your five at 5:00 is brpds we are following a major developing story out of the u.k. british prime minister theresa may may announce her resignation within moments you are looking live at 10 downing street in london we will take you there live. it is friday, may 24th, and worldwide exchange begins right now.

there is 10 downing street we are -- okay we are waiting on steve sedgwick to give us a live update on what exactly is going to happen right here at 10 downing street. in the meantime, let's get a check on futures following yesterday's wild ride in the markets, we are seeing stock futures up 130 remember, yesterday at one point we were down 450 we did can end down on the dow 286. the dow jones right now we are up 129 nasdaq and s&p are higher as well the future says are rebounding a bit from yesterday's decline there we see the dollar pound average. okay the market will be keet story.

the trade war is the main story as well. moments away, we are waiting for theresa may to speak down the european markets, not reacting to that news adds well. in fact, the ftse in the u.k. up .6%. the cac around 40. about .9%. we are seeing a lot of green on the screen all across europe asia obviously has been in flux as well. then, again, what says new look at the tiny moves here. despite all feert in the trade war, and our u.s. markets yesterday with the dow down 450. they are decidedly mixed let's check the broader markets. crude oil was a bizarre story yesterday. you think with everything going oncrude oil up this morning,

yes, but worry at 59 -- 58 1/2 dollars. the dollar index is down gold is down all right. theresa may may announce her resignation as prime minister of the u.k. we are awaiting her comments we expected them about three minutes ago. a couple of minutes delay. right now let's get a check with gina sanchez who, by the way, happens to be in london. if prime minister may comes out, worry going to go out of this and back to you. we're kind of -- >> breaking news day >> we're kiefr waiting for the airplane to open, if you know what i mean right now. it's a little chaotic. gina, thank you. thank you very much for joining

us why are we seeing so much volatility >> the markets are really valued at the point that you got the sort of beginning of the flare-up in terms of the recent trade negotiations, the markets were valued for everything going perfectly. neglect short of perfect was going to rattle the markets. the markets have been trading on what i call hope and fear. hope it's all going to work out okay and fear of missing out that has been what has been driving the market to valuations that are untenable you know, the market has been due for a correction, but it doesn't have to be a massive krekds sneeze trade tensions are real and -- >> sit tight we're just british prime minister trees kra may >> ever since i first stepped

through the door behind me as prime minister, i have striven to make the united kingdom as a country that works not just for a privileged few, but for everyone, and to honor the result of the e.u. referendum. back in 2016 we gave the british people a choice. against all predictions, the british people voted to leave the european union i feel as certain today as i did three years ago that in a democracy if you give people a choice, you have a duty to implement what they designed i have done my best to do that a new relationship with our closest neighbors that protects jobs, our security, and our union. i have done everything can i to convince mps to back that deal sadly, i have not been able to do so.

i tried three times. i believe it was right to persevere even when the odds against success seemed high. it is now clear to me that it is in the best interest of the country for a new prime minister to lead that effort. so i am today announcing that i will resign as leader of the conservative and unionist party on friday the 7th of june so that a successor can be chosen i have agree withed with the party chairman and with the chairman of the 1922 committee that the process for electing a new leader should begin in the following week i have kept her majesty the queen fully informed of my intentions, and i will continue to serve as her prime minister until the process has concluded. it is and will always remain a matter of deep regret to me that i have not been able to deliver brexit it will be for miss successor to seek a way forward that honors the result of the referendum, to

succeed eor she will have to find consensus in parliament where i have not such a consensus can only be reached if those on all sides of the debate are willing to comp maze for many years the great humanitarian sir nicolas wintom who saved the lives of hundreds of children by arranging their evacuation from nazi-occupied check slovakia through the transport was my constituent in maiden head. at another time of plikt political controversy a few years before his death, he took me to on side at a local event and gave me a piece of advice. he said never forget that comp myself is not a dirty word life depends on compromise he was right as we strive to find the compromises we need in our politics, whether to deliver brexit or to restore die involved dwoft in northern ireland, we must remember what

brought us here. it was for proannounced call in our country. a call to make the united kingdom a country that truly works for everyone i'm proud of the progress we have made over the last three years. we have completed the work that david cameron and gonch ozborne started. the deficit is almost eliminated our national debt is falling we are bringing an end to austerity. my focus has been on insuring that the good jobds of the future will be created in communities across the whole country. we are j more homes and helping first time buyers on to the housing ladder, so young people can enjoy the opportunities their parents did. we are protecting the

environment, eliminating plastic waste, tackling climate change, and improving air quality. this is what a decent patriotic conservative government on the common ground of british politics can achieve even as we tackle in i kboft can face i know the kwv party can renew itself in the years ahead, but committee with deliver breck it and serve the british people with policies inspired by our values security, freedom, and opportunity, those values have guided me throughout my career, but the unique privilege of this office is to use this platform to give a voice to the voiceless, to fight the burning injustices that still scar our society. that is why i have proper funding for mental health at the height of the nhs plan

it is why the race disparity audit and gender pay reporting are shining a light on inequality, so it has nowhere to hide it is why i set up the independent public inquiry into the tragedy to search for the ever happen again, and so the people who lost their lives that night are never forgotten. because this country is a union. not just a family of four nations, but a union of people all of us, whatever auerbach ground, the color of our skin, or who we love, we stand together and together we have a great future our politics may be under strain, but there is so much that is good about this country, so much to be proud of, so much to be optimistic about

i will shortly leave the job that has been the honor of my life to hold the second female prime minister that certainly is not the last i do so with no ill will, but with enormous and enduring gratitude to have had the opportunity to serve the country i love >> an emotional moment there from british prime minister theresa may. as you can see walking back into 10 downing street. she took office in october of 2016 she survived two no confidence votes. one from the ministers of house of representatives own party she was trying to put together a deal for brexit, but she was unable to ultimately accomplish, and theresa may, prime minister of britain, second female after margaret thatcher to be the prime minister, has decided to resign effective june 7th. as you can seen an emotional moment there from london

thank you for watching worldwide exchange good friday morning. it is 5:is 1 a.m dow futures up 136. >> let's be very blunt with this there have been two sfeechz where the prime minister's emotions and indeed her herltd have prevented her from delivering a very clear message. i thought that was a very dignified and clear message right until the end. we heard her voice breaking up right at the end when she said this is the country i love as well we have a lot of answers in the

speech we just had from the prime minister we also have had a lot of questions still to remain. let me just tell you what we do know now for a fact despite all the speculation beforehand the prime minister will still be prmt until the 7th of june.

>> will she stay as prime minister during that process or will there be a caretaker where you we know for a fact that she will remain actual prime minister some would take caretaker. those being less kind will say lame-duck prime minister until what we understand would probably be late july. late july being the date for one that we see the parliamentary recess in the united kingdom, and, two, we should hope to see offering four to six-week process a new leader of the conservative matter the kwchb party and the labor party, she said, and this is a key, compromise is not a dirty word, and compromise has been something that this parliament

has unambiguously failed to do so back to you. >> steve, who is likely or at least the betting favorite to be the next prime minister of the u.k. >> look, brian, i have done a lot of work on this one. rooking back at previous electrics and previous votes from the conservative party, and one thing is very, very clear. the person who you think is the frontrunner, the person who potentially is the most popular person in the party, who will get to be vote on in the second stable of this process, whether this is there only two candidates left, they don't always win. all four were seen as popular candidates, and none were against the likes of the --

against mrs. thatcher, against david cameron. >> the hot money would be on boris johnson, and that needs to be witled down to two. >> it's a difficult political system does it have to be somebody who becomes prnl that either is extremely pro-brexit or able to bring together both sides into a deal that prime minister may was not able to do so? >> it's a great question unfortunately, it's one which is full on to get a clearance, i'm afraid, brian. because here is the deal even if you get a remainor on one side

let's say you say jeremy hunt or the foreign secretary and the home secretary or you get it doesn't change unless we have a general election, which is another scenario as well ie, you still have the same group of mps trying to debate, trying to find praying mattism and the compromise that mrs. may just mentioned, and that is a very, very difficult conundrum to get those numbers together. could a harder brexiteer, somebody like boris rob and -- get the parliament behind them that's a big ask >> it is a big ask, and we're going to ask a lot of you throughout the day here. steve sedgwick, thank you very much british prime minister theresa may in office. two and a half years announcing her resignation effective june 7th today it was an emotional moment as steve said you could hear her voice breaking she's going through some of the accomplishments that she had, but the one accomplishment she needed to get the brexit deal through, to get the deal with

the european parliament simply unable to navigate that through. complex and at tiemds very conflicted partlility. did already has done that by inflicting the uncertainty, which is that it breaks up the union, the very strong union at

a time when the united states is also taking a very isolation it's approach. the way that it impacts really is through kind of geopolitical and bilateral methods. it will impact markets it will drove up inflation over time the expectation of brexit is that if you had a hard brexit, it would drive up inflation in the u.k., and it would not be beneficial tariffs in the united states will drive up inflation in the united states. this does have a long-term impact all of these sort of countries separating it going it alone is not necessarily beneficial in the long run >> and that's why i think our viewers here in the states care. they say, okay, this is a political moment well, brexit is a global economic moment. remember, the european union economy is effectively the same size as the united states as a group. all the e.u. nations together are roughly the same size as us, and now the u.k. wants to go

a hard brexit, a no deal brexit, is now more likely does that mean we have to be a little more cautious or likely to buy u.s. treasuries and dip out of the risk on world of equiti equities because of this >> yes in fact, i would say that probably over the last decade or so there's been somewhat of a safety premium in that although we have had, know, various wars, we have not had real kind of geopolitical turmoil in a very, very long time that has kind of created this continued safety in addition to financial regression, which has also helped continue to drive up the appetite for risk and drive downpour the return you're getting tofor that risk. it has an enormous impact on long-term expectation. >> gina sanchez, thank you very much for joining us on what is a

historic day maybe a little unexpected we appreciate you rolling with it, gina thank you very much. kwoo higher tariffs be a good thing for some retailers and their stocks we are going to go deep contrarian on this one, and, later, with friends line these and why facebook investors have 3.4 billion reasons to worry today. worldwide exchange just getting started, and we are back right after this what's a target date fund? what's a hedge fund? a mutual fund? an index fund? what should i ask my investment professional? 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.

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move critical to legg mason's ongoing growth that stock unchanged we are continuing to keep an eye on shares of tesla they are higher this morning, but following a rocky week since monday tesla has lost more than 7% of its value and investors have lost 50% of their money in just nine months ago. the faa's acting chief of staff defendant's exhibit give a time hooin on when the faa will recertify the aircraft boeing 737 max airplanes have been grounded since march following two deadly crashes shares of boeing this morning are up very fractionally in the premargaret. up next, more on the big story of the day british prime minister theresa may saying she is out.

she will resign effective june 7th and we'll take you back to london when worldwide exchange returns. 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. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment. beyond technology... there is human ingenuity. ♪ ♪ every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. take your business beyond.

british prime minister theresa may announcing she will step down on june 7th. failure to reach a deal for brexit dooming her tenure. facebook cleaning up its act you may not believe this it is removing more than three

billion, billion, fake accounts. we are going deep contrarian could higher tariffs actually be a good thing for american retailers? it is friday, may 23rd the second hatch of worldwide exchange begins right now. >> back after friday thank you for being with us here on cnbc. i am brian sullivan. you come in. you expect one show. you get an entirely different show let's get to your big breaking story of the morning british prime minister theresa may announcing she will step down on june 7th steve sedgwick is life outside of 10 downing street with more on what was a passion yats and at times emotional and brief resignation speech from prime minister may >> yeah, absolutely, brooirn i think she held it together right until the last moment when you could hear that emotion coming through in her voice.

we learned a lot in this speech although there is a lot more we have to know how things will transpire. the question is will a remainor or brexiteer eventually become the next leader of the conservative party hence, the next prime minister will that change the whole convoluntarily outed brexit process? let's listen in to a couple of key points we heard right at the start of her speech from prime minister may. prime minister saying she will stay as prime minister for the state visit of donald trump and the memorial services of the seventh anniversary of d-day, but thereafter she will remain as prime minister. what we think will be until late

july when we then potentially by then after a tuesday process will have another leader of the party and have another leader of the country here in great britain. here it remains to be seen who will be that person, and can they tie the country in their own party together those are huge questions for britain. >> all right, steve. what is our timeline then? when would with he have did, she's resigning june 7th when would an election be? can they get an election together, in two weeks time? >> it depends. the barriers of entry or noting to be are actually very low. anyone who is a member of parliament can say i want to be prime minister you need one mp to back you and another one so tekd that as well if you are in the two other mps, yeah, i think you have a chance, and it could be a field as many as seven, ten, maybe 12 names. what happens then? there's a serious of very, very quick balance as well, and it's by what's called the 9.2 committee back bench they're the ones who finally push mrs. may to make that

speech >> the two names go to the tory members, which is around 125,000 conservative members, and they get to have a vote as well the process often takes four to six weeks. it seems unlikely it would take any less it's going to be late july, possibly, possibly as late as late july before we know who the next prime minister of great britain is did theresa may resign, or was she effectively forced out >> it's un -- mrs. may is wufrt most hard-working people in politics there's no way unless she had lost support of the cabinet, lost support of her back benches, and possibly lost support of the country as well that she would resign because

she just -- it's not in her dna. away apparently was the final. the leader of the house is a keen brexiteer as well, and resigned early in the week she lost yet another key kae cabinet minister incidentally, the 36 of her tenure as prime minister. >> there is a no confidence vote in the prime minister. it seems happy that these events and the fact that there's a withdrawal agreement as well was -- it's now disastrously with other cabinet members and former colleagues as well. all those conspired to make mrs. may realize the time is up >> you know, steve, it's odd to

see the u. k. markets and the european markets not responding at all i want you to look sue your crystal ball >> i think you ask a keen question we are still actually in line for -- we have the european parliamentary elections going until sunday evening here as well we're talking about the likelihood of -- it's very difficult to say -- the opinion poll before we went to the polls of the parliamentary election was seemingly -- the polls looked like it was going to be very bad for the conservatives, but equally bad for labor as well both seemed to have done very, very badly, potentially. again, we haven't looked at exit polls, but we've seen to potentially done very, very badly in the parliamentary

election dough spite the fact that the tories are in a difficult position, labor also under jeremy corbin is also in a very difficult position as well you mentioned 2022, and that is absolutely the key point in the electoral calendar, in the strict electoral of the law, that is the next time we have a parliamentary election in the united kingdom the next leader of the conservative party, whoever it mate be, whether it's boris johnson, or someone else,co knows whoco say i need a mandate, and i want to go to the country, and there are mechanical processes whereby we can have an early general election possibly. all cards on the table still >> i know, steve, to your point, and our viewers here in the united states, may not quite understand this given that it's an anything goes environment here, but the rule around even discussi

discussing. >> 5:00 sunday afternoon we'll have the first exit polls, and we'll get the first indication of how badly or how well the incumbent house across europe are done let's make a point super left and center right parties across europe are having a very tough time at the moment as well. wherever they've done better in these elections or not remains to be seen because they are still yet to vote in many, many countries. voting doesn't finish across europe if are you 10:00 p.m. london time on sunday. >> your rules there for disclosure, skps maybe something we can learn here as well. steven sedgwick, quite quite the day in the e. uflt we always appreciate your great insight. thank you very much.

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zplierjts retail stocks have been slammed recently on concern that coming higher tariffs will actually crush them and the consumer pretty much everybody believes tariffs will hurt retailers. look at the may results. jp penny's, kohl's, zumiez, big lots all down 20% this month. when everybody believes one thing, maybe it's worth a look at the other side. here's what everyone else is selling and vees versa is there a scenario where tariff

kooz help retailers in the long run? that's the duchess of retail stacy widlets is here. i pitched this segment to you, and you told me i was insane, but here's my thesis for the viewers. retailers for years, what have they complained about? too much enventory, no pricing power, race to the bottom, no one is making any money. tariffs go up 15%. could they raise prices by 20%, the consumer survives and they make a little more profit. when the tariffs were at 10%, i would say, yes, that's true. they expect this price increase, and at the same time the retailers, all they do is squeeze the vendors, and then they raise prices and make the difference now that we're talking about 25% increased, you can't possibly squeeze the vendors enough, pass it on, and get that margin

you are passing that on to the consumer, which means the consumer likely will push back in to volume you got pair of jeans that's $40, okay? 15% of $4.50 now the jeans go from $40 to $44.50 >> you are doing math. it's over. >> it's a little early for math. is that the end of the world i think they will sell fewer items, but shouldn't they be more concerned about profit per total item that was my total -- >> the problem is if their cost of goods are going up, they're not actually making more money however, if they push through price crisis and the consumer expects it and then somehow the tariff situation works ichts out and prices have already gone up, then they stick. so the jeans are $40 they go to 44.50 with the

tariffs. okay the tariffs go away. the jeans stay at 44.50. now the macy's of the world, the levys, whatever, now they're making more money. >> in that case they can make more money, and, of course, have you to see kind of what the volume impact is it is true once you do raise prices, they tend to be sticking. by the way, what is happened over the past 18 months. most retail ares and brands have cleaned up their channel and have stopped promoting consumers have already kind of seen some of the discounts being pulled back. that will reverse itself because most of the earnings were pretty crummy in q1 and inventories were back up >> there's a school of thought there's viewers right now that are, leak, people can't afford the 44.50. give me a break. all right? we didn't have a cell phone bill ten years ago. now we're going to may $100 a month. suddenly we're live. we survive a 50 went jump in the price of gasoline is abouter ultimately for most americans than the

tariffs. the retailers will be able to figure this out. will they not? >> in many cases they will i think in some cases like with consumer electronics, obviously, it's a bigger impact and highly discretionary item so far the tariff increases have been on appliances that's need-based. the volumes haven't come down. it depends on the product. yeah, if you put a price increase on apparel -- >> the bottom line is we showed the -- can we bring up that wall again, the numbers many stocks down 20%, 25%, 30% this month >> yes >> has the market overraelktd to the -- overreacted to the fear of tear efed >> the ones down 20% had nothing to do with the tariffs we're talking traffic increases of mid to high single digits and execution issues we're talking other problems if you look at a best buy, yes, i would say absolutely that's valid. >> stokts of best buy is up 30% this year, and they sell giant electronics made in china, and

yet, they're up 30 -- yes, they fell yesterday, but, folks, look at the long-term best buy is up 30% this year not exactly dying because of tariffs. why am i dwegt so worked up? >> likely to get a labor party >> this was obviously expected if you think about the european parliamentary elections.

the conservative party needs to get its act together otherwise, we're going to end up with a labour party, which means tacks, taxes, taxes, which means lower property prices, worse economy. >> that's a real hit to retail >> i'm pulling for the conservative party to get it together >> a big day as well duchess of retail. stace dwri, thank you very much. i knew you could roll with the question all right. on deck, more on what we just mentioned. the big story. theresa may resigning as of june 7th as prime minister of the united kingdom

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unable to provide a deal for the brexit exit of the united kingdom for the e.u. >> joining us now to talk more about the markets, your money, everything else, mark, president and fonder and ceo of strategic world parnds don't worry, i see the fear in your eye i am not going to ask you about british politics because even i would not dare to do that, but, but, with brexit now this, trade war all this stuff doing this. can earnings of u.s. companies hold up? is the u.s. market still a good value given what is arguably the most uncertain environment we've had in five to ten years >> yeah. without a doubt. uncertainty, obviously, leads to more volatility.

urtsds all about sourcing good companies anden vestable things you want to be a pafr, and we are in the camp that believes that the up trend is still impact, and this is all just a bufrm of noise. your reaction.

you heard my question. we may not care about british politics, but we care about brexit and the trade war, and i just want to add another layer of just massive uncertainty to the market at all. >> as i drink my tea and eat my crumpets, the reality of brexit and hard exit on october 31st from the european union from u.k. is not a good thing for their economy. in the context of the overall impact i agree there's limited impacts, but in the sense that we're evaluating global growth headwinds around the world, the fact that we already know the impact of what the trade war did to essentially the synchronized global growth story, this is not good news. i think this is thely a sign of political dysfunction around the world, and this is another secular dynamic at work here the yup issue union has significant issues as growth goes lower, you're going to see them exacerbate

especially in places like its and spain, and those are things that we really haven't talked about in a long time >> you know, mark, i guess the theory is, you know, buy at the point of maximum uncertainty now the markets have done well this yoer. we need to remember that we are still well higher double digits. there are more issues with trade, and i don't think we get a trade deal done and still -- i do think it gets done, though, and if that's the case, if a trade deal does get it done, there are certainly opportunities out there. do you have to rush out and buy those positions today? no what you slub doing is you should be identifying positions that you have maybe fell in love with, but you weren't able to scoop up at a price that you determine to be reasonable, and you figure out a range and when

it falls into that range, that's when you start to accumulate shares. >> i don't think the equity market is in line with what the fixed income market is telling you in terms of we take down the 229 on the ten-year yesterday. that's flat pmis for may for three-year lows. i think we were already on a leading indicators were leading downward, brooirn, and that's

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news breaking in the last hour prime minister theresa may announced she's going to tip zoun on june 7th we get a live report from london on the trade front china sounding off about a comment that secretary of state mike pompeo made about huawei right here on the squawk set i saw it on brett bair, too. the stock of tesla bouncing back above 200. we'll tell you what elan musk said yesterday that could be driving more optimism. it's friday, may 24th, 2019.

"squawk box" begins right now. >> business never sleeps this is "squawk box. ♪ "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. our guest is joe terranova he is a cnbc contributor. >> i'm just glad he's here i'm excited on a friday. >> beautiful out >> we've already been talking about what's happening here. >> he's a guy that has a job >> the jacket and the pants? >> mrs. terranova matched, put all the shirt and tie combo. is that all you? >> sound asleep when i left. >> so she didn't

all right. >> well, wel