>> here's your five at 5:00. facebook delivers. the stocks is soaring after the social media giant posts a record profit. you can't say the same, though, for tesla. those shares getting hit they're hitting the skids really on a profit miss and another high level departure we're digging into that big move poet of them straight ahead. >> jay powell willing to take his time with future rate hikes, and, of course, trade remaining front and center for investors the u.s. and china holding second day of high level talks

and record cold continues to blast the u.s. disrupting everything from air travel to even mail delivery we have the latest on that wicked winter weather. it is thursday, january 31st, and worldwide exchange begins right now. snierjts right now futures in the green this morning with the dow holding above that 25,000 mark we're going to get more on those markets in just a few seconds here let's get to jumana with more. >> that's right. we have numbers to break down for you here we just got the flash gdp estimate for the fourth quarter out of the euro zone it came at 0.2%.

this is in line with consensus pointing to 1.2% growth year-on-year we do know investment has been slowing down there's weak external demand as well as auto sales head kswinds that continue to come out of germany. italy came in at negative -- italy is now in a recession. this is the second consecutive quarter of negative gdp coming out of there it is below expectations consensus was for negative .1. we just got this negative .2 more weakness coming out of italy. even though markets are trading up here, definitely worth keeping oon a on this weak macrodata coming out of europe back to you, guys. zoo thank you very much. let's get a check on the u.s. futures on the back of that european union gdp print

futures right now maybe no surprise there showing a little bit of flatness stability maybe. s&p up by three points the dow down by 30, and the nasdaq up by 40. as for the treasury sidive things, take a look there. yields did move yesterday on the fed. at least move. the ten-year treasury note yield 2.66%. the two-year at 2.49%. you can see ice brent crude futures up a quarter of a percent. $61.83 wti futures, $54.16. one-tenth of 1% for to the down side. join heing me to break it down,

dan ooifz, deb bush securities dan, it was a good quarter, but this is a stock that's been beaten up a lot over the says course of the past year or so. a lot of it the focus here is user growth. you saw that, you know, up about 9% i think it just shows with all the headwinds out there and data privacy and even the apple news, you know, advertisers continue to stick on theplatform. i think this is a company where a few good fang names, it's been a comeback week, and it's front and center it's a big step forward for tech

>> the focus right now for facebook is monotization of the platform, especially with stories and you look at instagr instagram, which continues to be one of the best acquisitions maybe ever made in tech. right now it's monotization story. you have a lot of competitors competing for the shares investors want to sew that you continue to sew growth in the right direction. this is one where it's been a huge layinger along with the name like apple. you look at fang names think about what's happening across tech. this really is starting to take a leadership role as fangs may be starting to get mojo back >> does that play into the thesis are the shares pricing in that where they are currently at right now even with an 11% move up to the up side premarket?

>> i still think investors for regulatory -- not just on facebook, but for large tack that continues to be more background noise gdpr is not just names like facebook it's for any enterprise name that play in there that's the worry the big it's risk impact right now, it's china. it's regulation. i think regulation relative to what we saw a year ago is definitely moving more to the background, and i think investors are kind of few and more front and center. >> gdpr data protection is part of the name. it's something that sheryl sandberg addressed just yesterday. let's take a listen to what she said >> this is a facebook research app. it's very clear to people who participate it's completely opt in there is a rigorous concept

flow, and people are compensated to market research program now, that said, we know we have work to do to make sure people's data is protected. it's your information. you put it on facebook you need to know what's happening wlsh in this case the people that chose to participate in this program did, but we definitely have work to do, and we've done it. >> is it a big deal? zoo saw apple come out very specifically going after facebook, and i think right now there's a line in the sand when you look in the valley, and i think you have facebook on this side and apple on the other, is i think what's happening is it's highly sensitive in terms of these types of tracking capables, and i think this is going to be a big focus for tech and for consumers. that's why right now there's a battle royal going on between.

>> the price still remains an issue. >> the demand for model three is insanely high. the inhibitor is affordability it's just that people literally don't have the money to buy the car. it's got nothing to do with desire they just don't have enough money in the bank account. if the car can be made more affordable, the demand is extraordinary. >> those are the words from elan himself. let's bring in tasha of ark

invest on the cnbc newsline. tasha, no surprise here. your company is one of the biggest investors in tesla you guys have a very bullish stance on this take us through what you thoughts of that earnings report and call what stood out, and is the stock responsible or slud it be responsible for the kind of move that we've seen in the premarket so far we chicago china is an important auto in the driver space that's really an opportunity that we think would be larger than the energy sector you know, deepok is leaving, and that's spooking investors. he might be uncomfortable leaving. the company went through this really tough period, and now he thinks that someone is ready to take over. he is comfortable going.

we think that sticker price will drive demand, and the cost reductions in terms of improvement in battery cost are what's going to make consumers make the switch from gas-powered cars >> batteries are a big deal. we've heard reports over the past couple of days that they are switching in the model s and model x models, if you will, to a new standardized battery how much of this is about streamlining production and louch is about tesla becoming a more mature and efficient operating car company? >> i think it's really both. what's unique about tesla is they get to do this from the

ground up. i think tesla gets punished for sort of the short setbacks that they get while they're ramping what's really important to he note is this is an erjer early stage company. i mean, they're really -- the top player they're going to have over half of the global battery production by the end of the year where just at tesla. there is a lot for the space they're way ahead on the tech front than competitors, and we think they're running away from the competition. >> thank you so much for that update on tesla shares they are off 4.4% in the premarket -- on the heels of earnings well, turning after the broader markets, the dow trading back above 25,000 after the fed left rates unchanged and signalled it's on hold with future rate hikes. jay powell explained why

>> there is growth ongoing trade negotiations and the effects from the partial government shutdown in the united states. financial conditions tightened considerably late in 2018 and replain less supportive of growth than they were earlier in 2018 while most of the incoming domestic economic data has been solid, some business sentiment has moved lower, giving reason for caution. >> let's bring in bill stone, chief investment officer at avalon advisors. phil, financial conditions tighten add i lot in the last part of 2018, but they seem to have loosened up a bit in the few weeks of 2019. is the fed doing the right thing? >> yeah, i think so. when you go back to, well, what were the primary causes of the downturn in the market at the end of the year. it is really worrisome about the fed hiking too aggressively, and that was going to push the u.s. into recession prematurely, and there's worry about chinese trade talks, and you may throw in maybe words about global

growing as china and some of europe you got to at least on the fed side yofrl gbz that has continued to come out that they've really changed their tune around i guess now saying very much patience around the future rate hikes. also, actually threw in kind of a bonus for investors in terms much talking about that they would adjust how much they brought down the balance sheet of the fed if, in fact, they needed to do that. >> what we need is a little patience is that the thing thing that's resonating right now with the markets. the idea that the fed is on hold for the time being, and what gets them out of this holding pattern? >> definitely. the views will now there's not as much of a worry the futures are pricing in, you know, very little chance of hikes any time soon. we think you might get a hike towards the end of the year.

you might get a hike, but the economy wouldn't be upset because we would see decent growth and not be as fearful as falling into a recession in the very short order we'll see how that plays out i think the good news is it's off the table, frapgly, for at least some amount of time. before you overweight right now? >> i think it's system lar to where we were thinking certainly we were more excited about them when they really threw them away at the end of the year, but i still think you look towards even you mentioned a couple of the other ones that we do like, but consumer discretionary is good. i think people yurn estimate how good household balance sheets are, and as long as we continue to get nice job growth, which certainly it looks like the adp numbers look good.

good payroll numbers at the end of the week. that's another place to continue to look. >> bill stone, thank you for that on the opening marks on the fed. >> thank you we are just getting started here on worldwide exchange a high stakes sitdown. the u.s. and china gearing up for another day of trade talks what's at stake for the global economy? >> it's mirsry chart time. can you name this chart. here's a hipt. it's not a stock, but it's been on a stealth rally over the past couple of weeks. we'll have the answer later on icarnd show. stk ou worldwide exchange will be back after this ♪

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>> chinese vice premier is expected to meet at president trump at some point today, so what's at stake? let's bring in linda yu, economist and author of "what would the great economists do? so, linda, what would some of the great economists do given the current trade spat between

the u.s. and china what is at stake, and what is the strategy to insure the best economic outcome for all parties involved >> i think the greatest economists and certainly economist wooz generally advise that both the u.s. and china should try to resolve the trade dispute and make trade as free as possible, and that is the sticking point in these talks. what have they talking about what do they need to work through? >> i think they need to allow the united states to sell more services into the chinese market that might mean, though, of course, opening up the financial sector some of the sectors that are dominated by state-owned enterprises. china has the economic desire to do that, but politically it's

hard then, dom, there's going to be other issues that are not as easy to quantify, but certainly important in terms of resolving the trade dispute, which is trying to address some of the american complaints about poor intellectual property rights protection, about unfair subsidyization, cheap loans going to chinese firms, giving them an unfair advantage in other words, all of the lack of a level playingfield. that's not something that can be corrected very quickly, and that's why finally the u.s. strategy here is to say, listen, you promise things, and you don't always deliver, so we want to monitor and sur veilance mechanism, and i suspect the first issue about market opening, they can probably resolve before march 1st i don't see how these level playing fields and actually monitoring surveillance. i'm not sure that can be resolved within the next month >> linda, this is so complex there are so many layers to this onion. perhaps more than we can even possibly fathom in the course of

the next few weeks and months. how much of this is cultural for china in its history throughout the course of the modern times in china, over the past few centuries, if you want to call it that, they have been fighting back against what they view as amerimercantilists intor market how much of this is because they don't want to really open up those markets again to the western world? mercantilism that's a big issue. generally speak, that's been debunked by economics. actually, if you have a strong economy, your trade position reflects your economic strength and weaknesses instead of targeting trade, so long as markets are fair, you need to strengthen your domestic economy. i think for china essentially china's current account surplus has disappeared and trade is no

longer a significant driver of china's growth that doesn't mean that trade isn't important to china's economy. it's very important. growth is a year-on-year change concept. china is not going to gain much of a market share than the 13% of global markets. it already has in terms of manufactured exports i think for china they've been somewhat protectionist in achieving that in terms of getting to where they are today i think they've always viewed that as, you know, protecting and emerging economies market into the ready to compete. of course, now when you are at the world's second biggest economy, that argument really can't -- doesn't hold as much water, and the americans and i think the europeans and others have been complaining for some time about this. i think this is why it is in their interest to resolve it because china does need a push to get into where it needs to be not back in the mindset it had a little while ago

>> linda, just a couple of seconds left here. president trump famously said that trade wars are easy to win. is there a relative winner right now in this process? is it the u.s. economy or the chinese economy? >> well, neither are beening at the moment, but i think the long-term damage would be to china because it's not just about tlad it's also about cutting off investment that's really damaging for china's ability to catch up because china needs access to u.s. tech. it needs access to u.s. intermediate inputs. silicon chips without it, big companies like zte, are struggling nearly went under that's the unspoken about, but much more devastated effect of being cut off from the world's biggest market >> got you >> yes, of course, trade hurts, but i think at the moment no one is winning, dom. the impact may be bigger for china in the medium term >> a lot at stake. thank you for that well, still ahead on the

show, microsoft misses that stock in the red today. we're going to dig into what went wrong last quarter and later on get ready for another big earnings day it is the busiest day of earnings season. we will break down the key names you need to watch, krug amazon after the day's closing bell stk ouicarnd worldwide exchange will be right back 6 so grant met his insurance: you are caller number 12. which didn't quite cover the steinway. but what if he'd met pure insurance? owned by members. he'd have met: lisa, your member advocate. who'd introduce him to gustav: leave it to me. a temporary address, temporary ivory, and help him get tickets to the mozart festival. excuse me, grant likes beethoven! uh, the beethoven festival. pure. love your insurance.

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pay pal says the transaction volume from ven month has exceeded volume from ebay. visa's fourth quarter profit beating estimates. the payment network processed more transactions on the back of spending during the holiday season worldwide exchange back after this break

call it a big thumbs up. investors liking what they saw from facebook yesterday. we are digging into that blockbuster result straight ahead. and an earnings bonanza. it's the busiest day of the earnings season. we'll break down those key names you'll want to watch, and can you name today's mystery chart it's not a stock, but it's been on a stealth rally over the past couple of months jim cramer just tweeted about it we'll tell you the answer coming up it's thursday, january 31st, and you are watching worldwide exchange here on cnbc.

♪ good morning, everyone i'm dominic. brian sullivan on assignment today. let's get you up to speed. frank holland is here with your morning headlines. frank. >> hey, dom, here's what's leading c northbound.com right now. shares of tesla are slipping this morning the company missing earnings forecast, and it announced its cfo is stepping down shares of tesla are down more than 5% right now. euro zone growth coming in at .2% last quarter. that was in line with expectations, and general motors is suspended operations at 11 michigan plants due to all this extreme cold back over to you >> frank holland, let's get more on that historic winter blast. francis riviera in the newsroom

with the latest. >> hang in there a little bit, dom. billions of americans face one more day in subzero temperatures the freegds conditions are to blame for as many as ten deaths and have caused massive pile-ups around the country 24 people were injured in a crash involving 27 vehicles near redding, pennsylvania. a snow squall caused white-out conditions nine people were taken to the hospital, and two were in critical condition as the freezing cold sweeps further towards the northeast, another snow squall was caught on camera over the hudson river in new york. president trump now opening up about how he plans to handle the russia probe in an interview with "the daily color" he was ask the whether he will sign off on the final report he said "they'll have to make their decision within the justice departmenting, adding i've chosen to stay out of it. robert mueller talked about a new effort to disrupt the investigation. apparently coming from within russia itself. according a new court filing from the mueller team, russians are using the special counsel's

discovery materials in a disinformation effort. mueller claims the evidence was stolen by russian hackers. the political stand-off in venezuela continues to intensify this morning massive crowds are marching through the streets in support of the opposition leader during an appearance on russian state television, the country's embattled leader nicolas moduro accused president trump of ordering a hit squad to kill him. the white house is tightening the financial squeeze blocking him from getting any revenue from his state dom, those are your headlines. >> francis riviera, thank you so much for those let's get another check on the early market action so far futures relatively stable and flat after a huge run-up yesterday on the heels of that big fed interest rate decision and press conference the dow jones futures indicated to open lower by about 37 points for the overall cash session on the treasury side of things, ten-year notes, two-year note yields 2.49% your top stock story this morning is facebook. those shares are soaring after

the company reported a record profit last quarter. let's get to elizabeth schultze live in london with more elizabeth, this was all about the idea that advertisers continue to spend money on the platform despite all of the negative headlines around its consumer facing activities what was it that stood out to you in your mind about the report yesterday >> well, that's right. good morning, dom. it was a strong beat on the top and on the bottom line revenue for the fourth quarter came in at $16.9 billion the other crucial metric i was watching was user growth, and that came in line with expectations facebook saying 2.7 billion people now use facebook, instagr instagram, what's app, and messenger every month. julia borestein sat down with the coo sheryl sandberg, and here's what she said about the strong numbers coming in despite

the year of scandal for the company. >> i think one of the questions that people have for us is we are making such big investments in safety and security can we make those investments while people continue to use our products and while we continue to grow our business i think this quarter shows that we can do both >> in that interview she also defended a facebook research app that apple said yesterday violated its policies. sandberg saying users went through a rigorous consent flow before using the app now, of course, facebook revenue is expected to slow as it spends more money on cost associated with tighter security. as you mentioned, so far questions over data privacy haven't turned users away, and they haven't turned advertise ters away from facebook. all good news for shareholders of the stock soaring 11% in extended hours 20e9ds back to you. >> elizabeth, one of the things that caught my attention was just how strong instagram continues to be. probably one of the best acquisitions in social media

history. houjs before we change the name of facebook to instagram >> the growth from instagram is dwikly coming from that younger user base that's so important for facebook those users spend a lot of time on the app, and facebook is putting a lot of efforts into luring advertisers into those instagram stories. if you anecdotally, you can see on how much those ads are showing up on instagram's platform they've been immune to some of the privacy challenges that facebook has based around fake news it's been less of a focus from those efforts when it comes to that fake news and privacy scandal over the past few years. instagram is definitely a highlight for facebook as a company, but it doesn't sound like they're trying to break them out quite yet individually. >> big story today thank you very much, elizabeth schultzy live in london with that breakdown it is the busiest day of

earnings season. 37 companies reporting results throughout the day some of the big names to watch include general electric, master card, ups, conco phillips, hershey, and, of course, amazon after today's closing bell many of the names could be stocks that you own in your retirement account, so how is this earnings season shaping up so far for investors is this earnings season affecting investor sentiment >> you know, for the average 401k participant, dominic, they're working pay period to pay period they're socking money away in their 401k really they're not paying too much attention to the daily news, to their statements really, and we came off a really rough fourth quarter a lot of folks were concerned about their 401k balances. great bounce back here in january. i don't know that the news of the day is going to really affect things. those who may have more

long-term scenarios where they're going to retire 10, 15, 20 years out, it's going to be steady as it goes, i think, for the most part. >> have you seen any kind of a difference in terms of the amount people are putting away have people been more apt to invest in their 401ks? are they upping their allocations? are they pulling back? what kind of trends are you seeing right now >> actually, we're seeing the trends because it's a lot of this goes around the education we provide you know, a lot of folks when they first join their 401k plan, they choose to have x amount of dollars or percentage coming out of their pay they leave it there at that amount we try to provide the education to give your 401k a raise as well as the year turns to keep up with inflation. certainly, when the markets are low, you are buying it at discounts. that's an even greater reason to look at. >> do you think that anything could derail that for investors?

is there anything that could happen in 2019 from a macroinvesting or sent plenty perspective that gets investors to move back to the sidelines and perhaps pause that investing trend? >> i who say more for those who maybe are two or three years out from retirement that will be more conservative in their investments overall and want to hold to the balance that they've accumulated. if you are a ten, 15, 20 years out, we can't control the market the only thing we can control is the fees in our 401k plan. 70% of participants don't know what they are or how much they are. many business owners don't know as well. if we can cut the fees down by 1, 1.5%, continue to sock money away, we're going to end up pretty darn good >> tom, thank you so much for that on the vinnesting sentiment environment in america for those retail investors out there well, time for today's top trending stories frank holland is back with those, and the cold weather still has everyone talking it was three degrees when i left home this morning. it got down to around 2 degrees by the time i go the to work south of where i live.

>> you know what's funny, my car said 1 degree. single digit temperatures. >> did your car started? >> it did. >> it did not start the day after martin luther king jr. day. it was probably colder then than it is now. >> the poll or vortex continues to grip the midwest. it's gripping us right now too in the midwest people are staying in more and ordering more food. now, get this, according to grub hub, chicago orders of deep dish pizza have more than doubled in the last couple of days. in the meantime, in detroit they're dreaming of warmer weather. grub hub says orders for hawaiian pizza have surged since the cold blast began i don't think of detroit and hawaiian pizza, but -- >> i don't think of minneapolis with indian food >> right >> minneapolis, they're keeping warm with spice. >> also in detroit it's -- >> i like the spicy food >> i'm a big fan sticking with food, a nationwide chicken nugget recall is only getting bigger

purdue recalling three types of nuggets. one for mislabelling it doesn't disclose a milk ingredient, and another possible contamination with pieces of wood meanwhile, tyson's recalling more than 6,000 pounds of chicken nugget that is may be contaminated with pieces of rubber customers should check the exact brands and lot numbers on the company's web sites. serious situation there. >> absolutely. >> this is a really spreezing study. it finds that e-cigarettes are nearly twice as effective -- that's according it a new published study. it showed that e-grets helped 18% of smokers quit while nicotine gums and patches helped only 10% i don't think of vaping and quitting smo quitting smoking going together. >> earlier this month i read our own angelica's story about how she got her father to start using a vaping product, and he is a lifelong smoenger.

he is now cutting back maybe not a surprise for people out there who have had experiences with vaping. i do not vape or smoke, but maybe not a far leap to think that vaping can help people get rid of that cigarette habit. >> i feel like vaping has become everywhere, and i'm are just doing it constantly because it's more socially acceptable than smoking is >> what's not socially acceptable is the controversy around why teens are using more of it, and that's the issue the fda has. >> still ahead on the show, 25k here to stay we're breaking down what's next for your money after the dow returns to a major market milestone. first, your mystery chart. it's revealed. here's a big hint. it's a metal, and it's been on a tear the past couple of months the big reveal coming up it's yellow. worldwide exchange comes back after this break junior achievement reaches young people all over the world to prepare them for the future of work.

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zplooits 4:45 a.m. central time. the temperature is, get this, negative 16 degrees with the wind chill in the windy city anywhere from between minus 25 to minus 40 degrees fahrenheit it's balmy with a 5 degree here in new york. time to reveal the mystery chart. this has been on a stealth rally heating up

up nearly 10% over the past three onths. it is, of course, gold gold hitting its highest level since may. here to discuss is suki copper, precious metals speffrom standa charter. what is it about the current environment that has -- that precious metal humming again >> a number of those factors that were really pressuring prices lower the says past 18 months or so they've reversed now, and that's hugely positive for gold the dollar was a huge drag fed hiking is a huge drag. also, there's a couple of really key developments underlying market that support prices on the down side. firstly, central banks are buying we estimate buying over at least from 2015 and further. etf's have been more resilient as well. >> as we talk about the etf's, that et cetera wat i that many investors are requesting into it whether through the miners or the physical etf's that hold

actual gold. as we talk about the way that the markets are developing globally, we are seeing signs of a slowing economy. not just here but emerging markets as well. how much of that emerging market demand has been powering gold prices over the course of the past couple of months? >> interesting that demand has been quite weak. our normal two key drivers are india and china. we normally look to them to provide the flaw florida gold prices india was weak china's demand has only just started to pick up we extend e tend to see buying ahead of the lunar new year. that buying started in december. that hasn't been the key driver for gold not in the past few months >> what has been the key driver then >> so it's been the turn of the macroenvironment certainly the dollar i think what's really interesting does come back to the etf's. etf holdings are now at six-year highs. if we go back to six years ago, most of the holdings were concentrated in north america, in the u.s. in particular. now the u.s. has been deeming,

and europe has been a steady buyer, and now most of those holdings are concentrated in europe around 70ers approximate, and european investors tend to be more resilient. >> there used to be a time, and maybe it's still happening right now -- there outside to be a time when gold was viewed as a haven asset. in your mind, has there been any kind of a demand push over the course of the past couple of months just because of the market volatility that we've seen not just here, but abroad as well? >> that's been important for gold gold really was questioning its safe haven status over the past year, but over the last few months it's come back on on-line. the correction we saw in the u.s., and also heightened concerns about brexit have seen a lot of the investors coming back into gold, and importantly, reassessing the market as well >> you mentioned that emernling markets actually physical demand from people used to be a big

driver of it etf's are still a big driver because they have to buy physical gold to back their holdings talk to us about the prospects for physical gold versus financial gold products. which is the more attractive for investors right now? >> i would say from the physical point of view, gold still looks a little bit lackluster. we do expect china's demand to stabilize somewhat, but not be a huge driver. not in terms of the support for gold prices. if we look at the football aspect for gold, it's starting to look much more attractive we expect the dollar to weaken over the course of the year. the fed is being much more patient and is on hold, and we don't expect a hike in march or june yields have stabilized somewhat as well. i think the fact that gold is reasserting its safe haven status makes gold a financial play much more attractive in the current environment. >> all right thank you so much for that view on gold prices we'll see if that continues into the rest of 2019 well, coming up next on the show, powell on pause as you heard suki just say.

did the fed give a grown light for your money and maybe even gold prices? we'll debate it. first, as we head out, a check on the premarket winners and losers as you can see there, there are some movements there in dow stocks apple, dupont, and pfizer to the up side. so far stick with us worldwide exchange will be back right after this break ♪ hawaii is the first state in the u.s. to have a hundred percent renewable energy goal. if we don't make this move we're going to have changes in our environment, and have a negative impact to hawaii's economy. ♪ verizon provided us a solution that lets us collect near real time data on our power grid. ♪ if we can create our own energy, we can take care of this beautiful place that i grew up in. ♪ ♪ when you have nausea, ♪ heartburn, ♪ indigestion, ♪ upset stomach, ♪ diarrhea... girl, pepto ultra coating will treat your stomach right.

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green light for investors at this point even with the rally that we've seen off the december 24th lows? >> i certainly think it's a positive factor. you know, we heard the word "patience" and the word "flexibility" so many times yesterday, and i think that, you know, coupled with caterpillar and apple and, you know, some of the -- boeing, some of the positive earnings results that we heard coming out of the markets yesterday, really buoyed stocks up. we saw short-term relief rally around powell's comments the two big factors in the macroenvironment have really been of many, but the two main factors have been china trade wars and powell, and, you know if we think that the fed will be flexible and patient along the way, it will help the stocks that are beaten down recover, and it will probably buoy some short-term sentiment in the markets. >> we've seen earnings season so far be generally positive. the outlooks have been more mixed. what is it about this earnings season that sticks out to you right now in terms of how you

view that bull to bear debate playing out? >> i saw the chart that you put up about three months, 9% rally. we saw some of that in our etf's off of earnings in just one day. tech sectors, semiconductors, biotech. we haven't seen numbers like that in a while, and, of course, these are short-term products. not necessarily promoting that long-term, but what we do see is that, you know, companies have adjusted well to the weakerning global environment gdp is slowing, and the outlooks for 2019 are slowing, but i think the message that we are sort of talking about last year is playing out you know, 2018 was a great year. december was volatile. some of the tail winds of corporate taxes and, you know, financial prudence paid off for these companies, and we see the earnings numbers reflected right now. i think going forward we will expect a slowdown. in the near term, you know, some of the industries and sectors that are playing out well in both tech and semitukt u conductors have been really positive for investors >> so semiconductors and other parts of technology have been a

key focal point. facebook's stock is up big today. it's been beaten up no doubt over the past six to 12 months can we now say that there is a risk appetite returning for some of the fang names or communications services stocks in general >> i don't know if it's risk appetite or more of everything has been so beaten down that there was an opportunity coming into earnings season, and we see that a lot you know, it remains to be seen whether this rally and sort of buying momentum holds up in the long-term. in the shorter term, again, facebook and apple were really two of the top beaten down names in the market. now you really have seen investors taking advantage of that probably with a few in the short-term that earnings would have played out. what's also interesting now is there are different ways to express these trades you know, the og fang has sort of split up. amazon is going to be in consumer skrekz discretionary. facebook is in communications. apple remains intact investors now have also different etf products and single stock products where they

can express these views. >> sylvia, thank you for that view on what's happening with markets overall. like we just spoke about, folks, just a reminder, we have a massive, a huge day of earnings ahead. it is the single busiest day of the earnings season so far 37 companies in the s&p 500 are reporting results before the bell and after the close today you've got names like general electric, also master card, ups, conco phillips, hershey, amazon up a wide array, a full spectrum of views on what's happening with the u.s. markets and economy. we'll have full coverage of all those names throughout the course of the day here on cnbc stick with us. a check right now on what's happening with futures we had a massive move up yesterday. now the dow jones has indicated to open down by 25 points. the s&p up by just three, and the narks up by 44 powered in large part by that massive 11% gain premarket for facebook stocks. that's essential one of those names that we are going to want to watch of course, throughout the course of the day on the treasury side of things, remember, ten-year

note yields and two-year note yields playing out key right now. the ten-year note yields 2.67% t. r beyond the numbers to examine investment opportunities firsthand, like biotech. because your investments deserve the full story. t. rowe price invest with confidence.

good morning welcome to "squawk box" here on cnbc ah live from the nasdaq market site in times square. i'm becky quick along with joe kernan and andrew ross sorkin. our guest is steve grosso, director of institutional sales at stewart frankel and fast money trader and our good friend it's actually school i think it's a delayed open. >> a recorded delayed open >> it's 6:00 it hits right on the -- >> nobody is there yet, right? >> no. >> i mean, your kids -- it's not like -- >> they're waiting to get in the door no >> someone is throwing up, come and get them >> it's cont