it is 5:00 a.m. at cnbc headquarters here is your top five at 5:00. stocks looking to snap the longest weekly losing streak in nearly, get this, a century. another imamajor wall stree firm is downgrading on recession risks. retail earnings in focus shares of costco trading lower following quarterly results. twitter shareholders are suing elon musk and the social media company itself

and another tech company announcing it is slowing down hiring process it is a big household name preparing to go public it is friday, may 227th, 202 and you are watching cnbc. good morning happy friday welcome to the show. i'm dominic chu in for brian sullivan today let's kick off the hour with the check on the markets stock futures are indicating a more stable open compared to yesterday. the dow jones industrial average higher by 39 points. s&p is ten points higher and nasdaq 50. the three indices are on track to close the week higher you see the dow up 4.5%. s&p up by 4% the nasdaq trailing, if you will, by 3.5%. of course, stocks are well off their highs that we've seen.

nasdaq is in bear market territory down more than 27% from the record. s&p down 16% from its record high the dow is down nearly 12% below its record still generally speaking lower treasury yields. key part of the market conversation for months and years at this point. the benchmark u.s. 10-year note is drifting lower. 2 2.75%. we were above 3% 2-year note is 2.47%. 5-year note at 2.72% the value of the dollar is the talk of the traders and investors. you see versus theeuro euro gaining strength against the dollar 1.0276 weaker dollar against the

british pound. 1.2614 a little bit of a move in the dollar prices. the trend over the medium and near term has been to the higher side to the dollar values. energy, wti crude is above $114. benchmark ice brent crude up 73 cents. and natural gas after $9 is now down to $8.74. let's look at the global markets overall. cryptocurrencies bitcoin prices below the $29,000 mark down 2%. ethereum prices have been under performing on the relative basis and have been for the last few days 1761 is the last trade there everywhere in crypto is lower on

the day. bitcoin is out performing. let's go worldwide and julianna tatelbaum is in london with the global markets generally speaking, it looks positive, julianna >> dom, good morning that positive momentum on wall street yesterday has filtered through to the asian session overnight. it was green across the board. one market stood out that was hong kong hang seng ended 2% higher. we saw strength in the tech giants alibaba and baidu better than expected earnings with those tech giants rising by double digits overnight. turning to european markets. it is a green picture. cac 40 up .70% dax up .50%. gu building on the gains. stoxx 600 gained ground yesterday. there is under performance in the ftse 100

trading lower this morning that is due to the news yesterday. the uk government came out and announced the one-off tax on the extraordinary profits at oil and gas companies. this is weighing on utilities and oil and gas stocks utilities in particular. the government left the door open for the similar position of extra taxes. a windfall tax on utility companies companies. it is a positive session and start here in europe dom. >> thank you, julianna julianna tatelbaum in london with the latest. now to the corporate headlines. bertha coombs is here with those. >> happy friday, dom twitter shareholders are suing elon musk and the social media company over the handling of the buyout deal. proposed class action lawsuit was filed yesterday. shareholders allege musk violated the california corporate laws and engaged in market manipulation.

twitter shares are down 12% since musk announced the bid for the company. trading below the $54.20 offer price. retail is in focus this morning. costco earnings were in line with estimates and revenue topped expectations. store shares fell short. instacart is slowing hiring as it preparing to go publicall it is the latest to talk about it meta and twitter all said they are slowing hiring of not talking about pink slips >> bertha coombs, thank you very much see you later on it has been all smiles for the u.s. markets this week as the major averages look to snap

multiweek losing streaks dow and s&p up 4% so far the nasdaq is not slouching. up 3.5% this week. all three remain off the 52-week highs. the nasdaq dug deep into the bear market territory. tech heavy index is down 27% from the record highs set in november let's bring in dara d'auria at invest net i wonder as we look at the markets, dana. the bears have a compelling case about why there's more downside ahead and the bulls can say this is a bottoming process this is as deep as things have gotten since the great financial crisis with pull back. we have seen it before with the covid pandemic maybe it was a onewone-off situation. >> thanks for having me. i have to lean toward the former

in terms of what i would expect with markets it is hard to think we are past the pain there are too many indicators. obviously inflation not taped at all. pick your measure on that. inflation. fed funds nowhere near there we have to continue to be hawkish on interest rates and slowing into or going into the slow growth economy with rising rates. that is a global phenomenon. unemployment has been good the job picture has been very good even that, we are starting to see signs of weakness. week over week, jobless claims are starting to rise we will have more pain think about the nasdaq in 2000 it lost 80% of the value between 2000 and 2002. nevertheless, we got past the

pain. >> dana, i want to ask do you feel the markets that we've seen over the last several years at this point are -- are similar to what we saw with the dot-com era and the boom is that why you think there is maybe a 50% downside scenario during the bust in the late '90s >> markets are cyclical. obviously, hopefully we are not going to recreate the gfc again. hopefully we are not in that territory. we still have a lot of liquidity in companies although those cash holdings are starting to diminish a bit there is a lot about the market is destructive k corporate earnings are still good negative guidance was high in the earnings period. these are negative indicators, but not another gfc. on the other side, i think given

what we know is coming, we have geopolitical issues and globalization dipping which is a problem. energy prices. energy, food, inflation, covid pandemic i don't think we can call it yet that we're on the other side >> dana, i understand that you are not the only one that feels that way right now i will point out on the other side of the argument there are a number of traders and analysts that are pointing to the possible peak of inflation if you look at the markets, the 10-year break even rate for what inflation could be if you look at the 5-year basis, they are trending lower after hitting highs in the last two months or so do you believe that inflation as pervasive as it is, may be showing signs of slowing down? >> for sure. there are indicators that show

we are seeing a little bit of a plateau in coming down i don't think we can yet say we're there. certainly there are other reasons to think there are structural issues with the markets. energy, food and some core non discretionary items. we are seeing issues with supply chains and new issues globally yes, there are indicators for sure i think they are on the other side with reasons that we could struggle we plateau and inflation remains, the fed has no choice but to raise rates i think we have to set aside a little bit >> dana d'auria, thank you very much when we come back on the show the mystery chart of the morning. the well known retailer hit hard after slashing earnings guidance for the year that name will be revealed coming up next. first as we head to break,

check out the biggest dow winners and losers right now in the pre-market, dow and cisco systems and chevron leading the way higher and some of the losers you see and some of the losers you see salesforce and your doctor gives you antibiotics right away.”you e unitedhealth "worldwide exchange" will return after this break 1 to 2 delivery . 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.

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welcome back to the show time for the big money movers. three stock stories of the morning. first up, the answer to the mystery chart of the day gap. issued a disappointing outlook old navy continues to weigh on the results with same-store sales dropping by 19% last month. gap warned with of a larger decline in sales and departure of old navy ceo. stock number two is you will ulta beauty. topping forecast on demand for makeup and interest in skin care ulta raising revenue and same-store sales guidance for the year that stock up 7% stock number three is dell technologies the company beating revenue forecasts for the ninth straight quarter. the pc maker sees strong demand for laptops as they see the

hybrid model elof work. businesses invest in remote work equipment and consumers upgrade older devices. dell is up 12% in the pre-market let's track the consumer it is the start of memorial day weekend. mdw. sales from the retailers are running today until monday and in the wake of inflation and supply chain issue, consumers may be in search for the best deals. a survey by the consumer institute or kci, measured impact of rising prices. 31% of consumers, as you can see, said they felt very impacted another survey by kci asked where customers felt the most price impact of the changes. top two categories were food/groceries and gasoline. get this kci also reports that 68% of

consumers would rather wait for a product than pay more for it right now. so, memorial day weekend might just be what retail needs to bounce back a bit. will a spike in sales be enough? let's bring in katie thomas to talk about this. katie, let's start with the big mac row question is the american consumer still strong >> right now, dom, honestly, it is tricky. we're on a collision course of the inflationary price impacts and, of course, slowing all impacted by supply chain and the pent-up demand in spending that we have been talking about since the beginning of the pandemic. in some categories, that is playing out right now. we are absolutely seeing consumers feel the impact on the

inflation. food and gas is where they are feeling the concern and starting to think how they pull back or make tradeoffs on the flip side, they are willing to invest in things they have not been able to do in a while. you talked about ulta. beauty is a sector that is doing well it is this interesting collision course of where con the sumers e spending and pulling back. >> it is interesting the revenge spending thing we heard that geared toward experiences and travel as opposed to material things things we buy and pull around in our house. macy's made an interesting comment. more demanded for fancy dresses and men's suits as people look to go out. that sort of thing take us through what that changing landscape is like for retail and can we expect it to be more medium term as opposed to the couple quarter phe

phenomenon >> i think what you are seeing is the revenge spending and wardrobe refresh a lot of us for a number of reasons. maybe what we have in the closet is out of date or doesn't fit. we are seeing people want to get out. it is beauty it is apparel. it is travel it is for the trips. the weddings that people held off on i would watch the behaviors. i think there is where we see it pull back. you see the pull back on streaming services and plant based meat and fitness bikes i think we want to make the assumption that consumers are eager to get out of the house and spend money on something that they were not able to do during the pandemic or didn't feel was a good use of funds. >> you can look at the stock reaction in peloton or zoom

during the peak of the pandemic versus right now i wonder you mentioned that idea of food and groceries and gasoline and fuel prices the main driver of things. we got some results out from another study by aaa it was projecting traffic and miles traveled like this memorial day weekend it will be an 8 plus bump over last year. the best in a couple of years since the pandemic started does that mean the consumers are willing to shake it off for the revenge travel spend >> yes, in large part, i would say, dom we have seen throughout the pandemic that consumer sentiment numbers were worse than the actual retail numbers. it is similar here you are seeing consumers feel about inflation. they are feeling stressed about inflation. when you talk to them directly, they are willing to spend. that is the interesting part

i feel i have been stuck in the house for a couple of years and i want to see my family. it is the back half of the year that once we get through summer and some of the really first seasons of reemergence is when we see the consumers impact across the wallet. right now, we are stillplexity pandemic. >> katie thomas, thank you katie, enjoy the holiday weekend. >> thank you, dom. coming up, how the ultra wealthy are feeling about the economy and how they are putting that money to work michael sonnenfeldt will bring us his insights when "worldwide exchange" returns after this >> announcer: today's big number 21%. that's how much egg prices are expected to increase this year due to the ongoing outbreak of

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welcome back to "worldwide exchange." let's get a check of headlines with phillip mena in new york.

>> officials said all of the victims in texas were in one classroom. now the victims were found in four classrooms. the president and first lady will travel to uvalde on sunday. graduates are hours away from the executive commencement. president biden will speak at graduation ceremony today in annapolis. monkeypox is continuing to rise in the u.s. nine infections in seven states. california, florida, massachusetts, new york, utah, virginia and washington. only some of the cases involve international travel to areas where monkeypox is active. the cdc says it presumes there is community spread in the u.s that's it from here, dom >> have a nice weekend, sir.

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stocks looking to snap their l longest weekly losing streak in

nearly a century another major wall street firm dowgrading equities on investment group what citi is telling clients. and the call of the consumer a number of retailers getting crushed this morning it is friday, may 27th, 2022 you are watching "worldwide exchange" here on cnbc welcome back to the show i'm dominic chu in for brian sullivan the friday before memorial day here is how the markets and your money are looking as we are sitting here ahead of the long weekend. dow jones industrial average futures imply a higher open by 39 points. s&p would be implied higher 10 points nasdaq higher by 49. big gains yesterday. the three major indices are on

track to close the week higher dow is up 4% the s&p is up 4% the nasdaq composite index is trailing, but still up 3.5%. of course, stocks are off their record highs the nasdaq is still entrenched in bear market territory down more than 27% from the record highs s&p is down 16% from the record high the dow is down 12%. maybe out performing if you want to look at it from that perspective it on the treasury side, a tick lower in yields. the benchmark 10-year treasury is yielding a hair above 2.75% the 2-year note yield 2.47%. the dollar is losing strength. it has been on the upward move oh, we reversed course a little bit. against the euro 1.0721 it is still lower against the

do dollar/yen it will cost 1.2604 to buy one british pound sterling energy prices are moving higher. you can see u.s. benchmark crude wti is up $114.70. the world benchmark ice brent crude is up nearly $1 for almost a .80% the natural gas prices below the $9 mark. $8.76. off 1.5% also checking on cryptocurrency. let's go to gold $1,862 then let's go to cryptocurrency. we are now below the 29,000 mark for bitcoin.

28,985 ethereum is down to 1$1,772 is the last trade now to the top stories bertha coombs is back with those. >> good morning, dom marvel technology is trading higher this morning. the chip maker is posting better earnings and revenues and offering upbeat guidance company leadership noted 90% of the revenue came from infrastructure projects and not the consumer when you speak to the consumer, they are not going to the american eagle trading lower this morning retailers in q1 results falling short. the company cautions it will continue to deal with the need for higher markdowns to clear inventory and higher shipping costs and impact of supply chain issues costco was in line with

estimates and revenue topped estimates. same-store sales fell short. gap shares are getting hit hard retailers reporting a wider than expected first quarter loss and issued a disappointing outlook old navy continues to weigh on results with store sales dropping 19% they did not have enough of the middle sizes and too much of the very large and very small sizes. they have to try to find the balance of being inclusive. >> that is key for the retailers. bertha coombs, thank you very much talk to you later on. back to the markets. citigroup out with a downgrade the team cutting the outlook to neutral on recession risks citi is saying a lack of the assurance from the fed and the market is now showing

quote/unquote elements of a deflating bubble let's bring in michael sonnenfeldt from tiger 21. do you believe them, michael citigroup telling clients u.s. equities are not the place to be and they believe china out performs the u.s. in the requi environment? >> thank you for having me here. our members tend to be conservative people built great businesses and sold them. now they are in a wealth preservation mode. they are diversified and ready for whatever is going to come. >> if that is the base you are drawing the information from and they are conservative, what are they doing this is an inflationary environment. this is a group that understands cash on the sidelines is continuing to lose buying power. what do you do in the environment where bonds are under certain and equities are

uncertain and everything else in cryptocurrency is uncertain as well >> sure. our members are long-term investors. they have themes cryptocurrency is concerning for the portion of the members invested in crypto, this is a buying opportunity because they have a believe it is little like a tesla owner when tesla was one tenth the price. they still made fortunes our main distribution ispublic equity and real estate which are the two top areas. real estate has always been king oddly enough in the first quarter, public equities before the market fell came our largest asset. my guess it will fall again and private equity is a longer-term investment those three, private, public and real estate add up to over 70%

that's a pretty long-term risk-on confidence in the economy. it is true that they think there's recession in the near-to-midterm, but still long-term confidence what you do is have low fixed income, we never had 6%. it used to be 12%. that is a concern of inflation and interest rates and high cash our members run 11% to 12% cash so they are not forced to liquidate at the wrong time and have dry powder to make a bet when something looks attractive. >> especially with the more liquid investments like real estate and private equity. can i drift toward the real estate side of things? we know the real estate market is red hot we know your members are not dealing with the same houses that i'm dealing with right now in my neighborhood they are ultra wealthy

is there a feeling this is the top of the real estate cycle >> for real estate, it is not a m monolith the industrial and retail office is different work force housing in the right communities. people are very interested and continuing to do that. prices are high. retail, obviously, is going through a second problem you just mentioned retailers that are having a tough time with the pandemic which was even worse. offices really are the most amazing. t there is the question of has something changed for the generation the relationship with the worker and office differs if you can work from home two or three days a week, people are reconceiving the entire office it is which will win and which

will lose? over time, real estate is the best performing asset. our members have made a lot of money in real estate there are huge opportunities when you have down turns like this, if you didn't have cash, you will be forced to lick liqu. think of the stocks that have been decimated in the health care side and the market if you are able to seize the opportunity. >> we know the devil is in the details, michael all of the members with the ultra high end net worth, is it the mega cap technology stocks which are consensus since the depth of the great financial crisis in 2009

is it the energy stocks running away with things where is the interest from the stock perspective in the more beaten down sectors? maybe not energy >> sure. technology has always been our number one sector that we're interested in. so people who have expertise in technology, particularly in the b2b technologies consumers have been beaten down. you have fundamentals that under lie large corporations there are terrific opportunities there. members are looking for long-term themes climate. you mentioned energy energy is at an all-time high. climate is a theme there is $5 trillion a year spent over the next decade things like renewable energy and rebuilding the grid. even the copper required to rebuild the grid these are long-term plays with tailwinds that are almost

recession proof. it doesn't mean they won't go up and down in the recession, but over the long term, there is extraordinary value. there's a lot of those areas you mentioned some of them technology, health care. these are places that really have -- if you cure cancer in a good time or bad, you will make money. >> michael, before we let you go, one conversation i had with folks who are older and wiser and wealthier than i am is if they should be in the cryptocurrency market. a lot of them are under water. is there a sense they want to continue investing in it because it is the dollar cost averaging approach or is this the time to cut your losses? >> first of all, our members are now all around the world in a place like san francisco that thinks there's a recession because of the technology, that's also where some of our

biggest crypto buyers are. those have a long-term commitment for people who really have an understanding and belief, i say that is 5% to 10% of our members at most. they will be focusing on crypto opportunities. they will still have a prudent allegation it is like gold historically 1% to 3% allocation of total portfolios my guess is cryptocurrency is the same different sentiments in different locations. our groups in calgary thought we were in recession a year or two ago. they are doing well right now because of energy prices it is the opposite in san francisco where the recession is really hitting the technology companies. you have some real diehard crypto fans across north america and most of them would say this is a buying opportunity. >> all right michael sonnenfeldt, thank you very much. have a nice weekend. >> thank you

coming up on the show, remember when people couldn't find a hamptons rental to save of this lives even paying top dollar it could be a different situation this year. just like what michael sonnenfeldt was saying we will tell you why and what's coming up with the hamptons real estate market next. as we head to break. a top trending story attention the bts fans they are getting ready to launch a new show on apple music. a three-episode series that will air weekly starting tomorrow this all leads up to the band's new album which will drop june 10th stay tuned chgehewodwe hing "rlid exan" re on cnbc to mind .. ♪ finally? this is financial security. and lincoln financial solutions will help you get there. as you plan, protect and retire.

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so the hamptons real estate market may feel a chill this summer at least the rental market and prices there robert frank brings us that story and robert, if it is true, boy, it turned fast. >> yeah, turns really fast, dom. bargains are relative in the hamiltons. prices down 26% from the last year the biggest sign of weakness is actually on the supply side. brokers say there are now hundreds of rentals still available at all price points. last year, and in 2020, it was

impossible to find a rental by early may. supply is up 50% some homeowners are dropping prices 30% rather than let them stay empty why the soft demand? brokers say more of the wethy a wealthy are traveling. many of the people who used to rent in the hamptons bought the past two years the pool and population of renters is now smaller what can you get if you are still looking to be in the hamptons rent the nine-bedroom 11,000 square foot home on surfside drive for $1.25 million a month. if you are on a budget, a cute 900 square foot cottage in south

hampton. $48,000 a summer or $23,000 for august dom, still quote deals out there, if you are looking. >> robert, you deal in a different world than many of us on a daily basis for sure right now. i'm glad you put those in perspective for us with regard to just how much hamptons r rentals cost we were just talking to michael sonnenfeldt about the ulyoultra wealthy members they have there. do you feel on the ultra wealthy side of things we could see a turn in the real estate market soon or is that where the ridiculously rich people don't care about real estate because they hold it forever >> i think with the rest of the market, a lot of it is still a function of inventory. if you look at the sales side of the hamptons, inventory is still

low. the average sale price in the hamptons is $2.6 million that is still way up from last year by the way, that is more than manhattan where the average sale price is $2 million. until we start to see a real build p up of supply on the sales side, we are really not going to get much of a change in prices the rental market is sktill whee you see the beginnings of the slowdown we see supply, including from people that bought over the past two years and thought they would rent out for a lot of money. they will just not get what they expected they may then put those homes in the hamptons on the market >> if i would afford the helicopter and avoid traffic, i would think about it >> that's the way to go. >> 300 square foot cottage robert frank, thank you very much. coming up, stephanie link is on and trying to breakwnhedo t trading day ahead.

stay tuned we'll be back on "worldwide exchange". ould 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.

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welcome back to "worldwide exchange." a couple of things to watch as we wrap up the trading week. may personal spending is out at 8:30 a.m this includes the fed favorite gauge of inflation or core pc index. look for the final read of macon assumer sentiment at 10:00 a.m get your popcorn ready mach speed this weekend as "top gun:mave gun:maverick" hits theaters. it is on track to gross at least $100 million at the domestic box office that would be the biggest opening of tom cruise's career yeah this is going to be big if i can find a baby sitter

"top gun:maverick. and record highs for the s s&p. we are now down 16% from the high levels. a bounce of 6% from the course of the week from the lows. is a bottoming process takings place? technology hit hard during the last downturn. specifically semiconductors and software and internet commun communications names you see a little bit of stability and positivity when it comes to semiconductors. then any end in sight for the positive momentum in energy markets and oilprices in particular the energy sector up 57% year to date by far the best perp performing sector joining us now is stephanie link at hightower she is a cnbc contributor.

stephanie, i wonder there are bargains out there you look for them all the time are they still in nergy? is there anything to be had in energy free cash flow is great there. is it a buy at these levels? >> good morning, dom i'm overweight energy. i have been all year it is 4.5% of the s&p. it is still small. there are opportunities for certain. the sector has changed it started with the esg movement and getting the companies to embrace more clean energy and that sort of thing then it got to shareholders wanted shareholder value that's buybacks and dividends. that's what they're doing. i'm barbelling i have chevron it is a good balance sheet i like slumber i

its margins have gone up diamondback lacked and they gave you a dividend i think there is a place you can focus on within energy i think i will remain overweight my benchmark for the year. >> those are the momentum plays and where you find value energy is the best performing sector it is good you are overweight. if you look at the past week we have been focused on the consumer we have so many mixed reads from some of the major retailers and dollar stores and apparel retailers. we talked about gap results. what do you think the narrative is on the american consumer and where would you put money to work there >> i think the counnsumer is in

much better shape. six months from now, does that change it depends on the fed we had a boost of confidence in consumer it wasn't just williams-sonoma and macy's and burlington. it wasn't just those companies reporting better than feared results. we got the second revision of gdp. it showed consumption was from 2.76% to 3.1%. goods were flat. services was up 4.8% that is the transition to reopen we have been talking about this. we have talked about this for the better part of the year. it is good to see it you have to pick your spots in terms of where you want to be. you know i have been involved in the repopen play. one name i like a lot here is starbucks. that is a reopen as people go back to the stores you have a special situation with the return of howard

schultz as interim ceo same store sales in the u.s. have been strong up 12% last quarter. u.s. is fine china is a mess. we know that that's going to eventually reopen they removed the $20 billion buyback program to use the money to invest in stores and innovation and in growth you have an analyst day in september. the stock is down 36% year to date i like the risk/reward. >> another theme that people have been talking about have been around agriculture and commodities and what is happening with fertilizer prices right now because of what is happening with the war in ukraine. can you take us through whether or not there are plays with the commodity front on the aeg side? >> i like the aeg very much. i like deere i own dow. there are a lot of names you can

play in the space. i like deere because they had analyst day yesterday. it was upbeat with the farm fundamentals with income and pricing. they are a headidden technology basically, this is going to make the farmers more efficient and give them better pricing power and less labor i like that. i think it got hit on earnings for ridiculous reasons last week i like the risk/reward. >> starbucks and deere thank you, stephanie that does it for us on "worldwide exchange. "squawk box" is coming up next have a great memorial day weekend. see you on tuesday

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and not just for my shows. switch to xfinity mobile for half the price of verizon. new and existing customers get amazing value with our everyday pricing. switch today. good morning stocks modestly higher after the rebound. we will show you what is moving right now. including big declines for household retail names like gap and american eagle we will look at the retail names. elon musk facing a new lawsuit from twitter shareholders it is friday, may 27th, 2022 "squawk box" begins right now.

good morning welcome to "squawk box" here on cnbc live from the nasdaq market site in times square. i'm rebecca quick with andrew ross sorkin and mike santoli joe is off today andrew, welcome back do you know where you are right now? >> you know, becky, you remember this you are more awake because i was on the earlier hour. >> it is still noon to you >> it is noon to me right now. slightly better for a couple of days then it will be screwed up by next week. otherwise, yes >> you get through and get your feet under you you will need pizza time in about an hour. thinking it is noon. >> yeah. >> good to have you back let's look at what is happening with the u.s. equity futures at this hour. you see on this friday ahead of the long weekend, so far, so good this tends to be people wondering what t