. i'm contessa brewer, it's 5:00 a.m here are your five at 5:00 the trump administration launching an investigation into auto imports on the grounds of national security. deutsche bank announcing massive job cuts uber out with new numbers putting its valuation at $62 billions apple teaming up with volkswagen on driverless cars and the biggest names in tech are about to take the stage in paris. it's tuesday, may 24, 2018, "worldwide exchange" begins right now. ♪

good morning, welcome to "worldwide exchange," i'm dominic chu. we are seeing futures pointing to a relatively flat open. the dow jones slated to open down by 13 points. the s&p 500 just about flat. we have seen a bit of activity on the ten-year yield, 3.01% we're watching that level to see if we can hold it. on the oil side of things, we have been watching those crude prices move around a bit in the course of the last few weeks gasoline prices are higher wti off by a half percent. brent crude, those world benchmark gauges, off a bit. as for the global market picture, looking at asia

overnight, the nikkei off by a percent. the hang seng is up by 0.31% the kospi is off by a quarter of a percent. in europe, early going, but stable markets presenting themselves there mostly green the dax in germany up by 0.2%. the cac in france up by a half percent. just fractional, very marginal weakness for the ftse 100. contessa >> if you dive into the sectors, european automakers and asian automakers are lower after the u.s. launchedan investigation into auto imports. we're getting fresh reaction from china, you're seeing how honda is down 4% in trading overseas let's get to eunice yoon live in beijing with the latest. what's the reaction in china >> hchina reacted sharply to the latest announcement by the u.s. on the latest tariff threat.

they say we oppose the u.s. abuse of trade policy in the name of national security. this will severely undermine the global trading system and disrupt the multilateral trade order. china itself a couple days ago announced it was lowering tariffs on imported cars and car parts. in terms of the impact on chinese carmakers, there won't be much of an impact because chinese carmakers don't export a whole lot to the united states the biggest exporter to the united states from here is general motors because most of the cars that come out from here to the united states are from those jvs. in terms of other countries that will be more badly affected, japan and south korea, they export a lot of cars to the united states. japan exported 1.7 million south korea 930,000. because of that, that's the reason why you saw such large movements in the stock prices of

so many carmakers, of honda, toyota, as well as hyundai in south korea, all of them moving about 3% >> then we also had this disruption on the expectation that the sit-down would happen with north korea's leader, now the president seems to be walking that back and some harsh words coming out of north korea for the administration this morning. >> absolutely. there were a lot of harsh words out of north korea the official news agency -- i have the quote for you this came out of a senior, senior person from north korea i'll pop it up here. this is -- wrong one sorry. any way, in essence, they were calling -- or threatening the united states to call off the summit and this was a senior u.s. envoy for north korea who called mike

pence, the vice president, a political dummy because he had suggested again that the libya model would be one that should be used for north korea in an interview he had with fox news so, this envoy for north korea had said that he should not have said that, they had strong words for it, and so that just again puts in a lot of uncertainty about what will happen with that summit >> they suggested, hey, don't say that we're inviting you to come sit down with us, you invited us we're not doing this if it's not in our best interest don't miss our sit-down with commerce department secretary wilbur ross this morning on "squawk box" at 7:15 a.m. eastern. there's a lot to get through with him this morning. we have so many market implications because of these policies joining us is wasif latif from

usaa we just broke down a lot of things on the geopolitical front. what is the most important thing that investors should be watching with regard to the markets on that global macro level? >> thank you i think investors should continue to focus on the fundamentals of investing, and what drives returns in the longer term. geopolitical headlines as we've seen over the past several years, they come and go. they may cause short-term volatility in the market as investors sometimes react to the immediate headline news. in the long run at the end of the day it's the fundamentals of the companies, earnings, quality and the valuations that really drive returns. so we continue to focus on those types of factors in our portfolios, and look past some of these headlines on a day-to-day basis >> if you're talking about implementing tariffs on the basis of national security interest, does that raise

warning bells in your head about any equity that is based on international trade? >> it does but as we've seen so far in these trade negotiations, if you will, that are taking place publicly, is that nothing material is really happening that has a significant impact. so there's been a lot of back and forth going on, but from our standpoint the data still seems to be fairly stable. so while the discussion is around tariffs potentially on auto imports into the u.s., that's just the opening salvo from the u.s we want to see how that transpires and what goes on from here, and how that materially impacts the ultimate underlying earnings capability of these companies. while these are things that we absolutely pay attention to, we don't necessarily react to them immediately based on what the headlines are saying

we want to see how those immediate conversations translate into more material, meaningful policy. >> wasif, that may be the case when it comes to large cap multinationals in the united states, but one thing you're seeing it play out is small cap stocks because people are hedging their bets saying let's bet on the companies that don't have that kind of exposure is that the right way to play this >> there's a sentiment that small caps are more answinsular not subject to that volatility because they're not subject to the import/export implications so they have been on a relative basis a safer space to be as the volatility is manifesting. on the longer-term basis that does kind of peter out so the impact of the short-term implications can have benefits for small cap in the short run

but in the long run it is going to be the ultimate drivers of those stocks what is the local economy doing? what is the domestic economy doing vis-a-vis the profitability of those companies and does that correlate better with small caps or non-u.s. companies? yes, on the short-term basis, the small cap companies are benefiting as investors are seeking that refuge. but that's not necessarily where we think the opportunities are on a longer term basis given the evaluations and the growth outlook and the quality of earnings that we're seeing globally >> no doubt that headlines will continue to drive a lot of the market action. thank you very much for joining us here. >> thank you a corporate story we're watching, a major fox shareholder is backing comcast's all cash bid for fox assets. leslie picker has more >> you have a push to say let's consider this. this is one of the most exciting things we've seen in the m&a

world. comcast announcing yesterday that it was in advanced stages of proposing a superior all-cash offer to outed by disney for toxto fox's assets, soon after comcast got a vote of support fr activist investor christopher hone urged the murdoch family to engage with comcast and wrote if comcast formalizes a superior all-cash offer, we would support that offer over the current disney offer he noted that the murdochs may prefer disney's stock offer to a higher price cash offer from comcast due to tax benefits, but he urged them to comply with their fiduciary duties and opt for the highest bid. disney agreed in mid-december to acquire fox's movie studios,

regional sports networks and other assets in a deal valued at about $52 billion at the time. comcast has been preparing an all-cash bid to top that if the government approves the at&t/time warner tie up. comcast, disney and fox all declined to comment on the letter >> so fascinating. >> you have to wonder whether or not it matters if you're a shareholder not named murdoch. >> it is regulatory implications as well. disney has a 2$2.5 million breakup fee. new numbers on uber. the ride hailing company has a value now at $62 billion. uber telling cnbc it had net revenues of 2$2.5 billion in th first quarter, that's up 67% over the same time last year the company also says it cut its quarterly losses nearly in half.

what a massive valuation $62 billion for a ridesharing application. >> we have a lot of car news >> apple and volkswagen are teaming up and hitting the road. the tech giant reportedly will outfits for a fleet of volkswagen passenger fans with its self-driving technology. the vehicles will be used to shuttle apple employees between offices. the deal with volkswagen comes after on again/off again talks with bmw and mercedes-benz. here's some other individual stocks to watch. deutsche bank, the german lender is slashing thousands of jobs as it revamps its investment bank and tries to limit costs deutsche bank will cut its headcount from 97,000 people to well below 90,000 people the most will cost the company nearly a billion dollars this year in charges. their annual general meeting is today. shares of samsonite slumped

to a nine-month low on a report by a short seller. blue orca capital says the luggagemaker used questionable accounting to inflate profit margins. the report calls samsonite a mid level brand masquerading as a premium luxury player. samsonite has not responded to those reports from that company. williams-sonoma is surging in the premarket trade the retailer reported better than expected first quarter results as same-store sales rose more than 5% and it raised its full-year outlook. shares are 15% to the upside i'm probably one of the contributors to some of those numbers. >> we're just getting started on "worldwide exchange. up next, talking tech. the industry's biggest names speaking out in paris right now. we'll go there live straight ahead. and the state of luxury retail we sit down with the ceo of lvmh

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welcome back to "worldwide exchange." some of the biggest names in tech including mark zuckerberg, ginni rometty and sare gatheredn paris for the viva tech conference karen tso caught up with emanuel macron he is laying down the gauntlet on regulatory issues >> it's a headline story in france technology for france, technology for good. this is the startup, the rendezvous for startups, so they connect with venture capitalists to get funding for their companies and for industrypel fh digital transformation 80,000 people turning up over two days the french president is on stage speaking to some of the adendedy

attendees. he stopped by cnbc and i had a chat with him about regulation in europe and how france can close the gap with silicon valley and china >> we want to be a leader in europe and push all the european players to bridge the gap. i think technology, artificial intelligence is more and more effective, and i work hard on it to make france much more effective. second now, we are experiencing this huge change, we need a new framework for technology, for all social media, for artificial intelligence it's not just about innovation, you need regulation. look at facebook and cambridge analytica. >> what did you say to mark zuckerberg yesterday >> europe is the right place to build this framework u.s. is not regulated. regulation is made by private players. it's not sustainable for our citizens you will have huge scandals.

china is overregulated it's regulated everything is concentrated by the government the place where we can build new democratic regulation for people and with people and that's what we did at the european level with the gdpr, it's exactly what we want to do. innovation, smart regulation, that's the best way to be the most constructive place. >> emanuel macron talking to me earlier. i want to tease out a couple points from that conversation. he was talking about a democratic regulation here in europe it's quite key we have new data protection rules coming into force tomorrow a lot of this deliv dririven bys and france tries to create this technology hub, luring in american countries, chinese and other countries to be here, set up a base where taxes are paid

in this country. that's a big point f you're watching technology in europe, watch france back to you. >> karen, thank you very much. illuminating conversation with the french president ibm's ceo ginni rometty is about to take the stage at the conference and then join the "squawk box" team at 7:00 a.m. eastern. >> big deal there. ibm a big player in that whole discussion with regard to general data protection regulations. rusal says its ceo and zefrzefr seven board members have quit. the trade concerns taking center stage this morning at the st. petersburg international economic forum cnbc's geoff cutmore is there with more. this is a huge story in the united states because the oligarchs are a huge focus of this particular administration >> absolutely.

you know, this event normally is one that president putin uses to showcase the strengths of the russian economy, they want to talk here about how the economy has come out of recession, and how it's growing at the moment of course that's against the backdrop of this shadow of sanctions, these 24 russian business people who were sanctioned back a month ago, and one of those is now taking action with his directorships at rusal as a result of those sanctions. i spoke with the head of rdif, a sovereign wealth fund here in russia, which is active around the world, and i asked about the sanctions and what impact they're having on his business, and what he feels should happen next let's listen to what he had to say.

sanctioning us would strongly create an effect of pulling money out of the u.s. economy. if there's a precedent for sanctioning sovereign wealth fund, what stops them six months from now if the u.s. doesn't like chinese on an island to sanction their sovereign wealth fund we believe that frankly sanctions are just a ridiculous thing to begin with. >> there you go. there is no prospect at this point that rdif will come under sanctions, but clearly the mood here is sensitive to talk of further pressure from the state department and the treasury on russian businesses and oligar oligarchs. it's one of those topics of conversation here that will dominate we will see the french president arrive here today, christine lagarde is here, and there's a high level of western

participation. back to you. >> thank you very much investors will pay close attention given all the multilateral issues happening now on the world front there still ahead on "worldwide exchange," new images out. hawaii's volcanic eruption keeps on going e latest on that story when "worldwide exchange" returns

welcome back let's check the other top headlines. phillip mena is live in the nbc newsroom in new york with the latest. the disaster in hawaii's big island is still heating up the kilauea volcano is sending waves of lava and plumes of smoke into the air it's giving rise to this eerie threat, these bright blue flames as burning vegetation is producing methane gas. mike pence warned north korea could turn into libya if kim jong-un doesn't make a deal. the rogue regime hit back. north korea's vice minister of foreign affairs saying the remarks were ignorant and stupid, calling pence a dummy. the spat further putting into jeopardy a summit between kim jong-un and president trump. security cameras caught the

dramatic moment a huge sinkhole swallowed up three cars in east china. the drainage pipes on the site were being upgraded and a lot of rain fell before the collapse. authorities requested safety measures be improved back to you. >> you think >> that's just a lot larger than what's happening at the white house. there's only a little sinkhole there. thank you very much for that still ahead on "worldwide exchange," musk versus the media. the billionaire tweet storm that's getting buzz this morning. and later on, we're taking the pulse of luxury retail with the ceo of lvmh, he'll join us exclusively when "worldwide exchange" returns. a basketball costs $14. what's team spirit worth? (cheers) what's it worth to talk to your mom? what's the value of a walk in the woods? the value of capital is to create,

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. pumping the brakes futures in the red as the u.s. launches a probe into the auto import side of things. luxury pulse check you'll hear from the lvmh ceo. k takes on the media, what he tweeted that is creating buzz and backlash this morning it's thursday, may 24, 2018, you're watching "worldwide exchange" on cnbc. ♪ welcome back to "worldwide exchange." half past the hour, i'm contessa brewerment. >> i'm dominic chu

brian sullivan is on assignment today. >> let's check on what's leading on cnbc.com. the trump administration launching a national security investigation into car and truck imports, this could lead to new u.s. tariffs similar to those imposed on steel and aluminum in march. china responded it will defend its interesting. deutsche bank cutting thousands of jobs. the german lender will cut the headcount from 97,000 to well below 90,000, that move will cost the company nearly $1 billion. we have new numbers on uber. the ride hailing company announcing a tender offer from new and existing investors, pulling the value at $62 billion. uber also told saddam husseeas t revenues of 2$2.5 billion in th first quarter. futures are slightly negative the dow jones would open down by 28 points. the s&p just about flat.

the nasdaq down -- up now by 6 points on the treasury side of things, we mentioned that 3% level, very much in play for the ten-year u.s. treasury note 3.01%. taking you to the two-year, 2.53% the last trade there >> let's look at the asian equities we've seen things flatten slightly nikkei off by a percent. the hang seng is up slightly the big move in the auto sectors because of those probes that the president has proposed on auto imports. looking at europe right now, we're watching that big tech summit, just heard from french president emanuel macron the dax is up. cac 40 is up a half percent. ftse is just flat. italy and spain both in the green. as for the broader macro markets, let's check on oil prices wti crude oil prices, 71.34, off

by three quarters of a percent ice brent crude futures, that world benchmark gauge, 71.10 cents. let's show you what's happening with the currently side of things that could be driving a bit of the action on the commodity markets. the euro right now, 1.1731. dollar/yen is 109.68 pound is 1.3396. let's stroll down further on the market action, joining us is jeff kilburk jeff, as we talk about the markets developing the way they are, it seems there's reasons for investors and traders to take a pause what's driving things up and down why are things so uncertain in the marketplace now? >> certainly we saw a lot of market action yesterday. there's uncertainty due to the fact of the trade tariffs. yesterday it was like an old

alka seltzer commercial, plop plop fitzpatrizz fizz. the fed came in and relieved some digestion problems with the ten-year interest rates moving higher, the fed reversed losses yesterday, and that maybe moved those goalposts one more time. they moved the goalpost s a lot in the last decade, but talking about letting inflation run at 2%, that brought some uncertain uncertainty. we saw that fourth potential rate hike in 2018, we saw that drop from a 50% probableabilityn to a 40% probability >> we've seen automakers were off because of those -- because of the president's insistence that we should look at this as a national security issue, how many autos we import is it a big deal for our

domestic aus to industry >> i think it's a really big deal we are seeing this tug of war. initially the automakers rejoiced in the fact that we had tariffs going into china go from 25% to potentially 15% this is all rhetoric this is all part of negotiation we're seeing coming out of the white house. yes, this is a big deal. this sets the tone for all the trade tariffs. not just specific to china these trade tariffs will have effects with our european partners the specific concern about the auto market, that sets the tone. trade t >> if we can strip all of that out of the market, are the fundamentals for the economy and fundamentals for corporate america in place for this bull run market to continue >> yes look at gdp at 3%. this global growth initiative,

this choreographed global growth initiative is still under way. i think the digestion of rates has been on the side of concern. the ten-year note kissed 3%, went under 3% yesterday. so the big concern about rates moving and affecting equities, that's not in play >> let's talked about the fundamentals of one company in particular, ge seems like there was a lot of disappointment yesterday when john flannery was walking back some of his expectations >> yeah, that's concerning i don't think he intentional walked back. ceos have to be careful when they talk outside of earnings. the narrative changed in ge. when he was down at 13, folks called for single digit. mar mario gobelli came in and talked about numbers. it's amazing because he talked about the flat profit specific

to the power unit. he didn't get a chance to talk about the 6 billion, $7 billion of free cash flow. it is not as bad as it looks, but the narrative did change from a months a ago >> ge used to be a corporate bellwether, they lost a lot of influence in the market over time right now, what is the stock you're looking at most closely as the indicator for the health of the overall stock market? >> i will agree with you that ge lost its luster, but it's still in our essential 40 portfolio. the bellwether used to be apple, but now i look at amazon amazon provides a lot of sentiment. i know the tech sector has been favored, by if you can watch amazon or nvidia, those volatile tech names, they give you an understanding of investor appetite it's an interesting play above

$600 and still has more room to run. what are you watching today? >> i'm focused on the ten-year note and the two-year note dom illuminated the ten-year is back to 3% when you see the two-year and ten-year continuing to condense, that's a concern, but we'll be interested to see the follow through from equities yesterday. one thing the market did not anticipate is the less hawki ii tone on the fed. the bulls wanted a rally, it came in flat this 2700 level, it is an imperative level in the s&p 500. they supported it however if we do violate 2700, i'm concerned that we'll see a precipitous drop to about 2640 >> all right jeff, always great getting the trader's perspective from you. thank you very much for joining us coming up on "worldwide exchange," elon musk taking on the media and big news on

president trump's twitter account. the top trending stories when we return ♪ we came with big appetites. with expedia, you could book a flight, hotel, car, and activity all in one place. ♪

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so relatively stable here. as for the bond side of things, check out what's happening now with treasuries. you heard the talk earlier, the yield curve is starting to flatten a bit, ten-year treasury yields have fallen from 3.112% to 3.01% two-year treasury note yields, 2.835% a federal district court judge says the president cannot block twitter users, even if he doesn't like what they're writing about him. the ruling was handed down yesterday. the case was brought by seven twitter users who had their accountses blo es blocked by tht real donald trump account. after the ruling, one wrote i sued the president and i won >> i have never blocked anyone on twitter even if they came at me with responses that i didn't

like when you are president of the united states and you use twitter as a primary means as disseminating your thoughts and information, that stuff should become public for everyone to consume. elon musk is getting buzz after going on a twit errater rt about the media. he is tweeting the holier than thou hypicrisy of big media companies who lay claim to the truth but publish only enough to sugar coat the lie is why the number no longer respects them problem is juornos are under constant pressure to get max checks and earn advertising dollars or get fired tricky situation as tesla

doesn't advertise but fossil fuel companies and gas diesel car companies are among world's biggest advertisers. then he wrote going to create a site where the public can rate the core truth of any article and track the credibility score over time of each journalist, editor and publication thinking of calling it pravda. donald trump doesn't have a good relationship with the media he propagates this issue of fake news now elon musk is saying because he's a target of some of these things, the journalistic community is going after him and this could be fake news as well. >> i'm a journalist, i don't want to protest too much, but i want to point out when he says i'm thinking about the whole pravda thing, a california journalist found that an associate of elon musk or somebody with the company has actually already formulated a company called pravda. reactions are pouring in

over the nfl's new rules to stop player demonstrations over the national anthem. here is the take of mark wilf. >> we're supportive of what we came out with today in atlanta as far as the league and respecting the fact that players on the field should be standing for the anthem we have a great respect for what that flag means. we're supportive of the policy at the same time our players, we're working a lot to with our players. they do so much good in the community. we're working with them on social justice issues. this is a good resolution. >> on the other side of the issue, christopher johnson says he won't punish players who continue to protest during the anthem this is important. with the owners and anthem rules, the nfl players association, the union that represents players opposes this policy, because they were not consulted, and, you know -- >> they want to weigh in

>> they say this is their first amendment right for these people to nonviolent way. a weird moment yesterday at the tigers/twins game. second baseman brian dozer thought he had a home run until the ball got lodged in the wall's padding inches away from a home run leonys martin threw his hands up to signal the problem. dozer had to settle for a ground-rule double a dozier home run could have helped the twins, they went on to lose 4-1. when the wall is involved like that, if the ball bounces inbounds and then over -- >> act of god. >> it could be it might be. it happens in sports >> they pray before the game starts because they think it's going affect the outcome of the game that's perfect example of how it

could. he would be good at those carnival games where you try to throw the ball at somebody. still ahead on "worldwide exchange," the fed in focus. stocks reversing losses on the back of yesterday's minutes. what the fed is saying about inflation, and what does that orwi ehae"he economy when "wlddexcng comes right back

it's starting to feel like summer here in new york city you can see people going to work in times square. the weather is getting better and the days are getting longer. the sun is already up, it's going down late at night what a great day to be in new york >> but it's going to be like 50 degrees on memorial day. >> and raining possibly. welcome back to the big show we have stock movers to talk about including l brands, the parent company of victoria secret, they reported better-than-expected first quarter results, but profit margins at victoria's secret

were down as they offered more discounts to get customers in stores l brands is cutting the earnings outlook for the year. shares of netapp are lower today as the cloud data company's fourth quarter results beat analyst forecasts the first quarter outlook fell within range of forecasts, but down 4.5% in the early premarket trading. johnson & johnson has been hit with a nearly $22 million verdict in a lawsuit by a woman who said she developed cancer after being exposed to asbestos in the company's baby powder this is the second trial loss for johnson & johnson over similar allegations that its talc products contained allegedly asbestos related material johnson & johnson shares flat in the premarket. watching the dow futures off by 17 points looks like the s&p will open flat the nasdaq is up 10 points

the big story of the morning is what's happening with the automakers t honda off by almost 4% after the president said he thinks we should investigate auto imports as an issue of national security let's get over to joe kernen who is getting ready for "squawk box. likely to be a big story we're watching throughout the day. >> which one >> okay. better late than never automakers, domestic, foreign, and whether they're there are national security issues >> my cincinnati accent says auto becky says is that one of these german engineers auto now i go the other side. i do the new york brooklyn out to wilbur ross will be on. he's funny his understated delivery with a lot of this stuff. this is serious. and i was coming in, you know, i'm looking at the national

anthem, tweeting looking at all these things. i decided i will triangulate everything you know what i mean everything is so controversial people feel so strongly on both sides. i'm going to triangulate i will see both sides of every issue. the auto tariffs, i don't want it to cause a problem with our trading partners but why do some of these people have 25% tariffs i got that so everything -- you know what what do you think? isn't that the way i should be >> is this triangulating now >> yes >> i'm looking forward to see how this works out with becky and andrew >> i'm looking at both sides of everything one of my great joys in life is blocking people tweeting if i don't understand what they're saying, i block them

it's just zero tolerance i don't like them. i don't like twitter i don't like haters. muting won't do it for me. they won't know that -- that defeats the whole purpose. i want them to know and feel the block. >> thank you looking forward to hearing the rest of the rant on "squawk box. >> i may block you now, contessa, you're trying to get out of this. i wouldn't know, but i don't follow you i think i follow the domino. >> i appreciate that. >> we'll change that >> but i might not then i might block you >> all right i'll make sure we all get along. >> triangulate >> thank you very much >> triangulation involves three points so we know that joining us is ellen zentner, chief economist at morgan stanley. joe mentioned a lot of things with regards to seeing both sides of it. as an economist you have to look at different angles for how it affects the welfare of the

economy in the u.s. and the world. is trade going to have as bad or as good an influence in the economy as we all think or as the markets are pricing in >> the way economists look at it and i look at it is it depends how long the uncertainty plays out. you can never win trade wars the only way to win trade wars is to not fight them tariffs and threats of tariffs are never as good as trade deals. trade deals take a longer time to work out. tariffs and threats of tariffs, you can get to an outcome much more quickly the uncertainty is really what damages underlying economic activity so far companies have said i don't like trade disputes. i'm uncertain about my pricing structure in the future, uncertain about my supply chains, but we still have our

cap p pl capex plans index at or near record highs so we have yet to see anything other than companies jawboning to the effects it could have in terms of future planning, but we're not seeing them put their money where their mouths are yet. >> we looked at fed minutes yesterday. the appetite or the tolerance maybe for inflation that runs slightly higher than what they had been saying. how do you put that into what consumers, what average americans should expect for the year to come in terms of rising prices >> yeah. this always becomes an issue when energy prices are rising, the fed is focused only on core inflation. the average american would say how does that help me? that doesn't matter for me and my pocket. but the fed, to be fair, has to look through energy price

fluctuations as being transitory what goes up must come down. it always does we just never know exactly how sustained that rising energy price is or how long they'll decline for. the fed has to look through that, they were reacting on how energy prices move inflation they would be moving rates up and down every meeting and that would create volatility and be bad for the u.s. consumer. we know that gas prices hurt, especially the lower income households who spend more of their after tax income on gas. we estimate it's wiping out one-third of the benefit from the lower withholding from the tax plan it's making a significant dent in the full ben fet we would have gotten from the tax plan. that's a significant chunk >> ellen, thank you very much for all of those thoughts. that means the jobs number next week will be very, very key. >> as always >> thank you very much for joining us that does it for "worldwide exchange."

>> "squawk box" is next.

good morning a developing story, the u.s. launching an investigation into auto imports on a national security basis we'll hear from commerce secretary wilbur ross live. then deutsche bank announcing massive job cuts as pressure points on the firm's top executives. and new numbers on uber. now boosting the company's valuation to $62 billion. what happened with lenny dykstra? did you see that it's thursday, may 24, 2018. "squawk box" begins right now.

live from new york where business never sleeps, this is "squawk box. good morning, everybody. welcome to "squawk box" 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. equity futures have been mixed the dow down by 14 points. s&p down by less than a point. the nasdaq up by 11. this comes a day after the market staged a bit of a comeback we'll talk about that in a moment the nasdaq right now looks like it's indicated up by 11.5 points in asia, the nikkei was down by 1.1% the hang seng was up by 0.31%. if you look at