it is 5:00 a.m. at cnbc global headquarters. here is your top "five@5." stocks trying to snap a multi-week losing streak despite treasury yields surging to the highest level in decades futures are in the green. duelling fed heads putting investors in a tough spot. why wall street will have to brace for more jumbo hikes. and looking for the veto pen. the fight is still not over.

we have sarah bloom raskin here to weigh in. and why shares of adani is bouncing back. and why foxconn is making a huge bet outside of china. it is march 3rd, 2023. you are watching "worldwide exchange" here on cnbc good morning happy friday i'm dominic chu in for frank holland this morning the dow trying to snap a four-week losing streak. futures indicating a modestly higher opening dow implied higher by 35 points. it is not red. the s&p is implied higher by 7 30 point gain for the nasdaq modest gains implied major action in treasuries this

week the 5, 10, 20, 30-year yields. each hitting the highest levels since back in november right now, the yields are backing off slightly 10-year treasury hit at 4% that big figure. again, the 2-year treasury yield is a huge story here trading at its highest level going back, you can see here, to 2007 4 4.85% for the 2-year treasury. also watching energy oil is creeping closer to $80 for wti crude. it currently sits at $78 ice brent crude is down a similar percentage point natural gas prices ticking higher at $2.81. big move in gasoline futures hitting four-month highs now you see rbob or futures contract

for gas is down .50% you see the move higher just over the course of the last couple weeks here. maybe we can expect to see those flow through the pump for us drivers. in cryptocurrency. bitcoin and ethereum bitcoin is at $23,377. that is down 4%. similar move for ethereum. let's check on the action in europe with julianna tatelbaum in the london newsroom good morning, julianna >> good friday morning to you, dom. let me kickoff with asia equities move higher in overnight trade as china's services sector grew at its fastest pace in six months according to the latest pmi figures. beijing gears up for the

national people's congress this weekend and they are poised to tighten its grip hang seng is 0.7%. nikkei is out performing gaining 1.6% the positive momentum on wall street has carried over to asia and europe here is the european equities trading this morning we have ghave green across the . decent gains in ftse mib up 1% we had some fresh final pmi for the month of february for the eurozone today what they told us is the recovery in the services sector continues easing concerns around recession in the eurozone. at the same time, boosting expectations we could be in store for more rate hikes from the ecb. dom. >> julianna tatelbaum live in london thank you. let's check on the top corporate stories with pippa

stevens. >> good morning, dom the case of the buying at the bottom shares of adani group popping in overnight trade. telling shareholder s that gqg partners bought $1.1 billion of stock. despite the move, shares are still down sharply from the pre-crisis highs the biden administration adding 28 more chinese companies to a trade black list for violating sanctions tied to russia and sharing tech related to nuclear and missile programs. among the firms, bgi companies and tech solutions. major iphone maker foxconn is investing $700 million on the plant in india to ramp up local production according to bloomberg, it is one of the single biggest

companies outside of china to date and used for iphones and parts for foxconn ev business. an lot of momentum behind ev. >> big business. pippa, thank you back to the clues for the direction of the rate hiking path christopher waller providing information saying the rates m may have to go higher. waller says the strong labor market and consumer demand and price pressures calls into question the progress the central bank has made in its fight against inflation. his comments are contrary to bostic of the atlanta fed who with advocated for a hike pause some point this summer joining to discuss this is jay

hatfield at infracap jay, each fed governor is its own independent voice. there is a slight dissension is this a cause for concern and where do you see a rate hike trajectory going >> good morning, dom thanks for having me on the show we're not surprised by waller's haw hawkish commentary almost every fed official has started to signal that the 5.5%. we will see rate increases through june the fed focuses on lagging indicators the slash cpu is 12 months behind they focus on wages which tend to lag and changes in goods

prices we expect the fed to be hawkish, but pause in the summer should set up for a major rally. >> if that is the case, there is the argument made in various camps about whether or not it is appropriate to pause also, the extent and degree with which you do raise rates, do you see at least a couple of more smaller, so to speak, 25 basis point hikes over the next couple meetings before the summer season >> we do we see three more. we think it was at the top end at 5 .25. we think it is now 5.50. we think it was unreliable data in first quarter with seasonal issues and weather influences. the lag has been mentioned that is the data they are going off. we think we will get one more increase than was implied by the last we will get that data later this

month. as i indicated before, we think the economy can withstand those hikes and inflation is dropping rapidly really because of housing and energy prices which are the key drivers of high inflation. >> jay, that is a controversial take to have the reason why is there are so many out there who believe there is a second wave of inflation coming what makes you feel confident that the signs you are seeing, either in the economic data or market date, commodity prices, makes you feel this is the peak in inflation and we are decelerating in a quicker pace >> it is important to study the '70s we think the fed learned all of the wrong lessons from the '70s. there is a notion they paused and that caused inflation. what they are ignoring is the 200% increase in oil prices in '79. the other factor is a 5% bleed through of energy prices to core we think the combination of

about a 50% drop in energy prices that would not ignore natural gas which is down 80% and that will bleed through to core you have housing which is dominant and cpi those are the two leading indicators instead of for youcusing on the and lagging, we have a different cpi-r with housing prices. those are the two dominant factors. housing and energy. >> jay hatfield. thank you very much. have a nice weekend. >> thanks, dom when we come back on the show, china kicking off the national people's congress as president xi looks to consolidate control over key sectors of the economy we live in beijing. and the esg backlash set to hit president biden's veto pen the fight is still far from

over sarah bloom raskin is here to weigh in we have a very busy hour when "worldwide exchange" returns after this commercial break. (swords clashing) -had enough? -no... arthritis. here. aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme.

welcome back to "worldwide exchange." time for the big money movers. first up is shares of zscaler. tumbling desk piepite the expectations the billing growth slightly

edged analysts estimates the company announcing it plans to trim global work force by 3% in july and taking a $8 million charge shares down 12%. c3ai rallying on better than expected results for the third quarter as investor interest in emerging a.i and there is continued optimism for the company. >> you will recall that i reported in jujune, july and august last year with racing headwinds with companies bearing down for recession and slashing expenses and stopping procurement. sales cycles moving sideways i say that has changed in the

sense that companies are really quite optimistic >> now the shares are moving to the upside it is a mixed earnings picture for victoria's secret. beating on earnings, missing are revenue. closing with the inventory down double digits. the company is prudently positioned for 2023 despite the challenging environment. vic victoria's secret will purchase 900,000 shares of stock. ahead on "worldwide exchange," forget brexit why some in the uk are coming down with a serious case of bregret. and a new list of top cities that offer the best work/life balance. the top enngtrdi stories ahead as well. keep it right here

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well come back to "worldwid exchange." the npc is kicking off we have eunice yoon live now from beijing with what we can expect eunice, this is the next chapter of the evolution of xi jinping how much more power can he get >> reporter: well, it looks like he will at least try to get more

power. in terms of the national people's congress, what we usually see is leadership announced. key targets and blueprint for the year, including on the economy and expectation that the growth target is set at 5% or 6% the hope that the economy continues to grow after the zero covid protocols were lifted what is important for investors to watch is who is part of xi jinping's economic and financial team of course, president xi is expected to be renamed president. who is going to get the premier job? who will get the other key posts? the outgoing team are people familiar in the west among a lot of international investors li keqiang is one who was

handling the u.s. conditions there will be a lot of xi p protoge. the vice premier is one who has not a lot of financial background the top state bank official. the expectation is we will see more state control and the state media flagged this saying there will be a quote reform plan, which is far reaching, where state institutions are going to have a reshuffling of the communist party exerting more power. by the communist party, that means president xi there is not a lot of detail about the reform plan, but we heard it will affect the financial system and technology and private enterprise and public and state securities. the difference there is public security is the police and state security is the intelligence

community. so, we are starting to get a little bit of indication that state control is going to be more empowered because of the delicate list and people not on it the internet bosses of tencent, baidu and jd, all of these bosses, not on the list. those who are, there is one that is one to watch. it is mainly stap chip companies. a little bit of an indication there of where things are headed >> eunice, if you were to kind of forecast and speculate is not the right word for it. if were you to anticipate what this means for the business environment in china, there have been those in china who said is very hard to invest in right now. not a lot of clarity with the government view on things.

it seems over the last self months, -- several months, they have taken a big tstance against big tech these moves make it seem they will ramp up that regulatory pressure again do you believe the chinese communist party gets it and maybe technology is part of their future and these companies are probably going to be at the tip of their spear >> reporter: i believe they believe technology is the top of the future they believe they are in control of it. that is the indication there have been a lot of mixed signals we are getting out of the chinese government on the one hand, we see the state media flagging the communist party more control over state insurtitutions which would be a reversal here in the past, leadership has been trying to break that a little bit and have more collective decision making.

however, you know, just a couple of days ago, president xi had flagged they welcome foreign investment there is a drive, especially on the local level, of different officials wanting international investment to come in. it is very difficult to interpret at this point. at the end of the day, you could safely assume that international businesses are still interested. exactly how they do it and survive it is up in the air right now. >> all right preview on the npc with eunice yoon thank you. let's get a check of the top headlines with phillip mena. >> after a few hours of d delibe deliberations, the jury condition convicted alex murdaugh on all four counts. he faces up to life in prison.

former president trump can be sued over the events of january 6th. attorneys for the doj said mr. trump does not have absolute immunity by lawsuits filed by police officers and members of congress with the events of the day. the brief did stop short of saying the former president is libel for the riot he faces absolutes from two capitol police officers and members of congress. trump's lawyers argue he was acting within the bounds of his official duties and no intention to spark violence. the house ethics committee is opening investigation against george santos. the sub committee will determine if the republican engaged in unlawful activity in the campaign and violated conflict of interest laws and than gaug -- engaged in sexual misconduct he is cooperating with the

investigation. the best shot you will see all day. beating the buzzer in dramatic fashion. >> gophers cooper for the win! bucket >> the step back and bursting the bubble for rutgers tournament hopes they beat the scarlet knights 75-74. the march of madness is with us. >> i have a feeling becky will not be happy with that thank you, phillip. senate republicans kicking the esg backlash to a new level likely forcing the president's hand we speak with former deputy treasury secretary sarah bloom raskin coming up next. first, shares of salesforce with the best day since 2020 following the blowout earnings

report and dividend boost shares are moving higher this morning. salesforce $186.76 pre-market we are back after this every day, millions of things need to get to where they're going. and at chevron, we're working to help reduce the carbon intensity of the fuels that keep things moving. today, we're producing renewable diesel that can be used in existing diesel tanks. and we're committed to increasing our renewable fuels production. because as we work toward a lower carbon future, it's only human to keep moving forward.

just about 5:28 a.m. here in new york just getting started here on "wex." the dow and s&p look to snap

multi-year losing streaks. it may come down to a photo finish this week. citigroup joining the job cut band wagon the esg fight moving from wall street to pennsylvania avenue as president biden prepares to veto a new bill targeting environmentally aware practices. sarah bloom raskin is here to weigh in it is friday, march 3rd. you are watching "worldwide exchange" here on cnbc welcome back to the show i'm dominic chu in for frank holland. let's check on stock futures they are higher. i mention the photo finish we will try to snap the losing

streak s&p higher just slyightly all three looking to ink out gains. the dow was looking to break a four-week losing streak. in the bond market, yields are ticking lower. that is not the case the near term has been higher. we are backing off the higher levels you may recall one point yesterday we were pushing up toward the 4.1 for the 10-year treasury yield we are now back down to a hair above 4% on that big figure. the 2-year treasury is 4.86% 30-year treasury is 3.94%. the rapid rise in bond yields isis moving back to mortgage rates. the average rate on a 30-year fixed rate mortgage is above 7%.

compared to 4% the same time a year ago you see that big move higher as the fed kicked off that rate campaign the housing market is focus with those rates. a number of housing names are getting hit hard dr horton and lennar down between 7% and 9% the last month. watch the home builders and manufacturers. let's check on oil prices as well u.s. benchmark wti crude still below $80. that is off roughly .50% ice brent crude is $84.33. that is off 42 cents about 1.5% gain for natural gas prices at $2.80 btu. let's check on the top stores with pippa stevens. >> dom, arm is rejecting calls

for a dual listing for the ipo and choosing only to list in the u.s. the softbank group owned by chip technology company announced it would make the u.s. move only this year. it is the best path forward for the company after holding talks with british and regulatory officials. the uk had been working to keep the semiconductor company tied close to home, but arm saying it may consider a second listing down the road. citi is the latest wall street bank to slash head count. according to reports, the bank is cutting hundreds of jobs, including those in the investment banking and mortgage units. reduction representing less than 1% of the total staff. if confirmed, the move follows goldman sachs and morgan stanley which already cut thousands of jobs. shares of bumble tumbling on word the ceo and investor

blackstone plan to sell shares they will make the move with the offering with herd selling 1.57 million of the 12 million offered. the reminder wainder will come m blackstone dom. thank you, pippa from wall street to washington, d.c. the senate voted to overturn a labor department rule that allowed and permits fiduciary retirement fund managers to consider environmental and social and government factors or esg in the investment making decisions. two democraticsenators, manchi and tester are joining the republican colleagues in supporting the measure and help push it over the finish line despite the all but certain veto from president biden, the fight is far from over

joining me now is sarah bloom ra raskin she is a distinguished professor at duke university law school and former deputy treasury secretary. also held positions with the fed. sarah, good morning to you we enjoy talking to you and getting your insights. you have seen many different sides of our government and the way it works with regard to finance and banking. in this case here, you have been on the record as being pro pro-climate in terms of evaluating risk. is it fair you are pro-esg >> it is not fair, dom it is important to know what is at stake here with the laws. that is really the freedom to invest you know, our markets in the u.s. are some of the deepest and

most liquid markets. what we have here are some forced investment rules coming through the states which are injecting the limitations. i'm seeing here these attacks really on sound investment practices. the sound investment practice of analyzing and responding to investment risk and opportunities. the aim in this backlash is really to force investment into sectors that are preferred by politicians like the fossil fuel industry i think this set of, i guess, esg backlash is really an attempt to interfere with our markets. >> okay. sarah, there is a very strong case to be made here that investment managers, whoever

they are, and a plethora out there. there are multitudes with different filphilosophies there are those who think you should take away from the managers to find opportunities and investors themselves can choose to either put money with them and invest with them or not based upon their beliefs is there a reason the labor department has the rules in place and why republican lawmakers want to put other rules in place wouldn't it be better to take the rules away and let people invest the way they want to invest >> i think you've got it right in the sense that it is really sound investment practice. good, sound business practice to

analyze investment risk. when you are looking at the fiduciary department of labor rules and what we are seeing at state level is really quite restrictive because certain states are now putting in place these voting restrictions. these voting restrictions are interfere ing with the ability fiduciaries to take into account all of the necessary risks and opportunities they see coming their way. i think this is dangerous to be restricting fiduciaries in the way you see many of the state laws doing. >> there is also a question, sarah, about whose responsibility is it to look at some of these things if you look at the way investment managers do it, i see the case to make their own analysis and invest how they see

fit. at the same time, the government and you've been on the treasury side and you have seen it from the central bank side of things. there have been pushing in this administration and the central bank and fed with regard to things like climate policy can you take us through what your belief is as to why the government needs to be involved in this from the central bank standpoint or executive branch standpoint and why not leave it to congress? >> right it is really the role of the fiduciary, right it is a fiduciary -- the principle of corporate governance with the fiduciary and role of maximizing returns for shareholders that is essentially what they do that is what they need to be free to do unless politicians come in and start limiting the ability and

we see it at the state level where states are coming in and saying to the fiduciaries that they can't look att particular risks. that is dangerous to the shareholders and free market and dangerous to our ability to maximize returns and take into account risks where you see them and inn -- incorporate risks. >> sarah, i wanted to get your thoughts about this. the last time we spoke with you, it was before you were kicking off a campaign on your behalf to nominate you to a senior post with the fed to supervise our banking system many people will say you were derailed in the process because of your views on climate and if the fed should be a proponent on

policies do you feel in retrospect that was right way to do things w what is the next chapter with how you take those views >> that is a different area. very interesting climate related financial risk is developing as we speak. it is a real and present financial danger climate related financial risk is something as we're talking about fiduciaries which need into account evaluating portfolios this is certainly behind what you are seeing today regarding these forced investment rules. forced investment. that is problematic here you see it you are seeing it develop. i think it is quite dangerous. >> all right sarah bloom raskin on the push

for esg investing restrictions or taking them away. we hope you join us again, sarah. >> very good >> have a nice weekend. coming up on the show, the big money movers and shares of one company failing. as we head to break, top trending stories c copenhagen is the top city for pay and work-life balance. that is the money nerd wallet ranking of cities across the globe. it's a good work-life balance. call it a sign of regret the latest poll finding 53% of brits say it was wrong to leave the eu nearly four prime ministers ago. the poll finding 45% of the

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welcome back to "worldwide exchange." time for a set of bonus big money movers costco beating expectations, but post ing lower revenue with sam store sales falling below predictions. the cfo citing cooling demand for big ticket items as a key driver for weakness. online sales for appliances and computers fell 15% fin the lates quarter. marvell met he can expectats marvell ceo expects changes to impact guidance for the first quarter. the headwinds will subside in 2024 as inconvventory normalizes

shares down 8% shares of chargepoint holding after losing power the quarterly loss and disappointing sales and ch chargepoint with supply chain challenges and gross profits flat compared to the previous year chargepoint shares off 10% in pre-market trade. sticking with the future of energy storage with a boom in demand on the heels of the inflation reduction act. last year saw record installations and this year is no sign of demands letting up. we have pippa stevens with more. >> dom, there is a lot of momentum behind energy storage that is the key to the greener grid solar and wind are power s sources. you need to store the energy if

the sun is not shining or wind not blowing. 2022 saw record amounts of battery storage deployed with installations growing 29% compared to 2021 according to s&p global market intelligence more projects are slated for this year. many are fueling the boom with tax incentives and competitive prices for renewables. tesla's investor day and elon musk said the thing that is needed at large scale that is not present is a vast amount of battery energy storage in terms of who benefits, there are a host of companies like panasonic and lg and fluence and freyr. you have other companies using batteries among the names that are offering energy management

systems. >> the scale we're talking about is utility scale storage it is not something i can keep in my garage what about residential storage i see somebody pitching me at the mall or anything about putting solar panels up on the house, i think how do i get the power? how does it factor in? >> we were talking about utility scale. residential is seeing a lot of momentum here. sunrun ceo mary powell says she believes the 2023 is the year of storage. that is because of the credits in the i.r.a. that makes it more economical for consumers to add storage to the rooftop storage system we see key changes in california with the energy policy which makes it favorable to have a storage battery to demand into that while the grid is high. if you want to meet the goals of

the biden administration, we really do need to see more grid scale storage. >> i think about that recent tesla story about them offering a possible overnight package at $30 a month. they can store the power and us it overnight all kinds of dynamics. pippa, thank you. another choppy week of trading thestill ahead. jeff kleintop has more to layout the volatility we will be right back after this break.

welcome back time for the "wex wrap-up. christopher waller saying a string of hot economic data may force the fed to raise rates higher than 5.1 to 5.4% range. shares of adani group

surging on $1.8 billion of stock being bought. and foxconn investing in a new plant in india to ramp up production one of the largest to date outside of china. zoom firing president greg tume on the call walgreens will not doispens abortion pills in 20 states. walmart ceo doug mcmillon is staying in the helm until a successor is named. gearing up for the trading

day ahead, the february ism services index is out at 10:00 a.m. we hear from a number of fed officials today. lori logan and atlanta fed president bostic the dow is on track to snap a four-week losing streak. despite the spike in bond yields with the 10-year treasury above 4% and the 2-year treasury off highs we haven't seen since 2007 jeff kleintop is investment manager at charles schwab. this is an interesting time to invest one could argue equity markets have held up tremendously well given the spike in the last couple weeks is your feeling like the worst is over for stocks >> well, no. i think we're in for a extended period of volatility some of that volatility is on

the upside if you look at the last eight months, we have seen 5% moves almost every month to the up or down side. half to the up and half to the down side. that may continue with the economic surprises in the u.s. and every g7 nation in the last month. from the pmi and ism surveys that we get today to lagging ones like jobs in the u.s., we have a blowout jobs number. in cancanada, it was ten times central bankers are marching rates higher this means a stronger wave of growth and that may be good for even earnings, but not a wave of downturn in cpi for the fnation. that leaves us with the volatility on the outlook for central bank policy is the

driver of volatility >> jeff, i want to talk about the headlines we are seeing now from analysts at bank of america with the fund flows report u.s. treasuries seeing the strongest start to the year since 2004 with roughly $29.9 billion of inflows on the year to date. the tenth weekly for investment grade bonds. its longest streak since october of 2021. a huge focus on treasuries and corporate bonds most seen as most safe. do you see that trend continuing in. >> one of the risks to that trend is that the bank of japan meets next week. we are on the cusp of seeing policy changes for a decade, the policy is an important source of funding for treasuries it is easy for investors to borrow cheaply in yen and purchase in other countries

everyt offering a higher yield. we have a new head in april. it is possible a shift in policy with japan has soared. we get the data this morning from the japanese trade association showing wage growth of 4% to 5%. inflation imbedded in japan and that suggests a change of policy that would unwind the yen trade to put more pressure to the upside on treasuries of the. >> -- treasuries >> jeff, do you feel there are certain sectors in favor >> i say stick with quality across sectors stocks with strong cash flow i think that's where you want to stick to you can find those across all sectors. it is an important sector you

will find in the value parts of the market in non-u.s. indices with low price to cash flow. >> findingternationa internationally. thank you, jeff. that is it for "worldwide exchange." "squawk box" picks up coverage next see you on monday. with its customizable options chain, easy-to-use tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities. while an earnings tool helps you plan your trades and stay on top of the market.

good morning stock futures pointing to slight gains at the open. we will tell you about two a.i. related stocks getting a boost after earnings dan loeb's point taking a stake in amd we will tell you about the flurry from activists. and the company telling

workers you are hired on a remote basis and now the jobs are no longer remote it is friday, march 3rd, 2023. "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. andrew, welcome back. >> thank you nice to see you. >> where were you? where were you >> undisclosed location. >> in a bunker somewhere a hole in our hearts >> yes >> inempty seat >> you remember clint eastwood let's check out