it is 5:00 a.m. at cnbc global headquarters. here is the top "five@5. we are getting set for the final trading day of the month setting the tone is retail as target reports. we layout the case ahead of the tape. and maybe the groundhog was right. the northeast gets slammed in the first major winter storm of the season the track and the systems still developing ahead. today marks the first 100

days as disney ceo fore bob ige again. and later on, better late than never meta has a new team for new a.i. tools. it is tuesday, february 28th you are watching "worldwide exchange" here on cnbc good morning welcome to "worldwide exchange." i'm frank holland. let's get a check of the markets. u.s. stock futures are muted after the last day of trading. futures as you see are in the red across the board down as you can see here this as the major averages remain on pace for the second down month in three. all lower between 1% and 3%. nasdaq down 1% checking ever the bond market.

yields hovering at the highest yields since november. 2-year treasury at 4.81. 1 10-year treasury at 3.91 also eyeing energy $76 a barrel for wti crude is up 1% w wti crude. brent is up .75% we are watching cryptocurrency bitcoin and ethereum up fractionally solana down more than 1% let's get the check on the action in asia and europe with julianna tatelbaum in the london newsroom good morning, julianna >> good morning, frank here in europe, we started on the back foot. we have been gaining positive mom momentum a bit of green on the board. ibex in spain is trading higher. italian market around the flat

line ftse 100 is down 0.4%. a pull back after the strong session yesterday. the big data points out this morning is inflation frprints fo spain and france to the upside inflation pressure in the u.s. and europe is stickier than expected stocks to highlight. credit situatuisse is trading lr finma found that cs breached the agreement. a long financial saga the investigation was concluded adding it ordered remedial measures lng shares jumped in trade after tesla announced a $2.9 billion order for nickel components for the ev generation and storage business for the next two years. big news in hong kong. the region drops the covid mask

mandate after 945 days to lure back visitors and businesses john li said masks will not be required indoors or outdoors or on public transportation hang seng is down about 0.8% we had some green on the board, but the shanghai composite traded 0.7% higher frank. >> julianna tatelbaum, thank you. let's get a check of the corporate stories with silvana henao. silvana, good morning. >> frank, good morning let's start with mark zuckerberg he says meta will create a new team for instagram and whatsapp. this will focus on a.i. to allow computers and apps to generate text and draw pictures and create other media chatgpt is considered gena.i.

it will be original original niced under chris cox. tesla is investing in mexico after elon musk discussed a deal the white house is giving all federal agencies 30 days to remove tiktok from government devices as the chinese-owned app is under scrutiny over concerns. some have restrictions in place. canada has followed the u.s. lead banning tiktok on government devices china's foreign ministry responding saying the u.s. is overstretching the concept of national security. >> interesting

silvana, thank you turning attention back to the markets. running a buzz saw of hot inflation data and hawkish fed speak suggesting interest rates may need to be higher for longer the latest from phillip jefferson. he is under no illusion is to going to be easy to get the inflation rate back down to 2% traders are pricing in interest rates to peak at 5.3% compared to 5% a month ago. let's talk about this with cate faddis cate, great to see you >> thank you so much for having me, frank. congratulations on the new show. i'm honored. >> cate, thank you very much we noticed the fed funds future showed a move to the upside. do you agree we will see rates higher for longer? >> i have no idea.

this is what i do know for equities, which is my area, now investors are more discerning you can get a treasury for 5%. this is really an area of concern. i think people will be more careful about are we going to buy equities or not? you have an alternative. >> are you concerned or seeing opportunities? i think you are hitting on an important part in the bond market especially the shorter duration bonds. those are elevated just in general. is that changing your thoughts about portfolio management and what percentage of portfolio is bonds? >> yes if you can get 5% with no risk, i mean, that is really compelling think about how much the market lost last year last year was a terrible year for stocks and bonds investors are feeling skittish

do i see people saying, you know, let's increase that bond rating yes, i see that. >> let's not talk people, cate let's talk people. 60/40 is the traditional portfolio. what percent is bonds? what percent is short duration bonds? >> it depends on the client and risk profile and yabba dabba most of that is short duration you can get your 5% and you can see what happens >> let's get to the stock picks. last week, we marked the ukraine conflict entering the second year we have a pick caci. i have to ask why pick that company as opposed to other companies part of the nuclear triad or raytheon? >> frank, you said it is a

defense contractor it is at the nexus of two long tailwinds. the first is defense national security. the second is i.t. and cybersecurity. ukraine, short of world peace, defense contractors will always have a job this company does cool things with intelligence and satellite communication. cyber, network security. also modernizing what's going on what i like about it is it grows the top line consistently. low to single digits they generate free cash flow margins. relativelily inexpensive at 11 times free cash flow it does buy back stocks. >> cate faddis picking caci. thanks for being here. when we come back here on

"wex," our big money movers and why zoom is moving high of the pandemic records. and the first 100 days for bob iger after re-taking the top job at disney. and the mobile world congress is going on right now in barcelona karen tso is live on the ground. hey, karen >> frank, the sky's the limit. how 5g is connecting large mobile devices like the flying robo taxi behind me. "worldwide exchange" will be back in a moment that's what you get from the morgan stanley client experience. you get listening more than talking, and a personalized plan built on insights and innovative technology. you get grit, vision, and the creativity to guide you through a changing world. ♪

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one giant leap for mankind. welcome back to "worldwide exchange." the mobile world congress continues today in barcelona we have the biggest players in the industry betting on 5g and a.i. and more. we have karen tso right in the middle of it and joining us with more good morning, karen. >> reporter: frank, good morning. you talk about mobile devices, you talk about samsung and apple and many chinese players more and more thanks to 5g, we are talking about large connected devices, including flying robo taxis like the one behind me. we have seen this technology showcased before, but the difference this time is the timeline is shorter. the south korea company here partnered with the u.s. company last year to build out the

virv vertical takeoff drones. they are talking about significant safety concerns over the next five-to-seven years, but eventually they want this big in the tourism sector and use for logistics and health ser services one is key is 5g working with all of the promises of fewer drops. can you imagine the safety issues with the drop with a device in the sky? that is a consideration with the networks with a dominant conversation as we talk about 5g don't forget behind the scenes is used in industrial cases. manufacturing. safety is key, but also performance notiin the context, frank. >> that robo taxi is cool behind

you. a lot of talk about 5g tell us about the a.i. buzz. a.i. is a big trend. >> a.i. has taken the market by storm. >> reporter: late last year, we are hearing about the a.i. chat bots the industry is talking about a.i. improving automation behind the scenes the chat bots with microsoft and google fight out with the technology metaverse a.i. is significant. overnight, facebook and snapchat coming up with the everything on facebook talking about pulling the team together for innovation they want to fold the technology in the tech services from whatsapp to messenger. on facebook and snap with the offering of the services if you think of the challenge

for the players, the advertisers have been lhit by the economy subscription revenue is more stable, but providing something that forces consumers to sign up for services that is potentially where a.i. chat bots come into the mix. it is big business >> karen tso with the finger on the pulse of everything at the mobile world congress. thank you. coming up, chris rock is getting ready to break his silence over the will smith slap and the mj dynasty collection goes up forucon ati the top trending stories when "worldwide exchange" returns stay with us kids moving back in after college. ♪ finally we can eat. ♪ you know you make me wanna...♪ and then we looked around and said, wait a minute, this isn't even our stroller! (laughing) you live with your parents, but you own a house in the metaverse?

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welcome back the live look at the roads in boston temperature is 31 degrees. big winter storm hi to all my friends in boston i probably know the person in the car. good luck. time for the check on the other headlines. nbc news' phillip mena is in new york >> more than a dozen tornadoes hit the midwest leaving behind a path of destruction in its wake. no norman, oklahoma suffered a direct hit four tornadoes touchdowns in

chicago. and new york city saw the first snowfall of the year more is expected today which could make for dicey travel. more than 400 flights have been canceled today the u.s. marshals service suffered a security breach a ransomware attack this month impacted a system with sensitive information including identifying details of subjects of investigations of third parties and marshal service employees. a senior law enforcement official familiar with the breach tells nbc news the data base did not contain people in the witness protection program the justice department has opened up an investigation finally, the star boy is breaking the records he is the first artist to reach 1 million monthly listens.

miley cyrus is behind with number two and taylor swift is number three frank, that is a staggering amount of people streaming >> absolutely. he has so many hits. you don't think about it until you hear him sing. a ton of hits for ten years now. big weeknd fan time now for one of my favorite segments. big money movers we start with zoom video jumping in trading up 6.5%. beating the top and bottom beats. this very up beat forecast signaling the cost cutting push which eliminated 15% of the work force is offsetting the slow down and zoom cfo's kelly steckelberg will be on "squawk box" at 8:30

a.m. and workday beating ex expec expectations the company is on track to return to a 20% subscription growth, but offering guidance with the tough cloud software environment. and shares of hims and hers surging after smaller than expected loss for the fourth quarter and beating estimates. the company offering strong guidance for the full year following the 818% increase of membership compared to the prior year. and shares up more than 15% year to date for disney. this is the first 100 days for bob iger's second term at the helm iger's puts decision making back in the hands of creators and revealed a plan to save $5 billion with the rollbacks and

layoffs and success if you recall -- successfully end the proxy battle with nelson peltz now he faces an ad recession and pull back in consumer spending joining me now is alexre. >> how do you judge bobbing i-- bob iger's second 100 days? >> i think iger's has goals. certainly the if you extend the timeline to the next year, we should have more clarity on both of these the first one is what to do with

hulu in that cnbc interview that you stated with bob iger's and david faber a few weeks ago, iger's said he was open to any option with hulu. that is the first time he had said that. many people are interpreting that as a signal that he is now willing to potentially sell disney's 66% stake in hulu maybe to our parent company, comcast, which owns the other 33%. comcast would be the most logical buyer for hulu because it owns the minority stake already. acquisition would allow all of hulu to come together under one roof disney has an option which can be forced by comcast to buy the remaining 33% stake in january of 2024. any sort of deal where disney would sell hulu would come about

before then. we should know more about that in the coming months the other thing you need to look for in terms of how to judge yo oo iger's is from a strategic sense. what does he want to do with did di disney is he going to stick around past two years? he has a two-year contract does he want to stay for five years? that is the other thing we need to know from iger's. will he get succession right this time? >> you are laying out a lot. i want to ask about something. let's stay granular on this. he has another things. espn managing the digital transition and if to spin it off and whether to invest in sports rights a lot with that brand when it comes to disney. >> i didn't even touches

opinion. there is a lot on his plate. the question with espn is does iger's say we are going to allow sub desscribers to access espn a streaming way. we will charge, say, $25 a month. you will get basically what you get on espn lineal, but only on espn streaming sources i have spoken to around disney have told me we are not really all that close to doing that the bundle is too important. the lineal cable bundle. if we do that, we would ex accelerate the death of lineal tv we are not at the point where we want to take espn and replicate it in a streaming world. we will see if that changes in the next year. if not, perhaps there are changes or little tweaks down the road tr espn plus.

>> we have to get out of here in a second the succession plan. do you expect him to release an idea or not a definite successor some time this year? >> oof you have to think toward the end of the year we should know something about what his plans are. particularly if his end plan is, you know what? i'll stick around a little while. maybe we get a hint that he wants more time. if not, you know, maybe we at least start to get names out there of people he has been talking about. to potentially take over that would be my guess on the timeline. >> alex sherman, we have to look for the article on possible successors later this year great to have you. coming up here on "wex," $400 billion of student loan debt hangs in the balance as the supreme court hears arguments that decides the future of the

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it is 5:30 a.m. in new york city we are just getting started here on "wex. here is what is on deck. the market's solid start to the year falters and futures point to a muted open on the final trading day of the month. catalyst for investors today. target results due out in an

hour we dive into what to watch. and florida governor ron desantis ramping up with the fight with disney. giving him new power over the giant in that state. it is tuesday, february 28th you are watching "worldwide exchange" here on cnbc welcome back to "worldwide exchange." i'm frank holland. futures are muted to lower right now. a move to the upside on the dow. a muted open this as the averages are on pace for the second down month in three. all three set to close february down between 1% and 3.5% dow is hardest hit nasdaq holding on to gains from the beginning of the month a downturn for the month end let's get a check of the top stories with silvana henao

good morning, silvana. frank, good morning. a special bipartisan house committee focused on china is set to debut in primetime today. the 7:00 p.m. hearing on the chinese communist party will feature testimony from h.r. mcmaster and scott paul. the committee will focus on threats to the u.s. economy from china, including decoupling from beijing and tiktok and investments by u.s. venture capital firms. the supreme court is set to take up arguments over president biden's student loan forgiveness plan today and the fate of nearly $400 billion of debt. critics have argued the president did not have the power to forgive consumer debt on his own without authorization from congress. the fight with florida and disney taking a new turn with governor ron desantis farormall

signing off on the bill giving him control over that business in the state that gives him the ability to appoint a five-member board over services at the theme park properties this is seen as punishment for the opposition to the law barring elementary schools from teaching of sexual orientation and gender identity. frank. thank you. target kicking off a big week of retail earnings. they are expected to bring lower sales. shares of target are down 35% from the 52-week high. they face inventory troubles and squeezed margins and concerns of middle income consumers grappling with inflation it is warning investors to expect soft holiday sales. target is holding investor day

in new york city we have rupesh parikh here with more thank you for being here >> thank you for having me >> give us a sense of what with you are looking for in the report is it about revenue or eps or something else >> i think first, it will be in line with the report for q4. down more than 50% year oever year we think expectations are in the right place. the focus is on dguidance for te year if you look at the inventory and mark downs, we have operating margins down in the 3% range the focus is can target get back to pre-pandemic levels of 6% over time? i think the focus is what management things it can do in the coming year and how they see that coming back to 6% plus. inventory is a big focus

we saw walmart last week >> rupesh, i'm seeing estimate with guidancefor the next full year o your eps an below the street, but you have a buy on the stock. how do you put that together >> if you look at the groups, we have seen earnings from walmart and dollar general last week and dollar tree and target the expectations are lower for target than other names out there. for us, this is a multiyear profit recovery story. expect target to earn $5 and next year, earnings can exceed $10. you can double earnings with the past fiscal year and 2024. this is a two-year recovery story. >> one things with walmart and target is the grocery business for walmart, it is 50% and target is 20%.

let's talk about the other areas where target excels. specialty retail electronics and beauty >> beauty is the hottest category in retail we expect high single digit comp within that category reports from elf has a strong beauty back drop they will do well there. other parts of the business with consumer electironics and home s a challenge. >> rupesh, what is your pick with the retail space? we talk about the earnings and dollar tree is also one you mentioned. what is the top pick >> the top pick is ulta beauty it plays strong with the makeup cycle. >> a lot of people back out with the reopening and looking to freshen up i went to ulta myself. rupesh, thank you for being

here catch brian cornell following the results in the cnbc exclusive coming up on "squawk box" at 7:00 a.m. eastern. and applications officially going live today pulling back the curtain on the criteria to get you a piece of the money kayla tausche is joining us from minnesota with more on the application process and one company looking to get a piece of the funding good morning, kayla. >> reporter: good morning. the application went live this hour 75 pages from the department of commerce and many companies combing through to figure out what the requests would be skywater technology which services chips to the aerospace industry and healthcare industry is one of those. the facility we visited over the last day with wafers made upstairs are put through heat

and cold and electrical tests. 80% of the machines you see there are idle as the company prepares to relocate the machines and turns this room into a fabrication facility. it will take hundreds of millions to recreate this facility one floor below and build a new one in indiana there is no cap for the amount a company would receive through a grant, loan or guarantee companies must share cash flow with the government if earnings exceed projection. a company that receives money cannot expand its foreign production for ten years the companies receiving more than $150 0 million must provide child care and no money used for buybacks the ceo tells me that's a good thing. >> i could argue that part of the reason we're in the situation we are today as a

country is because we weren't investing in the u.s. in manufacturing. i think it is a message to larger companies that you need to think long term >> reporter: skywater is still growing and scaling the spinoff from 2017. wall street sees the company as profit profitable in 2024 frank. >> kayla, you laid out restrictions to get the money. what do you expect commerce to approve first? >> reporter: previously, officials suggested that smaller projects could be approved first for companies that lacked other sources of capital than those looking for the billion dollar fabri

fabrications a lot of the clusters they are trying to form around the country means the suppliers and research and development follows around that. they are now saying those smaller projects will not necessarily get green lit first. >> kayla tausche, thank you. coming up here on "wex," a massive storm bringing a blast of winter to the east coast. the latest on the headaches travelers are facing. and some of the top trending stories as we head to break. elon musk taking back the title of the world's richest person. he returned to the top by the tesla stock price. sotheby's revealing michael jordan sneakers that he wore

during the six championship games. it is considered to be the holy grail by sneaker collect aors which are estimated to be in the millions. and the slap heard around the world. chris rock said to finally talk about the will smith slap at the oscars in the netflix special which will debut saturday. he said he would wait until he got big bucks to tk oualabt it "worldwide exchange" is back in a moment y, we see the world with the wonder of new eyes, ♪ helping you discover untapped possibilities and relentlessly working with you to make them real. ♪ because grit and vision working in lockstep ♪ puts you on the path to your full potential. ♪

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welcome back to "wex." time for the "wex wrap-up. mark zuckerberg is announcing a new team at meta working on a.i. for instagram and whatsapp and robinhood says its crypto unit is receiving a s subpoena. and rupert murdoch say some

endorsed false election claims. and oaktree is looking for large equity takeovers the firm expects to offer loans of $500 million to leverage buyout groups. the white house is giving government agencies 30 days to delete tiktok from federal devices to keep u.s. data out of beijing's reach. this is after the first hearing is being held today with competition with china and the united states. as we head to break, we are celebrating black heritage with the cnbc teammates and contributors here is roz brewer >> we actually have more shared values than we really under

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with powerful, easy-to-use tools power e*trade makes complex trading easier react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity welcome back to "worldwide exchange." turning to the northeast and new york city area with the first significant snowfall of the year more is expected in northern new york and new england today which could make for dicey travel. according to flightaware, 400 flights have been canceled

today. be safe. gearing up for the trading day ahead. three reports of note. price index and chicago pmi and consumer confidence figures out this morning we will hear from target and rivian and norwegian cruise line austin goolsbee will speak today. ahead of the goldman sachs event, we have david solomon on "squawk box" at 8:00 a.m a lot to talk about. let's dive into the trading day ahead with the next guest who is a reluctant bull. victoria greene is here with me. she is here in person. great to have you here >> thanks, frank >> i'm looking at the year and s&p up 3% year to date the nasdaq up 9%

why are you reluctant? you see upside >> it feels weird. the macroeconomics data is so poor and everybody is pounding the table with recession and fed and sticky inflation you have all of the headwinds. the technicals and fundamentals are here to support this the line is in tact. we have wobbled in february. it hasn't broken down again. do you think investors need to be nimble for now, reluctantly, we are a buyer of the dip i was such a bear last year. >> i never have known you to waffle you are full speed ahead we have a couple of things that are market movers. cpi in the middle the of the moh which one has the biggest impact >> the fed meeting the fed minutes come out and

those are cure rated i love to hear what jay powell has to say what powell has to say, because he said the magic word of disinflation and the market got excited. we will see what happens it is weird. we have to parse every word and way they describe inflation in the path forward we know there is a pause coming. probably june, not may >> you know, february is a throwback to late 2022 we are seeing rates rise and dollar on the rise dollar up 2.5% this month. is there a similar trend that we see last year that put the markets under pressure >> yields coming up is the big thing. the 10-year treasury moved in tandem dollar up, yields up, market down the one thing is the leadership last year hasn't been leading. growth versus value. it has been a tech story

it is something we were talking about. we made money on the energy trade last year. nothing wrong with the energy talks. occi dividend increase. share buybacks you say the cap x is going up. preferred stock. it is hard to get excited with the value areas and healthcare lagging. for us, it has become a growth story. buying some. we still like quality. we are not chasing crazy risk. i don't want to do a reddit trade. >> i want to ask you about that. you are a bull with energy we are waiting for the full china reopening. aren't oil prices going to spike when it happens? >> i don't think so. you have supply increasing you see increase of cap x. you have the service companies talking about the money they will make and how backlogged they are you have the ability to increase you have opec and the russia

crude has not come off the table. it is going to india and china i read an article from bloomberg of how they are swapping oil tankers outside of greece. they are looking for sanctions run around there is a demand increase in china, but you have a supply and you are in balance right now i don't see us having a spike there. the wild card is opec which changes its mind >> we're into the second year of the ukraine conflict we are seeing tension with the u.s. and china the vix has spiked you did not mention that in the economic report. what do you think about all of this anxiousness in the market >> i think when you look at it, we are worried it. you cannot deny what is happening in ukraine the question is will china get involved you have the chess pieces we are

watching i'm a firm believer in the status quo and had world will not implode and blow up. i go as that as my base sline investment case. app apple is shifting away from china. you will see more countries with more stable footing. that is the next trend energy security. supply chain security. that was exposed from 2020 to 2022 that will impact prices. >> we are laying out the reason of the volatility in the market. you can't just buy the index what is your pick right now? >> two companies i like. blowout energy numbers with ch cheneire it is all about the play in europe they have to get the gas from

somewhere. very mild winter so far in europe cheniere is bringing on more terminals. energy security is a huge play i think they are just ramping up the other is one that is underestimated they have a patent pending with the u.s. zoetis had supply chain issues last year. we think that is behind them we think they are underestimated i would not count one of those two stocks out >> you picked something in the pharma space and gas and oil where do you see the next down trend or up trend? there are a lot of people putting money in the markets retail traders, especially the nasdaq is up 9%

>> i think we will see what powell says. assuming the rate decision is status quo, powell speaking moves the markets. recently, if it has been more hawkish, the markets like what he has to say. the pause is coming. we have to wait on the data lag. what i would watch is hot data that means hotter for longer and if the trends break. we established this frtrend hold in october we want to see that. >> thank you for being here. before we wrap up, a market flash or apple the eu narrowed the anti-trust investigation into apple and focuses how it restricts ads from informing users the reports adds that the eu is expected to announce charges

later today. they are urging regulators to take regulatory action against the anti-competitive practices in europe. in europe. the stor if your business kept on employees through the pandemicy willm that is it for "worldwide exchange." "squawk box" is up next. then work with professionals to assist your business with its forms and submit the application. go to getrefunds.com to learn more. i think i'm ready for this. heck ya! with e*trade ayou're ready for anything. marriage. kids. college. kids moving back in after college. ♪ here's to getting financially ready for anything! and here's to being single and ready to mingle. who's ready to cha-cha?!

good morning index futures in the green after weakness early on. it is the final trading day of the month. big name tech stocks on the move details straight ahead. retailer target set to report this hour we have an interview with brian

cornell. and mark zuckerberg is assembling a team to bring forward the a.i. offering. it is tuesday, february 28th "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm rebecca quick along with joe kernen and andrew ross sorkin. let's look at what is happening with equities as joe mentioned we have seen green arrows this morning. modest advances. right now, the dow is indicated up over 50 points. s&p futures up 5 the nasdaq up 14 it is the last day of february let's look at the major averages for the month of february. the dow is d