♪ good morning, breaking news -- ford ousted mark fields as ceo. straight ahead. trump trip. the president arriving in israel today. the second stop on his first voyage abroad. a live report from jerusalem coming up. plus, crudes climb. oil prices rising on speculation of suspended opec. and it's monday, may 22nd, 2017. "worldwide exchange" begins right now. ♪ i think i found myself a chariot ♪ good morning, a warm become to "worldwide exchange" right here on cnbc.

i'm wilfred frost. >> and seema mody in for sara. good morning, will. >> good morning to you. let's go straight to market action this morning. off the back of a strong finish to a tough week last friday. we saw decent gains on friday that meant the week's performance was respectable. declines but the nasdaq down more than .5%. s&p and dow just down by .75%. for the week as a whole, seven out of 11 were negative led down by financials which turned in the only performance of all of the sectors of more than 12% decline. a this morning, as you can see, we're bouncing back from that decline last week. the dow pulled high just shy of 30 points. let's look at oil prices because they turned in a resounding poll week. up about 5% for the week as a

whole. back around $50. and adding gains as you can see, have the 50.8, the fwries ofpri crude. exports in japan rising 7.5% in april from a year ago. below the 7.8% annual growth. exports abroad are being driven by the weakest in the yen that we've seen earlier this year. japan nikkei up almost 0.5%. shanghai, the loser, down .5%. if you take a look at europe, last week, currencies in the spotlight with the euro back above 1.12. the german dax and equities in france and holding on to gains here in early trade. italy and spain at this point, slightly lower. keep an eye on the markets as we

continue through the day. the ten-year moving a little bit last week but not as much as currencies. we saw a start at the week around 2.33. ending the week around 2.23. this morning, just fractionally above that level at 2.5%. it was the dollar market that as really in the eye of the storm last week. another big significant decline on friday. down 0.7%, the broader dollar index. and down 2.2% for the week as a whole. it's now down some 5% year to date. the dollar index. of course, as we've mentioned many times, all of the post-election gains evaporated already in negative territory since the election. this morning, you are seeing some of the dollar, as you can see the strength across the board. in terms if we go back to the dollar border very quickly, most advance against the british pound but either way still very much a trend of the softening dollar in recent days and weeks.

see seema, interesting to point out we did see a rebound in equity markets on friday in light of the softer dollar again. that's another added reassurance that the market was able to rally even though the dollar peaks on friday. >> yeah. the safe haven buying is one of the trends last week. as we take a look at gold to see where it's trading at right now. again, gold did gain some strength last week. today, i believes slightly lower a, as you take a look. oh, higher by 1.255. sources tell cnbc, breaking news, the ford will make an announcement today. phil good morning. >> hi, wilfred. this is a swift move by ford. a company that generally has a long history, for the most part of having rather smooth transitions when it comes to

ceos but mark fields was a 25-year veteran when he was elevated to the top spot in 2014, following a successful run. but now fields is out. if you look at ford's stock since fields took over in july. 2014, it's easy to see white board said we need to have a better vision or more clarity in terms of how ford is going to be profiting in the future when it comes to adjusting to a world where the auto business is more than just building the most popular vehicle in the world, the f-150 and being popular. in fact, ford shthe second most profitable year last year. the ford board is removing mark fields. he's out. replaced by jim hackett. who has been president of ford's smart mobility business. that's a business they're investing heavily in as they're trying to develop autonomous drive vehicles, as well as electric vehicles. really, the future of mobility. the problem for ford has been

and the problem that jim hackett will face now that he takes over is how did ford convey what it's doing when it comes to smart mobility and the future of automobiles so that investors say, i get it. i think that ford is the way to go in the future. because it's not just about profits, guys. as i mentioned, ford had its second most profitable year ever last year. by all accounts market field has this company delivering on profits, but what he could not get ford to do is to clearly articulate to investors and wall street where the future is in terms of the bottom line. not just in terms of developing new products, autonomous drive vehicles, but in terms of saying here's how it will help the bottom line. as ford announces this transition officially later on today. again, we have confirmed that jim hackett is the new ceo of ford, as mark fields has been removed from that job after 28 years with the company. guys, back to you. >> and fields of course, could

get the company to deliver in terms of share price. >> right. >> but in terms of this election of mr. hackett, what will investors take from this? as you said, not only do we see the head of smart mobility of the business, but his past before that has not been really as a traditional auto ceo. >> correct. he's the former ceo of steelcase that was a company going through transition. generally get hallmarks for how he was steering steelcase, again, that's not an auto company. however, he's a one-time director for the company. and he's the president of ford's mobility. it's not like they're bringing in an outsider, someone who doesn't understand what the auto business is all about. the key for jim hackett in terms offed for making the move investigate son nature for investors laying out some kind of a vision and benchmarked

perhaps in the relatively new future and saying is this what we expect to make. this is out autonomous drive vehicles, smart mobility solutions will filter down to the bottom line. guys it's not enough to say you're working ton or have a completely autonomous vehicle by 2021 which is what ford has been saying. that's fantastic. everybody is working on that. but what investors want to know how is it filtering down to the bottom line. >> thank you. from chicago. the focus will be the headlines out of president trump's first overseas trip as commander in chief. he's expected to touch down in israel in minutes. he flew to jerusalem where he sign smd big deals. landon dowdy has those details. >> good morning. a busy morning for president trump waste nothing time getting down to business in his first big trip overseas, u.s. and saudi companies signing deals

worth hundreds of billions of dollars over the weekend as america looks to strengthen business ties in the region. of note, a $110 billion arms deal with saudi arabia effective immediately. $50 billion worth of energy-related deals from saudi ramco. blackstone and saudi arabia's fund to create a $40 billion infrastructure investment fund. and ge reaching a wide range of deals with the saudis from health care to mining, totaling roughly $15 billion. all told, guys, the price tag on these u.s./saudi deals more than $200 billion. over to you. >> landon, thank you very much for that. and we'll have much more on the president's trip throughout the day including some conversations with wilbur ross who joins "squawk box" at 7:30 a.m. eastern time. just back from saudi arabia, of course. but still in the region, but not in saudi arabia. she's traveled from saudi arabia, i believe, to somewhere

in israel, she'll tell us exacticalexac exactly where she is. for an update on the trip is hadley gamble. hadley, thanks for joining us. >> reporter: hey, good morning, wilfred. i'm just outside of the city of jerusalem. president trump has arrived in tel aviv. he's going to meet with its really president rivlin. later in the day, he'll head down here to jerusalem. he'll make a stop at the western wall. he'll also visit the holy sepulchre, a site of all religions, islam, judaism. a big move here for president trump. as we heard a few months ago, saudi arabia, mega deals there, trade, investment, a lot of talk about the $65 billion to fund financial firms. a lot of excitement surrounding those deals. of course, this trip is mostly about politics. a lot of cards on the table here. we're going to be talking about

the security of intelligence and reinvigorating israeli peace talks. >> hadley, back to a speech that president trump gave yesterday. to the topic of islam. that was a speech given to religious leaders in the region. how has it gone down more broadly with the masses in saudi arabia and everywhere, given the pivot sort of that he's done since his campaign rhetoric? >> reporter: well, wilfred, it reality depends on where you're sitting. at the end of the day, what we heard from the president in the last two days is really a commitment to the sunni arab world view of what's happening in the middle east. a lot of questions that i heard at the economic forum at the dead sea whether or not he's willing to bring it to the table. and questions with bashar al assad. a lot of questions, and also how

he's going to manage to bring all of the parties to the table. >> and in terms of the agenda today, what specifically can we expect in israel? is it going to be as profitable in terms of business deals as we've seen in saudi arabia? or is this more a political visit? >> reporter: much more about politics, at the end of the day what we heard over the week from president sisi if anyone can get this under way it's president trump by sheer force of his personality. given that infamous meeting between sergey lavrov. lots of questions on the table. certainly, they're talking about what's happening next in terms of palestinian negotiations. guys. >> hadley gamble for us in jerusalem. that was a live shot, after having just landed in tell at a.

meantime in other go yo political news, developments outlets of north korea, the country has announce it's successfully tested an ballistic missile. according to the news agency, jong-un supervised the test and organized it for deployment in field action. the economic data and earnings reports, tomorrow, we get april new home sales followed by existing home sales on wednesday. along with the minutes from the fed minutes earlier this month. on friday, look for durable goods, consumer sentiment. and more retailers with results, lowe's and tiffany. we'll hear from hp. still ahead, a roundup of this morning's stocks to watch including a $14 billion merger in the chemical space. plus, we're waiting on

remarks from british prime minister theresa may. we'll tell you what she's expected to say about the timing of a brexit. stay tuned. you're watching cnbc. i love you, couch. you give us comfort. and we give you bare feet... ...backsweat and gordo's everything. i love you, but sometimes you stink. ♪ new febreze fabric refresher with odorclear technology... ...cleans away odors like never before. because the things you love the most can stink. and plug in febreze to keep your whole room fresh for up... ...to 45 days. breathe happy with new febreze.

welcome back to "worldwide exchange." you're looking at live picks from the airport in tel aviv, where president trump has just arrived, israel holding a ceremony to welcome him at the moment now. the president expected to make some remarks shortly. there is the tel aviv airport.

there will be a short welcome ceremony before he actually makes his way to jerusalem. he is expected to make remarks in the next few minutes. we'll bring them to you. in the meantime in global news, british prime minister theresa may speaking in wales today. she's expected to tell voters there's no time to waste after the brexit deal june 8th. may will say that the eu wants to start talks shortly after the uk vote. and she's the right person to lead the negotiations rather than labor leader jeremy corbin. it shows while may's conservatives are still ahead of labor, the party's lead has narrowed. >> yeah, exactly. i'll bring up the pound, with the sentiment, that's really off the back of the narrowing polls after sunday's papers. broadly speaking a month ago she had around a 20-point lead. today, she only has a nine or ten-point lead. the focus being these are the first polls to come out after

all. parties' manifesto. theresa may's had a tough day or week. >> that's what i was going to ask, the bottom line, it's expected? >> right. but the importance of why we did see the pound rally in the last weeks also because of the dollar weakness was the expectation she's got a big majority. if now she wins she has much more power going in. but with the pound rally back a little bit. still up significantly in the last couple of weeks. >> data from the uk has also not been too bad. also supportive of the fundamentalists. some stocks in the news. stocks on the radar. huntsman and switzerland's clariant are combining forces in a deal to create a global specialty chemical giant. worth about $14 billion. the new company will be calling huntsman clariant. and will be list ed ed in new y

and zurich. huntsman chemicals are used in paint, clothing and construction. you can see shares of claire end up 8%. huntsman higher by around 5%. stocks to watch, and airbus with anti-corruption over its jet sales. it includes a former finance minister and french foreign minister of european shares. a group of akzo noble shareholders taking the company to court after a rejected takeover from rival ppg. the group will try to convince the court to organization an investigation into possible mismanagement by akzo's board and forward an extraordinary meeting to vote on dismissing the company's chairman. again no real movement in share price this morning. amgen's clinical trial shows

a high rate for the drug for osteoporosis. shares up 3%. more stocks on the radar. shares in softbank surging after the company announced a launch of a $93 billion tech investment fund this weekend. this weekend, we would see the largest of them all, softbank is partnering with a group of investors including saudi arabia's wealth fund. the news comes after softbank's ceo reportedly told donald trump he would invest $50 billion in the u.s. and bearronsbarrons, long-t berkshire gain. barr barron's sees growth. let's look at blackstone. a plan to create a $40 billion fund to invest in an infrastructure project, mainly

in the u.s. the fund was announced during president trump's visit to saudi arabia this weekend. shares basically unchanged some big deals being unlocked during his trip, will. >> there's some big deals, but, you know, we mentioned before whether people like jamie dimon on this, and the banking sector. now, of course the chairman of that forum. and i don't think they're corrupt in any way. but, however, it does raise a question, someone there in that group saying, hold on, this is a bit annoying, i would have liked to have been pallet of this $40 billion infrastructure fund. it does raise questions how these things come about. >> how the ideas are formulated? >> right. there needs to be a process in terms of how blackstone being picked for this given the ties that the chairman has with the president. >> yeah, i agree.

>> anyway, certainly huge size and number of deals coming outside of this trip with president trump to saudi arabia. we'll see if there's more. we're not expected to have many business deals with his stocks in europe and israel. but either way on that front, this can be seen as a victory for him. i don't know if that's setting sufficiently some of the negative news we've had. we are looking at the live pictures of president trump arriving in tell alev aviv. the president is expected to make remarks shortly. you see him walking through. at the moment in d.c. we're getting new details of president trump in the budget proposal due out tomorrow. we'll get details on that until we cut back to israel. edward lawrence is in washington with more on the domestic washington agenda. >> hey, wilfred, the president has an aggressive agenda. $1.7 trillion of cuts in entitlement programs inside the

budget. one of the largest in the medicaid program. that program helped low-income families of ford health insurance. gives them subsidies in order to do that. they're looking to, according to "the washington post" $800 billion in cuts to that program over ten years. now, that means according to the congressional budget office that some 10 million people would lose those subsidies and benefits over the neck decade going forward with this. now, this resists senate republicans who wanted to see that entitlement program stay the same. some of these folks up for re-election in 2018. the house if you may remember, passed the bill to cut that medicaid funding. some other losers in the budget. the epa will see significant cuts as much as the state department. also on this, on the upside for students, the pell grant it seems entitlement program will be year-round in this. that means that students or low-income students can get

assistance with tuition year-round to possibly cut their education experience from four years to three years. also, students can have some debt forgiveness, that is, if they pay 10% of their salary for 20 years or more, at least 20 years, the relevant of their debt after that point would then be forgiven in this budget. so, a lot of changes. conservatives will be very happy with this, moderates not so much. wilfred, seema. >> edward thank you very much for that. edward lawrence in washington. we're still looking at live pictures of air force one arriving in tel aviv airport. mr. netanyahu, the prime minister, due to welcome limb ther him there. very zwiquickly, we'll go to a quick break. we'll be back in two minutes.

still ahead here on "worldwide exchange," one of the big breaking news overnight, ford's ceo is out. the latest on the pullout. plus, we'll head to israel where president trump is arriving on the second stop of his first foreign trip. stay tuned, we'll bring you his arrival remarks when he makes them. we're back in a couple minutes. and her paw won't heal on its own. we're all working forward to something. synchrony financial can help your customers make it happen sooner. so she can plug into her dreams... and they'll have a new addition for their new addition. whatever you're working forward to, even if it's chasing squirrels,

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breaking overnight, a big shake-up at ford. the company's ceo is out. we have all of the latest details straight ahead. president trump just landed in tel aviv, israel, we're expecting to hear from him at any moment. we'll take those comments live as soon as they begin. and housing, earnings and energy take the driving seat on wall street. what you can expect in the week ahead. it's monday, may 22nd, 2017. you're watching "worldwide exchange" on cnbc. ♪ ♪ get your kicks you don't need the money when you look like that ♪ good morning, a warm welcome to "worldwide exchange" on cnbc. i'm wilfred frost. >> i'm seem florida mehdi, happy monday, everyone, in for sara eisen. let's get a check on global markets. global stocks in fact are holding on to gains after wall street rebounded on friday.

after that big one day upset on wednesday. the dow up just about 5 points losing a good bit of trades here. the s&p 500 higher around two points here. interestingly enough, as we take a look at trade on friday, 11 out of 11 sectors trading in positive territory. industrials, the big standout, the best day since march. so significant gains to end the week. we take a look at stocks in asia, following that rebound on wall street, you'll see stocks closing the gains, slightly from blah we saw on the shanghai composite. w we see gains in japan up by 0.5. we are getting consumption data from china later this week. that can be a cue that traders take in asia. let's take a look at trade in europe. currency is the big talker after the euro topped 1.12 against the u.s. dollar last week.

that, of course, a big talker for traders in london. here in early trade on monday, the german dax lower now. seeing gains of .01%. and the ftse holding on to a gain of 0.4%. keeping a close eye on the pound. >> yeah. i think worth noting declines in the u.s. by the end of last week around 0.5%. given the spark was the domestic political stuff in washington are the fact is when you look around the rest of the world, they tend to be more pronounced. the nikkei was down .05%. and germany and france down 1.5%. again in the face of europe. all of these things are linked. the fact that u.s. markets were only down about half a percent for the week as a whole it pretty encouraging. >> true. but if you take a step back and look to year to date performance, many of these markets in asia and europe have done exceptionally well

outperforming the s&p 500. >> let's keep in mind broader prices. up 2% on friday. 5% as a week as a whole. gaining a bit this morning, around about 7%. it's about $50. have t 50.7, the price for crude. and ending 2.23. in the middle of that range, 2.25, the yield on the ten-year treasury note. big moves on the dollar once again last week. 0.7%. moved down from the dollar index on friday. it makes friday's market recovery all the more encouraging. down 2.2% broader index for the week as a whole. down nearly 5% now year to date. but it's bouncing back today, as you can see around.003% against the euro. and half a percent against the british pound. gold prices to round things off in the face of a soft dollar,

they gained around 2% last week. basically flat, 12.55. we want to bring you pictures of air force one. the president about to get off the plane, waiting on the tar c tarmac, prime minister benjamin netanyahu as well amongst others. they'll be holding a welcoming ceremony for him. the president is expected to make some remarks shortly at the airport in tel aviv. he will then travel soon afterwards to jerusalem. as we said, expected to make some remarks on the tarmac. first of all. we'll bring you those remarks when he gets off the plane. looks imminent, his departure from air force one but hasn't quite happened yet. we'll come back to those live pictures as and when the president is looking likely to start speaking. >> we have breaking corporate news. sources tell cnbc ford's ceo mark fields has been ousted. the auto maker's board will make the announcement later today.

our phil lebeau is there. >> hi, seema, a stock that's basically going in reverse basically since mark fields has been ceo, despite record profits or near record profits. mark fields has been removed as the ceo of the ford motor company. he's replaced by a man in charge of ford's smart mobility practices. jim hackett. jim hackett was at the university of michigan, led that institute. and he's now elevated to the top job at ford. and really what he has to do is articulate a vision for ford when it comes to telling investors, telling wall street, how it is going to be profitable in the future where it goes well beyond building the f-series. and suvs and how these autonomous drive vehicles that the company is working on and how the smart systems will filter down to the line. again, mark fields out as ceo of

ford motor company. jim hackett one-time ceo of steelcase and a former member of the ford board of directors will be replacing him as ceo. >> phil, just looking at the story, suggesting that mr. farley head of europe release in after can will be assuming a bigger role. >> correct. >> we spoke earlier the fact that the new ceo is the head of ultimately the technology department -- i forget the name of the department? >> the smart mobility. sure. >> separately, mr. farley getting a promotion. does that mean a larger reinvestment in the europe business because they've been pulling out of that? >> no i don't think so. i think what this is an acknowledge mntsdz of, jim farley with the ford company he's brought in early in alan morelli's time frame. prior to that, he was with toyota motors. what this is an acknowledgement that jim farley has done a pretty nice job of turning what

was a money-losing business in europe for ford for years into one area of the company where it's profitable. now, look, ford is not driving the types of profits thatted for -- or, europe is not driving the type ford is seeing out of north america or what's going outside of china. but farley has a future you can see bill ford saying if he can bring this in that direction, maybe farley takes over in the future. and joe hendricks will get a larger role as well. joe hendricks is an up and coming executive. one of those seens a potential heir apparent in the future. >> great stuff. phil lebeau in chicago. again, we see those pictures there waiting for president trump to step off air force one. we'll bring you his remarks as and when he makes them any minute now. corporate news, huntsman and

clariant striking one the world's biggest chemical agreements. shareholders will earn 52%. huntsman investors will earn the rest. it will be called huntsman clairent. huntsman ceo will keep his position in the new company. gaining significantly, 9% respect tiffly. now to developments in north korea, the country announcing it has successfully tested an intermediate range ballistic missile indicating its advances in its ability to hit u.s. targets. according to the news agency, leader kim jong-un supervised the test for deployment in field action. to must -read stories my pik is in the financial times, what president trump is doing over the weekend. titleded saudi-iran war of words keeps the region in a fragile

state. he welcomed a warm extent to president trump when he arrived saturday. but how much that will be is unclear given the widespread corruption and inequality and a proxy war with iran in yemen. with the sunni regions as well. and this is after questioning how bright that was, in terms of the fact that it will clearly elevate tensions with iran. on the term, when will saudis particularly be able to be such a strong ally as perhaps in the past. >> it's a great point. what trump's visit will mean for middle east politics. the divide between sunni and shiite population. to your point, saudi arabia and iran, it's no secret that those two countries do not get along. >> quickly mentioning, that's

jared kushner and ivanka trump the first two to step off the plane in terms of family members of the president's family. we still haven't seen president trump. will he is, mr. president stepping off with his wife, waving to the crowds at tel aviv air force and seeing prime minister benjamin netanyahu as well at the bottom of the steps where he will greet him. we'll continue to watch those pictures as they come. as soon as the president begins speaking which is expected. we will come back and cut in with the sound as well. we'll just keep those pictures for you as we continue to discuss it. >> and trump, the president receiving a lot of praise for his speech on islam. trump urges muslims even in the u.s. today, we'll see trump calls out as the french story here. definitely a big talker here on monday. there we are, looking at president trump and first lady

melania trump greeting the prime minister of israel, benjamin netanyahu, and his wife as they step off the plane. >> exactly, this leg of the journey as hadley gamble was reporting earlier expected to be more focused on the political side of things. a huge number of deals announced over the weekend with the administration with various companies over the saudi level of the trip. also a slightly shorter period of time spent in the country of israel compared to saudi arabia. i wonder if some deals will be announced because ill real has been touted the silicon valley. becoming this hot spot for bio-tech. it's become a place where entrepreneurs are flocking. we'll see if any deals are announced between united states and israel. this was, of course, the topic when the prime minister of

israel, netanyahu visited "triumptrmdonald trump, the president of the united states. >> we'll take a short break. president trump expected to make opening remarks. we'll be back on "worldwide exchange" in a moment. with type 2 diabetes a lower a1c is a lot about choices.

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wife melania. to melania's left, prime minister benjamin netanyahu of israel. as i said, just stepped off the plane, welcoming his arrival remarks in just a few minutes. if you're just waking up, let's get to you speed on the market this morning. futures have turned negative in the last half hour or so. about an hour or ago, we called high. 30 points on the high. you can see it flat, around it comes off the back of decent gains on friday on friday which turned the week's performance to respectable declines. nats dak down more than.05. and the dow down less than that. oil prices taking a look. a great of pund 5% for the week. add 2g% on friday itself. higher on wti crude, 50.7. >> present crude happening ahead of highly anticipated opec

meeting later this week where, of course, already we've heard from russia and saudi arabia. both of those countries. say they go will agree to a nine-month extension of a production cut. interestingly enough, ahead of this weekend, the iranian election watched by moderates, hassan rouhani ahead of the hard-liners ebrahim raisi. and that nuclear deal was really at the heart of this election. here we are, gains across the board on monday. >> i think you brought it up as well, something we got to mention, the fact that president trump went to saudi arabia, the first trip, and the commitment that he showed. saudi arabia's big regional rival is iran and focused on that iranian election which as you said was a vote for confidence for president rouhani who was the man who struck that deal with president trump and five other nations which of course now is the deal that

president trump has. two big things happening over the weekend. >> big time right now. interesting enough, the president has already called the nuclear deal the worst deal in history. we'll have to see if he uses iran or talks about iran between leaders. another topic discussed in saudi arabia, will that change in israel. israel is known for being, you know, enemy, if you will, of iran as well. something to keep in mind. as we watch president trump and before he makes his introductory remarks in tel aviv, i'm going to get you up to speed with one big talk. it's titled wall street now. up and down wall street, the models to find trades are speaking over the investment world. it goes on to say on trading floors quants are getting more.

and traditional strategies with balance sheets talking to companies, customers and falling down the pecking order. it's just a sign of the times, wilfred. of course, the article goes on to say that quantitative hedge funds responsible for 27% of stock trades which i thought was a huge remark. i had no ready how much quant funds are dominating. we're approaching the top of the hour. of course, we'll bring you those live pictures in tel aviv where the president is due to begin speaking. also due to begin speaking is the "squawk box" team. joe kernin joins us live from new york. they will be joined with someone who is with the president in the region. joe, good morning. >> secretary ross will be here. we'll talk about the deals that were signed. the markets, i guess, turned around, indicate a little lower.

but you have to think somewhat impressed by the resiliency last week, after that big down day, when the markets, i guess, kind of looked into the abyss. of what's possible. not sure what they saw or whether someone turned on the light and said don't be that afraid. pretty good rebound. especially on friday. so, we will talk to katie sadler. i like talking to her, she's an technical analyst about what the market underpinnings look like. that should be interesting. also, we have mark grant. they call mark grant from southwest securities the wizard. not the wizard of lies which was the madoff hbo premiere that i tried to watch saturday. i couldn't get past de niro. >> was it disappointing, the trailer is so enticing? >> my wife has seen both the

cnbc offering and the hbo offering. she liked the cnbc better. i think we could do a better job, maybe. because it started out on our special where, you know, the market's down and people are coming in trying to get redemptions. he's like, why, you don't need redemptions, i always come through, something like that. but that's how it started. he was always able to keep it going as long as people weren't taking the money out to do the financial crisis. that's when a ponzi scheme breaks down, right? like, what, you want your money back? look at the statement. i couldn't get past de niro. it's like, you're still de niro, you're not madoff. >> splun you that know too well. >> like the parent in "meet the fockers" it's not working for them. michelle pfeiffer was good, though. >> joe, we look forward to "squawk box" -- >> really? >> yes, joe, i always look

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exchange." you're looking at president rivlin evof israel making openi remarks to president trump as he just arrived sitting next there to prime minister benjamin netanyahu of israel. we'll bring you president trump's markings and then netanyahu's, when they begin. as i said, this is president rivlin the first to speak isn't front of air force one. we'll keep those pictures. you turn the sound down and bring the mike up of global here. we've seen a slight positive gain in the last hour or so. of course, the main story being that we've got a bounceback on

friday such that last week's declines, only around half a percent. is that the talk of resilience of the u.s. markets in face of a very soft year last week? >> yes, the big question, there are really two big issues here for investors. one is about china, and one is about the u.s. economic cycle transitioning from midcycle to late cycle. the proposed fiscal policy which may or may not happen. we don't know when and how much and what time. where that fits into the transition i think is what the market is really focused on. when you look at the dollar, moving financial conditions, euro rates, nominal rates, the number of hikes expected. they're all manifestations of the same things. as more of it gets priced in or out, the playbook of what kind of late cycle is this going to end up being gets changed. last week, we had a big decline.

and now to 16 and now back to 13 or something. but we're still sort of waiting. while we're waiting, the economy just continues to hum along. up 14% year to year. valuations are a little high. it's steady as she goes. really, one of the lifts for the markets is that we get an overheating because there's either too much stimulus or the wrong kind of stimulus. and then the fed is in play to hike more than the markets expect. then we get into that scenario where the curve is in 2018, or something like that. i think that's really, what does that play, all of the various movements in the markets are iterations of that same. >> yuri, as we bring politics into it, watching trump in the first voyage overseas, what are some of the investors watching? what are the international tea leaves to take into account, as we much trump in saudi arabia,

locking some big deals there but also here in israel? >> i think for many investors there's a bottom component and an international component. and the domestic, of course, is about fiscal reform, taxes, regulations. and the international is about trade. i think generally, investors, as well as myself, have sort of pleasantly been surprised, if you will, by the friendly tone that has come out on trade. the meeting with the chinese leader happened. and essentially nothing bad happened, if you will. and that allows the economic machine all over the world to continue to function. and i think that's a very good thing. so, i think these meetings, where are they're abroad or in the u.s., with international leaders so far has gone reasonably well. >> my apologies, yuri timur there. thank you very much. my apologies to have to break in. of course, you're seeing prime minister of netanyahu of israel speaking.

we're going to take a very quick break. "squawk box" will pick things up with president trump. >> that's okay. thank you.

good morning, breaking news at ford ousting ceo mark fields. details on the automaker shake-up straight ahead. happening right now, this hour, president trump arriving israel in the second leg of his first trip abroad. and we'll bring you a live record from jerusalem. plus, if it's monday, we get a merger, we're going to say it's a merger monday. details of a $14 billion international deal in the chemical industry. it's monday, may 22nd, 2017. and "squawk box" begins right now. >> announcer: live from new york where business never sleeps this is "squawk box."

good morning, everybody. and 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 melissa lee. president trump just beginning remarks in israel. let's listen in. >> it is wonderful to be here in israel. president rivlin, mrs. rivlin, prime minister netanyahu, mrs. netanyahu, thank you very much. i am deeply grateful for your invitation, and i'm very, very honored to be with you. in my first trip overseas as president, i have come to this sacred and ancient land to reaffirm the unbreakable bond between the united states and the state of israel.