it is 5 a.m. here in new york, 2:30 in the afternoon in sri lanka where the death toll is rising following yesterday's terrible terror attacks. oil surging this morning on reports the u.s. will try to drive iranian oil exports to zero no release today carlos ghosn staying behind bars after being indicted in japan. more trouble for tesla the company says it is investigating reports that one of its cars exploded overnight in china we have video. more bad news for boeing and its investors.

new reports now calling into question the safety of the company's dreamliner 787 jet it is monday, april 22nd, and "worldwide exchange" begins right now. good morning, good afternoon, good evening and welcome from wherever in the world that you may be watching i am brian sullivan. thank you for watching us on a very busy monday morning we are going to have much more coming on the bombings in sri lanka. before that, let's get you set up on your market day and week futures are slightly down. not a big drop for the dow futures indicating an implied opening at 60 points last week the three-week win streak for the s&p 500 ended that despite retail sales posting their biggest jump since 2017 and two strong ipos the major averages just over 1% from their all-time high doesn't look like we'll hit it

today, but you never know. this certainly has time to turn around overnight in asia, kind of a thin trade there china's domestic market, the only major market that was trading overnight. japan and hong kong closed for the easter holiday or most of europe japan did trade up .08 of 1% shanghai was down 1.75%. the big move was stocks. oil is surging up 2.5% on a report that the state department will stop giving wavers to countries that buy iranian oil crude oil is up nearly 2.5% on that news. we'll get much more on this and where we expect oil to go with rbc's helena kroft the market moves this week will come from the companies themselves it is earnings it is a huge week for earnings today you have perhaps the oil story being told via

halliburton. we have many big other names to watch this week including coca-cola, facebook, boeing, at&t, amazon, chevron and exxon along with many, many others now that you know what is ahead, let's try to figure out what it all may mean because the question that everybody seems to be asking is a very simple one with earnings growth dropping fast, why have stocks continued to go up let's get some answers jay jacobs from global x funds joins us now good morning it is a good question. earnings growth rates, it's still growth, but growth rates have come down dramatically. why are we just 1% all time highs? >> because this is a policy driven market right now. the market cares way more about what the market is doing versus what it's doing. the fed said we're going to be

very dovish. we're not going to roll off the balance sheet. that was enough. that mattered way more than people's expectations for earnings. >> we have a huge week for earnings if you had to put two sides on that market scale, you have earnings on one side and you've got the fed on the other, which has waeeighed heavier >> the fed has already weighed in now the new news is earnings i do think this starts to matter where it really matters is in expectations the market has said they think earnings is going to be down 4% this quarter if we over shoot that, if it ends up being flat in earnings growth, that's a huge up side. that can be very supportive of higher prices. >> do you think the market has bid this up? here's the problem with this big run for 2019 is that the pundants will say, yeah, but december was so terrible we're really just kind of getting back what we had lost. does that ring a little bit hollow because the market is clearly saying things aren't that bad.

>> yeah, it's a question of -- >> otherwise we wouldn't have rebounded. >> exactly the question is, are we in a better position than we were in december the certainty is a positive. earnings recession which we are essentially entering into and possibly going into in q 2 is worse but, again, it goes back to the fed policy. that's all that really matters right now. >> if we go from an a to an a minus or a minus to b plus, those are not terrible grades. is that sort of the way earnings are? there's no way earnings growth could stay where it was because you had that sort of stimulus shot from the corporate tax cuts >> yeah. that's exactly right you had 20% earnings growth in 2018 these massive numbers that no one ever expected would be continued in 2019 but the question is, you know, what is kind of the new trajectory for this end of the economic cycle i think people would be very happy with low single digit earnings growth. that would be still supportive of the price to multiple earnings if we truly are in a sustained

earnings recession, that brings into question 16, 17 times earnings. >> do you think we are or is there a shot that earnings could come in better than people expected >> i think earnings will come in better than people expect. you've seen a huge recalibration where basically since the beginning of the quarter to the end was a 7% change where people thought earnings would be and where they are now so now we're at this negative 4% expected earnings. if we over shoot that, if we see that stocks are coming in, companies are reporting better than expected, which usually happens, that's a very good supportive -- >> that's a pretty lobar, negative 4% earnings growth. >> it is you see the companies send out negative signals analysts seem very negative. they like to set the barlow and exceed it. on average companies beat earnings it's not really a 50-50 split. if they're saying negative 4%, we go negative 2, negative 1. >> the old corporate sandbagging. they put the limbo bar at 6 feet high so it's not hard to get under it. >> under promise over deliver.

>> what are the odds of a second half rally >> i think it's very possible because you have a few things coming out you know, do we see a u.s./china trade deal do we see some resolution on brexit do we get another push in the markets as the fed stops rolling off the balance sheet. i think there are a lot of positive things to look forward to to the negative side of that though we're going to have a lot of political uncertainty around the world. we're entering the 2020 election cycle in the u.s there's big elections in argentina and india. >> jay jacobs of global x funds. great to have you on this monday morning. have a great week. >> thank you. new this morning, japanese authorities indicting ousted nissan ceo carlos ghosn. this is his fourth indictment. his lawyers filed a request for bail shortly after the latest indictment ghosn has been behind bars since

april 4th. he faces several charges including understating his income. breaking news out of sri lanka following yesterday's devastating deadly attacks the death toll jumping overnight. officials now say 290 people have been confirmed dead several americans still among the missing and the dead another 500 seriously injured. officials expect those numbers to continue to rise. the government has placed the entire nation under curfew overnight and blocked access to social media shutting down sites like facebook and what's app out of fear that misinformation could spread about the attacks we'll continue to follow the latest and bring you more as we get it. we are just getting started here on a busy monday on "worldwide exchange. it is not just the 737 max more problems ahead for boeing revealed in the scathing "new york times" investigation over the 787 dreamliner full details on that ahead. then incredible video

involving a tesla model s that simply exploded for no reason. later on, it is day 2 for pinterest after a banner day on thursday how is that stock shaping up we're going to find out when "worldwide exchange" returns ♪ ♪ applebee's bigger, bolder grill combos. now that's eatin good in the neighborhood. let's talk about thisd when we meet next week.

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pretty much 1 pe% from their all time high. we are seeing the markets in the red. dow futures down 56 points treasury bonds not really on the move after the big move to begin the year bond markets have stabilized a bit. the ten year at 2.57%. all of europe is closed for easter monday because they do it right over there. another bizarre story around tesla. there is a report that one of its cars simply exploded sitting in a parking garage in china overnight. let's get down to frank holland with more on this story. >> the video of that story has gone viral tesla has sent a group to investigate. it has not been independently verified it shows smoke and then as you can see right here, the car just burst into flames. it was first posted ond wavo,

the chinese version of twitter it appears to show a model s vehicle. it's actively working with chinese authorities about the situation. last week there were reports that a tesla in the pittsburgh area burst into flames again and a chicago law firm claimed there are a dozen incidents of model s cars exploding when the car was patched or in a crash. that was part of a lawsuit against tesla alleging a defective battery pack after an 18-year-old died in a crash in 2018 tesla is down 2.5% and for the year down 19%. >> frank, thank you very much. another important story in what is perhaps america's most important stock right now, that is boeing. "the new york times" doing a deep dive into potential problems with another boeing airplane the 787 dreamliner

the paper says that some workers are calling shoddy production has drawn scrutiny on the 787. they proclaim some found debris left on airplanes and were under pressure not to report violations to superiors. the response to the story and allegations a boeing spokesperson telling cnbc the story provides a, quote, skewed reporting. boeing, watch the dow. on deck, the 2019 ipo rush some are hot, some not so much we're going to take a closer look coming up. plus, oil surging the u.s. reportedly looking to slam iranian oil exports. once again, they want to bring them to zero what it means for yoanu d what it means for the markets helim a croft is here to break i

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and unrivaled network to work. the united states postal service makes more e-commerce deliveries to homes than anyone else in the country. good morning dow futures are down boeing, the most important stock in america new reports about the 787 now. that stock down .8 of 1% oil your big story up 2.5% we'll get more in moments with helima croft the 4,000 or so u.s. listed

equities, let's give a little extra attention to the three newest lyft, pinterest and zoom lyft down more than 20% since trading began. looking to open down again right now. lyft very early thin trading off 2% to $57.20 per share pinterest, by the way, gained 28% in its first day no pre-market trade there yet. zoom following up on a 72% gain on thursday. we do have a trade on pinterest. pinterest down 3 points. there we go. you know, you come in at 5:00 in the morning, there's no trades a few minutes later, you have them pinterest down 3.5%. zoom off 1/2 of 1% both skyrocketing on thursday. speaking of ipos, uber announcing the self-driving car unit received a $1 billion investment from softbanc's vision fund along with toyota

and denso. uber saying the new injection values uber's self-driving unit at 7.25 billion. still ahead on "worldwide exchange," a crude crackdown the u.s. about to lay down the law in countries that import iranian oil. helima croft is here to break down the impact as oil soars an suv crashes into the schuylkill river what happens next is sure to amaze you, maybe restore your faith in hany.umit we're back now there's scotts thick'r lawn 3-in-1 solution. with a soil improver! seed! and fertilizer to feed! now yard time is our time. this is a scotts yard.

breaking news. the death toll jumping again americans are among the dead new details crossing on how many bombers may have been involved. oil surging as the u.s. gets tougher on iran. rbc's helima croft is with us. tesla exploding overnight in a parking garage we have the video and more "worldwide exchange" right now welcome back thank you very much for being with us here on this very busy monday morning i am brian sullivan. it is 5:22 on the east coast while much of wall street is focused on the markets, it is a huge week for corporate

earnings, much of dc is now focused on mueller and some prominent democrats on capitol hill are calling for impeachment hearings against president donald trump while others say it is too soon. tracie potts is live with more on the mueller report and the fallout. tracie. >> reporter: good morning, brian. good morning, everyone as they are split on impeachment, democrats are trying to figure out what's the way forward? what's the next step here? step one is trying to get the full mueller report, step two, get the man who wrote it to come in and testify worse than watergate, that's what one democrat is calling president trump's actions. >> if proven, some would be impeachable, yes. >> reporter: but will they go there? >> mitch mcconnell will not stand up to the president either, it means that an impeachment is likely to be unsuccessful. >> reporter: for now than plan is to keep digging for today a small group of lawmakers will see nearly the

full report, everything except the grand jury information william barr testifies next week lawmakers are asking for mueller by may 23rd and now former white house counsel don mcgahn. >> they declined to indict, the president is not going to jail. >> the president's lawyer insists campaign officials seeking damaging information on hillary clinton from a russian lawyer was not illegal >> there's nothing wrong with taking information from russians. >> reporter: and the president himself tweets the mueller investigation was the worst and most corrupt political witch hunt in the history of the united states. so democrats trying to figure out what's next. they have subpoenaed that full mueller report including the grand jury information from the justice department by may 1st. brian? >> tracie, do we have any kind of firm timetable? elizabeth warren is saying, let's impeach.

others not so fast do we have any timetable >> reporter: no, not at all. there's not even agreement on whether they're going to move forward with that. we could find out more after that conference today. >> i know we had cory booker say a little bit too early beto o'rourke saying i'm not in congress, i'm going to punt to congress obviously a lot more to come on this story, tracie we appreciate you bringing it to us. let's get a choke on the markets. here and the futures are down about 57 points on the dow boeing though is going to be the big story. boeing's shares off just about 1% because it is a price weighted index boeing perhaps the most important stock in that dow. there was that relatively scathing "new york times" report over the weekend about boeing and some workers complaining about what they said might have been shoddy manufacturing conditions and pressure not to report violations at that manufacturing facility in south carolina for the 787 remember, boeing is still dealing with that software fix for the 737 max jet as well.

so watch boeing. dow futures down about 1/2 of 1% in the bond market seeing bond yields not much much. 2.57%. in asia, some markets, hong kong was closed the shanghai composite, after what has been a red hot start to the year, down 1.7%. they're closed for the easter monday holiday. the appetizer companies are down and now we are about to enter the entree portion of earnings season. no group of stocks will be as digested as the faang names, facebook, apple, amazon, netflix and goingment. this week we have facebook and amazon and next week google and apple. what can we expect and how much do these faang names matter still? tim lesco joins us now with more tim, is it really all about

these four of the faang stocks that have left to report their numbers or can the rest of the market actually matter >> well, i think the entire market matters and i think that certainly the faang stocks get the headlines but after a fourth quarter where analyst estimates were taken down so significantly, it seems so far it's been pretty easy for a company to beat those, you know, muted expectations i don't think the faang stocks are an exception to that rule. i don't think the bar is particularly high. >> do they carry extra weight, tim? are they more important than other names? >> i think they're more important to other names only because we have a market that is starved for growth when there are companies that continue to show significant revenue growth, perhaps those companies get a little bit more attention and perhaps they get a better multiple forkt market i think they matter a little bit more in the case of amazon and apple, you're talking about some of the

largest companies in the s&p what they do will move the market. >> it's also not just about the fact that they're one of the few groups of stocks that has their own little acronym, but the fact that they are so big which means their weight in so many widely owned etfs is so heavy in many cases thosefour or fiv stocks could be 40 to 50% of some etfs that have hundreds of holdings in them that's why we pay so much attention, is it not >> it's absolutely correct, brian. i think in the age of passive investing or even those who buy activitily invested etfs you see these things represent 14, 15, 20, 25% of the etf and it really moves portfolios you have a market that is laser focused on the revenue growth of companies like amazon and netflix. often they don't pay so much attention. >> five elephants on one side of the ferry and 5 zebras but they

balance out the same if you have to pick one because netflix was the same, is it a key? is there one you can balance on? >> economic signal, apple is dock reelingly well on the retail side of things. you could probably add apple to that because it's a global player smart phones as we look at 5 g mobile, it's become the story of the year, people will become laser focused on what apple does. >> you just heard tracie potts talk about the mueller report. obviously we can't escape that from a market perspective. elizabeth warren calling for impeachment. are you surprised the dow futures only down 50 or 60 snoints why is the market discounting mueller? >> i think what the market is recognizing is we are likely to get any significant legt shun over the next 15 months, i think

people would be expecting something that's not going to happen certainly elizabeth warren doesn't have a whole lot of control over impeachment proceedings, that's a house of representatives gig. so far nancy pelosi said they're not going to impeach, but over arching all of this is the street loves periods of time where washington doesn't do a whole lot. i think that's the expectation do you think it's that simple though the president laying waste on the twitter, that is my initials he's going after it. elizabeth warren calling for impeachment and yet the market shrugs it off, literally just brushing the shoulder. >> well, i think what the market wants is washington not to get in the way i think you've seen the fed get out of the way of the market in the fourth quarter and now you perhaps have legislation getting out of the way then i would agree with you, it's never that simple, but what

the technology stocks in particular have been expecting is some sort of data privacy regulations akin to what europe has. i don't see the political will for anybody to step in and do anything over the next 18 months so perhaps the amazons and the googles of the world are getting a pass now on that kind of data regulation. >> i see what you did there. basically you just said that -- if i'm hearing you right, tim, correct me if i'm not, because of the chaos in dc, in particular this sort of grenade that was thrown into the already partisan, if they were -- were a lot harder they're getting a pass because of the murtd in some indirect way. >> well, i think so. you can add to that there are going to be political footballs going into the next cycle. there will be a lot of headline risk in those names but underlying it you're likely to get a whole lot less

legislation. they're moving into the advertising business which is data dependent if that's not metered, that's a pretty good playing space for amazons and alphabet. >> i've never had a guest tie together mueller and facebook regulation in the way you did. we really appreciate it. have a great day have a great week. thank you very much. >> thank you you your big price move this morning is oil oil up more than 2% as the u.s. state department expected to announce a major crackdown on countries that import oil from iran they want to bring it to zero and by doing that the u.s. is going to end sanctions or wavers on sanctions to nations that import iranian oil let's bring in helima croft, cnbc contributor, one of our all-time favorite people for a lot of our viewers who may not know the whole thing -- >> right. >> -- the u.s. imposed harsh sanctions on iranian oil last year. >> yes. >> then backed off as eight

countries said, we need a lot of time we buy a lot of control. >> the market expectation was that some of these wavers would be extended for countries like india, china, potentially japan, south carolina the trump administration has signaled, announced today, no wavers so that brings up the real prospect of a much larger reduction but i think it's all part of a strategy to get saudi arabia to open the tap that's why the market may wait a little bit to see what is saudi going to do next is saudi going to surge a million barrels like it did last summer or are the saudis going to wait and see how fast the barrels come off. >> the simple explanation is the u.s. is going to do this, they're not going to see any tankers of iranian crude you're not the simple explanation. >> no. >> the reality is much deeper and complicated. >> it will take time to wind

down the contracts certain countries will comply. >> where do they get their oil >> this is where it is do the saudis surge more, do they get it from other countr s countries. we're really having a problem of heavy barrels coming off the market now we have venezuela under sanction so the trump administration is really running a fine line while trying to keep oil prices in check. it all rests on saudi arabia this hinges on will the saudis open the taps. >> i think getting to zero would help the saudis open the tap the saudis will want to wait because last summer they put a million extra barrels on the market and they were shoekd when trump did this.

>> this is a president who can't stand it when oil prices go up. >> his twitter finger gets itchy. >> when oil hits 60 he gets on the twitter machine and starts slamming opec but at the same time we're taking a million maybe plus barrels off the market which is kind of a gift to opec. >> it's a question is it a self-inflicted wound. >> is it >> i said that i think he's very effective as an opec cutter. you have a situation where trump has helped opec compliance he's sanctioned iran and vends. >> but he wants low oil prices. >> height. it's not just the singling out the saudis have come out and he's done a 180 on libya he's saying very nice things about the march on tripoli. >> we didn't get to libya because this news, we probably would have led with libya --

>> right. >> -- had this news not come out. libya on the edge if not in already in a civil war what are you hearing about that? >> the administration is in a bit of a panic mode. you can sanction venezuela, you can sanction iran but it doesn't work if libya goes off now you have a situation where president trump has reversed course on the policy of libya. you're now backing the general that's marching on tripoli in the hopes he doesn't take the oil offline. i think we're really trying to ingratiate our self with the saudis >> is it going to work the president has been tough on them but at the same time. do you believe that saudi arabia will effectively give the president and the united states the gift of higher production? >> this is the question. i think the saudis will be

helpful, but they do not want to tank the oil price as trump wants the prices lower, the saudis need a high price there's a big difference between what trump wants and the saudis want on price. they will be helpful but they will not trash this market for him squl at 65 to 75 a barrel, they would be very happy >> they don't want a forehandle on that and that's what was so hard when president trump said let's get oil to 40, let's get oil to 30. >> the other side of the iranian story, this is why we've tracked these, quote, ghost tankers. just because you tell iran or other countries, you can't buy iranian oil doesn't mean other countries are going to stop buying it. they turn off the tracker. oh, here's a giant super tanker randomly floating into our harbor. >> yeah. that's why you have to watch

china. how much are they going to reduce. >> why would they do that? >> some of those corp rates have access to u.s. capital markets one of the things about u.s. sanctions is we could essentially say you can do business with iran but you cannot access our u.s. capital markets. it is a pretty powerful stick. >> i'm remiss to our viewers out there that don't understand how these sanctions work, you say how can the u.s. prevent other countries from buying another country's oil. we do it flew the treasury department we do business with the united states we cut off a flow of money, interparty transactions. >> we say you choose what market you want to be in. for the trump administration, it's one thing to say don't take iranian barrels. we now have two major producers under sanction on april 28th the de facto embargo becomes a hard embargo.

>> i thought this was going to be a boring year. >> no, it's very exciting. >> june 24th, 25th meeting -- >> actually, watch the may joint meeting taking place in riyadh that's when we're going to get the first signals on what saudi is going to be. >> helima, we pinged her last night. >> i was watching "game of thrones." >> don't reveal anything >> thank you so much. >> i know it was a short night. >> thank you. time for this morning's top trending stories outside of oil. frank holland, you're going to tell us what is going on >> i'm going to tell you what's going on if you don't tell us what's going on with "game of thrones." >> god doggit. >> phone news. samsung has postponed the launch of a foldable phone in china the phone's flexible screens can break. cnbc put that 2 grand phone to

the test last week, and as you can see it experienced what we're going to call some major issues a lot of people reporting online i talked to our todd hazelton. he didn't think the video quality was that great. >> he had one. he sent it back. moving on to a much more serious story. u.s. homeland security and they're considering classifying fen at that nal as a weapon of mass destruction officials are also concerned about the drug being used in a terror attack. dhs has discussed a wmd classification oftheir visit. >> tens of thousands of people dying from opiates. >> a lot of police departments are concerned because their officers can come in contact with it not knowing what it is,

get a lot of poisoning from it so a public health concern and concern for first responders. moving over to some other people responding to a crisis. incredible video out of my hometown in philadelphia a driver is lucky to be alive after a group of good samaritans pulled her from her sinking suv after it crashed in the river. you can see some people actually swimming out to that sinking car. witnesses say they could hear the woman banging on the window from inside the suv. rescuers used a tire iron to break her free neither the driver nor the rescuers were hurt that's just incredible. >> it is we always hear so much about problems. >> yes >> we forget at the core most people are very good they risked their life to save hers. >> people have such good hearts. >> great news. >> thank you, sir. still ahead, looked up still.

carlos ghasn more details ahead. plus, the one chart that shows stocks just might be stuck. tim seymour joins us on that stick around you on track. and closer to home. edward jones grew to a trillion dollars in assets under care, by thinking about your goals as much as you do. ♪ ♪ applebee's bigger, bolder grill combos. now that's eatin good in the neighborhood.

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well come back in. let's get more on the terrible attacks in sri lanka the death toll continues to rise from the easter bombings marlie hall is in new york >> good morning, brian

easter sunday celebrations were marred by deadly attacks three churches and three luxury hotels were torn apart two more explosions were also reported so far 290 people have been killed with several americans among the dead another 500 have been seriously injured. officials expect those numbers to rise. the prime minister acknowledges there was intelligence on possible attacks and is now pledging a full investigation. so far investigators have 24 suspects the government placed the entire country under curfew overnight and blocked access to social media shutting down sites like facebook and what's app on a fear that misinformation could spread about the attacks provoking even more violence brian, back to you. >> marlie hall, thank you very much. now to the other news that you need to know on this very busy monday morning. frank holland is back with your executive recap. >> here's what's leading

cnbc.com right now tesla is investigating an apparent explosion of one of its cars in china. a video clip has been posted to twitter. it appears to show smoke coming from the hood of a tesla parked in a garage in shanghai. that car burst into flames tesla says it is actively working with chinese authorities about the situation. tesla sales this morning, they're down almost 2.5%. now to the latest on carlos ghosn. japanese prosecutors have indicted the former nissan chairman on charges of aggravated breach of trust this comes on the day his detention period was set to expire ghosn's lawyer continues to ask for bail it is the worst easter weekend in 14 years at the box office. the total take was 112 million that was from "the curse of

layarona." brian, back over to you. a lot of people nervous about "avengers" coming out on friday. >> nervous or excited? >> i'm talking about film studios. on deck, the most random and interesting thing you're going to hear all day. bad news blues for london bankers, all thanks to brexit. are stocks stuck we'll ask tim seymour what he thinks 300 miles an hour, that's where i feel normal. having an annuity tells me my retirement is protected. learn more at retire your risk dot org.

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in "the new york times" over the weekend which was not talking about the 737 max but the 787 dreamliner and some factory workers at a south carolina plant complaining about shoddy production boeing says that is inaccurate as a story and does a disservice to the facility. either way, watch boeing down 1% right now. to the macro markets last week the s&p 500 ended what was a pretty solid three-week win streak, but it really has not been a boom higher like we saw. this is january 1st, right here. after that december swoon we saw the markets rally in a very fast, very strong way. for the last couple of weeks, yes, we've gone higher, but it's been kind of this slow slog adding a couple of points here and there. lately some traders saying we may enter a no man's land for the market matt maley for one, frequent

guest on this show he notes that volume in april, get this, is the lowest daily volume any month since all the way back in 2006 his concern is it peaked last fall we're 1% from that high and that this area here kind of creeping up towards that all-time high that we hit, oh,, what about 7 months ago that if we get closer and if we can't break through this, one wonders are we going to do this? because the market is fatigued there's no volume. or are we going to do that it's all going happen in the next couple of days and weeks. earnings are going to play a big part of that so are stocks perhaps stuck or could we get that melt up that black rock larry fink talked about on cnbc last week. tim seymour of seymour asset management and ""fast money."" don't laugh. i'm no carter werth.

do you believe stocks have kind of petered out here? if so, tim, what's the next catalyst or the next big move either way >> you know, look, the chart remains to be higher i still think the positioning is well if you look at spreads, ai indices, you have the sense that bulls are out in full force. i think positioning in the professional community remains under weight earnings expectations also for the second quarter remain i think relatively light therefore i think that bar is also a low one to shoot over look, i think we've seen a couple of these moments in the last call it eight weeks where you've had these rolling tomorrows. frankly, you know, i'm to this point still of the view that the market probably moves higher. >> who leads us? is it going to be the faang stocks we have two earnings this week, you better prepare, and two next week >> well, look, we've got 30% of

the s&p this week. it's a massive week. i think the combination of some of the heavy weights but also things like health care. things like some of the consumer staples have really been i think under impressive at this point and, therefore, you've got an opportunity to rally back. if i look at some parts of the faang components, facebook i think has had a -- not only a big run, but i think expectations have gotten significantly better there amazon here, i don't think people have much in the till here for amazon. ultimately as we look to this quarter those are the names that i think probably could move to the up side. but, you know, aafaang is not what's driving the market. expectations for a global macro have been pushed around so remarkably that the fed is the driver here. if the fed stays side lined and we continue to see the recovery that we've seen in global pmis, retail sales, china is staying better. >> is the fed more important

than corporate earnings? >> yes, without question you want to point to where we could have some down side, we still continue to have this chorus of fed officials that are, you know, largely singing in unison. there certainly seems to be some discord within the fed there's no question if the economy is truly starting to get some kind of rebound, if nothing else, maybe we bottomed in the end of the first quarter, early second quarter in terms of some of that global manufacturing data at worst they are neutral. i don't think that they are ready to cut rates any time soon therefore, yes, i think any type of hawkishness out of the fed is something that the markets are not pricing in at all, brian. >> by the way, the next fed meeting and rate decision is next wednesday not in two days, but in nine days may 1st is when we're going to get that fed decision. if we have, as your point, 30% of s&p companies out with earnings let's say we post better than expected numbers and the guidance is good

things look good then next wednesday the fed flips again and becomes hawkish. does it throw it all away? >> if the fed becomes hawkish it throws it all away at this point it's not the time for the fed to become hawkish. any signs that the fed is certainly looking towards possibly the fourth quarter to begin kind of reasserting themselves or maybe there's more discussion of the balance sheet. right now every comment we've had has more or less been not only are we in wait and see mode but we don't see any signs of inflation. i'm not sure that that's really the measure that -- better said, i don't think the way they are measuring inflation is terribly accurate in fact, i think there really are some signs of inflation. look, the fed so far and rightly has gotten out of the way, but markets are not pricing in anything here. >> you know, jim cramer has talked about how this market has reacted positively to oil for a long time. as oil has gone up, the markets have gone up he's been right on. >> best chart out there. >> it is

guys, we've got the best team in the business here. oil versus the s&p 500 over a year ago, you'll see what we're talking about. oil is up 2.5% on the iran sanctions story, tim is there a point at which oil's higher movement is no longer good for the equity market >> there is a point. i don't think it's any time soon the converse can also be true. you have a case where people were not giving markets the benefit of the consumer, call it a sum type of a surplus or stimulus from lower oil prices no, i don't think at these prices we have a case where oil is derailing the market. >> so, quickly, 75, 80, where's the pain point for stocks, tim >> yeah, 80, $85 right now if anything, you know, how about where oil prices truth and people wanted to tell you that lower oil prices were also indicative of demand i think largely, you know this better than most, it's largely been a supply story over the past three years therefore that's really the call here.

no question i think you've got some good ideas and i appreciate your views "squawk box" is here next. k. the united states postal service makes more e-commerce deliveries to homes than anyone else in the country.

good morning u.s. equities under pressure crude prices are jumping in early trading. we'll tell you why carlos ghosn is still in jail but he could soon be out on bail guess what he's got some new charges that have just been filed against him. we'll tell you all about that. more bad news for boeing new reports calling into question the safety of the dreamliner jet it is monday, april 22nd, 2019 "squawk box" begins right now. ♪ ♪

live from new york where business never sleeps, this is "squawk box. good morning, everybody. welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick along with andrew ross sorkin and melissa lee. joe is off today jason trennert is here >> thank you for having me i appreciate it. >> we're going to put you through the paces today. there's a lot going on with the markets. let's take a look at what's been happening with the major markets. in europe, they're closed for the easter holidays. in the united states the futures are indicated down dow futures down 56 points s&p off by 6.5 nasdaq down by 21. this comes after the first down week we've seen for the s&p in four weeks nasdaq composite has been up and down for the last nine