it is 5:00 a.m. at cnbc global headquarters. here is the top "five@5. renewed concerns of the economy with the s&p and nasdaq multi-week win streak at risk. futures are fieghting for gain. making the case for a cost cutting push new plans on consolidating the company into the streamlined company. and costco under pressure as the retailer does something for the first time in three years that has investors worried a bit. and the fresh read of data from mastercard.

you see first on cnbc as we see the impact of inflation pressures on spending habits. amazon looking to further tighten the finances amid concerns around the economy. taking an axe to compensation for workers. it is thursday, april 6th, 2023. 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 check on the u.s. stock futures. looking at futures, a bit of a mixed picture. s&p is flat and dow is up slightly and nasdaq is flat as well this is on the back of the adp payroll raising worries of the economy. nasdaq shedding more than 1% with the s&p dipping lower dow with a slight gain yesterday. nasdaq and s&p poised to snap

the three-week win streaks we also want to get a check on the bond market. yields this morning. we start with the 10-year treasury 3.28% this morning the 3-month bill with the spread of the 2 -year note something we are watching as a possible recession indicator we are looking at energy economic worries with pressure for oil amid the rebound wti is above $80 down .30%. brent crude is $85 down .25%. crypto and bitcoin just a tick below the $28,000 mark ethereum is looking down .50%. it is hovering around a nine-month high. let's check on the action in

asia and europe. arabile gumede is standing by in the london newsroom. arabile, a lot of green. >> frank, that is the case the market is looking to positivity ushering in the long weekend a lot of green across the board. a lot of focus on the economic uncertainty around the world we are looking at the jobs numbers from the united states that economic data is really bound to set the tone for a lot of the debt. we have the private payroll number yesterday what happens to the non-farm payroll numbers later today? it will shape up the move today. 60% chance now the fed may not hike in may is interesting to note on the corporate front for nuew. shell warned of the quarter loss

of $1.2 billion. it expects stronger lng volumes in the first quarter after outages at the australian plants last year. shell is due to report on may 4th. this is the stock we are certainly watching frank, happy easter. >> arabile, thank you. enjoy good friday tomorrow as well time to get a check of the top stories and fedex with the cost cutting vision. we have pippa stevens here >> the consolidation plans were revealed yesterday fedex will separate the company nocom companys -- companies into a single the unit. speaking on "mad money" last night, he talked about making fedex a more efficient company >> i came on the show last time and we have seen a slowdown in the economy. we make the determination that

we will come out of this stronger than when we went in. we will take control of the things we can control. that is the way we work and that became drive we proceeded with significant urgency and a lot of repetition to create programs to take out $4 billion of cost in physfiscal 2025 costco reported a first monthly same-store sales drop in three years. overall sales fell over 1% last month. costco executives saying falling gas prices and foreign exchange weighed on results tesla apparently bolstering the work force in austin production plant the ev maker tripled the number of employees from 3,500 to more than 12,000. according to tesla's agreement with the economic development officials, they are looking to

create 5,000 new jobs in the next four years. shares are flat right now, frank. >> pippa, you will have more on the ev race to get the commodities they need to produce vehicles coming up pippa, thank you. turning back to wall street and markets closed tomorrow for good friday. the weaker economic data this week from the adp and ism manufacturing and services report shows traders paying close attention to the march jobs report which is out at 8:30 a.m. tomorrow. the sluggish data is looking to scale back the bets of how long the fed needs to keep rates high, but pushing bond yields down let's bring in vance howard at howard capital management. vance, great to see you. >> good to see you, frank. >> we laid out concerns that people have. adp payroll. ism payroll report

you are pullbullish for the mar for the first time this year that is with the nasdaq and s&p snapping a win streak. give us a sense of what you see that is making you optimistic on the upside of equities >> the trend change, frank we had the nasty drop with the svb blew up. the trend is up now. we are looking positive on how the markets are trading. the market traded above 311 or 312 on the q which was positive to us. that say pivot point to there. another interesting thing, frank, we had two quarters now where the s&p has been positive. that has never happened in a bear market since 1950 a bit of trivia for you. >> pretty interesting, vance this is not trivia, but a fact from the data team the widening bond spreads.

the 3-month and 2-year we will show the audience a chart in a second. the data team says this is the biggest spread in 40 years do you believe this is a recession indicator? is this something you are watching that could be a concern? >> it is a concern to us you know, the fed is backed into a corner they will break inflation or break the economy. they have to pick un t -- they have to pick one. they have to choose safeving the economy. you see the 20-year bond tick up you are seeing corporate bonds tickpositive move. they have to either break the economy or break inflation they are backed into a corner. frank, we hear people talk about capitulation on the down side. there can be capitulation on the upside if this marches forward, you see

the bears and shorts to throw in the towel. >> you talk about capitulation, that is euusually to the down side vance, give us sectors or opportunities you see right now. >> i think the good play on the banking sector is bank of america. we have been picking it up the q looks good qqq. the mega cap growth. that looks very good to us a lot of different etfs. bio-tech looked strong this week some of the sectors are starting to move higher and march higher. i think the tech and growth is a big winner in 2023 >> something to watch. vance howard, last time we talked to you, were you were ret go to the bar and get a drink. now you turned around. vance, good to see you. when we come back on

"worldwide exchange," leaders descending to china with the latest to engage with xi jinping. the race is on by ev makers to secure the precious metals needed in the autos. a look at who is cashing in. and a potential ban for tiktok in the u.s. is doing little to slow the rate of ad spending on the social media verm plfo a ry busy hour still ahead when ""worldwide exchange" returns. so how do you get everyone on the same page? microsoft surface devices, orchestrated by cdw. they adapt to each user and deliver multi-layered security, so your workforce gets seamless experiences wherever they roam. for devices that fit your unique workforce, trust microsoft surface and it orchestration by cdw. people who get it.

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welcome back to "worldwide exchange." now to a developing story with saudi arabia and iran's foreign ministers to come together to discuss details of the bilateral relations. that sitdown taking place in beijing. according to iran ministry foreign of affairs, the two signed agreements to open embassies in the mutual countries. emmanuel macron is meeting with xi jinping today. that is as he sits down with ursula von der leyen we have eunice yoon with us from beijing. eunice, what is the key issues in the meeting >> reporter: for the europeans, it is ukraine as well as trade

in 20 minutes from now, the french president along with the chinese president will make statements to the press. this comes after president macron arrived here yesterday for a three-day visit along with with the european commission chief where the two hoped to engage china on ukraine as well as other issues. president macron met with president xi to build a common path with china on peace with ukraine. he said that china could potentially play a quote major role given close ties with russia it unclear how much influence president macron would have on president xi who described putin as a best friend and china has yet to condemn the invasion in ukraine. this is despite china rolling out a 12-point plan which said could help resolve the crisis in ukraine. the european business community

pointed to recent comments by the chinese ambassador to the eu as a sign that maybe, just maybe, china wants to distance itself slightly from moscow. in the interview, the ambassador said so-called no limit friendship is nothing but pret r -- rhetoric president macron is traveling with a delegation of business executives a lot believe we could see announcements made even on airbus for example no progress likely on an investment treaty which is something the chinese want to see revived. >> something we know you will continue to watch. eunice yoon live in beijing. thank you. taiwan is keeping a close eye on the chinese aircraft carrier in the straits of taiwan this comes after the condemnation of the meeting with

president tsai and kevin mccarthy a delegation of u.s. lawmakers led by the house foreign affairs committee arrived in t'aipei today. let's talk about this with noah barkin noah, great to have you here. >> thanks for having me. >> we laid out some of the things going on. the meeting with the taiwanese president and house speaker and other issues in the straits of taiwan what is the state of relations with the u.s. and china and what do you see moving ahead? >> well, i think at the end of last year, biden met with xi jinping in bali at the g-20 meeting. there was hope that the u.s. and china could reduce the temperature in the relationship and address the contentious issues that hasn't really happened. the balloon incident this year,

ever since then, u.s. and china relations have been on the downward spiral. this meeting between house speaker mccarthy and tsai is certainly not going to help that so, it is interesting that the europeans are in beijing at the moment talking with the chinese at the moment when the u.s. is having trouble talking with beijing. >> one thing we want to look at here on cnbc is this, china and europe do $1 billion in trade every day. when we talk about the european commissioner the french president, who has more skin in the game in this meeting >> well, both want to preserve the economic relationship. macron and von der leyen have different issues

von der leyen pushed a new focus on economic security focusing on the risks related to that relationship. the trade relationship is very large. it has been heading in a bad direction from the point of view of europe. growing and growing trade deficit with china i think macron is very much focused on reengaging with china. trying to put pressure on china to lean on vladimir putin to arrive at a peaceful resolution of the war and as you said in the introduction, he has over 50 ceos with him. he is focusing on reengagement rather than de-risking >> interesting turn of events. i want to talk about ukraine when it comes to ukraine for the french president and an commissioner, what do they want? china is inserted itself in the

situation coming up with plans and talking to russia about it what do they want to see from china? >> i think the top priority is really convincing china to play a more constructive role in bringing about an end to the conflict that involves leaning on president vladimir putin and using china's influence. china obviously has a close relationship with russia we saw that when xi was in moscow in recent weeks a very chummy visit with xi and putin. i think the europeans would like to see xi balancing this close relationship with putin. talking with ukraine president volodymyr zelenskyy, which xi has not done since the beginning of the war they would like to see china expressing its opposition to russian plans to deploy nuclear

weapons in belarus they want reassurance that china will not aid russia militarily that would be a red line for europe and likely lead to a debate over sanctions on china >> noah barkin, thank you very much ahead here on "worldwide exchange," more on china as lawmakers gather with tech and entertainment executives to dive into the business dealings with that country the questions those business leaders are facing when orwi ehae"etns stay with us old school hard work meets bold new thinking. ♪♪ partnering to unlock new ideas, to create new legacies, to transform a company, industry, economy, generation. because grit and vision working in lockstep puts you on the path to your full potential. old school grit. new world ideas. morgan stanley. (cecily) you're looking pleased with yourself.

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welcome back to "worldwide exchange." ford announcing it is teaming up with valet for electric vehicle batteries. it is going directly to the source and partnering with mining companies pippa sdtevens is here with more >> they are looking to secure battery minerals lithium and cobalt and nickel. this map shows that lithium is concentrated in chile and argentina and some in australia. key miners include sqm turning to cobalt. you see the majority is in the democratic republic of the congo and some in australia. miners for cobalt is glencore

and valet. that is also concentrated with nickel these minerals are all over the world as this next map shows, refining is concentrated in china. that is one reason automakers are working with miners. they want to move away from the dependence it can help with the price risk afterlithium's rally ford has agreements with bhp and ioneer and liontown. and gm is partnering as well with lifent. frank. >> pippa, part of the inflation reduction act is bringing

pro production to the united states. what is happening? >> we have seen factory announcements in the u.s one key part is where do we get the actual minerals to go into the batteries. we have seen a number of announcements from lithium america and alblemare to increase production in the united states. it is faster to build a battery factory in a couple of years a mine takes a decade or more to come online. there is a mismatch with expectation and reality and constraints of the raw materials. >> pippa, thank you. still on deck on "worldwide exchange," disney tapping a new leader for the streaming services the challenges he is already facing from his boss bob iger. if you miss "worldwide exchange," check us out on other podcast apps "worldwide exchange" will be right back

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it is 5:30 a.m. here in new york city. here is what is on deck on "worldwide exchange," fears around the economy reemerge in the market also the state of the consumer fresh data from mastercard you will see first here on cnbc. tracking spending and how inflation is influencing shopping.

and amazon tightening its belt scaling back on employee compensation amid worries. it is thursday, april 6th. you are watching "worldwide exchange" here on cnbc welcome back to "worldwide exchange." i'm frank holland. let's pick up with the check on the u.s. stock futures right now, we are seeing a bit of a change. we are seeing red across the board. dow jones industrial average in negative territory the s&p and nasdaq also in the red as well. we want to check on the bond market we are looking at two things the spread with the 3-month t-bill and 2-year note the widest spread in 40 years. this is seen as a recession indicator. we are watching energy worries as we have seen pressure on the oil market after the recent rebound right now, wti is above $80 a

barrel certainly off the high from the week after the opec production cuts and now down .50% brent crude at $84 let's check on the top corporate stories. amazon continuing to scale back on spending. pippa stevens is here with those. >> hello again, frank. amazon is planning to reduce stock awards as part of the compensation plan in 2025. it is making the move as it looks to cut costs amid the difficult economic back drop according to business insider, a leaked email from employees raised concerns about the value of their stock compensation following the slump of shares. the company finding a balance with the stock and cash compensation. advertising on tiktok in the u.s. grew by 11% in march from companies including pepsi and

doordash and amazon and apple. citing data sense tower. this comes amid concerns of the government over the chinese-owned app. and disney is giving joe earley the president title over streaming services he will keep the position until the successor is named disney is under scrutiny by bob iger who expressed concerns of the streaming services. thank you, pippa the china influence is gaining stream after meeting with leaders in los angeles a bipartisan group heading to

meet with top tech companies steve kovach is here with more on that. >> reporter: this is the two-day event in silicon valley. house member committees on the stanford campus hosting a number of diplomats a.i. and safety is on the docket as well. tomorrow, they head to cupertino for a straeparate meeting with m cook here is what we expect on the agenda today first up, a lunch with executives including google's chief executive officer and microsoft's officer brad smith smith is expected to give a demonstration on a.i. and talk about rare earth minerals. also expected to show up is scale a.i. ceo in the evening, there will be a

dinner for the vc crowd. friday morning focuses on c cryptocurrency it is the apple meeting which is supposed to be the most consequential. this all came to a head last fall when protests broke out at foxconn facility that makes iphones. security forces were sent in at that time. apple and ceo tim cook never denounced the violence that is the issue that the members of the committee plan to bring up >> steve, give us more clort m - more color on the meeting with tim cook tomorrow. >> reporter: frank, of all of the names i mentioned, apple is

most dependent on china. we saw the issue with sales being down because of the covid lockdowns in china this committee is really talking to the companies and saying we don't want to compromise on american values to make a quick buck expect all of those things to come up in the meetding. >> steve, thank you. turning now to the consumer and impact of high inflation on spending and sales growth. top of mind is the potential for higher gas prices following the surprise production cut and fed comments indicating more rate hikes on the way and state of the labor market ahead of the jobs report tomorrow mastercard releasing the survey this morning

here is the first look at it the data showing growth down slightly in march compared to february the next guest says he expects consumers to continue to spend steve sadove is here to breakdown the results. grave great to have you on board. >> thank you, frank. >> retail sales up 5%. they were down from february what is this telling us about the consumer and impact of inflation? >> i think what it is telling us is the consumer is still out spending if we look at the data up 4.7%, it is still relatively healthy inflation is eating into part of it that is a nominal number if we look at february at 6.9% and january closer to 8% we have the deceleration in the rate of growth that is telling us inflation and some of the depression in terms of the deceleration with savings the consumer has is starting to

eat into the rate of growth. they are still spending on what they want to be doing. growth in experience this is a trend we have been seeing over the last number of months people are shopping back in stores they are shopping ecommerce. they want to shop. the growth is in the experience. the restaurants and lodging and grocery. food is continuing to look very strong >> steve, i want to talk about that >> the home electronics. those are continuing to be soft. >> steve, i want to talk about the experience spending. we will show the numbers one more time. we are seeing a big jump in lodging up 11% restaurants up 24% as you mentioned, two consumer discretionary areas. we are now more than two years since the stimulus checks. what is spurring the spending? >> some of this is the

reinvestigreversio to the norm. you had a big depression in the beginning of pandemic, nobody was eating in a restaurant they they were staying home you have pent-up demand relative to the experience categories having said that, i think we eaten into the savings the inflation rate is continuing to be high in the food area. it is starting to come down. my guess is i would be careful assuming these trends would continue because you had this whip saw winners became losers. losers have become winners you are seeing reversion this is a good time for people wanting to get out i would be careful about whether or not they will continue to do this as they feel the pressure of inflation you are starting to see whether it is the labor markets with the

savings rate coming down. >> one area of decline, steve, with home furnishings and home goods and colelectronics. what is that the rate pressure. is that reducing spending in the areas? >> i don't think it is rate pressure as in the beginning of pandemic, that's all we had to do everybody bought a television. they fixed up their home they brought in all of the home improvements furniture they wanted. now you see it revert back to the previous behavior. it is interesting if you look at the categories today versus pre-pandemic that is over a four-year period now. the growth rate in agregregate. you see the effect in the electronics category it was a slowdown in innovation because of the supply chain was

broken people bought televisions, but not a cycle of new invanovation that would drive that growth there is another thing which is the ecommerce store. it we knt 12% to 20% overnight. a lot of people thought it would go through the sky and the death for the stores the world opened up and people wanted to have experiences you saw reversion where stores became popular again you saw growth back in stores. roughly 80% of commerce done in the stores right now, you are in a point where if the ecommerce growth at 13% is about the trend pre-p pre-pandemic it went higher and some people thought it would continue to grow into the 25% or 30% range

it stabilized and it was flat for a bit. now you are back to double digit. >> steve, thank you for bringing the spending poll to us. >> thank you coming up on "worldwide exchange," warner bros. set to recover from the turbulent year. whatme it ans for streaming as a whole when "worldwide exchange" continues. at pgim an help you rise to the challenges of today, when active investing and disciplined risk management are needed most. drawing on deep expertise across the world's public and private markets in pursuit of long-term returns... pgim. our investments shape tomorrow today.

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welcome back to "worldwide exchange." look at the big money movers this year marks one year since the warner bros. and discovery merger it is down 40% since the union took hold. julia boorstin has more on the 365 days for the company >> frank, it has been a roller coaster year since warner bros. and discovery started trading. the stock is down 39% and off 46% from the 52-week high. the roller coaster is heading up the stock is up 56% year to day. out performing the media companies. the majority of the and alysts e bullish. that bullishness is driven by

david zazloff's streaming service. research saying the transformation combination of warner media and discovery creates a powerhouse deutsche bank said most of the pain related to the acquisition is behind the company. management is now shifting toward a more offensive posture and focused on significant impro improvements frank. >> thank you, julia boorstin let look us look at the streamig landscape with peter supino. >> good morning. >> peter, what is the price target how should we view the company and the streaming landscape? >> we rate warner with a $20 price target we joined the bull camp a month

ago. cautious of the stock for the past year, but a couple of things are shifting in favor of the investment the first is we think that what has been a very difficult integration of the warner assets that discovery bought from at&t is past the most difficult phase. we feel the skeletons left in the closet of warner of at&t have been identified the controversy of the future of the turner cable network and cnn and the paid subscription is reflected in the stock. >> we have the platform next week what do you expect from that do you see a similar trend in the industry disney plus combining espn

will that continue >> i think company bundles will be a theme over the next few years. it is difficult to herd the cats to get everybody to work together when i say everybody, supply side of streaming to create a bundle like the old paid tv bundle it was wonderful for the sellers which had low churn and high prices consumers would just take it in streaming today, you can turn it on and turn it off and come and go as new hits attract your an attention which is consumer friendly that is why netflix is making money. we think warner discovery will have a moderate start. it will take time to build we think it is part of the broader theme of companies consolidat consolidating. it is transitioning from the

land grab phase. that was all about subscribers one way to do that is create a bundle where you stay for a longer period of time. >> did dc extend the universe? it had a shakeup james gunn made good moves what do you think about the movies coming up especially the "flash" movie >> few companies like disney have institutionalized steady franchise creation that is what james gunn has been tasked with at dc studios. it is fun to watch his output p. four dc moves slated for 2023. we assume as time passes, the dc movies that warner releases will have more of his signature on

them we feel patient and optimistic >> something to watch. i'm excited about james gunn taking over. i was a fan of the peace maker show he did. i hope to see more of that in the dc movies. peter supino, thank you. ahead on "worldwide exchange," am iy wu silverman hs her take on the latest in the economy. and tomorrow, we have a special edition of jobs in america. we'll have more here on "worldwide exchange" coming up

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part of the recent pubsh to reengage with china. and costco reporting the same store sales drop in three years for the first time due to falling gas prices. and tesla triples workers at the austin hub to 12,000. and fdic retains blackrock unit forego signature and svb securities. and micro strategy purchasing bitcoin at $140,000 the largest holder of the d digital asset. and boeing restarts deliveries of the 767 freighter to fedex and u.s. air force last month.

we gear up for the trading day ahead. we get jobless claims at 8:30 a.m. and earnings from levi before the bell. we hear from is st. louis fed chief james bullard and the lawmakers will continue the meeting with tech leaders to discuss china. and investors looking to close out the short trading week we are gearing up for earnings season to shift into high gear next week with the focus on the banks on friday. jpmorgan chase and citi and wells fargo reporting. let's dive into it with amy wu silverman. amy, great to see you. >> great to see you. >> amy, i want to get your take on the trading day we are seeing right now. the nasdaq and s&p to pepotenti

breaking futures >> this is something we have spoken with investors to which is getting to an inflection point. we had a flip where all of 2022 losers became the winners and tech was the safe haven. the question is as we get into earnings as we digest new information is the inflection point happened and the trade reverse to some degree which is the narrative playing out. >> as i mentioned, we are entering earnings season how do you prepare for options after the season a lot of thought of the earnings decliner here. >> earnings are critical, especially in the first few weeks. that is when we see the volatility as investors get new information for the first time this time around, i think, it is more so because financials have been so front and center anything these ceos say to the positive or negative, i think,

is really going to get through from the client base especially as it comes to regional banks. >> how are people playing with financials and big banks with options? is there one bank that the options market is more bullish on and more negative on? >> so, what we did yesterday is we essentially looked at what options were pricing implied moves to report in that three weeks. all of april exploration a couple of take aways here, not surprising the least concerned is priced to the big banks goldman sachs or morgan or jpmorgan chase among the banks, there is concern with bank of america and highest concern and demand for down side protection is in the regionals or zions of the world or citizens. those are the ones that you see the most expensive down side if we get something that is

positive, that is not being priced into options right now. that is something investors could take advantage of if ther was an inflection point. >> do you see an inflection point with financials? is it big banks or regionals >> you know, it is a tough question obviously, i don't specialize in financials some are playing this could be a bo bottom one reason they like using options is the optionality if you sold one of the really expensive downside options because they are expensive, you get to own the call option you own that upside option to net credit for regionals, because they are expensive on the downside, you get the bang for the buck to make the trade not necessarily that they're right, but payouts are

attractive >> one more macro question jobs report tomorrow what do you expect how influence aing will it be fr the markets? >> i had a conversation about this with a colleague. it happens on a friday and no one is there to hear it. does that make the following monday more critical the consensus is the number, given other numbers are strong, but we have to see on monday especially as they digest friday's news. >> amy wu silverman, thank you for the insight. one check of the futures we are seeing the dow dipping into positive territory. s&p and nasdaq in the red. nasdaq hardest hit down .30% in the pre-market. still very early that does it for us here on "worldwide exchange. "squawk box" is coming up next thanks for watching.

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good morning it is the final trading day of the holiday short week the markets are waiting in anticipation of tomorrow's jobs report which is coming hell or high water whether the markets are open or not. the reaction will be delayed. house speaker kevin mccarthy meets with the taiwan president. we will have a live report from beijing. and tesla out with the master plan part three musk's vision of the carbon free

world. the world would not exist without the element of carbon. that's what we're made of. it is thursday, april 6th, 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 along with joe kernen and andrew ross sorkin. let's take a look on this thursday of what we're seeing with the equities picture at this point futures right now for the dow up 16 points. s&p futures off 6. nasdaq down 75 the week so far has been a good one for the dow. it is up .60%. nasdaq down 1.8% the s&p is off by abou