it's 5:00 a.m. in new york here's your top 5 at 5:00. is break even the best you can hope for in 2020 we speak with the head of the world's largest wealth manager to find out. nerves are high as president trump said to give a speech about china just one day after beijing cracked down on free speech in hong kong. speaking of speech, twitter responding to trump's order targeting social immediamedia ce

as he calls them unchecked monopolies big plans for the big apple. finally out with a reopening plan and why the novelty of working from home may be wearing off on all of you it is friday, may 29th, you're watching "worldwide exchange" here on cnbc good morning, good afternoon, or good evening, welcome from wherever in the world you may be watching. thung for joining us right here on worldwide exchange. it looks like it may be a weak end to your week dow futures down about 73 points stocks having a good week so far. but right now, market nerves seem elevated a a bit waiting on the president's speech about china. we'll get more on that in a

moment despite yesterday's drop, the dow, nasdaq, s&p, all the major indexes are on trial court for their succeed strakt month of gains. the nasdaq leading the charge among the broader index up 5.5%. now less than that small caps the real winners this week up nearly 8% as investors begin slowly to look past the lockdowns, this may be the story that may move markets today and going forward. the china-led government of hong kong issue iing a new warning to the the united states. any sanctions are a double-edged sword that will not only harm the interest of hong kong, but those of the united states this as president trump prepares to address the nation later today on the situation in china. no indication from the white

house on exact details of that news conference. we'll cover that event right here on cnbc the moment that it begins let's get back to the market asks your money. and the growing shift of investor focus and the global lockdowns to the global reopenings and rising geopolitical tensions. joining us now is mark haefele, mark, thank you for joining us bright and early on this friday morning. the markets, we're talking about a second wave. the mrkts look like they have had a second wind particularly lately what will it take to you and your team to keep this recent momentum for stocks going? >> i think that you're right, that the fear is for this second wave of. we think that there's reasons to believe that that won't materialize. that a second wave of the virus that leads to further national lockdowns won't materialize.

that should give people some optimism that there is upside to this market, particularly in some of the sectors, as you mentioned. maybe the mid-in the u.s. or germany in europe. so that's one of the thing this is we're looking to today beyond some of the political tensions >> what are you focused on primarily? is it the reopenings of the economy? is it the economic data? is it the situation in hong kong is it something else perhaps >> i think that the being in europe and having a team globally, we have seen the fears of what the virus can do, the wave of fear move just as the peak and the trough and the virus counts has move d a as well so as we move past that, we have started in asia to look at

things like autos and consumer electronics and transportation and beverages and here in europe, we are opening up again. so we are looking more towards some of the names in the hopes that this sentiment starts to change rather rapidly. of course, in a base case where those things don't materialize, we are still looking a at credit because we want to be buying where the central banks are putting their money. as you know, the federal reserve efforts are real and starting to have a material impact haven't yet gotten the financial conditions in the united states back to where they were before this crisis. but they are moving things in that direction that's a very powerful force for these markets. >> i want to go back to some of the data i track about 15 states every single day on a spread sheet

news case counts and the good news now is it looks like many of the reopening states and testing expands the number of new case counts continues to stay fairly muted thankfully maybe 1 to 2% in the majority of the states is that the kind of data that you and your team are looking at most closely right now and if it is, you acknowledge that we still probably have a week or two until we really see this follow through on the data after reopenings there's a 4 to 6-week lag. >> what we have done is we have taken the data frthat tracks wht people are doing whatever the government lockdown was and plot ted that versus a reduction in the rates what we found is that the data shows that lockdowns are not necessarily the best way to slow the virus progression. so south korea had a very small

reduction in mobility, yet redu reduced it strongly. we know that countries like spain and italy and france were locked down. and they didn't do as well as some other countries in terms of slowing the reproduction rate. so what i think that says that data comes in is even if the rate goes up a bit as the lockdowns are loosened, the logical step may not with be to go to lockdowns if we see a slight rise. we're less likely to see hospitals overwhelmed. we made progress on the medical front. we have gotten more ventilators, we have more icu beds. so that's fear of an overwhelming of the hospitals is not there. and that should give policymakers more options.

>> this is incredibly important stuff we're talking about here and history will taebt that's for another day and another time but it sounds like your team, if i'm hearing you correctly, as you track mobility, what your team has found out is that number one, people seemed reasonably good at self-regulating, i would suppose. they don't feel safe they are not go i think to go out, but it appears they are willing to move around freely once they do feel safe the consumer may bounce back faster than many of the most negative had predicted >> that's certainly a possibility. what we're seeing in the data is that probably contact tracing, wearing masks, are probably more effective than locking down your entire economy and therefore, should we see transmissions rise again, policymakers need to look

at options besides locking down an economy and the ult mayly it's what consumers do >> follow the sick and mask up fascinating data there mark, thank you for doing that work we appreciate you coming on. we welcome you back any time thank you very much. when we come back, twitter versus trump round two this time over the growing crisis in minneapolis. plus the future of dining out in new york. we speak with the ceo of one familiar chain on how is may look like when you finally go out to eat again in the big apple. and housing, it stays hot but it's a market with many risks. we are going to break it down. we have a busy hour ahead. we're just getting started we'll see on the other side of the break.

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twitter taking issue with one of president trump's tweets. this time regarding that developing situation in minneapolis. this is a adodeveloping situatin president trump said he cannot, quote, stand back and watch this happen to a great american city of minneapolis the president referring to the

mass demonstrations and protesting rocking the region in response to the highly controversial killing of george floyd by a minneapolis police officer. the president going on to say in a second tweet that's bye-bye flagged and cent cousored by twr that he spoke with the governor. and the the military is with him all the way. any difficulty and we'll assume control. when the looting starts, the shooting starts. thank you. that's the end of the quote. twitter says the tweet violates its policies regarding the glorification of violence based on the context of the last line and the connection of violence and the the risk it could inspire similar actions today. twitter has decided it may be in the public's interest for that tweet to remain accessible due to the president's status as a public figure. the latest move comes hours after it responded to the president's executive order targeting social media companies calling that order reactionary and politicized. this is a developing situation

>> frank, good morning thank you very much. watching twitter stocks and facebook as well as others today. we have got a lot more to do on the this friday this stock is already up more than 30% this year, but your next guest says it has plenty more room to run she will name names and give you more top picks as we head into the weekend, just for you. that's next. ♪

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software, shoes and fry iin pans salesforce topping forecasts but the outlook for the quarter just shy of estimates they are cuttings earnings as it offered payment relief to some customers and made new investments. that stock down 3.5% nordstrom sales fell 40% in the first quarter, but the

department store chain says it worked heart to shore up its balance sheet. they olympian to expand their n online and off price business. which makes up 60% of sales. and retail, good news. williams-sonoma results topped many forecasts it posted a surprise increase. the company owns west elm and pottery barn they are benefitting from online sales. everybody couldn't go anywhere, so they worked to spruce up their homes. they are up nearly 7% in the premarket. new york city mayor bill de blasio outlining the first steps to opening the five burros the first phase expected to be enacted early next month construction, manufacturing, non-essential retail should be back up and running. but the city council is pushing

the mayor to include special provisions for restaurants as well joining us with a look at what that could lack like is knives napkin restaurant tour listen, it's great to have you on love your burgers. right there on 9th avenue. many other locations can't wait to go out to eat again at some point. what are you hearing about the reopening plans and bha would you like new york city to change about what you are hearing >> good morning, thanks for having me. thanks for the nice words about the burgers. we are excited to get back open when we can, but first and foremost, we want our guests and employees to be safe when the time is right, which hopefully is approaching, we'll be ready the big thing now we have been advocating for is more outdoor seating.

there's been proposed discussions a about how toex pand outdoor seating that seems like a great way for the community and forthe restaurant business if that could happen >> do you believe that is going to happen? i know that on one of your locations, you have a that sidewalk stretch outdoor seems to be safer. but not every restaurant has that capability. i would imagine any discussions you're now getting a fight between the haves and have notes of al fres co, if you will >> it's definitely a complex task to get a permit for a sidewalk cafe has been a difficult and expensive process and a time-consuming process now they are trying to develop a fast-track process it's not easy. and certainly, it works in some locations and not others but to get a sense of normalcy for the dining public, get people out and eating safely and b joying the summer, hopefully

they can cross some of the bridges. >> are you confident that will happen >> i'm hopeful it seems like everybody want it is to happen where there's a will, there's a way. obviously, it is going to work out better for some restaurants than others. but it's luck of the draw. hopefully some of the small restaurants that never had sidewalks, if they can get one or two tables. and let people serve on the street it's a great solution. and we need the public to be comfortable eating out again and feel safe. and if outdoor can be a big part of that, that's the first way to get us back in business. i'm all for it >> i even tweeted out about a month ago, why not block off some streets it sounds like not

just the sidewalks, we have bikk lanes and maybe a dining lane. it sounds ridiculous, but we talk about being outside perhaps. that's the way to go let me ask about workers it's been a lot of debate about this it's a touchy subject. i get it are are you confident you can get back all of your workers right now? >> i'm confident the design is there. but the real question with the restaurant business is we brings a as many people as we can when business demands and unfortunately right now, we have a skeleton craw doing delivery and takeout once we can reopen, we're excited to start hiring back but there needs to be business to support everybody and so unfortunately, no one really knows what that looks like hopefully as we ease up, we'll keep bringing back a as many people as possible as quick as possible >> we have to go

give us a reason to be it's friday. we're entering summer. give us a reason to be optimistic what's a date where we can take this crew, busting their bullets every single day to get a burger and a beer in new york city. what day can we finally do that again? >> i'm thinking july 15th, somewhere around there we enter phase one and four weeks after that so somewhere around july 15th we'll be ready for you would love to see you. >> that can't be fast enough 5 napkin burger ceo, best to you and your team. thank you. >> thank you i know some of you on the east coast are already doing it, buts for us, coming on straight ahead, a worldwide exchange at what company insiders are gtietng the most bullish on their own stocks including one big name you know doing some serious buying. we're back right after this.

markets on edge as trump takes on two new nights. one with china round two, twitter offering now to fact check another trump tweet as the president said he may try to shut them down and housing stays hot, we have been talking about it for awhile, but as buyers move in is it buyer beware.

we'll outline some of the risks to real estate on this friday, may 29th this the "worldwide exchange" here on cnbc welcome back happy friday, everybody. we made it out it has certainly been a good week for stock investors all the major averages are up a couple percent maybe looks like a different tone early stock futures down about 44 points. but we're watching that roll over that began late yesterday as stocks began to slide president trump hinted at action against china's crackdown on hong kong's free speech. we'll watch that despite that, all the major indexes on track for the second straight months of gains the nasdaq leading the charge up nearly 5.5%. this has been the week of small caps with the s&p small caps up

nearly 8%. now let's go around the world and see what's happeningen on a mixed trade. you had japan and hong kong down fractionally the mainland china up. a bit more of a trend to follow in europe. you have more ed are on the screen not a lot. but they are down. still it has been a solid week for stocks it's time for our weekly exclusive on insider buying. what company executives are putting their own money in their own stocks this did ta coming to us for insider score. you'll notice a trend this week. these are all smaller cap games. let's count them down. the company with the fifth most insider buying this week is g. when he buy, the stock has done well o'rien engineered carbon, yep.

the ticker is oec. the ceo, cfe and chief accounting officer all doing some buying there. you had multiple insiders buying for the first time since their april spin off stock number two is interesting not just because it's a new name to us. ahh, it was done by board member john snow. no, not the guy writing the wall and protecting us from white walkers. the former treasury secretary that john snow and the stock with the most insider biefing this week construction firm, multiple insiders buying $2 million wort of stock the five names with the most insider buy this is week via insider score. why do we track this

insiders lately have been spot on with their buying check this out the average gain of all the insider stocks that we have brought you the last six weeks or so is a jump of 43% this quarter. that compares to a 17% gain for the dow since march 1st. so insider bought stocks have more than doubled the dow's return we're going to keep bringing this each week here in the 5:00 a.m. hour. speaking of buying stocks, many of you may have bought up shares of the so-called stay at home stocks the companies thought to benefit from staying in, watching a lot of tv and hopefully working out. but as we look thankfully to begin to emerge from this in many parts of the countries, they have hot names that cool off. let's welcome in victoria fernandez at cross mark global investments great to have you back

a buyer of some of these names like a charter cable people have to make sure they are well connected are you holding on to some of these stocks >> we are holding on and we're actually using any pullbacks we see in the market to really add to some of these names. we really think that secular growth story is still something that over the long-term is going to serve well for clients. we know there's been a lot of shifts lately and people have starting to move to different areas of the market, but we want don't want to do that short sided trade. we don't want to do just a covid-19 trade we want to do something that we think is a trend that is established and going to continue on for an extended period of a time where it's the broadband and connectivity names, things like service now where you're looking at cloud or maybe looking at 5g names. those are long-term names that we think not only will continue to do well, but their balanc sheets are strong.

they have to have the competitive advantage and need to have strong balance sheets with gad cash flows, and those are some of the names that do that >> is let's hold up just a bit here i think you're telling two stories. us number one, many of these stay at home stocks, i'm going to throw in a peloton. many people may view those as fads stuck at home so anybody can afford one tried to buy one so that may change going forward. a service now is more of a company bought software. it's enterprise in the lingo so do you think there's going to be long-term effects of these shutdowns, which will play out over years, if not decades, versus, hey, let's bulk up on the streaming bikes. >> i think that's absolutely true when we're talking about things like service now and looking at cloud, even when we talk about charter with broadband, those are things that have done well because of covid-19, but we think they do have long-term

strentrends that are going to dl going forward. i don't think we're going to see things go back to what people consider normal from earlier in the year i think we're going to have more people working from home we'll have more remote activities going on. sales and distribution teams may not travel quite as much they may be using more of the technology from their home offices to do meetings around the world. so i think we're going to see shifts and trends change both personally and professionally and these are names that will take advantage of that over a longer term. >> another one of your picks, i tried to understand where in this theme it might fit. it's s&p global. the rating agency, the new stock analysis, we have guests for their companies. what's the attractiveness there? >> when you look at a name like that, that's not really part of the trend from covid-19 that we see, but it definitely fits into the other factors that we look

at really strong balance sheets, good margins that they had going. low debt to cap. it's around 5% for them. it's a sticky business for the customers that they get. they have a competitive advantage in the space those are all things that we look for when we're building out the portfolio and look iing at that long-term and s&p global fits right into that space >> from a market global macroperspective, you gave us three picks. a lot of debate now about whether or not this sort of reopen, whatever term you want to use, has already been priced in or if it's been overly priced in because nobody thinks we're going to bounce right back we have gone through the letters. you have a w shape recovery. what does that mean? a sharp spike, as we all get freed from our homes and the long reality setting in that is going to be a long slog.

>> i think it's going to be a very long process for people to come back. i know there was a lot of anticipation we were immediately going to have consumers go out and demand was going to come back it was a demand supply story with covid-19. which was going to come back first and how are those going to work together going forward. and even how that plays into inflation. but i don't think we're going to see the consumer jump back immediately. just because things open up doesn't mean demand comes back we have been open here in houston for about two weeks now. i think it's going to be a good story to watch and see do we start to see cases spike again. is that going to cause people to close again and bring people back home again. if so, we're going to have a lot of volatility. throw in an election and the u.s. china tensions getting higher again, you have quite a bit of volatility before we see a strong trend higher in the market >> we have this election thing coming up in a couple months how quickly we forget.

thank you for reminding us best to you and your team over the weekend. see you soon thank you very much. now let's get more on what victoria talked about, which is the rising tension with china. now the government of hong kong is issuing a warning of sorts that president trump telling the white house to basically stay out of its internal debate over its new clamp down on protests and free speech. the legislative body saying a withdrawal of the financial hub special status could backfire. any sanctions are double-edged sword and will not only harm the interest of hong kong, but significantly those of the united states. this as president trump prepares to address the nation later today on the situation in china. no indication of the white house on exact details of that news conference we will coffer that live the moment that it begins. also breaking this morning, twitter flagging another one of president trump's tweets this time regarding the riots

and protests in minneapolis, minnesota. in a pair of tweets around 1:00 a.m. eastern time this morning, president trump said he cannot, stand back and watch this happen to a great american city, minneapolis. trump going on to say a second tweet that's been flagged and censored by twitter that he just spoke to the the governor and, quote, the military is with him all the way and we will assume control, but when the looting starts, the shooting starts. thank you. clarifying its actions twitter says the tweet violates policies regarding the glorification of violence based on the historical context of the last line. the connection to violence and the risk it could inspire similar actions today. however, twitter has determined it may be be in the public east interest for the tweet to remain accessible

the latest move comes hours after it responded to the president's executive order targeting social immediamedia ce calling it, quote, reactionary and politicized. coming up, we'll get back to business a top rank money manager laying out his action plan for investors, but first, tesla confirming its ceo elon musk has earned the first pop of a massive incentive-based payout package comprised of 1. million new shares of tesla valued at $775 million based on yesterday's closing price of tesla. this is the first of 12 so-called tranches available to musk under that plan it's not clear if he has sberzed the options. $775 million happy friday

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welcome back to "worldwide exchange." no doubt many of you have been working from home for months and that's likely to continue for the foreseeable future though some may enjoy skipping a commute or an extra hour of sleep, we wonder if anyone was ready to get back to the office.

we did what one must do in in this situation we took to twitter if with a poll if you have been working from home r you looking forward to getting back to an office? check this out nearly 60% said yes. you are looking to get back to the the office and all that comes with it. 56% said yes 44% said no. so a little more scrkewed to getting back would you like to see the kids go back to school? i think we might have a little more one-sided 56% want to get back to coworkers and the office and just get out of the house. perhaps the novelty has been wearing off. as we have been talking about for awhile now, the housing market appears to be the winner in the race to recovery. but there are significant hurdles ahead. we have the start of an all-day special report and the topic it's a big one kick it off.

>> it's really the quickness in the housing recovery that surprised month most analysts and the mortgage market has a lot to do with it. record low mortgage rates are giving buyers more purchasing pow power. that's especially important because the supply of homes for sale is also at a record low that's keeping home prices high. so buyers may be be rushing in now to take advantage of rates while they are this low. you have to understand how we got here rates had popped up in march, but when the pandemic started to hit, they began falling. but not as low as you might have expected given what was happening in the stock and bond markets. mortgage rates loosely follow the yield. part of the reason mortgage rates didn't go even lower is simple risk big risk risk spiked when millions of borrowers flooded into the mortgage billout program the details of the program were not very clear at first and servicers were worried they would be wiped out having to pay bondholders for a year

it was also unclear how borrowers would make up their mispayments. lenders pulled back in the hospital wanting to add risk in the last few weeks, rules and elements of the bailouts were changed and clarified. lowering that lender risk. according to new numbers that will be out soon this morning from black knight, the number of new requests for fore baerns has slowed to a trickle. so while still tight, lending has loosened up slightly the risk is lower and mortgage rates fell to new record lows in the last few weeks. >> fair enough i'm going to quote a noted real estate expert. you can't buy something that's not for sale any indication when housing supply, people putting their home on the market, may recover? >> that's the key question so many people not only postponed listing their homes in the all-important spring market,

but they pulled their listings in march and april i spoke to an agent. i was out in front of one of the for sale signs and she said she's calling people who pulled their listings in march and april and begging them to put them back on the mrkt because she has lots of boyars but nothing to sell. and then it's going to benefit the home builders big time if they can ramp up production. >> quickly, we talked about this trend of working from home and how much is going to be permanent. any change coming in open hou s houses in maryland right now you can do an open house with a mask on any sign that's going to change? >> open houses are start og open up we went to one in atlanta last weekend. they are hope opening up in state this is opened up early earlier. people are showing up at these open houses. number one request now is the home office. >> all day extravaganza, thank

you so much. have a great day and a good weekend. thank you. let's talk more about the housing market particularly mortgage rates. we just said you can't buy something that's not for sale. you can't also buy something if you can't get a loan unless you're one of the rare all cash buyers how is the housing finance market doing right now >> so there's two parts to the finance market there's the cost of credit and there's accessing credit so the cost of credit, mortgage rates are at all-time lows but the trick is can you get the loan lenders since the covid crisis have tightened standards somewhat as they are concerned about the riskiness of some borrowers. >> and what's changed? do you have to have 20% down can you still buy a house with

10%? every business will be altered what we are going through. what could be more of a permanent change that comes from all of this? >> i don't think we have any permanent changes. everybody is wait ing ing to sew it plays out the big question is what happens with unb employment. how many of these jobs we are seeing are going to become permanent. we're going to have the housing finance programs that we have. if anything, if it there's a significant increase, you might see more affordability measures enacted by other government agencies because wohl see rising inequality so in terms of access programs, we'll we're going toft same programs. what's happening right now is for conventional loans, you need a high credit score and probably more money down. but all the programs a that allow 3% down, those are also

going to be available. it's going to be suffer to get the conventional loans >> we have seen people tap their retirement accounts to maybe do some home improvements are they tapping their home equity to do some improvements or perhaps to make sure they have a cash stash ahead of what could be a long slowdown >> so there's several parts to the home equity story. one part is lending standards. a lot of lenders have pulled back from home equity. they don't want to be in the second lean position the lenders doing loans right now would typically do home equity on somebody who has a first lien with the same lender. they still have recourse to the property if there's a problem with the loam loan although volumes are declining, the share of home equity loans used for home improvement is increased. now about half of home equity

loans are used for home improvement whereas back in january, it was around 40% so we have seen an increase in people saying i'm going to use the home equity loan to improve my house maybe some are trying to build home offices as well >> it might go to some of the blowout home depot numbers we saw people stuck at home so they are working on their home appreciate you coming on thank you very much. good weekend to you. on deck, a financial adviser tells us where he thinks you should put your money to work right now. do you make long-term changes to your investment portfolio? or buy more? dow futures are down 150 we're getting advice for you coming up. if you start to reopen and you start to get on the road and missing cnbc, u yocan find us live on the go download the cnbc app today. we're back after this.

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welcome back we have a second hat trick of stocks to watch for you on this friday investors may be digging dell. beating forecasts on strong growth and sales of pcs and demand for workstations. all those people we tud about working from home may be upgrading their workstation. dell seeing double-digit revenue growth in notebooks and increase in mobile workstations as well dell technology stock up 6%. this is the semiconductor company reporting better results. they make chips for electronic devices like the google chrome cast computer, revenue above analyst estimates. and stock three, costco. q3 fell 7% missing forecastss, but sales did beat most estimates.

the warehouse operator spent more on wages, sanitizing stores and also sales in high margin products like jewelry buzz they didn't feel like it would sell during a lockdown. they stocked up on basic gods like rolls and rolls of toilet paper. costco plans to bring back its popular free samples next month. how about that let's get more on the markets. stock futures down about 50 points at the open, but it's been a solid week for almost all the major averages the major averages on track for their second straight month now of gains small cap has been the standout this week. so as markets move up, what should you be doing with your long-term plan and your retirement funds joining us now is a wealth adviser a at newberger and a top ranked financial adviser

thank you very much for joining us love having you on we're trying to really just dig in and get basic real world advice for our viewers the s&p is up nearly 40% off its low. if you rode it out, it's paid off mostly what are you a advising clients to do right now. >> thanks for having me on the show i really appreciate it that's a common question from our clients what should i do now. the most common part of that is should i raise cash and go to cash and in most cases shs the answer to that is no. this is really a time to revisit long-term objectives and risk tolerance and check in on your a asset reallocation if they have not changed dramatically, there's no need to change because we're building that allocation for three to five-year period so asset allocation, strategies in some cases should be changed to take advantage.

to be more defensive and view the changing environment but just because we're not just changing asset is allocation doesn'tmean we're a buy and hold we could be making changes at the portfolio level. in terms of changes at the port foal owe level, you'll break it down to asset classes. we're favoring quality large caps over non-u.s. base case scenario is continued contraction. with gdp around the fourth quarter of 2021. and as that situation progresses depending on vaccine news, depending on potential spike in a second wave, we would add in things like small cap stocks, which typically don't do well in economic distress but the relative small caps is dramatically lower than large caps >> they have been red hot this week the small cap is up 8 %.

we talk about equities, but is there any other instruments you're advising clients to get into we saw huge dislocations in corporate bonds. they surge, private equity, what other opportunities are out there for your clients >> absolutely. so one of the opportunities that we're using more is to take advantage of the extreme volatility premiums have spiked and selling puts across indexes makes a lot of sense to capture that increased premium on a fixed income side, we're favoring corporates into other t taxables even though the absolute yields are anemic, the relative yields to treasuries are pretty strong and favorable. as corporate issues decrease in

a second is half of this year, we expect to see the spreads tighten. we see the yields go down and dat that point, we may be looking into add in high yield on the private investment side, historically, destressed economic periods have offered some of the best returns in terms of private investment vintages so on the private equity side, we're looking at that private tet sides. >> we got to jump in on you there. great real world advice. best to you and your family. thank you for joining us and wow, an hour goes by like that thanks for joining us on "worldwide exchange. have a great weekend we'll see you monday take care. and stay asleep longer great sleep comes naturally with sleep3. only from nature's bounty.

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good morning, violence erupting in minneapolis ov overnight. president trump's tweet about it has been flagged by twitter. in the meantime, high anxiety between washington and beijing as president trump is set to hold a news conference today on china. and a big payday for elon musk tesla's ceo earning the first crunch of a massive incentive deal worth more than $700 million. it's friday, may 29th. "squawk box" begins right now. good morning, everybody. welcome to "squawk box" here on cn cnbc