reviews in london, is slated to open on broadway earlier next year. the cast and ticket information will be announced within the coming months. sara, let's go. >> okay. >> you'll be lost. you have not read or seen any of the preceding -- >> you can give me a tour. >> it's quite a lot to catch up on. >> one time i'm going to go on

va investigation f vacation for a month and lead all the books. in the silicon valley, this 908 square foot home sold for 2$2.6 million. the home was described as a tear-down. hit the market in february with an asking price of more than 1.9 million and went for more than half a million over asking price. a lot of demand. >> extraordinary. >> i think it's location, location, location. >> huge numbers. next trending story, early birs rejoice. there's a bagel boosted with caffeine. einstein brothers introducing the espresso buzz baseball, loaded with 32 milligrams of caffeine. it also has 13 grams of protein. einstein says the espresso is naturally sourced from cherry flour. wow. >> i'm a traditional new york baseball lover, either pumper

pumpernikel or sesame. >> will that taste of coffee? does caffeine have a flavor? >> coffee. >> i'm not sure i want a coffee flavored bagel, when you layer it with peanut butter and jam t would taste weird the mix. >> i agree. coming up, health care dominating the opinion pages. the must-reads are next. and we're teaming up for the big april jobs report. stick around. "worldwide exchange" will be right back.

welcome back to "worldwide exchange." time for some must read stories. my pick in the "washington post," paul ryan the house speaker went for the "usa today," every republican going out and making a case for a vote. this one says my son has a pre-existing condition, and it's the reason i voted for the ahca, from a republican congresswoman in washington. she talks about her son who has downs syndrome being covered for two reasons. our plan accomplishes the mission in two key ways, by guaranteeing access to health coverage can't be denied for people with pre-existing conditions and by empowering states to innovate with new models for better patient outcomes at lower points. it's a point that's contentious, democrats and those opposed say

there's not enough money being set aside for those with pre-existing conditions. she's making a perm appeal, yso saying i didn't get everything i wanted in the bill, but it's a step forward from obamacare which was collapsing under its own weight and too expensive. >> a big short-term victory for president trump's administration. on that note, hhs secretary tom price will be on "squawk box" today coming up at 8:40 a.m. one not to miss. up next on "worldwide exchange," we're counting you down to the april jobs report with former fed inside danielle dimartino booth joining us with what to expect.

welcome back to "worldwide exchange." we're just about 2 1/2 hours from the april jobs report. wall street looking for 188,000

jobs to be added last month. let's bring in danielle dimartino booth former dallas fed insider. we barely talked about the jobs report with france, ibm. >> a lot to going on. >> last month there was a seasonal factor. there was some weakness because of the weather. does that mean wee'll get a bounce back? >> i think the consensus might be right on and there's a potential for a big boost from small businesses. if you look at national federation of business data out earlier this week, and really big decline in challenger layoff announcements, i think we're boiling up to potentially have an upside surprise. are there any potential negatives out there? >> we've seen -- as sara mentioned the weather, we saw a big boost in january and february. there may be some payback from those seasonals that defratract from it. another data set has shown state

tax receipts have declined eventually, in terms of withhelds. so there is the potential, it may not be this month but the following month. >> there's also retail which has been very negative. coming off the worst two-month stretch since back in the financial crisis. any reason to think there could be a rebound in retail jobs? >> you would think we would be due for a bounce. the only caveat is we've seen serious weakness with auto dealers. if you dig deep into the retail numbers, the biggest area of support that we've seen for retail jobs in general has been people working at dealerships. we know they're consolidating the dealership positions, they're paring those payrolls. so even if we do see something on the plus side on the mall side, i think we could start to see a drag coming from the auto side. >> what did you make of the fed comments this week in terms of expectations for where we go for the rest of the year? >> i think they're trying to make sure june is baked into the cake, but there was no mention of the balance sheet in the

statement. they did make mention of the fact that their favors inflation measure dropped below 2%. i think it's a wit aait and see. they didn't have the jobs numbers in hand earlier this week. they'll pay close attention to the data going forward. >> we always look for wage increases within the jobs number. the businesses have been so confident since the election. >> they have. >> that translate nothing pothi translating into paying higher wages? >> the implication is that we should start to see some gains on that front. now, employment, according to the way the fed looks at the world, is the most lagging economic indicator. even if we do see that this could be the caboose on the end of the train of the current cycle. >> in terms of the hard data around the rest of the world, you are upbeat about that? >> seems like europe is in good

position. as my good friend peter boockvar pointed out, if you're not paying attention to china, you need to be. a lot of signals emanating from china suggest a slowdown that could put a governor on the bump on global trade. >> we're trying to figure out what's with the decline in iron ore prices. >> people were talking about crude, crude, crude yesterday, but it was really iron ore and stooel steel. >> and copper. >> signs that all is not going well in china. >> exactly. >> danielle, thank you. time for our chart of the week. we just discussed it. i have to go for oil prices. extraordinary kind of softness. as we said, some other commodities weaker. down about 7% for the week as a whole. bouncing back a bit today. wow. as you said earlier, usually strength this time of day, now it's gone into the red. >> early turnaround here. 45.5. >> mine is the euro trading at the highest level into the french election.

pricing in the macron victory. euro hopopens on sunday when th french results come in. >> "squawk box" is next. finding time to get things done isn't easy.

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good morning. warren buffett backs out of a large part of his -- not all of it, but quite a bit of his ibm stock. the billionaire investor tells becky quick why he sold a third of his stake in the company. details coming up. crude got crushed. oil prices hitting the lowest levels of the year on supply concerns. joe ter nova eranova is here. and it's jobs friday. is that true? predictions for today's employment report straight ahead. i knew it was. it's may 5, 2017, i know what

i'm doing after work. "squawk box" begins right now. ♪ live from new york where business never sleeps, this is "squawk box." >> good morning. welcome to "squawk box" right here on cnbc. good morning, everybody. we're here at the nasdaq market site live in times square. i'm andrew ross sorkin along with joe kernen. our guest host is joe terranova, senior managing director and a "fast money" trader. becky quick, we'll get to her in a moment. >> good morning. >> joe will take a quick check on the markets. we're coming to you in two seconds. this is confusing? me? >> you. >> ye