it is 5:00 a.m. at cnbc global headquarters. here is the top "five@5. futures under pressure as the busiest week of earnings season rolls on alphabet, microsoft and mcdonald's set to report today speaking of earnings, shares of first republic bank sinking ahead of the opening bell. hear what miller taback thinks

closing in on elon musk. the luxury giant looking to displace tesla as the ninth most publicly traded company in the world. it is all about handbags and perfume. on the back of the cryptocurrency crisis, coinbase forcing regulators to account for months of silence overrules that could hammer the industry. and later on, anti-esg rhetoric heats up with another state barring its consideration when making public investment decisions. it is tuesday, april 25th, 2023. you are watching "worldwide exchange" here on cnbc good morning welcome to "worldwide exchange" i'm dominic chu in for holland howl let's kickoff with the equity futures.

mixed session yesterday and now we are seeing red across the board. dow implied lower by 155 points off session lows s&p down 21 points nasdaq down 60 a decent more to the down side at the opening bell implication. checking on the bond yields. moving to the down side as we see a bid for the safety of the government bond. 2-year treasury 4.07 30-year treasury is 3.86%. energy is showing a move in the markets on the macro side. we are seeing a bid today and flat on the session for wti crude. flat on the session and $78.75 ice brent crude is flat as well. nat gas down 2%.

in crypto, a bid for bitcoin at $27,423. up .20%. ethereum is off .50% $1,824 we are watching shares of first republic sinking in the big way after the first quarter results yesterday. a key headline is a massive deposit exodus in the first three months of the year we have more on that story in a moment let's check on the corporate stories outside of first republic with silvana henao. >> dom, good morning former jpmorgan chase executive jes staley is asking the judge to throw out the lawsuit against him. he was used as a scapegoat with

jeffrey epstein. jpmorgan chase says staley should be held liebel for dealin with jeffrey epstein. and coinbase is looking to file a lawsuit against s.e.c this after the company asked the regulator last year to provide more clarity on how it intends to oversee the crypto market a request which has gone unanswered coinbase received a wells notice informal notice against the company that action could happen. and a new joint venture with general motors and samsung to build a new battery plant in the u.s. this follows reports that gm chose not to pursue a fourth u.s. battery plant with lg energy the two are currently building a

$2.6 billion factory in michigan which is set to open in 2024 dom. >> silvana henao, thank you. let's move overseas and get a check of ubs after agreeing to buy credit suisse. own geoff cun us from zurich >> reporter: dom, the shares are down this morning. they bounced off the lows here the numbers are stable, i guess. obvious weakness in investment banking where revenue is off 19%. there was net new money coming in from all regions where the bank operating in particular, i think, that they are pleased to see money coming from asia now we have seen the chinese reopening and move away from the covid

lockdowns. of course, this is a bank with two stories to tell this morning. one is about the earnings and about the bank's ability to generate revenue the second is about then -- integration of credit suisse the bank brought into the ubs business and will build a $5 trillion powerhouse in global wealth management. let's see how the ceo sergio ermotti described the integration risks going forward. >> i think the risks are filled with complexity. this transaction is not a risky transaction. it will take time to find the right operating model to execute it this is a transaction which creates more benefits to shareholders and clients and employees in the long run. i'm confident we can manage the risks. >> reporter: now the bank has

promised to tell us everything about the integration program, all of the details, at the end of the second quarter. we look forward to that. one reason we are seeing weakness today is suspended the ubs share buyback program for $1.3 billion they say it is suspended, but not canceled that is not doing enough to give the shares a bump at the moment. back to you. >> there is a consideration it could be temporary geoff, i wonder if sergio ermotti or the bank at large, addressed the idea there will be cost cuts in the form of job losses we know the union weighed in on that front will we see job cuts and what a timeline could look like in the coming months and years? >> reporter: i think that is

inevitable credit suisse was in the process of restructuring and laying off significant numbers of workers ubs talked in terms of cost savings from the integration i think there is no doubt about with it, dom, there will be further job losses to go as we see the integration program embarked on. the real issue at this stage is how political this story has become and whether the government is likely to get involved because all of this is really just concentrating banking risk in switzerland in ubs. it now has something like 50% of citizens deposits here in switzerland. as you know, when credit suisse ultimately couldn't survive further without this deal taking place, the regulator finma was involved here. the government was heavily involved here in persuading ubs

to do the deal which for years denied any interest. this is going to be an incredibly complex deal to push through given the various business units that need to be merged the one thing we can take from this is there will be job losses and there will be cost cutting and there will be further acrimony with the unions and governmentmanagement back to you. >> geoff, we see the down side moves from the european banks. let's stick with the bank theme in america shares of first republic diving on the back of the first quarter results. the lender reporting a $72 billion drop in the deposits during the period to just over $100 billion stressing that they have stabilized since the end of the month. that was much larger than rivals despite the $30 billion deposit

by some of the biggest banks in america last month to help shore up the balance sheet the bank adding it will cut 25% of the work force adding it is looking at strategic options to strengthen capital position. let's dive in with matt malley at miller taback matt, i have been tasked with the bank coverage this quarter because it is important to the overall market and narrative have you gleaned anything from what we could consider the most important regional bank report so far this season >> we can, dom one of the things we have is on the systemic side, we feel good. we see the news out with the fed reduced the frequency of the dollar funding less need for the added liquidity to save the system we don't have -- the problem is

on the economic side these big change in deposits, you know, a lot of people think it is all going to bank of america or jpmorgan chase or big banks. a lot of it is going to money market funds and t-bill rates where people are getting a better return. with these banks having less money, i guess my point is we don't have to wait for the senior loan officer survey to know banks are pulling in the horns with lending you have less credit in the system, you know, you are going to have a further slow down. sometimes we have to use common sense with the odds of recession or not at this point, you know, when credit contracts, you are going to get a recession and at some point the stock market will catch up to that realization. >> matt, we are showing viewers a slew of charts regional banks and etfs.

price for the big lenders which are not in the same class as first republic or western alliance what did this report do in terms of the regional bank trade is safe to get into right now is it not? >> it seems to me it is not. it doesn't mean the worst is behind us. you look at the charts as you mentioned, dom, and you get the big crash that we had in that group for a week in march and when you get that, when a group comes down and trades side ways for a while, that is good if the decline was a gradual one. you usually get a sharp bounce back we didn't get that at all. it was a feeble bounce now we are testing the bottom on kre and silicon valley bank. i think we will have to see more

of a washout before the great opportunities that some people like bill gros are s are lookin. for the group overal, you see a washout. >> matt maley, thank you very much i appreciate it. we have a lot ahead this hour, including the word every investor needs to know today. the esg investing is gaining momentum as another state bars consideration with public investment consideration. and johnson & johnson is set to test the ipo waters with the key consumer business spinoff. later on, bracing for big tech and if alphabet can outlast the recent online ad slowdown. weava ryus he ve by hour still ahead when "worldwide exchange" returns after this commercial break.

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welcome back to "worldwide exchange." we have a number of key housing data this is the final look at the u.s. housing market before the next monetary policy decision which is creeping up due next week interest rate traders are pricing in 25 basis point or .25% hike by jay powell joining me now is jeff taylor.

i guess the big deal here is whether or not the american housing market has shifted enough fundamentally for the fed to take it into consideration at the next policy meeting. do you think that's the case >> thanks for having me here today. i think the meeting on may 3rd and what everybody is saying we with will see a 25 basis point hike for now then we will rely on the data going forward. what is interesting here about the housing market is more about the affordability issue. 87% of houses sold are existing homes. 1 13% are new homes. for somebody to buy an existing home right now and put 5% down, they have to have a $400,000 and

making $87,000 annually. >> if that is the case, we have seen a good amount of bullishness, jeff, over the last two-to-three weeks, especially with the home builders dr horton and others this is bringing better sentiment in the market and a pickup of building permits and housing starts yes, i know they're volatile is there an upward trajectory for the home affordability >> it is a really good question. like you said, four months of home builder sentiment which has risen. home builders in april, 59% gave concessions to buy houses.

30% had price decreases. the average new home went from height of october of 2022 from $400,000 to $438,000 they are confident if you are looking to get a home in the market now, you can negotiate and talk to the realtor and there are deals to be done. they do have confidence, but they are acting like let's get deals done. >> jeff, before we let you go, we talked about the tipping point for home buyers with regard to rates. is there a new paradigm for people with the interest rates with the 30-year fixed rate before it is okay to buy a house? >> you know, that's another question what we have been saying so far this year when rates dip to 6%, we see a rise of applications for buyers we see rates dip down for

sellers at 5.6 and 5.9 that 6.0 rate right now which we saw 30 days ago is the sweet spot for people getting back into the housing market for a buy. if i look at the year, we are expecting 5.1 million houses sold in total. that is 600,000 new homes and 400,000 existing all in all, units are tighter from a year ago. it looks like a solid housing market and right now, whether it is 6% interest rate is where buyers are closing >> 6% over/ovunder. jeff, thank you. just ahead, tiktok gets a challenger and a white suit

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the company cfo is saying he is not seeing a decline in spending habits against higher mortgage rates and shaky housing market shares 3% to the upside. tenable shares fall on weak outlook. shares down 14%. and watching shares of fox after closing down nearly 3% yesterday on news it is parting ways with tucker carlson this coming just days after network agreed to pay $787 million lawsuit. the company wiped out $500 million of stock value as they assess the cancellation of the top rated program which will impact the network going forward. shares up 1% in trading so far

this morning. let's get a check of the other headlines with phillip mena in new york >> dom, good morning a cease-fire is currently holding in sudan it went into effect at midnight local time the three-day cease-fire was announced late last night by secretary of state antony blinken. now to georgia where the district attorney of fulton county will charge former president donald trump and others this summer it is part of the possible criminal interference of the 2020 election which played out in her state in a letter to the law enforcement, willis said the decision will come july 11th. finally, after 18 years under center with the packers, one of the best players is on the move aaron rodgers is on the move to

the jets the deal sees new york and green bay swap the first round picks in the draft aaron rodgers is following in brett favre's footsteps coming to new york after green bay. >> the jordan love era over there. thank you, phillip straight ahead on the show, the morning call sheet and the check of the biggest calls s by firms you know and names you likely own goldman getting bullish on one e-co e-commerce we'll be back after this break

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moments away from 5:30 a.m. in new york. we are just getting started here on "worldwide exchange." big tech earnings with microsoft and alphabet kicking off after the closing bell the metrics you need to watch when the results cross. shares of first republic getting slammed on the back of the quarterly results. a drop in deposits and warning it is looking at options to shore up finances. another state putting a stop to esg investing practices ramping up the culture war with public money it is tuesday, april 25th, 2023. you are watching "worldwide exchange" here on cnbc

welcome back to the show i'm dominic chu in for frank holland. let's check on equities this hour lower to the degree that is not dramatic yet dow implied lower 150. s&p down 20 points the nasdaq down by 53. back to one of the top stories this morning shares of first republic sinking ahead of the opening bell down 21% to $12.62 they came out with the quarterly report yesterday after the closing bell the bank will cut 25% of the work force in the next three months and pursuing strategic options to boost capital position this all as the company$72 bill

deposits between january and march to over $100 billion total at the end of the quarter. that figure coming in higher than the industry appears and it takes into the $30 billion injection by the biggest banks for the deposits back in march. if you look at first republic against the banking sector, we have first republic chart here along the orange line. it has been a dramatic move for the industry down 28% you can see first republic has been the epicenter of the fallout tied to silicon valley bank collapse. the other two stocks that have been part of that huge fallout on the west coast regional bank, aside of western republic is western alliance and pac west. now we notched off first republic results negative for the time being and western

alliance was positive and pac west comes in after today's closing bell that is the report to watch this afternoon. pac west let's check on the trade in europe with joumanna bercetche who is standing by in the london newsroom hi, joumanna >> good morning, dom risk-off sentiment is prevailing here in europe not much green on the board. you see the major indices in the red. ftse 100 is down .30%. dax is trading in the red. ibex in focus. santander is down 4% the green spot is swiss index on the back of novartis earnings. you were talking about the the regional banks european banks are in focus today. santander is down.

the result is negative down 2.5% the company posted a 52% drop in first quarter net profit after the leissues in the u.s. and ubs ubs has $42 billion in the first quarter. $7 billion in the wake of the collapse and takeover of credit suisse more money deposits coming into ubs after the deal announced stock reacting negatively. on the flip side, positive from novartis today a 3% rise in first quarter group sales. the swiss drugmaker upgraded full year guide and and the spinoff of sandoz. positive reaction. that is boosting the swiss index. dom. >> joumanna bercetche live in london we appreciate it let's get to the top stories, including more esg investment backlash. silvana is here with those

head headlines. >> dom, good morning kansas is the latest state to go after esg when it comes to investing public funds democratic governor laura kelly deciding to allow the measure to become law after her signature after vetoing a dozen bills approved by the republican controlled legislature the kansas new esg law which takes effect on july 1st is the latest with nine other states creating similar laws. johnson & johnson putting a price on shares of consumer spinoff kenvue it will go from $20 to $23 a share in the ipo later this year kenvue could be valued at $40 billion if shares price within that range. amazon is disputing unionization efforts by delivery drivers. drivers at one of the california

facilities joined the international brotherhood of teamsters. the move marks the latest by labor unions which have been pushing to organize amazon delivery and warehouse workers dom. we know so far one warehouse has un unionized. thank you, silvana two stocks to watch on the busy day of and alphabet kicking off the wave offing big tech results is arjun kharpal. arjun, this is the key narrative going forward. >> reporter: investor expectations are not rosy this week of big tech and alphabet.

cloud is likely to be challenged and so is the ad business. alphabet the market expecting earnings per share to drop 13% year on year the key metric is the ad revenue. expect it to be down 1.4% to $53.5 billion. that's key here. of course, advertising is a huge part of alphabet business. that is focus for investors. turning to microsoft, it is faring better. investors are expecting the number to be flat, but watching the revenue of cloud growth. they expect it 14% year on year. that is a significant slowdown from the growth of plus 20% to 30% in the preceding quarters. that is concerning to investors if it is slower. that is the key metric analysts will watch closely on the earnings call for any information about both companies a.i. strategies. particularly microsoft with chatgpt and google and alphabet

with bard. how do they monetize that? what value add is that to the business any signs of management for the improving macroeconomics situation for advertising. expectations are low going into the report there is a risk if the companies miss on the key metrics and this could be bad news for stocks going forward. dom. >> arjun with the preview of microsoft and alphabet one reason we focus on the names is the weight of the s&p and nasdaq big tech has been responsible for much of the index 8% gain for the s&p so far this year overall, mega cap technology and alphabet in that category, microsoft and apple and more have market dominance. 22% of the overall the other 496 companies make up

the balance of the vau lue. those stocks are key joining me is scott kessler. scott, we heard arjun's metrics to watch what is key for you with microsoft and alphabet >> thank you, dom. a couple of things come to mind and arjun hit on some of these first is the top line. i think people are not expecting much, but we are going to see where cloud is for example for both companies for microsoft, azure growth was above 30% in the last quarter they reported. they talked about something like 400 to 500 basis points lower in this quarter i think people are wondering if they will deliver that and where and when will the bottom be reached? that is one thing.

the other thing is, of course, with respect to microsoft, the notion of pc demand and growth indications are pc demand has been terrible over the past quarter. those are two things to keep in mind for microsoft for alphabet/google, it is cloud and continuing deceleration of cloud growth as you point out how much can we expect from that core advertising and search business that people are not optimistic. >> is there a macro story to tell with regard to the ad spend market that we have not seen develop? is it going to be an economy that can support at least a certain base level of ad spending or is alphabet going to be more impacted with having more exposure than microsoft >> dom, i think the economy is

driving a lot of what is going on here at the end of the day. a couple of years ago amid covid and pandemic driven demand, we saw robustness from the companies. ultimately, these are companies and businesses that largely are driven by macroeconomics factors. i do think alphabet/google will indicate that the macro economy is not being helpful in terms of the advertising spend. the other thing, the flip side of the coin that we're talking about here, is the cost and expense picture. we have seen companies announce substantial layoffs. 10,000 to 12,000 individuals and 5% to 6% of the work force we wonder if there is more to come folks are focused, no doubt, on the top line as we talked about. in addition, we want to see if those restructuring efforts are supporting margins in a way that

can help propel stocks higher. you were talking about the importance of the stocks these stocks are up 15% to 20% year to date against the s&p 500 at at the 8% clip these are key. >> scott, before we let you go, is there a favorite name for big tempe tech media and telecom >> i think it is important to look at a name like alphabet/google. the reason i mention that is the hype with a.i. i think microsoft has a lot of momentum be mindful that google developer conference is next month we expect a lot of announcements with a.i. to come and potentially shift the pendulum a little bit in their direction. >> scott kessler with the outlook on big tech.

thank you. coming up on the show, we stick with earnings and turn to the consumer as mcdonald's readies its results. we tee up the numbers coming up and growing headwind for the restaurant sector. "worldwide exchange" is back after this here. aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme.

welcome back to the show time for the morning call sheet. we look at firms you know and stocks you own

zto express is moving from a buy to a neutral market share gains by the services company will resume this year. adding the valuation is attractive shares up 1.5% pre-market. stifel is downgrading asml rating from buy to hold. it expects asml industry out performance this year and will pause next year. stifel says others are benefitting from the strength and investment in the chip company. asml down 1.25% in the pre-market trade let's check on mcdonald's. shares of the company lower this morning as the company gears up for the earnings report later today. ahead of the release, it stands less than 25% off the 52-week high as consumer spending

rebounds the shares off 25% in the pre-market it is not just mcdonald's, but shares of restaurant ss are surging. potbelly and wing stop and chipotle and brink brinker international and mcdonald's all stronger consumer sentiment despite inflation and possible looming recession. let's talk more about this with sarah, the bank of america analyst, who covers the stocks sarah, the out performance is there, but i wonder why it is that way if there is so much concern about spending power for basic goods and needs due to the inflation story. >> thank you for having me, first of all to your point, it is the case we have seen consumer confidence drift lower. historically, there hasn't been

a ton of relation with the two we are seeing a combination of two factors. there is sppent-up demand post covid two years later, but the bifurcation and people are pinching pennies more. that is useful to fast food restaurants like mcdonald's and others we see the trade down among the lower-end consumers. higher-end consumers ares are spending robustly. we may see a hiccup in march it is early to tell. we will get more from earnings season the start of the year was strong. >> sara, why is mcdonald's the pun o-- one that everyone wants to focus on.

on the strength basis, it is a decent performer against the peer group verall. is it the footprint or scale or margin or pricing power? what is the theme for mcdonald's >> i think you hit the nail on the head with scale. this is a system that almost $50 billion in the u.s. alone which puts it around four times bigger than the next biggest hamburger competitor that is a huge advantage with marketing or other kinds of investments you are making the system spent $3 billion upgrading the u.s. restaurants it is very hard to compete with the system of that scale when they are reinvesting as they have done. it is less about margin ex-expansion, but executing at a high level and using that scale advantage to press the advantage on really interesting marketing campaigns.

famous orders or ready on arrival and food quality across the board, they have done a nice job of executing. >> sara, before we let you go, we are focused on mcdonald's because of the earnings report later this morning when it comes to quick service restaurants, in your mind given the dynamic valuation, is mcdonald's the best play for qsr or something like qsr? >> we have a preference between those two of mcdonald's. all of the scale advantage as i mentioned and when the environment gets more difficult, it really is the best operation and execution shines mcdonald's has that in spades. >> momentum for burger king, but she likes mcdonald's sara, thank you. ahead on the show, one word

every investor needs to know victoria fernandez tls uels what's high on her shopping list we're right back after this. ♪♪ ♪when the day that lies ahead of me♪ ♪♪ ♪seems impossible to face♪ ♪a lovely day (lovely day)♪ ♪(lovely day) (lovely day)♪ ♪(lovely day)♪ a bank that knows your business grows your business. bmo. if your business kept on employees through the pandemic, getrefunds.com can see if it may qualify for a payroll tax refund of up to $26,000 per employee, even if it received ppp,

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welcome back to "worldwide exchange." time for the "wex wrap-up. ubs bringing in $28 billion in new client cash in the first three months of the year amid the collapse of credit suisse. lvmh is closing in on tesla as the world's ninth biggest publicly traded company. this is the first european company to hit the $500 billion valuation mark coinbase filing a lawsuit to sue s.e.c. after they asked for clarity of how it intends to oversee the crypto market.

samsung and gm building a battery plant in the u.s the plan to invest $3 billion in the project. and netflix investing $2 billion in south korea in the next four years. finally, researchers are looking to assess the health impact of the spacex explosion last week. we have no comment yet from spacex on that. a check on u.s. equity futures which are in the red the dow implied lower by 140 points s&p down 19. nasdaq down 51 for more on the trading day ahead, lights et's bring in vica fernandez.

victoria, it is a thing here on "worldwide exchange. the word of the day. what is your market investing word of the day? >> i think, dom, i have to say my word of the day is opportunistic. we have a huge earnings week ahead of us which is giving us insight into so many heelementso the day. transportation stocks and restaurants. a gamut you have this week to give you good insights of what the economy is doing i don't think you want to go all in one sector or make big sector bets you want to be openportunistic n trading. >> if you are not picking things out, you are implying it has to be stock specific. what stocksattractive?

>> we like names within different sectors. the breadth is not what we like to see based on our opinion, we will see growth slowdown. we might have a recession later this year. we are going down the scale when it comes to consumers are spending a name like tjx. you want exposure. there is volatility in the markets. you want the cyclical exposure we are doing it with a tjx which is where we think consumers are heading. similar to the mcdonald's story you were talking about earlier we think there is opportunity there. we still like the energy space marathon petroleum is a name we added to recently. just trying to get some of that not just refinrefining, but transportation component as well we feel that is a good name. we like the healthcare look. lilly is a long-term good holding in the portfolio

we would add lilly or gilead. >> victoria, we are getting headlines from bank of america with the funds flow survey they are saying they saw the first u.s. equity inflows in weeks along with corporates for stock buybacks tech led inflows which is true year to date and the first inflows in financials in four weeks. technology is that some place you want to be is there an opportunistic area in technology overall? i ask because there are a lot of tech earnings coming out this week >> you are right a busy week for tech if we are going in the tech space, we are not going for the high flying faang names with massive run-ups this year. we will look at the names like ibm or cisco i think you can find tech names

that have more growth opportunities associated with them from where they currently sit versus nvidia. i would look more profitable >> victoria fernandez. thank you. see you soon that's today it for us on "worldwide exchange." quk x"s mi unext see you tomorrow rebecca who e c ♪ ♪ and this is fernando, ♪ ♪ searching savings with a click. ♪ online or in-store, for your health and your wallet. 85% of scripts are under ten dollars. cvs pharmacy. healtand this is readyther. to go online.

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oh, that is u.p.s. mcdonald's and gm all due in the next few hours. moedia shakeup what is next for fox and cnn after departures of tucker carlson and don lemon. and shares of first republic bank shares are plunging after weaker than expected numbers today is tuesday, april 25th, 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. let's look at the u.