it is 5:00 a.m. here at cnbc global headquarters. here is the top "five@5. stocks kicking off a new week and quarter after the best p weekly run since november. this morning, futures are mixed. shock in the middle east surprise output cut by one of the largest oil exporters in the world. we have the details coming up. and it may have been a swiss shining knight, but regulators are looking closer at ubs and the 11th hour deal in buys

credit suisse. nothing pre-scripted as vince mcmahon's organization has a buyer. and some are calling controversial price cuts with tesla. we look at what is next for tesla ahead. it is monday, april 3rd, 2023. you are watching "worldwide exchange" here on cnbc good morning welcome to "worldwide exchange." hope you had a great weekend i'm frank holland. let's kick off the first day of the second quarter with the look at u.s. stock futures. the dow would open 100 points higher this very early point in the morning. s&p down nasdaq down .50% we will continue to watch this morning. all of this after a solid end to march with the s&p and

nasdaq coming off higher gains for all that talk about rate hikes and value being en vogue, it was a stretch with the index with a 16% gain and the best quarter since the second quarter of 2020 when it surged in march. something to watch for the second quarter some of the big gainers for nasdaq, nvidia with the 90% rally. meta up 70%. te tesla up nearly 70% we look at the 10-year treasury at 3.53 the 2-year treasury is above 4%. big morning for energy oil surging up 5% across the board. we are seeing wti at almost $80 a barrel

brent crude at $84 also up more than 5% natural gas falling sharply. down 6%. almost 7% this morning this follows the cut from opec's members. more on that story in a minute we are watching cryptocurrency bitcoin above $28,000. up 1%. ethereum up 1.5% continue to watch the crypto cardano up 6% in the early trade. crypto trades around the clock. let's get to the top stories. oil surging after opec plus announced new cuts one that could give a jolt to the economy struggling to keep prices under control we have hadley gamble from abu dhabi with more. hadley, good morning >> reporter: good morning, frank. what we are seeing here is opec plus countries making a decision

to slash outareput by 1.6 millin barrels a day. that means less than 4% of global demand. this is a decision that can't come as too big of a surprise to us watching the oil market and based in the middle east saudi arabia is going to be leading the cuts with 500,000 barrels per day taking it off the market that is twice as much as the nearest opec member to cut i iraq, uae and algeria participating in this and oman as you see in the graphic. you see what is interesting to note is what this means for prices at the end of the day, there is a question of whether this will reverse the tide, if you will, of the inflationary pressures and if we will see saudi arabia move forward in the ti tt-for-t

with the biden administration. you have to understand this is the worst first quarter performance for oil since the ban in 2020 during the height of covid. the saudis and other members of opec are watching prices closely. his royal highness, the leader of opec, has been watching the fragility of markets and concerned about the global growth and supply and demand these guys say they are the guardians of the global energy markets. >> hadley, we are looking at brent crude up 5.5% right now. any sense of the reaction from the white house? you mentioned the biden administration >> reporter: absolutely. we just saw the comments coming from the administration. we are talking about the u.s. national security council saying

this was an inn aadvisable move when the team desircided to tape spr. they did that at $$72 a barrel they did not do it and it raised questions. in past years, we have seen shale growth it just really hasn't met that same trajectory that we have seen in the past that is a direct result of borrowing costs. you have less shale growth than in the past with the production and you have the worry about the spr as well. it is no surprise that the u.s. would look at this and say whether or not they will have a conversation with opec plus on this one there is not much for them to do >> all right hadley gamble in abu dhabi, thank you. we will talk to a trader later

on the impact on investors. time for a check on the corporate stories with silvana henao. silvana, good morning. >> frank, good morning tesla is producing a record number of cars in the first quarter of 2023 following steep price cuts by ceo elon musk to kickoff the year the last three months, tesla rolled out 141,000 cars and delivered 423,000 vehicles watching tesla shares this morning, down about 2% in the pre-market now so-- now sources are telling cnbc that vince mcmahon is selling wwe to endeavor. shares are rocketing for wwe today's tieup would create a publicly traded company with

endeavor slated to own 51% of the new venture. mcdonald's is temporarily closing its u.s. offices this week as it prepares to hand out possible pink slips to corporate employees. an internal email was sent last week asking staff to work from home through this wednesday so it can deliver the staffing decisions virtually. it is unclear how many people the company is planning to layoff frank. >> silvana henao, thank you. see you later on in the show. to another developing story this morning on the heels of the deal to buy credit suisse, top regulators in switzerland are opening an investigation into ubs arabile gumede is live in london with details arabile. >> good morning, frank certainly a story that is continuing to hit the market a lot. we have shave seen the sweeping

brought in to save credit suisse which was valued at $1.35 billion u.s. worries about the finances previous record worth $8 billion. this is a general look at the market today the smi is of keen interest from that market. we take a look at the reasons why that is flat is because of the likes of ubs and credit suisse this is what credit suisse pretty much looks like today .50% weaker in the trading picture. you said prosecutors looking into the business and that takeover deal. it must be noted there isn't a clear matter that they are looking for. they are just saying there could be a few things that were wrong. the statement itself actually reads numerous aspects of events of credit suisse that need to be investigated to identify any possible criminal offenses that is a worry for the business

overall and it may heighten the risk of swiss banks. that is the worry that regulators are looking out for in switzerland this matter will not end right now. we thought the banking matter was sorted, but not yet. this is one we will continue to follow frank. >> certainly following ubs down here in the pre-market in the u.s arabile gumede live in london. thank you. when we come back on ""worldwide exchange," mike santoli lays out a bull case after the recent run will the next guest agree with the outlook? more on the surprise opec output cut and one energy calling a saudi power play. and no, thank you, elon musk and twitter blue that is all ahead when "worldwide exchange" continues ) it even er. we call this enterprise intelligence.

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welcome back we are watching futures after the solid quarter to start the year more gains could be on tap for q2 cnbc's market commentator mike santoli on what is ahead >> stocks finished strong and were strong because few investors expected it. a big driver of the run through quarter end was widespread fear

as banking inn stability has no hurt consumer confidence the s&p is up to the upper end of the trading range and reverse lower four prior times since last spring. can the bulls break above this familiar boundary? the chances appear better than the prior failed attempt based on a couple of measures working in favor of the market april is the strongest months throughout history and when stocks have been up after down the prior year, that is the situation right now, the market has never been down over the following three quarters then the fact that whatever the federal reserve's destination on interest rates which is likely moving in tiny steps from here on out this will be tested soon given the bulls need inflation to keep falling and economy to keep growing and earnings forecast to firm up and the big nasdaq

stocks probably to cool off without casting a chill over the rest of the market frank. >> that was mike santoli let's see if our next guest agrees adam coons portfolio manager. >> good morning. >> i'm sure you heard mike there. he said april is a strong month for the markets and if we see the major indices up in q1 following a down year, we see quarters two to four in the green. with the disruption with the banks, you see history repeating itself >> i don't obviously, that is a technical part of the market we look at the fundamentals and there is a lot of negativity in the soup of the market this banking crisis is something we need to focus on. i know it seems stabilized right now and our hope is it remains

stabilized we see this as a first leg of the dislocation in the markets the problems we're seeing in the banking sector are not just going to go away there is not enough focus on the lending that is going on with banks borrowing at par against the securities within the portfolio. the rate on that is 5% so, if you look at the securities of lending against borrowing, the rates are much lower. this will lead toward zombie banks. we are talking about banks with profitability muted for the foreseeable future that is the first step we see in the economy. >> adam, i want to hit on a word you stated stabil

stabilization. we are 30 days away from the next fed rate decision and the opec cuts. the oil cuts and impact on prices, does that change your portfolio management that you balance? >> it does add to the risk of what the fed will do we're heavily pushing our portfolios into fixed income we are using higher grade tilt within the portfolio you know, we are looking at treasuries and corporates that are aa and aaa rated within the portfolio and extending duration we think the fed's back is against the wall we don't think they will continue to push rates higher that much this year. we do think they will have another quarter basis point hike after that, we don't see any way the fed can continue to increase interest rates if anything, at minimum, it will pause. we think they may have to cut interest rates by the end of the year. >> i know you are watching the

commercial real estate sector. any concerns of contagion from what we see in the real estate sector hitting other areas outside of real estate >> i think the problem we have in the commercial real estate market really is a liquidity issue. we have the rates on commercial real estate and when you are borrowing in that sector is based on the traditional mortgage, these rates are going up as libor has gone to 5% or above. that is stressing that part of the market if we continue to see stress in that market, i think we should see liquidity issues percolate up through other parts particularly private equity. that is another mark-to-market risk that we saw within the banks is prevalent there and more so. if liquidity becomes more crunched and those funds are

forced to sell securities, that is where you see contagion throughout the rest of the market >> something to watch. adam coons of winthrop, thank you. still to come, tracking the hot spots and the middle east geopolitical tensions is the least of wall street worries heading into a new trading week. stay with us more "wex" coming up 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.

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exchange." we are pulling back the curtain on the segment calling it "global hot spots. this morning, it is all about taiwan the president wrapping up with the meeting with kevin mccarthy and this is the move that they are blasting and harms china's sovereignty according to one chinese official joining me now is analyst dewardric mcneal >> good morning, frank >> let's talk about the taiwan visit with lawmakers she is on the way back to taiwan how provocative is this and does this significant that will change to suflt policy >> frank, i think this is

significant and it represents the highest level of the engagement of the president of taiwan frank, significant should not mean provocative this is different from august with speaker pelosi traveling to taiwan the biden administration has signalled beforehand this does not mean a change to policy. this should be treated differently by beijing the verdict is out with how they respond. the rhetoric is hot. i would suggest, frank, it would be diplomatically unwise to respond in a wild i'd and b bellicose way. it will try to get closer to europe and woo back business this could really damage what beijing has tried to do and play

into the hands of many in washington who say that whchinas aggressive and bullying. >> we have to wait for china's response what are you seeing from the biden administration what could this visit and tension it is could create mean for u.s. business interest and investment in china? >> let's start with the business piece first, frank i do not believe this will precipitate any attack or invasion on taiwan we are liking to see some exercises. if you are a business with exposure to taiwan, my advice is to have a plan consider a different range of contingencies and don't be lulled to sleep because there won't be an invasion this is a risky area of the world to be invested in. we will start with that for business for the biden administration, look, they have been very clear that congress is a separate branch of government

they cannot intervene in what speaker mccarthy is going to do. u.s. policy will not change. that is the important point here, frank. >> dewardric, thank you for being here >> thank you, frank. coming up here on ""worldwide exchange," u.s. virgin island building case against jpmorgan chase now it looks like it wants information from the high profile clients. just days after howard schultz testimony on capitol hill, new information about starbucks and union troubles. if you miss us on "worldwide exchange" you can find us on your favorite podcast apps get r r .

it is 5:30 a.m. in the new york city area we are just getting started on "worldwide exchange. surprise output cut by opec and analysts saying crude could climb back to $100 a barrel. stocks set to kickoff the second quarter after the nasdaq notches a 17% jump in the first quarter. tesla are record delivery figures as price cuts fuel demand phil lebeau is here to breakdown the numbers here on "worldwide exchange" here on cnbc

welcome back hope your monday is off to a great start. let's check on the u.s. stock futures. right now, we are seeing a bit of a mixed picture s&p down nasdaq down .50% the diow jones industrial averag leading right now. opening 100 points higher if they opened now. you see the bounce by the dow. the chevron is 40 points by bounce with the rise in oil prices all three wrapping up in the green. s gains to 2% to 7%. nasdaq with the positive finish for the quarter. the big winner is the nasdaq up 17%. as you can see let's check on the bond market the 10-year treasury at 3.53

we are still seeing the yield and 2-year with the inverted yield curve. now to the top story we mentioned oil prices are spiking after saudi arabia gives a surprising production cut and several members removing more than 1 million barrels a day from the market starting today to the end of the year the group agreed to this back in october. saudi arabia cuts 500,000 barrels per day. followed by iraq and uae and kuwait the saudis say this is a precautionary measure aimed at stability in the arket russia, an opec plus member, will cut throughout the end of the year let's get more insight with rebecca babin. great to have you here this

morning. >> thank you forego having me >> we have seen this recently. right now, oil prices are up 5% for wti and brent. what is the big difference this time around? >> the big difference with the cuts is these are real cuts. in the past, opec plus has cut quotas, even for countries underproducing the current quota. they were paper uts. these are real cuts. cuts to producers who are producing at or above quotas already. this is a bigger um impact to t market saudi arabia is taking a large percentage with 500,000 barrels of the cut and that is a strong indication to the market that they are very serious about this and going to have a much larger impact on the market as we are seeing this morning due to the factors combined >> we are seeing an impact on

the market you are satisfyiying they are s about this why would they want to cut >> i think there are a couple of factors here opec plus, saudi arabia, loves to catch the market wrong footed when they feel financial participants, speculative traders or short sellers, dominated the price action and removed the trading action to be based on fundamentals and financial market speculative trading. the saudi oil minister said in the past he wants to make the short sellers ouch like hell this is clearly something that he is passionate about and acted on in the past when we saw this recent episode with crude oil selling off 17% in a week, that really got under the skin of saudi arabia and opec plus. they wanted to send a direct and

strong message they will not let short sellers and speculative traders dominant the market. >> this will lead to ouchingi like hell. what is in doing for the importers? >> i think like china, they are getting cheap russian oil. they reestablished more of those recently this does impact their recovery. based on where they are getting crude right now from russia, it will have less of an impact than in the past. clearly, though, i think we are heading is where the political calculus here works as long as it doesn't put a dent in demand. they have to thread the needle stabilize the market be the dominant central

bank-to-crude oil and not let speculators takeover the market. push the fed to make a decision and not hurt china with higher prices right now, in this range, and the fact that china gets a lot of crude from russia, this will not impede recovery. they have to be careful. >> opec plus members with brent at $84 a barrel. what is stabilization? $100 a barrel oil or something higher >> i don't think $100 a barrel oil is what they are looking for. they are smart enough that hurts demand profile more than it helps them this kind of 85 or 95 range is where they are happy if we see crude spike and gas prices spicke, they will unwind more quickly than they have been willing to unwind previous cuts.

this was, i think, a message this is not necessarily something they will stick to if prices spike i think they are tactical with the movements and trying to get the market in their sweet spot which is 85/95 brent. >> something to watch. rebecca babin, thank you for being here >> thank you. time for the kcheck on the top stories with silvana henao silvana. >> good morning, frank new york sometimes will not pay verify on twitter. it loses its badge under the new subscription model organizations will have to pay $1,000 a month to get a gold check mark verification on twitter. several other news organizations have said they, too, will not pay for verification the u.s. virgin islands issuing subpoenas to google

founder and former disney executive and hyatt hotels executive and real estate investor as part of the lawsuit against jpmorgan chase and its relationship with jeffrey epstein. it is related to the banks and the sex offender. and the elling cnbc that the starbucks store managers said she was let go friday. it was because she had been late on four occasions, where two were being late one minute starbucks said she had missed four hours of work in those instances and she had been repeatedly issued writeups for being late frank. >> silvana henao, thank you. now to one of the big money movers and top stock story

tesla. the ev maker posting record deliveries in the first quarter and price cuts helping fuel demand we have phil lebeau with more on the story. good morning, phil >> reporter: the numbers are in line with expectations maybe below what people are expecting. the consensus was 432,000 vehicles delivered the number at 422,000. by the way, there are people who are on twitter and other platforms saying consensus was 420,000. the numbers were all over the place. production coming in at 430,000 vehicles the price cuts in q1, no doubt, had an impact here it helped in china and helped in the united states. you saw that with tesla in terms of the wait times coming down, but then inched back up after the company cut prices in the first quarter. the analyst focus for the first quarter gross auto margin.

that is what the focus is on, not delivery this is not a huge change. you take a look at shares of tesla. the q1 financials, frank, come out on april 19th. two weeks from now that is when we find out about auto gross margins that is the metric that will move the stock over the next several weeks. typically going into the financials report, we tend to see this stock rally just a little bit it doesn't mean we will see a big dramatic increase from where it is right now. that's what we typically see >> down 2% why this reaction after a beat on the delivery? >> reporter: well, do you see it as a beat or a miss, frank 420 is quote/unquote, the whisper number out there 432,000 is the fact that consensus which is what we go by others gos go by 432,000.

i would not get caught up on the actual number. the impact of the price cuts is the issue and gross margins. >> what metrics are you looking at right now are there other numbers we should pay attention to with the results coming up later this month? >> reporter: whether or not there is a change in guidance. i don't think we will see that we typically only see that at the start of the year. we saw that in january when they said we expect to deliver at least 1.7 million vehicles this year elon musk said during the conference call could be 1.8 million vehicles by the way, the 422,000, extrapolate that over the year that is 25% of their estimate for full year delivery we do expect production and delivery to ramp up. >> phil lebeau, thank you. news alert for you now on a possible deal.

wall street journal reporting extra space storage is combining with life storage. they rejected a bid from public storage. this would be the largest facility operator in the u.s. by number of locations. life storage up 5% coming up here on "worldwide exchange," disney ceo bob iger looking to the turn around and as we head to break, the top stories. paris removing the escooters from the streets following regulation and limiting speeds to 6 miles an hour and using dedicated parking. the nearly unanimous vote means paris is the first to rescind the contracts. it will expect to hit lime and

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welcome back to "worldwide exchange." shares of intel are up this morning. upgrading the chip maker from perform to underperform. in a note out yesterday, raskin says things look bad, but the long-term set up is improving. intel is not getting worse shares are up 20% this year. today, disney is holding the first shareholder meeting since bob iger returned in november. the company kicked off the changes last week as part of the ret restructure plan layoffs are hitting positions in the metaverse and entertainment

and news division. the final round expected before the summer the stock is 9% higher inssince iger returned. let's talk more about this with brent lang. >> thank you for having me. >> a lot of issues on the table. we know about the $5 billion restructuring plan other issues are hulu and espn and the profitability of disney plus what is the pressing usissue fo bob iger today >> bob iger needs to convey to shareholders that he needs to get the fiscal house in order and he figured out a way to get disney plus, the streaming service, to profitability by 2024 he will have to do that through combination of layoffs and cuts to content costs i think that will be the message

that bobb iger conveys. >> another issue is the marvel franchise. "ant-man" is dispoappointing on the box office this has been a big boon for disney overall what about the marvel franchise? >> i think if you look at what bob iger's comments indicate, he is worried that marvel has foregone quality for quantity. it stretched itself too thin with the sequels and streaming shows. he would like to try to re-gain that focus i think at the same time, there is a lot of off-screen drama bob iger has to deal with over jonathan majors and the series going forward. he has been accused of assault as he has been denied the

allegations. that could be a real pr headache >> also some other investor issues what about the succession plan do you expect more details something that was a big usual y -- big issue? >> i'm not sure he will give a lot of information there it is a big problem. bob iger came back to right the ship this was not a permanent solution this was seen as coming back and righting the wrongs of the bob chapek era one thing bob has not done well is set up for succession before bob chapek others were seen as possible successors, but people believe dana walden is in good position. >> one question is pricing we saw price increase at the parks. could we see one for disney plus how does that impact the

streaming service, but how people see bob iger's tenure >> you will see a price increase for disney plus. that is what bob iger indicated he is serious about. he is worried about the cost of the parks. he thinks they have been overpriced given the economic headwinds. disney plus will get more expensive. >> brent lang, thank you >> thank you coming up on "worldwide exchange," why the recent tech run up is too far too fast we ask erin gibbs about it coming up. and if you miss us, you can check "worldwide exchange" on your favorite podcast apps "worldwide exchange" will be right back

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time for the "wex wrap-up. we start with saudi arabia with the surprise oil production cut with opecplus members to remov 1 million barrels a day from the market vince mcmahon in talks to sell wwe to endeavor group the sources tell cnbc it is expected to create a new publicly traded company. mcdonald's closing the u.s. offices this week as it prepares to layoff corporate employees. the report that mcdonald's asked staff to work from home through this wednesday so it can deliver the notice is virtually. regulators is looking into the sale of credit

suisse to ubs. and former president trump is expected to travel to new york and likely to plead not guilty to charge over hush money payments to stormy daniels in 2016 another round of tornadoes expected from texas to illinois along the storms in parts of the south, midwest and east this weekend. several communities were left severely damage. back to the markets. morgan stanley's mike wilson here saying the tech stocks are overdone wilson says the 20% jump for the year is not sustainable. tech will only bottom when the market does. let's bring in erin gibbs. erin, i have to toss to you. do you agree with the assessment by mike? >> i think a 20% decrease is

extreme. i understand the argument that there are certain overvaluations in the tech rally which have been dramatic in the past week one thing we do see when there comes to credit tightening and banks looking at reassessing their deposits and balance sheets is that companies with good free cash flow do well. those tend to be a lot of technology companies in particular, software and services i think in this case, saying it is all about valuation or recession or slowing growth and that type of thing is missing part of the story. i think there are companies that could still do very well and have seen their bottoms. >> all right something to watch there, erin i want to ask about the opec production cut we are seeing rbob up 3% this

morning. wti, u.s. benchmark, up 5% does this increase oil prices which could get up to $100 a ba barrel does that change your thesis with portfolio management? >> i think avoiding energy companies is a good thing. i think they are too volatile. we have seen the gains in them if oil does go back up over 100, we are will not see sky rocketing increases in profits for the most part, i don't think that is such a big impact on inflation looking forward. several by the time we get to the next fed rate hike, the oil can come back down we got almost a two-month break. not right now. i don't think it will be an

actual event yet. >> you are watching the financial sector as well what is the issue with the financial sector and areuropean sector >> almost two stories. now within the u.s. financial sector, that is an area where companies are forced to reassess their deposits and balance sheets and tighten up on credit. i think that is the vulnerability we will see within the u.s. fortunately, within the european banks, they have across the board, better ratios and deposits they are less dependent on deposits deutsche bank here after the downturn does look a tttractive from the valuation basis and from the strength of the balance

sheet and credit worthiness. >> your picks here apple and adobe and chipotle what is in your mind with the picks? >> that is all about cash flow and investment capital cash flow and momentum these are stocks that have been doing well in the past two weeks. as the market turned around since mid march and we see that rebound with the companies which have exceptional strong fundamentals i love the strong free cash flow there is nothing like companies with great cash flow when it comes to facing headwinds from slowing economy or rising interest rates. >> erin gibbs, thank you for being here we appreciate it one last look at the futures. the dow is the best performer.

moving on the back of chevron. oil prices spiking after the opec production cuts chevron adding 40 points to the dow's 100 point rise in market wti and crude up 5th mni% isorng on the opec production cuts. that is it for "worldwide exchange." "squawk box" is coming up next and e it'ing. (dock worker) right on time. (vo) robots can predict breakdowns and order their own replacement parts. (foreman) nice work. (vo) and retailers can get ahead of the fashion trend of the day with a new line tomorrow. with a verizon private 5g network, you can get more agility and security. giving you more control of your business. we call this enterprise intelligence. from the network america relies on.

good morning crude prices are jumping after surprise output cut by opec plus over the weekend it is giving the major oil stocks, dow, a big lift. the dow is up and nasdaq is down. mcdonald's preparing for layoffs. reportedly telling corporate employees to work from home this week so it can deliver pink slips virtually.

cowards. and sources tell cnbc ufc parent endeavor is in a deal to buy wwe entertainment. details straight ahead it is monday, april 3rd, 2023. did anything happen on april 1st? did you get fooled i'm glad it was a weekend. "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 along with joe kernen and andrew ross sorkin, who is back. welcome back. >> thank you anything happen last week? >> a few things. >> a couple? >> not like what might happe