it is 5:00 a.m. here at cnbc global headquarters. here is the top "five@5." breaking news. first citizens bank buying silicon valley bank. the latest details on the deal. the markets looking to build on the back of the winning week in tech and feeling the shine. plus, the fed's neel kashkari looking to calm concerns around the health of the banking system. warning, the stresses may ramp

up recession risk. china walking the u.s. top business leaders and including apple and pfizer ceos to assure the country is open for business. we are live in beijing. the potential tiktok ban set to move forward? the comments from the house speaker on the back of the congressional grilling of the tiktok ceo. it is monday, march 27th. you are watching "worldwide exchange" here on cnbc. good morning. welcome to "worldwide exchange." i'm frank holland. let's kickoff the hour with the trading day shaping up. we are seeing futures in the green across the board at this early moment. the dow would open up 100 points higher. s&p and nasdaq are fractionally higher. this comes off rocky trading last week. the dow snapping a two-week

losing streak with all gains 2%. nasdaq is the big winner. we will dive into that in a few minutes. we want to look at the bond market. the 10-year treasury. the yield on the 10-year treasury at 3.421. the 2-year treasury at 3.3.877. still seeing a potential inverted yield curve. we are watching energy. oil breaking a two-week losing streak. wti jumping 4%. below 7$70 a barrel. brent crude at $75 a barrel. up .50%. natural gas is down 5%. this cooler than expected winter is impacting the market. we are watching cryptocurrency and bitcoin below the $28,000.

$27,870. xrp is up more than 4.5%. we are seeing moves to the down side for cardano and solano. now to the breaking news. first citizens bank buying silicon valley bank. silvana is here with details. >> good morning, frank. fdic announcing that first citizens will buy all of silicon valley bank deposits and loans. the deal involves north carolina bank taking on $119 billion and about $72 billion of loans at the discount of $15 billion. the 17 former branches of svb will reopen today as first citizens. assets will remain in receivership. the deal marks the end of the turbulent two weeks for the collapsed california bank which

marked the largest failure of a financial firm since lehman brothers. the failure to the deposit fund is $20 billion. the exact cost will be determined once receivership is terminated. frank. >> silvana, thank you for the story. let's stick with the banks. germany's chancellor looking to downplay fears with deutsche bank. we have arabile gumede in the newsroom with more. we see they are up in the pre-market in the u.s. what do you see there? >> following on that u.s. trading picture. following on from last week. a gain of 3% for deutsche bank. we do have the positive tilt coming from regulators and leaders. olof scholz tried to shore up confidence in deutsche bank over the weekend after what was the volatile trading session on friday. that stock losing as much as 14%.

speaking in brussels, olof scholz said the lender has fundamentally modernized the business and it is a very profitable bank. adding there is no reason to be concerned. very interesting to note that because many concerns around the credit default swap of deutsche bank which did rise of 17% at some stage. 3% gain an cross the banking sector. this is pointing to perhaps a shift change. soc gen and ubs losing out. ubs having been involved in the buyout of credit suisse. we have noted that of late. you see the general sense of positivity across the european banks. it is not pointing to the end where things lie with the banking saga. a lot of questions with credit suisse and the probe with the regulators as well as the

leadership which is possibly in play at this time. for now, positivity across europe. frank. >> arabile, thank you. turning attention back to the markets in the u.s. and gearing up for volatility as we see concerns with the global banking system. investors looking to key economic data and consumer spending which is the fed's favorite measure on inflation. it is also an important data point for the next guest who says the mark is overly focused on the decline in interest rates and under focused on the prospects for recession. phil palumbo is here with us now. >> thanks for having me. >> you think we are not paying attention to the possibility of recession. we are seeing the futures up and deal in the banking sector and seeing other deals in the european banking sector. a lot going on in the global economy. what do you make? >> my thesis is the fed

orchestrates a crash landing. it sees increased interest rates into the over-leveraged world. it is difficult for the economy. you will get cracks in the economy and we see that the last couple weeks. we have seen that since last year with tech bubble bursting and crypto bubble bursting. now banks. with these situations, it creates a tighter lending environment. these are the primary reasons of recession in six-to-nine months. >> we will see more tightening in the banking sector. here is one thing that may be up for debate. pce coming up as the fed's favorite inflation gauge. is that as important as it once was with jay powell admitting the banking session is

deflationary. >> you have to reach your goal. banking crisis and inflation are two matters. they are going into the recession and the recession will handle inflation on its own. if we enter into recession, you see inflation come down quickly. the fed can then back off. >> you are thinking it is just as important because the fed says it is data dependent. if the inflation is steady or lower with the tight lending conditions, does the fed change its mind if they see the report they are not expecting? does it change their mind of one more rate hike which is what everybody is pricing in? >> i think the fed has a couple months to digest the data they will receive. especially with the banking sector. he can just pause at the next meeting and i think everything will work itself out and get to the point he wants to get to here.

it is data dependent. i think from here it is inflation bound and economy down and the fed can pause. i think that would be the best for the year. >> we are looking at the commercial sector. i know you are watching that. what are you seeing there? what does it tell you about the possibility of the recession and going forward? >> the commercial real estate loan market is $1.5 trillion. in three years, that paper is coming due. when that paper comes due, people have to refinance. they will refinance at double or more than what they paid before. that is a disaster. today, if regulators don't get a handle on that, that is something that everybody as investors need to focus on. that could be bigger than the financial crisis. that is something that we are keeping an eye on. >> phil palumbo, thank you. something to watch. indicators are pointing to recession. phil, thank you. when we come back here on

"worldwide exchange," more on first citizens buying a chunk of silicon valley bank. what it means for the global financial sector. and pulling out of the proxy fight. why elliott management is revering course with the deal with salesforce. and market's renewed asking the right question can greatly impact your future. - are, are you qualified to do this? - what? - especially when it comes to your finances. - are you a certified financial planner™? - i'm a cfp® professional. - cfp® professionals are committed to acting in your best interest. that's why it's gotta be a cfp®.

wecome back to "worldwide exchange." the tech sector has been among the winners this year. the nasdaq up 13%. out pacing the dow and s&p. check out the new york stock exchange faang index. this is up 33% on pace for the best quarter since 2020. led by nvidia up 80%. let's talk about this more with hannah gooch-peters. hannah, great to have you here. >> good morning. >> we talked about the index. up 33% so far this year.

looking at the qqq and nasdaq 100. up in the pre-market. i would like in our opinion. is this confidence in tech and their businesses and growth or is it more a flight to safety? >> i think it is a combination. first, you have rotation of cyclical areas in the market and banks and financial sectors which are looking to move into tech and away from the market. it is a reflection of how people position themselves last year. the indices and companies have had pull backs and offering more favorable valuation by the october lows last year. many investors positioning for better looking return expectation going forward buying into the names in the market lows last year. >> i want to talk about valuation. including your pick. i'll get to that in a moment. i want to talk about a note that came out last night from tom

lee. he said, the case for technology including lower rates and solving inflation problems and we can add safety from the financial crisis. do you agree with this take that basically there is a lot of fundamentals pushing tech trade higher? >> i think when you look at the technology sector, there are high quality companies. i agree. if you look at microsoft and the index, they have secular growth drivers to the businesses. they can demonstrate over a long time the ability to grow earnings. if you look at that compared to a bank, of course, which is in so much trouble the last couple weeks in particular, they have different characteristics. i believe the shift out of the cyclical areas of the market into the high quality technology stocks is in line with what you

are saying. >> i want to talk about your pick. you mentioned it. intuit. we have the tax day coming up and intuit makes the turbo tax software which has seen steady growth. especially during the pandemic. it has a rich valuation. it is also consumer facing stock for a large part of the business. does that valuation make you concerned? what is a rich valuation? >> i think it was important to position yourself correctly. these names last year with the opportunity to buy into them. if you have a look at the end of 2021, intuit was trading on 50 times forward price valuation. it is expensive. in reality, the company is exceptionally high quality. you talk about turbo tax and it has quickbooks. you look at the idea of small accounting software for

businesses and online accounting software. high quality company. it now has net cash on the balance sheet. it has 30% operating margins and it has shown it is very, very able to consistently grow over long term. yes, there it is more expensive. it is offering a high quality business in terms of the valuation. i think you have to buy into it last year when the valuation was offering more upside. it was expensive at the end of 2021. >> i want to push you a bit. stocks valuation over the nasdaq. what qualities do you need to see to make them a good investment? >> i think we are looking at balance sheets this year. you want net cash on balance sheet. this is a big problem with banks. these are a problem with the cost of debt. if you look at the companies that are doing really well, companies like nvidia and microsoft and alphabet have net cash on the balance sheet. that is first the most important

thing. you are looking at high barriers and ability for companies to grow their earnings. this doesn't have to be at a fast rate. if you grow your earnings 4% or 5% a year, that will move out the global equity markets. >> hannah gooch-peters, thank you. ♪ we're going on a bear hunt. ♪ ♪ going on a bear hunt. ♪ bear? ♪ we're gonna catch a big one♪ ♪ we're gonna catch a big one. ♪ ♪ look out for the water. ♪ ♪ can't go under it. ♪ ♪ the rocks and the mud. ♪ ♪ can't go over it. ♪ ♪ gotta go through it! ♪ ♪ we're going on a bear hunt.♪ ♪ we're going on a bear hunt.♪ ♪ oh going on a bear hunt!♪ ♪ going on a bear hunt! ♪ ♪ yeah we're going on a ber hunt! ♪ -bear! ♪ going on a bear hunt! ♪ - such a good boy. ♪ going on a bear hunt! ♪ ♪ oh what a beautiful day.♪ [ dog barks ] i promise - as an independent advisor - to put the financial well-being of you

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welcome back. let's get a check of the headlines with phillip mena. >> good morning. president biden declared a disaster in mississippi after the tornadoes tore through the region. federal aid is made available to supplement the recovery efforts. storms claimed two dozen lives across mississippi and alabama. benjamin netanyahu will overall the system after days of mounting protests.

departing flights from tel aviv airport have been suspended as workers union is threatening to strike. the opposition leader is calling on the prime minister to reverse the defense minister firing who was let go yesterday after objecting the overhaul. protests reached a boiling point after tens of thousands shutdown the highway in tel aviv. police have to disburse the crowd. louisville and iowa looking for the final spot in the final four. clark's 41 point triple/double gave them the win. on the men's side, miami staged a comeback against texas. hurricanes go to the first final four ever. 88-81 win. a creighton foul with two seconds left sent trammel to the free-throw line for two. he made one. it is all he needed. san diego state advances 67-66.

aztecs play atlantic. the only team with final four experience left here, frank. >> this march madness has been crazy. number one seeds knocked phillip, thank you. we have hugh son with the latest on the news of citizens buying silicon valley bank. march is women's history month. here is fashion designer rebecca minkoff. >> i thought someone would notice something we needed. what i realized is we have to demand what we need and a bit of fearlessness about it even if we

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right at 5:30 a.m. in the new york city area. we are just getting started here on "worldwide exchange." here is what's on deck. breaking news. fdic announcing a deal for svb with first citizes stepping up. and neel kashkari offering a new warning about the risk of the potential recession. and could a tiktok ban be one step closer to a reality? the new comments from house speaker kevin mccarthy as they look to crackdown on the app. it is monday, march 27th. you are watching "worldwide exchange" here on cnbc. good morning. i'm frank holland. thank you for waking up with "wex." the trading day is shaping up this morning. we are seeing futures in the green across the board. pretty much the highs of the morning. if the dow opened up now, it would open up 100 points higher.

itis early. this after a rocky week of trading. all three indices gaining 1%. you see the nasdaq was the winner among the three. up 1.6% on the week. we are watching the bond p market. a lot of people turning to bond market for safety. the yield on the 2-year treasury at 3.89%. inverted yield curve is something we are continuing to watch. we will talk about this later on in the show. energy is breaking a two-week losing streak. wti is jumping 4%. wti is below $70 a barrel. up .50% this morning. the international brent crude is up .50% at $75 a barrel. energy sector is falling more than it did early this morning. down 5% in nat gas.

let's check on the top stories with silvana henao. >> frank, good morning. salesforce says elliott management will not proceed with nominating board directors. in light of the salesforce strong results, actions and new multiyear growth strategy means it continues the working relationship. one of several hedge funds to disclose positions. house speaker kevin mccarthy says lawmakers will move ahead with the bill to address national security conversation with tiktok. mccarthy says it is concerning the ceo of tiktok cannot be honest and admit what we know to be true. china has access to tiktok using data. he referenced the hearing when tiktok ceo shou asked about the

disclosure about chinese based employees at bytedance accessed data of two journalists and if that amounts to spying. u.s. regulators are looking for more support for banks to give move time to shore up balance sheets. expanding the lending program is one idea being considered. neel kashkari says the banking system is resilient despite the turmoil in recent weeks. speaking on "face the nation," the minneapolis fed president says the question of big banks too large to fail is beyond doubt. regional banks need to be addressed. kashkari says the recent stress in the banking sector and possibility of a credit crunch to follow could bring the u.s. economy closer to recession. frank. >> some concerning words. silvana henao, thank you. now to the breaking news. first citizens bank announcing

it will buy part of the silicon valley bank. it involves the north carolina bank taking on $119 billion in deposits and$72 billion of loans at the discount of $16 billion. the branches the svb will open as first citizens bank today. this is as $90 billion of assets remain in receivership. we have hugh son joining us now. you have broken so many stories in the banking sector. i appreciate your comments on this story. what are your thoughts on this agreement and the fears in the banking sector? >> good morning, frank. great to be with you. a couple of thoughts on the deal. it is a good sign to see the deal get done. it has been out there for two weeks. svb was the first domino to topple. it was a little strange it to this long to resolve the deal.

two failed banks. seized banks. signature and svb get resolved. the good thing about that is as you know, as reported, first republic, one option to resolve the issues they had with the capital hole is seek capital infusion or purchaser. it is good this one is out and put attention on first republic that has to be resolved. at first blush, take a look at it. it seems they have in all likelihood cherry picked the best assets. $100 billion in deposits. they are not purchasing $90 billion in assets. i would be concerned about the quality of the assets and why first citizens did not choose to purchase those. there is a loss share agreement

with the government that is opaque. what are the ram if -- ramifications of the deal? there are concessions on a deal to get done in the future for other banks, i would say. >> not the fallout you think. hugh, we did have a scoop over the weekend. break down the report detailing how the ongoing deposit drain from smaller banks and larger giants have slowed. this is one of the exclusive stories. we are showing the picture of the headline here. what are you hearing? >> this is a story that is a really solid development because all of the concerns we had really have had to do with an exodus of deposits. people panicking and pulling

money out of the regional banks and putting in too big to fail. citigroup, wells fargo and jpmorgan chase. some of the biggest beneficiaries of the crisis, unfortunately. my reporting is the largest of those recipients, three of the four biggest banks, have concerns to me they are not seeing the influx. that influx of deposits has slowed down starting the 16th of the month. that is after, you recall, the 11 biggest banks banding together for first republic. that was the first sign of confidence. it tailed off further. the proximate cause of the pressure on the smaller banks alleviated. that will be shown in the official figures as the days go by. >> certainly something to watch.

kre etf up 2%. hugh, thank you for being here. great reporting. you can follow hugh's reporting on cnbc.com. his latest up right now. turning attention to the latest on credit suisse and chairman of the saudi national bank. sparked turmoil with the swiss firm and has now resigned. hadley gamble had the conversation with the chairman. hadley, you have a scoop of your own here. >> reporter: that's right, frank. i spoke with him this morning. he was the chairman of saudi national bank. essentially confirming his resignation. he seemed in good spirits overall considering the situation. it has been a rough couple weeks for saudi arabia. you remember the 9.9% stake the saudis took in october of 2022 essentially after the ubs takeover was worth less by $1 billion. confirming to me that last week

in terms of the numbers that essentially they put in $1.5 billion and losing $1 billion as a result of the ubs takeover. interestingly enough, saudi national bank is the largest lender in saudi arabia. you have to remember that some 37% of that bank is owned by the sovereign wealth fund. the public investment fund. the situation is the buck stops here. it doesn't stop with the former chairman. it has to do with the investment strategy of the public investment fund. a lot to think about when we say that middle east money is the white knight, if you will, and if we see smarter investment the thes -- investment going forward. >> thank you, hadley. let's bring in ed smith and devin ryan. gentlemen, great to have you here. >> good morning. >> hello.

>> ed, i'll start with you and devin, i'll ask the same question. what do you think of the deal for svb? what does this mean for the short-term and long term? >> so, i think we do expect more regional banks to fail. the lack of regulation in that space suggests and coupled with the sharp interest rate rise in 40 years suggests that more things will break. to us, that is more defensive as investors. it is great to see other banks feeling they are coming on some of the loans that the failed banks have made some of the assets. it caused widespread financial crisis and the bank failures have not been caused by bad assets sitting on the books.

what concerns us is the liquidity positions the banks have themselves in and there is likely to be more. we think it will run, but it won't be a global, systemic crisis. >> devin, same question. a lot of eyes on the u.s. banking sector. especially the regional banks. >> good morning, frank. two things. one, the deposit question and, two, the economic question. on the deposit side, the fed data they put out on friday through march 15th showed the smaller banks seeing the small outflows. the large banks saw inflows. i think the deposit situation is calming down. we most likely need more assurance whether it is explicit or something else's around uninsured deposits. we are looking for congress and

regulators to potentially move there. we think the banking system is sound and in good shape. the fear and emotion in recent weeks is clearly what led to a lot of confusion. i think there is positive progress there. more needs to be done. on the economy, listen, banks are built for recession. you know, some are going to manage that better than others. when you put out a loan, you are underwrites the risk of losses. we see the economic conditions tightening. we expect there will be some pressure on certain parts of banks' books. overall, we agree that the banking system will move through this and there will be it opportunities as investors on the other side as well. we are on the front end of the tough economic back drop. >> we will get to the opportunities in a moment. ed, the new narrative for the market is heading to a stop for

rate hikes. how meaningful is that for the financial sector, especially the regional banks in the u.s.? >> i think that would help. that is not our base case. the fed has shifted up in the last three months. the market expectations have shifted down more. that sounds like fighting the fed to me which is something we try to avoid as investors. it is, of course, right with the terminal rate that investors expect. one of the ways the policy gets out into the economy is bank lending conditions which had been tightening and likely to tighten further now. the inflation pressures are still evident. we stopped short of forecasting the cut into the next 18 months. because of that, that is another reason why we are defensive. that is going to pressure valuations and we have earnings downgrades on the other side.

>> ed, you are defendefensive, devin, you are looking at valuations which have declined through the turmoil and volatility. do you see long-term opportunities? >> absolutely. it is a time horizon thing. i appreciate when you have this much turmoil, markets don't get back to normal quickly. there are levels we feel comfortable for someone with a longer term perspective. i look at large company names. goldman sachs is one name. they have a huge piece of business with trading and asset management. some areas are more resilient to market correction or credit correction. goldman sachs for value. i think it will be long term. that will be productive for investors. in the regional bank space and smaller banks will have

opportunities with the kbw index is trading seven times forward earnings. trading at 45% pe s&p 500. it carries 85% normally. we agree in the near term, you have to work through the complication and economic back drop. >> the banking story is just getting started. ed smith and devin ryan, thank you. coming upon

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welcome back to "worldwide exchange." we are open for business. that is the message out of china this weekend. this happening at the event attracting big name ceos. we have eunice yoon with more from beijing. >> reporter: good morning, frank. xi jinping's chief of staff with a letter to assure the audience of corporate leaders saying they are open to business. qualcomm and pfizer and p&g and others express support for

china's development. pfizer said the company was aligned with the china healthy 2030 initiative and would contribute as much as it could. the u.s. pharma giant signed agreement with china in that regard. the forum could not escape the worries of the chinese and u.s. relationship. not only was the forum not able to attract many u.s. ceos in the past, but privately, the discussion was about the geopolitical situation, especially the deteriorating ties between the u.s. and china and also about all of the uncertainty in the business environment here. the authorities, though, frank, might have a high level recruit. we just heard that alibaba's jack ma was spotted in his hometown and a school that can

partially fund and teacher ma was in today. this was after more than a year of him traveling. >> another heavy hitter in the mix. tim cook is there and pfizer ceo. a lot of heavy hitters. amid the summit and reopening of china, what is the sentiment of the business environment in china? >> reporter: well, it is really uncertain. there was a lot of pessimism privately when i was at the forum. people were concerned about what they needed to do in terms of the investment. there is a lot of discussion about china and producing for china or investing for china. i think what was a concern was just a lot of the uncertainty of detention here and what it means for local staff. for example, one topic was a group which is an investigative firm announced it had five chinese staff detained. that was discussed again today.

then, of course, you know, perhaps jack ma would calm some of the top level international leaders in that regard now he is back. there is still a lot of concern about this. >> all right. eunice yoon live in beijing with the latest. great reporting. good to see you. good to see you. coming up here power e*trade's award-winning trading app makes trading easier. 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. [office sounds] ♪upbeat music♪

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welcome back to "worldwide exchange." futures hitting the high point of the morning. time for the "wex wrap-up." we start with first citizens bank buying silicon valley bank loans for $72 billion. $90 billion of securities remain

in receivership. this crossing in the last few minutes. saudi aramco with the deal in northeast china. a second major investment in china. and increase risk due to the ongoing crisis and slowdown of 3%. the china reopening will expand by over 5% this year. and banking turmoil taking a toll on the ipo market. coi raising $19.76 billion in ipos in 2023. down 17% year over year. the lowest amount since 2019. elon musk telling twitter employees they will receive stock award based on $20 billion valuation. less than half the $44 billion price he acquired the company

last year. and the record of $137.5 billion in the box office this weekend. marking the biggest domestic opening. a lot of people want to see action. gearing up for the trading day ahead. dallas fed manufacturing and earnings from carnival and a speech from phillip jefferson. the senate banking committee will hold a hearing on the silicon valley bank collapse. we also get pending february home figures. on thursday, we get the q4 gdp and speeches from michael barr and susan collins. and to round out the week, consumer spending and the fed favorite read on inflation. the pe index. pce index. excuse me. another batch of fed speech from

john williams and christopher waller. let's look at the week as investors look to close out the month with patrick fruzzetti. >> thanks for having me, frank. >> we hit the high point so far. what do you make of that after we come off banking sector and areas. >> the futures position can change quickly as we see in the last few weeks. the main thing is listening to the fed speak late last week. they are still not concerned with so much with the banking crisis, but really focused on inflation. i think, you know, a lot of the speak we will hear later in the week will continue to focus on that. we will see the quarter point rate rise from last week and

that is more to continue on the market front. >> i know you believe the volatility in the banking sector is weighing on the market. does that speak to contagion being contained. >> there is an effort being made. trying to learn the lessons of '08. it is good that some participants are being pro-active. that is a good thing. this is a lot wider. a lot broader of a problem than i think the market is continuing to price in. we are going to continue to see pressure on regional banks. we still have loads of companies to report earnings next quarter. a lot of market risk in the bond portfolios. there is more to come. i am even -- encouraged.

>> okay. we know there are problems out there. everybody knows that. risk of recession. we hear neel kashkari and others spell that out. what sectors are you looking at? >> if you look back at history with the periods of the last fed rate hike. we just saw the last fed rate hike, i'm not saying we have, but the last rate hike and first cut, the sectors that out perform are consumer staples. sometimes materials and utilities. when i look right now at the market, i look at companies that maybe have been oversold. i really like infrastructure. i like the rails. particularly in canada. i like canadian pacific. the company that just completed their merger with kansas city

southern. if you think about the world that will continue to deglobalize and there is some indigestion that goes along with that as well. i'm interested in canadian pacific. >> the re-shoring play? the assets they bought from ksu, kansas city southern, bringing them to mexico where we expect more production there. >> that's correct. i see that as a re-shoring play. having now rail lines going from canada to mexico. they have a hold on the north american rail system. >> something to watch. patrick fruzzetti, thank you. >> thank you, frank. one more look at futures. hitting the highs of the morning a short time ago. just slightly off. the dow opening up 100 points higher. s&p and nasdaq in the green.

that will do it for us on "worldwide exchange." "squawk box" is coming up next. thanks for watching. i know the markets have gone up and down, but you're right on track to reach your goals. my ameriprise advisor helps me feel confident about my financial future. he knows me and my goals. it's not the first uncertain environment he's helped me navigate. probably won't be the last. but with his advice, i know i'm on track. the plan we created can withstand uncertainty. no wonder clients rate us 4.9 out of 5 in overall satisfaction. because advice worth listening to is advice worth talking about.

good morning. breaking overnight. first citizens bank reaching agreement to buy with a large chunk of assets from silicon valley bank. details straight ahead. the chairman of the saudi national bank resigning. comments earier this month caused a selloff in credit suisse. activist backing off elliott management. it will not proceed with

nominating directors to salesforce's board. it is monday, march 27th, 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 becky quick with joe kernen. andrew is off today. it is monday. quieter this monday. the u.s. equities are higher at this hour. looks like the dow futures are indicated up 133 points. s&p futures up 17. the nasdaq up 29. last week was an up week for the markets. all three averages were up by 1%. the nasdaq up 1.6%. if you are looking for the month, t