shipstation saves us so much time it makes it really easy and seamless pick an order print everything you need slap the label on ito the box and it's ready to go our cost for shipping, were cut in half just like that go to shipstation/tv and get 2 months free it is 5:00 a.m. here on cnbc stocks trying to keep rallies alive. new economic red flags speaking of those red flags, the new warning from one major european investment bank on the macro landscape haits shares sinking and overseas trading another day and another record for u.s. retail gasoline and diesel prices why it is likely to get worse and worse as the summer rolls on. why the housing market should be showing signs of a slow down, we are taclking about inventory.

and later the most valuable team it is wednesday, june 8th, you are watching "worldwide exchange," good morning you to, i am frank holland in for brian sullivan let's kickoff at this hour with the markets. the dow can open about 100 points lower all three indices about a third of a percent lower ave every index remains in bare market territory, down 10% or 20%. the nasdaq lagging, sitting at 24.9% from its all time high checking the bond market with the 10-yr at 3.01%

this is a rapid rise two weeks ago from today, this 10-yr yield was 2.74 now, oil market. this morning we are seeing at $120 per barrel. you got to remember what happened on u.s. inventory coming up later today and more demand of china reopening. speaking of oil, the energy sector continues to surge, trading at its highest levels. we are talking about eog resources, diamondback energy, all of them are trading at all time highs let's look at the crypto currency market right now. we got to check out -- bitcoin down a percent this morning.

let's get a check on the trading action all around the world. j.p., good morning, let's kick it off with you. >> it was a good day for markets out here in asia from tokyo to taipei we have to remember this is happening against a persistent sense of worries cutting the global gdp outlook by stifle inflation risk central banks in asia continue to act it w you will see there though the, they're losing a little bit of ground the bank of thailand keeping rates and unchanged and favoring growth despite the fact that

inflation jumped 7.1 higher than last month in the currency space that's worth noting, the japanese yen is weakest this also helps keeping stocks in tokyo up for the most part. there is some interesting move out of china today byd seems strong gains in shanghai and hong kong an executive told chinese state media they'll supply tesla with batteries very soon. chinese regulators approved six new gaming titles. among them, video platform which saw strong gains ali alibaba, we await chinese data

tomorrow morning back to you, frank. >> thanks a lot. now to europe, julia tatelbaum, good morning >> now there are a couple of bright spots to point out. the spanish market is holding up best this morning. we got tech performing very well this morning after an upbeat set of numbers were delivered to the markets. people are getting out there and refreshing their wardrobes as life returns to normal outside of that we are seeing a negative the banking sector, credit is down 5%. the bank issued a warning for the quarter expecting to lost

for the period sending shares lower. t it would provide more details at an investor meet egg on june 28th, we are seeing an impact not only on credit suisse but on the broad bank sector. investors are worried of what it could mean for european banking more broadly >> julian, thank you for that. let's get to this morning's top corporate stories, our bertha coombs is here. >> good morning. hasbro set to prevail over alta fox board challenge. digital game units are

mislocating its capital. citadel is building a crypto currently platform along with retail growth, feidelity investments. an advisers to the fda yesterday voted overwhelmingly to recommend the agency to authorize the novavax for adults the panel outside vaccine, experts voted 21-0 with one exception in favor of the vaccine of those 18 or older after discussing whether it out weighs the risk.

shares did not begin trading again until after a close. shares right now up fractionally, frank. that's good news for those might have been worried of the few technology in vaccines maybe this will help give them mores with this type of more conventional shot. >> we are still dealing with this pandemic after two years plus, thank you for the latest, good morning breaking news moments ago, oecd slashes global growth outlook on ukraine, china. this comes after the world bank yesterday also turned more negative on global growth p prospects. down from a 4.1% forecast back in january let's bring in lee baker, president of apex financial for

much more, thank you for being here >> good morning, glad to be with you, frank we are seeing more and more things perceive as a possible recession. despite that announcement from a retailer, really that magnitude we saw the etfs closed in the dp green about half a percent higher does that mean maybe some of thn >> i am going to say winter is coming but far off in the distance i don't see all the ingredient necessary for recession to be near term. i would not say it is overblown. >> wow, great for pointing it

out. we'll find if winter is coming after all. i love the analogy if company reports strong reserve news and ability to raise prices with the ability to pass some of their costs on to consumers, does that mean consumers may be stronger than others may think and inflation is not hitting as bad as we may think. >> consumers is stronger than what a lot of people think consumers have a lot more balance or the balances are higher in their cash accounts than they were three years ago precovid what you are seeing is the past 2.5 years as you referenced, it has been so long since the pandemic, we were at home, we were remodelling there were a lot more ex

expen expenditures, now we have people flying around and massive numbers at the airports and driving around and going to festivals and those sort s of things there is still a lot of power left because of that in addition to a strong jobs market. i think this winter is coming but later on down the road >> lee baker, we appreciate the insight. i am trying to figure what inner "game of throne" characteristic channel but a lot of them die. watching for red flags, the u.s. housing market, your real esteeatyhe that's coming up next.

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welcome back to "worldwide exchange." that warning putting a lot of pressure on a lot of banking sector including hsbc and ubs and many more trading lower right now. jeff cuts ler joins you now from london >> good morning to you the mark et is notover ly

surprised. this comes on what we saw the first quarter of the year as the ban bank booked in some form of losses the problem is people looked at that as okay, we can understand that they hasslebladthey ha th-- they have not managed to get the escape velocity to get away from some of the slowing trends in the ib business. we got a revenue slow down of more than 50%. and coming into this quarter, the announcement this morning

telling us that they don't see those trends turning around at this time. i think that's the reason why we are seeing some infections, and some contagion if you would like for the first quarter people can say well it is about execution and sweat suisse problems. now investors are doing the math and they're saying hang on a second, this means we got slowing activities across the iv sector that reads across to the european banks is suggesting they may also have the same challenges in that area and in asset management running through the current quarter and that's not good news for the banking sector as a whole. that's the message we are getting from credit swiss here, slower activities across the board, maybe interest rates are tightening right now across the

economy and that's not good necessarily for the bank outlook, even as most people would think net interest margins should be i am mproving for then sector back to you. >> we are watching that action i am reading in on this, geoff, it seems like credit suisse management can't get out of their own way. stocks down 30% this year. this boost calls for a change at the ceo level? >> lehman told us he totally backs gotstien every time we think we need to

know everything about this bank, there seems to be other disclosures. right now i think even as those calls are out there, the chairman has no intention of replacing him and lehman very firm on the idea that he backs his ceo and i guess we just have to see what come as after this announcement right now it seems the management, thomas gobstein are not being replaced shareholders is fed up of this continued drip, drip, drip >> all right, geoff, we appreciate it. still on deck here, the

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. welcome back we get the latest read of the health of the housing market, rising rates t this is the collective amount of money that homeowners are sitting on their property. it rose to $1.2 trillion for the first quarter. for more, let's bring in, erin, good morning >> you shared homes are higher than they were right before the bubble burst what does it say for our current house market foreseei seeing tht kind of spike. >> sure. before 1970s, housing was of

course savings plan. in 1971, we went off the gold standard and followed biy 1975 and adjusted for inflation of 9% in the value of your home. then, from 1995 to 2005 it went up another 73% adjusted for inflation. housing became not just as great store value but also immigration hedge and a real tool for smart people to grow now we are looking at the pull back in 2005, shortly after a few years, we bounce back with the same upper trajectory that we still see today >> you are saying home prices increased 20% year over year, that's on average there mo you also said euphoria has a way

of clouding judgment, what do you mean pby that? >> in markets like palm beach p we are seeing 200 or 300% appreciation what we are dealing of this new head wind is a normalcy bias we think what's happening in the recent past is going to continue into the future. we know that it is not rational to be able to flip your home o every six month to make 20% or 30%. we need to take into consideration all of these other head winds at play normalcy bias can be danger because it leads to peralysis. we could be moving closer to closer of that moment of all home buyers are looking for. you have all your ducks in a row

and your finances and you have some dry powder so if prices do pull back, you are ready to make a move and you are ready to capitalize these pull bbacks, they don't lt long it was only a few months you had the opportunity to get tinto the low. if you are ready to make a move, you will have an extreme opportunity. >> erin, is it also these tremendous increases at home prices, supply and demand? i have seen data were short about 3 million houses here in the u.s. and buying houses at scale which is taken a lot of the inventory off the market can you attribute them to supply or demand? >> no, i think some of it is definitely attributed to supply and demand and depending on anywhere from 1 through 5

million you knows. 3 is right there in the middle of that sweet spot ever since 2012, right after the crash of course that took a lot of burden on home builders and a lot of businesses went out of business so we are playing catchup from that time. we have an extremely hot rental market because of high prices, so many people had been pushed towards rental and a lot of investors joining the likes of those large investment firms and a lot of individual in vvestors taking on on airbnb. a lot of people buying home expecting the great depreciation aaro erin sykes, we appreciate it. the announcement comes a month after activist investor

disclosed a stake of $1 billion in the company and pushed on key issues elliot owns 6% of the company. first, cnbc is offering some perspectives on how to protect your investment. here with a few quick tips on "do "dollars-cost averaging. >> contribute to your 401-k even the market is volatile invest your money in equal portions no matter how the mark market is doing. that means when the market is buying down, you are buying more with your money and when the market recovers, y houave more share so you are not risking all at once. from cnbc, i am sharon epperson.

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stocks is struggling to keep this week's momentum future is pointing to a lower open diesel dilemma, the impact it is happening on the prices you have to pay. it is official, the air to the world's biggest retailer landing the broncos for a reported record price it is wednesday, june 8th, you are watching "worldwide exchange" right here on cnbc

♪ woodland park, happy wednesday, i am frank holland it is right around 5:30 a.m. here on the east coast stock futures in the red, dow across the board, remember it is still very early now early this hour, the oecd becomes the latest to cut its prediction for global growth this year. no group estimates global gdp will hit 3%. this comes after the world bank yesterday turned bearish on global growth prospect now, sitting north of 3% right now at 3.016, really rapid rise on this. two weeks ago it closed at 2.74%. now to the oil markets, up about

a percent across the board wti crude at 120 remember, we have some data on u.s. inventories coming up later today and more demand in china as covid restrictions eased and the energy sector continues to surge and trading at its highest levels sdecember of 2014 now to some of this morning's top stories, bertha coombs, is back with us >> backgood morning, frank. >> affirm ceo say he's not worried about apple's pay later-bbg. levchin adding there is plenty of room for growth for all players voinvolved in the space.

ap apple will be integrated into the wallet app on its iphone a former senior executive at better.com is suing the company, saying they misled investors in financial documents and the big to go public according to reports, the former exec claims the online mortgage lender and ceo misrepresented the company's business and prospects to keep investors on board with a plant merger with a spat she claims she was forced out of her position at better in february in retaliation for raising the issue. better reportedly said it believes the claims are without merit. the broncos landing a new team owner the team entering into a sale agreement with the walton-penner family the agreement is for

$4.65 billion, a record price for a north america sport franchise. it is to review by the nfl finance committee and approve by other nfl owners no issues are expected with that approval >> would you be buying a team and which one? >> i am an eagles fan so i would like to buy the eagles just to be clear i am not a gambler and i don't have a million dollars the broncos is my super bowl pick this year because of russell wilson i can't blame them but it is hard to believe any owners would have issues with $4.6 million. >> i would not think so. >> bertha coombs, thank you very much to a new alert around inflation. a group of moderate democrats releasing a new plans laying out a number of steps for lawmakers in the white house to take a

bite out of rising prices impacting american wallets y lan moui is g joining us. >> good policy is good politics, people want toshow them that government is working and we are focused on these issues and moving forward >> several of the group's proposals going far as the way the white house is right now especially on tariffs. new democrats are calling on broad relief moderates are focusing on nuts

and bolts of license reform and they're calling for an over haul of immigration, increasing the number of visas. t they told me this should be job number one if democrats want to keep their jobs when voters go to the polls in november >> ylan, what do these new dems want to do about gas prices >> they don't address it directly, their numbers are divided on it. some democrats supported a federal gas tax holiday to provide that there are others who say that is just robbing from the highway trust fund and of course democratic leadership warned that some of the big oil

companies may not pass those savings onto consumers what they are focusing on is releasing oil from the strategic pet petroleum reserve. this action plan is attempted by moderates to control the messaging and push their party to go further all ahead on the crucial member midterm elections. >> thank you very much coming up, have you booked a trip lately? the dramatic jump in prices left many stunned the new tools offering you to sa save first, the electronic signature company docusign announcing the expansion partnership with microsoft "worldwide exchange" is back after this

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we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones . welcome back, the cost of booking a trip like so many things feeling so many head wings. a number of travelers giving customers new tools to save some money when you are out there booking a trip our seema mody is here with us now. what kinds of tools are these companies rolling out?

>> frank, companies helping travelers finding now deal expedia rolls out its price predictor and anticipate when prices could rise or drop, they're using machine capability and searching a wider range of options. travel inflation is not only confined to vacations and resort markets like hawaii, thanks to warmer weather, tourists are returning to big cities in a big way, hotel occupancies in san francisco and los angeles rising above 70% for the first time in 2019 new york city is now above 80%

the average cost to check in a hotel at new york city right now is around $300 that compares to the national average of 149 hopper's ceo tells us as travelers getting more perspective, he is betting data will become in higher demand >> frank, this has been a big topic of travel industry, a number of ceos pending the letter to the white house, lift that requirements while returning to the u.s many is saying it is an anxiety. over half of srespondents of americans saying they are less to go overseas because of the testing anxiety.

there is that risk of being delayed and testing positive and having to pay additional five or six days of hotel fairs overseas before you are able to come back there was meetings last week they are still waiting for a respond from d.c. as to when this requirement will be lifted. i would point out other countries like the u.k. had done so >> yes, i went to a wedding in the caribbean, definitely fingers crossed when you went to the clinic to get that test because if you don't pass it, you have to stay ten days and definitely a lot of stress there. our seema mody, thank you. speaking of travel, gas prices are up again. diesel is now averaging $5.71 per gallon, topping the previous record high. this as supplies continue to tighten. the shipping industry and the

trucking industry. joining me now is john kildee, good morning >> we are actually talking about this diesel prices at record high and past the record they set back in may. beg big jump there, are you worried about margins from these rises, transport companies and retailers but not actually revenues can you kind of explain? >> sure. >> obviously, you make something, you got to get it shipped to someone house or the store. and that's going to cost the revenue is going to be there and products are grboeing going bought handling this now and egregious input of fuel, so the diesel fuel monster is eating at the several dollars that are paid for whatever the good is

and the inability to a degree to pass that on penny for penny here to the consumer some where along the supply chain, these high diesel prices are being absorbed by the manufacture of the good or the shipper hemselves. the less mild folks who show at our doorsteps to the extent they're using powered vehicles are getting hammered here and not able to pass along these higher prices. you can see where the squeeze comes in here where you have higher cost base fuel that was not there before >> how concerning should this spike in diesel prices be? obviously, record high pricing is concerning for the industry but also the timing.

right now stoihistorically for e trucking industry. we also have the fact that china has been pretty much shutdown and diesel demand has been a lot lower because of that. we are seeing record highs right now going forward, what are you expecting? >> and that's the scary scenario, frank. also, the other thing i had been able to take for granted a number of years now the next couple of month is the harvest agriculture demand and not just vegetables shipping around, u.s. harvest is a factor now of squeezing diesel fuel supply later in the year. this is what we need to see happening. we did see a decent rise in diesel fuel inventory. the u.s. refiner on the east coast and the gulf coast where the majority of our production of fuels take place. they're running full out at 98%

of capacity. they're trying again, we have this loss supply as everyone knows now all too well from russia also years of sanctions of iran also taken a tool. right now we are staring into abyss here in terms of supply. there should be some sort soft demand response to these extraordinary high prices. at least with folks of pickup truck and diesel fuels running engines in their drive way and seeing logistics getting shippe around >> actually, it is going to be a credence to the margins to oil refiners marathon and how beneficial will it be for these companies that are already trading at an all

time high right now. >> was it rumplestilkskin who turned steel into gold they're making $60 -- over supply and refining capacity, i have seen those margins negative this is from heaven at this point for them it is going to persist and add the peer play refiners are going to take it to the bottom line but also to fully integrated majors like chevron and conoco and exxon mobile are going to see their pockets hitting the bottom line. >> it was rumperstiltskin, i

actually googled it while you were talking throughout the month of june, we are celebrating pride month, as we head to break, here is cnbc's cassandra. >> my son opened up to me about his true identity, his goal is to be an airline pilot and fly internationally. there are 71 countries where being gay is a crime and it is punishable by death in 13 of those countries. pride is a perfect time for allies to commit or recommit for doing their part in achieving the best future for my son, that tfe and fulfilling in any part ofhe world he finds himself.

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♪ welcome back to "worldwide exchange." a busy day ahead for investors including a number of earnings report before the bell we get results from campbell soup and brown-forman and ollie's and thor and five below.

janet yellen the president is appearing on jimmy kimmel tonight got to expect quite a few inflation jokes. let's get back to the futures. both stocks down sharply this year are these companies specific issues joining me now is our money strategist, lindsey bell good morning >> go pitt >> always go pitt. we got to get down to business, a lot of things to break down. things are not as bad as we thought it may be with inflation and supply chain issues. earnings estimate for q-1 is basically just as good

what are we looking for q-2? >> when we look at earnings outlook and the profit outlook and corporations, there has been a lot of dire warnings and one off situation like a target or this morning a credit choice which i think are company-specific issues. when you look at the s&p 500 overall, the profitability pitcher still looks very good and i think that narrative, that negative narrative about profitability earnings potentially being cut have really in ggrained itself into h system you got to look at what happens in the first quarter earnings came in twice as good as expected. what's more is that operating m margins were significantly better than expected, 21% record high verses of the estimate

going into quarter, companies able to manage in the second quarter of high inflation very well and they're outlooks were not cut significantly. the guidance they gave was not significantly reduced on the back of that, grant it that i will say the commodity price pitcher was elevated going into the end of the quarter and that's something that companies are grappling with going into the second quarter and we'll hear a lot more about that on the earnings call for the second quarter. >> yeah, we have to watch for those earnings calls so you are saying things are not as bad as they seemed. we have seen a lot of different companies and pretty big companies issued warnings, target got a lot of headlines. and credit suisse, i am not sure how to say it and microsoft a few days ago what does this all mean when these big giant companies saying they're going to have issues

does it mean other smaller companies people perceive not as well managed will also see issues in. issues >> i think those headline-grabbing companies, they are company specific issues credit suisse, is a regional thing and target is a shi shipping -- this morning the oecd cutting their guidance for economic growth for the world, for the globe over the last couple of days that's real predicated on slowing growth in u.s. and places in russia and the ukraine. not specifically here in tuhe u.s. companies are managing extremely well through this period

now, there is pressure in specific sectors like you mentioned, the consumer discretionary sector and communication services as well as the industrial sector, these are sectors we are seeing profit margins being reduced for the start of the year. the market overall, together they can hang but separately it is going to be a stock because of individual situations that occurring and you are starting to see it come out in these announcements. >> lindsey bell, thank you for being here that does it for us here on "worldwide exchange," "squawk box" is coming up next think he's posting about all that ancient roman coinage? no, he's seizing the moment with merrill. moving his money into his investment account in real time and that's...

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futures is starting in the red this morning

volatile sessions that saw some gains. we'll show you what's moving right now. gas prices moving and rising again in a sting of inflation sparking some action in washington we got that going for us a group of moderate democrats without with a new plan plus, rob walton, walmart heir buying the broncos. "squawk box" begins right now. >> good morning, everybody, welcome to "squawk box" here on cnbc, we are live in times