it is 5:00 a.m. at cnbc global headquarters. here is the "five@5. the senate passed the debt ceiling bill we are live in washington with reaction. stocks tracking for relief rally following late night vote. tech still tracking for the longest win streak in years. the may jobs report before the fed next policy decision a case of retail haves and have-nots. shares of lululemon pop in the

pre-market the stock spotlight wraps up with fin stock it's friday, june 2nd, 2023. you are watching "worldwide exchange" on cnbc. good morning welcome to "worldwide exchange." i'm contessa brewer in for frank holland. we are seeing a higher session for stocks at this hour. we saw the nasdaq gain the s&p implied opening up 16 points dow jones industrial average is implied to open 138. the nasdaq up 56 ahead of the open, stocks looking for a mixed week with the nasdaq the lone gainer this would be the sixth straight winning week

the longest win streak since before the pandemic. let's look at the 10-year treasury right now, the yield is 3.61%. in energy, you have oil coming off the best day since mid-may higher this morning. wti is up 1.1.74%. wti and brent. nat gas up 1% as well. all of this as investors wait for the may jobs report due at 8:30 a.m. eastern time the report is one of the final major economic data points ahead of the federal reserve june 14th policy decision where interest rate tradersare forecasting th fed pause practicing the historic rate hiking cycle economists expect employer to add 190,000 new jobs last month. that is down from 25253,000 in

april. let's get to washington enough and the senate last night voting to approve the bipartisan debt limit deal and avert what could have been a catastrophic and historic u.s. default. one the treasury says could have happened as early as june 5th. three days from now. nbc's brie jackson is joining me from washington. sigh of relief, brie >> reporter: absolutely, co con contessa after negotiations, congress did pass the measure to raise the debt ceiling the bill will cap spending for the next two years >> the bill is passed. >> reporter: economic can task tr -- catastrophe averted. 63-36. senate passes the debt ceiling

in a statement, the president called the move a big win for the economy and american people. a sentiment echoed throughout his administration >> it builds on another step the president secured last year when passed the inflation reduction act. >> reporter: mitch mcconnell praised the bill as an important step toward fiscal sanity. the measure also comes with criticism. senators introduced 11 amendments all shot down. including senator tim kaine's attempt to block efforts to speed up completion of the controversial gas pipeline >> virginians don't want their land taken >> it has been scrutinized to the e enth degree >> reporter: neither side got everything they wanted compromise was essential to saving the country from a first ever default >> we are very, very happy

default was the giant sword hanging over america's head. >> reporter: the bill is now headed to president biden's desk president biden is scheduled to address the nation on the debt ceiling bill later this evening. contessa >> we will check that off our list brie, thank you for joining us we want a look at the top corporate stories with silvana henao. great to see you, silvana. >> good morning, contescontessa jpmorgan chase's ceo jamie dimon is planning to visit taiwan after wrapping up the trip to china amid high tension with beijing and washington according to reports, dimon is set to arrive in taiwan today as part of the trip across asia and will meet with 500 local employees and customers. chinese ev start up li auto delivered twice as many cars in may versus a year ago marking

the third trstraight month li ao deliverables from competitors. and meta will require employees to return to the office three days a week starting in september joining amazon and alphabet in reversin course a meta spokesperson said they started notifying employees yesterday and confident that workers can make a meaningful impact from the office and at home contessa three days a week. >> silvana, thank you. let's look at futures this morning as investors wait for the monthly jobs report. you can see green across the board. we are watching the jobs report and if that influences the next steps to tame inflation. ahead of that, bank of america

said they saw the biggest weekly inflows attracting nearly $7.2 billion on confidence over the debt ceiling deal and a.i. fuel tech rally joining me now is gene goldman it is great to see you thanks for being up with us, gene. >> my pleasure thank you, contessa. >> on the equity markets, let's get a sense here we are waiting on the fed decision we have the debt deal done do you think the equity markets now are looking for more valleys to come this customer in. >> -- come this summer >> they not pessimistic enough over the rate cuts markets are in favor the disinflation optimism. you look at the vix. vix is the at the lowest level since 2021

recession is likely in the second or third quarter of this year probably the third quarter you look at the data yesterday ism new orders terrible number. lei. powell speaks and talks about volcker all the time we need recession to slow inflation. you need earnings to slide the average recession takes 20% decline. we see all of the things together and valuations are not reflective we see a lot of headwinds and we think conditions are ripe for a market correction. >> the markets may hope for cuts, as i said, the expectation is a pause what do you think will happen here, gene what does the fed need to do at this point to still try to control inflation and slow the economy without sending us off a cliff? >> i think the fed needs to pray

a lot of disinflation trends are working. i think the fed is finally going to get it right. you see inflation slow down. you see commodities helped by disinflation i think the fed finally gets it right. the fed is finally talking the markets to where the fed expects to be. look at the dots plot. the markets have said the year end would be 4% to 4.5%. now implied 2023 is at 5.05% the markets are catching up to the fed. one thingthat worries me is th fed is data dependent. they pencilled out we will pause out the june meeting let's hope the payroll report comes in lower than expected, which we think will. >> 30 seconds left i would like to hear your favorite sectors leading into summer >> great question. three favorite sectors

number one, this is the most used and overestimated sector. technology we are buyers of technology. technology protects margins and earnings growth is expected to jump 15% next year after falling 16% this year. the timing is perfect. you have the pandemic related glut worked through a.i. is feeding that fever industrials and agriculture. then financials. rate hike cycles ending. capital markets are opening up a little bit you see good, easy comps recession is likely to be mild all of this could be an attractive opportunity >> gene goldman, thank you so much i appreciate it. >> thank you, contessa. more to come here on "worldwide exchange," including the one word voinvestors have t

know today. first, shares of lululemon popping in pre-market in the case of haves and have-nots. we have the retail playbook coming up. and a closer look at one sector struggling to keep hiring momentum alive and later, like dice at the craps table, our summer series rolls on with the look at casino stocks will you bet on that a very busy hour aadhehe wn "worldwide exchange" returns what if you could make analyzing a big bank's data... no big deal? go on... well, what if you partner with ibm and red hat, use a hybrid cloud solution to connect data across clouds, then analyze all that data with watson. okay, but this needs to meet our... security standards? yup.

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good friday morning. coming up on 15 minutes past the hour three stock forstories of the dy the mongodb reports biggest customer increase in more than two years. during the quarter, the company extended the partnership with alibaba through 2027 pager duty doesn't share the same outlook reducing guidance for the fiscal year over macroeconomics concerns the company provides management software and posted revenue growth of 21%, but has started to see a slowdown in recent months shares are down nearly 12% and sentinelone shares cratering after missing expectations and

sla slashed guidance look at shares down 37%. the company executives blame business reductions in spending. it is ensuring the path to profitability which is not reflected in the shares. the ceo will be on "squawk box" later this morning. ahead on "worldwide exchange," the friday call shet and the biggest upgrad aesnd downgrades from the stocks you know and likely own. ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪

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good morning let's get to the morning call sheet. we are checking a few of the morning biggest upgrades and downgrades by firms you know and stocks you might own we just hit this stock with dana telsey dollar general piper sandler is downgrading it moving it from overweight to neutral. from 275 dollars to $178 per share. piper sandler says weakness and concerns that guidance hasn't been reduced enough. you have xcel energy with a downgrade from jpmorgan chase and wolfe research shares unchanged jpmorgan chase lowering the rating with wolfe lowing as

well regulatory risks tied to a case of electric rate in minnesota is behind that. one more now with evercore upgrading microsoft to $400 a share. evercore says what else? infusion of a.i. across the product portfolio provides a long-term opportunity. shares up .50%. let get a check of the headlines with nbc's frances rivera in new york >> contessa, good morning. we start with bill cosby who is facing a new lawsuit by a woman who said he drugged and raped her in 1969. there are several inconsistencies in after statement according to his

lawyer he has denied all of the charges. he spent three years in prison for assault before a judge overturned that verdict. yesterday was the first day of hurricane season and with it came wicked weather across the south. flooding sunk highways in texas. the system is brewing in the gulf of mexico as other states like florida prepare for more storms today and a new winner from virginia officially crowned at 95th scripps national spelling bee. >> that is correct >> that was dev shah's word. he took home the $50,000 prize contessa, i never heard of that word i had to lookit up vocabulary is important. it means a plant or animal that prefers or thrives in sandy

areas. we'll all be tested on that. >> for anybody who does news presenting, pronunciation is the most important thing we put spelling back here. it doesn't matter how it is spelled as long as you can pronounce it if you say it with authority, frances -- >> i'm right there with you. blaze by it and say it quickly no one will ever know. >> have a great weekend. thank you. lululemon shares popping in the pre-market after a solid top and bottom line beat the company is raising the full year guidance. calvin mcckcdonald says they sen changes in customer guidance

a stark contrast from doll general shares look at how they plummeted to the 52-week low yesterday in the extended trade which is not off much by .10% a weak earnings report and the shopper segment is pulling back in a significant way we are looking at a retail sector that is a study in have and have-nots. joining me now is dana telsey. when you are looking at the difference between lululemon and nordstrom and dollar general, is there a theme about who is getting the customers shopping and who is not >> yes, there is a theme emerging you mentioned income levels. lower income to middle-income consumer is pressured in terms of spending given high inflation and what is happening with food prices and focused on essentials you look at the higher income spenders and in many instances,

you have moderation, lululemons numbers were impressive yesterday. 30% traffic gains and product driving demand and hybrid work model allowing for more casual work wear, they are destination for active and destination. >> it was interesting. nordstrom commented that active wear was the strongest category. it looks like we'reemerging from pandemic work from home yoga pants, but active wear is a trend here to stay. >> it is front and center. when you look at the active wear, you have more occasions you are wearing it keep in mind nordstrom said the weakest area was luxury. that is what i'm saying with the moderation you are seeing. >> we see advanced auto parts, dollar general, target, kohl's, macy's and victoria's secret all

trading at lows not since x, x, x. where do investors take advantage of the trading at historic low >> when you think of companies, it is interesting with macy's and what is happening. on the macy's side, it has been weak, but their guidance is taking into account the conservatism they built in and the ability for them with clean inventories to manage their margin margins. it seems that is the one as we go through the year and they could see success of impr improvement. especially if tourism comes back. >> i saw this era in a note from the company i cover. they called it a cost of living crisis that what you are seeing at dollar general and if they see the consumables, what you are eating, is strength.

everythinges else is falling to the side do you anticipate that turning around this summer or are you looking in retail that there is going to be some sit back and wait and see what happens? >> i think it is the lower-income consumer. they are more discerning during the summer as well because they have to make that dollar stretch further. we have lower gas prices, but you have lower food prices and cost of inflation is a headwind with daily pocketbook. that is why you see the pricers with tjx and ross and burlington with opportunity. >> transportation and supply chain and inventory. are those resolving? >> yes resolving and tailwind to margins. >> dana telsey thank you. have a great weekend. still ahead, another key departure of twitter and one

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we're approaching half past the hour in new york and just getting started on "worldwide exchange." done deal. the senate signing off on the debt deal and president biden

set to address the nation on the conclusion of the d.c. drama. investors looking high as the dow looks to avoid the third straight week of losses. markets gearing up for the big jobs report. we're talking to the founder of manufacturing company on the hurdles he is facing when it comes to staffing up and beyond. it is friday, june 2nd you are watching "worldwide exchange" on cnbc. welcome back i'm contessa brewer in for frank holland. let's check on the u.s. stock futures after a mostly higher session for stocks yesterday the nasdaq gain another 1% for the highest close since august we are looking at green across the board. s&p 500 is shaping up to open 22 points higher. dow jones industrial average is

165 points higher. nasdaq is up 86 points turning to the bond market as the investors look at the conclusion of the political back and forth of the debt limit and yields as you can see are higher let's look at the 10-year treasury up 3.61% let's hit oil. it is tumbling 3.5% so far are this week. right now, you are looking at wti up 1.9%. brent up 1.8%. nat gas up 1%. a check of action in asia and europe with joumanna bercetche who is in our london newsroom hello, joumanna. >> good morning. there is a lot of green on the board for the final trading day of the week. for the week as a whole, these will end in negative territory today's sentiment is positive. broad gains and the indices. ftse 100 up 1% bounce in minors dax is up 1.1% in germany.

we are keeping a close eye on the inflation data from the eurozone this week surprising on the downside that was a positive development for the euro economies cac 40 in france up 1.3% a bounce in luxury switching to yasasia the nikkei is up 1 p.3%. it is on a 32-year high. this is a jump on the electronics and chip makers and one name with softbank hang seng with a strong session overnight. 4 points higher and the shanghai composite ending positive territory as well >> speaking of softbank, that is tr trading higher >> yes

the a.i. chip frenzy is pushing that higher. the japanese giant is looking at the portfolio plunge and now an uptick of 17% this week alone. don't forget softbank is ipo'ing the chip arm this week >> thank you, joumanna bercetche. let's go to washington and the united states avoiding default. the senate passed the house approved bill to suspend the ceiling on the debt limit until january of 2025. bypassing the next presidential election the vote was 63-36 in the senate president biden scheduled a nationwide address this evening. all that drama and fiscal wrangling to avoid a first ever sovereign debt default after the senate pushed the bill through, moody's release a

st statement saying there is no reason to downgrade. let's get the latest on the corporate stories with silvana henao. twitter's top safety executive is leaving the social media company. she resigned from the position which oversaw the policies on harassment and hate speech and violent content. the company faced criticism for the easing of protections of content. this comes as twitter struggles to keep advertisers as brands and raises worries around questionable content. the activist investor known for shaking up the biggest companies is facing a shakeup of its own. trian founder ed garden is

stepping down. the federal judge overseeing the disney lawsuit against ron desantis recused himself citing a potential conflict because a family member owns stock in the entertainment company. desantis sought to have the judge who ruled against the governor several times before removed from the case. arguing he could not be impartial with two previous unrelated cases. contessa >> thank you, silvana henao. first friday in june and investors are watching for the may employment report out at 8:30 a.m today's report is one of the final economic data points ahead of the fed reserve june 14th policy decision where interest rate traders are forecasting the fed pauses the historic rate cycle. economists expects employers to

add 190,000 jobs this month which is down from 250,000 in april. the unemployment rate is expected to tick higher to 3.5%. some sectors like healthcare and hospitality have been leading the job gains year to date, but others are mixed at best like manufacturing which is adding more than 11,000 net new jobs last month after losing 5,000 in the two months prior. joining me now is rob bossen rob, it is great to see you this morning. >> thanks for having me. >> i'm curious, when you look at the job outlook and manufacturing, what is factoring into whether you hire or not or layoff or not or what you can expand and how you manage the headwinds? >> we are looking at what we can do to hire is the health of retailers and outfitters

when we're looking at next year, we are waiting for the summer. if this summer goes well, dealers will have sold through their current inventory and looking to order next year many are still working through the covid hangover still a lot of inventory that is worked through we are in awaitinwaiting stage. we hope to add more jobs this fall we will see how things pan out and if consumer stays strong this summer, we are optimistic next summer. >> who are your important retailers? >> we sell to specialty retailers. small mom and pop retailers. we are a midwest company we specialize in the upper midwest. if those companies are doing well, they will do well. >> have they been able to deal with the supply chain issues

better than the big chain retailers? >> in some ways, they have most of the retailers around now have been around for a long time most of the small businesses survived the 2008 financial crisis they learned from that they sized down when they needed to they have learned to navigate that pretty well i'm optimistic about the small retailers being able to recover more quickly from the hangover than the larger retailers have been able to so far. >> rob, i understand that you have your paddleboards made in china. how much are the trade tensions with china and spreading covid numbers and if china is dealing with the big outbreak whu.s. had three years ago? how is that managing your business >> one of the things we are

doing is we added a new product line we added canoes to the lineup in the last 18 to 24 months that is an area we will continue to expand. we will try to hedge a little bit against the exposure on the paddleboard side of the business in terms of the relationships with our factories in china, they remain good it's one of the things where we want to make sure we are being smart about our business in the long term and realizing there are risks we didn't see two or three years ago that exist today. >> have you toyed with the idea of looking around for another place to manufacture your products >> yeah, we have of the it is always something on our mind it is something we evaluate. it is something where at this point we don't have a current plan to do that. we evaluate our sourcing where we get raw materials and production done and we'll continue to expand the u.s.

manufacturing over the coming years with the canoe side of the busines business >> i hope it is a great summer rob bossen, thank you. >> i appreciate the time thank you. coming up, the conclusion of the week long summer stock spotlight series and best bang for your buck gambling names you can bet on our next guest. as we head to break, top trending stories k-pop shares agencies have jumped 33% this year double the rise by the country's benchmark kospi index. billy joel is moving out out of madison square garden he will end his record-breaking residency at the venue after 150 shows with the first of the final ten shows set to take place in october in celebration of national doughnut day, chain restaurants

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people will see movies on large screens. we thought that was post pandemic this is a lasting trend. it increased the box office in a way that couldn't happen otherwise, movie theaters don't have to raise prices. >> the demand for live entertainment products is robust sports is out performing in the pay tv bundle. live music is hot. things like formula 1 and wwe. people are excited to be out and about. >> demand for leisure travel is robust we heard from all of the major online booking sites and first quarter earnings the last few weeks. that was the main take away. >> slice of what we heard from top analysts in the summer stock spot spotlight series highlighting the series from movies to streaming and travel experiences and live

entertainment. nobody mentioned taylor swift in that we focus on -- how lucky am i? gambling and gaming. casinos. not just traditional, but online and sports betting the american gaming association last monthreported revenue in the country in gaming hit $16.6 billion. the eighth straight record-breaking quarter. consumers bet $31 billion on sports with growth driven by new legal markets in kansas, massachusetts and ohio let's see which companies are leading the way. bernie mcternan is here with me now to focus on internet gambling bernie, good morning >> thanks for having me on >> you have two names we don't spend a lot of time on here on cnbc one name hogs all of the

spotlight. i want to start with the b-to-c guys you are picking a data provider. a contract with the nfl. i want to hear why you like genius as one of your favorite stock picks. >> certainly genius was the top pick and still is entering the year a data provider. a pick and shovel way of playing the industry it is a duopoly. think of a tv broadcaster with the exclusive rights with the leagues and repackage them and instead of selling to cable providers, they sell to the sports betting operators genius has the nfl contract and epl contract those are the two most important contracts in the world while the companies are inn p v -- investing in data rights, we have ebitda to 2024. one of the things that is not

just them being a data provider is them embracing tech and generative a.i one thing they are doing with the ownership of second spector is investing in video to 3d modelling. the next generation of broadcasting where they film the game and have cameras all over the stadium and take that and put it into a 3d model that is how the consumer interacts with the game. if you watch the finals and you see jokic make the great passes and you want to see his point of view, genius' will allow you to do that. it is, at some point, that is how you watch games through traditional broadcasters or streaming operators or sports betters. it is an interesting way of riding the wave of sports betting growth, but benefitting from the transition to

broadcasting of the. >> the year to date chart looks good i want to point out the shares are off 7.5% in the overnight trade. let's move to rush street interactive. i spoke with richard schwartz and he said he is insistent that rush street interactive is making real gains in online casino games which really are offered in six states right now as it stands why do you like rsi? >> we like rsi because they have gaming the interesting focus is the sports betting industry and digital sports betting is on customer acquisition costs one thing that is interesting is rush street is going after a different customer the traditional 40-year-old male is the sports betting demographic, but it is really the 45 or 50 year female that rush street is going after

that is an interesting opportunity where you are going after a different consumer set what we think is a major deal is to get that stock to work higher is the legislation we have talked about that for some time. >> bernie, i want to fit in draftkings here. it is a duopoly in the united states 80% of the market share belongs to fanduel and draftkings. coun in states they operated the longest, they are making a profit year to date, 117% increase. >> what you are seeing in that chart is the narrative shift last year we were talking about can this company survivor run out of cash? the debate focused because of

the information is who could 2025 ebitda be consensus continuing to come closer to us we think it will ramp to $1.2 billion. that is why the stock is attractive the u.s. sports betting market is getting most mature they have been telling us as states mature, they should get more profitable. that is what we are seeing p c - seeing come through. >> bernie mcternan, thank you. ahead, the one word every investor needs to know and one thing that is overlooked on the a.i. bandwagon if you miss us, check us out on your favorite podcast app we'll be right back. ♪ searching lower prices, ♪ ♪ and brands you love on the shelves. ♪ behind the counter, or in the aisles, healthier's better when it happens together. cvs pharmacy. healthier happens together.

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look from around the world london, hong kong, new york and washington, d.c. a bipartisan deal can get done averting historic default keeping the credit rating for the united states right where it was. welcome back to "worldwide exchange." time for the "wex wrap-up. the senate passing the bill to end the debt ceiling standoff and avoid default. the legislation heads to the president's desk for signature we propebably won't have to deal with it again until 2025. jamie dimon planning to visit taiwan today dimon will meet with jpmorgan chase customers and employees after wrapping up the trip to china. and softbank shares jumping amid the frenzy for a.i. related stocks up 4.3% in the extended overnight trade.

shares risen 17% ahead of the close for the chip designer arm. journalists across the united states are planning to walk off the jobs next week at two dozen newsrooms run by gannett. protesting the leadership and cost cutting measures. and five below lowers the full y full year outlook. the retailer says it remains focused on playing defense to drive increase in market share meta will require employees to return to the office three days a week starting in september. meta began notifying the employees yesterday of the policy of the new hybrid work model. i would say it is not as bad as you fear go back. you can get face time with the boss let's gear up for the trading day ahead. investors wait for the jobs report we get data on non-farm payroll.

average hourly earnings and labor participation and unemployment rate. we get the bank balance sheets after the close at 4:15 p.m. a final check on the markets ahead of the jobs report and futures are green across the board. the dow jones industrial average and s&p 500 and nasdaq all in the green and indicated to open higher on the day. joining me is simeo hyman. do you think that is relief over the debt ceiling deal or optimism the fed will pause in the historic rate hiking cycle the? what is giving investors confidence >> we had two reliefs. the bank thing, whatever that is, it is a headwind, but not bringing down the economy. the debt ceiling was bringing

volatility that is bringing relief. we have uncertainty. we had a very weak ism manufacturing report my guess is we get a decent employment number. there is volatility in terms of the economic outlook. >> we got a note from bank of america that said weekly flows last week into tech were more than $8 billion. really remarkable. what is it about technology right now? is it the buzz over a.i. or is there real tailwind to the sector >> folks looking appropriately to the equity market for growth. the question of what you pay for that is an important question. what is interesting about what is transpired not just over the last few weeks, but over the last decade is volatility is picked up in the bond market and dropped in the equity market everybody is thinking about reallocating remember that equities are less risky than they used to be bonds are riskier than they used

to be. you have to buy stocks that grow something. >> all right what would be your word of the day? this is friday it is important for the wex word of the day >> word of the day is dividends. in the a.i. driven tech thing that brought the market up over the course of the last few months, dividends have been left behind specifically from our perspective, we focus on dividend growth. s&p 500 are trading 15% discount to the market and 50% discount to tech. >> those are stocks you can hold through volatility because you get something back for them. >> absolutely. it is the growth of the dividends that is important. after all, if you buy a stock that is not growing in earnings or cash flows or dividends, it looks like a bond. >> simeon, i appreciate you coming in this morning thank you. >> thank you. let's check on the futures as we head into our day ahead

with the jobs report and weekend to come. you see green across the board that does it for us on "worldwide exchange. "squawk box" is next ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪

good morning debt ceiling disaster averted. the senate passing the bill to avoid default and president biden will sign it today it's on his desk big moves to watch and a cybersecurity stock plunging we have an interview with the ceo of sentinelone. the next potential market catalyst is the jobs report. time for that today. we will tell you what to expect after a strong adp report we got

yesterday. it's june 2nd, 2023. "squawk box" begins right now. good morning welcome back to "squawk box" here on cnbc we are live at the nasdaq market site in times square i'm andrew ross sorkin i'm back after being sick to torture joe kernen nice to see you. >> you are only at 70% >> i'm never perfect i am in the 70%. i have it in the throat and nose >> what about this strain? >> i don't have a strain >> could you be contagious you have a strain of something. >> a cold. >> you know for a fact you are not contagious now, but here you are? >> i'm four days in. three and a half days in, four days