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-minute deal to keep disney world autonomous. and bed bath and beyond set to file bankruptcy it is thursday, april 20th, 2023 you are watching "worldwide exchange" here on cnbc goal od morning i'm frank holland. let's chick off with the stock futures after another very modest session yesterday with the averages moving little the dow jones industrial average could be down 150 points at the open the s&p and nasdaq also in the red. stocks tread water and we get a check on the vix

right now, it is trading at the lowest level since november of 2021 we are seeing the downside move here almost ironically, after the collapse of silicon valley bank. a sharp move to the downside yields near one-month highs. we start with the 10-year treasury at 3.56 the yield on the 5-year is ticking up slightly. oil is back below $80 a barrel wti is $77.80. brent crude is down 2% natural gas is up .50% the stock of the morning is tesla. under pressure in the pre-market gross margins falling to the lowest levels in 13 quarters earnings down 20%. you see tesla shares down 7.5%

right now. we turn our attention around the world to the global markets. joumanna bercetche is standing by in the london newsroom with the latest on that joumanna >> good morning, frank you said tesla is having huge ramifications on european stocks auto sector under performing renault in the cac 40 down 7%. stellantis down 6% vw down 4% as well news from tesla has had a knock-on effect. all of the indexes are trading in the risk off. let's switch to asian markets overnight. it is a bit of a mixed bag shanghai is mixed. nikkei up .20% exports are weaker australia with big news. the country announced it will overhaul the central bank creating a new board for setting interest rates the shake-up comes after the review found the rba mishandled

guidance and slow to respond to rising inflation big news out of australia. switching to one other stock overnight. tsmc the chip maker is up .60% after posting a 2% rise in first quarter net profit that is the smallest growth in four years revenue dropped 4.8% asia's most valuable company expects chip demand to recover in the second half of the year and it is evaluating the possibility of the plant in europe that is the take from tsmc slightly in the green. frank. >> joumanna bercetche live in london thank you. time for the check of the top corporate stories, including the rough quarter for tesla. silvana henao is here with that. >> frank, good morning shares of tesla are under pressure ahead of the open after the ev maker said gross profit

margins slipped to the lowest level in 13 quarters tesla says it is the series of price cuts with six in the u.s. is helping demand, but hitting the bottom line. the company says earnings are down 20% year on year while sales are up 24% ceo elon musk defending his strategy as a long-term play listen >> we take a few we want to keep make a ton of cars 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 google reportedly plans to introduce a.i. into the ad business in the coming months to create what it calls novel advertisements according to the financial times which reviewed the internal docu documents, advertisers will

provide images and text and video and a.i. will use it to create a campaign. the orlando oversight board appointed by governor ron desantis is making moves to fully nullify agreements disney made which allowed it to retain near full control over the land and around the theme parks among it is the state appointed board with the need for more affordable housing near the theme parks. within hours of the meeting, disney said it will plan to break ground next year on a housing development to provide 1,400 housing units by the year 2026 frank. >> silvana, thank you. see you later on. turning attention now back to the markets and top fed official says recent data shows inflation is slowing and market is cooling in a speech last night, john williams said this will help

bring prices down. williams said the inflation is tracked by the pce and fall to 3.25% from 5% back in february this year. at the moment, williams says, the key moment the fed is watching is service inflation minus food, energy and housing williams echos what others have said that another rate hike may be needed. let's talk more about this with ben emons at new edge wealth ben, great to have you here. >> thank you, frank. >> right now, an 83% chance of a quarter-point p hike at the next meeting. the fed president is hawkish the market is flat this week how do you see this impact in the markets until we get to the pce report on april 28th in. >> it will be choppy waters. as you hear from williams and bullard laugst week, the markets

moving slow. we have to re-price the hike from may and may price more after that i think that keeps the market under pressure. >> that may is key you see it is range bound for the last 11 months 3,800 to 4,200 we hatd a lot of disruption. what is priced in and what is not priced i is the bank crisis priced in >> i think neither was priced in the banking crisis came and went it looks like it never happened. it may happen again if rates go up further secondly, rates are not fully reflected more rate hikes. it is more thinking may will be the last hike and we see what happens after that this is a lot of uncertainty here why we're in the range and we cheakeep jumping up and down

>> you are looking at the prices now it may be july with the rate hike deadline. you see the negotiations as an opportunity. >> an opportunity to reengage. the history tells us that it will not be the default. secondly, if you get this, it causes volatility. in the end, they get together and resolve. that is the opportunity to step in it is a buying opportunity once the debt ceiling crisis comes in >> buy the deadline dip. >> yes >> ben, thank you. >> thank you when we come back on "worldwide exchange," more on the price war and bottom line impact why one says it is worth it in the end. and new report from zillow which should get attention from

home buyers. still more ahead when a very busy hour of "wex" returns ♪♪ at morgan stanley, 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.

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it is time for the big money movers three stock stories of the morning. ibm with first quarter profit beat p foforecast the company signaling demand for i.t. service is better than

demand high inflation and rising rates forced customers to rein in spending shares of zions is falling shares down 4.5% in the pre-market the company says deposits fell 16% during the quarter they warn of pressure on revenue. zions ceo says they are taking steps to reduce risk in the commercial real estate bed, bath & beyond may follow david's bridal into bankruptcy it could file for bankruptcy this weekend it recently said it needs to raise 300 million from share sales by april 26th. if it doesn't raise the capital, it will file for bankruptcy and liqu liquidate. turning to the housing market we await march existing home sales. figures out later this morning the numbers are expected to slow

to a 4.5 million annual rate after surging nearly 15% in february high mortgage rates continue to impact the amount of homes for sale ahead of that, zillow is out with a warning for entry level home buyers that they need to brace for spring bidding wars. skylar olsen is joining us with more >> thanks for having me. >> people on the high end have seen a bit of relief over the last year. the entry level home buyers see prices rise by 8%. rates have risen what is putting price pressure on the buyer >> you see so much pressure in housing because we actually have a big seller problem i think the narrative we talk about higher mortgage rates and it is easy to see that as a challenge for the buyer. who is most sensitive to the fact that interest rates are up around 6.25%

the homeowners holding on to 3%. we have seen new listings fall from last year the number of homes dropping in the market each month is down 22% from last year it is worse if i compare it to pre-pan demdemic market there are a lot of potential home buyers out there. it is keeping the pressure on especially on the lower tier that is more affordable. >> we are talking about the bottom tier up 1%. why is it so low compared to the higher end at 13%? >> the numbers you are looking at there is important to remember this is the pool of inventory. it matters the tap of homes coming on to the market. that is the new listings and also the volume of sales sales is down relative to last year new listings is impacted and hit

worse. naturally at some point in the low inventory environment. the sales start to be limited by the new homes on the market. you say inventory is not up from last year in the lower tier. that means each new home on the market is harvested off fast homes are still selling quickly in the bottom tier especially those priced well. >> are the trends you are seeing across the board suburban and urban the same thing or are there areas with better deals? >> absolutely. this story happening right now across the country and less and less are sharing current patterns that has a lot to do with the fact that the housing market is slowing down so much prices are rather flat in some areas, you might see still price pressure on lower

tier homes or inventory that is not a fixer upper. that can be a big risk for buyers if they can't dip into more debt with interest rates being so high. some homes will be very attractive and move fast others will start to linger. this is never more true and this market inventory starved. you have return to some home value. this is a better and better signal that this is a good long run investment people are confident they'll not lose equity. >> existing home sales later today. skylar olsen thank you. ahead here on "worldwide exchange," details on tim cook's one-on-one with the indian prime minister and the future of apple's expansion plans in india. tesla semi truck may be steals headlines in the ev space, but another key player is

making inroads of its own. that is coming up. much more "wex" after the break. - what? - especially when it comes to your finances. - are you a certified financial planner™? - i'm a cfp® professional. - cfp® professionals are committed to acting in your best interest. that's why it's gotta be a cfp®. (vo) businesses nationwide are switching to verizon business internet. (woman) it's a perfect fit for my small business. (vo) verizon has business internet solutions nationwide. (man) for our not-so-small business too. (vo) get internet that keeps your business ready for anything. from verizon. it starts with a grill. but it becomes so much more. an extension of your home. not just a weekend retreat, but an everyday getaway right in your backyard. newage makes it possible with beautiful all-weather cabinetry, grills and appliances that transform your backyard into a complete outdoor kitchen. visit newageproducts.com

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lomita feed is 101 years old this year and counting. i'm bill lockwood, current caretaker and owner. when covid hit, we had some challenges like a lot of businesses did. i heard about the payroll tax refund, it allowed us to keep the amount of people that we needed and the people that have been here taking care of us. see if your business may qualify. go to getrefunds.com. welcome back to "wex. watching the shares of los angeles sands popping in the pre-market i hhave contessa brewer with us

now. >> i like it i have been called a lot of things, frank. sands saw $1 billion in gambling revenue in macao for the first time since the pandemic. the bullish street which beat on revenue and earnings and gaming, which is the all important earnings metric is property adjusted ebita which is seven times higher than a year ago the ceo rob goldstein says business an back for one thing, labor is a problem. hotels have not been able to open to capacity sands has been down by 30% by summer, lvs predicts that labor won't be a challenge for anyone in the market the executive side-stepped questions about market share

this is a different market from 2019 it opened a re-branded property and offers a four seasons high-end hotel product the company is taking a different approach goldstein said he was surprised by the amount of business macau is getting from international asian high-end customers at sands without churting business singapore did booming business and set a new property record and profit margins of 47%. the company says even without seeing real recovery in chinese tourists, resuming their international travel they have to go up from here a slew of and alysts price targs are raising estimates.

sands exceeded the street high. >> a strong report for las vegas sands. i want to talk about the high rollers. have they come back to macau in general? >> it is very interesting because during the pandemic, with restrictions on visitation, we heard a lot about the highest rollers going to singapore which, of course, would have benefitted las vegas sands and to vietnam and malaysia. that is one reason why goldstein said he was surprised that some of them were coming back to not only to macau, but sands in particular sands has always appealed to a mass market or premium mass. these are rich people, but rich people who don't reach the stature of the whales.

that business was very popular to get high spenders to macau. it has come under pressure from the chinese government cracking down on money laundering and corruption one of the biggest operators was arrested and charged with crimes in this particular part of the business we have to see if that hurts sands competitors. it looks like sands is getting the benefit from it. wynn is getting a pop from the very sunny results coming from macau. >> absolutely. wynn up 3% mgm up .50%. contessa brewer, great to sew you. thank you for being here still to come on "worldwide exchange," the thursday morning call sheet the biggest upgrades and downgrades by firms you know if you haven't already,

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it's 5:30 a.m. here in new york city area 5:30 p.m. in macau we are just getting started on "worldwide exchange. shares of tesla sliding this morning on the back of the quarterly results. revealing the true cost of slashing the price tag of the

evs. elon musk talk also about twitter. why he is threatening action against microsoft. and tim cook wooing key political leaders as apple expands its footprint. it is april 20th you are watching "worldwide exchange" here on cnbc welcome back to "wex." i'm frank holland. let's pick up with the check on u.s. stock futures they he aare in the red dow jones industrial average is opening 150 points lower nasdaq is down 1%. something to watch this morning. a news alert on "wex." janet yellen will give remarks at johns hopkins university. some remarks are released early

to say constructive and fair economic relations with china she will talk about targeted actions against china and how they are driven by security concerns and not meant to gain competitive economic advantage that is according to the advanced release yellen says the u.s. will not compromise on security concerns. again, that is another story we will watch this morning. we will look at the con international markets and see how they respond. time to look at the new stories this morning with silvana henao. >> more job cuts now espn set to layoff as early as next week this is according to cnbc sources. it will include on-air talent and management the number of layoffs is unclear and decisions around the move are fluid. the move would be the latest by

disney's $5.5 billion cost cutting plan involving the elimination of 7,000 jobs. elon musk launching a fight with microsoft the twitter ceo is threatening of using data from his social media platform to train its a.i. model. this is after microsoft drops twitter as an advertising platform. and ryan cohen drops the bid to nominate candidates for the board. he has since withdrawn the notice the change within the board had been focused on the former bed, bath & beyond ceo. >> a lot of moves in the retail space. silvana, thank you

time now for one of the big money movers tesla shares sinking after the earnings drop of 20% from last year as gross margins hit the lowest level in more than four years. all this on the heels of aggressive ev price pwar. tesla has dropped the price on the models six times in the u.s. tesla cost cutting will payoff in the long term >> we believe we are laying the ground work here instead of shipping a large number of cars at a lower more begin and harvest that margin in the future as we perfect autonomy >> for more on the results, i'm joined by seth goldstein great to have you here >> thanks for having me. >> seth, you have a price target of 215 after the results, does that change >> it does

i lowered my fair estimate from 215 to 225 due to lower margins which will persist through 2023. we saw the first quarter results operating margining for the company which focuses on 11% that was the low i thought they would be i thought they would be at 13 or 14% for the year still a compression from last year, but due to the price cuts as tesla did cut earlier this month, i think we will see lower margins persist through the year more importantly, if you look over the long term, i see no change to tesla's story. they will pursue a volume over price strategy this year while we see an economic slowdown, but over the long term, the growth story is very much in tact >> we heard the key metric was gross auto margin of 20.5% that was the estimate.

the fact it fell below that, do you see that margin number to continue to decline? how does that shape the narrative around the story >> i think it goes a llong with the 20% gross margin that they achieved in the past two years we see that drop in the low 20% range this year and next year. as they ramp up new vehicles and cost production plans take hold that they detailed in the investor day earlier this year, we will see margins expand over time. >> elon musk is trying to assure everybody the price war will work out in the long term. do you agree with him? if he continues to cut prices, will tesla establish market share especially with ford and gm horning in on the market? >> when you look at the average selling price, it is not too much different from two years ago. while tesla will be able to cut

prices when raw materials come down again, but you look at the average selling price of the car, it will not change much for competitors who were looking to sell higher priced vehicles as a way to make the evs profitable immediately, this puts them on notice to take costs out of the production and for tesla, i think this is the way to extent market share against the consumer who was considering the entry level vehicle to luxury vehicle to consider paying up for the tesla. it provides a great value at the current price. >> seth goldstein, thank you turning now to apple indian expansion rolls on opening the second store in the country today. this one is located in the capital of new delhi ceo tim cook right there for the

ribbon cutting this follows his meeting with prime minister narendra modi for more, we are joined by shibani gharat outside the store in new delhi as well as seema mody we start with shibani. >> reporter: apple opening the store in mumbai and two days later, opening in new delhi. apple customers are queued up since 5:00 a.m. when the store opened the doors at 10:00 a.m. ceo tim cook welcomed the first customers to the store this store is much smaller in size compared to the apple store in mumbai which is 20,000 square

feet this is smaller inside the mall. the experience it will give to the customers in new delhi is different compared to what they are used to with resellers it will continue to be present in the country it will house 70 apple retail employees who will help customers walking in and make decisions and making a purchase. it will house a genius bar approximately 70 employees present at this store also speak 15 differenti languages to make it easier for customers who walk in to communicate. this store, in fact, houses a dedicated pick-up zone and point where customers can buy the products online and come and pick up at the store >> that was shibani gharat from

new delhi. let's get more on the strategy and bring in our seema mody. seema, great to have you here. tim cook looking to pave the way for apple and expansion in india during his meeting with the prime minister >> reporter: that is right, frank. i'm told by sources on the ground that tim cook's meeting with prime minister narendra modi yesterday lasted 45 minutes. topics from supply chain and ways to expand production and navigating how to work across different states following the meeting, tim cook said they are continuing to grow across the country apple has brought some iphone production with foxconn to india. as we previously reported, ipad production is discussed as well. i'm hearing cook is expected to meet with ceo of bharti

enterprises tonight. he wants to show other u.s. companies that they can expand as long as they are willing to invest in jobs in other news, the foreign relations council that cnbc attended, the high ranking executive said india is open for business and there are critics concerned about the data privacy law drafted that would potentially subject u.s. tech firms to sharing use information. fl frank. >> we haven't seen other tech companies get a foothold in india yet. can apple have the success like it had in china? >> reporter: frank, it could be an uphill battle for apple the smartphone is dominated by smaller and cheaper smartphones. tim cook is spending time with the prime minister and opening the two stores we will see if more stores are

planned in the coming months he is meeting with many others in the business community. royalty in the entertainment industry is just one of several tim cook is meeting with to increase the brand and strengthen the brand you could say not as many people in india know about. >> seema, i want to go back to the market apple has 3% market share in india. you mentioned people buy lower priced phones. what can apple do to increase the market share and get people into its ecosystem >> reporter: it may come down to price. if you are talking about india being a growing middle class, but known for being more cost conscious. it may p come down to price and how apple tapproaches the c

consumer and use china as a case study. they opened in 2008 and started with 45 stores they were able to ramp up and gain market share. it is interesting to see how they view success and challenges they had in other asian countries and apply that to the market like india. >> seema mody, thank you very much coming up here on "worldwide exchange," making inroads in the ev semi truck space. we talk to the ceo on the big deal for his company with the global snack giant and take on the road for the sector. "worldwide exchange" returns after this break ld be more efficient? i'm listening. well, with ibm, you can use software to help you connect and analyze data— from hvacs to elevators to lights. what if we use ai-driven insights to pinpoint inefficiency? yep. and act on it. saving energy, money... ... and emissions. yup. that's a big one. now you've built something better for everyone.

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welcome back to "wex. time for the call sheet. we begin with wells fargo cutting the price target for roku shares down 1.5% price target cut goes from $67 a share to $62 it cites a slower ad market recovery weighing on the company. second is mizuho raising the price target to $77. a bonus market flash wall street journal reporting the u.s. energy department will

commit $3 billion to expand rooftop solar access sun power down .50%. we will continue to watch this space after the report from the journal that the energy department commits $3 billion to expand rooftop solar access. turning to more sustainable companies. tesla truck space. others are disrupting the sector dominated by oil burning desk i diesel engines joining me from stockholm is founder and ceo robert falck good morning >> good morning. pleasure to be here. >> i see you have a lot of blue chip customers

you have ab-inbev as one of your customers. >> we enable the customers like pepsi to take the steps to make that happen. we are part of the solution and something we are proud of. >> diesel prices hit an all-time high and a lot of companies talking about sustainabilities and electric vehicles. prices have fallen 25% what does it mean for the business and sector in the near term >> in the near term, the case for diesel becomes better. we are selling transport as a service and selling capacity that is something we see as a total business plan.

for us, the long-term competitives of electric have not changed. we are in the middle of the transition we see 30% to 40% of the heavy duty freight should be electric. >> is that a headwind for the business or companies and sustainability goals a tailwind which overrides the cost of diesel >> i think it is even with the diesel prices. electric is actually cheapest in most markets the general rule of thumb is electricity is cheaper per mile driven as hardware is cheaper and more available, this transition will pick up. >> we are showing some clients right now. that includes maersk and

ab-inbev pepsi has to ship to all locations. i'm looking at the range on your tractor-trailer called a class a vehicle. it is 400 miles. if the range is 400 miles, how do your customers use these and what challenges do you have when you try to convince people to switch to evs? the charging structure in the u.s. and europe is not fully built out. >> that is where we are different from the traditional truck manufacturers. we don't manufacture ourselves we do that with partnerships what we are doing is solve and provide the clients we have with full-stop shop or simple solution for the problems. we take care of everything that requires for the transport it is a turn-key solution. we solve the infrastructure.

we sold the vehicles and operational set ups. when it comes to electric, especially for transport, it is not about range, but the business case. by doing smart planning and offering a platform and if it is doable what we see is clients are adapting well. we provide with turn-key solution and sustainable at the cost price it is a winning concept. >> robert falck, thank you for your time. >> thank you so much ahead here on "worldwide exchange," the one word every investor needs to know today victoria greene lays out why the bulls are running out of steam and three stocks high on her shopping list. "wex" will be right back after this stay with us ♪ to help you see untapped possibilities and relentlessly work with you to make them real.

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exchange." taiwan semi conductor beating expectation with concerns of the plunge in global electric demand. spacex is forperforming a t launch with the vehicle. an aircraft is selected by nasa and marks the largest orbital launch created. and seagate expected to pay $300 million penalty for shipping $100 billion of drives to huawei. and virgin is filing a chapter 11 bankruptcy plan. and ron desantis signing a bill from state over esg

google is planning to introduce generative a.i. advertising. and gearing up for the trading day ahead. we get jobless claims and philadelphia fed manufacturing figures and home sales at 10:00. and reporting from american express and csx and blackstone at 10:15, janet yellen with the remarks on the economic relationship with u.s. and china. and speeches from christopher waller and bostic throughout the day. at 4:30, we get the look at the

fed balance sheet. plenty for investors to chew on. let's get more insight from victoria greene. she is a cnbc contributor. >> good morning, frank. >> vicki, what is the "wex" wor of the day >> mine is judicious you have to be prudent how you invest and make sure you deal with facts is your conviction changing or update your thesis as we get a look under the hood of the first quarter numbers you need to be looking at data and not with panic it is is not smart to turn on a knee-jerk day. let's say we have new headwinds and saw something different come in look at it and be prudent and

fact based when data is flying around, be smart and calm. >> i like that word. looking at the futures overall, the dow is down 140 points nasdaq is the hardest hit. down 1%. a lot for investors to chew on we heard the fed governor say some hawkish comments. we are hearing janet yellen with the relationship with the u.s. and china. how do you see this shaping the trading day ahead? >> the banking earnings are not a dumpster fire. now we shift back to the fed watch. we are looking at the statements made it looks more hawkish. june is on the table that was unthinkable a month ago. if we see more pressure there and economic tensions rise, it ratchets up risk on the d downside i think this is reaction to the tesla mix. if you look at the market, it

has been poor this year. you have winners driving the market up, but countin is shaking investors especially on the tech stocks which had the massive run-up sinceis the doll. the dollar down 1.5% this year that is leading to one pick which is pepsi how does the falling dollar help pe pepsi? >> they are an international company. more than half of the employees are international employees. half of the revenues were generated from international markets. you will generate stronger by the time you do the currency translation back and financial statements, you will see stronger earnings for pepsi. we see that dollar bear market which is good for the multinational companies. we think pepsi is higher quality and insulated. it is not just a beverage company, but a snack company

we are not giving up our snoacks they have a very strong track record for reasonable expectations. >> the name schwab >> everybody likes to hate on schwab it is not that bad yes, they are seeing the cost to deposit rise they mentioned multiple times and they will not have to sell the hold to maturity they can sell all of the deposits and still not sell the hold to maturity i see schwab as highly diversified. they gather assets any market lift is good for the asset management and fees. it is an a tttractive valuation after the turmoil. every financial will be facing that headwind of maybe we have

high regulatory costsma marginis >> thank you, victoria >> thank you, frank. >> one last look at the futures. s&p down 1%. that will do it for us here on "worldwide exchange. quk x""sawbo is coming up next thanks for watching. ♪ welcome to a new era of flight.

good morning new york fed president john williams thinks the economy can avoid a recession this year. details straight ahead. earnings movers. ibm is up. tesla is down. we bring reports from at&t and american express and more regional banks which are suddenly something we talk

about. and an attorney reviewing the question that taylor swift asked ftx that helped her avoid entanglement in the firm's collapse it is april 20th it is thursday the year is 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. if you take a look at the equity futures this morning, you will see a lot of red arrows. yesterday, the s&p and dow ended down slightly. nasdaq was up slightly this morning, red across the board. dow off 152 points s&p futures down 30. the nasdaq is down 134

lots o