good morning it is 5:00 a.m. at cnbc global headquarters here's your five at 5. president trump taking on jerome powell and the federal reserve he said the central bank is standing in the way of huge stock market gains. major bank earnings coming up on tap. goldman sachs and citigroup in just a few hours following wha we got from wells fargo and jpmorgan as well as earnings season unofficially start to heat up. boeing airlines heats up as

the 737 is being side lined. goldman sachs has a message for wall street. get ready for four more years of president trump and donning the green jacket once again, tiger woods capping off his comeback tour with his first masters championship since 2005. it is tax day, april 15th, and "worldwide exchange" begins right now. ♪ ♪ good morning and welcome to "worldwide exchange" from wherever you are in the world. i'm dominic chu and brian sullivan is in crosby, texas, he's off for the day we'll hear from him shortly. what a weekend for tiger woods, nike and the world of golf woods taking home the green jacket for the first time since 2005 capping off a massive comeback tour. much more on that his tourk win and his emotions coming up but, first, here is how your

money and the global markets are setting up their dye stock futures indicating the dow will be relatively stable as the opening bella proechs. futures indicating that the dow would open higher by about 19 points the s&p up by 1 point and the nasdaq down by about 4 the major averages all about 2% from the interday highs that we hit back in the fall of 2018 the bond market right now moving as well. the yield on the 10 year just at 2.56%. slightly higher. the two year note yield 2.93%. just about 16 basis points difference let's go world wide as we talk about asia the nikkei in japan up by 1.5% we are seeing a little bit of red activity as you take a look at markets like hang seng and hong kong. that's up 1/3 of 1%. the shanghai up 1/3 of 1%.

the kospi in south korea up by 1/2 of 1% in european trading, a little bit of stability there as you can see, the german dax up and pretty much flat across the major markets. germany, france, the ftse mib in italy up by half of a percent. now the u.s. stock market has risen by more than 35% or $9 trillion worth of value since president trump was elected in november of 2016 but the president says the markets should be thousands of points high j higher and late the blim ame one federal reserve. the president said if the fed had done its job properly, which it has not, the stock market would be up 5 to $10,000 additional points and gdp would be well over 4% with almost no

inflation. he says, quote, quantitative tightening was a killer. should have done the exact opposite president trump's reports come from banks reporting today we have citigroup and goldman sachs amongst a slew of other financial names. joining me is dorie wilder thank you for joining us this morning. as we talk about the way things are shaping up, is president trump correct? would the markets be for the dow at least 5 to 10,000 points higher if the fed perhaps did not go on raising rates last year and prior >> good morning. it may seem like a crazy assumption, the fed has hiked 9% since the low. percentage wise these are enormous so i think you could make an argument that the economy could be growing at 4%

or more if the rate hikes had been at a much slower pace of course, we all know that the fed hiked in december when they shouldn't have they need to slow down so that the economy can absorb it. the problem with the assumption is did the fed need to hike the rates? they did need to hike them the truth probably lies in the middle they would have hiked a little bit slower and the economy could have grown at a faster pace. >> the argument, dorie, is that the economy in the united states is doing pretty well if there was a jurisdiction that could raise rates, it would be the united states. what gives is the question the economy is doing pretty well from what i can see. >> i've been saying we're the best of the worst. we're still clipping along at a pretty good clip there's nowhere else i'd like to

invest is here we have better rates and a better gdp the thing that has the effect on us, i believe, is how everyone else in the world is doing i think we run the risk of everyone else dragging us down >> now we talk about the imf it lowered its outlook again for the world economy. is that something to worry about? the markets are at record highs. near record highs. we're 2% away from them. many parts of the world have been playing catchup china has been gangbusters is the market right now priced expecting things will get better >> i think two things -- three things that i'm really watching abroad one is, i don't think china is doing as good as everyone thinks they are doing they are desperate to do a trade deal so that in a sense is a good deal. the european market is not doing very well at all very low rates very low gdp the third thing, look at the

banking system over in europe. i am really, really worried about the banking system over there. if you look at deutsche bank, it's at 29%. it has less than 4.5%. it has a 1% risk margin. it's not making money. that's supposed to be the flag ship of the best economy in europe. >> dorie, you mentioned european financials can we bring them back to the united states here we have kicked off unofficially earnings season. decent numbers from wells fargo. we have a big slate coming up this week. do you feel like the u.s. financials right now are a good leading indicator for the next leg higher if it were to happen in the stock market? >> i do. i think the market's been overly pessimistic on the financials. they've been a fear trade for the last ten years if you look at the numbers jpmorgan put out, they were

great. the net interest rate is stable. you will see good numbers from bank of america. you saw jumps across the board from 2 to 4.5% increases on friday, but most of the pes of these financials are still well below the 20 year average. the stocks look very good and very favorable we had unexpected double digit growth in cni lending. there's a lot of good things to like about banks especially relative to the market. >> thank you very much for your thoughts on the markets and the banks. we appreciate it. another big hit for boeing as american airlines has canceled 737 max flights. >> they've canceled 737 max flights through august 16th.

-mile-per-hour says customers can request a full refund if they choose not to be rebooked in a letter to employees ceo doug parker says we remain confident that the impending software updates, along with the new training elements boeing is developing for the max, will lead to moving soon. boeing has stopped production. last week boeing said it completed nearly 100 test flights and plans to submit the fix to the faa for approval in coming weeks shares of boeing are down slightly have they fallen more than 10% since the planes were grounded last month >> frank holland, thank you very much still to come on "worldwide exchange," an exclusive sitdown with the founder and ceo of

huawei talking everything from 5g to the company's legal battles with the united states plus on this tax day a new survey shows a majority of americans have no idea what changed in the tax law and it's a potentially major opportunity for investors. then, what tiger's historic masters win means for nike and the sports books that had the odds stacked against him a busy hour of "worldwide exchange" when we return xfinity watchathon week has sadly come to an end.

what, what, what! no! but don't let that stop you from watching the best shows and movies from showtime, hbo, epix... jesus, what happened? ...and more. it's just the tip of the iceberg. upgrade now to get more into what you're into. thanks! just say "watchathon" into your x1 voice remote to upgrade and keep getting more of what you love.

that's a live shot of hong kong where things are winding down for the workday, at least from the market standpoint nice, foggy day out there. about 5:12 that time hong kong. huawei making news over the weekend. our own argen calpal sat down with huawei ceo talking everything from 5g technology to president trump. argen is lif what can you tell us about huawei >> reporter: that's right, dominic. it's been right in the middle of the u.s. and china battle. i want to talk about his views on president donald trump. the u.s. is putting intense political pressure on huawei

i asked him what he thought about president trump's leadership style and his tactics. here's what he had to say. >> translator: if president trump keeps intimidating people and countries, and keeps detaining people, who will risk in investing in the u.s. people will be afraid of getting trapped there. if no one dares to invest in the u.s., how could they reduce the tax more if investors are unsure, they won't be able to move forward. >> he's said the intimidating tactics could offset some of the benefits seen from the tax cuts. i want to go to another part of the interview.

huawei's business is the third largest cell phone maker it introduced a 5g modem to compete with qualcomm. huawei has reserved the chips for their own phones he said he would be open to collaborating with apple on 5g chips. let's take a listen for what they have to say. >> translator: i think mr. jobs was a great man. apple is also a great company. it is great in that it has always purchased -- it has grown the market enabling many other companies to survive when i look back at how huawei developed in the telecom market, we made some missteps. we set prices based on our costs, which were relatively low. our costs were low for two

reasons, first, as our technology advanced rapidly, we managed to bring down the costs of our products. second, thanks to the western management approaches we brought in, our operational costs were set low. we have raised our prices and now many people think huawei is expensive. with higher prices we have started earning more but we will not distribute this money. instead, we will use it to fund universities and scientists for their research and explorations into the future. this way we will be able to make world leading projects part of that has gone into 5g.

are you starting to think about how your own intellectual property like chips could be used and sold to third parties like apple >> translator: we are open to apple in this regard >> reporter: why would apple want this? it's been in legal disputes. they're not set to have this until 2020 given the u.s. government's concern over huawei, no doubt any decision will be politically fraught. back to you. >> can we revisit the politics side of things in the united states because the latest barb came

from president trump and he put out a tweet and talked about 5g and huawei what he said, quote, chinese television company huawei hired former obama cyber security official as a lobbyist this is not good or acceptable is this going to pick up steam >> reporter: i think what's been clear from all the discussions i've had with huawei executives here in china is that they haven't been able to get through to the administration in the u.s. they haven't been able to communicate with them through open channels. that's why if you remember a few weeks back huawei filed a lawsuit with the u.s. government trying to take the legal part saying the u.s.'s treatment of

huawei is unconstitutional huawei is trying every means possible come countries have agreed with the u.s. and barred them from the 5g network actually, this battle between the u.s. and china which has caught up huawei and the umpt s. will continue to block allies. they will continue to come out and fight. that is definitely a debate that's going to be going on. as the negotiations between the u.s. and china continue over

trade, how much is huawei going to say president trump has said huawei could be part of a deal but it's unclear that will make it into the final deal. >> we appreciate those thoughts. thank you so much for the update on huawei. when we come back, two terrible accidents in one month, both involving dangerous chemicals, both in the state of texas and both may have something in common the stake of the large scale disasters, why they're rising. taking out the trash on this merger to the tune of $2.9 million. changes to your next delta airlines flights that might make your trip a little more uncomfortable. more after this.

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welcome back let's get a check on the big stocks on the move waste management is set to buy advanced disposal for about $2.9 billion in cash. waste management will pay more than $33 a share a 22% premium to friday's closing price. it would be one of the largest deals in the waste disposal industry in more than a decade a little movement there. shares of publicis are up.

it's buying epsilon for $4.4 billion. epsilon has a trove of data on some 160 million clients, mostly in the united states cat at that lant a drug company is close to a deal to buy perfe paragon bioservices. we'll keep an eye on those shares as trading picks up in the united states. if you've never heard of the chemical safety and hazard investigation board known as the csb, you are not alone it's a small group of people who investigate industrial accidents but president trump has been trying to eliminate the csb for three years and inspectors have quit and some fear that's helped to lead to an explosion, a fire, and even a death

>> reporter: two terrible accidents in just the month, both involving dangerous chemicals, both in texas, both may have something in common. >> on march 17th there was a league and the houston ship channel had to be closed two weeks later, an explosion in crosby, texas. one person was killed, two hurt and schools were locked down to keep kids from inhailing fumes from the fire. >> i lived here a couple of years. you can always smell it in the air but never as strong. so we kind of had an idea but this happening right now, that terrified me >> reporter: what the two disasters have in common is a concern that the agency that's charged with investigating industrial accidents hasn't been able to do its job properly because it's been under attack from the white house the president has tried for

three years to kill the csb by eliminating its funding. so far congress has kept the i shall si aloivalive. a former executive said that's making them more dangerous we won't have the investigations and recommendations that we need to prevent these accidents >> reporter: president trump actually visited crosby, texas, on wednesday he was there though to promote building out infrastructure for the oil and gas industry there was no mention of the deadly fire. >> cnbc takes a look at those with brian sullivan all week. let's get a check on the top headlines outside of the world of business. nbc's phillip naen in the new york studios

>> dom, happy monday to you as well powerful storms are sweeping the nation already responsible for at least seven deaths a tornado ravaged homes in franklin, texas, packing winds of 140 miles an hour in angelina, texas, say two young children died. hatly and as the severe weather makes its way northeast. as many as ten people were injured. you may want to check your fridge 93 people got infected with salmonella and 23 were hospitalized so far the distributor, kato foods llc. and if you fly a lot you may have a strong opinion

about how far back you can recline your seat. delta is making that easier. seats on 62 of their planes are losing about 2 inches of reclining room they say they are doing it to protect customers' personal space. >> phillip mena, thank you so much for that update we appreciate it. still to come on the show, goldman sachs takes on the 2020 election giving an edge to president trump. apple reportedly pouring millions into its new ar kate show ♪ you should be mad they gave this guy a promotion. you should be mad at forced camaraderie.

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the president doubling down on criticism of the fed. 4% gdp, another 5 to 10,000 points on the dow if, quote, the fed had done its job properly. a busy travel season without the 737 max jet from boeing. american airlines joins southwest in canceling flights on boeing jets through the summer and a player up like yun one it was his 15th major. fifth green jarkt. it is tablgs scene, you are watching "street signs" right

here on cnbc. welcome back to the show i'm dominic chu. let's kick off the second half of the show with your executive recap. frank holland is back with the headlines. >> good morning, dom we begin with more bad news for boeing american airlines saying it will cancel all boeing 737 max flights through august 17th. that will impact about 115 flights per day and that accounts for a percent and a half of america's total flying capacity each day. both american airlines and boeing shares are down in the pre-market shade now had apple could introduce half of a million dollars. apple arcade will bring in more than apple service

they will have new exclusive video game titles. now to an exclusive interview with huawei. the ceo said president trump is very smart, but he slammed the higher taxes much more from the exclusive interview on cnbc.com. thank you so much for the headlines. here's how your money and investments look now as we are halfway through the 5:00 a.m. hour in new york stock futures pointing to a very stable hour. the dow will open up and bell. nasdaq off by one point. ahead this morning as well, hitting the tape in just a few hours, upbeat numbers helping

push the major averages higher the dow, s&p 500, and nasdaq all within 2% or less from their record interday levels tony, thank you for the early call this morning. take a look at these markets it's hard to say that the bulls have not been in charge but is it justified >> well, it is based on optimism but in terms of actual data, not yet. markets are anticipating that the second half of the year will be different for the global economy than it was in the first half this has a lot to do with the story in china china is the biggest contributor to growth in the economy it contributes 8 billion to growth in the world. so it is what matters there, credit is expanding again and when credit is allocated

absolutely it's spent. >> you wouldn't be surprised relatively soon. whether they can sustain them will be the question and that will depend on realized data the second half of the year. >> tony, we just kind of started earnings season. the big banks are on deck. they will provide some of the market capital we're showing viewers how far away we are from highs >> the u.s. s&p 500 historically has traded in a range of between 14 and 16 times earnings the current level's around 16. if we were to go higher, this multiple, stock prices to go

higher, it need be confident in earnings momentum. it's been. >> there has to be a sense amongst investors and that "neighbor to go up, and it's possible there does need to be better news. >> that's the stock side of things you obviously have a very close eye on the bond market as well in your mind i look at a man like fed chair jay pole, i look at mario draghi at the european bank which of these folks has the hardest job in their job. >> federal reserve

in japan they have to keep it at zero for 20 years. europe, the same the highest we see the ecb putting their policy rat is at zero there isn't much to do there are challenges for the central bank it's a physical authority. in the united states it's trickier loeti letting the economy pick up and letting it grow hot or there is a question how much to let it run. >> just a few moments here

>> they're not likely to move much low interest rate climate globally probably persists until 2030 they're simply -- forces involved, including demographics, so on and so forth, take us a long time to talk about it, they're going to be with the world for a long time the rate level is largely fair virtually in the range they're going to be. >> tony, thank you for those thoughts this morning. >> thank you. time for this morning's top trending stories frank's trending tore jis. >> i think that's not for you. they're pulling in from wanch

and lyft ace --'s 23. winner's here. after 636 days waiting, "game of thrones" is back for the eighth and final season season 7 aired way back in august of 2017 it brought in 16.5 live viewers. last night's expected to top it. "game of thrones" hashtags dominated an hour. i have a dvr and i'm goings to avoid conversations. >> i had to go to bed as well and i stayed up. i forced myself to this is an epic sunday between masters and game of thrones. i'm not going to spoil it for you. >> please don't. >> but it does set some interests story line. >> end of conversation

i can't wait to watch it. >> you've got it frank holland, thank you very much. coming up on the show, an investable tax day why the new tax law may create opportunities for investors. today on cnbc, more on closing bell only right here on cnbc you'll want to keep it tuned all day long

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welcome back one stock to watch today is levi both bullish on the stock. jpmorgan analysts out with a $26 price target they like the combo of a strong management team and iconic brand. analysts at telsi, dana telsi citing future profitable growth it should continue to capture share. now to the story everyone is still talking about this morning, tiger woods' stunning victory at the masters for the first time in his career tiger overcame a third round deficit to win a major making three birdies in his final six holes including that one which almost went in for a whole in one on 16

on the final hole he tapped in for a one stroke victory his fifth green jacket it's his first since 2005. he passes arnold palmer in masters wins overall and is second only in majors to the great jack nicklaus. well, for more on this big story in sports, let's bring in john cook of the golf channel on the cnbc news line thank you so much for joining us take us through your initial reactions. this is a massive, massive development for the game and industry of golf. >> that it is, dom i appreciate you having me it's good to have me as a sports fan, as a fan of the let particulars, you want to see your great champions, michael

jordans, the greats of any game have those least by no means is he done to make this comeback and win on the biggest stage with the biggest event, you want to see that as a motorsports fan, you like seeing your heroes whether you like tiger woods or not, whether you're a fan or not, you have to completely appreciate what this win did for him, our game of golf and for sports in general. >> john, there is no doubt in i don't think anyone's mind that this is one of the best comeback stories in sports overall if not the best. >> yes. >> take us through what exactly it does for the game does this really boost things for the overall game of golf and the industry >> oh, it has to, dom.

i think it does. he transcended golf, you know, back in the middle late '90s when he was just making his way throu through. he brought a lot of interest into the game basically single handedly a lot of kids who have only seen him on the video game, only seen him maybe on television, don't really know exactly what the legacy of tiger woods was or is or where it's going to end up, they can now go, i've played -- i played the games now i've seen him win. total validation getting the kids out on the golf course, letting them learn a little bit about it can only help in our game, dom. >> john, before we let you go. the logo features very

of course, tiger woods >> am' not sure you covered it when know when he got out of th woods, this helped a lot of men and women. now it's everywhere. at the time we're all kind of going -- because i was a nike guy for a long time. oh, my gosh, they're getting out of hard goods. what now well, they made a pretty good decision, i think. i think the soft goods is going to keep going and keep talking off we couldn't know but it certainly has to be a huge boost

for the socnike >> thank you for joining us. we appreciate it. >> my pleasure. cnbc has a new financial wellness and initiative. invest in you. ready, set, grow as part of our partnership with acorn. acorn is phi napsal lit ra at this >> joining me is matt strafford. were a lot of us shocked by how much we may be owed this time? >> good morning, dom thank you very much for having us this morning. yes, we conducted a survey just a few weeks ago and we found that households were income about $100,000 are very dins

appointed which are due to tax reasons. there are two reasons. back in 2018 the irs adjusted the withholding. people received more money in their paychecks and probably didn't know that when they settled up at this time of year for their 2018 liability or refund, whatever the case may be, it wasn't what they had expected. that said, there are some taxpayers who predominantly live on the coast whether that be california or the corridor between washington, d.c., and boston who are really being impacted on state and property taxes regardless whether they file joint offer single. >> what lessons can they take? i know what lessons i'm going to take out of this i am one of the folks who was

und underpa underpaid? >> the most immediate thing to do is to adjust your withholding with your employer one of the more surprising results of our survey is 20% of respondents did not hear from their cpa and 40% did not hear from their financial planner about the new tax law. the very first item is you need to minimize the probability of having surprises so get together with your cpa. >> this idea now that we have taxes already due today, what in. >> for 2019 there are a couple

of strategies that still make sense moving forward first, you can still itemize charitable deductions, however, in order to take advantage of a charitable deduction you need to itemize. you need to make sure that you bunch your charitable deductions in such a way so that your itemized deductions exceed your standard deductions. 401 ks and iras are one of the best things you can to. >> thank you. >> coming up on deck, earnings are coming up on deck. av> on "squawk box," we'll he an interview with charles evans. scotts turf builder triple action. it kills weeds, prevents crabgrass and feeds so grass can thrive, guaranteed. our backyard is back. this is a scotts yard.

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welcome back earnings season is underway in earnest. we have results from jpmorgan

and wells fargo on friday. goldman and citi today bank of america tomorrow morgue gan stanley wednesday chris whalen, how important are these bank earnings to the overall market narrative >> we're trying to see, dom, how much impact december had on the investment banking side especially goldman, citi, and then really loan growth is the big question people have hopefully citi will benefit from that that's what they are, subprime consumer lender. goldman, i'd like too see if they'd make progress with markets and banking franchise. it's still way too small as i've written in the past. they have to grow deposit base that's what i'm looking for with citi and goldman

>> let's take a look at the bigger picture we've heard the yield curve is not as important to banks as we once thought it was. is the fact we have yields as low generally speaking the way that they are right now a hurt or a help for these banks? >> the policy combination is a hurt it puts pressure on loan spread. at the same time the funding costs are normalized they're going to continue to go up we saw 70% increase in funding costs for jpmorgan you're going to see that you're probably going to see funding costs double for u.s. banks over the next 12 to 18 months. >> now the money center banks are one thing. the mixed money center banks are another. let's take us through the regional banks

what is the outlook for the regional banks >> they tend to have more pricing. they can charge more for their loans and their deposit base tends to be more stable and prices more slowly your bbts, regents, sun trusts, they're not going to feel the same impact of rising rate increases for funding as a money center bank because a money center bank faces the market it's not mom and dad's checking account. smaller banks tend to have a much higher rate of core deposits >> just a few moments left here, chris. is there a favorite you have in the industry >> i own u.s. bancorp. i backed up the truck in december when the financials traded off it's the best performer of the top five the best value is bank of america. wells is going to be a work in

progress. >> chris whalen, thank you we appreciate it. >> have a good day. >> thanks. "rlidoes it forwodwe exchange." "squawk box" is up next. we'll have full coverage throughout the day on cnbc t. rowe price experts go beyond the numbers to examine investment opportunities firsthand, like biotech. because your investments deserve the full story. t. rowe price invest with confidence.

xfinity watchathon week has sadly come to an end. what, what, what! no! but don't let that stop you from watching the best shows and movies from showtime, hbo, epix... jesus, what happened? ...and more. it's just the tip of the iceberg. upgrade now to get more into what you're into. thanks! just say "watchathon" into your x1 voice remote to upgrade and keep getting more of what you love.

good morning, it's a busy day for the big banks. quarterly results from goldman and citi bank. it's tax day former senator heidi heitkamp is out with a new op ed the new tax law could be trouble for republicans in 2020 because people haven't looked that closely at it and perception is everything. and today's big water cooler story, tiger's stunning comeback for his fifth masters. 15th major we'll tell you what the victory means for nike that's what we do.

monday, april 15th, most wonderful time of the year, 2019 "squawk box" begins right here good morning and welcome to "squawk box" here. i'm andrew ross sorkin along with joe kernen and melissa lee. becky is off it is april 15th we are celebrating -- no take a look at u.s. equity futures this morning looking at a dow that would open up 41 points higher. nasdaq opening a little higher we're showing you what's going on in asia overnight a bit of a mixed picture there european equities right now are also trading as we flip around

like vanna w