it is 5:00 a.m. here at cnbc here is your top five at 5:00. investors on edge as the fed kicks off the two-day policy meeting today. looking to assess irisk with inflation. and another central bank hiking the key rate for the first time in more than a decade. back to wall street. tech under pressure after the relief rally the nasdaq posted a 1% gain. the 10-year yield now above 3% and elon musk looking for help to take twitter private

hopefully the world's richest man can find another one with deep pockets it is tuesday, may 3rd, 2022 you are watching "worldwide exchange" here on cnbc good morning i'm frank holland in for brian sullivan who is reporting from the milken conference in california we will hear from him in a few minutes. let's kickoff the hour with the check on the markets and your money. right now, stock futures are in the green. fractionally up. dow poised to pop as i said. this comes after a late day rally that saw the averages end the day in the green after hitting fresh lows for the year earlier in the same session. nasdaq actually ending the day with a 1.6% gain

we are showing you the moves on the dow. the big news in the bond market. 10-year yield trading above 3% it was early this morning for the first time since 2018. it fell just below 3% on the yield. $2 $2 . in the oil market, crude coming off the fifth winning session in a row giving back a little bit wti crude is down. same for brent crude they are trading right now at about the level they were at the start of april after a roller coaster ride, coming back to the same spot we have to check cryptocurrency. bitcoin and ethereum up. bitcoin up fractionally. same for ethereum. this is a deep decline from the beginning of april at $46,000.

let's get a check of things around the world chery kang is in asia. >> reporter: good morning, frank. we headlined it. let's kick off the reserve bank of australia going for the first rate hike in 11 years. that is pushing up the dollar across the board what led to it high inflation in fact, the governor saying this is the right time to basically withdraw some of the extraordinary monetary support and moving to the hong kong markets. hsbc heavyweight in hong kong and shares are up after pressure coming through from the largest shareholder. calling for some kind of different options. including potentially spinning

off the asia unit to boost valuation. the shares closing higher by 2.5% markets like the sound of that asian unit earns 2/3 of the profits. certainly alibaba shares put pressure on the hong kong benchmark. volatile swings. alibaba shares declined 9% this after the chinese media reporting china suggested that the authorities had taken action against the individual named ma. however, major recovery came through after the state-run media made clear it wasn't ma as in jack ma the founder of the ecommerce giant. this is a sensitive area in sensitive times. frank. >> thanks, chery let's turn our attention to europe and julianna tatelbaum. >> reporter: frank, good

morning. things in europe are looking up. modest gains for the most part in europe. upbeat earnings lifting sentiment. the ftse 100 trading below the flat line. down .40%. a march higher in sterling this morning ahead of the bank of england meeting on thursday. index has an inverse relationship with sterling that explains that performance a big earnings day let's highlight. the banking space reported 19% jump in first quarter net income o over 2 billion euro. b & p shares are 3% higher bp will have a charge of $24 billion over its exit from russia it is writing down 20% stake to zero the spike in oil boosted trading allowing bp to report the

highest net profit in a decade the ceo defended the company's decision not to leave russia earlier. >> 96 hours after the invasion started, we announced the exit that was the right thing to do we acted swiftly >> reporter: frank, bp shares are trading higher this morning. shares up more than 3% back over to you >> julianna, thank you julianna tatelbaum in europe and chery kang in hong kong. let's get to the top stories in the u.s. with silvana henao >> frank, good morning in the wake of the eu anti-trust case against apple, paypal was one company that made complaints and the abuse of the mobile payment system

paypal offers tap-to-pay options on phones and wants the ability to offer the same feature on the iphones. rivian will receive $1.5 billion in state and local incentives and tax credits for the upcoming assembly plant in georgia. the $5 billion facility is expected to employ 7,500 worker was the average salary of $56,000 each rivian aims to open the factory in late 2024. and hasbro has not one, but two activist investors on the case wall street journal reporting it has a 1% stake in the company by ancora and pushing for changes that include spinning off the fast growing wizards gaming unit and exploring a full or partial sale of entertainment one. a studio hasbro bought for $4

billion in 2018 which is responsible for the show "peppa pig. hasbro shares higher in the pre-market, but lower for the year >> every time i see "peppa pig" and think the cartoons we watched when we were kids were more fun >> reporter: she is cute i like our cartoons from back in the day. >> these are educational the ones back in the day were fun. silvana henao, thank you. turning attention to a developing story and one likely to shape the country discourse for decades. according to the draft opinion, the supreme court appears poised to overturn roe v. wade. brie jack sason has more >> reporter: nbc news has not confirmed the documented opinion p. it is possible it could change

in the coming months the leaked draft opinion released by politico indicates the supreme court is poised to overturn roe v. wade the document authored by samuel alito. while it is not the final word from justices, it is raising concerns >> as of today, it remains our right. we also have to be clear that it is hanging on by a literal thread what this leaked draft means our deepest fears are coming true. >> reporter: susan b. anthony list released a statement. saying the american people have the right to act through the elected officials to debate and enact law that protects unborn children and honor women overturning the landmark decision would allow the right to ban abortion.

protesters from both sides are gathering outside the supreme court. >> this is something that affects me personally and hurts so much to know it might be ripped away. >> the unborn are human. we have been claiming enough >> reporter: both republicans and democrats criticize the leak. >> this is serious this is a breach of the conse confiden confidentiality. >> reporter: are the supreme court is expected to issue its final ruling in late june or july frank. >> this is not the court's decision this is the leak to politico even if turns out to be the opinion or some piece of the opinion, there is more to go, right? >> reporter: there is more to go it is important to note this is just a draft opinion as politico pointed out, justices can change these opinions as they start to circulate.

this is not the final ruling we expect that to happen before the court finishes in late june or july. >> important, but very interesting report brie jackson, thank you. turning our attention back to the markets the fed kicking off the two-day meeting today. the first time the central bank has gone more than a quarter point in 22 years. there is growing talk of the fed being more aggressive by raising rates next month as it tries to rein in inflation. let's bring in mark haefele from ubs. mark, a lot to unpack. thanks for being here >> it is an exciting week. the markets are looking for a real sign that the fed is serious about inflation, but not so deadly serious that they are unwilling to contemplate some of the things they said in the past like inflation could cool and

data dependent going forward. >> mark, you believe a lot of volatility in the markets are due to overreaction of fed policy as you mentioned, we talked about two-day meeting today and 50 basis point hike expected with the goal of combating inflation. you also believe inflation will moderate in the second half of the year is that because of the rate hikes? the one we are seeing tomorrow 50 basis points expected and possibly 75 points is the fed going to achieve the goal of tamping down inflation >> overreaction, in a typical recession, you can see the markets sell off 30% we have done 13% or 14% in the s&p 500. that is the market saying the way the fed is talking, maybe it is close to 50/50 we get a recession in the next six months for us, you know, the odds of recession in the next six months are lower than 50/50 we think that the market can go

higher our view is anchored in what you said which is that when you look at the supply constraints around covid and you look at the impact of lower liquidity and the fed jaw boning, we think that inflation is going to come out of the markets we will see moderating inflation and moderating growth into the year that will give the fed a little more flexibility in how they raise rates to combat what is certainly inflationary and above trend growth environment >> mark, you said you see it less than 50/50 of recession you actually have a bold case price target of the s&p for 5100 i'll call this the base case you have a base case of 4700 a 13% upside where you see the fed raising rates and energy prices rise as russia stops supplying to europe. russia moves nuclear weapons

closer to the border that is a lot of stuff going on. do you believe the potential down side from several of the things and those already priced in and the market going up despite those things happening? >> we also have a downside case as well which is 3600. we are trying to put a framework around all of the things that can happen to get to the base case, you need to have happen is see the inflation come down a bit and then for markets to re-price not around 3% terminal rate, but closer to 2.5% ten-year. it is still a possible outcome for the year with a little bit of luck, we could go higher. certainly the news out today is around death, destruction,

pespe pestelance and war >> mark, ceos are gathering to share the ideas with brian sullivan he spoke with some of them about where they are positioning money in the uncertain market. >> one thing we are looking at is home builders for example people will need homes even if prices increase, people need somewhere to live think back to the '80s people still bought houses when rates were higher. if you are investing for 20 years or 30 years, it will be okay if you are a short-term trader trying to make money in this environment, it is challenging we are trying to go more overweight to assets that will be a good value. >> another name in the space you like is visa >> yeah. >> is that a make the same argument you just made insert v for vof?

>> it is my considered opinion that the end game for a lot of fin tech is a lot ofthreatenin in theory is business. >> meaning they buy them >> that is my end game >> yes >> exactly exactly. >> visa. >> there is real value in the network. >> a couple of key elements to give success in the environment. have a strategic asset allocation know what you retreat to when risk on no longer feels as appropriate. having that predefined to essentially move back to the true north of diversificadivers. >> where is that step for you? u.s. equities look attractive? it sounds like you are upping your allocation to the american stock market >> that is a decline we trimmed our exposure to u.s. eart equities

we remain overweight i look to commodities and other real assets with a great bit of tail tailwind >> are you buying the physical asset or the futures or equity and debt or all the of the a above? >> all of the above. look at diversified strategies in that vein >> a vain >> that was a great clip to give the flavor of the milken conference is like it is a fan itastic event first, the stress on having asset allocation and thinking about do i have my liquidity bucket or do i have my longevity bucket and legacy bucket so you are prepared if you have enough liquidity when these market opportunities arise, you can

take them. our main tilt is toward saying recession will inevitably happen in the future. that is a risk case right now. the risk is we have the inflation. we are in position both broadly in asset allocation or equity allocation to take advantage of what we see as inflationary environment. yes, overweight in commodities and overweight in value stocks globally we have an overweight toward energy equities. we have a hedge a little bit toward more defensive sectors such as health care if the bad news continues to keep coming through and impacting the market. >> i hope that bad news does not continue to impact the market. a lot of us are. recession and death and taxes. mark haefele, thank you. when we come back on

"worldwide exchange. inflation strikes again taking down a big consumer brand. we have big money movers coming up. plus, what elon musk told reporters at the met gala with his mom. and the fed hiking the key interest rate in a decade. what it means for markets here at home. a busy hour still ahead when "worldwide exchange" returns technologists in india, and customers all on different systems. you need to pull it together. so you call in ibm and red hat to create an open hybrid cloud platform. now data is available anywhere, securely. and your digital transformation is helping find new ways to unlock energy around the world. what do you think healthier looks like? cvs can help you support your nutrition, sleep, immune system, energy ...even skin.

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movers three stock stories of the morning. avis swinging to a first quarter profit as sales jumped avis said sales jumped toward the end of the quarter despite the uptick in covid. clorox with a profit on stronger than expected sales growth the company cutting profit outlook cites rising commodity and shipping costs finally, devon energy. profits rose four-fold in the first quarter with surging oil and gas prices it is increasing the buyback plan and boosting dividend shares up 2.5%. still on deck, why elon musk is looking at places other than his own for funds to bring twitter into the personal portfolio of companies we'll explain. stay with us

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welcome back to "worldwide exchange." let's get a check of the headlines with frances rivera in new york with the latest good morning, frances.

>> frank, good morning new mexico has homes evacuated as wildfires are spreading the blaze torched over 100,000 ac acres. ohio's senate primary is today as the measure of former president trump's influence. according to the poll, j.d.vance is in the lead with the voters trailing him is matt dolan with 22% and former ohio treasure josh mandel at 20%. and the met gala happened last night actor jared leto brought gucci

with the creative director then the custom puffer catsuit and blake lively draped in the same designer. the gown is how it started and they unravelled it and it had a reversible train frank, it was a transformer met gala style she was one of the co-chairs as you know, more over the top, the better, with the met gala. >> i don't know how to pick out the clothes. i'm no style expert. i wear what they tell me >> you get a guideline with the met gala everything up and beyond >> it looked interesting frances rivera, thank you. straight ahead my next guest says the fed has an impossible task engineering a

soft landing without a rec recession. and you haven't already, follow the podcast check us out on apple or spotify or other podcast apps. "worldwide exchange" will be right back we search for savings for you. from coupons to lower costs options. plus, earn up to $50 extra bucks rewards each year just for filling at cvs pharmacy. plus, earn up to $50 extra bucks rewards is it some magical number? something we just achieve at the end? or is it a feeling? a freedom, to live our lives the way we intended. through the ups. the downs. all of it. this is financial security. from long term care planning,

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markets looking to shake off abysmal april. futures fighting for more gains this morning fed decision on deck investors gearing up for the latest meeting and more

aggressive monetary policy what it could mean for your money. elon musk tightening the purse strings on the twitter bid. putting less of his own money on the line it is tuesday, may 3rd you are watching "worldwide exchange" here on cnbc welcome back to "worldwide exchange." i'm frank holland in for brian sullivan here is how the markets and your money look right now taking a look at futures right now, we will say they are flat they were higher earlier now in the red flat this morning. this follows the late day rally on monday. all averages closing positive after fresh lows for the year in the early part of the session. turning to the bond market. topping 3% for the first time for the 10-year yield. it is just below that level at

2.9876 just in general, this bond move was 50 basis points higher than a month ago. to the oil market, crude off the fifth winning session in a row. wti trading at $104 a barrel brent crude down 1% as well. turning attention to the top stories. the latest on amazon and the continued push for unionization at some facilities silvana henao is here with details. good morning >> reporter: frank, good morning. workers at one warehouse in new york city voting overwhelmingly to reject the union bid. 62% of the 1,000 votes cast were against the union. the results come after a separate election last month at a different facility in the city voted in favor of unionizing both sides will have until monday to file objections. elon musk is in talks to

line up financing for the $44 billion deal to buy twitter. musk is in talks with large investment firms and high net worth individuals about the money. the report says the potential move by the tesla ceo is aimed at tying up less of his own money in the deal. musk previously committed $21 billion to the deal selling $8.5 billion of tesla stock last week to meet the financial needs. speaking with david faber, apollo global weighed in on the musk strategy to take twitter private. >> if you participated, it would be on the credit side. people seem to miss i misinterpg >> twitter and elon holdings are infinitely bankable. the question is if it is a good

investment from the equity side, it is what he will do with it >> reporter: the s.e.c. is doubling the size of the staff at the crypto unit in cracking down on the abuses in the market they are increasing the head count to 50 people that will include hiring attorneys and fraud analysts frank, this comes after gary gensler said the agency needed more staff to handle the volume of the technologies. >> silvana henao with the latest thank you. turning attention back to the markets and some historic news from australia. that country's central bank hikes the key interest ratefor the first time in more than a decade to fight surging inflation. the reserve bank of australia boosting by 25 basis points. the more aggressive move than predicted. this comes ahead of the next

policy meeting kicking off today at 2:00 p.m. eastern time tomorrow for the fed some not ruling out a hawkish move similar to what we saw overnight at the rba joining me now is steve halmarick and also with me is priya misra at td securities good morning >> good morning. >> good morning. >> priya, we keep saying this. the 50 basis point hike is expected already priced into the market you also believe that the fed's goal of controlling inflation and also maintaining economic growth may be impossible is that why we see so much volatility the markets are trying to figure out if fed and powell can do the impo impossible >> absolutely. i think the fed doesn't control a large part of inflation. a lot of supply chain and goods and inflation and high commodity

prices and impact of war this is the thing that fed rate hikes or qt have very little impact on. it lags to monetary policy if the fed wants inflation down to target this year or next year, they have to raise rates above neutral. the market is pricing that in. the rates market is pricing the fed overshooting through qt. i think the broader market is waking up to the fact that if the fed does what the rates are pricing in, we are in for a tough time for the economy and conditions our view is closer to year end, the fed might have tolerancefo higher inflation i think they will start to see the impact on finance conditions they will slow down the path of trying to get to 2% and they don't go above neutral if the bond market is right, i think that we're in for a really tough time for the economy

sdplcheconomy. >> tougher than now? stephen, the effort to tamp down inflation and based on a shock from your australia cpi numbers. we have been shocked and awed by the inflation we're seeing do you see the rba impact the fed decision i don't know if you have a consensus opinion, but you believe with the hike, the economy will continue to grow strong >> i think we look at it in the context of what happened in australia today. the fed raised rates in canada and new zealand and australia is joining the club the consensus was for a 15 point move to get around 25 basis points we're now at 35. we actually think we will get another 25 basis point moves over the remainder of the year

into early next year that will take the cash rate to 1.6% the bond market similar to the u.s. is pricing in the rba cash rate of 3.5% over the next year and a half we just do not see that happening because if that was to happen, it would have a significantly negative impact on the economy and particularly the housing market here in australia where we are heavily indebted housing market and lots of fixed rate mortgages that need to be refinanced the next couple of years. >> stephen, your forecast for the australian economy to grow 4.76% the rest of the year with the hike you see today one of the concerns we have in the u.s. is the hike might slow down the growth in the economy you don't feel that way about the initial hike with the australian economy can i ask why? >> this year at 4.7% and much slower next year the reserve bank forecast is

2023 growth is at 2% it is a significant slowdown in 2023 after the impact of the rate hikes through the economy next year. so, this year we have a head of steam in the economy a lot of momentum. the labor market like in the u.s. is tight. unemployment rate is the lowest since the early 1970s. we see wages growth as we see today. the momentum this year looks solid. next year, we expect a slow rate of growth. >> turning attention back to th u.s., priya, the yield on the 10-year crossing 3%. you believe it will hit a high of 3.2%. how does that impact the market and the fed decision going forward on the hikes >> i think the 10 i-year is abot

kwquantitative tightening. as we get more supply, what that balance sheet does is create more supply. we have to buy treasuries. that will move the rates higher. that starts to constrain economic activity. most people borrow at the ten-year point that will ultimately end the hiking cycle and the fact it is driven by real rates much of the rise in the 10-year up until the last month was inflation expectexpectations that is driving back the housing market and any sensitive c component of the economy there is room to go. the supply hasn't started. there is an impact of the supply which is why the 10-year rate could go higher. liquidity is not that great. we are trying to find that buyer. you could move a little bit higher it is unsustainable for the economy. >> priya, i'll give you the last

word rba raising rates higher than expected with the goal of controlling inflation in the u.s. and australia which are two different economies. do you see the u.s. fed taking the page from the rba book and hiking rates higher andi infli influenced by the decision >> i think they'll go 50 basis points trying to get to neutral and they are all trying to get there fast we talk about 50 basis point hikes would months ago i think they get to neutral fast of the i fast i think every central bank will be restrictive fighting inflation they can't control. i would be with you in terms of struggling to go above neutral they really want to get neutral

fast >> thank you, stephen halmarick and priya misra. and coming up, what is taking a massive bite out of shares and vice media has hired financial advisers on a possible sale vice once valued at $6 billion is also looking at options to sell the company in part due to issues of valuation and outstanding debt. the woes for melvin capital continue the new york post continuing the hedge fund lost 3% in april. that is the year to date losses at 23%. elon musk at the met gala and joined by his mom. he spoke about his bid for twitter and he wants to make the platform as inclivasuse possible "worldwide exchange" is back in a moment

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let's create supply chains that have an appetite for performance. ibm. let's create. welcome back time for the big money movers. three stock are stories of the morning. ch chegg plunging 35% the weak outlook is clearly spooking investors. and the nxp telling analysts it expects another quarter of record sales and alibaba swinging widely overnight in trading

unconfirmed reports linked jack ma to a security investigation the stock reversed after the person in question was not the alibaba co- founder. turning attention back to the milken conference in l.a where some of the world's leading investors are gathering to share big idea. brian sullivan sat down with barbara humpton and asked about the risk of recession ahead and i ammpacts of the supply chain issues. >> we are dealing with unbelievable factors we will support everyone in the economy. we're going to have to take that roller coaster ride with everyone i will give you a perspective from siemens usa we have energy security. we have vaccines and tests and

therapeutics today that are making it possible to do this. the economy is open. i actually think this is a moment when the u.s. has an incredible opportunity and i'll go as far as an obligation to step up. there will be parts of the world more disruptive than we are. >> yeah. >> all it takes is one component for one thing to be in the area locked down or disrupted by conflict that can throw off the entire chain. brian, we are focused on the tools that make it possible for us to localize how can we make this more regional or local level. customers are saying yes, i need operations somewhere else in the world, but i also want to bring enhanced manufacturing to the u.s. >> you can catch more from the milken conference and brian sullivan's sit-down with larry

culp all day here on cnbc. our panel lays out if the legs will hold or if april's volatility will emerge "worldwide exchange" will be right back stay with us

welcome back to "worldwide exchange." a busy day ahead for traders, including earnings reports before the opening bell. we get pfizer, biogen and paramount. we are watching elections in indiana and ohio in indiana, the primary election with one senate race on the ballot in ohio, it is one senate race and gubernatorial race on the ballot ylan mui is in ohio covering that race. the new trading month kicking off today. futures are slightly higher. they were flat a little bit ago.

they are a bit higher right now. for more on the trading day, let's bring in eric beiley and jason snipe. chief investment officer at odyssey capital. gentlemen, thanks for being here >> good morning. >> good morning. >> jason, i'll start off with you. we have talked about it all morning. the 50 basis hike pretty much expected tomorrow. you are looking forward to the next meeting you want another hike in the next meeting and see where we are, but where do you think we will be if that happens? >> a great question, frank obviously, we have talked about the 50 basis point hike for several weeks now. i think it is baked into the cake at this stage what i'm looking for as we move throughout the summer is what the next meeting in june does. obviously cpi numbers and ppi

numbers and pc numbers are really hot the concern around inflation and managing inflation going forward is obviously playing into the narrative today. i do think, you know, going into late part of the summer, i think the fed will be data dependent and see where markets are trending after they start, you know, front loading the policy obviously, they have to do it at this stage they have been talking about it for some time. they have to execute i'm really curious to see what the late stages of the summer looks like after the two hikes get under way. >> eric, to you. jason says cpi, ppe. the vix we had omicron raging earlier this year. we were at peak supply chain congestion and raising inflation. were are investors more spooked

now? the geopolitical uncertainty or something else 12k >> brian, it has been quite a year it is only the second day of may. it is a lot to digest. a lot has happened this year uncertainty is the theme for investors. uncertainty as jason just talked about with the fed policy. hopefully we get clarity wednesday and that will calm the market down and bring the vix, a measure of volatility, lower that can help the markets. we saw yesterday with the reversal, hopefully. maybe that was the start of the bounce here. today, this morning, the futures are getting upside as well the uncertainty with covid as you mentioned and uncertainty of the war in ukraine and uncertainty with the supply chain. that is the theme. that is why the vix is high and a tough market so far this year.

>> everybody always says they are searching for quality, eric. you are searching for stocks to pay dividends. you can give us a sense of what they are talking about are there particular sectors >> clearly what we have seen is any high valuation stock has been hit hard as we have seen with companies come out we are seeing the effects of the economy and they have been hit hard dividend stocks give you reassurance to get a return of riding through the market volatility low value tocks. price below 16 you can find companies paying dividends north of 3%. there is no specific sector. >> would you mind giving us an example? >> consumers base. you have kimberly-clark. lots of financials we like financials that sector is hit hard.

when you get clarity here from the fed, you will see certain financials morgan stanley ban bank of america. wells fargo. all paying dividends north of 3%. >> jason, you are looking at quality. you are looking at that with qua qualcomm just to put in perspective, amd is closer to 22 times. what do you see in qualcomm that you are not seeing in other parts of tech? >> yeah, i think eric makes a great point and looking at stocks that have multiples trading discount to the market qualcomm, that is a name in the cyclical sector. semis got beaten up. that is indicative of the supply chain and what an is going on. qualcomm trading at 11 times what you said, frank they moved away from the handset

business litigation is behind them with what they dealt within the last several years. you like names they beat on eps they raised guidance there is a nice shopping list here quality as a long term investor, you should look at opportunities and hunting for names and across all of the sectorsectors. >> jason, we saw a late-day rally. nasdaq over 1% with the two-day meeting kicking off, what do you expect today? >> i think the markets will be quiet. it's been a volatile last couple weeks. the markets will be quiet. i think as i mentioned at the top, you know, this raise is really baked into the cake i think markets want to get past this move and look to the rest of the summer. i think we will experience volatility i think there will be opportunities in the market to

present themselves in the near term. >> futures slightly in the green. eric and jason, thank you. that does it for us on "worldwide exchange. "squawk box" is coming up next ”" we could bring it right to your door. with 1 to 2 day delivery from your local cvs. or same day if you need it sooner. but aren't you glad you can also just swing by to pick it up, and get your questions answered? because peace of mind is something you just can't get in a cardboard box. that's how healthier happens together with cvs. as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts... saving you up to $500 a year.

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good morning investors on edge as the fed kicks off the two-day policy meeting. the central bank looking to balance recession risks with run away inflation the ten-year yield has now gone through 3%. results of employee vote at the second staten island amazon fulfillment center workers rejected forming a union. details straight ahead. bp taking a massive hit on the exit from russia benefitting from higher crude

prices during the quarter. how stock is reacting and interview with the ceo it is tuesday, may 3rd, 2022 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm rebecca quick along with joe kernen and andrew ross sorkin. here we go let's look at the u.s. equity futures. yesterday things were deep in the red. averages closed higher after you saw buyers come in at the dip. nasdaq was the best. we have modest advances. nasdaq up by 12. s&p up 4 points. treasury market is where the real tension