it is 5:00 a.m. at cnbc global headquarters. fresh comments from the fed. that momentum looking to carry over into today's session. you have shares of nvidia taking a dive on the quarterly results as the chip maker warnings of a looming slowdown. shares of twitter are taking off after elon musk boosts his commitment the latest on the tech takeover saga. and the price you pay for

energy and so much more set to potentially pop further, believe it or not, as natural gas prices climb to 14-year highs. those sky high energy prices are part of the broader inflation problem hitting the wallets of all americans right now. cnbc heads to the heartland for a closer look at the key economic cross road. it is thursday, may 26th you are watching "worldwide exchange" here on cnbc good morning welcome to the show. i'm dominic chu in for brian sullivan today let's check on the markets and your money you see the futures are indicating a relatively calm opening bell the dow is implied higher by -- lower rather, by three points. s&p lower by four.

nasdaq lower by 55 a much bigger improvement than an hour ago. this is all after the three major indices notched modest gains yesterday. at this point, the dow, s&p and nasdaq are positive for the week and poised to snap the ongoing weekly losing streaks. as you see the bond market on the back of the fed meeting minutes. the 10-year currently is ticking lower in terms of yield. higher in price. 2.72% is the last trade for the 10-year treasury note. 2-year note is 2.47% in the oil market, west texas intermediate prices are higher by 76 cents. $111.09 the last trade brent crude futures up .50%. 65 cents nat gas prices up as well.

perhaps with the energy story right now, natural gas is the key. surging above the $9 the highest since 2009 we will dive into the spike of nat gas prices coming up later in the show. one of the morning's big movers is nvidia after offering a light forecast it will slowdown hiring as it deals with a challenging macroeconomics environment nvidia shares responding in kind down 6.25% that's off the worst levels of the session. let's go worldwide with rosanna lockwood with the look at the early trade in europe it looks mixed ro rosanna? >> that is right, dom.

the energy crisis is propospingu the shares you have the ftse 100 flirting with flat line the ftse mib doing the same thing. the cac and dax strong wrapping up the davos meetings in switzerland the ftse 100 is minor the speculation of the uk government calling on the wind fall tax the government looking to help house holds in the crisis. let's give you a look at the dollar and ruble the ruble has been strong. you don't see heit here. the dollar strong against the ruble. the authorities in russia are loosening capital controls because of the surging price is hurting exports. you have the central bank

cutting interest rates for the third time in the last three months down from the 20% spike to 11% also historic bond downfall, dom. >> all things macro in focus rosanna, thank you now for the morning's top stories with booertha coombs >> a shake up with the co-ceo. receiving enough shareholder votes for twitter is egon durban he has tendered his resignation from the board which is not decided whether to accept it it should be noted that durban is a long-time associate and backer of elon musk. separately, twitter reaching

a settlement with the department of justice over alleged misrepresentation of the data privacy practices between 2013 and 2019 the s.e.c. revealing new rules to prevent misleading claims by esg funds. the proposed rules would enhance disclosures by the funds come amid growing worries that some funds are looking to profit by esg investing by misleading shareholders the proposed rules would be subject to public feedback i imagine there is a lot of feedback on that so many people feel this is an issue. and apple plans to keep production of the iphone flat this year according to bloomberg. the company is asking suppliers to assemble 220 million devices. the same as last year. the reported move comes as apple

th is facing a challenging market the suggestion of the newest iphone is facing delays with the covid lockdowns in china dom. >> add that to the increase wages for employees and that is interesting dynamic. bertha coombs, see you later on in the show. back to the markets and federal reserve is showing increasing urgency for raising interest rates to tackle the high inflation rates the meeltting minutes show raisn rates to slow economic growth deliberately to combat high price spike. for more, let's bring in ben eamons at medley global advisers maybe this is no surprise. the fed has two jobs by its mandate, its charter control prices and make them stable and work toward maximum

employment you can argue the second one is getting better the first is the problem how aggressive do they have to be >> good morning, dom looks like the markets continue to stay on the course with tightening as you say, price stability is the key with the economy if yyou don't get that under control, we slip into a difficult situation of a recession and high inflation now the minutes were clear and they want to assess after the july meeting what they will do from there it did indicate they have to go to restrictive setting as they say. in other words, the funds rate is higher than the neutral rate. that, i think, helped the m markets yesterday and into today. he we will see what follows, dom. important data head of us. claims and spending data

that will give the market a reading on what is happening on the ground and how fast the fed has to go from here in order to get that price stability under control. >> how different is this tightening cycle with money supply same or different from other tightening cycles that you witnessed or studied in the past should investors be fearful of a recession? i think just from face value you, we think economic slowdown, you should be fearful. it seems as though there's a case being made if you see recession and it is a mild one, investors may take comfort in it >> interesting proposition that's different from previous tightening cycles. recession is viewed as an antidote to inflation. the recession is so mild and we don't know we were in one.

i think what markets are trying to say is we have to tighten faster and quicker than we used to in the past the previous two cycles were measured and that is very different this time. on the other hand, you do top out at a level of the funds rate that is enough to get inflation really down. this is where we are still struggling a bit you know, like you say, you risk you end up in a recession by keeping policy too tight i think we're at this moment where the market judged this is 3.5% on the funds rate is maximum to get inflation really down that may hopefully lead to a mild recession the equity markets have reacted negatively as of late. there is a lot of uncertainty about the scenario with the mild recession. >> ben, before we let you go, you mentioned the upper range that could put the brakes on inflation. what is your expectation at

medley with regard to the fed policy with the fed fund set by the end of the year? >> we think they will go to the restrictive setting. what the fed thinks is neutral at 2.5%. you are close to the 3% level and really after that, the 3.5% level. that is something you have to keep in mind inflationary pressure is too high 2% fed funds rate is likely not going to cut it to get inflation really down. it likely has to be a higher rate. >> higher rates than 2.5%. ben eamons, thank you very much. we appreciate it. when we come back on the show, the morning's big money movers including trouble in the cloud details of what has shares of snowflake diving in the pre-market trade. plus, a number ofretailers set to report quarterly results. giving us a look of how strong the sector and consumer really

is stacey widlitz is here with more. and boeing with mission appli accomplished we have a busy hour ahead when "worldwide exchange" returns after this break a-plus. still got it. (whistle blows) your money never stops working for you with merrill, a bank of america company. at adp, we use data-driven insights to design hr solutions to provide flexible pay options and greater workforce visibility today, so you can have more success tomorrow. ♪ one thing leads to another, yeah, yeah ♪

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tech upgrades for your changing wifi needs. and advanced security at home and on the go to block millions of threats. only from us... xfinity. welcome back to "worldwide exchange." time for the big money movers. three stock stories for you this morning. first up is snowflake. the cloud data storage company

reporting a smaller first quarter loss as revenues beat forecast shares are tumbling as its second quarter outlook is below estimates. snowflake saying macro issues facing customers the first two weeks of may were strong shares down 15% right now. stock number two is nutanix. falling 30%. the software company with better than third quarter results and gave a weak fourth quarter outlook. it is citing supply chain delays and an tttrition among sales representatives. down in the pre-market stock number three is williams-sonoma. higher sales at pottery barn and west elm markets

west elm up 13% and potterybar up 14% higher. latest sign that some shoppers are not pulling back on buying home goods even in the face of higher prices in this inflationary environment let's stay on those shoppers fierce around consumer spending are rocking the market overall we have earnings from macy's, american eagle, costco and gap stores all out later on today. just in time as investors recover from last week's blow from target and walmart. we asked the same question is the market in a bottoming process right now given the action we're seeing especially in retail? let's bring in stacy widlitz the president of sw retail advisers st stacey, we turn to you for the pulse of the american consumer take us through the narrative

about the american consumer and will they be able to withstand what is happening right now with inflation? >> dom, we had a rough retail earnings season so far and it will probably continue that way. what you hear from companies is the top line is holding up, but massive cost pressure. we have seen all this margin compression. we are hearing the high-end consumer is holding upper than the low-end and trading up chanel had great numbers and you talked about williams-sonoma apparel is way overi-inventory we saw abercrombie and american eagle. brands are ordering early to get stock. you remember nobody had stock a few months ago and the markdown cycle has gone back to pre-covid. >> that markdown cycle we talk about this

they mentioned it as a pro promotional environment as they have in the past are we going to expect to see a promotional environment as we head toward the summer i'm not looking at the fall back to school season yet how are retailers tackling this and which one is doing it better than others? i can see the stock reactions to get an idea. in your mind, who is doing it best >> so, i think what you are seeing is most companies know the stuff came in after holiday and they pre-ordered and ordered too much so they're clearing. target was up front about it you can get a grill 30% off. all of the stuff that didn't sell i think there are opportunities in retail. you look at the stock action yesterday. dick's sporting goods. 40% inventory rise when sales are down you will see a lot of discounts. you will see a clearing of the

decks here i think the inventory to sales ratio continues to see the markdowns which are historic we are at the clear the decks moment for retail. >> if it is a clear the decks moment, what will investors be the most focused on? we know they will be focused on all of the metrics will it be the top-line growth will it be the costs what is the key to this retail trade going into that fall holiday shopping season? >> i think that is a great question i think we know that companies can't control the costs equation of what is going on in the world right now. we want to see that traffic is he remaining strong target's traffic was still positive the mix is changing. we know that we know that people were spending on stay at home and

athleisure and now perhaps on traveling and other things there's going to be a shift that affects margins. by the way, dom, retailers said may was better than april. they were encouraged there is volatility, but some positive signals. >> stacey, topics from you before we let you go >> i will say i'm a fan of williams-sonoma and i think target is interesting. they are clearing the decks. traffic is positive there. the new modern department store. of course, nike is going dtc there is an organic story there. >> stacey widlitz, thank you very much. catch our conversation with macy's ceo on the back of the results. you must watch at 10:30 a.m.

eastern time keep an eye out for that. still on deck, apple taking moves to tackle the tightening labor market how eyth are planning to keep their workers from jumping ship. "worldwide exchange" is back after this g rity briefing—make that two. share that link. send that contract. see what's trending. check the traffic on your network, in real time, with the next generation in global secure networking from comcast business. lunch? -sure. you've got time. onboard 37 new people, with 74 new devices. does anybody have any questions? and just as many questions. shut down a storm of ddos attacks. protect headquarters and the cloud. with all your data on the nation's largest ip network. whoa, that is big. ok. coffee time. double shot. deal with a potential breach. deal with your calendar.

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welcome back to "worldwide exchange." let's get a check of top headlines with philip mena in

new york >> president biden hopes to bring comfort to the community still grieving and in shock. the nation is grieving with uvalde where 19 children and 2 teachers were murdered in the classroom. and a cargo plane touched down at washington dulles airport. this is the second fly formula operation. together, they total 200,000 pounds of formula for children allergic to cow's milk. ellen degeneres is signing off. she said the show would end last year after the toxic work environment. she got advice from the queen of daytime. o oprah reminded her to take time off. that's it from here.

dom, back to you. >> that is a theck of a run. 19 years thank you for the headlines. still on deck for the show elon musk looking to shore up more money for the twitter buy inflation continuing to take a bite out of american's bottom lines. our own brian sullivan, host of this show, is in the country's heartland looking at one key role of the waterway is important to you >> this is the most critical artery for the american ply ch supply chain coming up after the break, we talk about the prices of everything you buy and how inflation is hitting the heartland. that's next. you armacist. 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.

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stocking looking to keep the gains going on the latest look of the fed rate hike policy. futures keeping up the wednesday momentum flat in the pre-market. chip crunch. shares of nvidia falls as shares of the chip maker are warning. and shares are taking off after elon musk is looking for

more funding it is thursday, may 26th you are watching "worldwide exchange" here on cnbc welcome back i'm dominic chu in for brian sullivan it is right at 5:30 a.m. eastern time on the east coast time for a check of the markets and how your money is looking and futures are pointing to a stable open. that's what we'll call it. dow implied higher by 39 points. modest on a basis level. the s&p 500 up i should mention we were far worse off a couple hours ago some improvement there. the bonds are trading slightly slower.

2-year treasury notes are pushing lower to 2.47% taking a look at cryptocurrency bitcoin keeping a close eye on the 30,000 mark. above or below that for a few weeks now. bitcoin prices 29,050. down 2%. ethereum prices are $1,834 down 6.5%. generally speaking, down moves everybody is watching that 30,000 level for bitcoin. to the top headlines including elon musk pledging more money to push the buyout deal over the finish line. bertha coombs has more >> dom, twitter shares are jumping on news that elon musk is committing more wealth to finance the $44 billion takeover deal

regulatory filings show musk's plan now includes $33.5 billion of equity up from about $27 billion. he also is no longer relying on a margin loan backed by shares of tesla which is down a third since twitter accepted the offer last month the filing says musk continues too seek additional financing and in talks with the twitter shareholders, including former ceo jack dorsey, about potentially holding on to their stakes following his takeover. the twitter annual shareholder meeting yesterday, the ceo d deferred questions and the company is proceeding with the deal. apple is increasing compensation budget and says it will raise pay for corporate and retail workers later this year apple will hike the pay for workers in the u.s. from $20 to $22 an hour. the move comes after google and

amazon and microsoft adjusted pay scale in recent weeks in an effort to attract and retain workers. apple is facing union drives at the retail stores with employees pushing for higher wages. and we have touchdown. boeing starliner landing in the new mexico desert last night completing a six-day unmanned mission to the international space station. the landing is the last step of the crucial test for boeing. nasa required the company to prove it could safely fly the vehicle to the space station and back autonomously before clearing it to fly astronauts. dom, the starliner would give this move to spacex for crew and cargo to the international space station. i could not imagine there would be competition in terms of who would provide space launches >> it was just nasa and they

just did their thing all of a sudden with privatization in the industry. be bertha, the competition is good overall. >> i'm with you. >> thank you to the big money movers nvidia says those sales are expected to slow this quarter. the company says the slowdowns and the war in ukraine will shave $500 billion off the second quarter revenue let's talk to matt bryson with more this was not terrible for nvidia in the forecast. in the pre-market trade, we are

back to where we were at the closing bell two days ago. what is the issue with the results and if they matter in terms of the long term >> dom, you are concerned as they gave us a forecast where gaming is expected to be down. that's why revenues will be lower next quarter at the same time, the business is great they provide 10% data center growth it is really just people getting comfortable where the bottom is for the gaming business before they get more enthusiastic about the prospects and ai and the data center moves. >> matt, at the end of the day, is this still a gaming company are we focused on that as the main driver as the real thesis behind owning nvidia i remember the super computer

and talking about the capacity for those server chips there does it really come down to gaming and maybe by extension cryptocurrency >> it doesn't. i think when you look at nvidia two or three or four years out, they are more a center company or ai company. they will be an autonomous vehicle enabler. that is where their growth women c will come. it is still roughly 40% of the revenue with gaming. with the uncertainty of the $3 billion business or $3.5 billion business, those are large numbers and they have an impact on the bottom line so, this is more a near-term play. >> if it is a near-term blip, is this still one of the companies you consider to be a flagship for the entire industry?

we know it is the most valuable from a market cap perspective in the s&p. are there other opportunities with the selloff we have seen across the industry? >> dom, my concern is valuation and had been exactly where is that gaming business everything is a worthwhile investment or value. for me, at some point, nvidia, yes. a cornerstone portfolio. there is no risky i can see ov the next three or four years with the data center business. this is the right valuation because this is what games contribution to the earnings side will look like. i'm just not there yet comfort level this is the bottom of

gaming. >> matt, if nvidia is neutral, what is your favorite pick in semis? >> probably my favorite pick right now is amd they face all of the same headwinds you talk about with china and russia the difference in my mind is that because they are a share gainer in almost all their portfolio, what the entirety of the market is doing versus how much share they are a little bit disconnected in that way whereas nvidia doesn't get that benefit because of the gaming business. >> matt bryson with his call amd. we appreciate it no matter where you live in the country, inflation is hitting all the finances of all americans in some way, shape or form along the mississippi river in the heart the country, the

prices spikes are impacting tryin tr trying trucking and farming and what you pay for goods brian sullivan is on the ground with that story. >> reporter: this part of the country in st. louis up the mississippi river north to illinois is a true economic cr crossroads of the country. the truck stops on i-80 hauling meats and grains or the barges to haul chemicals and fertilizers or corn and steel and cement when the price of things for oil and fuel and diesel fuel to power giant tug boats with the barges, when they spike, it is inflationary across every aspect of the supply chain. >> everything from labor to shipyard to fuel to deck hand and everything we do increased

>> reporter: we talk about the oil and gas prices, the focus is on that. fuel costs it is so much bigger be that natural gas goes into so many things, you may not realize. from plastics to makeup and car bodies and solar panels. prices go higher fertilizer too fertilizer prices soared in the past year. between that and food and cooking oils and wages, it has made it hard on locally owned restaurants. >> our cooking oil prices went up three times as much we thought that is pretty unusual. what will we do now? we started to raise our prices slightly >> reporter: so pee wee's inflation is not a small problem. that is true with businesses everywhere some worried they may have to shutdown if prices keep going up if they can't get what they need the biggest macro question is how long inflation can remain this high before the american

economy cracks or if that is begun to happen. we are here on the banks of the mighty mississippi to find out >> thanks, brian sullivan. we will have more on that story with the high prices hitting the heartland tonight as part of the cnbc big special program "inflation usa." you want to tune in to that at 6:00 p.m. eastern time here on cnbc we're not done talking about price spikes coming up, nat gas climbing to the highest level in 14 years. pippa stevens is here to talk about the jump and what it means over what you pay for energy "worldwide exchange" is back at adp, we use data-driven insights to design hr solutions to help you engage and retain top performers today, so you can have more success tomorrow.

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welcome back to "worldwide exchange." for this month's sectornomics, we are looking at the s&p with the cell tower managers to mall owners and residential property companies. the sector so far this year is trading in line with the s&p it is down 16% in line with the market as you can see here we wanted to take a look at how the rising interest rates story plays with this particular group because, after all, real estate and interest rates are tied. the data analysts at wide charts took a look at how the sector overall trades with respect to

u.s. mortgage rates over the last ten years now as you can see here from the chart, es estate index has a relationship with the 30-year fixed rates. as the rates rise, the sector lost steam and given the diversities of the sector, a number of factors are likely at play including the treasury yields and stock market and above average dividend payers many in the sector. they turn to the investors for the payments as we watch mortgage rates continue to rise and anticipate future moves of the federal reserve, we could see more investors rethink the exposure to real estate overall we will keep a close eye given the rate environment. commodities.

those prices are surging at $110 a barrel for oil nat crossing the $9 mark pippa stevens is here with the numbers and impact on the energy stocks >> good morning, dom moves are high popping for natural gas. it hit $9.40 btu which is highest since august of 2008 at the beginning of the year, it was around $3.60 it is up more than 160% for 2022 much of the surge came after russia invaded ukraine which roiled global energy markets also more expensive for the energy market. it is up 24% putting it on track for the third straight month with the more than 20% gain. turning to oil wti is holding above $110 per barrel and on track for the

sixth positive month since 2011. the top group this week and month and year rising 54% for 2022 occidental and marathon and halliburton among the top import impot performers in the meantime, dom, this commodity price surge is a big part of the inflation we're seeing around us >> pippa, we know how strong the momentum has been. it is impossible to miss the surge of the gas prices. is there any relief coming for people at the pump i drive nearly 100 miles a day and fill up multiple times a week i feel it. >> you know better than p anyone

we got a record today. $4.60 a gallon according to aaa. california is above $6 demand destruction would have kicked in at this point, but with the pent-up demand coming from the pandemic, 40 million people are expected to hit the road this weekend. that kicks off the summer driving season we are not seeing that demand destruction yet. that is the only thing to bring prices down. americans are feeling the price increase across the country right now. >> pippa stevens with the gas trade ahead of the memorial day weekend. we appreciate it. on deck for the show, stocks looking to keep up momentum degas wright lays out the stocks on his radar right now.

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welcome back to "worldwide exchange." after yesterday's modest bounce higher, futures are looking for a relatively stable opening bell the s&p higher by 8 points nasdaq down 7 if you take a look at the market dynamics at play, no surprise of the market selloff a huge focus on the less economically sensitive and more defensive sectors overall. one of the reasons why is the awe t utility sector is the best no surprise, i did not put energy up there. we know how well energy has done not defensive, but utilities and consumer stables s consumer stabltaples are the fos investors are looking for strong balance sheets and ability to

weather the storm. for that reason, many considered the high quality stocks in the etfs that track them in this case, the spdr ticker qus is outp performing the market that gap widened since april with that in mind, some of the high quality names talked about have been names in technology like microsoft and apple yet, they have been under performers if you look at the overall picture, apple down 22%. same for microsoft very much under performing they are considered to be the high quality stocks with very strong balance sheets and ability to generate cash flow. joining me now is decatur capital founder degas wright degas, quality matters when markets are unstable apple and microsoft are the

highest quality stocks out there. what is the disconnect and how do investors navigate that >> what you want to do, dom, in the market, is identify companies with pricing power microsoft, apple those companies you mentioned. you want to look at the gross margin or profit which is cost of sales divided by revenue. we talked about inventory. that is part of the cost of sales. you want to see companies that have good relative gross profits and gross profits increasing. >> if that is the case, what types of companies do that if you look at companies like microsoft and apple. they supposedly have some of the qualities. yet, they are punished more than the other parts of the market. if you are looking for quality and out performers, what factors and what characteristics do you want to find and what stocks are fitting in terms of the factors?

>> great question. you want to fiveidentify the companies with the increased earnings forecast for 2022 those are the companies doing well they are increasing their earnings for example, look at health care whole logic is an example of a company that makes imaging products they have gross profit from 55% up to 64%. they are increasing their earnings earnings increasing at 28% since the end of the year. >> if those are the types of companies you are looking for, is there an environment where you feel there are certain companies that are not fitting in terms of those characteristics you stay away from what is the place in the market that scares you the most, degas? >> the one that scares me the most would be around the

consumer discretionary because as you talked about earlier in the show, inflation is starting to impact the consumer if you have a company or investment that depends on the discretionary spend, those are the companies that may have difficulty going into the next couple of years. >> if that's the case, and that's going to be the fear and we have consumers paying higher prices, the fed is a huge part of the discussion. we got the meeting minutes yesterday. there is this battle or campaign to really tackle what is happening with inflation right now. is the consumer going to be in a strong enough position to prop up the economy or, in your mind, do we need to have that mild-ish recession to reset the consumer balance sheet? >> we'rie we're seeing that. that is the question are we at peak inflation

we don't believe we are because of the two things you talked about. food and energy inflation. we see that in the next 1 m2 months increasing. the consumer will be impacted in the near term going forward. >> if that is the case, let's talk about the market is in the bottoming process or do you figure this is going to be an opportunity where people so-called dollar cost average or do you feel another down draft to come? >> dom, this is difficult to call the bottom. what we are focusing on is buying those quality companies if you have a quality company, you want to buy it and you want to look at your time horizon if your time horizon is three years or more, you can get into the market however, if you have a shorter time horizon, you have college tuition or a down payment on a home within the next 12 months,

you want to look at some less risk in your portfolio >> all right degas wrooight, we appreciate i that does it for us on "worldwide ehae. quk box" is coming up next what's it like having xfinity internet? it's beyond gig-speed fast. so gaming with your niece, has never felt more intense. hey what does this button do? no, don't!

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good morning elon musk committing more of his wealth to buy twitter. how his financing plan changed nvidia shares falling on the quarter. we have a big rundown. another big day for retail earnings we will bring you the nub numbes from macy's and costco and gap

and american eagle it is thursday, may 26th, 2022 and "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we're live from the nasdaq market site in times square. i'm becky quick with kelly evans with mike santoli today. yesterday was a good day for the markets. you saw gains. the dow has been building those gains. this morning, you see the dow indicated up by 100 points s&p futures up 10. nasdaq off by 4. the indexes this week have been impressive for the s&p and dow. the dow up for four sessions in a row and on track to break the eight-week losing streak