it's 5:00 a.m. at cnbc global headquarters, and here's your five at 5:00. call it the powell pause no more rate hikes in 2019 that's the message from the fed. the full impact on your money. that's straight ahead. putting the brakes on brexit british prime minister theresa may races off to bruszels to sell her plan to delay brexit. we will take you there live. a boeing bombshell the fbi reportedly joining a criminal investigation into the company's 737 max planes those full details ahead levi strauss pricing its ipo above the

expected range it will begin trading today on the exchange at a major consumer alert if you drive a pickup truck. we'll tell you about some alarming new crash test results. it is thursday, march 21st, 2019 worldwide exchange begins right now. good morning welcome to worldwide exchange. brian sullivan is off today. what you are seeing right here is a live shot of brussels where european leaders will decide whether or not to accept prime minister theresa may's u.k. plan to delay brexit. again, next weeks e week's brexit deadline. we will take you there live straight ahead futures right now pointing to a 100 point drop for the dow, a six-point drop for the s&p, and

a three-point drop for the nasdaq as for the treasury side, interest rates very much a focus for investors and traders today given the pause by the fed the ten-year note yield now -- the two-year note yield 2.39% as well the dollar also a big focus for traders where, rebounding just a bit today. up by one-third of 1%. still, that near-term trend has been to the down side. i want to also call your attention to what's happening in germany. the yield on ten-year bunds, those government bunds following to the lowest levels since october of 2016. it's now just shy of turning to the negative yield side of things you can see there just about a little under five basis points for ten-year government note yields in germany.

that chair jay poul explained his decision for that during a news conference yesterday. >> the federal funds rate is now in the wraud rangs of estimates of neutral the rate that neither tends to stimulate nor to restrain the economy. my colleagues and i think that this setting is well suited to the current outlook, and believe that we should be patient in assessing the need for my change in policy. patient means that we see no neat to rush to judgment it may be some time before the outlook for jobs and inflation calls clearly for a change in policy >> let's bring in matt, equity strategist at miller taback. matt, is it more important for the markets that there will be no more rate hikes in 2019 or that we have more clarity that the balance sheet runoff strategy will end by around

september? >> i actually think the balance sheet issue is more important. well, the point is we already knew that the fed was going to only have one more rate hike, so to take it to go from one to zero and i think a lot of people were looking for that rate hike not to come until the fourth quarter anyway the fact that we have a definitive time when the fed is going to stop easing -- i'm sorry sh rinking their balance sheet was a little bit more important, but the thing we do have to remember, though, is that the fed has done two things they've stopped raising rates, and now they're going to stop by shrinking their balance sheet. that doesn't mean that they're going to start easing. there's a difference between being very dovish and easing right now i think the more important thing going forward is are we going to get pickup in the turnaround in u.s. growth and especially in earnings growth >> isn't this what the markets wanted isn't this what the bulls wanted, matt no more rate hikes, a dovish fed? why aren't stocks higher on the backs of this? what does that mean about how much was priced in to this particular inaction by the fed

since probably the lows that we saw on december 24th >> yeah. i mean, the one thing is if this news is going to come out after the market already rallied 10%. there are issues out there after a strong rally, my father grew up in missouri. the show me state. i think investors are now trying to think, hey, we need to see real signs that the slowdown in the economy and the u.s. economy is going to turn around, and then especially that thing with earnings because it looks like we're going to get negative earnings growth. is that going to bottom in the first quarter and bounce back? >> so the dollar is also very much a key point for this particular move. we saw, of course, the near-term trend has been a little bit lower for the dollar the longer term trend has been

somewhat higher. that weakening dollar that we saw yesterday, could that be a propeller for stocks for multi-national companies coming up, and could that weakening dollar, if it were to persist, be a tail wind for emerging markets as well? >> i definitely think so one of the things the emerging markets, they've seen a decent rally. not quite as strong as the u.s. market they've seen a nice rally since those december lows. the thing is it hasn't come with a lower dollar if it breaks down, it's the 200 day moving average it's bounced often that several times. if it breaks down believe that, that's another impetus to these emerging markets and send them, i think strks a lot higher on a technical basis, you look at the eem emerging markets etf. it's broken above its trend line that goes back more than a year, and they can make another higher

high along with the help from the dollar that's going to track a lot of momentum into that group that's -- we appreciate it >> now to the morning's other top story. brexit, british prime minister theresa may racing off to brusseled today to delay the u.k.'s exit from the european union. willem, what's the likelihood we could see success on her end, theresa may's, with regard to securing a delay short-term? >> we heard yesterday from donald tusk, the man that would chair today's meeting. he is the president of the european counsel, and he seems to think -- he is minded to permit a short extext. that will be up to 27 european leaders besides theresa may who

will be meeting without her being there to decide on whether this is something they want to do in terms of theresa may, she made a public address from number 10 downing street i have never seen her throughout this tortured and frustrating two-year process as angry as she was in this address last night take a listen to how she expressed that anger >> we will now not leave on time with a deal on the 29th of march. of this i am absolutely sure you, the public, have had enough you're tired of the infighting you're tired of the political games and the ar contain procedural rouse, tired of mps talking about nothing else but brexit >> here's the problem, though. theresa may has criticized throughout the course of yesterday, both during the prime

minister's time and during the public speech, she's criticized the british parliament she said they've been the obstructive one. she said the lawmakers, of which she's won, have been the problem, and that's why we have the potential delay to brexit, and by criticizing them, she's not helping herself in any way when we have another possibility of her deal being voted on next week, and that's where european leaders listening to her request today for that extension will say can you guarantee that your deal will get through parliament and her behavior yesterday will make that far less likely. >> willem, political games are what theresa may signed up for as the u.k. prime minister what's the likelihood she can now convince hardliners within her own party as well as the labour party on the other side of the aisle to kind of pitch in and get this deal done this is the woman that signed up to be leader of the conservative party. she signed up to be prime minister she triggered article 50 to begin the two-year negotiating period, and she's the one that

has held on to red lines in the negotiations with brussels that have ended up with the deal so many people are unhappy with in terms of numbers, she lost by 149 votes last week. that means she needs to flip 75 mps. many of those she's hoping will be inside her own party, although they are not seemingly moving in that direction very few of those who video against have said they will now vote in favor of the deal, and in terms of the labour party, there's still a couple dozen she needs to persuade. last time around only three voted in favor >> willem marks, thanks so much for that update on brexit. we are also continuing to follow the latest developments on boeing as well the faa releasing a new statement on the 737 max planes while the fbi reportedly joinds e joins in on a possible criminal probe let's get to contessa brewer with the latest there. contessa, what can you tell us >> the faa says its review of boeing's grounded 737 max planes is an agency priority. boeing has been working on this software update to correct suspected issues with the

aircraft's anti-stall system sources say boeing hopes to have the fix ready by next week, but it won't roll it out to the nation's airlines until the faa signs off on it. then regulators in europe and canada say they'll seek their own certification. separately the fbi has reportedly joined in on a criminal investigation and the 737 max jets were approved that probe is being led by the justice department and the department of transportation's inspector general. the fbi would neither confirm nor deny, as is custom it's part of any investigation now lawmakers are deened maing answers as well. a senate panel will hold the hearing next wednesday on the boeing max planes. shares of boeing this morning are off by half a percent. still ahead, betting on biotechnical

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wti crude above $60 a barrel $60.16 the last trade there. just about flat on the day ice brent futures $68.56 as well let's look at other top movers shares of micron pushing high are. the chip maker posting earnings that topped analyst expectation on both the top and bottom line. micron did issue weak guidance, though, citing difficult industry conditions. william sonoma seeing a nice pop on earnings from the company also upping its buy back by $500 million, and increasing its dividend to 48 cents a share william sonoma shares up in the premarket. and shares areplummeting on mixed results. the retailer reporting a top line beat, but missing on earnings yes, also issue being weak gietdance. levi strauss pricing its initial public offering at $17 per

share. that's above the expected range and values the denim company at $ $6.6 billion zplierjts well, biotech has been "tear this week. one of the top holdings in that etf is -- it is a transplant and that stock is up nearly 50% alone this year. joining me thank you so much this morning a stillary -- transplant diagnostics, and that industry, what exactly does that mean and why is that stock so heavy in your future prospects? >> we focus on transplantation

from the beginning matching an organ to a recipient all the way to caring for the transplantation patient after transplant throughout the lifetime of the patient. our story of applying sequencing technology to a very specific therapeutic area, the feel of transplantation, is an exciting story. >> this is a genetics story. this is about trying to figure out the best possible way for an organ transplant to be matched and fully functioning for a patient throughout the course of a hopefully long life. >> absolutely. dna sequencing is so important when you are matching an organ to a recipient, and then after transplantation you need to monitor the immune system on a constant basis because your body tries to reject the organ. you are on constant suppressive medication in order to -- that's what we do -- we often talk

about things like subscription as a service a longer term recurring stream does that then mean that your business is geared more towards at least the patient's lifetime or life cycle and is there a revenue stream because of that >> absolutely. it is a recurring revenue stream much more important for us is obviously that we are monitoring these patients throughout the lifetime of the patient. our product, when you -- the development needs e leefds to seven hours in the first year and four in the second and four in the third that's where we have the clinical data right now. that's the clinical study that we continue to do with our registry study we are including 1,000 patients and 50 transplant centers already today in the united states >> peter, what's the next step for your conference? obviously investors have been optimistic given the shares. what exactly are you going to deliver to investors in the future to justify some of that run-up that we've seen over the past few months? >> obviously, very early it's only a 3% penetration we have a long way to go heart transplantation -- we are

setting the watermark with our transplantation and try to mimic that with kidney transplantation, but then sequencing technology is so much bigger and transplantation medicine is so much bigger because there's a need for increasing transplantation methods. >> thank you so much we appreciate that coming up next on the show, a major consumer alert startling new crash test results on some of america's most popular details. those full details ahead later on, a no winner wednesday. the powerball jackpot growing wednesday again. how much is at stake when worldwide exchange returns after this plaque psoriasis can be relentless.

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excuse me, grant likes beethoven! uh, the beethoven festival. pure. love your insurance. it is day two of spring here, and what you are seeing right there is a live shot of 30 rock, home of nbc and nbc news as you can see with day two of spring, the ice rink at rockefeller center, 30 rock, is still up interesting there. get your skating in while you can. warmer weather is coming let's get a check on the markets right now. futures pointing to a lower open, but not as bad as it was just about 20 minutes ago. the s&p down by about three points the dow jones off by 85 points, and the nasdaq up by about five. well, new this morning, crash tests are raising questions

about the safety of some of america's most popular vehicles pickup trucks. in fact, a watchdog group says some pickups struggleto protec passengers in the front seat phil lebeau has more on that story. >> reporter: the impact of new crash tests from the insurance institute for highway safety is stunning some of the most popular pickup trucks struggle to protect test dummies riding in the front passenger seat >> in general the pickup truck class of vehicles is not doing as good a job protecting right front passengers as other classes of vehicles. >> reporter: of the large pick jumups tested the ford f15150, nissan titan received the top possible rating of good. one notch above honda ridge line's acceptable grade. by comparison the ihhs says the chevy silverado 1500 and gmc seara 1500 provided marginal protection while the toyota tundra got the lowest possible

grade of four. the insurance institute believes these tests will prompt automakers to improve the safety of their pickups especially with morlg people buying and riding in trucks. last year pickup sales were up more than 4% easily outpacing the market overall. that's expected to happen again in 2019 as america's love affair with pickups runs hotter than ever >> all right cnbc's phil la below bow reporting there. cnbc did reach out to toyota for comment on the tundra. toyota says, "safety and reliability is a top priority. we'll continue to look for ways to improve particularly in new testing such as iihs's passenger side front small overlap test for pickup trucks. you can find the full crash results on our website cnbc.com. let's get a check on the other morning's top headlines. new zealand taking drastic

action in the wake of last week's tragic shooting and two mosques as burials continue for the 50 victims a ban on all military style semiautomatic weapons. all assault rifles and all high capacity magazines in short, all weapons used in the shooting owners have a window of amnesty to turnover any illegal weapons. there's growing speculation this morning that special counsel is nearing the end of its investigation and that robert mueller could soon release its final report to the justice department yesterday president trump criticized the investigation but also said he believes the public should get a chance to see it. what do you think this is? bird plane? ufo maybe? the object that looked to be on fire was spotted flying through the skies over downtown los angeles, but the lapd quickly called residents' fears by retweeting one resident's concerns saying it wasn't an alien invasion it was just a film shoot, adding

this is tinseltown after all. back to you. >> special effects are one thing, but fgs seeing a flaming sky in your own eyes is something else thank you very much for that we appreciate it still ahead on the show, the powell pause markets on the move after the fed signalled no more rate hikes this year. the full impact on your money straight ahead plus, pack your bags a new report just crowned the happiest place on earth. we'll tell you where it is when worldwide exchange comes back after isth

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powell hits pause. the fed chief signaling no more rate hikes in 2019 the big money impact that's coming up. putting the brakes on brexit british prime minister theresa may racing offto brussels to sell her plan to delay brexit. we'll have all the late-breaking details. and blue is the new black. wall street dweerg up for levi strauss's big ipo today. it is thursday, march 21st you are watching worldwide exchange right here on cnbc. good morning welcome to worldwide exchange. i'm dominic chu. brian sullivan is oof today. let's get you up to speed on the morning's top headlines. contessa brewer back with your executive recap. >> here's what's leading

cnbc.com first a brexit update. prime minister theresa may racing off to brussels she's going to pitch her plan to delay the u.k.'s exit from the european union delay that until june 30th the delay needs to be approved by all 27 other e.u. leaders the fbi is reportedly joining in on a criminal probe of the boeing 737 max plane certification process. boeing and the faa are under increased scrutiny following two fatal crashes of the 737 max planes in the last six months. the faa said yesterday a software fix for the grounded 737 max planes is "an agency priority." boeing shares are down slightly. three-quarters of a percent in premarket stragd levi strauss at $17 per share. that's above the expected range and values the denim company at about $6.6 billion levi's stock is expected to begin trading today on the new york stock exchange under the symbol levi.

>> shock, i know, right? contessa, thank you so much for that let's get you up to speed on what's happening with the markets right now following yesterday's big fed decision futures pointing to a lower open if the futures losses hold into the opening bell, the dow would open down by about 97 points the s&p off by about five points the nasdaq up just about unchanged at this stage. treasuries right now, a big part of the market story so far ten-year note yields now just, again, trending lower. the last trade there 2.51% on ten-year note yields two-year treasury notes 2.39%. and the dollar showing some near-term weakness rebounding just a bit today. the dollar index you can see there up by one-third of 1 % on the right-hand side of that chart, you can see when that fed announcement came out what happened to the value of the dollar i want to call your attention to what's happening in germany. the yield on ten-year bunds, their government bonds, falling to the lowest levels since october of 2016.

those big market moves coming on the back of the fed's sharp dovish turn. the fed leaving rates unchanged and signaling no more rate hikes in 2019. fed chair jay powell explained his decision during a news conference yesterday >> the federal funds rate is now in the broad range of estimates of neutral the rate that neither tends to stimulate nor to restrain the economy. as i noted, my colleagues and i think that this setting is well suited to the current outlook and believe we should be patient in assessing the need for my change in the stance of policy patient means we see no need to rush to judgment it may be some time before the outlook for jobs and inflation calls clearly for a change in policy let's bring in mark tipper, founder and ceo of strategic well partners. mark, as we talk about fed chair jay powell's comments, i mean, it seems like it wasn't a surprise that maybe no more rate hikes in 2019, but the balance

sheet side of things, is that really what's driving the market right now? >> i think so, and wow the fed really came out much more dovish than anticipated they did go from projecting two rate hikes in 2019 and now all the way down to zero they're projecting one for next year, but to be frank with you, i don't think that's real. i really think the fed kept that one in place just so they didn't have to come out and say that, look, the economy is really, really slowing right now we don't anticipate hiking at all next year either yes, i think ending the balance sheet run-off sooner than expected at the end of september i think that really sends a signal to the markets that maybe the economy is not that strong which it isn't the economy is definitely slowing. we're in a slow growth economy right now.

president trump can now maybe in some way claim victory no more rate hikes in 2019 he shouldn't be all that happy about why, right the fed is holding because of weakness, not just in the u.s. side of things, but perhaps globally as well what exactly does the narrative the fed have to have a spin going forward to make sure that everyone realizes things are still okay here? >> i mean, things are definitely still okay here. the issue is growth is slowing and when growth slows, when growth becomes scarce, what investors need to do is they tend to flock towards sectors that are outgrowing the s&p 500 and they shy away from those that trail the s&p's growth rate you know, typically in recessions investors start to move towards the defensive sectors and avoid the cyclical industries we don't expect a recession this year quite frankly, given the fed's recent statements with the fed on pause, i think we may be in

the clear until 2022 at this point, so you have to stay invested in stocks, and you really need to look at those industries that are expecting higher growth. >> is there a pullback at least in a broader market narrative of a bull that you can wait to put that money to work >> no, i think you should be investing right now. we're still looking at forward earnings growth of double digits some were projecting 20 plus percent earnings growth over the course of the next 12 months

you housing was beginning to struggle as prices were going up on real estate and mortgage rates were going up. it was making homes less affordable, but mortgage rates have reversed and they're actually down 60 bays points from november. they're at their lowest level in a year wages are finally rising what you have happening is homeownership is finally on the rise, but there's not enough homes. the homeownership rate declined quite a bit following the great recession, but it's been rebounding ever since it bottomed in 2016 people want to own homes again the issue is existing home inventories are right around 30-year lows, so we need new homes, and that's going to benefit the builders especially in our case we like dr horton because they specialize in those affordable homes. >> what's the biggest risk out there just a few moments here? >> the biggest ring is trade i mean, we can't continue to

hear that everything is going to be okay and then the next day hear that tariffs are going to stay in place unless china complies trade is the biggest issue right now. >> mark tipper, thank you for those market thoughts this morning. time for the top trending stories. contessa brewer back with those. i am going to go out and buy another powerball ticket >> i forgot to buy one now i get -- >> you are getting -- >> yes here we go a second chance. >> the powerball jackpot is continuing to grow there were no winners in last night's drawing. the pot now grows to $625 million. i could definitely do some damage with that the fourth largest in powerball's history. the next drawing is saturday night. it's weird that it's the fourth largest, right we're getting such huge jackpots >> it seems like all the time. the fourth -- >> true that the united nations just named the happiest place on earth. it is not disneyworld. it's finland the nordic country is taking the top spot for a second year in a row rounding out the top five.

look at the nordic countries right? denmark, norway, iceland, netherlands. there's something about that north sea that is very happy the rankings are based on things like income. the perception of freedom, life expectancy and as for the united states, we came in at number 19 just above the czech republic, and we've dropped. they say, in part, that's because of -- and we continue to drop because of the election in 2016 i think it's because of the dinner conversations that cannot happen without political battles erupting >> i would say that my blood pressure does get a little elevated during some of the dinner discussions which is why we have a rule we don't tend to go towards those dinner discussions. >> it works. here's another one that might get you all hot and bothered gucci's new sneaker is making -- >> it's dirty. let's just say it. >> the retailer is selling a distressed sneaker for $870. the website's description says it was inspired by vintage

sports ware from the 1970s, and then gucci goes on to provide very -- wait see the one on the right we probably can't rerack that. it had crystals on it. that one goes for more than $1,500 >> let me tell viewers this right now. if you are looking for a worn sneaker, i will give you a bargain basement price of $400 to buy my used sneakers. >> i was going to say, gucci provides cleaning instructions for these when they're actually dirty. here's my theory about this. you only want to spend $870 or $1,500 if people know you've spent that much money for your dirty sneaker, right what better way for people to know that you have spent too much on your shoes than to have it all over twitter and instagram and social media i mean, it's going to be a huge talking point today. >> i guess i don't know my initial thought was how do they look --

>> how climate change is leaving some ski resort operators out in the cold get it later on, can you guess this stock? the one retailer feeling some major pain this morning. we'll bring you that name when worldwide exchange comes back after this

that's a live shot of hong kong it is 5:42 p.m. time out there nighttime.

it's warm out there in hong kong let's turn to a massive amount of snow out west this year despite record snowfall, though, in some parts of the country, experts say ski seasons overall are getting shorter due to warmer temperatures. that could have a big financial impact on properties that profit from snow. diana ohlich explains in her series >> colorado may be having one of its best ski seasons this year, but all this snow is actually proof of how undependable winter weather is becoming. last year's season was one of the worst. >> that was the first delayed opening that i have seen since i have moved here in 1991. >> josh sells multimillion-dollar homes like this in the vail area and said even this year's season got off to a slow start. >> because of last year stunned people, and i think a lot of people were a little gun shy from last year deposits on hotels and rental

properties and everything else >> and the winter sports season is likely to become even less reliable the amount of snow in the western united states has seen an average drop of 41% since the early 1980s. according to research just published in the journal geophysical research letters as a result, the snow season shrunk by 34 days. that has a direct effect on the valuable properties all that snow sits on >> as far as the real estate business that i own and that i also am a broker within what will happen? you know, where is my livelihood in the future in three, four, five years >> by 2050 home values near ski resorts could drop by at least 15% due to warmer winters. according to a study by researchers at the university of wisconsin. in lower elevations, like utah, idaho, nevada, and parts of california they could fall as much as 55%. it's not just the fancy homes.

snow sports tourism contributes about $20 billion to the u.s. economy each year. according to researchers at the university of new hampshire and colorado state university. the bulk of that spending is at ski resorts. >> is there a risk actually to the value of your properties if you have a shorter ski season? >> i think there could be. >> robert katz is ceo of vail resorts, a publicly traded company. it operates 15 mountain resorts across the u.s., canada, and australia. it also owns luxury holtzs and a real estate development company. >> we do hear from shareholders quite a bit, again, this weather variability. if i'm going to invest in vail resorts, how do i know that you can consistently drive results >> his answer fight climate change from the ground up. lead by example, and at the same time protect the business. >> it's critical to our long-term sustainability as a company, and the financial performance that we can deliver. >> so it's really your bottom

line. absolutely >> in 2017 katz announced a commitment to using 100% renewable energy that means solar panels and transitioning to more energy-efficient snowmaking. yes, snow guns in colorado and it's buying more properties recently in vermont and australia. a geographical weather hedge >> it's critical because what we're seeing is variability, which means every resort is not having the same weather at the same time. >> the company's season lift pass is part of that, too. it works at all vail resorts properties, but must be purchased before the season starts >> as ski seasons like this become shorter and less dependable, there is one business strategy that could help lower the risk for both resorts and rental real estate that is turning this winter wonderland into a summer playground that meebz investing millions of dollars in zip lines and mountain coasters for summer tourists, and it appears to be working. summer tax revenue in 2016 was

34% higher in vail than four years before according to the town >> it's critical we think we need to be providing a terrific experience all year-round >> but summer is not without risks. smaller snow pack and more frequent drought creates the risk of more wildfires last summer colorado saw one of its worstwildfire seasons in decades, and that had a real impact on buyers out shopping for homes. for a look at all of the stories in our climate series, they are on-line right now. cnbc.com/rising-risks. >> this is not because -- we're here to tell all sides of the story, if we can we have a raging debate about the reality of climate change. is it real is it not? it seems as though a ceo who has a financial interest in the company is really paying attention to some of these risks that are out there, so is that going to kind of carry through does that add to the discussion? >> absolutely. in fact, what he said was that not just as ceo of a ski resort or skp that relies on weather,

but he said every ceo of every company should be factoring climate change into the risk to their portfolio, property, companies, their bottom line essentially. >> i want to pivot you a bit because it's not ochlk we get you here on set with us. you are a housing expert we just heard mark tipper say he is bullish on construction and the home build erds. how do you see the environment playing out with the market that's trying to get back towards record highs and homeowners is not fully participating? >> they're still below norms we know they're not building at the level for either historical norm normz or demand. we have not seen a big boost in housing starts or in building climates in the last couple of months we do expect to see a bump-up and get existing home sales tomorrow there was some squishy numbers at the end of the year mortgage rates are very low. you have the builders who may want to build, but you still have that problem. land, labor, material. especially labor >> let's set the home builders aside. from the mortgage bankers and the lenders that you are talking to, was there anything

substantial about yesterday's discussion from the fed about interest rates they're on hold now for the rest of the year. that should help home boyars out there. >> it should boost mortgage demand mortgage lenders got really hit by lack of refinances last year. they had no business nobody wanted to refinance when rates were higher. remember, we all re-fi'ed at 3.5 periods. it looks like we could get even lower. that's a boost for the lending especially on the re-fi. what we're not seeing, though, is that real boost with the buyers because home prices are so high right now, we're seeing this with automobiles as well. prices have gotten so elevated that even that drop in interest rates isn't making up for it >> one quick point here. lower rates or steady rates could boost maybe home improvement spending should we expect how big the bathrooms are. >> we actually got a report that they do expect to he so a boost in home remodeling especially because homes are so expensive, people don't want to go buy that more expensive home,

so they renovate their current one. they're having trouble finding labor for that where. >> thank you for all those thoughts on real estate and, of course, climate change as well appreciate it. well, coming up next on the show, a retail pop and a drop. a double dose of shopping stocks on the move this morning we'll bring you those names coming up. plus, banks battered after powell pauses. the full foul-up from the financials when worldwide exchange returns after this. unpredictable crohn's symptoms following you?

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in the transportation industry without knowing firsthandness the unique challenges in that sector? coming out here, seeing the infrastructure firsthand, we can make better informed investment decisions. that's why i go beyond the numbers. a check on the top movers. shares of micron pushing higher today. the chip maker posting earnings that top analyst expectations on both the top and the bottom lines. guidance citing difficult industry and shares up 3%. william sonoma seeing a nice pop on a strong earnings beat. the company is also upping its buyback by $500 million and increasing its dividends at 48 cents per share. william sonoma shares up 6% in the premarket and guess shares

are plummeting on mixed results. the retailer reporting a top line heat, but missing on earnings yes, also issuing weak guidance. those shares, you can see, off by 14% in premarket trading. the dow would open lower by 85 points if the futures losses hold into the opening bell the s&p off by about five points, and the nasdaq slated to open higher by just about two points let's bring in tim seymour at asset management he is a cnbc fast money trader thank you so much here bad news is good news. the stocks aren't reacting in that >> it's more dovish. you think about it, and we really have a fed that downgraded 2019 to zero hikes and maybe one someone out there.

dynamic and 51 on the ten-year i think equities -- certainly i have to be really that cautious downgraded the economy the economy all at the same time low rates are one thing, and 2.5% for a ten-year, yeah, that does catch headlines let's talk about the fact that when german bunds on the ten-year side of things are just

about break even right now, meaning no yield, maybe even negative in certain parts of that curve, how exactly does that play out relative to u.s. treasuries how does that change the dynamic of flows of capital in developed economies around the world >> i think we've seen this before we've also seen how volatile that can be. in fact, over the course of a couple bouts over last summer and even earlier you can see how quickly italian yields can blow out. the bottom line here is i think you've got a global setup where capital flows are not really going to change dramatically if anything, i think right now you look at leverage spreads in december look at the things that were

signs of risk. look at dollar yen i think right now the fed has once again put another -- at least put into the markets, and i think for equity investors that allocation is probably now more towards higher growth stocks at least those that have been defensive in lower growth environments that might be part of the collateral damage if are you looking at equity allocations. >> sam accident just a few moments left what about financials? they were leaders to the down side with the rate decision. what is the outlook for banks? >> banks on fundamentals to me look actually quite interesting. it's a group that now is paying a dividend yield close to 2% we talked about where the ten-year is on an earnings yield basis. the balance sheets are fantastic. the multiples really have you almost as recessionary economy i think banks will struggle here i think people are looking for some of that impetus on the

interest margins, and i think we'll be there >> all right that's it for worldwide exchapg. thank you so much tim seymour for joining us this morning. "squawk box" picks up next it's going to be a big day

good morning the future pointing to a lower open as the fed forecasts no rate hikes for the rest of 2019 while u.s.-china trade talks remain in focus for the markets. an american icon is going public again. leave eyestrauss returning to wall street after 34 years, and the blue jean maker is pricing above expectations get ready for a productivity slowdown i hope you have your brackets ready, and i don't know whether you are going to bet any of that $10 billion on march madness it is thursday, march 21st all the teams are in

everything set st. general's lost "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick. no rate hikes for the rest of 2019 you'll hear what jay powell had to say let's take a look at the markets this morning yesterday you did see the dow down by about half a percent a loss of 141 points s&p was down by eight points the nasdaq ticked higher you'll see the dow was a decline of 83 points nasdaq is slightly higher. s&p a