>> market alerts futures point to to a big drop at the open. we'll find out what's weighing on wall street that's straight ahead. sfwlierjts a major developing story out of the united kingdom. pressures mounting on british prime minister theresa may to step down. we'll take you live to london, and hidden gems in the retail wreck. one stop popping this morning on an earnings beat plus, the one retailer jim cramer says could take on amazon we'll bring you those names. that's coming up it is thursday, may 23rd, and worldwide exchange begins right now.

i'm dominic chu in for brian sullivan we're looking at a live shot where we're following a big developing story wrish prime minister theresa may under increasing pressure to step down in her role as prime minister some reports say it auto could happen within the next 24 hours. we'll take you to rond with more in just a little bit here. we are seeing yields fall for a little bit here. on the u.s. ten-year note side of things, we are currently at 2.37%. the two-year note around 2.2% as

well in the asian trade, we also saw specks of red there going as well a good amount of it. the nikkei and japan off a half a percent. the hang seng in hong kong 1.5% to the down side the shanghai composite 1 .5%, and the south korean kospi to the down side. in the european trading that negativity also carrying through today. the da & in germ ann off by over 1.5% same with the cac in france and the ftse 100 off by a little over 1% as well. wr also watching and keeping a close eye on the british pound calls are growing louder for theresa may to step down let's get right oit to steve sej we can live in london with the latest, and are her days or day numbered, steve? >> a lot of people have called

the demise of theresa may many times over the last couple of years since the middle of 2016 when she took over from david cameron as prime minister. it appears this time that they may be right as well she had a pretty disastrous day in and out of the building behind me yesterday in westminster as well where she got off the prime minister's question time and thereafter tried to explain her latest moves on breck it with her withdrawal agreement teal deal. at the same time we also had back benches conspiring to work out how they could potentially create another leadership challenge against mrs. may now, we understand that tomorrow things could really move today, by the way, is a bit of a dark period in terms of reporting here in europe as

well you have the european parliamentary elections. it looks like mrs. may is going to meet the leader of her back bench tomorrow sir graham brady why >> i just want to kind of show our viewers some of the media coverage that's happening right now with this particular election if you take a look at some of the tabloid covers, you take a look at some of the news magazine front pages today, we're showing the daily mail right now. the sun. theresa, tearesa how much more can they take, says the daily express this is very much a dramatic move here.

the daily mirror says tears in the back seat, and they're showing a picture of theresa may there for those who are listening on radio right now whasz the sense among the population in the u.k. with regard to whether this is a move that theresa may should make to step down from that role >> it's question of trust, dom, as well. whether people within her own cabinet, within her own party trust that she is the person who can lead the country through what is a bit of a political quagmire at the moment as wrshl there's a lot of trust lost, including the likes of the home secretary. he just didn't know what she was going to be in her withdrawal

agreement bill as well it's a trust issue in parliament, and apparently she has lost the trust much loofr allies as well the process going forward, though, is going to be absolutely fascinating as well sflo the pressure is mounting on theresa may to step down as the u.k. prime minister and, of course, the polls are open in the e.u. parliamentary elections today later on joining me now is news editor matthew, and, matthew, steve laid out an interesting scenario for what's happening with regard to sent meant in the u.k. >> the european elections, british people don't typically pay a lot of taepgz, but this

year it's been front of mind for everybody because we're not supposed to be in europe anymore. the vote to leave the e.u. was three years ago. britain was supposed to have been on its way out, and it's sought an extension, and because we sought an extension, we can negotiate our way out properly . >> the brexit party, who is the biggest proponent for brexit has surnled ahead in polls before today, and it's going to widely predicted to do very, very well. at the expense of th conservative party led by theresa may, who is trying to negotiate this torturous exit europe is still no closer to being resolved >> it amz as though right now

across europe and not just, you know, continental europe, but also u.k. as well, there is a sense of negativity in the markets. how exactly are these elections and the anticipated outcomes going to effect those markets both on the continent and across the u.k. as well? big employer employing to liquidation based on 5,000 jobs blaming brexit uncertainty companies business, markets want certainty about brexit and about the brexit outcome, and they're not getting it because three years on we still don't know the tones of the u.k. departure and the sort of brexit that we're

going to have, if any. there are other parts across europe and the u.k. in particular turb pushing for a second referendum. theresa may offered this in her latest withdrawal bill in an attempt to bring the u.k. parliament together, and it blew up in her face because supporters in her own party have ditched her, and as you report, there's a strong likely hoord that she resteins as early as tomorrow we won't get the results of the european election until monday, even though polls in the u.k. have opened today. we have another few more days of uncertainty. it's a muddled picture, and waiting in the wings boris johnst johnston, the former foreign secretary. a lot of your viewers will know him. he is the lead candidate to take over he favors a hard exit and a hard withdrawal from the e.u. that will spook markets further because they want some certainty.

meantime, the company at the center of the trade fight it is irtsz ready to go out on its own. a top executive at huawei telling cnbc the company could have its own operating system up and running by the end of this year that would only happen if huawei were completely banned from using google and microsoft's hardware and software products earlier this month the u.s. black listed american companies from using huawei technology over national security concerns, but earlier this week washington rolled back some of the restrictions and gave a time frame for a transition.

>> the acting faa chief says there was no fixed timetable to lift the ordinary that's grounding the boeing 73 p max. boeing says it's finished work on the software to the flight control system impoliticked in two deadly crashes it hasn't submitted the final paper world war ied faa. the faa is holding a meeting today with regulators from more than 30 countries in fort worth, texas. that group includes officials from china and the european union as well as indonesia and ethiopia with those two fatal crashes happening. the faa will share the latest on its investigation of the 737 max in what still needs to be done in the u.s. southwest, yup ietd, and american have 732 max jets in their fleets.

>> how do you convince the skittish passenger who looks and says my flight is going to be a max. how do you convince them to get on this airplane >> i don't know at this point given how the heightened level of interest in this and that any amount of marketing would do that. >> american expects the grounding in pretax earnings this year, and this morning american shares, they're down a half a percent boeing shares down just about the same where are seeing the entire airline sector down with the exception of southwest which is unchanged. dom, back over to you. >> frank holland, thank you for the updates on the airlines.

breaking this morning, down u dow jones is reporting that indian prime minister modi will win re-election in india's national vote, notice count sg still underway right now now's taking a strong lead, and that's sending india's stock market to a new all-time high. the bombay sensex. we'll have more on india's elections coming up later on in the show when we come back after the break, one retail stock jim cramer says you can really take on amazon. we'll bring you what that name is that's coming up nor more on the retail wreck with -- also ahead, a new york judge doing a major li every blow to president trump's privacy. he sets his sites on sin city. a very busy hour worldwide exchange continues after this break

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>> let's get a check on markets. futures have slightly accelerated their losses over the course of the past hour or so the dow jones futures losses hold into regular trading would indicate a down day for the dow to start by about 180 points the s&p off by 121 points, and

the nasdaq off by 78 as well this week has been a roller coaster ride for retailers a ton of names falling hard on earnings and weaker guidance, but there are still gems out there. here's the one stock, our own jim cramer says could take on the biggest retailer of all. >> we have severe disappointments that evis rate the stocks of major retailers. whether we're talking about the normally reliable coals or the unreliable nordstrom target has done something astonishing. they figured out how to beat all their opponents from wal-mart to amazon everything inside and outside the mall >> that was jim cramer last

night. good morning, steve. you heard jim cramer this has been a story about amazon versus everybody else for such a long time >> there's an enormous divide coming through there are people that are doing very, very well. you mentioned target and hard liners like home depot and auto zone doing very well a lot of them are talking about things like weather and tariffs, but those haven't kicked in yet. at this point they're excuse and

not reality. the strategy that is are working are all things digital in the case of a 42% increase with target, it's click and pick they're doing a great job. now, they've also put capital in the 400 stores that they've remodeled. >> anything dick every digital is working it's where your mall-based and you're getting hit by the traffic declining from a mall standpoint, and at the don't have the digital strategies. that's where the retailers are getting killed >> steve, does this just mean then that every single bricks and plort ar mall-based non-big box retailer is doomed to failure? what exactly can they do to get

not just their stocks, about the their business overall turned in the right directions so that they can perhaps compete and thrive in this environment >> dom, it's a great question. am zmon only does 4ers% share. it's still done through these traditional bricks and mortar retailers. there is a strategy dirns that drives it. cheap chic is working. that's target. target -- it's good quality and good fashion it's at a valued price. they're starting to take some of

the high end, and so the high end retailers, you know be i'm talking really high end are going to have to get into the rental business. there's no question about it whether it's from fashion to jewelry to everything else have you to get into that. then there's mall-based. that's structure arl what do you do if you are in a mall there's all restranding retailers and they're getting hit on this thing. you have to continue to work your store base. finally, the large box retailers are all downsizing they're downpour sizing in footprint in terms of number of locations, and also the size of the box realizing the convenience of shop that on-line presence and aare the soment through on-line, and then delivered through click and pick is the winning strategy. >> all right some great thoughts on real estate tail. steve, thank you so much for those. we appreciate it this morning here still to come on the show, a done deal. avon sold nearly $2 billion. that stock popping again this morning.

later on more on the stand yofr between president trump and xi jing ping. ♪

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l brands beating forecast, and they're raising the profit outlook for most of the year most of the strength is coming from bath and body works with same store sales jumping 13% in the quarter. victoria secret continues to struggle with sales falling there by 5%. the deal is done brazil bogaevon for $2 billion in stock it creates the world's fourth largest company with a focus on direct sales brazil is avon's biggest market generating about a quarter of its total revenues.

craig has more on this story good morning >> good morning, dom a couple of rules now for federal judges against the president on federal records also, real flash at the white house yesterday. we were talking about this previously skenled meeting about infrastructure well, that meeting ended in anger and drama. >> president trump stepped into the rose garden after storming out of a meeting with democrats declaring he can't work with them and demanding an end to investigations >> you can't do it under the circumstances. get these phony investigations over with. >> these investigations are so paralyzing hem that he can't function as president and do something that presidents have done, and that is build inf infrastructure

>> angry over the white house stonewalling investigations in the wake of the mueller report >> all i can say is that i disagree with what the house is doing. i thought mueller was the final word >> both sides in this dispute need to take their meds and sit down and negotiate like adults not like kids in the back of a minivan fighting >> on the battle over financial records, a judge ruled two banks can hand over the president's documents. >> i anticipate we're going to see the exact same kind of decision when the house goes to enforce the request for trump's tax rurnds. >> francis riviera with more thank you. >> we start with the deadly storms that are battering missouri right now the fire department in jefferson

city asking people to pray for their citizens emergency crews are searching for trapped people amid reports of collapsed buildings downed power lines, uprooted trees, and other extensive damage officials in missouri have confirmed at least three deaths in this latest round of storms the man dub dd the american taliban who was captured during the invasion of afghanistan will walk out of jail a free man today. john walker lind is seth set to be rereesd from an indiana prison after serving 17 years of his 20-year prison sentence for providing support to the taliban. lynn was captured just two months after the 9/11 attacks along side taliban militants u.s. officials say he would live in northern virginia, but lawmakers worry he could still be a potentially violent islamic extremist. and the stand-off between raurn and it is united states showing no tienz of leekt up this morning later today the pentagon will reportedly present a plan at the who us that could send up to 10,000 troops to the middle east officials say thief dwret to reach a final decision

it is unclear if the white house would sign off on that plan. dom, we send it back to you. zroo francis riviera, thank you so much for those headlines. we appreciate it still ahead on the show, it's back to the markets. wall street looking to open deeply in the red this morning we'll find out what's weighing on your money. plus, a major developing story out of the u.k the kaulgsz are growing louder for british prime minister theresa may to step down we'll take you back to london for the latest on that story when we return after this break. what happened to the real men of america? today's average red-blooded american man has less testosterone than his father. and his father has less testosterone thanhisfather. before we suffer a full-on masculinity crisis, force factor is launching the man up america event. we want to send every man in america a complimentary bottle of the breakout supplement taking gnc by storm. test x180 ignite, loaded with free-testosterone-boosting manliness. get your complimentary bottle by texting

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>> look out below. stocks set to slide at the open. we'll find out why that's straight ahead. may day. the pressure mounts on british prime minister theresa may to throw in the towel we'll take you live to london there. and elan musk is rolling the dice to sin city why he is hoping to make las vegas really boring. we'll explain. it is thursday, may 23rd you are watching world woid exchange right here on cnbc.

zbloirjts on the bond side of things, lower stock prices you might suspect lower bond yields as well as people zap up the safety and bid up for the cost of u.s. treasury debt u.s. ten-year note yields, can you currently see they're about 2.36%. the two of year note yields hovering a little below 2.2% there as well. also see what's happening in the early trade in europe.

zmo you can see here it will now cost youunder around $1.25.36 to buy a british pound. that's off about .2% woel keep a close eye on what's happening with that currency now, that pound moving on a huge developing story this morning in the u.k. british newspapers are reporting that u.k. prime minister theresa may could announce her resignation by as early as tomorrow this as she faces growing backlash from her latest brexit proposal meantime, e.u. parliamentary elections are kicking off today in the u.k. as well. let's get more insight on that sylvia rrks investment management in london sylvia, good morning take us through the dynamic right now. is this something that market participants should be watching and worrying about >> good morning. yes, these european elections aren't going to be crucial

first of all, judging by polls, it looks like change is coming as parties are poised to make significant gains in the european parliament. >> that's if they want to advance their progress >> so take us through the story here the euro zone economy is not exactly the bastion of strength right now. earlier this morning we got some slightly worse than expected data coming out of germany as well what exactly does this mean about the health of the overall economy in europe and how closely are they tied? the u.k. economy to that with the continental europe given all that's happening with these

elections right now. >> you can identify the second half of 2018 earlier this year there were scenes of this, but basically service in the mmi in between the last reading we got this morning. basically suggesting that the underlying trend for economic activity is still pointing down. >> such as an anticipation of, say, tensions and also brexit could really derail the economic situation in the euro zone, and the problem is at the moment in the euro zone, the political state looks constrained, so monetary policy is quite

stretched. >> well, as i said, i think the that populist parties will make some significant gains however, populist parties are also highly fermented, and actually, if we focus on right wing political parties at the moment, they are over three different european parliamentary groups, which means that their action or impact is -- well see after the elections if they will manage to really bank on the gains and pull together all

their votes and form a single group. i think that's unlikely. nonetheless, their way will be able -- they will be able to disrupt, to some extent, the effectiveness of european institutions from the inside >> all right sylvia, thank you for those insights we really appreciate them on those european elections taking place today. well, let's turn back to the broader markets. wall street is pointing to a big drop at the open joining me now is killburg founder and -- he is also a c northbound contributor i just want to point out, we just showed viewers and listeners out there, if you didn't see them, the dow is indicated to open down by 230 points at this stage.

>> don't spill your coffee because at the end of the day we are not seeing the vix not even above 17 that's really reflected in the fact that, question yes, this is part of the process. these are escalating tensions that you have to work out as they negotiate this deal >> is it fair to say, jeff, that this market latest leg lower has been orderly in your mind. we haven't seen 70 point drops in the s&p 500 this has been in many cases what some would consider an orderly decline. is this just a revaluation of asset prices given the ongoing

trade concerns or is it the beginning of something much worse sf. >> we're not seeing overwhelming volume to the down side. that's really helping us better understand what is the emotion in the market. as we see these sectors rebalance, as we see tech and even the leading sector for quite some time, as we see emotion come in there, i think there are people taking profits, but it's all going back to the uncertainty. the one thing i really want to quell all the emotion out there is that we have all the emotion coming in with this trade deal situation, but, remember, dom, we have four fed speakers talking. the fed always has a way to make everyone feel better by the end of the day i think the fed will prop up margts >> you are a trader, and you like to look at stocks often are there any places in particular that you are finding opportuni

opportunity. >> i think you have to look at the proxies to china even the cac, which is flat on the year, and lastly, look at apple, which is up about 90% on the year, but all are the proxies to chooirn how much pain can rocky balboa take before he beats mr. t the u.s. administration is going to take a little more pain because at the end of the day i think china needs to come to the table, so expect a little bit more escalation, but look at some of the discounts out there specifically in the chinese proxy stocks >> all right jeff killburg, thank you very much for that. appreciate it. always great to get your thoughts on the morning on these markets. well, coming up on the show, breaking this morning. india's stock market surging to, yes, a record high as india's prime minister modi looks set to win re-election. we'll break down the results and why this election matters for your money plus, elan musk is making a very big bet on vegas why he is hoping to turn sin

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stock futures now at the lows of the session. if these futures rosss hold into the opening bell, the dow would open down 245 points the s&p down by 28 points. the nasdaq off by about 100 points at this stage the dollar, the u.s. dollar,

hitting a one-month high as can you see it there on the chart, the dollars index up .2%. 98.23 the last trade for that. indian prime minister modi has won re-election in a national vote seemi has the details. it wasn't just a win his own party took the majority, right? >> a strong man take. >> asia's richest man is about -- by lunch laurjing his own e-commerce platform. it will put the reliance industries head-to-head with amazon and wal-mart's flip cart.

both u.s. companies have invested billions into india, and currently dominate the country's e kmersz market. reliance is hoping effective price, its success with geointernet, that has won reliance over 300 million subscribers and partnerships with the neighborhood bodegas will allow it to steal market share. >> it's a massive problem. >> an added benefit, modi remaining in power likely means more policies will be unveiled that help domestic companies like reliance thrive >> domestic companies have a huge advantage when it comes to historic ability to work with the local indian government to protect domestic businesses and that protectionism has been something that is existed in india for decades, and i don't expect it to disappear overnight.

snoo they've many ray strong week of 4% >> it wasn't that long ago, this process has taken months around six months at this point now just to kind of get everything going >> there was the campaign, and then about six weeks of voting, yes. >> it's a big country. >> i get that, but wasn't that long ago that i remember hearing chatter that there was a serious challenge that modi might not be prime minister again, but this siemtz like an complete about-face >> it's really interesting going into this election there were concerns that modi perhaps wouldn't be able to remain in power for the second term a lot of it has to do with his policies, which have been very controversial, including demono tiesation, which ultimately has been bad for business. sthoez still say that they're having a tough time trying to expand in that market. >> the biggest democracy out there in the world stick around for this. this is a big story.

time for this morning's top trending stories frank holland is back with those. good morning frank. >> let's see what's trending one of the most exciting ceos, elan muvg is hoping to make las vegas really boring. we're dawg about his boring company. it just won a $48.7 million contract to build a high speed underground expectation loop around the vegas convention center boring hoepds to have the pronl done by the 2021 consumer electronics show elan musk tweetd last night saying he thinks it might be done by the end of the year. >> this is elan musk always is aggressive kbloez have to make sure these plans have plans behind them we've seen these plans before. >> are you a gamble,er >> not >> not me. >> are you betting on elan musk? is that what you are saying? another day, another big

jeopardy win 34-year-old james locking in his -- he holds the second most consecutive jeopardy winds ken enginings still has 74, and the top spot, but he is closing in on jennings' money record he also has already earned $1,930,000 he is getting a lot of criticism, because he is a vegas guy. he also has donated tens of thousands of dollars to charities in the las vegas area, including the ronald mcdonald house. it's something we haven't really seen in jeopardy in the history. ken jennings was brute force with regards to his knowledge and taking across the board. this guy has a specific strategy, right? >> literally no hesitation

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♪ applebee's new loaded fajitas. now that's eatin' good in the neighborhood. zbloirjt welcome back to the show futures pointing to a lower open the dow down about 250 points. the s&p off by 28 points the nasdaq off by 101. let's bring in julie, managing director of btig the market thoughts right now, julian, is this something -- the beginnings of a deeper decline for stocks >> we think you call it sideways slower over the near-term. simply because, you know, our view the market is not pricing in enough political risk here. >> what type of political risk >> well, i think when you look at the u.s. and china trade tensions, the market seems to think that there's going to be a deal done, and we think eventually there will be the probability that it may get more tense before it gets less

tense with the vix at 15 doesn't really discount any of that. >> it's a hard thing to predict the future we know this you do get paid to forecast for these things how long in your mind does a trade conflict with china take before it resolves itself? >> there's talk that it could be years, and it's a process. the conversation between presidents trump and xi, we would expect to see some progress over the summer the bigger question is where the fed will be if it causes reverberations in the economy and we see slowing right now second quarter gdp is projected at only is.2%. that's not going to be a great thing. >> it seems as though the fed speak that we've heard and we'll get a lot more of it in the coming days, has put the fed in a neutral position they don't look like they're going to raise they don't look like they're going to cut

is the fed really a factor at this stage unless there is a big catalyst like u.s.-china trade >> the fed is absolutely a factor you go back to the beginning of the year when the fed went to the side looirns. it helped the he equity markets out tremendously we we think that the fed is assessing the risk and, yes, they have said that neither a cut nor a hike is likely in the near-term. we think they're very cognizant of the fact that trade could drag on the economy. we actually think that ultimately later this year they'll cut. whether it's for insurance purposes or for, you know, to really help stimulate an economy that's weakening because of trade tensions >> there have been a lot of casualties in this market given the u.s.-china trade negotiations right now are there places -- parts of market that you consider to be poised to rebound the most if a deal does get done >> well, we have actually started thinking of it in a less risky way. when we like right now

particularly is health care. if you think about it, health care actually works in a more politically volatile environment. what we saw yesterday was the republicans and the democrats probably are not going to get a lot done this year. we think it's run a long way on the consumer sort of hanging in there, which we think does continue, but those have gotten ahead of themselves. particularly if they disappointed on their earnings reports in the first quarter >> all right julian, btig, thank you for those thoughts we always appreciate you joining us this morning. thank you. >> well, that's it for worldwide exchange this morning.

"squawk box" picks things up next let's get you up to speed on what's happening with futures. the dow opening down by 230 points if these ss cryloesaring to the opening bell. to the opening bell. "squawk box" is coming up nexts? how do i know if they're even legit? edgar? who's edgar? how do i read a 10-k? what about fees? what's an etf? 529 plan? 401(k)? how do we plan for retirement? where do i start? empower yourself with the free tools and resources on investor.gov. before you invest, investor.gov. on investor.gov. ♪ ♪ at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. thank you. there is reward. beyond the classroom... there is inspiration. ♪ ♪

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>> goebel stocks are in quite a bit of pressure. china trade headlines helping drive stocks lower overnight the u.s. equity futures pointing to a graeater than 200 point dro for the dow. speaking of red arrows, another down day for tesla after six straight sessions of losses. the stock falling as much as 4% in early trading we'll tell you what's driving that price lower a bright spos for one retailer the parent company of victoria zret is soaring, but its fancy soaps and lotions, not lingerie, are what's causing that move

it's driving the stock up more than 12% it's thursday, may 23rd, 2019. "squawk box" begins right now. ♪ >> announcer: live from new york where business never sleeps, this is "squawk box. >> all right, good morning, everybody, welcome to "squawk box" on the cnbc i'm becky quick along with andrew ross sorkin things are under some pressure this comes after the markets were down yesterday. the dow was down by more than 100 points, s&p futures down by 28 the nasdaq off by 100. all of these are continuing themes that we've watched the marketings roll around over the last few weeks again concerns over