it is 5:00 a.m. here at cnbc global headquarters. here is the "five@5. we begin with stocks sitting at the highest level in 14 months the investors see the end of the tightening tunnel. shares of microsoft rocketing to the $2.6 trillion market cap from investor enthusiasm over a.i. future. and betting big outside of china as one of the world's biggest chip makers looks at a multibillion dollar deal in india. the charm offensive continues as bill gates meets

face-to-face with xi jinping as china looks to juice the economy. and tesla market dominance coming to an end at the hands of very successful chinese upstarts and legacy players from detroit. it is friday, june 16th, 2023. you are watching "worldwide exchange" here on cnbc good morning welcome to "worldwide exchange." i'm frank holland. let's kick off the check of the stock futures. they are green across the board. if it were to open up right now, the dow would open 40 points higher the s&p appand nasdaq are higher they are riding a six-session win streak we are looking here at the week-to-date moves s&p up 3%. nasdaq up 4% both on pace for the best week

since march. one stock helping to drive those indices higher in microsoft. looking at shares right now in the pre-market up .50%. we also want to check the bond market we see movement in the bond market after the fed hawkish pause. we see the yield on the 10-year treasury decline a bit again, we continue to see the elevated yield with the 2-year treasury we have to look at the energy market we will talk more about energy and oil later on in the show we are seeing upside moves down this morning and flat for brent. wti is becoack above $70 a barrl we will talk about that more later on in the show time for a check on the action in asia and europe with julianna tatelbaum in our london newsroom

julianna >> frank, good morning across the globe, we are seeing equities follow wall street higher sentiment it is all positive in the regions. asia traded with the shanghai up .60%. the policy support by the pboc this week providing a bit of a boost this morning hang seng and hong kong up 1.1%. nikkei soaring up .70% this as the bank of japan governor ueda says more time is needed to meet the 2% inflation target after the ultra easing monetary policy. traders expected the move despite stronger inflation the bank retained the base rate at 0.1%. what a picture in central banks. it stuck to the policy of allowing the 10-year bond yields on the other side of the target which brought on yield curve

control. no change to the bank of japan policy as for european trade this morning, i mentioned we are seeing green across the board. you have it with every region in europe trading higher following the positive moves on wall street yesterday worth noting, europe under performed wall street. a bit of a catch up trade here investors reviewing the central bank decision yesterday with the further 25 basis point rate hike signaling more hikes to come the euro against the dollar. that is a move high ner in the euro it is a positive start to trade this friday morning. frank. >> julianna tatelbaum live in our london newsroom. thank you. time for the check on the corporate stories with silvana henao. silvana, good morning. >> good morning, frank the ipo market appears alive and well shares of mediterranean restaurant cava looking to extend yesterday's gains after the impressive public market

debut on the stock exchange yesterday when the stock closed up 100%. it sold 14 million shares and raising $318 million with the valuation of roughly 2.$2.5 billion. and disney's chief financial officer is stepping down and will take a family medical leave of absence mccarthy will stay on during the transition kevin lancesbury will take over and atlanta fed president bostic discloses more trading violations according to the disclosure, bostic and his spouse made trades on may 2nd, 2022 ranging in amounts from $1,000 to $50,000. the trades occurred during a

two-week blackout period before the federal open market committee meeting. frank, last october, bostic disclosed similar trades in previous years adding he does not intend to conceal or side step his transparency. >> a story we will continue to follow throughout the day. silvana henao, thank you turning back to the markets. they are gearing up for the final trading day of the week with a record run of the dow and s&p both surpassing records for june in a typical june, the dow shed .2% on average. so far this month, the average is up 4.4% similar story for the s&p 500. rallying 5.5% blowing past the average. joining me to discuss is jay woods. jay, great to have you here in the house. >> great to be here. >> we broke down the markets

which continue p to to rally the rally that we're seeing, what does that say about investor sentiment about the dot plot and jay powell? >> the market doesn't care nasdaq is new highs and now great rotation 11 of the s&p select sectors were up yesterday. the rotation and tide is lifting the boats and we are seeing great patterns >> you make a good point the rising tide is lifting all boats. we were worried about the freight recession. now they are out performing the s&p and qqq. we see a rally in the small caps what does this make you think about investing? >> it is fantastic we have complained about the leaders and seven stocks taking the market higher. you mentioned the transports they broke out

they held a key support level. i'm following stocks within the sector watch fedex next week. fedex, on tuesday afternoon, is the tell it broke out of the near-term base it has room to reverse if this continues to be strong, the transports will lead and continuation on the small caps. >> we are looking at the recent rally. new data from bank of america. u.s. stocks with $38 billion of inflows in the last few weeks. strongest since october of 2022. in general, what does that make you think about where the money and markets will move and yesterday, you had a front row seat for the cava ipo. what is this telling us? >> there is a lot of cash on the sideline a lot of people have been talking about the recession. we are waiting for the selloff it never happened. now people have to put money to work now people have to chase performance. that is what we see. rotation and leadership into the

other laggards you talked about the great day yesterday. cava was fantastic it was great to see that action. it has been a long time. the action on the floor should lead to good things to come. people have been waiting for market conditions to be right. stock up 100%. up in pre-market activity. >> moving up 3.5%. do you own cava? >> i do not. i enjoyed the show >> a lot of people enjoying the food jay woods, great to have you here i'll call you a friend of the show >> all right more to come on k"worldwide exchange," and the one word of the day. a big bet way from china as micron looks to expansion to india. and the biggest move in the ev world still ahead we have a very busy hour when "worldwide exchange" returns

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welcome back to "worldwide exchange." shares of cava this morning and tesla up in the pre-market after capping the longest daily win streak, tesla is turning down latest is not over from bank of america saying the ev market

share will drop from 60% to 18%. it is not just the u.s europe has become the most competitive market for evs there, tesla is one of many fighting for dominance phil lebeau is join me live from london with more on the story. good morning, phil >> reporter: frank, here in the uk is the perfect example of what we see across europe in terms of electric vehicles and the market developed by the chinese automakers they are coming on strong in europe look at the market share they gained over the last couple of years. a few years ago, they had 1% market share now it is up to 8% market share. they are already here selling vehicles under established names. mg a british auto name. owned by a chinese company those are electric vehicles. polestar owned by volvo and byd

sold here as well. the key, however, is when we see the market here take off, it will depend on better infrastructure we talked to the ceo of polestar about that here are his thoughts of what needs to happen in europe with ev charging infrastructure. >> it is a very serious aspect of how success electrification can be, absolutely if the infrastructure for charging is not sufficiently going along the ev market growth, it will slow it down >> reporter: the thing to keep in mind with polestar is as it grows sales, it will grow sales in the united states yes, they are already sold there of the thos there. south carolina production is happening with the polestar

market the chinese autos sold in europe, frank, this is almost a test ground, if you will, for the goal which is to sell in the united states in large numbers we're talking about smaller and more cost effective models that the chinese are building in china. now they are exporting to europe and ultimately hoping to export to the united states frank. >> one big story for evs is the i.r.a. tax credit. is there a chance to build the evs in the u.s.? >> reporter: they would like to eventually, but you will not see it before the next election or well into the late decade. they realize you have to manufacture in the country they are exporting from china to europe that will change over time you will see more production here in europe and ultimately that is the goal in the united states as well that is way down the line. >> certainly something to watch.

phil lebeau live in london thank you. sticking with tesla, let's bring in auto analyst tom narayan. they may be laying out a bear case for tesla, but you are taking the other side of the trade. give us a sense of the price target for tesla >> we have a $305 price target for tesla. we raised it significantly from 212. now, we are starting to model autonomy and the robo taxi and software licensing which we think will would be the story. they are trying to get as many teslas on the road they want autonomy in it which is 70% of tesla of t >> autonomy is a little bit away it will be a while before we get to full autonomous vehicles

anywhere in the world. especially here in the united states with a lot of regulation. phil talked about the chinese makers coming into europe. let's say they see sustained success in europe. what does it mean for the auto market and what impact is happening in the united states if this has success in europe? >> i want to push back on that i was a european analyst for four years i lived in europe. i can tell you, europe loves it. you see fiat and volkswagen and there is a reason for it they are the locally produced and expensive to make with labor costs. it will be difficult for the chinese to penetrate the european market look at how many japanese cars you see in europe? >> tom, what about the u.s.?

we see tons here we don't have that same love for the domestic champions here. >> that's a good point i wonder if this replaces the japanese who are not as aggressive on electrification. the chinese are. at the end of the day, who are the main in the u.s. ford, gm these are pickup trucks and suv territory. that is not where these chinese evs are playing. they are coming in the smaller end and smaller battery size and less battery range in the u.s., you need bigger battery range. we have wide spaces. range and performance for this environment. >> tom, i want to talk about charging tesla stock popped on the use of charging by ford and gm. can tesla benefit from the chinese entering the market if they have to adopt tesla's

charger? >> it is good to be the standard you want to be the standard on charging it may not necessarily be a big windfall for tesla, but it shows their platform is the winning platform and connecting back to what we talked about earlier this allows them, we think, to license software to other oems ofs. including the chinese oems how many miles on the road we look at charging as a way to trojan horse in the door and sell software. >> we have to let you go after this about 70% of the call on tesla is because of robo taxis how much is the charger story? >> we don't include it in the valuation. 70% robo taxi and 20% r and d

and 10% cars the opportunity is so massive for these things that we think this is enough to carry the story for the stock. >> all about the robo taxis. thank you for the time we appreciate it. ahead here on "worldwide exchange," your big money movers and adobe doing something for the first time since 2022. we're back right after this.

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welcome back to "worldwide exchange." it is time for the big money mo movers the shares of man cchester unitd the company is in talks to grant exclusive rights to qatar's jassim the members of the glaser family will cash out as part of the proposal man united share are up 30% in that time. looking at shares of adobe a.i. pushing the stock past $500 a share after the company reported results that topped estimates. the stock at a 52 week high and

has been on a tear since may spiking 50% on optimism over the a.i. push. the ceo reaffirming that last night on "mad money. >> we had over half a billion generations created so far in addition to that, what we have done with the interfaces with fill in photo shop or illustrator. that is where the excitement is. >> turning to shares of virgin galactic up 40% this morning. headed out of this world sky rocketing in the pre-market as they prepare to launch commercial tour ifrm tism this h it is targeting june to july for monthly flights starting in

august we are watching shares of micron to spend billions on a plant in india we have our bureau chief parikshit luthra with more >> reporter: we are now learning from sources that talks between micron and the indian subsidiary are in the early stages. this announcement could come as early as next week for a $1 billion innvestment in the semi conductor packaging in i india. remember the meeting last month with president biden, there have been a large number of giants in the world with ismc and foxconn and intel. india wants to run as a hub to contribute to the semiconductor manufacturing chains

the semi conductor ecosystem ha been slow to take off in india we have seen investment from a company in india and foxconn to set up a plant in india with a total investment of $10 billion. they have yet to find a technology partner it seems in the run-up to the prime minister visit, the indian government has been making policy changes to make it simple to get approval and set up manufacturing in india on the whole, we are expecting a big announcement next week during the prime minister's visit. >> shares of micron are up 2% in the pre-market are there others looking to tap into the indian work force and pivot away from china? >> reporter: to tell you honestly, yes. india has been speaking to ismc

and intel. the interest in investment in india has been slow to this extent to now. with foxconn and india, the joint venture is yet to take off. they are looking for a technology partner one thing, india does not have a skilled work force of the with he -- work force we need a skilled work forcecon. taiwan has that and europe has that and u.s. has that as well this is the reason we are talking to the united states for a collaboration. u.s. national security adviser jake sullivan was in india and spoke to us. he said there will be a big announcement on the supply chains and u.s. is talking about everything from semiconductor manufacturing and design and research and scaling the indian work force to have a

collaboration on the manufacturing. that will be the first step toward netting the ecosystem >> a lot to watch there. parikshit luthra, thank you. we are learning that intel will invest in a new chip facility in poland it will get approve from the eu and that project will create 2,000 jobs. and still ahead, chinese recovery is stuck in second gear, but investors are not concerned as shares are marching higher more coming up on "worldwide exchange" after the break. ♪ 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. (swords clashing) -had enough? -no... arthritis.

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it is 5:30 a.m. in the new york city area of we are just getting started on "worldwide exchange. here what's on deck. the historic hiking cycle. and a face-to-face mieeting wit bill gates and xi jinping. and throwing caution to the wind with the biggest asset manager is launching a bitcoin etf. it is friday, june 16th, 2023. you are watching "worldwide exchange" here on cnbc

welcome back i'm frank holland. thank you for starting your day with us. let's pick up with the u.s. stock futures and s&p and nasdaq looking to extend the win streak gr green across the board all three indices up microsoft shares are opening at an all-time high after surpassing $2.4 billion market cap for the first time upside moves shares of microsoft up .30%. we are looking at the bond market after the pause from the fed. we continue to see the movement on the short end of the curve. 2-year treasury is elevated. we see a tick to the downside with the 10-year treasury. this morning at 3.73 time for a check of the top corporate stories with silvana henao. silvana. >> frank, blackrock filing for a new exchange traded fund tracking the price of bitcoin.

allowing the retail investors exposure to the asset despite increasing scrutiny. blackrock shares trust will use coinbase as the custodian. the s.e.c. has yet to approve any applications for bitcoin etfs. elon musk meeting with the prime minister of italy and discussing a.i the meeting is expected to be the start of the european tour where musk is scheduled to speak at the tech conference in paris. open a.i. and adobe meeting with others to discuss copyright issues with the a.i. products. according to the financial times, the meetings could lead to deals and potentially involve

subscription fees for the content. the ceo met with the daily telegraph to discuss how it might develop custom models to use generative a.i >> silvana henao, thank you. turning attention to china and xi jinping meeting with microsoft co-founder bill gates today and his first visit since 2019 and xi's first meeting with a foreign ceo in years we have eunice yoon live with more from beijing. >> reporter: frank, xi is having told bill gates he is the first american friend he's met in beijing this year. this is just a signal as to how unusual a meeting like this is between the chinese leader and american billionaire in the time

of heightened tensions with the u.s. and china the highest profile outreach by the chinese leadership to attempt to repair damaged relations between it and the international business community. especially corporate america this is a meeting where xi highlighted what beijing needs most from the economic ties from the u.s. and stressing the need for technology cooperation of course, this is almost exactly the opposite of what the biden administration generally is trying to do which is cut off u.s. technology to china also, frank, this meeting can be seen as an effort by china to do what it has done in the past that is to reach out with its contacts in the american business community to try to influence america's china strategy

unclear exactly how helpful this meeting will be given those heightened tensions. >> we have been talking about that political strategy there which i mpacts business. i'll ask what is the reaction in china by the visits by tim cook and jamie dimon and the big tech ceos >> reporter: a lot of excitement people are watching what bill gates is doing and photos online people are excited about bill gates and elon musk. what is interesting, though, is that bill gates, maybe he was able to meet president xi as opposed to the others because he is coming here in a philanthropic role as opposed to an executive role. they have met before so there is a familiarity there they are happy to see the foreign faces here that is the point of the chinese government

they are trying to show that china is not isolated and even though the economy is not doing so well, the foreign business community is there and interested in investing hthere. >> eunice yoon, thank you. let's bring in dewardric mcneal. he is our cnbc contributor good to see you. >> good morning, frank. >> let's talk about this bill gates is in china techn technically, as eunice mentioned, he is representing his foundation and it is philan philanthropic. how is this for political ramifications and also business? >> that's a good question, frank. the gates' visit is probably different from the other ceos we talked about given that he is there in his philanthropic role. it is clear the chinese want to use the meeting to signal, i

would say first to the global business community, that china is open for business and the de-risking or china plus one approach which we have been hearing about, is perhaps overblown is how we can take a look at some of the statements eunice makes a point here, frank, of trying to use the business community to impact china policy going forward is an old playbook that china may be returning to i think washington has changed since that playbook was effective for the chinese. my advice to ceos is to travel to china of the there are legitimate reasons to do that and reestablish relationships with local stakeholders and customers and employees of the there is no substitute for government-to-government relations which is what we need with the u.s. and china. i don't think they should be bringing beijing's water back to

washington i don't believe washington is really open to hear that especially things like technology cooperation >> interesting we have been calling this a ch charm offensive. bill gates, the latest ceo to visit. we showed a wall of ceos to visit. elon musk calling the relationship symbiotic conversation from the different ceos for investors, when it comes to the goodwill tours, is there a downside or upside they should be aware of? >> i think talking is good these trips may get blowback in washington politically, but it makes sense to go to china to look at the market and assess for themselves where economic policy is going. china has changed a lot since covid hiatus there are positive things that could happen as a result of the trips for businesses and

investors. my caution, though, is ceos as much as corporate diplomacy is good, but that is not replacement for government-to-government relations and official diplomacy. >> let's talk macro. a number of major banks. bank of america and jpmorgan chase. cutting the china gdp forecast between 5% to 5.5% following a string of weak economic reports chinese equities are spiking they are part of the broader rally. i was looking at the etf earlier. also out performing. what is outlook with this disconnect between the economy and what we are seeing with the equities >> it's hard to figure out how investors are looking at china most economists are looking at china. i share the view of the economists as an economy that is absolutely stalling post-covid opening.

a lot of that, frank, is because of the policy and problems are in a mismatch. what we need are policies to restore confidence and increase household income find a way to employ the youth in china what we are seeing is more credit facilities available and that's not exactly easing. easing is not going to fix the china economic problems. the right fiscal problems in some circles will do that. beijing has been reluctant to do that i think this move into the secof of the year despite the rosy outlook from the markets. >> very interesting. chinese easing is getting investors excited and the possibility of more tightening in the u.s investors shrugging it off hard to figure out dewardric mcnaeal, thank you.

coming up on "worldwide exchange," u.s. producers fight back to dominate the narrative with oil prices. we will speak with one of the primary players when "worldwide exchange" returns. what if buildings could tell you 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.

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welcome back to "worldwide exchange." oil prices are on track to snap a two-week losing streak with

opt optimism from higher rates in whi china. weaker outlook in the u.s. and china is looming let's talk about the fundamentals at play and the investment back drop with kate richard. the founder and cio at warwick investment group >> nice to see you >> oil is your primary business. after the fed did the hawkish pause, we saw down moves in the market wti above $70 a barrel now how influential is the central bank of china with the easing? >> i think our job as long-term investors is to look at volatility and what we focus on is the last 13 years of under investment in terms of demand in the u.s. and europe, we are embedded in taking down carbon footprint we have 2 billion people in the

u.s., europe, australia and canada working to take down our carbon footprint that is a perspective. if you look at the world, 6 billion people are taking up the carbon footprint over the last 20 years, that resulted in 20 million barrels a day which took us from 80 million barrels a day to 100 million barrels a day. that is an issue why supply is resilient. also why oil and gas continues to be something like 56% to 60% of global fuel share we have resilient demand the other thing and this is geology for early in the morning. when you look at petroleum and g geology, the global base decline for oil is 5%. we lose 5 million barrels of production every day as a world every year importantly because shale has

different kpcharacteristics, we lose 30% of u.s. production every year when you have a depreciating asset that is investing below the rate of depression against resilient demand, you have a supply issue that will be bullish over the next ten years. >> you took us in the weeds. we get it. i want to go back to the fed possibly two more hikes. how does that impact your willingness to spend cap x and drill more wells has the break even with oil changed? >> oil prices are averaging $70 a barrel that is stable that gives us a good outlook to invest also, public companies are hedged over 30% for oil production we're hedged over 90%. if you look at the oil and gas sector and you talk about 2015, it is a leveraged sector with more debt with the balance sheet

level and commodity price level. because the energy sector has taken debt down to zero to 1 times ebitda -- that being said, the sector experienced high oil build service cost inflation last year. in some basins, a $70 oil price is the new $50 price because the cost to inn vvest has risen we are seeing the natural gas producers take down into account which is leading to softening. >> we are almost out of time when do we reach peak oil? a lot of people talking about evs for a bit on the show. what will get us to peak oil and when we see oil reach its peak and demand decline >> probably we see peak supply

in 2028. that's what we see based on u.s. production the u.s. is only 12% of global oil supply it is the only jurisdiction that is able to grow oil supply as the u.s. goes, so goes global supply and pricing it does matter the other thing i would say is the energy transition is very metal intensive. that requires copper and nickel and cobalt and lithium and tin and graphite you look at the other side of the sector, we see similar disinv disinvestment. we look at global mining cap x, it is down 50% >> mining and oil. closely tied together. interesting. kate richard, thank you. i appreciate your time coming up on "worldwide exchange," the one word every investor needs to know today and how the next guest says is

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shares of adobe pushing past $500 a share after beating the estimates. stock up 50% since may on optimism over the recent a.i. push. mercedes is adding chatgpt to the infotainment to the vehicles today the function full capabilities remain unclear shares of virgin galactic is sky rocketing as they launch the space tourism this month. and cava with the positive public debut on the new york stock exchange yesterday with the stock closing up 100%. and christine mccarthy is stepping down from disney and will take a family medical leave of absence micron closing in on a deal to invest $1 billion to set up a

factory in india an announcement could come as soon as next week. looking to the trading day ahead. the s&p 500 recovered all of the losses and then some since 15 months ago let's bring in tiffany mcghee at pivotal adviseradvisers. great to see you. >> good morning, frank >> do you believe in the rally we see it pushed by a narrow group of stocks. now it is broadening >> listen, you know, when the fed made the announcement yesterday, we saw reaction to the market i think things are normalizinor. i think investors are understanding that this rate pause is not going to significantly affect their portfolio in the short-term. this is with a wis what we are h

now. >> with that in mind, what is your wex word of the day >> my wex word of the day is focus to drown out the noise of the fed and focus on long term investment goals >> you are paying attention to the easing what is making china attractive to you >> a few things, frank we are pausing rates and most of the developing world is increasing rates, but whichina s cutting rates. the second thing is china is in reopen mode. we expect to see growth as they progress the other thing is china has this goal of becoming carbon neutral by 2060. we will see the transition over the next few years this is going to impact 1.4 billion chinese people and people living in china they have to change how they

consume energy and prepare food and get to work every day. we are looking at all of the companies that are best positioned to benefit from that. >> we see a lot of enthusiasm with the chinese k-web of i want to talk about intel building a factory in india. excuse me. micron does that make you concerned about the long-term story for china to see so many companies looking to move production away? >> it doesn't. i think about the significance of the chinese consumer even with luxury retail if you listen to earnings calls which i do all the time, they are in different sections of the earnings calls when it columes to the luxury retail, it is all about the chinese consumer i look at the chinese consumer

and how important that is along with manufacturing >> tiffany, always great to see you. thank you for your time. enjoy the weekend. >> thanks, frank. that will do it for us on "worldwide exchange. "squawk box" is coming up next thanks for watching. ♪ these are the people, who help you stay well. ♪ ♪ 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. with gold bond... you can age on your own terms. retinol overnight means... the smoothing benefits of retinol. are now for your whole body. plus, fast-working crepe corrector diminishes wrinkled skin in just two days. gold bond. champion your skin.

good morning stock futures slightly higher, but the dow is knocking on the door of a bull markmarket how about yesterday? day after the hawkish pause. i don't know what it indicates it is still a bearish on the s&p. 4,425. a long way from 3,000.

you know who you are and cava shares soaring in the market debut moves as much as 117% during the session yesterday. the doj probing the deal with the pga tour and liv golf overc competition it is all anti-trust it is friday, june 16th, 2023. "squawk box" begins right now. good morning welcome to ""squawk box" here o cnbc we are live from the nasdaq market site in times square. it is friday i'm becky quick along with joe kernen and andrew ross sorkin.