it is 5:00 a.m. at cnbc global h5eadquarters. here is your top "five@5." investors kick off the earnings season new numbers of the grind bitcoin with no problems finding fresh legs we dig in to what is fueling the rebound. fed speak as john williams talks unemployment outlook and credit conditions. we have more on his comments coming up. plus, warren buffett looking to japan for opportunity looking to take bigger stakes in

trading houses there. and alibaba pulling back the curtain on the a.i. ambition looking to take on chatgpt we are live in china for a look at that tech. it is tuesday, april 11th, 2023 you are watching "worldwide exchange" here on cnbc good morning welcome to "worldwide exchange." i'm frank holland. a kickoff of the hour with the muted start in the united states green across the board up slightly for each indices this after the last start to the trading week the dow and s&p with marginal gains and nasdaq ticked lower. we begin with the benchmark 10-year treasury yield at 3.39 down 50 basis points from where we were on march 10th.

the collapse of svb. we are still seeing that inverted yield curve that spread has narrowed just a bit in the month of april. we are watching the energy complex. always looking to oil. wti is $80 a barrel. up pounds 50%. brent crude at $84.50. up .50%. in crypto, bitcoin crossing back above $30,000 right now, we are seeing bitcoin at $30,100 ethereum is up 1.5%. moving back toward the $2,000 mark we will dive in to that rebound coming up later in the show. let's check on the action in asia and trade in london with julianna tatelbaum julianna, hope you had a great day off yesterday. >> frank, good morning

certainly did. yo european markets getting going the markets were closed friday and yiesterday in japan, a couple of things to factor in here nikkei 225 traded 1% higher in the overnight trade. the new governor of japan took center stage in the last 24 hours and suggested he sees no reason to abandon the central bank easing policy the second issue is warren buffett, frank, considering investing more in japan's five main trading houses. he spoke to the nikkei and that is providing some support for japanese trade those stocks that he may consider investing in are seeing a strong bid this morning. shenzhen in china is trading higher and we got fresh data out of china overnight with consumer growing at the slowest pace

rising 0.7% this as demand in the world's second largest economy is weak producer prices declined at the fastest pace since june of 2020. this is interesting for european trade this morning here is the look at how european equities are trading moving higher for the most part. it is the because basis resourr the most part. chinese authorities may put forward stimulus with the weaker inflation requirement. frank. thank you, julianna. let's get a check on the corporate stories with pippa s st stevens. >> thank you, frank. john williams spoke yesterday and he expects the unemployment figure to climb from 4% to 4.5%

after the friday jobs report williams is a voting member of the fmoc and discussing the trouble facing the financial sector and saying that the central banks continued rate hikes were not a driver for the issues williams add the that there are no clear signs of the credit run m -- crunch in the economy. and warren buffett is looking to add a stake in the japanese trading house he is considering additional investment in five trading houses and is planning to meet with the condimpanies later in e week the head of the congressional committee on china expressing concerns of the tesla dependence on the country. representative gallagher says the ev maker is dependent on the chinese market and government in

the form of tax breaks gallagher making the announcement after tesla announced it is opening a factory in shanghai. tesla is not the only ev maker dependent on china >> pippa, thank you. turngsing our attention back to wall street investors gearing up for earnings this season delta and wells fargo and citi and morgan all reporting this week this after the sharpest drop in profits since the early stages of the pandemic. high inflation is squeezing margins. according to estimates, companies on the s&p index are expected to report a 6.8% decline in the first quarter earnings compared to the same period a year earlier. we could see the biggest fall since the more than 30% plunge in the second quarter of 2020. of course, that was the beginning of the pandemic. let's get more on the market

with ivory johnson >> good to be here. >> we laid out the policy session unfolding. you are bullish on the faang stocks when it comes to the earnings, you expect faang stocks not to decline or meet estimates or ex exceed >> i don't think they will meet expectation. if you look at meta and microsoft and apple and amazon, these companies are 90% return for the s&p 500. this is not a broad based rally. if you look at the gdp forecast for the atlanta fed, it is 1.5% growth we may see negative growth with gdp. i think the data suggests that the economy is slowing down. ism for service and manufacturing is below 50. you are looking at a lot of that

data the bottom line is the high cost of capital and declining liquidity which services the most debt ever recorded in human history. this bled into the corporate profits. it is probably going to ex accelerate this quarter. this is what we talked about last month we have a corporate profit recession which is what happens when you have the high cost of capital and wages. >> i want to jump in here. you are referencing the rate hikes. tomorrow, we have cpi. what do you expect from cpi and what do you expect the fed to do with the response to cpi given the banking chrisis? >> i think the banking crisis is a function of the misallocation of capital these banks were forced to go out on the yield curve to hold

the bonds. you get the crisis when depositors want higher rate of return and they can go across the street we focus on the banks, but nobody talks about the non banking sector the good example is the $1.4 trillion debt market they have not been marked to the markets. there are a lot of land mines that we don't know exist >> if you know there is danger out there, how do you balance portfolios today are you putting an end to the big tech stocks or other areas where you let the money work >> i'm defensive instead of 60/40, i'll have 40/60. i still have gold. i'm investing in gold. money markets are 4% to 5% that story has not changed now is the time to be defensive. if it is 80 degrees outside, you

have flip flops and shorts on. it is not. you want to pack an umbrella and sweater. it is not a good or bad thing, but the weather changed. this is the business cycle >> ivory johnson seeing storm clouds on the horizon. thank you. when we come back, the bounce by bitcoin. we talk about the crypto hovering at ten-month highs. and the signals for renewed strength for that sector and some top executives file a lawsuit against elon musk's company. a very busy hour when "worldwide exchange" returns.

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welcome back to "worldwide exchange." bitcoin above the $30,000 mark the gains adding to the rally climbing 80% this year arjun kharpal joins us from london arjun, is this truly meaningful for crypto >> it is, frank. this is a psychological game with bitcoin it passed the 20k mark and everyone said this is great. this could proceed to 25 now everyone eyeing the 35k level and if that offers

resistance that is why it is important because of the psychological factor more than anything else if we look at bitcoin, this rally has been in the making over the past three and a half months there are a few reasons behind it the first is the ideological rally side of it the result of the banking crisis and bitcoin is safer than the dollar and u.s. financial system the second is the expectation that the central banks won't hike rates as aggressively as they have gone that is support for bitcoin. and third is in the year or sometime, there will be an event called the halving miners in the bitcoin network get rewards cut in half. that reduces the psupply of bitcoin on the market and this has been supportive for bitcoin. in a year ahead of the events, you start to see excitement build. the last halving was in may of

2020 a year before that, you saw a bump and halving in 2020 and rally to the all-time high expectation with that, frank >> bitcoin is seeing a rebound, but so is ethereum up 60% year to date. >> indeed. that is very much around anticipation anding something called the shanghai upgrade to the ethereum network which takes place tomorrow, april 12th effectively after ethereum went through the last upgrade, it allowed proof er stake you could lock it up and earn a yield on that. they haven't had a way to withdraw that out of the network. the first time is the shanghai network to allow investors to take out ethereum from the network. proponents say this is great it gets more people involved in the network which should be

supported for prices on the flip side, there is a rush for the exit and people are with including ethereum, this could put selling pressure on the price of ethereum. it remains to be seen which way it goes. for now, it seems the bulls are excited about the potential for the shanghai upgrade and potential to help ethereum network. >> something to watch. ethereum at $85 below $2,000 arjun, thank you great to see you sticking with cryptocurrency tyler and cameron winklevoss digging into their pockets the pair made a $100 million loan to gemini to support the business and fallout over the ftx collapse the brothers provided a loan to get outside investment for gemini adding that number agrees to the number to give customers

as part of the bankruptcy case. and we have robert frank laying out the steps the irs is taking to put the squeeze on tax evaders. that and more when "worldwide exchange" returns. stay with us (seth) and when i switched, i got to choose the phone i wanted. for free. not bragging. (cecily) you're bragging. (neighbor) oh, he's bragging. (seth) who, me? never. oh, excuse me. hello, your royal highness, sir... (cecily) okay, that's a brag. (seth) hey, mom. i gotta call you back. (vo) switch and choose the phone you want, like the incredible iphone 14, on us. (cecily) on the network worth bragging about. (vo) verizon 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.

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exchange." now to china and the exercises in taiwan. the planes and navy ships remain in the waters after the three days of simulations. we will continue to follow the latest developments on the tensions. we are looking at chinese equities shares of u.s. tech companies are mixed following the skid of a.i. focused regulations alibaba and baidu and bilibili all performing well this morning. despite the pressure, the majority of the names are notching solid performances. alibaba is up 20% for the month. the company is hoping to add to the gains today as it reveals the rival to chatgpt we have eunice yoon with more on the alibaba offering.

eunice, good morning >> reporter: frank, good morning. it translates from truth from 1,000 questions. the company is deploying it first in the slack-like workplace app as well as the smart speaker voice assistant. then after that, it will be expanded to the rest of the business the company says the chat bot can answer in english and chinese. the company has been inviting enterprise partners and corporate users to test the chat bot. the chatbot is on par with ernie bot. by that, its functions are similar and somewhat limited like writing emails and summary notes. a lot of people feel anything you see in china for now is far

behind chatgpt we saw the stock for alibaba pop on the news. then it started coming off a bit. this is because of the chinese cyber watch dog revealed draft rules governing generative a.i they wouldn't to review certify -- they want to review services before they go live here is the criteria they must meet embody core values of socialism, shall not subvert state power. respect inn elect wall property and accuracy and providers are assuming responsibility for the content generated. the authorities are seeking public opinion on the draft rules by may 10th. >> eunice, you showed a full

screen of the regulations. are you hearing when this comes through from companies reveals the chat bots? >> reporter: not yet they are seeking opinion maybe we will see rules in place after may. we are seeing discussion within the industry there is fuzziness when it kcame to the last point. providers are responsible for the content generated. the thing which is clear if you use it, you are not going to get in trouble if you are the one who offers it, for example, if you are alibaba or if you are a seller on alibaba, you want to use the chatbot and you don't want to have staff, but a.i. tool and it generates something that the government deems something they don't like or agree with, you as the sme could be in trouble.

at least that is the vague reading is right now it is creating more uncertainty about how this industry is going to develop >> alibaba is up 1.5% here in the u.s. eunice yoon, thank you let's check on the other headlines. phillip mena is in new york. >> frank, good morning five people killed and nine others injured after an 25-year-old connor sturgeon opened fire at old national bank in louisville. the victims ranged in age from 40 to 64 president biden has signed republican backed bill that immediately terminates the national emergency for covid-19 that was first declared in march of 2020. it ends the government provided support to help americans cope with the impact of covid-19 a

month earlier than planned finally, the city of tampa is telling taylor swift you belong with me the singer was gifted a keyto the city by mayor jane castor. her eras tour makes a stop in tampa this week. that is it from here frank, back to you. >> you belonging to me is that a taylor swift song? >> one of the few i heard. i would see her in concert i hear she puts on a great show. >> you have to sing that next time phillip, thank you still on deck here on "worldwide exchange," corporate pension swing from shortfall to surplus. kristina partsinevelos is here to discuss that.

if you miss "worldwide exchange," check it out on spotify or other podcast apps. "worldwide exchange" will be right back dad, we got this. we got this. we got this. we got this. life is for living. we got this. let's partner for all of it. edward jones

it is 5:30 a.m we are just getting started here on "worldwide exchange." stocks are looking for fuel as investors buckle up for inflation data and earnings season kicking off futures pointed to muted gains

is tech's run-up in jeopardy we talk to alex kantrowitz about it it is tuesday, april 11th, 2023 and you are watching "worldwide exchange." welcome back to "worldwide exchange." i'm frank holland. let's check on the u.s. stock futures. a bit of a muted start nasdaq is the best so far up .25%. all three indices are in the green. we want to check on the bond market the 10-year treasury is 3.39 that is down 50 basis points the yield over the last month since the collapse of svb. investors going to the bond market for safety. we see the yield curve narrow a

bit with the 2-year-/10-year and an wti is $80 a barrel this morning. let's stick with markets and catalyst which pension funds have faced shortfalls and see a swing to surplus we have kevin ma kristina parts with more on the funds >> good morning. i don't want to be the debbie downer after shortfalls, pension plans ended 2022 fully funded and ended the first quarter of the year fully funded. that means the first 100 largest pension funds from companies on the s&p have enough reserves to pay pension benefits to employees. with the current interest rate

environment, should pensioners be worried the ratio may have hit 100%. first energy with the number of 76%. the least funded company from the names. p&g is just behind and next era tops the list and followed by jpmorgan chase and truist and bank of america the funding increase is up 100% in 2022 largely because future pension obligations, in other words, liabilities fell, because rates went up. frank, you spoke about that with the 10-year and the 2-year one pension expert warns it is not all rosy this year >> we are finding because discount rates declined rapidly

in 2022, the net result in pension expense is an increase in 2023 relative to 2022 that is a hit to plan sponsors income statements and their balance sheets at the end of 2023 >> so now we have to worry about interest expense a parallel can be made to the svb fallout and balance sheet. failed asset liability svb had the sale of high quality bonds with the increase in discount rate. something he stated highlighting the need for risk management why pension plans are expected to take risk off the table and move away from equities into fixed income further contributing to that bond market rally. the year of the bond, frank. >> kristina partsinevelos, great reporting. great to see you time for the check of the top corporate stories with

pippa. >> i'm back, frank we start with the u.s. department of energy proposing to reduce mileage ratings for electric vehicles to meet government fuel economy requirements it is a move which could force automakers to sell more low emissions cars the doe wants to significantly revise the current system which has not been updated in more than two decades that is unclear how the proposed regulation would be incorporated in the standards. moderna hopes to offer a new set of life-saving vaccines of cancer and heart disease and untrea untreatable conditions by 2030 advancements in mrna technology since the covid pandemic have ushered in new injections.

they could be offered in five years. and three former twitter executives are suing the company for more than $1 million in legal expenses on lawsuits the wall street journal reporting the suit follows attempts by the former employees' lawyers for allegations and investigations and defense accedevelopment. frank. thank you, pippa berkshire hatt hathaway sold 30% of byd berkshire bought 228 million shares back in 2008 and its stake was over 20% in 2021 looking at shares here, byd

shares in hong kong up and unchanged in the otc market here in the united states turning to tech and headwinds the sector could face following the news that the pc shipments fell in the first quarters according to market research firm data corp, shipments tumbled 56% in the first quarter. still, it has been a mixed picture for technology stocks with concerns about inflation and the rate hiking campaign and potential recession. joining me to discuss this is alex kantrowitz. >> good to see you, frank. >> we saw tech stocks move on the pc shipment report apple down 1.5% yesterday. translate it for us. what does this signal to the

market why is this decline a big deal when the market knows people bought ahead during the pa pandemic >> i say it is less of a deal than the dooms dayers say. it tells the story it dropped four points and back up two the market had the reaction, oh, big number down 40% with pc sales and realized context the fact is people have returned to the office and they don't need pcs they have good pcs they bought a few years ago and they are sticking with them this one part of apple's business doesn't signal weakness in the rest. it is not a sign you want to see, but not the end of the world for apple. >> apple up this morning obviously early trade. i want to talk tech stocks we see the qqq run up this year up 20% that represents the nasdaq 100 and etf. what do you expect with tech

stocks and what could be a big move tomorrow with cpi does that impact the tech sector >> it could. the context is tech has sustained the hit from the economic environment we had the big shock as we had investment and interest rates rise over time tech had to find its footing that means cutting costs and trying to restore margin a painful moment we are in the year of efficiency that mark zuckerberg likes to talk about, but applies across the board in big tech. you will see less volatility than you did those days where you had a stock go up 20% or down 20% seem to be over could it be a little bumpy as we wait for the fed to pause interest rate hikes? absolutely it is a smoother course for big tech than in the past. >> you are saying cpi may be a market mover can tech stocks what about the fed rate decision

what are you with that are we so high right now and one more hike would bring us to the highest level since 2007 is it priced in for the stocks or does this mean a change in direction? >> it is largely priced in one more hike, if it is 25 bps, i don't see it changing the tech stocks if the fed decides it needs to continue to tighten or if it needs to raise rates beyond the current level, i don't think that is priced in with the markets. 25 basis points and the story doesn't change if we keep going and going, everybody will need to adjust expectations again you could see a bit of a downward movement. that is the story that i don't think many of us are expecting we are largely expecting one more hike and a pause and eventually a decline in rates

which is good for big tech. >> alex, one thing we expect is every company to make an a.i. announcement ali ali alibaba's today. what are you expecting >> i think every company needs an a.i. strategy right now there is the debate in the tech world. is this another fad like largely crypto industry or is it the next mobile or cloud i tend to say it is next mobile or cloud this is a transformative change. if you are not making an a.i. announcement, it is not you being sober amid the hype, but missing out on the transition in the tech world to impact tech and sectors across the economy this is a very big moment. not surprising to see alibaba come out with something. i think we will hear more and more from companies as we start to really grasp the ability of technology >> something to watch. alibaba's announcement shares up.

alex, great to see you thank you. coming up here on "worldwide exchange," the irs plans for the major crackdown on tax dodgers robert frank is here with that. before we head to break, a new york city museum revealing a 20-foot donkey kong cabinet. it was designed with the help of nintendo america the stranger things" serie living on. nearly all details about the show are kept under wraps. the show's creator says they are thrilled about the developments.

and microsoft and snap announcing snapchat lens for the platform to allow access to the collection during meetings you can transform yourself into a cartoon character or add backgrounds without downloading anything i don't know if your boss would like that. "worldwide exchange" will be right back i'm so glad we did this. i'm so glad we did this. life is for living. let's partner for all of it. i'm so glad we did this. edward jones

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a pair of stock trades announced by makers. the wall street journal reports that nicole malliotakis bought b bankcorp a spokesperson said she made the trade at the recommendation of her financial adviser. democrat earl becomes lumenauer bought stock as he introduced the bill the trade was made by his wife and he was not aware of it as the time lawmakers are required to disclose trades they make or spouses make of $1,000 or more within 45 days. the irs gearing up for a crackdown on tax evaders, including the wealthy and large companies. releasing the plan for spending $80 billion to identify big

cheaters robert frank has more on the story. >> good morning, frank irs hiring 7,000 ago agents in next two years to narrow the tax gap. one of the chief targets will be partnerships among the wealthy irs saying the number of partnerships has soared in the last decade to 4 million partnerships over $5 million increased by 75% over that period wealthy taxpayers use partnerships to minuimize taxes. it will increase aweudit rate f those earning $1 million less than one tenth of 1%

the irs also plans to develop analytics to identify and target returns. they plan to go after crypto digital assets and other novel issues irs saying audit rates will not change for those making less than $400,000 a year this will raise $180 billion through 2031 frank. >> robert, do you think the irs will raise as much money as officials anticipate >> look, there is no question that there is a large amount of uncollected taxes up and down the income ladder. whether crypto or gig economy or wealthy with the trust and offshoring the tax code is full of loopholes that the wealthy with the highly paid accountants and

lawyers can find legal ways to pay little tax or no tax there is interesting in the uncollected taxes is evasion, which is illegal, or avoidance, which using all of the complicated parts of the tax code to lower taxes. >> a story to watch. tax day coming up, robert. thank you. >> one week. ahead here on "worldwide exchange," asset management kari firestone lays out the utility stocks that she has strong potential. and be sure to sign up for the women in wealth event happening today. explore ways women can increase income and save for the future and make the most out of current opportunities. there is still time to sign up scan the qr code on the screen or go to cnbcevents.com.

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welcome back time for the "wex wrap-up" as we close in on the 6:00 hour. shares of newmont popping in the takeover offer of the company to $19.5 million stock offer from newcrest this would mark the largest deal in the coal mining industry. and china cpi hits the slowest pace since september of 2 2021 due to slow food prices and demand the leader of the house committee noting concerns over

the tesla dependence on china after the company revealed it is opening a megafactory in china and and warren buffett is planning to cut -- support the japanese stocks. and boeing is out with first quarter delivery numbers at 8:00 a.m. this morning. and apple reports over 3,000 users claiming unable to stream music and 2,000 were unable to download apps. gearing up for the trading day ahead. the national federation of independent businesses releases the small business sentiment survey at the top of the hour.

look for earnings before the open from carmax and albertsons. and chicago fed president austin goolsby and patrick harker and neel kashkari all speaking today. turning attention back to the broader markets. earning season kicks off this week with the outlook gloomy first quarter profits for the s&p shrunk as of last week, 106 companies issued first quarter guidance. three quarters have given negative guidance. the most since the third quarter of 2019. the highest number of companies issuing negative outlook let's talk about this with kari

firestone. kari, great to have you here. >> thanks, frank >> we will do something here on "worldwide exchange" with your word of the day. what is your word for the trading day ahead? >> anticipation. >> that is interesting why? we have cpi tomorrow and the kickoff of the earnings season on friday. what do you anticipate today >> oh, gosh. today, we have carmax and united healthcare two stocks we care about that cpi number will be huge in conjunction with earnings and what people are saying about guidance for the year. you know, i would say it's a very awe inspiring day to

anticipate what will happen with companies and cpi coming up today and tomorrow how about that >> do you feel we are in no-man's land? the market reacted to the jobs report yesterday and that anticipation for cpi which could be a big market mover. what sectors are the most impacted today by the anticipation >> it is interesting, frank, that here we are at 4,100 on the s&p. the market held in better than expected so many said we are going back to 3,600 or 3,800. here we are at 4,100 it is not cheap, but and adve -- anticipating that the fed is close to the end than the beginning. if cpi sees a drop in rents tomorrow, that is good for the

sense of the fed being close to completion and inflation coming under control. now we are far out of the woods because s&p earnings is down 7%. that is the expectation for the quarter. we will see tough numbers. we will watch how the market handles those numbers. they can brush off disappointment because companies are looking at the second half of the year and things will turn better software for example software is in recession those companies are performing better after abysmal 2022. we are looking forward to salesforce and alphabet and microsoft and how they react. >> we will watch those you talk about cpi another thing is the movement with energy costs. you are adding a stock that is in the utility space ticker nee next energy. why is this the stock? >> that is the combination of

florida power and light and the emerging renewable energy company. that is a great combination to have because utilities is something we need and it has been under performing. interest rates are flattening and that is good for utilities the rush of interest with esg investing. bloom came off the rose. now is a great entry point this is well positioned in the florida market which is growing and continues to show incredible growth relative to most of the u.s. >> kari firestone. thank you. your word of the day is anticipation one more check of the futures. solidly in the green, but muted open nasdaq seeing the biggest gain up .25%. right right now, the dow would open 50

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good morning stock futures pointing to modest gains at the open, but a big boost for crypto bitcoin climbing to $30,000 for the first time since june. warren buffett making news in tokyo he is considering making investments in five japanese trading houses. the irs detailing plans for $80 billion in funding it could mean a crackdown on

wealthy businesses and people. it is tuesday, april 11th, 2023 and "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 andrew ross sorkin along with joe kernen and melissa lee. becky is on assignment she will join us in a moment you are looking at green on the screen dow up close to 50 points. s&p is up 12 points. nasdaq is up close to 50 points as well. let's show you treasury yields 10-year treasury is at 3.39. the 2-year treasury is close to 3.09 let's talk