it is 5:00 a.m. here at cnbc global headquarters. here is the "five@5. investors brace for the busiest week of the season more than 50 s&p companies reporting. alphabet, amazon, meta looking at the cost cutting campaigns. and call it the latest chapter in the global arms race. one western super power readies a military rebuild its biggest since world war ii

and bed, bath & beyond throws in the towel filing for bankruptcy protection. and the house set to vote on the republican-led bill to raise the u.s. debt limit, but not without more than $4 trillion in spending cuts. it is monday, april 24th, 2023 you are watching "worldwide exchange" here on cnbc good morning welcome to "worldwide exchange." i'm frank holland. let's kickoff the hour with the u.s. futures the markets under pressure all three in the red if the dow were to open, it would open 100 points lower. the bond market. yields going up and down it is holding steady in a range. 10-year treasury at 3.53 the 2-year treasury yield above

4% right now at 4.15% we are watching energy oil is under a bit of pressure remains under $80 a barrel oil down a fraction. wti at 77.7$77.75 we are watching cryptocurrency as we always do. the key mark is for bitcoin. the $30,000 mark below that down to 27,200 down 1%. ethereum is back below $2,000. it popped after the shanghai upgrade. down this morning. we are seeing a busy morning shaping up in europe with the alibaba six-part spinoff julianna tatelbaum is live in the london newsroom with more. >> frank, good morning let's look at the european trade. we are moving lower this morning after what turned out to be an up beat week last week

the stoxx 600 gained .50%. we out performed wall street the fifth positive week in a row. this morning is a pull back. we have the ftse 100 trading .20% lower similar for the dax. ftse mib is leading the losses down 1%. a number of corporates in focus. credit suisse with the outflow of 61 billion francs in the first quarter. credit suisse says outflows had not reversed as of the 24th of april. moderated from high levels after the emergency takeover by ubs. shares are up 2.4%, but hovering around the takeover price. now attention to ubs which will report tomorrow. we will have the ceo interview tomorrow morning philips set aside $5765 million for litigation costs after a

respiratory machine recall it posted better than expected results in the first quarter shares are soaring up 10%. frank, you mentioned alibaba alibaba logistics arm is reportedly preparing to be the first of the six units to ipo. the business is in conversations with banks about the possible hong kong listing. here you have alibaba shares trading lower in overnight trade. frank. >> julianna, thank you julianna tatelbaum live in the london newsroom. time for the check of the corporate stories and the final chapter for u.s. retailer. i get the coupons all the time silvana henao is here. >> frank, good morning i guess not anymore. bed, bath & beyond filing for bankruptcy protection after failing on multiple occasions to find a buyer and manage the debt

load the company says it plans to continue operating 400 stores as well as 120 buy, buy baby locations as it works to go through the assets. johnson & johnson is looking to pitch shares of consumer health care unit according to the wall street journal, ken view will meet with investors today with the goal of raising $3.5 billion or more and valuation of $40 billion the company which houses brands like tylenol will trade under the ticker kuve. and anheuser-busch who oversaw the partnership is taking a leave of absence. this is after a wave of backlash and boycotts from customers and

celebrities. no comment from anheuser-busch the executive will be replaced by the vice president todd allen. >> silvana, thank you. turning now to the busiest week of earnings season kicking off today. a third of the s&p and half of the dow set to report. among those reporting is big names. coke, mcdonald's, exxon, caterpillar along with names from big tech like microsoft and alphabet a critical time for the markets. bank of america noting the recent history of out performing on the busy week of earnings according to the average of the last five. we have seema shah with the latest good to you have here. >> good morning. >> what are you expecting from the week of earnings and how does it impact the market?

>> one of the things we have seen in the last two months is that after we have the mini banking crisis, you saw a number of analysts downgrade. it seems like a low bar for the earnings numbers that we will hear from last week and, of course, this week, too we are not expecting to see major disappointment we expect to see continuation of the modest gentle the slowdown we have experienced last couple quarters nothing which is the catalyst which takes down the investor sentiment at this stage. we are looking closely for anything on guidance what are they talking about with margins and pressures? do you note or hear anything about struggles with the economic environment that is what we will hear about. >> you mentioned margins we had a guest last week who

said he is looking at the margins with consumer staples and packaged goods consumer staples was the best performing sector last week and stocks were the best performers. clorox and kimberly-clark. what does it say it was the best performing sector last week with the earnings this week >> consumer staples is the most defensive sector actually, as times get challenging, consumer staples is a sector which should out perform. it is the cyclical ones like discretionary with struggle. if you look around at the economy today, everything is ro robust a lot of strength out there. we are not expecting to see significant signs of strains, but it is starting to see a little hint of weakness starting to come through. that is what we are expecting. >> what about allocation where do bonds come into play

and where do equities? we saw stats last week with money coming out of money market funds. there was thought that was to pay off tax bills. that trend do you see that continuing investors taking money out of safe instruments and putting in riskier assets which at this point are equities >> we are not expecting that to be a continuation of that trend. as i said, today things look okay as we think about the coming quarters, we he see it being more and more difficult. we see the amount of fed tightening to date and that means you will see the negative impact on the economy and then on the stocks. from the investment perspective, this pulling out of money market funds will not continue. with fixed income, we like it, but we focus on the stable issues equities will be under pressure as you go through the months

ahead. >> seema shah, thank you when we come back on "worldwide exchange," severe weather cripples florida and as gas stations struggle to stay stocked. and global hot spots that could move the needle for your markets and your money. and breaking down big earnings for big tech and what investors could expect from the sector a very busy hour when "worldwide exchange" returns. stay with us e family to ve (cecily) oh, it's america's most reliable 5g network. (seth) and it's only $35 a line. (neighbor) i got that deal too. (seth) oh hey, bragging buddies! (neighbor) my man! (cecily) this i don't need. (seth) you should give me a call! (vo) with verizon, your family gets the network they can rely on and the disney bundle with disney+, hulu, and espn+ included. all for just $35 a line. that's a savings of $240 a year. the savings you want. on the network worth bragging about. verizon

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welcome back to "worldwide exchange." take a look at futures they eased a bit the dow would open up 80 points lower. it was 20 points lower five minutes ago. the s&p and nasdaq also in the red. down fractionally this morning we are looking at treasuries we start with the 10-year treasury at 3.53 the 2-year treasury at 4.15. we are still seeing the inversion in the curve. coming up on "worldwide exchange," why regulators are sending 2,300 cans of miller high life beer to the crusher. org ill have the top trendin sties when "worldwide exchange" aka "wex" comes back ♪ this is larissa, who's feeling glown up. ♪ ♪ and this here is winnie, who zhuzhed up their cup. ♪ ♪ this is victoria, helping women stay healthy. ♪

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welcome back to "worldwide exchange." if it feels like going to the gas station is costing more, you are not wrong. the average for a gallon of gas is currently $3.66 a gallon it is down from $4.12 a year ago. in south florida, a difficult situation. state and local agencies are intervening to deal with the shortages there. the flooding last week left infrastructure damaged and leaving gas stations without

fuel for more on the energy outlook, let's bring in john kilduff. john, great to see you >> good morning, frank good to see you. >> john, we showed the pictures. i'm sure we will show a couple more pictures of the long lines with gas stations without gas. how does that impact the u.s. gas situation? >> well, in a way, it makes life easier for the rest of the country. you are displacing demand. they can't get the fuel physically to the stations via truck or stations which have damaged infrastructure where they cannot pump the situation has been getting better in the miami and fort lauderdale area. half of the stations remain without fuel i expect the situation to resolve within the coming week when we get the big storms like super storm sandy or any other big hurricane, they are

destructive events by nature it helps to ease the supply situation, obviously, as opposed to when hurricanes rip through the southeast. we're in that season and they rake production in the gulf or refiners along the gulf coast. that is when the situation flipped. >> let's talk about the supply start with oil opec supply cuts and china ramping up we are heading into the summer driving season what is the outlook on gas prices from this point on? >> gas prices have been in the 40 cent range. you referenced the ups and downs we have been seeing. i expect the range to persist. this is the crunch period right now. we're in it. the sort of run-up to summer gas demand season gets the market on edge and pushes prices up ahead of time. frank, once we hit memorial day,

we sound the all clear with supplies and prices generally trend lower. you know, you said we are at $3.60 a gallon right now i would not expect more to the upside i think we will peak here and reverse and head back lower. look, there is a lot of headwinds and fear in the market there is a lot of talk about the sky falling in terms of scary price predictions. we have significant economic headwinds and decent supplies. if you count on opec plus to come through with announced cuts, the second round loom in may, i think you have a weak hand histo historically, frank, opec has never been good at cutting and russia is hard >> you have your eyes on beaumont, texas. i like it over there you are looking at what exxonmobil is doing. what is that expansion what could that mean for the

u.s. gas market? >> we talk about how we haven't built a new refinery in decades. they haven't built new, but added on to beaumont facility. it is online now exxonmobil built it to use the production from the permean. the light crude from that region the gulf coast refiners need heavy sour crude and cannot avail the permean. they look at the great demand for gas and diesel fuel and terrific refining margins that persisted since covid. >> john kilduff. that may be what we see for the summer $3.66. it got up to $5 a gallon last

year john, thank you. >> consumer friendly forecast. thank you. time to get a check on the other headlines. nbc's phillip mena in new york >> another mass shooting targeting teenagers in jasper county, texas. it erupted at a house where 250 people gathered for an after prom party nine people were shot. victims range in age from 15 to 19 years old thankfully, they are all expected to survive. people of interest were questioned, but police did not announce arrests of suspects. sources tell nbc news that president biden will name julie chavez rodriguez lizzo used her stage to

support drag dancers in tennessee. she was joined by the dancers in tennessee. lizzo said she had been warned not to come to tennessee, but she wanted to create a safe space. >> thank you for standing up for your rights and protecting each other and holding the people accountable who should be protecting us. >> lizzo wanted to bring the message to the people who needed to hear it most. if you were lucky enough to see the northern lights stretching from washington to maine and kansas more than 30 states had the chance to see the display on sunday night the possibility coming after the sun had a solar flare erupt on friday directed toward the earth according to noaa space weather prediction center. the best time to see the aurora

bori borealis is between 10:00 p.m. and 2:00 a.m not among the lucky ones who got to see this. you normally have to travel to iceland to see this. >> i had the good fortune to see the northern lights. it would be hard to see it here with the air plollution >> it is on the bucket list for sure >> phillip mena, thank you time to check in on the top global hot spots areas anns around the world to potentially impact your markets and your money in australia, the military overhaul, biggest since world war ii as it looks to adapt the c china military build up. australia looking to lower reliance on the u.s. military for support. in africa, u.s. and uk forces carrying out an emergency

evacuation of the embassy staff in sudan as other countries rush to get private citizens to safety fighting erupted eight days ago and led to the death of 420 people and trapping millions of others without basic access to services. turning to europe and ukraine forces moving to new positions adding to speculation of the spring offensive to help kyiv back here in the u.s., the house set to vote this week on the republican-led debt limit bill to pare $4.5 trillion in spending cuts with the increase to the u.s. debt limit likely to pass in the house, the bill is likely dead on arrival in the senate. joining me now is tina fordham tina, thank you for being here >> good morning. >> let's start off here in the u.s. with the debt limit

discussion obviously, it will be a lot of political jockeying. we need to increase the debt limit for the u.s. to pay debts. that is the credit of the united states how real is the threat of the potential default to potentially have a big negative impact on the u.s. economy >> here's the irony, right the stakes are incredibly high from the economic and market perspective for not raising the debt ceiling so much so, most investors say they're crazy, but not that crazy. here's the problem we have a whole new crop of republicans in the house we've got legislators who don't remember 2011. they weren't in the seat we also have investors that don't remember 2011 and how close we got to something very, very serious we're heading into what we say

every four years is the most contested and contentious u.s. elections of our time. with that in mind, i think it is really important on two counts first, investors not be overconfident, shall we say, in congress doing the right thing when it comes to raising the debt ceiling remember this is a new problem, but an old issue during ronald reagan's time, it was raised eight times. >> tina, i want to make sure i understand you say it will go down to the wire is there danger of the deal not happening? >> absolutely there is a real danger that we go over the cliff. the question is whether it is a black swan risk. low probability and high impact or a material risk

i am heading toward the material risk camp. i think we have a willingness to incur the economic cost if the political gain is worth while. investors are looking at the economic cost. they don't remember the votes like t.a.r.p. and had this which had a big toll on dcongress it is not just binary, the debt ceiling raised or not raiearaisd >> certainly something to watch for investors. i want to focus on china and australia. they are linked closely economically about one-third of all australia's goods go to china and they do one-third of trade

to china >> it means australia is taking the security risks in the region very seriously you know, perhaps in contrast to europe, where i'm based, is looking to be more muscular in its approach to be able to strengthen its defense the peace dividend is truly dead and so is the defense budgets which increase we had the alcoa steel last year in australia and the u.s we should expect to see more defense spending as a way of signaling, frankly, that the powers take security seriously and take china seriously china is spending exponentially more for years now. >> two conflicts to watch. ukraine and now sudan. which one should investors pay

more attention to? >> the answer to that question is which one is systemic that is where the ukraine conflict has had surprised many investors because it was systemic meaning something regional had a market impact both in energy and food security as well as the wider economic outlook the next steps in the ukraine spring offensive postponed a bit longer than expected means it is a milestone for the way washington and european powers who have been supporting ukraine think about what comes next. the chances of this conflict concluding this year are next to zero we will be watching closely to see how much ukraine can do with the new weapons and just how degraded russia's military is. that has been a matter of speculation during the quiet er

er winter period sudan, third largest country in africa, and part of the argument for my geopolitical supercycle thesis more frequent and longer and complex civil wars what is unfolding in sudan illustrates this point. >> tina fordham, thank you we have to leave it there. we appreciate you being here straight ahead here on "worldwide exchange," the morning call sheet and the check of the biggest calls by firms you know and names you likely own. including a less than stellar outlook for one major a.i. player "wex" will be right back after this but as you it naturally begins to change, causing a lack of sharpness, or even trouble with recall. thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originally discovered... in jellyfish.

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you are watching "worldwide exchange" here on cnbc welcome back to "worldwide exchange." i'm frank holland. hope you had a great weekend hope your monday is off to a great start. let's pick up the half hour with the stock futures. we are seeing them off the lows. dow actually rise about 50 points so far this morning s&p and nasdaq also down fractionally lower dow still down down 50 points at this point oil this morning is the u.s. benchmark wti below $80 a barrel international benchmark brent crude at $81.30. natural gas is down 1% time for the check of the top stories with silvana henao who is back with those silvana. >> frank, comcast has announced nbc ceo jeff shell is leaving the company effective

immediately over inappropriate conduct. comcast, which owns nbc universal, the parent company of cnbc, hired outside counsel following a complaint against shell. shell had an inappropriate relationship with a woman in the company. alphabet ceo sundar pichai receiving $226 million in compensation last year according to the securities report that pay package featured $218 million of stock awards and annual salary of $2 million. the details of the compensation comes as alphabet comes out with cost cutting measures including layoffs in january which eliminated 12,000 workers and cuts to employee laptops and services new york's attorney general says sotheby's ability to help

rich collectors avoid sales tax was more serious than previously known. the lawsuit against sotheby's for helping a shipping executive to use a false certificate to dodge taxes includes seven additional collectors and other employees across the organization including the tax department you shouldn't dodge taxes. >> nobody likes to pay taxes silvana, we're on tv pay your taxes >> we know that. >> silvana henao, thank you. turning attention now to the very busy week of earnings on tap. especially with big tech we get results from the biggest players. we're talking microsoft, alphabet, amazon and meta. investors will zero in on cost cutting measures and if they push for efficiency and if the efforts are having success

steve kovach has more on what to expect good morning, steve. >> frank, good morning $5 trillion in market cap reporting this week. i'm not including apple in that. they report next week. the big theme with all of the names? cost cuts and reducing office space. four mega caps announced one round of massive job cuts. the goal is to improve profits instead of chasing growth like we have seen the street is expecting flat to moderate sales growth for the mega caps. one exception is apple which is next week. expect to see sales drop 4% after falling 5% in the december quarter. here is what you need to pay attention to for the names reporting. microsoft reports tomorrow azure cloud growth decelerates it is expected to be in the 30% range down from 50% every

earnings report. a sign i.t. spending is slowing down alphabet and that news it is falling behind microsoft look for any a.i. features and meta reporting on wednesday. this is the poster child for efficiency with mark zuckerberg hinting last week that more layoffs are on the table meta's primary challenge is making money on its tiktok competitor reels which hasn't panned out finally, amazon reporting on thursday aws is facing some of the same cloud growth challenges as microsoft's azure. consumers are trading down and looking for deals. that is what andy jassy told andrew ross sorkin two weeks ago. a lot on the line with these names, frank. >> quarter of efficiency or year of efficiency. efficiency is the key thing.

microsoft put billions in chatgpt. i'm looking at shares. up 19% are you expecting to hear about a.i. investment although we are in the quarter year period of efficiency >> that is something that the ceo said when he announced mass layoffs a week before doing the big a.i. initiative. all theythough they are cutting0 jobs, we will invest heavily for the future and that is a.i. and putting billions in open a.i >> possible news about more layoffs is something to watch. jim cramer is looking for that in the amazon report steve kovach thank you. >> thank you, frank. >> for more on the tech earnings, let's bring in sara coons. >> yeah. >> steve laid out the landscape

for us give us a sense of what you are looking for here we have faang names reporting. what are you watching the most >> i think, for me, meta is the one i have the comeback from the metaverse demo days is stunning and great for the stock. you look at it and you see that it is still not a trillion dollar company instagram has so much relevance with concerns of tiktok going away and whatever is happening at twitter the absolute disaster over there. i do think that meta will be one to watch because it is on the curve of so many trends. >> certainly a lot of talk around instagram with tiktok regulation possibly on the horizon i want to talk about valuation we had so many people here on

cnbc talk about the valuation of big tech a lot of people feel it is overpriced we had a guest on last week. lauren goodwin put a number on it she said any pe over 30 times of earnings is too much for investors to stomach when i look at the faang names and tech names, amazon is well over 30 times. netflix is close how big of a factor is valuation this quarter >> it matters a lot. those tech names were so high in the nose bleeds the last couple years that although they have come down quite a bit and now starting to rally again, a lot of the earnings are just so high that it is hard to justify the cost and see the growth. there is a recent interesting morgan stanley note which is rewarding big tech for layoffs and cutting bloat during 2021. the reality is they held steady.

we may see revenue fall off the cliff. cloud kpoocomputing is slowing . there are problems under the hood for companies as that companies, it is likely there is a lot of room for the stocks to fall further >> we have to talk about a.i you have your finger on the pulse in the bay layoffs. in the year of efficiency or quarter of efficiency, what defines the quarter of reports is it a.i. or is it cost cutting and work force reduction >> a.i. sounds great it is slick and fun. if you use google as paid office product, you use chatgpt competitor they send emails nonstop at the end of the day, companies are still burning more money than making on a.i we don't see the efficiencies or revenue coming in from them. it is a very shiny opbject.

that may be the headline, but day-to-day, it is tough out there. these companies are seeing slowdowns in revenue they don't know how to get it back we are seeing it in lyft and a lot of the names that will just get beaten up as we move through the next quarter >> sarah kunst, thank you. coming up on "worldwide exchange," the morning call sh sheet. the upgrades and downgrades in stocks you likely own. as we head to break, new york city subway system hitting 4 million rides on thursday. total number of subway riders is below the pre-pandemic weekday average of 5 million rides when most people were in the office five days a week. the disney popular show giving viewers a bit more than

they asked for when it suddenly burst into flames. the show was stopped immediately. nobody was hurt. it is unclear how much damage that fire caused. authorities in europe crushing more than 2,300 cans of miller high life due to the champagne of beers label it infringes on the champagne region only sparkling wine made in the champagne, france region, can maintain the quality and protect them from imitation. much more on "wex" coming up in a moment invest firm wi billion-dollar views. a cutting-edge data-security enterprise. yes, with a slide. a perfect location for the world's first one-hour delivery. an inspiration for the next workout cult. and enough space for a pecan-based nutrition bar empire. it could happen.

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giving you more control of your business. we call this enterprise intelligence. from the network america relies on. welcome back to "worldwide exchange." we look at the morning call sheet. we look at c3.ai the full revenue growth and believes consensus estimates are too high and second is ppg industries earnings could be higher as the current level of raw material prices is reflected in the company results. and third is citi downgrading first solar from sell to high risk first solar long-term outlook

will face scrutiny citi sees upside potential for energy and sunrun. coming up on "wex," the one word every investor needs to know today and the earnings season is set to start this week jeff kilburg lays out what to watch. if you haven't already, follow our podcast check us out on apple or stipofy or other podcast apps. "wex" will be right back s of toy when active investing and disciplined risk management are needed most. drawing on deep expertise across the world's public and private markets in pursuit of long-term returns... pgim. our investments shape tomorrow today.

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because if it's connected, it's protected. cisco. welcome back to "worldwide exchange." time for the "wiex wrap-up." bed, bath & beyond filing for bankruptcy it plans to keep some stores open during the proceedings.

and credit suisse saw $68 billion of outflows in the first quarter of the year. it will likely be the final earnings report from the failed swiss lender. wall street's fear gauge going through overhaul the cboe will launch the fear gauge over the next day of trading rather than the next month as tracked by the traditional vix. financial times is urging south korea not to fill any chip shortages in china if it bans micron from selling chips there. the reported request comes as south korea's president travels to the u.s. today. and j. peterman filing for initial public everytoffering. and attest la is set to

export model y to canada the first time it will with ship to north america from china. and shares of lvmh is the first european stock to hit that $50 billion valuation. gearing up for the trading week coke, first republic and whirlpool kicks us off we get dallas fed manufacturing numbers. we get earnings from general motors and mcdonald's and alphabet and microsoft we get the home price index and the fha home price index and new home sales on tap. on wednesday, earnings from boeing and meta as well as data on durable goods on thursday, the halfway point

of the earnings season with caterpillar and american airlines and amazon. we get jobless claims and read on real gdp and pending home sales as well as the bank of japan monetary policy meeting. closing out the week on friday, a look at the energy sector with earnings from chevron and exxonmobil we hear from the eu with the preliminary flash estimate with the first quarter gdp. let's dig into hadthis with jeff kilburg. >> thank you, frank. >> every day, we ask the brightest minds to describe the trading day ahead. jeff, what is your "wex" word of the day? >> abnormal. you are right. this week is a massive week. 178 s&p companies reporting.

if you think of what we have with the diversity of the sectors delivering earnings report, i get excited. it is time to buckle your chin strap. here we are with better than expected earnings. vix closed at 16 on friday that could reveal complacency. when you look at the sour sentiment followed by positive data, inflation is abating that moves the market higher and busts us out of the range. we have been stuck 250 trading days tethered to 4,000 in the s&p if you look at the forward guidance on some of the companies, that may be the catalyst also, let's talk about th the 800-pound gorilla in the room the fed. dovish 25 basis point rate hike priced in. >> i want to get back to

earnings coke, first republic and whirlpool. first republic what could that report tell us about the banking sector >> it could formalize the fact we are seeing the mid sized regional banks isolated. silicon valley bank making a mistake trying to match obligations. they got greedy. they closed the bank more than greedy that will give us a better understanding. banks, by and large, jpmorgan chase and morgan stanley and some names report better than expected 20% of the names reporting so far, we have seen a better than expected beat. that is on average by 6% which is far above average. >> what is your take on coke is that the accurate read on the consumer what is going on in the fwlglobl economy? >> i want to shift to hershey. delicious chart. one year or five year, up 182%

i look at the lens he hershey is a name to economic headwinds. people still like choke at -- chocolate you talk about boeing and visa those are blue chip names. intel has had a rough year let's not throw away energy. last year was sensational. chevron reporting. the little brother to exxonmobil chevron should have a better report as energy is profiting in the sector. >> jeff, we like to focus on something for the trading day ahead. will you put money into chevron today? is that what you put your money in the energy sector >> i'm putting my money in pre-earnings call options and call spreads we want to own and define risk.

each name from visa, intel and boeing and hershey and chevron people are so sensitive to the potential to forward guidance of the looming recession. >> jeff kilburg, thank you we have a look at futures briefly. higher from the lows from this morning. dow opens up 60 points lower that does it for us on "worldwide exchange. we have "squawk box" coming up next thanks for watching.

good morning blah futures slightly lower ahead of the busy week for earnings it's monday. you will hear from a third of

the s&p 500 and nearly half of the dow. half of the s&p is more than half the dow it is supposed to be 50% this hour, coke is set to report see if there is any fizz in those reports. credit suisse with $60 billion in outflows in the first quarter collapse details straight ahead. plus, bed, bath, beyond. bankrupt the struggling retailer filing for chapter 11 very sad we'll always have bed, bath & beyond starting to liquidate assets they never had beds. it is monday, april 24th, 2023 "squawk box" begins right now. good morning