i'm andrea canning. thanks for watching. [theme music] ♪ good morning welcome to "street signs." i'm joumanna bercetche >> and i'm julianna tatelbaum. these are your headlines this hour >> renault shares fall to the bottom of the cac 40 pulling the rest of the sector lower overshadowing a 30% increase in sales in the first quarter tesla shares accelerate losses after a 24% loss in first quarter net income elon musk is prepared to

sacrifice profits. >> we want to make as many cars as we can despite this being an uncertain macro environment. this is a good time to increase our lead further and we'll continue to invest in growth as fast as possible germany's factories get some respite in march with producer price inflation with the smallest annual increase signs june of 2021. asian chip giant tsmc with a gain in first quarter profit beating estimates with the uncertain global macro environment. good morning, everybody. welcome to "street signs." you can see a lot of red on the screens behind me as european

indices are digesting the macro data the last 24 hours focus on the high uk inflation print and high core inflation print in europe. a lot of eyes on the central bank decisions we are focused on earnings, too, which is setting the mood after the subdued hand over from wall street s&p slipped slightly the vix continues to decline and it is now at the lowest level since november of 2021 it is interesting because it feels like we are talking about so many things going in the world with inflation and central banks and other reports coming out like the imf talking about the issues the world is facing with financial instability and geopolitical fragmentation despite that, indices are subdued and volatility is continuing to drop in europe, the stoxx 600 is

down .40% in early trade let's switch and talk about the price action we are seeing dax in germany is down .80%. 120 points lower in terms of macro, german ppi numbers were lower than ex- expec expectation. to the down side which is 2% lower than the market thought it would come in. a positive surprise. cac 40 is down .40%. all eyes on renault. we will talk about that in a moment and ftse mib following the negative performance yesterday after the strong inflation print and taking cue from the weakness we had in commodity overnight. in terms of sectors, up at the top, real estate for a range up .40%. banks with a spot of green

up .30%. bank kifter came out with net profit that set the tone for that sector insurance is relatively well autos at the bottom. down .30%. sorry, down 3 points some of the names in europe with vw and renault at the bottom of the stoxx 600. basic resources down 1.3% as well a lot of the high beat names are coming under pressure. we had a bunch of companies come out with earnings. let's bring you the big names. this is the breakdown. i mentioned renault down 6.5%. l'oreal with a spot of green we will talk more about that volvo down 2%. you see the names in fact basket are under pressure tesla decreased in margin -- other way around they want to gain at the expense

of margins that set the tone. deliveries today we had an interesting set of results. we will tack more about that down .20%. this after yesterday was an under forperformer on the stoxx 600. no no no nokia. we want to point out we will speak to the ceo of the company later this morning. let's dig into the auto sector tesla catching all eyes on both sides of the atlantic yesterday. prioritizing market share over profitability. now renault is in focus. charlotte is here with more. charlotte, renault shares are leading the auto sector in europe they are down nearly 7%. to what extent is the weakness with renault versus the fallout from the pricing strategy?

>> it shows it is hard to compete with the price shares. prices are down 7%. revenue up 30% that is better than expected the question of pricing and price cuts and if renault would follow in line a lot of questions put to the ceo back in february a few weeks ago. when i asked if it put them under pressure and considering similar price cuts, he questioned the wisdom of the price moves. >> electric cars are ramping up in europe. we need a healthy business in the case of renault, the last thing i'll do is compromise on the margins of electric cars we have seen competitors moving prices up and down, et cetera, et cetera. i don't think this is a healthy practice. >> now fast forward just a few weeks. with w we heard from the head of renault brand that they were

reviewing the pricing policy worldwide. the cfo of renault group says there is no incentive to compete with the prices which is the successful ev with a high margin the successful suv is expected to be pushed through with the higher margins they will move away from the old volumes to the other margins we have seen the past few quarters from renault and pressures which they don't seem to compete with prices that was a downward spiral big debate on how to respond to the tesla cars back to the results. renault up 30% they have good pricing power as well they still have a book of 3.3 months the pricing power they have with the demand after the talk of the

s slowdown they have one issue raised by jeffries there was a bump in inventory for renault which was adding to the share price. it jumped with the the logistic issues there it is something to keep an an eye on forthe future renault with the operating margin equal to 6% the ceo saying the operating margin is higher than what we see. >> any margin below 20% is perceived to be there. that really set the tone for the auto industry as a whole renault, obviously, was one of the early adopt aers of electri vehicles because tesla grew quickly and they were not able to compete. that is the challenge. one other thing i was talking about with the company in focus

today is in your wheelhouse. charlotte, l'oreal if we look at the board behind us, it is the only spot of green at the top of the cac 40 what is going on with l'oreal this morning >> again, from the bottom to the top of the cac 40. results are better than expected for l'oreal. up13%. that is despite the difficulties in the chinese market. we know the business is impacted by the lifting of the covid restrictions and people having covid in january and february. you see activity coming back in that region. you see sales up 2% in northern asia the resilience in the consumer in the u.s. and europe with sales up 16% in both regions that despite price hikes in place. l'oreal is impacted and you see activity coming back quickly in china. they will benefit quickly.

the ceo speaking on the call and was confident for that region for the year in looking at the divisions for l'oreal, consumer division was up 15% cosmetics, a smaller division, but one growing fast for them. sales up 30% with the key brands finally, luxury, the largest division since a couple of years ago, up 6.5% part of the business that will benefit from the reopening of the chinese economy. also part of the business that will be benefitting from their largest brand acquisition a few days ago asop with $2.5 billion the crossroad of the trends. affordable and clean luxury. just opening up in china huge potential for the brand with the firepower of l'oreal

behind them. >> in the context of the risk-off day, certainly the impression from the community is this result is is positive that's what we have with some green on the board the charlotte, thank you for the breakdown. turning to fixed income now. we have been very much focused on what is happening with bonds the last couple days in light of those inflation prints from the uk yesterday we saw a big move in gilts 10 or 11 points by the end of the day. also in europe which is not immune today, we are seeing a retreat the bund, 10-year bund down and the gilt is down as well marginal re-tracement of the movement yesterday we also had other inflation numbers come in this morning from germany this time we're talking about producer prices which rose 7.5% year on year in march. the smallest annual increase

since june of 2021 ppi declined for the sixth straight month following 2.6% in february. let's check on the futures and wall street. not a lot of movement in any of the three indices. this morning, a clear direction. lower. dow jones industrial average is 180 points indicated lower nasdaq looking to pull back 120 points or so of course, a lot of focus on the fallout from tesla and we're going to be discussing more later in the program clear message that the u.s. market is looking at a weaker start. in terms of broader economic activity stateside, it stalled according to the beige book. cnbc's steve liesman has more. >> reporter: reporting economic activity little changed across the districts suggesting overall growth is likely flat.

the beige book, which is the first to come out since the failure of silicon valley bank and signature bank catalogs continued stress in the banking industry that could impact the industry in months to come conditions deteriorated sharply. lending activity indicated to fall sharply according to san francisco. some districts reported less worrisome conditions in the banking sector st. louis says it was stable philly said bank lending grew moderately atlanta said banks had not experienced a large outflow. the fed is trying to figure out how much tightening by banks will impact the economy. it could offset the need for some rate hikes to bring down inflation as of now with the effects unclear. on the economy, the beige book said consumer spending was flat to down. price growth was moderate.

the labor market was less tight. overall price levels rose moderately the rate of increase was set to be slowing good news on the inflation front. increase in labor supply that appeared to help moderate wages. steve liesman, cnbc business news. >> we have trevor here with us trevor, let's kickoff with the u.s. markets the s&p has been range bound in the earnings season and stability in the banking sector. what will cause the market to breakout of the current trading range? >> i think there is a generally positive trend happening in the u.s. market and global market since last september our funds moved to equities in september. we like technology we think there is a window here

where you got a combination of inflation starting to come down and growth reaccelerating. i think what is driving that react the sel-- reacceleration. as you know, markets normally growing higher and low volatility is a sign of a bull market trend our bigger question is how long will it last >> so your point on volatility, the vix reached the lowest level since january of 2022 this week. what will drive further upside in european equities you note that is where you are overweight here. what is the catalyst >> i think it is more of the absence of bad news. markets got hit hard last year mainly on the interest rate rises we have seen we haven't yet seen a convincing move down into recession if you look at the business surveys in europe and if you

look at the business surveys globally, they have been improving in the last few months that suggest there is is further upside to be had if possible, it will be sustained if core measures drop convincingly as you said earlier, it is not happening. if core inflation drops and normally a year after commodities peak out, maybe central banks can ease out and that will add fuel to the fire i look at the yield curve in the u.s. and it is very sharply inverted i think good news is bad news with more rate hikes in the second half of the year, i would not be surprised if we get more defensive >> trevor, i want to pick up on what you were saying about the growth outlook i have spoken to policymakers and many are central bankers many are watching in addition to the core inflation metrics the data coming out on credit

lending and bank lending we had the fed beige book beginning to note there are some states in particular where l lending has started to slow down and we get key credit lending out of europe in the next couple weeks. to what extent are you watching that data as well and what does it tell you about the trajectory forward for the economy? >> we are watching that data clo closely. the silicon valley bank and collapse of credit suisse in europe left a mark we are likely to see a further tightening of credit as the cost of funding for the smaller banks in europe generally investment banks has risen. in my mind, that is an extra rate hike from the fed or ecb. one rate hike doesn't necessarily snuff out an economic cycle we had a further ratcheting up of tightening. the mechanism from central banks

to create spare capacity has been super charged by the fact there is tightening of lending standards. that tightening is not new if you look at the fed's senior loan officer survey, you see a tightening of standards over the last year as interest rates have risen. it is part of the same story that central banks are bringing spare capacity to bring wage inflation down that means higher unemployment and it means recessions. this financial stress we're looking at is part of the story. we have been saying throughout the svb crisis is it more like the leemhman crisis or more like the uk mini budget liability chris crisis last autumn it has papered over the cracks it will take weeks and months to figure out whether the extra tightening and lending will turn

the business cycle down or not i think it will. i think we're in the window where we have falling inflation and rising growth and stock markets like it sdp >> trevor, thank you so much the head of multias-asset management of royal. what is the oappetite for vegan alternates wl scs atext. g puck when i started my online store wolfgang puck home i knew there would be a lot of orders to fill and i wanted them to ship out fast that's why i chose shipstation shipstation helps manage orders reduce shipping costs and print out shipping labels it's my secret ingredient shipstation the number 1 choice of online sellers and wolfgang puck

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welcome back to "street signs. the value of the plant-based food market is expected to triple according to the biggest food and drink manufacturers julianna was given a rare tour of the nestle plant in switzerland. >> this was one of the most fun experiences working at cnbc. we got to not only explore the nestle r&d facility, but do

taste testing. i got to test my top chef. i don't think i'll get a job any time soon. here is a glimpse of what you can expect in the next episode of the inside look of the nestle facilities >> before products hit the shelves or the manufacturing facility, they all go through a rigorous testing process here in the development kitchen. >> first of all, people want texture. how can we get the same texture? the second is taste. we need to make sure we have pro products and good nutritional profile and the best sustainability profile >> i see next door what looks like a factory of sorts. how does the work they are doing fit into the work the chefs are doing here

>> we have a small pilot plant this is the first step we go out of the kitchen and try to produce bigger samples. that may be five kilos to see if we do it outside of the kitchen. then the products come back here in the kitchen and tested by chefs. >> among the products developed here are including vegan egg and alter alternatives >> i understand you developed a vegan egg product. >> yes >> wow this really looks like the real thing. >> it comes as a liquid. i'll serve you some. you would like to try some >> yes, please what's in here >> it's plant-based completely mix of soy, oil and three our four ingredients salt and pepper.

>> all right let's see. delicious. the texture is spot-on >> thank you >> what was it like to develop the vegan egg? >> you have to consider the egg. in terms of texture and taste and baking what is key is how do you get the sulfur in egg. we look at salt. that has a natural sulfur element in it. we try to understand how we can put that into our product. >> everybody keeps asking after this video how did it taste. was it good? it was really good >> what did it taste like? >> it did taste like egg getting the texture is the right thick. >> you are missing toast and

avo avocado. >> we can try that in the future soon it will be available. >> what is it called >> vrimp and veggie. >> very smart. >> you can see more from the center and the episode of "the edge" at 11:00 p.m keeping with the food theme, the food and delivery giant deliveroo posts a 4% rise in the first quarter. they expect growth to improve for the year joumanna and i have been chatting about the numbers before the show and i would pick up on the numbers from deliveroo. it is not clear what is happening. revenue up 4%. gross transaction value down 1%. orders are down. the size of the order is not going up and the number of

orders is not going up how are revenues up? fees and advertising >> which is interesting because this is following on from the results yesterday. look with the delivery companies and what is happening here throughout the course of the pandemic, people were relying on the delivery services because restaurants were closed. it was a substitute for a night out when you did not feel like cooking. the second thing and now we're out of the pandemic, that demand has wanes. we -- has waned and secondly, people are cutting down because food is more expens expensive. you have to think of other ways to grow. the other way to do that is introduce service fees the size that we talk about is stable or smaller than they were before, but they are making money via other means. in this case, a service fee.

>> if you use the food delivery apps, it is across the board not just deliveroo fees are a part of the order cost looking at just eats yesterday run of the things that stuck out is the outlook the total transaction value is the growth in that figure is expected to be in the range of minus 4% to plus 2% year on year in 2022. that is a huge range that tells me it is hard to have any advicvisibility in terms ofe volumes in the next couple months. >> it is up .20% day-to-day. investors ltook the numbers better than just eats yet. >> priced in after the move lower yesterday. coming up on the show, israel's prime minister tells cnbc that saudi arabia has no

illusions of who its friends are in the middle east we will have more from that interview coming up next hi. i'm shannon storms bador. when we started selling my health products online our shipping process was painfully slow. then we found shipstation. now we're shipping out orders 5 times faster and thanks to shipstation's discounted rates we're saving a ton. honestly, we couldn't do it without shipstation join over 100,000 online sellers who get ship done with shipstation go to shipstation.com /tv and get 2 months free.

welcome back to "street signs. i'm julianna tatelbaum >> and i'm joumanna bercetche and these are your headlines. >> renault shares fall to the bottom of the cac 40 as concerns of pricing overshadow a 30% increase in sales in the first quarter. tesla shares exaccelexaccele losses after a 24% drop in first quarter net income following the first quarter. >> we are taking a few we want to make as many cars as we can despite this being an uncertain macro environment. this is a good time to increase our lead further and we'll continue to invest in growth as fast as possible tories get respite in march with the

smallest annual increase since june of 2021. and benjamin netanyahu tells me in conversation that peace between jerusalem andperity in e region >> the leadership there was no illusions about who are there adversaries and friends in the middle east. they understand the partner for the arab world in achieving security, prosperity and peace welcome back to the show some geopolitical news israel's foreign minister says a visit is on the table to saudi arabia, but no date is con confirmed. this comes with the growing diplomacy with israel and the

growing neighbors. the israeli prime minister benjamin netanyahu has told cnbc a decline in investor confidence in the country is quote a momentary problem and continued violence and protests. hadley is joining us hadley, what did mr. netanyahu say about the backlash he is getting back home? >> this is a man, joumanna, under pressure domestically and now feels fragile internationally as well. i'm talking about the judicial reforms that got backlash at home, and the move we have seen in the gulf countries. in 2020, the abraham accord with the peace to the israel and morocco and sudan and there have been issues with saudi arabia joining the accord

i asked mr. netanyahu what he was willing to do to get the agreement on the table listen in. >> i think it has very little to do with israel it has more to do with thecale r eliminate the conflict with yemen. i think the saudi arabia leadership has no illusions about who are there adversaries and who are their friends in the middle east. i think they understand that israel is the indispensable partner for the arab world for prosperity and peace. >> in terms of the partner, walk through what israel would be willing to give to have saudi arabia join the beabraham according? >> i think it would be another

huge quantum leap for peace and end the arab-israel conflict not the palestinian conflict it would end in many ways the conflict between israel and arab states because saudi arabia is so important the abraham accord we had were monumentally important and showed a great deal of leadership on the part of the gulf state leaders uae and bahrain and morocco and su sudan. we like to expand the circle of peace to its totality. we had steps of normalization with saudi arabia. as you know, we have been flying over the air space of saudi arabia since two years before the abraham accords. we recently got the ability to fly over saudi air space and omani air space.

we cut the time to india and asia by hours. all these things are happening with full saudi ak we encarespe -- saudi cooperation. i think this is endless. what is being shown in the gulf states and arabian peninsula is tremendous imagination and entrepreneurship if you combine with israeli cooperation, the skiy is the limit. >> prime minister, i spent a lot of time in saudi arabia. i have been told by senior leadership that it is not a question of if ties will normalize with israel, but when. the problem is that you, sir, in your politicians for the saudis today are toxic.

i'm talk about violence against palestinians the cabineting s suggests that palestinians don't exist what are you doing to make peace and abraham accord palatable >> there are enemies of peace and organizations usually formented by iran. hezbollah and hamas don't want to see israel here or many arab governments here >> why are they meeting with them in riyadh we see saudi arabia meeting with the syrians and iranians and hamas and the palestinian authorities. what with are the motivations in meeting with your enemies? >> maybe tell them to prepare or tell them to stop the terrorism.

>> fascinating conversation with benjamin netanyahu, the israeli prime minister one of the authors of the abraham accords. speculation of the chinese broker deal and what it means for the region will it bring peace for the countries? will this mean that the prospects for a cease-fire or end to the conflict or hezbollah and hamas back off in lebanon and elsewhere? big questions of what it means geopolitically for benjamin netanyahu and his government thousands of people protesting day after day against the judicial reforms that's government pushing the right-wing government that israel has ever seen he was saying, yes, moody's downgraded from positive to stable he is trying to describe that as a blip frankly, i push back on that

at the end of the day, when it comes to high tech companies, they have seen a 70% reduction in funding they lost 70% of the backing they saw and at the same time, a pullout of business executives are ending meetings or calling them off because they don't see the value in going to israel right now in a time when it is unstable he pushed back on that a little bit. at the same time, listen to what he had to say. >> problem everywhere for the high tech industry i think it say is a momentary problem. i had the honor and privilege of leading the israel free market revolution we lead with $17,000 per capita of income under my stewardship of prime minister. we jumped 20 places on the world gdp.

enormous gains in gdp per capita according to the imf which is $56,000 per capita until we took the gas out of the natural resources, only the i ingunuity of our people. look, here is what i think i think the future, as i said, belongs to those who own it. i think the momentary fluff in the air is just that the fundamentals of the economy are powerful the gdebt-to-gdp. our deficit is nothing it is about 1% our growth is expected to be significant. >> benjamin netanyahu, the prime

minister of israel dismissing the problems domestically over the last several months and pushing back that israel is in trouble. julianna. >> thank you for bringing that to us, hadley. the world's largest chipmaker tsmc with the lowest quarterly growth in years. it expects chip demand to recover in the second half of the year and it is evaluating the possibility of a plant in europe apples opens in new delhi today. this comes after tim cook opened the first time in mumbai this week doubling the presence in india as it bets big on the country to overtake china as the most populous on the planet this year excited to say we have someone on the ground at the new delhi

store. shibani, give us a sense of the feeling on the ground. what is the reaction to apple opening in india >> reporter: so, as you mentioned, apple opened the first store in mumbai just two days ago people are excited to have india's first apple retail store in mumbai. here in delhi, the size of the store is smaller compared to the property which is there. the excitement, you could feel in the air, right from 5:00 a.m. people had queued up to get there first. they warrnted to speak to the gen geniuses they wanted to see the products

here and take a picture with tim cook he was here to welcome the first customers walking into the store at 10:00 a.m >> shibani, thank you for giving us a sense of how things are shaping up in new delhi. >> i'm surprised it took apple so long to on open up there. an obvious market. if you look at the growth potential there. only 600 million indian population actually use a smar smartphone 1.2 billion have a mobile phone. if you think of the ability for apple to grow within that context, it is phenomenal. no wonder they arie moving there well as -- as well as the back drop with the facilities >> and in terms of the retail opportunity. let's look at wall street. all three majors down at the

start of the program we are still down. dow jones industrial average opening 180 points lower after the flat session yesterday we're keeping an eye on washington the debt ceiling battle is heating up as lawmakers trade accusations to avoid a default kristen welker kristehas the st. >> reporter: facing a showdown with the ability pay off its debt, president biden accusing the gop of risking default. >> who will it hurt most you. the middle the class the neighborhoods i got raised in >> reporter: blasting republicans for negotiations of the debt ceiling increase. >> he said, i cannot imagine anybody ever thinking about using the debt ceiling as a negotiating wedge. i guess he didn't know the new

maga republicans he bred >> president biden is skipping down to deliver a speech in maryland he is giving america's debt the southern border treatment. ignore it and hope it goes away. >> reporter: house speaker kevin mccarthy today raised the stakes outlining a new proposal to agree to raise the debt limit if democrats agree to cut spending to 1% a year for a decade. taking back unspent covid relief money and scrapping the student loan forgiveness proposal. >> now we introduced a clear plan for responsible debt limit increase, they have no more excuse and refuse to negotiate >> reporter: the face-off with the president and new house speaker as the summer deadline to raise the debt ceiling looms with analysts saying a default could devastate the economy.

coming up on the show, top story today. tesla shares push lower pre-market as elon musk pledges to prioritize sales growth over margins. we'll discuss next my name is ashley cortez and i'm the founder of the stay beautiful foundation when i started in 2016 i would go to the post office and literally fill out each person's name on a label and now with shipstation we are shipping 500 beauty boxes a month it takes less than 5 minutes for me to get all of my labels and get beauty in the hands of women who are battling cancer so much quicker shipstation the #1 choice of online sellers go to shipstation.com/tv and get 2 months free

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welcome back to "street signs. bed bath and beyond is down in extended trade signaling the retailer could file for bankruptcy this weekend. sales have fallen off after it was exploring bankruptcy among other options. and recap of the banking news morgan stanley was the last of the big banks to report first quarter earnings revenue at $14.5 billion profit at the mainstay business remained under pressure. earnings came in 19% lower at

$1.70 a share. shares of western alliance surged over 24% after the regional bank posted stronger earnings and deposits had stabilized western alliance regained $3 billion in deposits in past few weeks. let's look at other banks yesterday. key corp up 2.5% all right. let's get to the top story tesla. the company shifting to focus on market share over profits. it is down 24% from a year earlier with sales tesla's gross profit margin fell to 19% lowest in two years and below market estimates elon musk said the ev maker could prioritize sales growth

over profit in the short-term an and the autonomous cars will push higher. he confirmed the number of 1.8 million evs this year. >> we do believe we are laying the ground work here and instead of shipping a large number of cars at a lower margin and subsequently harvest that margi in the future as we perfect autonomy we want to keep making a ton of cars and despite this being an uncertain macro environment. this is a good time to increase our lead further and continue to invest in growth as fast as possible >> the only thing that people are talking about today are margins and what happened. yesterday, when we did the preview, we said if they grew to

the downside, you could see a reaction in the stock. that is happening. up until this point, tesla had done six rounds of price cuts. margin below 20% at 19%. that is the clean gross margin they have said they are guiding toward a 20% floor it is below where it should be the point is tesla had been the leader in the space. they have been introducing the price cuts they are setting the tone for other automakers you see renault today coming in with decent results with volume based analysis that stock is down 7 points because of tesla saying we are going to go to war we are going to get as much market share even in the short-term it eats into the margin the question is how long is the short term >> are we now in the beginning stages of the race to the bottom

on price it is not necessarily a moment whereas an investor you are looking at which autos out performing and which ones lag. it may simply be a negative for the sector overall that is what we are seeing today. a substantial pull back in all of the auto names. the other auto mmakers don't ha that advantage they woill be in a more difficut position than tesla. in terms of the elon musk comments paying off in the future the plan is according to him is get all those people to own teslas and get them on s subsc subscription just sell the phone and get them on services later just like tim cook and then get more on autonomous driving and drivers getting fees from operating their cars as robo taxis something which has not been flushed out yet.

it is hard to hang your hat on that. >> it is going to come down to what happens with the price cuts and if there is another round coming they cut six times there hasn't been a lot of guidance on delivery they are sticking to the target for 2023 that is interesting. a couple years ago, any change in delivery and now the shift focusing away from the delivery targets which are flat toward how much money they are making per unit sold. the big picture because it is elon musk. that is all having a knock-on effect with the auto industry. the auto names dragging lower. renault down 7%. vw down 3% all names coming under selling pressure cac 40 down 4 points that is where renault is spot of green is l'oreal the consumer goods company is doing well after reporting

earnings dax down .70%. ppi numbers. the ftse 100 is down .20%. taking the cue from basic resources elsewhere. quick look at sectors. autos leading the decline. basic resources in the red and real estate is performing up 8%. wall street is looking at a weaker start, but we bounced off the lows dow jones industrial average set to up 160 points lower we continued lower for the nasdaq that index opening 150 points lower. as investors continue to digest the news from tesla and figure out what the fallout may be. that is it for "street signs." i'm julianna tatelbaum >> i'm joumanna bercetche. "worldwide exchange" is coming up next. when we started our business we were paying an arm and a leg for postage. i remember setting up shipstation. one or two clicks and everything was up and running. i was printing out labels and saving money. shipstation saves us so much time.

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it is 5:00 a.m. here at cnbc global headquarters. here is your "five@5." new information on the fed official from the growth and inflation. and the price war elon musk started hits tesla hardest that stock set to open in the red. another fire in the disney and desantis feud. looking to nullify the last-m