it is 5:00 a.m. at cnbc global headquarters. here is the top "five@5. futures under pressure this morning as stocks track for the worst week in more than a month. that's not stopping wall street's biggest players from putting their cash back to work. details on the massive money market reversal taking shape in just a moment. also, elon musk waking up $13 billion poorer after a wild 24 hours with his empire of companies from tesla and spacex and trouble at twitter we break it down. credit suisse bond holders

are unhappy with swiss regulators which canceled $17 billion of debt for the failed bank. and the consumer sector in focus as high flying stocks get set to report. we have the numbers you need to watch. it is friday, april 21st, 2023 you are watching "worldwide exchange" here on cnbc good morning happy friday welcome to "worldwide exchange." i'm frank holland. a check of u.s. stock futures. we are looking at the markets in the early part of the day as a mixed picture. dow flat s&p is higher. the nasdaq is a bit higher this morning. barring a sharp move higher this morning, the dow and s&p are looking at the worst week since early march. we want to check the bond market yields on the bond market. 10-year treasury at 3.53 the inverted yield curve with

the 2-year treasury at 4.12. 10 basis points from yesterday we are always watching the energy market. oil coming off another down day. the u.s. benchmark wti below $80 a barrel brent crude at $81 natural gas moving to the down side crypto is seeing a slide bitcoin at $28,000 down a .25%. ethereum is below $2,000 after the boost from the shanghai upgrade. you see it is down .30% this morning. a very busy morning shaping up overseas and more unrest over french president emmanuel macron's sweeping retirement reforms. we have julianna tatelbaum in the london newsroom with more on the international action julianna >> frank, good morning it is a busy morning here in the

uk you would not necessarily know it looking at the headline markets. not a huge amount of movement. we have a mixed picture with trade. we did get flash phi fmi numberr the eurozone the services sector in the eurozone and uk recovering strongly manufacturing continues to contract and be a problem. that is the take there as for the markets, cac 40 and swiss market and uk trading higher red elsewhere. let's get in focus this morning with corporates. japan rakuten bank surged in the debut on the tokyo stock exchange it is downsized the ipo, but it was the biggest listing in four years.

back here in europe, a group of credit suisse bond holders have filed a lawsuit against swiss regulators over the at-1 bonds the bonds wiped out as part of the restructuring program. the investors alleged finma acted illegally. the group represents $4.5 billion of the total $17 billion that was wiped out substantial. credit suisse shares are trading lower down 1.7%. you mentioned the protests in it paris in response to president emmanuel macron with the pension reforms. protesters stormed the offices of operator euronext the crowd carried banners with slogans to pay up to finance pensions here is a picture for you of the euronext stock not a lot of movement there. in the tech space, s.a.p. reported a 10% rise in first

quarter revenue beating expectation thanks to the boost in the cloud business. you have s.a.p. shares trading higher this morning. frank. >> julianna, thank you very much happy friday julianna tatelbaum in our london newsroom time for the check of the top corporate stories with bertha coombs here with those. bertha, good morning >> good morning, frank whole foods is planning to cut several hundred corporate jobs as part of restructuring the chain which is owned by amazon will notify affected staff as early as this week. whole foods operates across nine regions which is compiled into six. u.s. investors pulled nearly $69 billion from u.s. money market funds in the week ending april 19th the biggest week of outflows since 2020 and sharp reversial after the recent banking crisis.

and meta platforms, facebook parent, is worth more than tesla after the automaker lost $55 billion in market value yesterday on the heels of the disappointing earnings report. shares of meta are up 140% from the november 2022 lows frank, it is amazing that elon musk can offer lebron james a scholarship for a blue check mark given he lost so much money p now. >> you know, i think he can front lebron james a little bit. i think lebron james can afford it if he wanted it bertha coombs, we will have more on elon musk very bad, terrible, no good day yesterday? we will have more coming up. thank you very much. turning attention back to the markets. a call from goldman sachs doubling down on the bullish forecast for u.s. credit saying companies can weather tighter

lending standards in the wake of the banking crisis in march. goldman says the u.s. relies less on banks for capital than other countries meaning tighter lending conditions could have a smaller impact the u.s. could likely avoid recession in the next year and the fed will pause hikes after the next meeting however, citigroup says this is a potential for a credit crunch in the u.s let's talk about this now with mary ann bartells. >> thank you for having me >> they see the credit crunch, but adding the companies will be less impacted in the u.s. with other sources of capital do you agree with that call? >> you know, i really think that corporate america does have a fabulous balance sheet i do think if we have even just

a soft landing that corporate america can get through and weather that storm credit spreads have been tight you know, the economy is still strong the fed estimates that gdp -- a model for the second quarter gdp is above 2%. so far, the economy is moving along. it has been manufacturing that is weak and services have been strong we really have been favoring the fixed income market here at sanctuary. >> i know you are bullish on tech, specifically chip. it is far out performing year to date up 20%. what is giving you optimism with chips? >> it is actually both, frank. when we take a much bigger macro view of the economy, we feel that we're in the digital era.

the digital era means technology in all areas of the economy are going to be impacted i learned early in my career when i was a computer junior analyst that what really leads the cycle are the chips. we really are revolutionizing our chips. that allows you to build bigger and stronger software. the hardware adapts. we like the fundamentals in addition to that, you also have the government with the chips fact helping to support that i learned when the government gives industry money, that industry normally does really well we take a look at the technicals the technicals are bullish for the chips. >> certainly something to watch. i want to talk about bonds how are you allocating with bonds? i know you had a contraian call.

>> we reversed the 40-year downtrend. that means there is a regime change you can come down and test that breakout which means over time we might actually see the 10-year drop to 2.5% i don't think that is likely this year, but possibly next year in terms of the allegation, we are slightly under -- in terms of our allocation, that is slightly under weight. >> mary ann bartels. maybe not this year, but next year we appreciate it thanks for being here. more ahead on "worldwide exchange," including the word of the day for investors and big money movers in the telecom stock. the new ev disrupter giving tesla a run for the money. our eunice yoon caught up with the ceo.

and twitter removing legacy blue check marks across the platform with exceptions a very busy hour still ahead when "worldwide exchange" returns. stay with us

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the company's ceo says this is an encouraging start to the year you will hear more about the quarter when he joins "squawk on the street" today. coinbase shares are on track, but they are up 1% right now due to heightened scrutiny a number of factors contribute to coinbase decline. the stock taking crypto down with it. including marathon digital and an riot platforms. the mystery chart showing shares of at&t suffering the worst drop in two decades just yesterday after disappointing earnings results. at&t and t-mobile arn vend verin among the worst performing this

year tesla is cutting prices around the world and pressuring profit margins along the way and about to face stiffer competition from the new ev maker from china eunice yoon has more on the story. eunice >> reporter: thank you, frank. the chinese company debuted the mass market model which is meant to compete directly with the model y. the maker? zeekr. this car factory is owned by a tesla rival who you probably haven't heard of the chinese ev maker is preparing for a u.s. ipo zeekr is part of the established group called gili which owns lotus and volvo. it is catching up with others in terms of car sales now it wants to undercut tesla with the latest suv.

tesla and others have advantages, so do we, he says. boss andy an says zeekr targets younger consumers. designs are done in germany and the brand share production facilities in the supply chain of the wider gili group. helping to keep the x model under $28,000. well below the model y gili has 30 years of experience making cars. zeekr benefits from the strong foundation the x is set to go on sale in june and later in europe the u.s. market is not on the cards yet, but is developing a ride hailing ev. zeekr's goal is to double the sales to 140,000 this year and expand to 650,000 annually by 2025 frank, they hit the 100,000 mark

yesterday. >> eunice, competition is heating up in the ev space what do we know about the u.s. ipo? >> reporter: we know the company has filed the paper work for the ipo in new york. this was done in december. the expectation is that the company is going to list this year as early as the second quarter. the speculation is that despite the u.s. and china tensions, the company is exploring and considering possibly entering the u.s. market at some point with the liquidity and funding it would get from the u.s. and have dollars from the ipo. of course, the u.s. market is just so attractive to a lot of the chinese companies. especially with competition here so fierce. >> eunice yoon live in a zeekr showroom interesting addition to the ev race i appreciate it. coming up on "worldwide exchange," from the sinking stock to the exploding rocket.

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re-election campaign the announcement could come as soon as tuesday and would be in the form of video message. tuesday is the anniversary of the 2020 campaign an announcement and other contenders grew by one. talk radio host larry elder has thrown his hat in the ring he is running because america is in decline and this decline is not inevitable. turning to the south residents in oklahoma are picking up after the tornadoes levelled homes and took three lives. an ef-3 tornado touched down in oklahoma the powerful wins overturned trucks and left rubble and thousands of residents without power. alec baldwin with no longer be prosecuted in the death of halyna hutchins. the charges were dropped against the tactor. this came on the day filming

resumed on the set of "rust. this eclipse may only have been visible in the south pacific this week, but nasa is giving us a closer look. it happens when the moon's shadow blocks out the sun creating a shift from the total eclipse to ring eclipse. the event last happened in 2013 and will pop up again in 2164 if you can count how many years we will not be around for that one. >> frances, i hope we will be. i'll look forward to the one in 2031 frances rivera, thank you. straight ahead here on "worldwide exchange," the morning call sheet and the biggest calls by firms you know and names you likely own including a little bit of love for beaten down at&t

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p&g results on deck and restaurants gearing up next week we dive into the health of the consumer. and mark zuckerberg facing meta employees over the ongoing wave of job cuts the comments over the head count reduction may be nearing an end. it is friday, april 21st you are watching "worldwide exchange" here on cnbc welcome back to "worldwide exchange" i'm frank holland. let's pick up the half hour with the u.s. stock futures flat across the board. overall, muted start to the day for the s&p and dow and nasdaq with one trading day left, the dow and s&p are looking at the worst week since early march the dow could snap the four-week win streak choppy all three indices down for the week dow down .25%.

turning to the bond market we have not seen a lot of movement with the 10-year treasury 3.53 we have seen a slight decline in the 2-year treasury. right now at 4.13. we are talking about the yield on the 2-year treasury and we also want to hit the energy and oil market wti crude back below $80 a barrel brent crude at $81 a barrel. time for the check on the morning top stories with bertha coombs who is back with those. good morning, frank. t-mobile's deal to buy wireless carrier mint mobile facing scrutiny according to the post, the justice department anti-trust department is weighing a challenge to the $1.35 billion deal post says the doj is worried the merger is part of the consolidation trend to push priors higher for customers.

a federal bankruptcy judge halted 40,000 lawsuits accusing johnson & johnson baby powder and talc products of causing cancer the decision is part of the johnson & johnson attempt to settle lawsuits and bankruptcies through the subsidiary ltl management which was spun off to carry liabilities in chapter 11. and meta ceo mark zuckerberg reporting to slow hiring and not ruling out more layoffs. zuckerberg made that declaration yesterday during the virtual q&a session. zuckerberg told employees that 4,000 workers, mostly in the company's tech divisions, were impacted by meta's latest job cuts frank, since november, the company said it would layoff 21,000 employees, 25% of the work force back to you. >> the year of fefficiency

thank you, bertha. turning attention to earnings we are set to get the check on the health of the consumer with the p&g results. that kicks off earnings from consumer staple names including coke and mondelez and colgate. some of the top holdings include p&g remaining flat for the year. with worries of the economy and inflation may eat into spending, does this have a move ahead? we will talk to jason here with goldman sachs. thank you for being here >> good morning, frank >> obviously, we look ahead to p&g. that report is later this morning ahead of the consumer staple names coke, pepsi, colgate the list goes on is a metric that you are

watching with free cash flow or margin to give us a direction for this sector? >> two key metrics organic sales growth and competition. how it is holding up and gross margins. let me dive deeper gross margins have been under pressure in the industry for a while. p&g specifically seven consecutive quarters of declines a lot of inflation these companies are trying to catch up and grind out productivity and catch up on price. you see it on the cpi numbers. they have been pushing through price. this should be a quarter where we can hit an inflection point the price point is up and it sticks meanwhile, we get moderation of the rate of inflation. our price net of cost which is a deficit for seven consecutive quarters should turn positive. that organic sales growth is holding strong and we clearly

get earnings acceleration. this should be a sweet spot where earnings accelerate. the 10-year for p&g is three a lot of that is the excess price in the system. they perform well with market share.expansion, that is a goo pl place. that is a broad based brush ac across the industry. >> you are painting a lot of tailwinds, jay son. you put out research a month ago. you have estimates that goldman sachs has worked up that consumer disposable income increases 8% this year. what could that mean for these names? >> it comes back to the question whether or not the consumer can weather the price increases.

back to organic sales growth we know prices should be rich. the question is how much degradation on volume? that rosy scenario i gave you brings us to the research you mentioned. everything we see from the consumer suggests they should continue to digest the inflation. our work gets us to the inflation growing this year. that is a multid-decade high last year, that picture looked different. we had high wage growth, but cycling stimulus the consumer had to pay more to feed their family and fuel their car and heat their home. expense inflation was substantial al this year, lacking the run-up on gas prices even food is showing signs of moderation i get better top line income for

the consumer and i don't get the same magnitude of spending power. that leaves me with a better position on how much is left in the consumer's wallet to go out and buy discretionary goods. all of that leaves us relatively constructive on consumer spending outlook this year >> how are macro factors impacting these names? i'm talking about the falling dollar and the gradual reopening of china >> a couple of things. first from the stock price rotation, prices are a headwind because of the costs rolling into recession have abated and the flight to safety weighed on the group. from a fundamental perspective, the dollar has weakened and most of the companies, particularly p&g and estee lauder

we like where the dollar is going right now relative to last quarter. we will revise higher. if you ask about china and reopening, it is early we will get a lot of data points from the companies what we are seeing so far is suggesting flashing more green than red of we heard from lvmh and the luxury division last week. same from l'oreal. they talked about a little bit of a slow start, but a strong double digit growth. it looks like we are turning momentum in china. that means a lot for companies p&g, china is the second largest

market estee is glrowing 40% in the chinese market >> jason, thank you. sticking with the consumer stocks it is not just the staples and c consumer stocks. we have kate rogers with more. >> reporter: restaurants season earnings will be key next with mcdonald's reports bank of america out this week with a note on consumer p percp perception of higher prices. on tuesday, mcdonald's and chipotle will be out with results for the quarter. mcdonald's stock continues to fly higher into earnings as both investors and analysts seem

confident to continue to perform into the downturn. oppenheimer calling it battle tested for previous recessions things to the lower price point. chipotle is a name that has had pricing power the last year. it will have to see if that continues. last quarter was weaker than expected for the chain, but not due to pricing chipotle is up 5% this month and 30% this year. dominos reports on thursday. another name that has done well in prior downd turns it is struggling with a driver shortage plaguing it for about a year that stock is 24% away from the recent high and down 6% on the year it sliced guidance last quarter due to economic headwinds. frank, back to you >> that was kate rogers in san francisco. for more insights, let's head to cnbc.com and sign up for the

newsletter. it has been a rough 24 hours for elon musk and empire of companies kicking off with tesla. shares losing 10% of value yesterday. market cap opening below meta for the first time in a year musk losing $10 billion of wealth in the process. then the quote successful failure of the spacex rocket self destructing three minutes into the test flight and twitter removing legacy blue check marks from those unpaid. beyonce and pope francis and oprah and former president trump. musk says there are a few exceptions william shatner and lebron james. last night's "fast money," he made the case on his empire.

>> i think this is something else with tesla. we know he had been selling tesla shares all year last year to fund purchase of twitter. we know that spacex has been for sale he is looking to raise capital that way you know, if this stock were to continue to go lower, if they are pushing out a manned trip to the moon and that is the idea of the rocket launch today. twitter marked down from $44 billion to $20 billion this is not a generally very liquid person. he used to get whatever lines he wanted, but now all of the banks are on the hook for this debt that he cannot service based on twitter service. he may be entering the end game here for the ceo of all of the companies and being that levered. >> dan nathan. coming up on "worldwide exchange," the read on regional banks and if fears of deposit outflowis were on the mark or

something else dom chu is here with those. and big mac lovers are in for a treat, but act fast. customers kwho owho order throu ya app can get the dip sauce in a cup. the move coming on the 58th anniversary of the ipo and an after the changes. disney plus is adding five "spider-man" movies to the streaming service. the movies have been previously available on different streaming services due to sony ownership of the franchise. and post malone passing bruno mars for diamond status on streaming platforms.

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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 "worldwide exchange." we turn to a developing story with the turmoil in the banking sector wall street journal reporting the fed may close a loophole to allow some banks to cover losses on securities they hold.

a contributing factor in the chance of silicon valley bank. the potential move might include ending exemption to allow some banks to boost capital they report for regulatory purposes we will watch this story on cnbc. time now for the morning call sheet this is where we check on the upgrades and downgrades by firms you know hsbc upgrading at&t rating to a buy. shares of the giant suffering the worst drop in two decades. the second largest day drop yesterday on the back of the earnings which was disappointing. hsbc says this is an opportunity to get in on the stock second up is citi. upgrading the rating from neutral to buy for xpo it cites the edition of old dominion and that enhances the

company's operational credibility. and third is cantor fitzgerald with the overweight rating investors are under estimating the small wins cvs pieced together recently. something to watch we are keeping an eye on reemg a regional banks this week fears of outflowing with the banking turmoil is not as bad as feared dom chu is joining us with more on how the banks are stacking up good morning, dom. >> this is the interesting part about the regional bank picture. there was an expectation that we could see a lot more deposit flight out of the smaller regional banks in the wake of silicon valley bank collapse and going toward larger money center banks like jpmorgan chase and bank of america and others what you are seeing right there is a selection of some of the larger and mid-sized regional

banks impacted by that deposit flight these banks already reported interestingly enough, some of the bigger regional banks in america like pnc financial and key bank have actually shown deposit gains between the end of last year and end of the first quarter. some other regional banks, truist, showed 2% drop in deposits u.s. bank corp and comerica and western alliance in texas and arizona are more impacted. the interesting part about comerica and american alliance, some of the deposit levels were expected generally speaking, the regional bank picture deposit wise hasn't shaped up as bad as some thought. by the way, for western alliance, we learned in the first two weeks of the current quarter, they gained deposits. i want to put up the big bank

deposit levels it implies there may be a seasonal effect with people taking money out jpmorgan chase is the only big bank in america that saw deposit gains quarter over quarter on the ending basis bank of america, wells fargo and citi all saw modest and marginal declines in deposit base when it comes to the deposit issues these days, it doesn't look as though things got as bad as we thought. keep in mind the big reports that come up next week is first republic on monday frank. >> dom, let's go into the big banks first. a big inflow of the deposits to the big banks. it doesn't seem it turned out that way. >> there were flows there, but it speaks to the regional.

there are demands for cash for customers in the retail side and corporate side in the first quarter. think about tax payments due think about things people need cash for in the first quarter. oftentimes, it is seasonal that goes into the levels with the big banks, they may have seen the deposits in the last part of the quarter after silicon valley bank collapse in the beginning of march overall, it did not outweigh some of the general moves that happened in the first quarter. by the way, the ones we really care about are first republic and pac west we get regions financial later on today the idea behind regions financial is a southwest bank and it could give you an idea of that move. given what we already have seen from the large regionals, especially around the country, we are not expecting a huge deposit issue. >> let's show that one more time

including western alliance western alliance, one deeply impacted was there any connection to silicon valley bank or signature bank why did that see an impact >> with western alliance specifically, they have a division called bridge bank. bridge bank was set up by western alliance to be a competitor, if you will, to silicon valley bank. serving that client base venture capital and private equity backed companies. when you saw the issues at silicon valley bank emerge, it stands to reason those same types of customers would feel the same skittishness about deposits at a company or bank like bridge bank bridge bank got caught up in that what we did know about the situation with bridge bank is they saw the same activity, but generally speaking, western alliance got a huge pop after earnings because what they did

tell us was in just the first two weeks of the month and quarter, they got $2 billion of new deposit inflows. it implies some customers are not feeling as scared about western alliance >> i know this is is not your first rodeo with the banks first republic next week. >> on monday and pac west on tuesday. >> a lot of action >> i can't wait for it to be over. >> dom chu, thank you for waking up early. coming up, the word that every investor needs to know today and pivotal advisers tiffany mcghee with the latest "worldwide exchange" will be back stay with us we should pay more than men for the same thing. or pay taxes for period products. here, we can ask tough questions, day or night. and here, we're actually heard. and because of that, we can focus on getting healthier

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welcome back to "worldwide exchan exchange." time for the six stories you

need to know with the "wex wrap-up. the biggest week of outflows since 2020 following the banking crisis a group of credit suisse bond holders are filing a lawsuit against the banking regulator. according to the financial times, the complaint says they acted unconstitutionally and we are watching shares of tesla after it lost 10% of value yesterday. this morning, the company is raising prices in the u.s. on the high-end vehicles. model s and model x. sticker prices are still below the prices from the start of the week. and twitter removed the legacy blue p cchecks from non paying accounts. beyonce and pope francis and oprah and former president trump.

and federal judge denies the google request to delay the anti-trust trial and clorox is laying off the work force as part of the restructuring. the second round of layoffs for the company. we have april u.s. manufacturing and services and flash pmi due out at 9:45 a.m. and on the earnings front, look for results from p&g and freepoint and regions financial. a full week of fed speeches wraps up today with lisa cook after the closing bell we get the weekly release from the fed at 4:15 p.m. this tracks the balance sheet assets and liabilities for commercial banks in the u.s. with all that, let's dive into the trading day ahead. we have tiffany mcghee at pivotal advisers tif tiffany, good morning.

thank you for being here >> good morning, frank good to see you. you can add me to the list of people who got their blue check marks taken away i went on vacation and came back >> we know it is you tiffany, as you know, we asked wall street's brightest minds to use a word to describe the trading day ahead. what is your "wex" word of the day. >> my word of the day is capricious. >> you have to explain that one. >> it is an s.a.t. word. coming off march's inflation reading earlier this month, earnings season has recently kicked off now is the time where investors can react to every little bit of news in anticipation for inflation

continuing to moderate a little bit. we are seeing this and we saw this in the market yesterday you mentioned tesla. tesla in addition to taking a dive, shares of other electrical vehicles took a dive we are seeing this in restaurants, but in the opposite direction. you know, the market's definition is led by wimmer fancy. >> speaking of that, i know you are looking at growth stocks the market is not fancying growth stocks. looking at the spyg. both in the red. why are you bullish right now? >> i'm bullish on growth right now because we are not managing a portfolio for this week or month. we are managing portfolios for 10 or 15 or 20 years out

you know, of course, we pay attention to economic conditions the two biggest events, i believe, will affect the market is when the fed stops cutting rates and number two when the -- number one, when the fed stops hiking rates and number two, when the fed starts cutting rates. we are looking at what we can do to position portfolios. what can we do to position the portfolios going forward ahead of that. one interesting thing to also mention is over the last 40 years between the fed final rate cut and the fed first -- sorry i keep switching those >> you are a little capricious >> it is early for me. >> it is early for all of us

growth etfs are out performing let's go down your picks we're running out of time. >> we are anticipating like a lot of wall street to have a technical recession later this year or early next year. growth stocks tend to do better than value stocks in a recession period microsoft, apple and also i like luxury lvmh is my pick. >> tiffany mcghee. thank you. "squawk box" is coming up next

good morning futures are relatively calm right now. in the red dow is six federal reserve officials

held speaking events yesterday thanks for that. we have a full breakdown of their message to the markets about the may policy meeting disney is not backing down in the fight against ron desantis, governor of florida. the company told lobbyists this week to get to work. and elon musk's twitter started eliminating legacy blue check marks. musk is personally paying for some celebrities to keep theirs. that's a little hurtful. it is friday, april 21st, 2023 "squawk box" begins right now. good morning welcome to "squawk box" here on