it is 5:00 a.m. at cnbc global headquarters. here are the "five@5." apple lifts the curtain on the $3,500 headset and most ambitious hardware since the ipad wall street is not sold yet. crypto crush stakeholders deal with the fallout of the s.e.c. crackdown on binance the big question who's next growing odds the fed will pause next week, but stopping other central banks?

it is not happening. and we are watching another day of disruption at major west coasts sports. track the the retail ripple effect don't shred coupons yet. possible second life for bed, bath & beyond's buy buy baby you are watching "worldwide exchange" here on cnbc good morning welcome to "worldwide exchange." i'm contessa brewer in for frank holland. stocks closed mostly lower yesterday erasing the gains that brought the s&p to the highest level in nine months this morning, you see a mixed trading day. s&p is in the red. the implied open down 3 points dow jones industrial average down 33. the nasdaq is higher by 7

points oil, on the heels of the opec news over the weekend, wti crude is down 2% nat gas down .50%. and crypto bubble back up slightly bitcoin fell below $26,000 you see it up by .50% as the s.e.c. puts the regulatory screw to the sector. going after binance and bitcoin is at $25,719. watching shares of apple that stock hit an all-time high yesterday before it unveiled the $3,500 augmented reality headset. the vision pro the stock closed down lower. you see it is off in the extended trade down .40%. we'll have more on the device coming up later. let's get a check on the

action in asia and early trade in europe with julianna tatelbaum standing by in the london newsroom. good morning, julianna >> good morning. as for european trade, we are off to a slow start. things have turned a little more negative in the last half hour the only market that is still trading higher is the smi. defensive region up 12 points. otherwise, we have the ftse 100 down .50%. ftse mib down .60% a little red on the board for the dax and cac 40 and ibex 35 this adds to the negative sentiment yesterday with the stoxx 600 closed .50% lower. christine lagarde, the president of the ecb was out yesterday saying underlining price pressure is strong in the eurozone sending a signal they are not done yet with rate hikes. perhaps that is putting pressure on the markets in the overnight trade, reserve

bank of australia hiked 25 basis points to 4.1% that is the 12th hike in 13 months we are trading at 66.56. >> we are following brad smith in town and he is talking with the regulators what more do you know? >> absolutely. what we know and what is reported is microsoft president brad smith is meeting with jeremy hunt over the activision-blizzard takeover that is according to bloomberg nece news smith is set to speak today on the sidelines of the tech summit >> thank you, julianna we have breaking news from ukraine. officials accusing russian forces of blowing up a major dam and hydro electric power station in the southern part of the

country that moscow co- tropical -- controls we see water gush from the breached facility in ukraine this breach is causing a disaster because of the potential for more massive flooding than what we are seeing they also just declared a state of emergency we will keep our eye on the headlines from the situation and bring it to you as it happens. let's get a check on the corporate stories with silvana henao. silvana, good morning. >> good morning, contessa. u.s. and china is looking to cool tensions after the close call in the taiwan strait over the weekend. officials from the two countries holding quote candid talks in beijing overnight to restore what they call high-level diplomacy. this was the white house most senior trip to china since february jamie dimon will meet

privately with a group of moderate house democrats to discuss issues on banking and the u.s. economy the closed-door lunch comes as dimon has been urged to enter the 2024 presidential race despite comments he does not plan to run. starbucks is expand aning t olive oil coffee oleato beverages in alaska and new mexico and texas and vermont and cities like austin and boston. >> it looks good count me in. thank you, silvana a small group of big tech stocks may be powering the overall markets higher investors apparently are not necessarily feeling the rest of what is offered here according to the data from lseg

lipper, 77billion was pulled this year with large cap funds seeing the worst reversals with $39 billion pulled during that same period. helping to offset is etfs with 37bi$37 billion moving in those funds. let's bring in mark. mark, when you are looking at the market right now, it is a tale of two investors. you have the optimists and pess pessimists what do you see is concerning? >> you are right the bifurcated market. we have good news on one hand and bad on the other sometimes bad news is good news for investors. it is hard to get a coherent strategy especially when you see a half dozen or dozen stocks drive virtually all of the large index

returns. it becomes difficult when you look out with the hit on russia and ukraine war continues. there is a global macro risk whether it is there or with the china and u.s. the markets selling at the multiple that is something the investors are glossing over. the fed has still not given the all-clear signal we could be in for more rate hikes or high rates at these levels those are the factors that investors i go are in order this month when we saw the nasdaq climb 30% year to date return. >> when you put it like that, you sound bearish on stocks. are you? >> i think what we have to look at is eventually the fed will give the all-year signal and we will get to the end of the rate hike cycle

that has almost been bullish for stocks my argument has been, i think we front load some of that. we will have a shakeout. if we look out further down the road, once we get easing and hopefully we get clarity on the global issues and if earnings deliver, we could have a really nice rally i don't think that will happen this summer. i think it will be a bit choppy and investor expectations need to manage. >> you say because of the single bank risk, you prefer kre which is crushed by bank fears you like the lsi why? >> first of all, it is largely because if you want to be an asset al asset allocator, you have to divers diversify. diversification has historically been positive. it has been worsening. every time you diversify away from big tech, it seems you do

worse. last year was a slight exception. this trend has been going on for almost a decade. if we look elsewhere, we like industrials. we will have the infrastructure spend. the industrials also contain a fair amount of defense names we talked about global instability. as far as the banks, no one knows what is on the balance sheet of any one bank or loan portfolio. i was a corporate banker for a while. unless i read all of the fed filings and i know the largest borrower of the bank and i'm reading the reports. i don't want to be exposed to a single stock risk like silicon valley bank. they should look at a broad based index and diversify the single company surprise monday morning risk that no investor wants. >> mark, any guess that comes to the table with the new word? mark avallone, thank you.

a lot to come on "worldwide exchange," including the one word that investors have to know today and it is not deworsification. and the latest on the s.e.c.'s crackdown on binance and who's next and more on apple and what it takes to get wall street to buy into the $3,500 a.r. h headset. we have a busy hour still ahead on "worldwide exchange." at 87 years old, we still see the world with the wonder of new eyes, helping you discover untapped possibilities and relentlessly working with you to make them real. old school grit. new world ideas. morgan stanley.

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a developing story now investors still reviewing the s.e.c. decision to go after the world's largest crypto exchange binance for 13 counts of fraud and commingling customer resources. crypto prices plunging on the news with bitcoin falling below $26,000 for the first time since march. same for equities closely tied to the sector. coinbase and marathon digital and riot closed sharply yesterday. arjun kharpal joins us what does this cast over the conference attendees >> reporter: it casts a dark cloud, contessa, over the industry plagued by issues in the last 12 to 15 months and regulatory scrutiny. the question is what happens as

a result of the s.e.c. action? binance, the world's largest crypto exchange, and if they have to shutdown part of the operation, that could hamper trading in a thin market for trading over the past few months the retail investors which got burned in the last price crunch have not come back into the market there is a question of the ripple effect of binance on trading as well as stablecoin as well what this speaks to is a bigger debate which has been going the last few months with the crypto industry and s.e.c the crypto industry says the rules are not clear. the s.e.c. says securities rules have been in place for a long time they are very, very clear. i had a chance to catch up with the ceo of tether, the company behind the biggest stablecoin to get his take on the binance story. listen in.

>> a person running the exchange and biggest stablecoin in the market and we wish to see regulation and regulators be more pro active with guidance rather than regulation by enforcement. >> reporter: clearly, that debate was encapsulated with clear regulation the s.e.c. says the regulation is clear and the scrutiny will continue the next month, contessa that will cause jitters in the crypto market for now. >> it is a real twist to know the s.e.c. is accusing zhao of commingling funds. something that was a similar accusation to sam bankman-fried and ftx. it was zhao who took down ftx.

arjun, who is betting? who's next >> reporter: there is a lot of concern over who is next because of the way the s.e.c. is focusing on this industry. a lot of people are looking at stablecoin issuers and a debate if stablecoin is really having the reserves in terms of the bonds and cash they have backing the stablecoins. i put that question to the tether ceo earlier he said we are moving toward a world where we have transparent clearer. that has yet to come yet there are other exchanges operating at the moment. not just the major ones. smaller players and what they are doing in terms of know your customer requirements and regulation approach as well. i think what will happen is there will be a moment where the

u.s. needs to figure out, i think, what exactly crypto regulation looks like. we have seen a push in europe to regulate crypto on the european union level. you see other jurisdictions in the uae and hong kong trying to be more open and clear with the rules of crypto. now the u.s. will have to look at this and understand what the industry looks like going forward and how they will regulate >> arjun joining us this morning. don't miss the exclusive with gary gensler coming up on "squawk on the street. ahead on "worldwide exchange," why one of the biggest rising costs for insurance companies, in addition to climate change and inflation, but fraud. we will look at the new numbers and what it could mean for the stocks next.

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exist. >> for more on the fascinating and controversial man, check out "making of the meme king." it premieres tonight at 10:00 p.m. eastern allstate and state farm are making headlines by refusing to write new policies in california they are not the first and probably not the last. the companies are blaming climate risk and back drop of inflation and repair and replace pm -- replacement on cost. often overlooked is fraud. americans don't think insurance pra fraud is a prime 16% say no that would represent 53 million americans and 36% of americans think it is okay to submit an inflated claim for auto damage

insurance stocks under performed the s&p this year. let's talk more about this with meyer shields which is a stifel company. >> good morning. >> when you look at the headwinds, i mentioned fraud and litigation and costs of settlements and verdicts gets mentioned on earnings calls. you have inflation and rising cost of labor and materials and supply chain problems. of any of these, do you think re-insurance is, by far, the most immediate impact? >> i'm going to say yes. in part because where we are in the calendar june 1st is when most of the companies insure property in florida and re-insurance products kicks in. the rate increases were dramatic 30% to 40% that is a significant increase

it is probably taking property pricing to an all-time high. the difference between the primary insurers and re-insurers, they don't need regulatory approval. those changes are implemented at will on the other hand, insurance companies have to wait for the regulators of the various states to approve rate increases, which means in the interim, an insurance company could pay more for re-insurance before they collect the higher insurance rates they need to pay for those. >> i think everybody falls asleep with re-insurance insurers like chubb or travelers, it is like us buying a policy for our home and what you do to afford the policy is lower your amount of maximum payout or you might raise your deductible or coinsurance or

forgo it all together. i notice you have in your best ideas, reholdings. you have allstate in there i want to talk about that company. we talked about them pulling out new policies out of california we have seen chubb and aig do in the past they got approved for a small hike in auto premiums in california that's after years of not able to cover their losses. why do you like allstate >> i like allstate because we're at the inflection point in the aggregate. we will see over the course of 2023 is an indication that their profit margins are starting to inn

inflect. it will take into 2024, but once investors get confidence that allstate is catching up with these very elevated claim costs and, frankly, with the higher cost of re-insurance, there will be more confidence in the ultimate adequacy of rates and returns. that is how allstate will be valued >> what we have seen happening in california is what we know happened in florida. it is a risk in texas and louisiana and everywhere elsewhere the premiums don't keep up with what insurers payout in costs. meyer, thank you straight ahead, the morning mystery chart and the stock until this morning failed to ride the a.i. wave of the -- wave ♪ the biggest ideas inspire new ones.

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coming up on 5:30 in new york we are just getting started on "worldwide exchange. apple laying out the a.i. vision, but the heavy price take is taking a bite out of the giant stock. and the latest on retailers and manufacturers stepping into the labor standoff calling on washington to end this impasse and why it might not be time to say "buy buy" to bed, bath &

beyond's brand this is tuesday, june 6th. you are watching "worldwide exchange" on cnbc. welcome back i'm contessa brewer in for frank holland. let's pick up the half hour with the check on u.s. stock futures. after stocks kicked off the trading week in the red. you see we are headed for another mixed opening. s&p is down slightly a few points dow jones industrial average implied opening down 43. the nasdaq is hanging on to the green by 4 points. let's hit oil after the gains on the back of the opec meeting wti off 2% brent off 2% as well and nat gas down .50%. a check of the top stories with silvana henao silvana. >> good morning. intel is reducing the stake in

mo mo mo mobi mo mobileye global. it is reducing the stock worth 1 b1$.5 billion the stock jumped 40% in october. the ceo pushes ahead with the plan for the company to regain the lead in the semiconductor industry shares of gitlab surging ahead of the open after a smaller than be expected earning loss for the first quarter revenue for the quarter and guidance topping expectation the company touting the prospect for the road ahead on the growing boom of a.i. buy buy baby demise may be on hold. the wall street judiournal reporting bed, bath & beyond is in talks to sell to the children's retailer jamie &

jack it has been conducting going out-of-business sales along with bed , bath & beyond. it is looking at insight for the intellectual property. >> silvana henao, thank you. we have breaking news from ukraine this morning officials are accusing russian forces of blowing up a dam and hydro electric power station we are seeing flood waters gushing from that breached facility ukrainian officials say it is creating a disaster. they are starting to issue evacuation orders. a state of emergency has been declared in the area surrounding that dam we will continue to follow the

details as we get them in. there is market reaction as well for what could be a widespread disaster julianna tatelbaum is monitoring that from london hi, julianna >> contessa, good morning. risk analysts are considering two impacts as a result of the destruction of the dam number one, the impact on farm land and what it means for grain. ukraine is a grain producer for the world. number two, whether it will have impact on the nuclear plant. first, we look at wheat futures rising this morning nearly%3% higher the farm land effected by the flooding and damaged as a result contained so far, but clearly there is reaction in wheat prices in terms of the impact on the nuclear plant. ukraine said the situation is not critical it will not effect the level of water in cooling ponds

that is a major risk any cesar chavez -- that is a major risk any time we talk about it. the biggest risk of all that the nuclear plant is effected. the thing to keep an eye on is grain prices this morning. >> julianna, thank you for bringing that. we will continue to monitor the situation. let's turn to apple announcing the mixed reality headset during the developers conference yesterday the first new product since 2014 with the apple watch it is called the vision pro. you can watch movies and view p pictures and play video games in a.r. it will be released next year for $3,500 the most expensive product on the market out pacing the meta quest products which range between $300 and $1,000.

joining me is alex kantrowitz. >> good morning. >> i was on the set hosting "power lunch" yesterday when the announcement came out with the headset. we started to see the stock slipping a little bit. it closed down off the highs for the day. why? >> i don't think it has to do with the device. i think investor enthusiasm for apple was through the roof leading up to the event. it was a natural pull back to meet the expectations and apparen apple would have had to release a space ship it is better than analysts expected it. it is the stock market coming back down to everything. >> you tryo out tech for a living what are the pros of this for apple and moving the company forward and what is the pbig

hiccup >> this is the developer device. this is not what apple envisioned they started this and wanted to build standalone glasses it built going going -- goggle. it is your developers and they will develop this over the next couple years as they build experiences, apparappl will work to shrink the headset down to a more ideal product for consumers. hopefully that costs less than $3,500 i think as we work together to shrink the device and bring the costs down and build apps, they will get to the actual future. >> do you think there is an opportunity for meta with the price tag where it is

on the vision pro, do you think meta can come in and say we offer a better price point >> absolutely. apple is a masterful story teller it told the story of mixed reality and virtual reality better than meta ever could yesterday. you have more believers in this experience those believers, many cannot spend $3,500 for the vision pro. they may look for the similar device, but not cost as much that leaves meta in a better position i really wonder what this is about and let me pick up the quest 3 at $499. this raises the category >> of all of the things announced by apple yesterday with the macbook air and facetime on apple tv the thing i thought the most

useful in my life is the find my apple remote that is what i need in my life al alex, good to see you. >> thank you to the latest around the labor negotiations standoff at ports across the west coast, sources are telling cnbc issues remain at terminals from los angeles and seattle and ship closures as workers call for better pay now groups representing retailers and manufacturers are urging the white house to step in courtney reagan is joining us. i guess they are worried about their stuff getting into the hands of consumers >> reporter: absolutely. contessa, the uncertainty of how long it will take for west coast port terminals to be operational again is not news scarred from the last five years in the global supply chain. the good news is the country's largest retailers are prepared this strike is not a surprise.

contract negotiations have been ongoing for a year there is a history of the types of worker disruption around the contract expirations more importantly, the trump tariffs on chinese made goods and demand for the port congestion forced retailers to address issues and only adjust strategies and work through weaknesses in the global supply chain. most large retailers have spent years diversifying where goods are manufactured and imported from and which ports take in those goods. west coast container volumes are down 10% in the first three months of the year compared to 2019 gulfport volume grew east coast up 3% according to the systems the timing of the strike is crummy for back to school goods and holiday aitems. they are hoping for a swift

resolution they are letting the retail industry speak on behalf of the industry home depot said the impact is quote minimal. ulta beauty is not impacted directly and working to ensure any and all mitigation processes are in place contessa >> even a minimal impact is an impact is there a period of time that if this doesn't get resolved, we could actually see empty shelves and it becomes an us issue for retailers? >> reporter: we are looking at the five-day mark. you cannot turn things back on like covid when things get up and running, you will see a lag and disruption point for when things are back. retailers are better prepared and we are now getting into the crunch time where things could be difficult

>> thank you, courtney coming up, open a.i. ceo resuming the world tour as the chatgpt maker looks to get ahead of the growingegat rulory risks. "worldwide exchange" is back in a moment it starts with a grill. but it becomes so much more.

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be sure to sign up for the cnbc pro talk event. kristina partsinevelos is sitting down with ceo tim seymour and getting the take on

the current state of the markets. that's tomorrow at 1:00 p.m. eastern. you can join by going to cnbc.com/protalks. sam altman resumes his tour with stops in jordan and uae and ot others he spoke at tel aviv university yesterday and spoke with the country's p president. he may be trying to get ahead of regulators as they come up with rules for a.i. technology. musk said china will seek to create oversight for a.i let's talk more about this with james vincent at the verge james, what strikes me about altman is he signed on to this letter requesting that

regulators come up with a framework that governing a.i in his talk at tel aviv university, he said, itwould b a mistake to go put heavy regulation on the field right now or to try to slowdown the incredible innovation. which is it? >> i think altman is trying to have his innovation and eat it his cake and eat it, too he talks openly about regulation, but he focuses on the future threat from so-called super intelligent systems. a prospect that experts are skeptical about. they see altman focused on that as a way to stall regulation that affects him in the here and now. you have things like eu a.i. act which is very much focused on cur current forms of a.i it would require open a.i. to disclose information that it feels would hurt it

competitively in the market. >> you know, it is interesting when we see europe planning regulation and in the uk, they are planning regulation right now and we have seen other regulation which gets exported to the united states and other parts of the world by sheer fact that once the companies implement the technology or algo algorithms, they might as well do it everywhere in the world. if open a.i., if you put in regulations, it is out there if if there are law abiding corporations to follow the regulations, aren't there bad actors out there to take advantage of what is already available? >> there will be worries around the regulation people who try to use open source models. particularly within a.i., that is a significant problem a lot of companies tend to release research and open source that means others can replicate

it when it comes to governments using a.i. systems and can block some of the harmful use cases. the eu a.i. act includes a lot of prohibitions on certain applications of a.i. systems these applications are things like mass surveillance and predicting criminal rate rescivity. and the government implementing the systems and if they are in place, they can stop them before they have an effect. there will be bad actors trying to fight around the regulations and especially with open source models, that is a threat regulation can do a lot to cut off some of the worse use cases. that's why these politicians are pushing these forward. >> james vincent, thank you for

joining us today >> thank you. ahead, the one word every investor needs to know today first, june is pride month cnbc is celebrating all month long sharing stories of corporate leaders with you as we head to break, here is madison reed founder >> diversity is the key to having a culture that is robust and p allows people to access their genius when you can't bring your whole self to work, you are not your whole self people integrate between personal life and work life is something i believe a new generation of people in the work force, not just demand, but don't want to be in a company where that's not true. at madison reed, we are a diverse organization we have a saying the things that make us different make us. ♪♪ at morgan stanley, old school hard work

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live shots from around the world this morning you see new york on the upper left, london and hong kong and washington, d.c. it's tuesday welcome back to "worldwide exchange." time for what we call the wex wrap-up. six stories before the opening bell the breaking news from ukraine this morning officials accusing russian forces of blowing up a major dam and hydro electric power station. ukrainian officials are warning of the disaster due to the potential for massive flooding wheat prices spiking 3% already this morning jpmorgan chase ceo jamie dimon reportedly will meet privately with house democrats today to discuss banking and the u.s. economy of course, all of the attention is on whether he should enter the 2024 presidential race as many have loudly called on him

to. >> don: -- to do microsoft will take $20 million to resolve its claims over kids' privacy. and bitcoin is below $26,000 after the s.e.c. targets binance for securities violations. and martha stewart is not jumping on the remote bandwagon yet. it is impossible to get everything done through the hybrid model remote work could send america down the drain. and starbucks is looking to expand the olive oil coffees starting today in alaska and texas and new mexico gearing up for the day and a note from jpmorgan chase over risk assets as a looming liquidity contraction adds to

recession worries. jpmorgan chase said rate hikes work with a lag which will likely dampen the stock market rally. joining me to discuss is courtney garcia. it's good to see you, courtney >> great to see you. >> talk about what's coming in st store. we saw the rally and markets ending yesterday should we expect more volatility to come? >> the pull back yesterday is not unexpected after the good run last week. specifically on friday i actually like to see and i think is optimistic is so far this year the market rally has really been led by the eight largest tech companies s&p is up 12% for the year if you strip out the "it" companies, the market is still negative last week after you saw all sectors of the s&p 500 participate in the rally and that is what you need to see for

the economy to continue going in the stock market running higher. i think we are starting to see that there is a lot of good news getting finally priced in. good news is finally good news jobs are plentiful the recession everybody is calling for is not materializing. you want to make sure you are positioned for a continued market breath in the positive. >> where do you make multiples >> it depends the sector the multiples have been focusing on are the large tech companies. you look at tesla and nvidia and apple. they are at record highs apple. 50% higher than the ten-year average right now. unfort

unfortunately, the companies are likely growing slower than they have than the last decade. you are paying a high multiple for slowing growth companies you don't want to rush into the big tech firms which is frustrating for investors. they continue to out perform i think over the longer run, you want to make sure you are spread out over some things which are lower valuations than the eight largest companies. >> where are you looking for opportunity? >> we continue to look at value and international. you look at international companies. they have done fantastic eurozone is up 40% since the lows of last year. even the banking crisis. you may see the banking sector lead to the upside i would continue to look at value with foreign companies still make sure you are owning the large tech company i would not throw large portions in there >> the world od of the day is n word >> it is an acronym.

fomo fear of missing out. one thing which is happening is the bets against the s&p is $487 billion this year. the markets are continuing to go higher people are not believing in the market rally which continues to go up. if you look at the bets against that's and nvidia and meta, you see the markets continue to go higher and it is building the wall of worry. make sure you are not overly bearish. take advantage of the upside. >> courtney garcia, it is great of you to join us. thank you. fomo fear of missing out. applies to so many areas let's look at futures one more time before we go to "squawk box. the s&p is down 3 points dow jones industrial average is off 38 and nasdaq is hanging on in the green orwi ehae.it for us on "wlddexcng "squawk box" is next

good morning apple raising the curtain on the $3,500 mixed reality headset we will tell you what it is like to wear one and the reaction on wall street. price of bitcoin below $26,000 after the s.e.c. announced charges against binance. hollywood actors could soon join writers on the picket lines. screen actors guild authorizing a strike if talks fall apart it is tuesday, june 6th, 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. if you look at what is happening, there is some red across the screen at this hour modest declines at this had point on dow down 36 points s&p off 3.5. this does come after a down day yesterday. the dow was down for the first time in three sessions yesterday. take a look at what is happening in the treasury market you see yields right now for the 10-year treasury are 3.66% 2-year treasury at 4.45% andrew. the s.e.c. filed 13 charges against binance as well as its founder cz alleging commingling of funds. announcing