is the big tech stock run done that's your trillion dollar question we'll get some answers straight ahead. slamming facebook. what apple's ceo tim cook said about the social media company that is getting a lot of buzz today. and calling foul the u.s. ambassador to china raising the red flag on trade. we'll bring you his comments from beijing on this thursday, march 29h as "worldwide exchange" begins right now ♪ lightning before thunder, technically impossible, i think.

welcome from wherever in the world you may be watching. glad to have you with us i'm brian sullivan here are the five big things you need to know wall street trying to end the quarter on a positive note futures slightly higher, but all investor eyes are on the big cap tech stocks and whether the recent scary slide is over uber settling with the family of an arizona woman who was killed by a self-driving car. terms of that settlement are not known. another shake up at the white house. president trump ousting the secretary of veterans affairs, nominating the head white house physician. north korea and south korea will hold their first summit in nor than a decade. that meeting slated for next month. and docusign filing to go public the electronic signature provider looking to list on the nasdaq under docu. they were on last year's cnbc 50

disruptor list we begin with a look at the market story that std wo that is the worrying slide in the big cap tech stocks. these stocks have been powering the market higher for years and they're owned by nearly every mutual fund and hedge fund manager in the world they are down about 7% on average this month that helped take down the entire market right now we see a mixed trade a lot of green, but not much.re% amazon down about 0.1% netflix and alphabet is also up fractionally you need to watch also tesla tesla has had a rough month. down 25% in march. 16% lost this week on an investigation into a fatal crash and a downgrade on tesla's credit rating. they are bouncing back this

morning, about 1.5% upside in early trade. patrick, welcome these five or ten stocks, it doesn't matter if you're in america or london or dubai or hong kong, these stocks have been pulling the market cart do yyou believe the tech fall is over or is there more pain to come >> i think there's more pain to come so we don't own any microsoft, apple, those companies we're short netflix. short tesla. >> why would you be short as opposed to actively not owning them why be short >> tesla's got cash flow problems,s that se s thathat's e bonds. they are having production issues they have a charismatic ceo, that's driving the stock price in the past, but fundamentally a

company that makes s ns no ear, negative cash, sells cars below a price what it produces them for. netflix is similar >> a lot of viewers are thinking, okay, if patrick is right and the tech run is done, they made a lot of money on the names, maybe they're looking to take profits and put them elsewhere, tell us your side of the atlantic, european equities are a better deal than the united states. >> i think europe is probably four years behind the u.s. in the cyclical recovery. lazy europe is getting its act together pmis have been stronger. they are a great indicator of gdp. we're looking at 2.3% european growth we think right now which is similar to the u.s. the cyclical stocks in europe trade at 14 times earnings you're getting 3.5% dividend yield. better valuation, similar

cyclical back drop and a much more accommodative central bank. >> i was going to ask about the ecb, european central bank do you believe they're also three, four years behind our fed which would remain they will remain accommodative, more low rates and market support for the next coming years? >> i do. quantitative easing most likely ends at the end of 2018. zero interest rates throughout 2019 by the time they go into quantitative tightening, that's three, four years away it will remain accommodative it's three, four years behind the u.s. i think the central bank is in the same situation >> what's the biggest risk to europe you made the bull case what would make you hesitant >> the political risk is always there in europe. you have brexit issues, how that affects the uk economy is important. that also has impacts on europe. you have stability of the eurozone as a whole. these are long-term questions. the stretch really comes in an

economic slowdown. we don't see that in the short-term the long issues that are facing, viability of the eurozone still have not been addressed. that's always going to create a subtle discount for european equities we think it's overdone now >> you mentioned you're negative on big cap tech stocks in the united states. are you negative overall u.s. stocks people made a lot of money but that's now over? >> we think they're just lofty values the end of january they were priced for perfection. now they're priced still exuberantly. we think short earnings will support stocks, if you look at five-year forward earnings for the u.s., 14% growth per anumb anum is what there is. you should be expecting 4.5% growth per anum. there's a disconnect there

>> patrick armstrong, thank you for joining us on "worldwide exchange." we'll see you again. >> thank you facebook under more new fire this morning this time from apple's ceo tim cook cook slamming the company over its data privacy scandal here's what cook said in an interview with recode's cara swisher. >> we're looking at every app in detail what is it doing? is it doing what it's saying it's doing is it meeting the privacy policy they're stating, right so we're always looking at that. should we raise the bar even more we're always looking at improving and raising the bar. but we do carefully review each app and police now we don't subscribe to the view that you have to let everybody in that wants to -- or if you don't, you don't believe in free speech >> mark zuckerberg, what would

you do >> i wouldn't be in the situation. >> also in the news today, facebook says it is cutting ties with third party data providers like experian and axion. let's get more on this and welcome back in arjun kharpal from london. it's your daily facebook update. is there a discussion overseas in london as well as here that the facebook story, while ongoing for a couple weeks now may be nowhere near its end, perhaps closer to the beginning? >> yeah. i think you're spot on this really is the beginning here if you look at the reaction across the world, facebook has -- the cambridge analytica scandal has been associated with interference in votes, the like of brexit. there is a big emphases on the impact it's had politically. but also the killer "r" word, the investors are focused on

that, that's regulation. there's potentially massive headwinds here as regulators, authorities look at the tech sector as a whole. not just facebook but the rest of the big internet giants that's a headwind i would have to say for facebook. in the eu, you have a new digital privacy bill coming into force on may 25th. that could require some of these big internet giants to hold data in a more responsible way. facebook has introduced new t l tools to see the data, delete it, move it to other services. and that that's something they need to comply with. they've been criticized for not doing as much as they should that's why you've seen them cut ties with some data brokers which hits at the heart of facebook's core business, which is advertising they are taking it a step further, there's likely to be more regulation and more steps from facebook as well to come. >> regulators went after microsoft a decade ago

european regulators went after google and the right to be forgotten a couple years ago is there a concern this sort of move on facebook could expand to other big cap technology stocks once again >> absolutely. i was speaking to damian collins, he's a member of parliament in the uk yesterday he's chairing up a committee around fake news, trying to get mark zuckerberg to come to london i said you are going to expand this to other tech companies he said no plans yet that's not off the table so the politicians and the regulators are clearly looking now at all of these tech companies as a whole if you look at what the european commission has done on getting back about 13 billion euros worth of back taxes for apple, that's still going on. google has been fined. the commission is looking closely at whether some of these companies are breaching antitrust rules, breaching tax rules, and now with the new eu data rule coming in in may, that

actually has a provision in it that can find the 4% of global turnovers, of companies that do breach the requirements of those rules. those could be multimillion dollar fines down the road if anyone is found to be in breach of that, when that rule comes in there is increased regulation and more financial impact if many of these companies do find out that they are in breach of that over here in the uk there's an ongoing inquiry into facebook from the data commissioner here as to their role played in the cambridge analytica scandal and facebook is continually being summoned here by lawmakers to testify about what has gone on in this case this is just the start of the journey here there's much more to come. facebook will need to try hard to try to regain the trust of its user for investors as they look at this company, they will be looking at a couple things one, are the advertisers staking

with facebook? a couple have said they will stop address vvertising. and a second key aspect is whether there's any impact on that key number. the monthly average user and the daily average user numbers which are quarter facebook's offering and scale. facebook reports q1 earnings in a few weeks, but that's what the focus will be on for the next few weeks as well. >> arjun, thank you very much. it is a busy day ahead also for economic data today. weekly jobless claims out at 8:30 a.m we also get chicago pmi followed by the final read on march consumer sentiment at 10:00 a.m.

as we thankfully put march in the rearview mirror today, at least from a markets and trading perspective, there are a bunch of individual stock stories you need to keep on your radar jackie d. is here to bring them to you >> good morning. the stocks to watch now include the cme group. it struck a deal to buy uk's nex group for 5$5.5 billion nex runs the biggest electronic trading platform for u.s. treasuries it shares of swiss re are on track for the best day in about five months after reports that softbank may buy 25% in the company worth more than $9 billion. swiss re said in february they were in minority talks to sell to softbank. john cryan said he is committ committed this after saying

potential candidates have been reached out to to replace cryan. and game stop q4 results beat estimates pvh posting earnings that beat forecast. revenue rose 19% the clothingmaker was helped by increase sales of tommy hilfiger and calvin klein brands. shares of verint systems are rallying after reporting better than expected results and also raising its full-year outlook. brian? >> can you give us a look ahead? am i correct in hearing you have a ufo story for us in your trending stories >> we have a lot of good stories coming up in trending. stick around for that ufo one. >> thank you very much on deck, we are talking trade. cnbc sitting down with america's top diplomat in china. find out what he said about a brewing trade war that could have an impact on your money and could a multibillion dollar deal in texas signal a

new round to the oil boom? we'll let you know as we head to break, a check on how your money has done in the first quarter of this year stick around, more "worldwide exchange" will be right back

♪ 5:17 here at cnbc, 10:17 in

london beautiful shot here's how things look in europe in the markets everybody is up. not a lot. germany up about 0.6%. the cac 40 up 0.4% over night in asia, also higher. no huge gains, but we are up across the board led by shanghai's index, up about 1.24%. the u.s. ambassador to china raising the red flag over trade. cnbc's eunice yoon joins us live from beijing with more eunice >> thank you very much, brian. the u.s. ambassador to china was maintaining the trump administration's tough line. earlier today i was speaking with ambassador terry bransted who outlined to me the areas and industries he believed should be addressed. >> lng is another one. they need to reduce pollution here, replace coal with liquid natural gas.

we have an abundance of that that's an area insurance and financial services, cloud computing. there's many areas where i think there's opportunity to correct some of the unfairness in the trade situation and open up new opportunities. semiconductors is another one where i think there's great opportunity and where america has a technologythat could be very beneficial. >> and i asked him about reports that the u.s. treasury was preparing to use national security law in order to block chinese companies from investing in u.s. high-tech firms like 5g for example. he suggested that this could be an option. >> obviously china protects its national defense they have a much stricter restriction on who can invest here and i think we have to also make sure that our national defense and our technology advantages

are not stolen and that's what the administration is looking at to make sure that we are protecting america's interest in the technologies of the future >> he also said the chinese can make all sorts of investments in the united states that american companies can't do here. he believes that needs to be corrected. i asked him about secretary -- treasury secretary mnuchin's possible trip to beijing he wouldn't confirm that but said the secretary does like to be directly involved in these types of negotiations. >> eunice yoon in beijing, thank you very much. we'll see you in a bit on deck, another white house shakeup. the va secretary is out. president trump's proposed replacement already has everybody buzzing this morning and it's a bird, it's a plane, it's -- you know, we have no idea. pilots say they spotted what could be a ufo flying over

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the markets are closed tomorrow for good friday on a high note it's been equally rough if not more so for any investors in virtual currencies and modity y commodities and the pain continues now. we are seeing bitcoin down another 5% to 7500 and change. ether down 9%. lit es litecoin down 10%. the veterans affairs head is out and president trump already nominated a replacement. tracie potts has more on this. >> good morning. this is something that we had been hearing was coming for weeks. the white house kept denying it saying there were no personnel changes happening over at the va but then it was confirmed with one presidential tweet david shulkin is out as secretary of the veterans administration his demise on tap for weeks after taking his wife to europe

on the taxpayers dime. >> a lot of people are more interested in politics than you am >> nominated to replace him, the president's doctor, dr. jackson. two months ago dr. jackson give the president a clean bill of health >> i told the president if he had a healthier diet over the last 200 years, he might live to be 200 years old >> president trump called him highly trained and qualified veterans are not so sure the head of amvets says we don't see anything that indicates he's capable of running a 2$200 billion agency >> it will feel like he's driving a sports car compared to driving the va, which is like an 18-wheeler, broken down, going through a combat zone in bad weather. >> democrats fear it's going to lead to privatizing the va this move announced by a white house in turmoil, hoping to

refocus today on infrastructure. now the president will talk about that in ohio today it is his first public appearance in a week brian? >> tracie potts, as always, thank you. more of your world and national news. phillip has more from new york >> good morning. a rare summit has been finalize. kim jong-un will meet with moon jae-in on april 27th after the nations agreed on a meeting that could help resolve a decades long standoff between the two countries. yet another nba milestone for lebron james in a win over the hornets, the 14-time all-star reached 866 consecutive games where he has scored double digits lebron has done that in every regular season game since january 6, 2007. he ties only the great michael jordan for the longest double digit scoring streak in nba history. and when it comes to dogs in

america, we are all about the labs the american kennel club named the labrador retriever the most popular dog breed in the country for the 27th straight year german shepherds and golden retrievers round out the top three. brian, back to you if he keeps working at it, i think this james guy has a future in basketball what do you think? >> he might be on to something he is the greatest player of my generation at least. this guy is unbelievable he's not even best known for scoring. >> take it easy with that. bill russell, 11 championships in 13 years. that's before my time, too, by the way. i'm not that old see you soon still to come, tariffs and trade. we are taking the pulse of your attitudes towards our biggest trading partners and the findings may surprise you. and an incredible birthday dream come true story. the random decision an 8-year-old made on her birthday that will change her life forever.

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out like a lion or a lamb for march. stocks try to end a march to forget on a high note. we have expert advise on what to do straight ahead. a new oil boom drilling down on a multibillion dollar deal in texas that could signal a new round of deals. and a possible ufo sighting

in arizona maybe. it's got the internet buzzing today. the out of this world details ahead on this thursday, march 29th you're watching "worldwide exchange" on cnbc. ♪ >> thanks for being with us. i'm brian brisullivan 5:31 in the morning on the east coast. here's how your money and investments look now as we are hatch w halfway through this 5:00 a.m. hour the dow indicating a jump of about 0.7%, 89 points. a bit of acceleration in the buying it's early we are still not in the red. but here's the story the story is all about the f.a.n.g. stocks. though have been absolutely walloped in the last couple of weeks.

this is your early trade a bit of a recovery for facebook facebook up about 1.15%. netflix and alphabet up about 0.50%. let's talk about bigger picture issues chris rupkey it from mfug union bank you keep merging they have to cut the name down >> we get the gdp numbers. from your perspective, 40,000 feet, how is the u.s. economy doing right now? ten being out of this world, one diz nal dismal where are we >> i don't like to be negative on the economy, we are kind of

in the final innings if there is a cycle. year ten of the xhix economic expansion beginning in july. the longest economic expansion since the'70s was in the clinton years. so where are we going here >> answer your own question, that's it where are we going where is the economy trending? >> we're at full employment. we have gotten kind of side tracked here on the political issues during the campaign it was income inequality and wages, wages are low. wages don't tell us much about where we are in the cycle. right now with the unemployment rate so low, where is it going to go? it's going to grind a bit lower. 4.1 now. maybe it grinds lower. it's hard to see where it's going. the halt to every economic cycle

we had was crude oil prices went up due to supply shock or whatever, that caused inflation. the fed raised rates too high to slow inflation, the economy broke and the cycle started again. this is the first time there's no seeds of the economy's destruction. interest rates are not that high >> is there a way for it to continue growing do you think we can continue on this path for a couple more quarters or years but we won't get much better? >> how much better can it get? >> that's the point you're making >> you need capital, labor we're running out of labor that's the big issue with the unemployment rate so low we'll test the idea for the first time in this country, can the economy move forward without workers? everyone has been brought in off the sidelines who was disaffected or dropped out of the labor force. we're at full employment there's no one left to employ. where do we go from here i guess at a lower pace.

we're certainly not going to hit the 3% sustainable growth of the administration >> i know you're not a stock buy but stock bull also say the economy is good. earnings are good. with the exception of hiccups like maybe we had this month everything is good we should be firing on all cylinders, which means the equity markets should also do okay if you're saying the trend is down and the market is a discounting mechanism looking out -- >> yeah. >> -- maybe there's a market story in there >> i'm getting worried about the fact that stocks have not made a new high we had the trump rally stocks were up about 7.5% at the end of january now they're down 3.5 that's not good for business confidence the old days when we had interest rate cycle, the fed was doing stuff, whenever the fed started raising rates, stocks stopped going up the last two cycles in the '90s, sort of in the mid 2000s

>> in '94 they raised 2.5%, and in '95 the dow rose. it can last longer than we think, can it not? >> yeah. >> we can go up in a rising rate environment. >> but the raising rates now, three-month libor is going up more than the fed funds rate libor has priced in an extra fed rate hike already. we discounted a move june 13 to 2% and libor has a second rate hike >> i had no libor mentioned in my "worldwide exchange" this morning. now i have to take the team out to lunch thank you. good stuff tariffs, trade and trump front and center of the minds of americans. but are views of mexico, canada and china are improving. steve liesman has more

>> looking at americans attitudes towards tariffs and trades and finds that the president, he's on the wrong side now, but there's some opportunity for him to maybe get on the right side with the american public. first thing you see when you look at the results is 36% don't know that represents an opportunity for the president to convince people towards his side on the issue of steel and aluminum tariffs. of those who do have an opinion, 35% oppose it. 29% are in favor how you get there is you get there with strong democratic opposition, opposition from independents, and soft support from republicans when we ask about the impact of tariffs on things like the u.s. econo economy, most think it's negative positive for the steel and aluminum industries and negative for consumer prices. let's look at american attitudes towards different countries. we find that they're improving for the big three that are in the news china, 33% a net negative when we asked

does the country represent an economic threat or opportunity for the united states. mexico, net positive ka canada a net positive as well. 62% say it's an opportunity. 4% say it's a threat you can see a lot of don't knows and unsures when it comes to a question like that you can see the improvement by looking at the comparison of the current results with mexico with the prior results. what you see is that it's moved up a bit the percentage who think it's a threat has gone down the percentage who think it's an opportunity goes up. we find this on issues as the president does things that appear to support his promises in the campaign, sometimes he loses both -- more democrats, plenty of independents and republic republicans. maybe that's why larry kudlow is in office, somebody to explain the president's economic policies to a broader public >> an someone perhaps to explain

to the president or his staff as your survey shows, right, that americans, we all want jobs and we love this country but also understand perhaps the greater importance of trade. >> the president gets strong support from republicans in the 80%, 5% ran85% range for his ov approval, but it drops down on the tafr rriffs. so those have a drag on the president's overall approval rating when it comes to the specific issues and how they poll >> steve liesman, surprising and good stuff there in the all-american survey. thank you. did you know today is the earliest opening day in major league baseball history? i had no idea. you did because it's one of your trending stories let's find out what else is trending with jackie deangelis >> feels cold for opening day, but the good weather is coming

moving on to the trending stories a canadian teen bought a scratch-off lottery ticket on her 18th birthday and won big. charlie legard won $1,000 every week for the rest of her life opting for the weekly annuity over that million dollar lump sum. and as if airline passengers don't have enough on their minds, two different commercial pilots flying over arizona reported seeing ufos flying over them the faa released audio of one of their calls to air traffic control. >> was anybody, uh, above us or past us 30 seconds ago >> negative. >> okay. something was there. a ufo. >> yeah. >> neither pilot thought what they were seeing could be a weather balloon, but no one seems to be quite sure what it was either >> listen, i for one welcome our

new alien overlords and remind them as a trusted member of the media i can be helpful in rounding up others to toil in their sugar minds. >> doesn't surprise me with everything going on today. >> i just quoted the simpsons. jackie, thank you very much. you notice everything happens in the southwest? whenever there's an alien, it's always new mexico and arizona. could a nearly $10 billion deal in texas signal a new round to the oil boom? one analyst says it's possible he's next. with rich potting mix that uses ingredients fresh from the forest... and plant food that adds vital nutrition so you'll have three times the blooms. they bask in their success. miracle-gro. three times the beauty. one powerful guarantee.

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♪ you think it's early here. that's a live look at chicago where it's 4:43 in the morning welcome, everybody let's talk about oil and gas yesterday hshgsconcho resources agreed to by rspp for 9.5 billion. this will make concho the biggest oil and gas company in the permian. mike, we dragged you out this early we had to get your insights on this we were waiting for a deal for a while.

concho going after rsp is this a one-off or is this the start of an m&a trend in oil and gas? >> hi, brian i think this starts opening day for m&a in the ep space, especially in the permian. two things stand out one, you have two opportunities across the board there would have been an m&a banker's dream deal. concho traded at a premium multiple, like 1.4 times ebita in '18 versus rsp of 17.7 times. rsp was growing faster and this better assets. it was not hard to pitch this combination shouldhappen make your company better due to this this sets up nice for this pitch in the m&a space and even more importantly is just scale.

you talk about $2 billion worth of synergies, that will push unit costs lower in the ep space it's all about being the low-cost provider. the low-cost provider wins day after day. that's the company that will ultimately be the most successful stock >> you have to get big to survive. i've been talking to people out there. it's hard to find workers, truck drivers, drillers, they're in demand wages are going back up. it is good for the worker but makes it hard to compete for $60 oil again. when we look at names -- a couple names you follow are below the 5$500 million market cap. there are some slightly bigger do you think these names are calling up bankers today >> they should be. i don't know i know they're looking at their screens yesterday screaming at it you look at hk, you give it the

multiple that rsp got yesterday, 9.4 times in terms of the implied takeout, it says the stock should be up 100%. energin is another one, up 50% we're actually expecting a number of stocks to just rip yesterday. >> why didn't they the other names did not get a bid on the back of this deal, almost as if the market ignored it or they thought it's a one-off deal, forget about it. >> must be the latter, it's a one-off deal we don't think so. this is all they're working on now is this corporate m&a. we see more of it coming up soon >> pioneer, pioneer natural resources, long considered one of the best run operators in the

permian. been out there for a while "a," do you think a bid could be coming for pxd, if it did, would that change the game they're the biggest of the mid majors >> yeah. that would be like -- that's a game changer that's a show stopper right there. the only -- there's three companies in the world that could make that bid. maybe four the speculation there is it's exxon for mshpxd. that comes up occasionally we do know exxon wants to get bigger in the permian. shell is talking about it now as well that's the day where all these things really rip is when you see the majors come in in a big way and do a deal like that. >> you can't buy good land anymore. if you want good rock, cheap, productive rock you have to buy a company. the land is gone >> you know what you're talking about. last year was the year of all

these one-off private equity deals with big land tracks those are largely done now it's going to move from that buy the companies, asset-based doles to more m&a in the space >> mike kelly, appreciate your views. thank you very much. see you soon >> thank you "squawk" team has had their coffee let's find out what's coming up on that fine program with andrew ross sorkin. >> how are you, brian? >> well, thanks. >> you have been talking about deals. have you seen the front page of the ft >> i have not. >> record mega deal surges pushes global takeovers beyond 1$1.2 trillion. we'll talk about whythat is. and there's a fascinating answer hang with us on that couple other things. steve grass so wio will be hered lots to talk about what's going on in tech land. and what will be -- i promise you this in advance, the interview of the morning in the wake of what's happened with

uber and the news yesterday that we learned about really what went wrong in arizona. we have john zimmer here he's the co-founder of lyft, the chief rival to uber, perhaps the beneficiary of all this. i imagine a lot of news will get made during that hour. that's what's on tap >> nobody talks to more dealmakers than you. give us a hint what's the answer? is this the beginning of a new deal cycle >> this is a tease it's a tease, brian. >> give us a hint. don't tell us the story -- >> the hint is if you watch "squawk box," we'll have the answer >> watch "squawk box," we'll have the answer. i can't do better than that. >> see you, brian. on deck, wall street gearing up for the final trading day of the quarter after a wild month we'll give you everything you need to know for your money ahead. and rbi, the random and

interesting thing you need to know about today. and the world's best stock mark ts ethiyear, do you think you know we'll show you in your rbi coming up.

live look at d.c. and times square lights are starting to come on the sun is soon to come up 6:00 a.m. nearly on the east coast. futures have gotten stronger a triple digit jump at the opening. joining us is julian emanuel, a man who a couple weeks ago in one of his notes, always excellent notes, put out be careful, big cap tech could be in trouble you called it. do you think it will turn around or has big cap tech seen its day and that dog won't hunt anymore? >> we're not out of the woods yet. there's a lot of headline risk still there.

issues about data privacy and autonomous vehicles. we think there will be a time and a place where you want to own tech, but we need to move through the headlines. >> everybody -- not everybody, but most hedge funds, most mutual funds go through it they all own the same five, ten stocks if they're selling them how can the overall market go up if the donkey, if you will, that's been pulling the cart gets shot on the side of the road i'm not advocating the killing of donkeys given the fact that the economy is in good shape, chairman powell told us last week that they felt the economy is in good shape. earnings will be fantastic the multiple is not at all expensive here with interest rates where they are >> in tech or everything >> in everything you're looking at 16.4 times

forward, which with rates now as we know, not likely to go skyrocketing through 3% on the ten overyield. that's very attractive >> tech's valuation is way higher than that >> no doubt about it when you have seen that discrepancy that's when the chips came off the table in the f.a.n.g. names it's more exaggerated this time because of the headline risk, but we think people will put their money back into financials and energy which work when you get late in the cycle. >> we were talking about a deal yesterday that didn't get a lot of attention given the news, you think energy is a good place to be >> we do it's been very much overlooked which is why those stocks did not react to that deal news yesterday. but the fact is there's cash on the sidelines. and a sector that has now at a historically low weighting in

the s&p with the energy oil curve being bullishly backward >> i won't ask you to name individual names would you agree with the thesis energy will trump tech >> we do like energy again, the other side of the coin is that the tech stocks are at historically high, x the bubble weightings. >> everybody has been buying the same stuff and now selling the same stuff thank you for coming in so early. >> thank you your morning rbi, random but interesting thing that we think you need to hear today today is the world's best global market etf, do you know what it is egypt. the egyptian market has been on a tear the etf is up 16% this year. there you go congratulations, egypt you're the best performing market so far this year. that's your rbi, random but

interesting. thanks for watching "worldwide exchange." ets are closed tomorrow. we'll see you monday morning "squawk box" is next - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement in drug stores nationwide. - she outsmarts me every single time. - checkmate! you wanna play again? - anncr: prevagen. healthier brain. better life.

stock futures are marching higher but the dow is still looking at losses of 4% for the month. the u.s. ambassador to china raising a red flag on trade. his comments straight ahead. and slamming facebook. what apple's ceo tim cook said about the social media company that's getting a lot of buzz today. it's thursday, march 29, 2018, tgif, kind of. "squawk box" begins right now. ♪ live from new york where business never sleeps, this is

"squawk box. good morning 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 kernen and andrew ross sorkin. our guest host for the hour is steve grasso, director of institutional sales at stuart frankel. good to see you. >> thanks for having me. >> you're here on the last trading day of the quarter >> and the month and the week. afrnlg >> a lot to talk about u.s. equity futures, green arrows this morning. that's not enough to erase the carnage we've seen this week, this month and this quarter. the dow futures indicated up by 114 points s&p is up by 14. the nasdaq is up by 58 this all comes as both the dow and the s&p 500 are on track to see a nine-quarter winning