snoo it's 5:00 a.m. at cnbc. here's your five at 5:00 sell in may and go away. what you should be doing with your money as we gear up for a new trading month. apple popping on strong earnings venezuela at a tipple point. president trump calling for another interest rate cut ahead of today's big fed decision. we are downtowning down to uber's big ipo you'll hear from an early

investor on the valuation and its path may be the profitability. wednesday, may 1st, may day. worldwide exchange ginds right now. snoo futures solidly in the green as we gear up for a new trading month. the s&p 500 set to open at a new all-time high and keep in mind, much of europe and asia today closed for that may day holiday. we'll have more markets coming up here, but, first, to your top corporate story and that is apple. shares popping after the company reported an earnings beat and upped its guidance as well.

announcing a $75 billion stock buyback. the company guiding for sales between 52.5 billion and 54.5 billion next quarter that was well above analyst expectations goldman saying a note this morning apple's guidance beat is driven by everything but the iphone i noen revenues declined 17% year-on-year to 31.05 billion. apple's mack and ipad reporting solid growth last quarter. we also saw strong growth in the wearables and accessory category, and that includes apple warr every watch and air pods that group faster than expected. we also got the all-important services number surging 16% to 11 .45 billion dollars apple ceo tim cook reinforcing that shift to services on the earnings call last night he also instruct u struck an

optimistic tone about china and gave a bullish outlook on the macroenvironment. tim koolk highlighting the success of trade-in pramsz and price reductions in the region those sales are still down in china compared to last year. final number we always look to look at. the cash pile stands at $225 billion, even with that massive buyback announcement you can see shares are up about 5% in extended hours now ahead of the open today. back to you. iphone as a purse every percentage of sales is

declining. it was last quarter around 61% right now. it's around 54%. the services ramp-up is big. tell us about that shifting dynamic and smart phones is this something investors are really getting excited about because it signals that shift more towards services? >> they like this idea that apple has $1.5 billion installed devices so they can have that ecosystem ready to go. there's a general sense that there's stalling smartphones globally i will say it's not just apple that's suffered from selling smart phones we've seen this with sam stung u sung we did get new figures out for the first quarter today showing overall declines in the market expected throughout this year.

>> futures right now pointing to a stronger open for the u.s. many parts of europe and asia -- the dow would open up by 105 points if the futures gains hold into the opening bell. the s&p up by 11 points, and the nasdaq up by just around 64. on the treasury side of things, the interest rate flex e complex is moving to the down side yields for the ten-year note yield 2.50% to two-year treasury note yield around 2.27%.

all solidly higher last month. the big standout gaining nearly 5% in april alone. eight of the 11 sectors in the s&p 500 finishing the month in the green led by financials of all sectors. technology and communication services coming in second and third place. health care with the big laggard still, and quickly checking on the commodity complex, gold lost some of the ground last month. you can see down by 1% while wti crude oil gained more than 6% in april. the question now, with the s&p 50000 sitting at record highs, should you live by that old wall street saying sell in may and go away let's bring in john, chief investment strategist at oppenheimer asset management, and, john, this is the time of

year where we always bring this up for better or worse because it's there as a cliche for a reason. there is risk related to that. on the other side of it is the fundamentals are radio remarkably good overall if you look at the economic data for the u.s. the negative poebt that might come across is offset by a significantly positive point progress is being made related to the sustainability economy.

>> if we look at the fourth quarter of last year, there was concerns about a drop in oil that occurred between october of last year to the end of december it went from $76 a barrel to $44. expectations were that the economy might be going into a recession as a result of that. practicing restraint to all of a sudden on expectations it would be a ramp-up of sanctions against iran the -- they over supplied. we also think there was concern that the fed was determined to raise rates and kill the economy. zlo can we sit on that

i have heard the case made i have heard the case made that the fundamentals globally haven't changed all that much, but that this is strictly a fed induced downturn in q4 and an upturn in q1 is that true? growth is significant enough to carry them through and external demand we would have to say we think we can grind higher here and certainly withstand any interim

volatility >> what is the down side case? what sends this whole thing -- this whole bullish thesis with thoughts of record highs down? >> i think we can provide a haircut to the market at this point if we're just about halfway through an earnings season and there's plenty of surprises to offset all the cuts that consensus analytics it had in terms of expectations ahead of the quarter things are looking better. we might even be positive in earnings by the end of the quarter. we think there's going to be groemt because for china it's 2025 you don't want to get into a pretracted trade war with the u.s. china has enough internal problems as it is economically

>> let's get you up to speed on some of the other top movers good morning, frank. >> good morning. we're talking chips, chips, and even more chips. we're going to start off with semikktors, those kind of chips. shares of ad are up more than 5% the chip make are reporting a slight beat on first quarter profs and revenues q2 guidance in line with street estimates, and that stock is up more than 50% this year.

ceo dirk, he will be on squawk on the street in a first on cnbc interview at 10:00 a.m. eastern. now to some other chips. gambling chips shares of wynn resorts popping right now. up almost 3% after gaming regulators in massachusetts allowed the company to keep its license for a new casino right outside of boston. >> followed by manufacturing pmi and ism manufacturing numbers as well then the bik focus turns, of course, to the fed we get the fed's latest interest rate decision at 2:00 p.m.

eastern time followed, of course, by a jay powell news conference from the fed chair. it's one to watch following president trump's calls yesterday for the fed to cut rates by 1%. we'll have full coverage of that big fed decision today at 2:00 p.m. eastern we should note the markets don't expect any huge decision coming out of that interest rate policy move well, we are just getting started here on the show up next, another round of high level talks wrapping up in china between u.s. and trade we just heard from treasury secretary steven mnuchin we'll bring you his comments straight ahead plus, we're following a major developing story out of venezuela. clashes in car ak yas, the capital turning violate as political tensions boil over we'll have the latest there when worldwide exchange returns after this break

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zblor the streets of car ak yas after opposition leader juan guiado called for an uprising against president maduro thousands heeding that call and taking to the streets in protest. the white house is turning up the pressure president trump threatening a complete embargo on cuba as a result now, meantime, secretary of state mike pompeo telling nbc news that maduro was preparing

to leave venezuela yesterday but "the russians told him to stay." turning to china another round of high level trade talks just wrapping up in beijing. we just heard from treasury secretary steven mnuchin that's video of him there leaving those meetings productive meetings with chooirn's vice premier we will continue to talk in washington d.c. next week. let's bring in the president of the national foreign trade counsel. it feels like what was the yogi berra incident deja vu all over again i feel like we've heard these remarks from the administration

with regard to progress on china trade multiple times is this a good sign? >> to business that a deal was coming, and that it's going to be a good deal >> you're one of the stake holders. you represent groups of people who have a vested interest in trade. especially between the u.s. and china. you mentioned the lack of transparency, the lack of detail does that worry you or your constituents at this stage >> i think the best way it on put it is we're going to wait and see what they produce because we can't really comment very much. you know, companies have been

called in on an individual basis and asked about some of the aspects of the things that the administration is pushing for. we really don't know how this will impact our businesses we have a lot big concerns with the way china operates and we're hopeful that the administration is going to get positive results that are going to move the chinese economy in the right direction, move it away from some of the sort of state control of access to their markets. let me give you one good example. cloud services we expect it will allow them to own and operate those businesses >> away would you be looking for right now if could you get in the ear of u.s. trade rep robert

lighthize and steven mnukin. what would you tell them right now as to what you would like to see out of the next leg of talks? >> the next leg of talks we need to see much clearer definition of what the chinese commitments will be and how they will be enforced >> coming up, the big risks for your money with stocks sitting near record highs. you'll hear from one of city's top global strategists that's coming up more on apple's big quarter. the key take-aways from two tech investors. stick with us. worldwide exchange will be right ckft ts eak. g] ♪ ♪

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welcome back to worldwide exchange i'm dominic chu. futures pointing to a solidly higher open. the dow would open up by 99 points the s&p by 11. the nasdaq up by 63. wall street is kicking off a new month with stocks sitting right at record highs, and that's got many investors asking does this really still have legs brian sullivan sat down with city's global head of debt capital markets. he asked what he thinks. >> pleased to be joined at the milken global conference by the new global head of debt capital markets at citi. is there anything you are seeing that scares the heck out of you from a credit perspective?

>> sure, solo. in the immediate term, no. there's so many head winds in terms of global growth, you have to be worried about a slowdown and what that's going to mean in terms of corporate credit over time, right? you have european economy that's very, very -- growing very slowly a k. countries basically in recession. that's going to have an impact on our corporate credits at this some point that's going to cause a default rate to spike. it's going to cause somebut of a dislocation in the capital -- debt capital markets >> we're seeing higher debt levels acrossed board. whether it's triple and whether it's noninvestment grade, we have higher debt levels.

bottom line, we've got a low default rate if growth goes down -- >> i feel like we are the atlas. how long can we hold that up we're aggressive with putting our capital to work supporting companies that can come to market in the near term. if we've got companies that making capital commitments where there's a long-term process where they have long approval processes or there's some kind of accounting issue that causes them to not come to market for a while. they're a bit more cautious or concerned. a lot of companies can and a lot of geographies can't predict when this is going to happen, but at least we know it won't hurt nuss a big way because we'll be diversified >> is china going to reinflate

do you think the stimulus will work >> i think it will have some impact will it grow as it has historically and been the big driver that it's been? can't be can't be has to slow down some. just can't sustain that level of growth for an extended period of time. >> you can find more of brian's big interviews from the milken global conference out in los angeles on our website cnbc.com. coming up on the show, a big bet on uber. you'll hear from one early uber investor about the company's plans to go public plus, more on that record rally. stocks higher in the premarket as we gear up for a new trading

month. we'll break out your may playbook, and as we head out to break, a look at some of the best performing global markets in april you can see there up by almost 8% worldwide exchange will be right back after this break. there's brushing...and there's oral-b power brushing. oral-b just cleans better. even my hygienist said going electric could lead to way cleaner teeth. and unlike sonicare, oral-b is the first electric toothbrush brand accepted by the ada. oral-b. brush like a pro.

sallie mae and go away what you should be doing with your money as we kick off a new month. we have some big money advice coming your way.

apple delivers the stock is surging in the premarket on strong results. we'll break down that big quarter for big apple. valuations gone wild you'll hear from one big uber investor about the company's big plans to go public it is wednesday, may 1st, may day around the world you are watch jag worldwide exchange" right here on cnbc ♪ i'm on the edge of glory good morning and welcome to "worldwide exchange. i'm dominic chu. brian sullivan is on assignment today. a quick check on the marks as we gear up. futures pointing to a solidly higher open. you can see these gains carry into the opening bell. the dow would open up by 96 points the s&p by about 10. the nasdaq up by about 63. much of europe and asia are closed today, as i said, for that may day holiday on the treasury side of things wear seeing some movement there

as well. the 10-year treasury note yields 2.50%. the two-year treasury note yields around 2.27%. let's get right to your top corporate story. apple shares are popping this morning up by about 5.5% second quarter profits and revenues fell, but still beat forecasts. iphone sales dropping 17%, but services revenues rose 16% apple's third quarter outlook also coming in above estimates and the company plans to spend $75 billion more to buy back some shares. let's talk more about apple with tim lessco, principal at granite investment advisers, and dan identifies, he covers apple among other stocks i guess, tim, we're going to start with i do first. you're april apple shareholder are you excited? i laugh because when i first saw the numbers come out, this is the only time i've seen investors cheer a drop in iphone sales.

>> well, certainly we're happy with the results but perhaps the street got a little too bearish on the expectations, so it was a relatively easy beat for apple in almost every business segment and on revenue and earnings. certainly the street is trying to make, you know, some sort of sense out of this change from hardware toward software and services and it seems like apple is safely executing that change and we've been waiting for that change for years and the street is just extraordinarily bearish on apple. you you look at the valuation, it continually trades at a lower than market multiple for a company that participates in every area of the digital economy except maybe a social platform we're still bullish on the stock. >> he's bullish, he's a shareholder. dan ives, physical therapies to that investors and traders have bought into this idea that apple

is able to properly execute and reinvent itself more towards a services company >> i think we're in the middle innings of this stock on the services side. you saw that again with the services, not only the streaming service, 100 million consumers in the next three years. fundamentally, the bears and the skeptics thinking there was going to be a guide lower for june you saw much stronger than expected guide iphone started maybe to inflect in terms of china. i think the worst is in the rear-view mirror, especially after the december debacle i think the comeback kid in our opinion, i think you'll see new highs in the stock over the coming months. >> dan, we seem to have come a long way remember, it was january 4th, i believe it was, when they came out and guided lower for their results. and the stock took a major hit but it's been off to the races since. we're not at record highs. we will not open at record highs. this is a stock starting to maybe get a little bit more favor with investors >> yeah, starting to get its

mojo back. back to early january, our thesis has continue to be, you get the install base it's 900 million iphones that are active, 350 million of those coming up for an upgrade over the next 12 to 18 months that continues to be the key and you look at china, obviously there's been some dark days but you're standing to see a rebound there. i think that was the key last night in terms of talking to investors, you're starting to see that inflect into the june quarter and the drumroll into the september product cycle. >> tim, it's one of your top holdings, is this a report that you maybe lighten up a bit of your position on ow still holding adding to this at this stage >> well, we have no plans to lighten up on the position as dan mentioned it's not trading an an all-time high, not trading at a particularly rich valuation. we have no real reason to want to pare back the position. apple is selling services to its own install base, which is pretty favorable grounds for

them so as we talk about the iphone number being down, we're really talking about the revenue being down not necessarily the handsets which is data we're not going to get anymore. if you think about it, they have a lot of room to grow their services within their own ecofears they're not all that fearful about the company. >> tim, apple certainly going to be the big stock story of the day. i was wondering if we might tilt this conversation toward another tech titan, that's what's happening with facebook. they've gone through a bit of a redesign the narrative is also changed there. how do you feel about facebook at this stage given the run-that up we've seen since the december lows >> i think you're seeing some of the same kind of concerns, you know certainly facebook's concerns were data privacy and whether or not the platform was going to continue to be vibrant people think of facebook as only facebook, but it's really facebook, instagram, messenger, which they announced some

changes to yesterday, and whatsapp you're seeing there continued advertising growth the holy grail for all of these companies, particularly in the social space, whether it be facebook or alphabet particularly, that advertising growth is what they want that's where their profits are that continues to grow so as long as that grows 27%, facebook's going to be just fine and perhaps the street was too bearish, just like with apple. >> dan, last word to you here. we do know that the facebook saga is not over they've got a number of headwinds facing them. what exactly does that mean for the prospect for these shares, and should investors be as bullish on facebook given the outlook that they have >> look, i think they've navigated a lot of that storm. as tim talked about it's all about advertising dollars. engagement's come back to the platform they're going to have to balance to make sure they're not back in the beltway of brussels, but fundamentally i think the street likes what they're seeing.

facebook, you look at facebook, apple, outside of google it's been a-plus earnings season. >> all right, thank you very much, tim, dan we appreciate the thoughts on apple and facebook, thanks. we're keeping an eye on google's parent company alphabet, the stock coming off its worst day since 2010 the company announcing former ceo and executive changer rick schmidt is leaving the board of directors. schmidt will instead serve on alphabet's leadership, development, and compensation committee. so we'll keep an eye on those particular moves. coming up on the show, the ridesharing wars are going global we'll tell you about the big battle brewing south of the border and even south of that. sell in may and go away. should you listen to the old wall street adage as we get ready to kick off a new trade stk ths.ng icwi u i'm very fortunate i can lean on people, and that for me is what teamwork is all about. you can't do everything yourself.

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♪ whatever whenever we're meant to be together ♪ a live shock in new york as the sun tries to peek over the clouds it's early for everybody including ourselves but we're getting set for the market day uber is gearing up for its ipo, pitching itself to more investors today. we just heard from one of uber's big backers, brian sullivan caught up with private equity investor anton levy at the

millicon global conference in los angeles and asked him about the upcoming ipo. >> anton levy is the global head of technology at the venture capital private equity firm general atlantic you guys invest in everything. >> not everything but a few things. >> uber, hundreds of others. uber is going to get the attention. you can't go into mechanics with all this other stuff to do that said, how does the lyft ipo, in your mind, impact uber's valuation? we've seen that private market valuation come down. is that deserved >> yeah, i think -- look, it's clearly a comp that people are going to look to in the marketplace as they think about what's this category worth, how are they doing in terms of market share, looking at competitors and the like so people will look to it. i think there will be a whole bunch of other companies people look to as well. uber is much more global than someone like lyft, for example but in terms of value, it's hard these high-growth companies that are money losing because they're

investing in growth, it's hard to value those companies so i think the bankers tried their best to say, here's what we think it could be worth today and over time, and the market's going to move up and down, and often these companies that aren't profitable and are growing really fast, there's more volatility in some of those stocks. >> we've seen those -- not so many we've seen a number of these private companies -- uber went from zero to wherever it is in record time. zoom, zero to profitable i mean, why are we seeing so many of these small, private companies get so big so quickly now? >> yeah, no, it's a great question what you're seeing is, first of all, you're seeing it all over the world, not just the u.s. you mentioned u.s. companies you're seeing this all over the world. couple of things one is that you have 4.5 billion people that are connected largely through mobile devices and online out of a total population of 7.5 billion.

97 before in the history of civilization have we had that kind of connected audience companies are able to get to scale incredibly fast. and so for less than $100, you or i could put up a website this afternoon and be online and in theory reach 4.5 billion people. that creates massive opportunity and massive ability to scale incredibly fast. so as a result - >> but that's hard, anton. there has to be something interesting on that website. >> good news, bad news for less than $100, this afternoon you can be up and running with 4.5 billion there's lots of copycats, millions of businesses that are starting all the time so you're right. >> looking at my home screen, and i'm old, i get it, there is not an app on my screen that is newer than two to three years old. in other words, everything i'm utilizing that works for me was invented a couple of years ago is there still new stuff left for this >> i think the answer is yes i think there's newer companies

that probably your kids, your kids' friends -- >> musically, snapchat, some of the social platforms, i get that i'm not going to use those, but even that's been around a couple of years now. >> a lot of innovation is happening deeper into certain verticals. an increasing number of health care applications for -- whether it's meditation, whether it's for -- >> head space? >> you sound like you know a bunch of those a lot of that's happening increasingly in verticals that may not be applied to quite as broad a population, be quite as mainstream as a facebook or google. >> is the billion-dollar unicorn over is it extinct? >> i don't believe you're even beginning of the unicorn era. >> the birth of the unicorn era. >> i think it's early. part of the reason is in all these different -- first of all, you're seeing a huge explosion of entrepreneurship. younger, smartest kids coming out of schools all over the world. and those that aren't even going to school. they don't want to work at some

of these large companies, they want to be in business for themselves they don't want to go to places like google and facebook, they want to go to the next google and facebook one is explosion of entrepreneurship, you're seeing that all over the world. two is this broader connectivity question making commerce easier cross-border, chinese companies selling to american customers, american customers selling to brazilian customers, cross-boreding and all the different activities being enabled. >> what's the latest, coolest, most exciting investment that you have made? i'm sure it's small and private. but what is it what do they do >> yeah, listen, i think we're super excited about open door. an investment we made in 2018. what open door does in a nutshell, provide an incredible value proposition if you're selling your home. if you're looking to sell your home today, incredibly long process. clean your house, paint the walls, hire a broker, have an open house, have people traipsing through your apartment or home for many months.

then the whole process of people bidding, do they have the financing. it's a painful, often takes five to six months. what open door does in a nutshell is say, hey, how about i buy your home, cash in the bank next week an incredible value proposition. >> at a slight discount. you have to make money on the property. >> increasingly not as much as you'd think. >> the realtor's going to take 5%, 6% from the seller >> the model is what you're alluding to, is they don't they don't sell for a discount, other than the time value of money. yes, a discount because of taking cash in six months you're getting your money friday. there's a slight discount for time value of money. their fee is essentially part of the 6% brokerage fee so they don't charge you - >> how do they value the house >> they use huge amounts of data they're collecting. >> i'm sure i could sell my house tomorrow for a dollar. >> absolutely. these the reason it's a good value proposition for buyers the initial instinct is, these guys are screwing me, i'm

getting a low market price, so i'm not going to do it this comes through largely word of mouth, you find they give you a fair market price. go ahead and sell it yourself and see how you match against the bid they gave you. what you often find is outside of that small discount for time value of money, it's the price you're going to sell it for. as that word gets out and your neighbors and friends, you're going to say, this is a no-brainer. >> if she hasn't already, our crack real estate reporter diane olick may have done it already, it's an interesting one. anton levy, thank you for joining us here at the milken conference. >> catch more of brian's big interviews from the milken global conference in los angeles on our website, cnbc.com. sticking with uber, the ridesharing wars are going global and there's a big battle brewing south of the border. cnbc's dierdre bosa has more on that story. >> it's hard to overstate the importance of latin america to the global ridesharing picture for one the region is still extremely reliant on traditional

modes of transportation. trains, subways, buses it makes it less appealing for computers to own a vehicle the second reason is this is one of the world's fastest-growing mobile markets these factors make it an enormous opportunity for ridesharing companies but also makes it incredibly executive. outco uber got in early. $2 billion in revenue last year. that represented a fifth, nearly one-fifth of uber's total revenue. sao paolo and brazil, they call it one of its top five important cities overall uber says it is currently the dominant player in the region, but it is battling tough local competitors like brazil's 99 app. 99 gained momentum early on and last year it was acquired by chinese ride-shaling giant didi with their capital firepower, it's giving tough competition.

it's also likely to expand within the region. didi went into mexico last year with its well-worn ridesharing playbook that is, lower prices for riders on one hand, and subsidies for drivers, making it a very competitive and costly battle. >> that was cnbc's dierdre bosa reporting on uber and its competition down south. still ahead on the show, some staggering stats about this record rally the market just did something it has not done since this song that you're listening to right now was topping the charts we'll tell you what that is when we return. ♪ i just died in your arms nit stavbe some kind of kiss i should have walked away ♪ unpredictable crohn's symptoms following you?

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♪ i just died in your arms tonight ♪ welcome back, i'm dominic chu. we told you the market just did something it has not done since

this song was topping the charts we're playing "died in your arms tonight" by cutting crew it came out back in 1987 at least in the united states. it's a british band. the s&p 500 is off to its best start to a year since 1987, this week 1987, cutting crew "died in your arms tonight. the market's seeing alot of those gains thanks to a strong april. the nasdaq, the big standout, gaining nearly 5%. eight of the 11 sectors in the s&p finishing the month in the green. technology and communication secs to. health care did lag. gold lost some ground last month, down by about 1%. west texas intermediate oil prices gained over 6%. coming off a strong april, should you sell in may and go away jack carvery, jpmorgan private bank, bill stone, chief investment officer at avalon advisers bill, we'll start with you

is it sell in may and go away with stocks right now, markets at record highs? >> yeah, i don't think you sell and go away. i think it is worth considering bringing yourself back to a more neutral stance on stocks not getting too extended since it's been a combined with a couple of things because we've run so far, so fast. odds are obviously -- it's an easy one to say, odds are in the favor of returns on slow down, although when you hit new highs you tend to continue to hit new highs. it's worth pulling back the horns a little bit. >> pulling back the horns? jack, you're an equity portfolio manager. are you pulling horn in or feeling more bullish about what's happening with stocks at record highs if so, what sectors are you looking at >> we're certainly constructive on the market. i don't think it's sell in may and go away. instead -- i think we keep talking about the velocity of the move we've seen this year. but i think it's really much

more of a bounceback off of the velocity what was we lost effectively in november and december if we look not -- on a three, four-month basis, but over a six-month basis the market's been more or less tracking, a more modest pace, more or less migrates or moves along with earnings overall so with that in mind the focus comes back to earnings and we continue to see good earnings momentum in the technology sector you're starting to see some industrial companies start perking up and the financials have come back to life as the yield curve has steepened. i think there's a lot of signals which suggest there's gains still to be had. >> bill, seems like a long time ago we were worried about global economic growth slowing down, the u.s. possibly participating in that global slowdown, interest rates falling, stocks falling, everything else we've totally reversed course. isn't it justified, in your mind, is the economy here in the u.s. and around the world supportive of the equity valuations we're seeing here and abroad >> i think it is i think the only thing i would

say is that you have a situation where good expectations are now baked back in. i'll be honest, i thought it was a little bit easier before when we were down because obviously a lot of really bad expectations were in there. but yeah, i think you're seeing china coming back, the u.s. data obviously -- well, on the surface, probably better -- not as good as what the numbers on the surface would say first quarter but fine it will be really tough -- you'd have to work really hard to get us into a recession this year. i'm going to knock on wood i truly believe that it's a low probability item. >> so low probability, jack. it also pushes us forward toward the big event for this afternoon, the conclusion of the two-day fed interest rate meeting. we're not expecting a lot of fireworks. the markets in general are not but the fed is a key focus for the markets. they've arguably been a force to the upside for them. what are you expecting out of the fed today? >> i think, honestly, a whole lot of nothing out of today from the fed. i think they'll be focused on the commentary, focused on the dot plot and there is still this idea

from the bond market perspective that you are going to continue to see reasonable odds of the next move being a rate cut and i think you compare that to say what copper markets are suggesting, oil markets are suggesting you're not seeing the global slowdown that might an justification for that cut and if anything the fact that we had a much better than expected gdp report for the first quarter, really the biggest positive economic surprise over the past several months, i think it's suggestive of the hold stays. to bring it back to where you started this idea we're seeing the most substantial move up since 1987, you know, unfortunately i kind of remember 1987 the backdrop then was sharply higher interest rates. we are not seeing that today, so we do see a fixed income market, interest rate markets, which is recognizing positive but more muted growth on a global basis really offering you a competitive alternative to the equity market right there. >> thank you guys so much for

those thoughts this morning. stocks are at record highs right now. that does it for "worldwide exchange." the futures are pointing to a 'lgher open. wel see 88 points to the upside i need it to guide this analyst to customize flood coverage for this house. so that this team, can inform this couple, that their payment will arrive faster than this guy. hey. ♪ ♪ so whether i'm processing claims due to this fine gentleman... (car engine starting) or suggesting premiums for this young lady... ai can help change everything at this company. expect more from ai. ibm watson.

april unless the books it seemed like it was a day less than normal. is it time to sell in may and go away apple soaring, strong revenue outside of the iphone. added pressure for the fed on decision day. president trump calling for a

1-point rate cut, doubling kudlow's call, and some quantitative easing as well. how will the central bank respond? it's wednesday, may 1st. apple's a dow component. >> yes, it is. our daily check-in with dow components. >> "squawk box" begins right now. ♪ don't ask for help you're all alone pressure ♪ live from new york where business never sleeps, this is "squawk box. good morning, everybody. welcome to "squawk box" on cnbc live from the nasdaq market site in times square. i'm becky quick. we are kicking off the new trading month today. let's get a quick check on how we closed out april. the dow, the nasdaq, the s&p 500 all solidly higher last month. check it out nasdaq was the biggest gainer up by almost 5% that's the standout across the

board. u.s. equity futures at this hour this