it is 5:00 a.m. here at cnbc global headquarters, and here's your "five@5." we begin with gearing up for the final trading day of the month and tech trading at the highest this year. your wednesday morning setup is coming up. and then in washington, the house to pass a deal but headwinds within the republican party, they still remain. and a cautious view. jamie dimon talks all things china as they look to boost

their foot in the second largest economy. nvidia to become the seventh stock to join that exclusive market cap club. later, the case for higher rates. the latest fed head making a case for higher rates. it's wednesday, may 31st, 2023 you're watching "worldwide exchange" right here on cnbc ♪ good morning and welcome to "worldwide exchange. i'm frank holland. let's get a check on the u.s. stock futures on this final trading day in may right now we're seeing futures down across the board. the s&p, the dow, and the nasdaq down about a third of a percent, but it is early. however, it's been quite the month for nasdaq it's up more than 6.4% this month alone. right here you're seeing that

upside swing for nvidia taking the market even higher this month. and now the nasdaq's on pace for a third straight winning month of the row, the index now just 1% away from a fresh all-time high we're also looking at the bond market there we're seeing some declines we start off with the benchmark tenure at 3.66 remember just yesterday it opened up at about 3.80. down almost 15 basis points. we're seeing the two-year yield note elevated to 4.4%, something to watch the short end also elevated as well the energy, we're coming off the bit of a rough session, getting a mixed message about cuts, whether or not they're going to do it right now we're seeing the wti u.s. benchmark down a half a percent this morning brent crude basically at 73 buck as barrel. down almost a percent. natural gas down almost a percent as well. we're watching crypto.

bitcoin still below the 30,000 27 and some change, down 2.5%. ether, back below 2,000. that's a key level for that currency, down 2% this morning >> let's get a check on the action in asia and the early trade in europe. our joumanna bercetche is standing by in our london newsroom with both joumanna, disappointing data out of china seems to impact the international market. >> that's right. let's get to that data, frank. chinese factor activity did flow faster than expected in may, hitting a five-month low of 48.8 the services sector did stay in expansion, but did grow at the slowest space in four months asian markets all trading in the red. if you look back for the month of may, you can see all of these indices ended the month in may as well. we've got the shanghai composite down 3.6%. this is over the course of the

month as markets starting to reassess how impactful that recovery is going to play. even more pronounced, the play, the index down 3.8% for the month of may a little bit of green on the nikkei you can see that was the major outperformer up 7% for the month, this as investors got more and more confident on japanese recovery. switching over to year people markets for the month of may, not a pretty picture. you can see one of the biggest performers down 4.5% in the uk, this as commodities came under selling pregs prerchlt it doesn't have a lot of tech exposure either, cha has been a big boon for others. a surprising performance for the dak. the cac is down 4%

it's because of china, the weakness of china. so the picture for european markets for the month of may, not so pretty. >> all right our joumanna bercetche live in our newsroom. turning now to washington, dc, and that bipartisan deal to raise the u.s. debt ceiling, it cleared a key hurdle last night. kevin mccarthy and russia party leadership, they remain. nbc's brie jackson joins me now from washington with more. brie, good morning. >> good morning, frank the debt ceiling drama continues after narrowly passing the house rules committee with a 7-6 vote. the measure now heads to the full house the debt limit fight heads to the house floor for a vote today. battle lines are already gone. >> no republican should vote for this bill, so my focus is trying to persuade my colleagues what's wrong with the bill. >> i have not decided, again,

waiting for the numbers. >> reporter: some hard-line republicans argue the measure which cuts spending did not go far enough progressive democrats raise concerns about concessions president biden made party leaders are working to secure enough votes to get the bill to the president's desk. >> but it's important for house republicans to produce at least 150 votes. this is an agreement that they themselves negotiated, and shay thought be able too produce the votes necessary. >> reporter: if the plan passes the house, it moves to the senate where there's bipartisan praise. >> they have to put reasonbling caps on spending >> i commend biden and his team for producing under the most difficult of circumstances. >> reporter: across the country, a sense of urgency. >> we're tired of gridlock we can't fall default on our

debt the federal government will do the right thing. >> reporter: they're just under the deadline if it passes, the act would extend the debt limit for two years. frank? >> great to see you as always. the pending deal to raise the debt ceiling and avoid a catastrophicdefault could be a positive, but a growing number believe that caps on government spending in that bill will create a new headwind for the u.s. economy, just adding to the pressure of high interest rates and credit positions is the fear of recession mark, good morning, it is great to have you here. >> thanks for having me. >> mark, i want to ask you do you suppose it will hurt the

economy and where do you see that playing out when you talk about the fed, they have their baseline as a recession and a lot of other economists believe we're on the precipice of one as we speak right now. >> i think what's going to happen, once we pass the debt ceiling debate, we'll go back to the fundamental, one in which the u.s. economy is growing at a reasonable praise, some suggesting around 2% in the second quarter of 2023 at the same time we're having core inflation rates close to 5% under the measure we got out a few days ago that's puts the fed cuts off the table. we do think that's going to lead to potentially lower growth rates. that's going to be bad for earnings and also for stockmarkets that we think are

trading -- >> you say fed cuts are off the table. we're looking at the fed tool. it has a 65% chance of a hike. you say it's 100%. give us a sense of what you're saying there. >> i think there's a reasonable chance we'll do another 25 basis points in june or july i think one of the main reasons is we certainly have core inflation at uncomfortably high levels, and the longer we keep inflation rates high eric the more more likely we'll see that we might get a skip, which has been debated as well a lot of it depends on the payroll number we're going to get out. if we're going to get over 200,000, the unemployment rate staying at around 3.4%, the average earnings numbers driving upward at a fast pace, i think that's something that's likely to persuade the fed before they're done. >> very interesting there.

i want to talk about one other big thing when it comes to the markets and economy and the ai where do we stand? we touched on it earlier in the show the big run-up fueled largely by ai do you believe it's a bubble or do you think it's still investable and sustainable today? >> first of all, we think it's significant. it's going to drive market in the next couple of decades with that being said, if we're trading at current levels, which for the broader tech sector is now above 25 times and particularly ai stocks have certainly rallied quite significantly over the last couple of weeks, we do think they'll get a bit extended we're recommending our clients to shift away the focus, particularly in the u.s. where we do think things have gone a little bit too far and focus a little bit more on the defensive sectors such as sort of consumer stable, value-oriented place that's where we would be going

we would like something like emerging markets i know that chinese numbers have come in a little bit below expectations, but there's still decent growth for the full year. we do think of other opportunities. >> mark andersen, we've got to leave it there. time now for a check on this morning's top corporate stories. our silvana henao is here. good morning, silvana. >> good morning to you, frank. ahead of wednesday's fed meeting and a iks manied look at a possible rate hike, loretta mester is making her view clear. in an interview with "financial times," she's pushing back saying, quote, i don't really see a compelling reason to pause, meaning wait until you see evidence before you decide what to do she added, a more compelling case of bringing rates up and then holding for a while until you get less uncertain about the

economy. warren buffett's berkshire hathaway close to breaking away from occidental petroleum. in a filing late yesterday, the company says it's boosted its stake in toil giant by another 4.6 million shares or roughly $275 million, and along with buys in march and earlier this month, berkshire now owns 24.9% of oxi. we continue to watch shares of nvidia after it failed to close above the $1 trillion market brush hold after briefly topping the level at intratrade day yesterday. frank, nvidia not the only stock flying high. shares of 3 cpi closing after announcing its general active ai product is now available on the asw marketplace. that stock is uph almost 40% ths

year, 300% this year. >> you're about to fall over. >> huge. a lot more to come here on "worldwide exchange," including one world investors have to know today. but first much more on the ai boom and the next company to throw its hat in the wing. plus we head back down to washington ahead of today's debt ceiling household and what should matter to investors right now. later, a pair of high-profile business this week ahead of the country's economic future a very busy hour still ahead when "worldwide exchange" returns. stay with us i heard about the payroll tax refund that allowed us to keep the people that have been here taking care of us. learn more at getrefunds.com.

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welcome back to "worldwide exchange." three stocks to watch this morning. we start with shares of ambarella after the chipmaker fell despite a better than feared loss on the quarter the company expects revenue between $60 million and $64 million in q2 compared to the $69 million expected however, the company adds it's taking its inference ai strategy to the next level. shares down almost 18% this morning. hp falling short of wall street's estimates, expanding the cloud services with the compute segment falling 8%, its storage declining by 3%.

still, they emphasize the ai company's unit >> it's going to be a big helper to the pc business it's going to help define what a pc is. the customers are going to be much different, and we're working with the key providers to redesign the pc, so we'll be able to process locally all of the ai applications that today are done in the cloud. and box posting better than expected profits, reducing four-year guidance despite head wipds from foreign currency legislation. the landscape remains difficult with companies still caution on tech spending. he added there are new pockets of weakness around small business and european markets. shares of box up higher, 2% this morning. jamie dimon in shanghai for

the global summit, telling bloomberg his bank will be in china in both good and bad times. at the same time tesla's elon musk continuing his first trip to china in three years with some high-level meeting. our eunice yoon has more. >> reporter: elon musk has already met with three government ministers, and there's an expectation he'll meet with the premier. today he visited with the commerce minister and i.t. minister last night he also dined with one of his key suppliers, the chinese ev battery supplier, catl the state media has been speculating that the two may

have had discussions or could cooperate on a package in shanghai or in north america the social media, though, has been abuzz with the 16-course meal and the whole menu that the two had shared now, of course, he is not the only american ceo here this week jamie dimon with jpmorgan has been headlining an event for the bank in shanghai he had reiterated his commitment to china by saying, telling bloomberg that the bank is there in good times and bad. but what i thought was also interesting, frank, is that he used some language that is seen more favorable to the american government as opposed to the chinese government saying he's in faber of derisking the relationship as opposed to decoupling the relationship. the chinese have said it's basically the same, but the americans have said there is a difference if they want to have a relationship with china, but they just want to make sure that

they manage risks for their own economy. >> when the stakes are high, sometimes semantics matter, eunice are we seeing the corporations taking on leads with china in the past they seem to have had difficulty, we'll call it that. >> a lot of difficulty what i thought was interesting was jamie dimon's approach he reill rated to the audience he's an american patriot, but he says he wants to help the chinese people with some of their own issues he mentioned what he described as a scary 20% youth unemployment problem he was talking about how the bank was affected. they say their expansion hasn't gone as quickly or as will as they would have liked. he was pointing out some of the

challenges the economy faces here, putting jpmorgan as well as u.s. corporate america as perhaps playing a role to try to help stabilize the economy. >> you know, it's kind of a political talk, two business leaders talking about social interests, unemployment. very interesting our eunice yoon live in beijing. ahead here on "worldwide exchange," prepping for a pause or heading for more hikes. we speak with millikin institute chief economist william lee for his outlook on the central bank's picy tholpa forward on "worldwide exchange. we're back in just a moment.

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icy hot pro. jo w jo. wks back to "worldwide exchange." they're turning their attention now back to the direction of the economy. a string of key data's out this week including fed's beige book offering inside into the current economic landscape across multiple regions, the central bank weighing options for the next two weeks loretta mester, she told the "financial times" today she sees no compelling reason to pause rate hikes knowing she's in faber of raising hikes joining me to discuss the fed's next steps, william lee at the millikin institute great to have you here let's get to loretta

they seem to be really fueled by ai. >> yeah, absolutely. nrkts professor me t professore clear beat even though the economy is slowing down. i think what we've learned is a lot of market people are hoping the banking crisis will caution banking lending. it's only slowed down because of a slower demand rather than supply all of the packages together tell us they're going to be clear to continue rates because right now the slowing economy isn't doing its job of slowing inflation. >> this is the question i was wondering mooichls its isn't th creating an economic uncertainty? you raise rates and it creates

more economic uncertainty. >> that's a great point. it's sad that the fed itself can't communicate clearly what its intentions are in some ways it doesn't give us a reference rate we won't put it there if the economy slows down ahead of it, but i think a reference rule like the taylor rule tells us we need about 6%. they should be very clear to give us some clear insight into what they're thinking is needed to slow the economy. >> i've got to talk to you about the debt ceiling as well, generally seen as a positive for the market yesterday we saw the dow finish red. is that a sign that this deal will actually happen >> i think people are getting fed up with the fact that the united states federal government goes with this the global investors are telling us, get your act together. if you're going to show us a model of do dmoks for the rest of the world to emulate, you cannot have this kind of nonsense every now and then where the politicians get

together and say the minority policy holds hostage the debt crisis and holds hostage by the fed government i think the uncertainty that's being caused by this dance is really a function of the democratic government that we have where the minority party doesn't want to give up the process of leveraging. >> bill, one more question you had your big milton conference a few weeks ago were they concerned about the u.s. credit rating was that being discussed and how real do you think a downgradeis today? >> i think the main concern is the fact that the debt path is on an unsustainable trajectory, and i think the discussion behind the scenes was if they only deal with discretionary spending, that's not going to be enough, and fitch may show us that by lowering our rating from aaa to aa. >> thank you for your time and for your insight. time now for a check on this

morning's other headlines outside the markets and your money. we have nbc's frances rivera she's in new york with the very latest >> good morning to you we start with north korea vowing to rectify the issues that plagued the launch of its fitz military reconnaissance satellite on tuesday the launch of the satellite failed due to the reliability of its engine system. the south military said they were recovering what was assumed to be the wreckage of the vehicle. let's turn to russia where vladimir putin vowed to retall yatd for what he said was a ukrainian drone attack in moscow putin said the attack was aimed at scaring russian citizens. lugs local media reported a fire today at an oil refinery they say was caused by a drone strike. manhattan prosecutors are in a tug-of-war with former president putin's lawyers over where his trial will be held

trump's lawyers argue the case belongs in federal court because some of the alleged conduct took place in 2017 when he was president. the d.a. argues it should be held in state court. the 34th president is facing 34 charges over u hush money payments during his campaign in 2016 he's pleaded not guilty. back to you. straight ahead on "worldwide exchange," our weeklong summer stocks spotlight reill racing. a closer look at the names and getting out and spending cash on experiences. the word in 2023. and if you haven't already, follow our odcast. if you missed "worldwide exchange," check out apple, spotify, or other podcast apps w.e.x. will be back right after this use a hybrid cloud solution to connect data across multiple systems globally, then analyze all that data with watson.

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it's around 5:35 in the new york city area lawmakers set to vote on the deet deal with the clock ticking closer and closer to the apparent x date, but could the opposition to derail the bill have more? plus the nasdaq trading at its highest level in nearly a year, but the dow and s&p both being left in the dust jo and china becoming the latest country to sound the alarm over

ai it is wednesday, may 31st, and you're watching "worldwide exchange" right here on cnbc ♪ welcome back i'm frank holland. thanks for waking up with us as we mentioned earlier, futures are lower. we're seeing the indices in the red about a quarter of a percent, again, it is early. however, it may prove to be more when it comes to tech. up nearly 6.5% barring today let's moves. down 3% with the s&p basically flat for the month yuchl're seeing the nvidia bump here when it comes to the nasdaq we're checking the body markets as we inch closer and closer to the x date that's now been moved to june 5th. we're seeing bond yields decline quite a bit.

yesterday at 3.0 this morning 3.5 still elevated when it comes to the two-year at 4.44 energy tumbling ahead of this weekend's opec plus meeting. wti below 70 bucks, down more than half a percent. brent crude basically $73 a barrel down almost the same same story with natural gas. now with the top stories silvana henao is back with us. >>china is calling on cenincreae security steps over the ai risks. they stressed the need for staling keenly aware of the complicated and challenging circumstances facing national security that's around ai the comments come during a visit

by elon muff whoc has been outspoken about the dangers around ai. a u.s. judge reportedly handing done a ruling in connection to the deadly 2019 ethiopian airlines crash involving a 737 max jet. now, according to reuters, a judge rules relatives may seek compensation for the pain and suffering felt before impact by the people killed on the plane in 2021. boeing agreed to acknowledge liability for compensatory damages in lawsuits filed by families of the 157 people killed. and twilio has reportedly been meeting with activists and lesion partners. they have met several times in the past few months with legion

seeking changes. they've added super voting shares which gives the ceo a 20% voting stake, set to expire in less than a month, potentially opening up the company to more pressure from stockholders shares of twilio are higher in the premarket, frank. >> considerably higher it's been a big year for activist investors. >> it really has so far, and it's only the end of may more to come. >> thank you very much. turning back to washington and a bipartisan deal to raise the u.s. debt ceiling. a key hurdle last night by a very slim margin, and it's on its way to a full house vote later today. headwinds for speaker mccarthy and the republicans remain they voted no, calling to move mccarthy as speaker, saying there's too much for the democrats. and they promise a reckoning for

mccarthy as of right now all of this as the nonpartisan congressional office says it will cut deficits by $1.5 trillion over ten years, i couldn't get your name out how's it going >> how's it going, frank. >> how real do you see a possibility of this bill not passing? we had so much optimism over the weekend, but tuesday we're seeing a lot of pushback honestly on both sides of the aisle. >> i think the two wings are pushing back, but the fact that it cleared the house rules committee last night is a p positive sign. it will pass the floor, likely the senate by the end of the week i think the chances for this bill are very high and it would take some new catalyst to enter

the discussion, to change the vote dynamics at this point. the wings will pass it, but the centers will hold. relatively comfortable. >> you're relatively comfortable when it comes to this. a lot of people are concerned about this. and i want to talk about the u.s. credit rating how do you see the credit rating agencies viewing this entire deal and the fact we're seeing still so much bipartisan disagreement when it comes to it >> so s&p downgraded their rating in 2011 after the deal was reached in 2011 between president obama and speaker boehner. so certainly there's a precedent the agencies can step in and downgrade after a debt ceiling deal even though there will be no missed payments that's certainly a possibility

at the same time, i think the rating agencies have to consider the fact that even with an s&p downgrade in 2011, yields fell the bond market rallied. there was a flight to safety due to other economic impacts and considerations at the siem so from a credibility standpoint, sit good for the credit agencies to downgrade and see another rally in the credit market that's probably a consideration as well. you say what's the point with a downgrade. >> one more thing, coming out moments ago from china's commerce minister who just wrapped up his meeting with elon musk saying two had extensive in-depth talks over china and u.s. cooperation he added china will continue with long-term stable

development with foreign firms what does that say is the u.s. taking the lead in dealings what does this say to you about the path forward a far as governmental relations and corporate relations? >> i don't think they're taking a lead in relations because they're not beholden or constrained by the things our government is constrained by obviously they're looking to penetrate a market, to grow a market government leaders have other considerations obviously representing u.s. companies and trying to enhance u.s. company opportunities abroad, they also have multilateral considerations, so government officials collaborating with u.s. allies in the region. and that just leads to a slower process in terms of engaging with china so i don't see them taking a lead i see them -- i see the private sector having different considerations and not being

constrained by factors that hold back a government entity like the u.s.ed if real government. >> brian gardner, we've got to leave the conversation there always appreciate it. coming up here on "worldwide exchange," taylor swift and herreras tour setting a high bar for the summer seasonful we continue our weeklong summer spotlight series at a look at which stocks are crowd pleasers. as we head to break, some of your top stories new zealand to weigh passengers on internag a flights. the data will be annonymous saying there's no visible display on the scale to see an individual's weight. a new survey finding that approximately 58% of americans are familiar with chatgpt. only 14% have tried it as concerns about the potential misuse persists. the survey also finding use and

awareness of chatgpt vais significantly across demo demographics. the final episode of "ted lasso" drops today the show's twitter account representing its final match ahead of its final episode jason sudeikis suggeing asstseon three would be the final one, but did not rule out a spin-off. "worldwide exchange" coming back in a moment. it starts with a grill. but it becomes so much more.

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welcome back to "worldwide exchange." time now for your morning call sheet where we check on the biggest upgrades and downgrades with firms you know and stocks you likely own we start out with jpmorgan the price target from $160 to $170 a share it's normalized and it feels the banks are balanced at the current level. piper raising the microsoft target making it one of the highest on the street. it cites the tech giant's history and ability to bring artificial intelligence to the masses over the coming years. and bernstein names amazon as one of its top picks in raising the price target moving that from $125 per share to $140 per share. it says amazon has an appealing

setup and long-term quality growth. turning now to our weeklong summer stocks highlight series today it's all about live entertainment with taylor swift's blowout eras tour becoming the latest and maybe best example of strong appetite for concerts, sporting events, and other shows. are consumers in a lovers era or is it just swift peter wolfe is here. i don't know what lovers era means. all of this enthusiasm we're seeing over taylor swift, is it a one-off or a broader trend when it comes to live entertainment? >> demand is robust across the board. sports ratings are outperforming everything else. leave music is hot, an things like formula 1, wwe , is up.

taylor swift is leading. >> it's not just wwe you're going to see a combined swift entertainment and physical sport. how do you see the combination i know you don't know quite yet until it's all the way finished, but what's your forward looking view when it comes to that combination. >> as a child of the '80s and '90s, i'm still trying to get over the demise of heavyweight boxing, but wwe appears to have a lock on the world of combat sports and the combination seems smart. if you think about the role that live sports plays for a streaming company -- and that's where the audiences in

television are filming this streaming, the live audience is a way for them to keep engaged wwe provides 52 weeks a year of regular viewing from millions of customers, so we think they have something very special for sale to tv distributors. >> give us a sense of your top picks when it comes to this entire sector. where does the company like live nation that provides tickets and tours, where does it stand >> livenation happens to be coming off of a live level it has this wonderful competitive position with a dominant share of the ticketing business and promotion business. it's a pretty wonderful thing on the country's demand to see live

entertainment. it's overseen by a very confident management teamwith uniquely sharp eye on shareholder value creation so it's very bullish there there's some tail riff income the next couple of months associated with the department of justice, which is reportedly investigating livenation for the very reason why we're so enthusiastic about the company, which is the strength of their competitive position you side of that outside risk, we really like it. >> certainly something to watch. peter supino, you say you were the child of the '80s. very good to have you here. ahead on "worldwide exchange," the one word every investor needs to know greg branch lays out the final trading day of the month and whether he's buying into tech's dominance. "worldwide exchange" will be back after this.

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welcome back to "worldwide exchange." time now for your w.e.x. wrap-up. we begin with already rita mester she's pushing back the case for the fed to pause nair next meeting. jamie dimon says the u.s. and china need to have a real engagement over the countries' disputes elon musk is also in china meeting with the country's indian minister, the two discussing electric and intelligent network to vehicles. shares of ambarella falling below the forecast they're working through existing territory. and s.e.c. filing has shown berkshire hathaway has snatched up more shares of oxi petroleum to about 25%

berkshire will take full kroul of occidental, says rumors. and foxconn expects overall growth to be flat this year due to global economic uncertainty. we're gearing up for the trading day ahead. we get weekly global app indications. job figures and openings and labor turnover, aka, the j.o.l.t.s. report out later this morning. >> as for earnings, sales from nordstrom, ka prirks and c3a ai. and several high profile annual shareholder meekings taking place including exxon mobile, chevron, walmart, and meta futures down this morning.

nasdaq recovering just a bit, but still down across the board, and it ma be proving to be a story of the haves and h have-nots. the dow, it's down 3% with the s&p flight for the next month. our next guest says the current levels, he's not sold on the stocks greg, also great to see you. >> great to be here, frank. >> we've got to jump into this one, greg. what are you not sold about? we see c3.ai what are you not seeing that you're a fan of? >> frank, everything you're saying right now is about a very narrow breadth, and a breadth this narrow when the top ten stocks have contributed 70% of the performance, that's not a harbinger of a well-substantiated future rally. let's just stipulate that they

do get this debt deal done i do believe we'll likely see a downgrade and that will further push credit tightness and drain liquidity on the system and likely lead to a recession toward the end of this year because the fed will be back on watch. and as loretta mester just said, it will probably be tied to the fed to take front and center and inflation will continue to push rates. estimates are not reflecting that they're reflecting the two rate cuts the market was expecting up until recently. >> one upgrade i heard a key word if this deal gets done it sounds like you're doubting i. even if it gets done, it sounds like i could get downgraded. what's your word of the day? >> suspenseful this will be a suspenseful couple of days let me stipulate i'm more confident we will not default since i have been in january since this got out of rules last night. i believe there's a low

likelihood we'll default at this point. there are three risks. the first is that they challenge the speaker -- vacate and that would only come from reps roy and bishop at this point one senator could hang this up low probability of that. and janet yellen has the date wrong. low probability on that too. one thing i want to talk about, u.s. and china relations. there was talks about u.s./china economic and trade cooperation we have elon musk in china, jamie dimon in china, talking about they plan to be there. do you feel like corporate america is taking the lead when it comes to u.s./china relations, and what does that mean for the markets >> i hope they have. that will be a short-term thing. obviously the president's attention has been diverted, the debt ceiling debacle, for the last two months. i don't think there's anything meaningful to the markets yet. we'll have to see how long the leadership continues, but i

think once it passes the debt ceiling debacle resumes leadership and the right channels will be hoping to get. >> greg, great to see you. thank you for being here. >> my pleasure. one last look at the futures, futures off their lows this morning, inching toward being flat right now down a fraction. that's going to do it for "worldwide exchange. i don't know who greg is talking to but i'm talki tyongo u guys "squawk box" is next thank you for watchings. ou how they could be more efficient? i'm listening. well, with ibm, you can use software to help you connect and analyze data— from hvacs to elevators to lights. what if we use ai-driven insights to pinpoint inefficiency? yep. and act on it. saving energy, money... ... and emissions. yup. that's a big one. now you've built something better for everyone. that's the sustainability solution ibm and a global real estate company created. what will you create? ibm. let's create.

the house set to vote on the debt ceiling the deal's tore. we'll take you to washington and the odds of passage and the future of mccarthy's

speakership. we'll show you how markets could react to the prospect of higher rates. plus jamie dimon speaking in china as the bank looks to increase its footprint there it's wednesday, may 31st, 2023, and "squawk box" begins right now. ♪ good morning, everybody. welcome to "squawk box" right here on cnbc we are live from the nasdaq market site in time square i'm becky quick along with joe kernen andrew is out today. why don't we see how u.s. equity futures are shaping up at this how. you'll see right now there are some red arrows. dow future