it is 5:00 a.m. at cnbc global headquarters. stocks closing in the green for the third straight day after the fed hiked interest rates as expected it is really what chairman jay powell said that has investors putting on the rally caps. it is not just the fed up next, a key policy decision from the bank of england we go live to england in a moment. an opec meeting weighing russian sanctions.

and earnings season in full swing and another big company offering a bullish outlook on the get out and travel trade. and inspiring america. we'll bring you the story of one business leader using innovative practices to elevate employees, consumers and create positive change it's thursday, may 5th, 2022 cinco de mayo. you are watching "worldwide exchange" here on cnbc good morning welcome to the show. i'm dominic chu in for brian sullivan let's get to the markets and post-fed meeting rally in the stock market as expected, the central bank in america hiked the benchmark by .50s% .50% it is the most aggressive step in the fight against inflation

which is hovering near 40-year highs. markets expect to raise rates aggressively chairman jay powell seemed to discount the odds of the fed getting more hawkish and that's what pushed the stock market higher >> 75-basis point increase is not something the committee is actively considering what we are doing is we raised 50-basis points today of the assuming the economic conditions involve ways consistent with the expectation and a broad sense that additional 50 basis points should be on the table for the next couple meetings >> see on the chart here comments happened right haaround here off to the races right at that point and straight to the closing bell s&p had its best day in two

years. futures are showing signs of a pull back. if you look right now, the dow jones industrial average would pull lower by just 157 points at opening bell s&p down 30 and 119 or 120 declines for the nasdaq overall. big gains yesterday. bond yield are in focus. the 10-year note 2.95%. that is interesting. not far from where it was before the announcement yesterday 2-year note is not far from the announcement 2.8% cryptocurrency took a rally yesterday. bitcoin topped $30,000 it is down to 39,149 ethereum is just about down 1% as well.

oil prices are in focus with the opec meeting wti prices 1$107.87. brent crude is up $110.50. we will have more on the opec meeting in a bit let's check on global stocks withnewsroom let's start off with chery kang >> reporter: good morning, dom it was up in trade with japan and south korea closed the shanghai pushed higher by 3.7% central bank in china promising monetary support again, but not

a lot of details this time around they are saying they will support a recovery in c consu consumption. we got the private services pmi. showing the second sharpest contraction in the month of april. 36.2 is the number we got. below the boom level of 50 and a reminder, the services sector accounts for 60% of the chinese economy. covid concerns in that country of course, they are not exactly seeing a quick turn around in services sector in the month of may. we saw de-listing risks coming back it did not spook investors too much we did see over 80 firms, including jd and billy-billy added to the u.s. s.e.c. list facing de-listing risk and

jd.com reacting to all this saying they are aware of this and actively exploring possible solutions at this point. in order to stay listed in the u.s. and hong kong, mixed session for the companies. jd.com pushing higher by 0.8% toward the close dom. >> chery kang in hong kong to the trade in europe with julianna tatelbaum in the london newsroom with the latest good morning, julianna >> reporter: dom, good morning that rally on wall street is lifting sentiment in europe. yesterday, we closed shop before that key fed decision. we ended the day lower now this morning, making up for lost ground. green across theboard. ftse 100 is up we also have a number of earnings in focus today in europe a lot of drivers as well as top down the key movers are stocks

reacting to earnings we have airbus up 7% really strong there. this comes after airbus said it is increasing the a-320. they confirmed guidance in the oil and gas space. shell delivered a record profit for the quarter. they are taking a hit on the russian exposexposure they are benefitting ab inbev shares are up you have the bank of england coming in focus and sterling is trading 0.6% lower versus the dollar the widespread expectation is the bank of england will raise rates today. how dovish or hawkish is that decision dom. thank you very much,

julianna tatelbaum now to the corporate headlines with bertha coombs >> reporter: good morning, dom meta is slowing the pace of hiring a person familiar with the company's plans tells cnbc meta will stop or slow hiring for mid-level and senior level roles after doing that for entry level engineer in recent weeks this comes as revenue slows and the company deals with inflation concerns and global uncertainty. meta spokesperson tells cnbc the company reevaluates the talent pipeline according to its business needs in light of the expense guidance for the earnings period. it is slowing its growth accordingly. facebook will continue to grow its work force to ensure we focus on long-term impact.

palm oil prices are pulling back from the record high. analysts point to optimism that output from malaysia will rebound. and elon musk is working on the financing plan for the twitter buyout the post reporting that the tesla ceo may be close to raising $10 billion in cash from equity investors the firms that backed other companies in the past. musk is reportedly turning to family offices that control large amounts of private money notably, it seems he is not going to banks >> interesting development there for twitter. bertha coombs, thank you. when we come back, if you are ready to get out and travel this summer, are yoyou are not . the pent-up demand is giving a

boost. and check out the biggest pre-market s&p 500 winners and losers albemarle and booking holdings and fortinet if you look at the losers right now, we are seeing etsy and e-bay and cognizant. stay tuned we will be back after this commercial break i'm 53, but in my mind i'm still 35. that's why i take osteo bi-flex, to keep me moving the way i was made to.

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not something the committee is actively considering what we are doing is we raised 50 basis points today and we said that assuming economic and financial conditions evolve in ways are consistent with expectations, there is a broad sense on the committee additional 50-basis point increases should be on the table. >> that is fed chair jay powell yesterday's afternoon. the rally in stocks from the comments for the dow and nasdaq. let's talk more about this with paul donovan at ubs. paul, thank you very much for joining us this morning. anything in those comments yesterday that seemed that far out that would spark a 900-point rally? i understand that taking 75-basis points off the table is a big deal, but 900-point rally

is huge. what are your thoughts >> i think the fed chair did exactly what economists were expecting. you know, the economists realized there are risks to growth in the united states. they realize inflation has peaked the fed chair was reflecting that i think in a relatively measured comment and outlining as expected passive quantitative tightening and nothing too alarmist what we have, of course, is the age-old problem. equity markets don't listen to economists if they listen to us, they would not have the sell off and the market would have taken action promptly what the markets have had is confirmation of the economic central case coming through and because markets overreacted and worked up into a frenzy beforehand, we had this

reaction >> paul, i'm happy many ways i understand what you are saying about the volatility. let's say i'm willing to listen to economists like yourself. take us through the reasons why you made that comment. why is it inflation has peaked what are you seeing? if it has peaked, what can we see to justify that in the coming months? >> so, essentially there are three reasons why inflation has peaked the first is the prices are coming down for certain products either the inflation rate is low or in some cases turned negative this is the areas where we are seeing a strong inflation last year with used cars or televisions that were really being pushed up by the extraordinary demand that extraordinary demand is not there. the stockpile of savings is spent and consumer is

normalizing. switching back to spending on services as the demand has moderated, the price increases have moderated we have always seen that that is why the inflation was transitory the second reason is base effects. remember in march, we in the united states were comparing prices in a normal economy in march of 2022 with prices in a locked down economy in march of 2021 of course, there will be a big change comparing lockdown to normal as we go through the next couple months, wooork he will start comparing with the normal economy in 2021 with the normal economy. the change in prices will come down finally, although we get a sticker shock on the labor costs later today, we are not actually seeing wage cost price emerging. there is no evidence of this

all of this is suggesting the moderation of inflation is coming through what we will look for is in the detail of the data and continuing to see by the disinflation or in some cases outright deflation of product prices as demand moderates and looking for the base effect for the year on year comparison. those are the two signals of the peak and later on this year, it will be ongoing moderation of adjusted costs >> paul, thank you very much we appreciate it now china where covid lockdowns and restrictions are still in place and global companies are about to warn about the impact on businesses. eunice yoon has the latest from beijing. good evening now, eunice >> reporter: thank you, dom. there is good reason for companies to warn about the potential impact of the lockdowns.

here in beijing, the city as well as the country, returned to work after the week-long labor day holiday. the streets are subdued. beijing extended restrictions it posted from the holiday. if we go any place indoors, we have to present a 48-hour negative covid test. and mass rounds of testing have been added in the capital. now in terms of the five-day holiday, this is the big shopping and travel time, as you know the numbers that came out have not been great from the government, tourist spending is down 43% from the period rail trips down 80%. box office sales during this period down 81%. that is not only a problem for the spending period of the labor day holiday, but we are seeing not very encouraging numbers for the month. the services sector, pmi which

is one that gauges smaller and private businesses came in at 36.2 this is a contraction. the second steepest on record. only a little better than the height of the pandemic in february of 2020 a lot of that due to the tighter covid curves some of the companies like starbucks and apple have been warning of the impact on the supply chain as well as con si sumer demand the eu commerce said that this is going to weigh heavily on the mind of their members. 25% say they are considering shifting investment out of china. 77% say the chinese market is less destination. and 95% say the covid policy

needs to change. state media reiterating the chinese leadership saying china is ready to support investment and technology platforms still no details on what that is and that is what a lot of the people in the business community and investors want to see. actions rather than pledges, guys >> thank you, eunice yoon. live in beijing. thank you very much. now time for the big money movers four stock stories of the morning. you have shares of e-bay first quarter adjusted profits gross merchandise falling. slumped by 20% the number of active buyers fell a gloomy sales forecast for the second quarter businesses took a hit from the war in ukraine which has weigh oweighe

on traffic in big markets. stock number two is etsy beating first quarter estimates, but second quarter is below the forecast etsy did not see the issues in the increase in transaction fees and stock number three is booking holdings first quarter results topping forecasts. it measures occupancy on any property more than doubles global travel trends point to a busy summer season number four, another travel winner tripadvisor. better than expected revenue and guidance and named a new ceo travel and leisure tripadvisor

still on deck for the show, e exclusive new findings in small business all of the details when we come back after this. >> announcer: today's big number $3 billion that's how much revenue online and retail sports betting could generate annually in california for gambling operators acco qualifiedo tbe on the november ballot

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a cnbc survey monkey poll finds 8 in 10 owners are sectexpectin recession to occur this year the survey finds just 6% say that current state is excellent. 31% rate it as fair. 44% say the economy is poor. perhaps no surprise. inflation is a key issue for nearly 4 in 10 small business owners that is double the amount who say the supply chain disruption are the biggest concern. kate rogers will have more on the survey throughout the course of the morning here on cnbc. by the way, join us at 12:00 p.m. eastern time for the cnbc small business playbook. you will hear from business leaders are a variety of topics on small business owners in america from inflation and labor and ways to secure funding go to cnbc.com/events.

it should be a great program today. let's check on the other top headlines. frances rivera is in new york with the latest. good morning, frances. i think we are having technical difficulties with frances. we will get her back. we have more on the show the fed-induced rally and why investors need to pay attention to opec as well. if you haven't done so, follow ous podcast. if you miss "worldwide exchange" check us out on apple or spotify. 'lbeacafr is

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stocks fighting to extend a fed-fueled rally we will talk about what jay powell said which has many thinking twice about their investment decisions today. energy prices in focus opec meeting today with ministers weighing russia sanctions and china lockdowns and the global supply. and inspiring america. we bring you the story of one business leader using innovative practices to elevate employees, consumers and create change. it's thursday, may 5th, 2022 you are watching "worldwide exchange" here on cnbc

welcome back to the show i'm dominic chu for brian sullivan let's get to the fed and stock meeting rally. the fed hiking .50%. it would reduce the balance size next month this is the most aggressive step yet in the central bank fight against inflation which is at 40-year highs. markets expect the fed to raise rates aggressively, but at the conference yesterday, chairman jay powell seemed to discount the odds of the fed getting more aggressive that's what really pushed the stock market higher. >> any increase is not something the committee is considering we raised 50-basis points today and we said assuming that

economic and financial conditions evolve with the he can ex-tpectations, 50-basis points should be on the table. >> the s&p had the best day in nearly two years up 3%. when the comments about taking 75-basis points off the table came out right here and it was off to the races until closing bell you can almost time it when jay powell made the comments to when the markets turned around to rally. the dow closed up 900 points 3% rise there. you see the dow industrials up as well. you can see the bit of a pull back. dow implied lower by 160 points right now. s&p by 30 points to the down side nasdaq lower by 110 points on the yield picture, interestingly enough, we are not that far off from where we are

before the fed announcement yesterday when it comes to benchmark 10-year treasury note yield. 2.95%. the 2-year yield 2.86. and the 30-year long bond. 3.035 is the last trade for those notes and bond yields. crypto on the move we got above 40,000 briefly. bitcoin now 39,432 down 1%. ethereum prices down by 1.25%. 2917 is the last trade there look at the key parts of the market that got a boost in the trade on what happened with the fed announcement of taking 75 points off the table meta platform and apple and amazon in the trade today down from 1/3 to 1 and 1/3. many of the large cap stocks

rallied aggressively yesterday remember apple, microsoft and google, the three biggest stocks on the nasdaq and s&p rallied by 3% to 4% in the yesterday trading. netflix and alphabet pulling back many growth names getting help yesterday after a lot of down side volatility. watch what is happening with the small caps they started to get life as well right now, that ishares russell is down in pre-market trade. we got a bounce as of late hovering near the lows for the year economic narrative is key for the publicly traded companies noticin the idenunited states. benchmark crude is unchanged. brent crude is $110.42

that is up .25%. rbob gas is down about .11%. this is after a 5% pop for prices yesterday on the news of the eu looking to ban all russian imports over the next six months investors will watch opec and partner countries which meet virtually to decide the target outputs. many are not relying on the cartel diesel is trading at all-time highs this morning joining me now is john kilduff john, the markets were a little bit shocked at some of the fed comments now we take those comments and put them in contaext with the opec dialogue. is the path of least resistance higher or lower for crude? >> is seems to be higher, dom.

i wish i had better news crunch time is here. we have record low inventory of diesel fuel on the east coast. people in northern new jersey are waking up to $6 a gallon plus diesel at the retail level. it is remarkable to see those numbers. owepec is sticking to the plan f 400,000 barrels a day of additional output that most members cannot continue because they are struggling with the quotas opec has been below the stated quota of output they put out to the world. saudis are continuing to sit on their hands and step in with extra supply for the market that is desperately needed. >> so if that's the case, john, is there anything that can be done right now for the u.s. consumer or consumers anywhere given the prices that we are

talking about right now? it seems as though the government is doing everything it can from the policy perspective. is there any expectation that consumers really find relief at the pump any time soon especially as with go into the busy driver season >> i was about to mention memorial day is weeks away now dom, no. there is nothing that can be done this is a consequence of the russian invasion of ukraine. we have had no choice from the moral perspective to cut off russia and that includes the dear amount of supply that russia puts on the market. not only crude oil, but the feed stock fuels that get made into or brushed up into the diesel fuel and jet fuel. here in the united states for that matter, too we are all feeling this. it is because of the embargo and expected now embargoing of the next six months from europe.

that was the decision yesterday. the final news of the shoe finally dropping, dom, that will foreclose 4 million barrels of crude oil from russia and then europe talking about numbers of 7 million barrels a day. there is no spare capacity of the. >> john, if i might turn from the commodity side to the equity side i know you are keeping a close eye on the producers out there as well. what would have to happen in this country for many of the producers that are domestic u.s. base, shale or otherwise, to ramp up production engaging in capital prom capita? what gets a shale company in america to go and turn on the spigots, so to speak, again? >> to really lean into this

thing, sustainability, dom s how i put it if you look at the futures, crude oil falls off significantly. this is an industry that we chagrined when oil prices went negative if prices continue to rise and the back of the curve itself gets high priced as well, say 75 or $100 a barrel, you will see them foinally break out and mov heaven and earth for spectacular gains. they are in the process of doing it some rig counts and uncompleted wells and technical jargon is a move to put more oil on the market there could be 1 million more barrels on the market by the end of the year. that will add to the million from the united states over the course of the past year. so they are working on it. it takes time. >> we'll have to save that

discussion for another time. john kilduff, thank you. >> little early. >> we need more coffee for that. have a good day. now to the other top headlines. bertha coombs is back with those. bertha >> reporter: good morning, dom verizon is considering raising prices for wireless cerservice. this is one option to pass on higher costs to consumers. it follows at&t to hike rates on older plans by $6. verizon may decide to introduce a higher plan or add new fees. tiktok will share a cut of revenue with creators when it runs along serve ads t more americans than ever say now is not the good time to buy a home as mortgage rates rise and home rises surge. only 30% of adults surveyed in a

gallop poll say now is a good time to buy. first time that number has ever been below 50% with that rate shock, if you have been shopping for mortgages, it is not hard to see why people are not wanting to do that dom. >> thank goodness i'm locked in. bertha coombs, thank you coming up, famed chef eric ripert on how business leaders can inspire america. first as we head to break, check out the biggest dow winners and dow losers you see chevron, travelers, walmart. all steady right now on the pre market trade check out the losers cisco and apple and microsoft. remember, the tech stocks gained big yesterday. tedun you are watching "worldwide exchange" on cnbc. that last a lifetime like happiness, love and confidence... you can't buy those.

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age before beauty? why not both? visibly diminish wrinkled skin in... crepe corrector lotion... only from gold bond. welcome back to "worldwide exchange." three stock stories of the mornings twilio is down 18% and up 9% right now. that is after the maker of customer engagement technology reported first quarter results that topped forecasts. the company offered second quarter guide ansance at the lo.

fisker is making progress in the first car of the ocean to no market in november. and stock three is shell the oil giant. reporting the highest quarterly profits since 2008 thanks, no part to soaring energy prices. the company will plan to boost dividends. it booked a charge with the exit of the russia operations. all networks across nbc news have been marking our second annual inspiring america event here at cnbc, we have been talking to business leaders who inspire with practices that elevate employees and consumers and world at large joining us now is eric ripert. he is a vice chairman of the

city of harvest which feeds hungry new yorkers eric, thank you for joining us take us through the story of what you have been doing and what prompted you to take this stance on trying to do so much good for some of the underprivileged in the new york area >> we are doing a lot of programs to help fight hunger in new york city. i'm the vice chair of city harvest. a food harvest organization. it will take food from going to waste and contributing to people in need in the new york b burroughs. we are helping residents on a daily basis by giving food

we also raise attention to city harvest and raise money for them it was a gala last week where we raised $5 million and that will allow city harvest to distribute meals to new yorkers in need that is very big for the organization >> so, eric, can you take us through the bigger picture back drop for some of the needs that you have been trying to fill from the city harvest perspective, are you seeing a rise in the access to places like food banks and food assistance programs? do you feel the economic conditions that we have right now post-covid, has seen a trend higher toward food bank usage? >> city harvest anytime feeds 1.5 million people in new york

city at the poverty level. this is numbers from city hall we know that one child out of five in new york city doesn't know when he will get this meal when the school is closed. this is something that we have to work with and we have to make adifference. we cannot accept this in the financial capital of the world of 1.5 million people living in these conditions we are definitely very aggressive because of the covid crisis, we have a lot of people that are adding to that population and inflation is the big deal. we have a lot of people who cannot put food on the table with jobs and salaries and it is

too much the price of the food and inflation together is very challenging for those people >> chef eric ripert, thank you very much. by the way, our annual event will conclude with the 2022 i inspiration list you can see it on saturday, may 7th at 9:00 and 11:00. fantastic event. coming up on the show. stocks you might want to buy or fentfrollowing the commes om d shchair jay palowell. stay tuned we are back after this

welcome back to "worldwide exchange." back to the markets after the late day rally that saw the dow and s&p with the biggest single day gains after the federal reserve's first 50-point rate

hike in year the dow implied lower by 50 points this morning. nasdaq down by 11 0 points joining me now is asset management and contributor jenny har harrington you had some time to digest what happened yesterday do you feel as though the green light is there for investors we still know we are that far off the lows of the year in the markets. >> i always think the green light is there for investors i think now is a great time to be buying if you have cash here is something that my younger brother said to me i was trying to get him to invest money i was worried that the market was at a high point. i said, ben, if you put the money in now and it goes down, he is worried.

jen, when you heard this, when is the best time to plant a tree, the answer is 20 years ago. when is the best time? the best time is today this is a great time to buy, but i don't think that means we're in the clear i don't think it means we have an easy road ahead for the rest of the year. this year's tough. we have hard things like tightening balance sheet runoff and inflation and supply chain issues serious problems in europe it is sad what is going with russia and ukraine we don't know the political fallout of that. on the other side, we have really strong consumers with tons of cash in banks. we have corporate earnings coming in that are great 77% of the companies reported have beat earnings by 6.5% we have a decent economy i think this year continues to be a cage match of the forces of

bullishness and bearishness. i don't know how that plays out. if you have money, you can find areas to put it to work and set it and forget it and sit back and be patient and play out. >> jenny, we have been showing viewers and listeners on xm is charts of the things over the year the nasdaq composite and s&p and nasdaq we are 20% off record highs cox is that where you put the money? >> not necessarily you have to be careful of pinning something because it used to trade a 60 times and it is now 30. you need to look at each investment as a stand alone. when i look at our portfolio and discipline growth portfolio and

try to cherry pick names and i look at money. they are desperate i be would careful with dow and thermo fisher and united rentals. some of them are down. carrier is down 27% year to date i would be comfortable with devon which is up 60% year to date it is not only buying things that are down, but individual companies on merits and say my starting point is today. what does the company have ahead of it? what is the earnings and valuation and outlook? it is hard work. for the last five years, you could just jump in because the rising tide was rising all ships. that's not the case. i feel this is going to be a grind. it has been a grind for a year the grind will continue. it is really boring and hard

work of reading reports and listening to meetings and talking to companies to figure out the outlook. >> jenny, you mentioned all those names. i one derwonder if this is a cle you are a stock picker you mentioned the names. is there a commonality or one or two that sets off that this is the company i want to invest in? >> i think this is a hard one. there is a commonality is the valuation rational? are the heexpectations achievab? when you look at docusign or paypal, i'm not sure that the expectations are achievable. people have inflated expectations here is one i did not state.

marriott trading at 24 times earnings analysts are clearly under estimating the speed of recovery of the earnings. it is not below market multiple, the earnings growth is achievable that's what i want we need to beat hings. >> all right jenny harrington, thank you very much. that does it for "worldwide exchange." "squawk box" picks up the market coverage keep it right here there has to be someone here making sure everything is safe. secure. consistent. so log in from here. or here. assured that someone is here ready to fix anything. anytime. anywhere. even here. that's because nobody... and i mean nobody... makes hybrid work, work better. this? this is supersonic wifi from xfinity. it's fast. like, ready-for- major-gig-speeds fast. makes hybrid work,

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good morning relief rally on wall street. here's the question t the answer this sparked the big move >> you talked about using 50-basis rate hikes in the coming meetings.

might there be something larger than 50 is 75 possible >> 75 is not something the committee is considering. andliesman will be here as we follow jay powell's path he'll be on. and the fed ordered the biggest rate hike in years, what should you do with your money? and we bring you new data on inflation and consumer spending trends from mastercard and cnbc small business survey. it's thursday. is it? may 5th. 2022 i know what i want more breakfast. "squawk box" begins right now.