it is 5:00 a.m. here at cnbc global headquarters. here is the "five@5. we begin the worst day of the month with the tech looking to snap its worst losing win streak since 2023 and fed chairman jay powell not doing a thing to reassure investo investors. getting saet for a second day of testimony on capitol hill. we are sticking with d.c tim cook and satya nadella

lining up. and it is not just the fed investors gearing up for a key rate decision in two hours from now. straight from london. later on, a big insider share sale of one of the hottest stocks of 2023 it is thursday, june 22nd, 2023. you are watching "worldwide exchange" here on cnbc good morning welcome to "worldwide exchange." i'm frank holland. thank you for starting your day with us. let's kickoff with a check of the stock futures. red across the board all three indices lower right now. we will continue to watch this if the markets were to open, the dow jones industrial average would hoopen 40 points lower stocks coming off another losing day. tech getting hit the hardest with the nasdaq with a more than

1% move to the downside. it is now two days away from snapping an eight-week winning streak its longest since 2019 the bond market this morning is a look at the 10-year treasury at 3.75. the same level for the last week or two an elevated yield on the 2-year treasury we have been talking about that yield elevated after the debt ceiling deal and other moves a lot of people thought it would lower yields with the short end of the curve we begin with the u.s. benchmark with wti crude back above $70 a barrel $72.50 brent crude is down .50% it is at $76.60. natural gas is up almost 1%. in crypto, movement here bitcoin popping above the $30,000 mark

you can see a ramp-up here with bitcoin. maybe falling off the jay powell press conference not sure with the crypto curk cryptocurrencies of the crip -- cryptocurrency something to watch marathon is up 19% week to date. marathon up almost 30 and riot up over 16%. getting set for jay powell on capitol hill today. here is silvana henao with more. silvana. >> jay powell affirming that more interest rates likes hikes

ahead. powell added that nearly all of the fmoc participants expect further interest rate increases into the end of the year >> 16 of the 18 participants wrote down they do believe there will be a raise and big majority believes raise rates twice this year that is a pretty good guess of what will happen if the economy performs as expected >> frank, powell adding that the fed is far from the goal of taming high inflation. >> we are talking about that throughout the show. silvana, see you in a bit. turning attention overseas and seeing red arrows across the board in europe. this morning, powell not only game in town investors are waiting for the latest decision from the bank of england. it is not expect ed to follow te

fed. julianna tatelbaum is joining me from london. good morning >> good morning, frank it is not poised to follow the fed, not after the red hot inflation report a rate hike is baked in for the decision today with governor andrew bailey under pressure from all sides after the cpi print to the upside. most importantly, core inflation rose to the highest level in more than three decades. traders, as a result, increased bets on the .50 basis point hike today with a 6% base rate almost a certainty by the end of the year that is up from the 4.5% today uk government debt hit 100% gdp before the beatles released their first single the in 1961. the uk bond markets are higher across the board in the lead up to the decision.

>> julianna, it is not just the bank of england, but other central bank moves around the world today. what you are seeing? >> inflation is a problem all over the western world just about an hour ago, the swiss national bank raised the interest rate by .25% to 1.75% well below the rates we're seeing in other parts of the world. still higher the central bank said it could not rule out additional hikes in the key policy rate in the future it wasn't just the snb but norway hiked rates by a bigger than expected rate to .50% whic is a 15-year high. inflation is still marketedaally -- marketedly higher. >> thank you, julianna tatelbaum. from tim cook to nadella

lining up for face time with the visit from narendra modi we have parikshit luthra with more good morning, parikshit. >> reporter: good morning, frank. the first state visit with narendra modi at the white house. if you speak about the deliv deliv deliverables, semiconductors are likely to be topic of conversation we are expecting a deal with ge and hl to be signed. this is for jet engines in india. we are hearing from the sources that this could entail 80% transfer of technology from ge to hl. for the last few months, a lot of regulation hurdles have been discussed between the

governments and there is a move to remove the hurdles through executive action and the biden administration level and also through legislative intervention as well. we believe india could be paying a little less than $1 billion as a one-time payment for technology transfer over a three-year period. expect announcements where the u.s. is likely to make in investment in scaling and trimming and research when it comes to india as well we are hearing about the deal from micron. this has been cleared from the union government in india for a $2.7 billion investment for a testing facility in the prime minister's home state. the prime minister has been meeting a number of ceos like elon musk and the ceo of micron and applied materials and ge he will meet with ceos of amazon as well.

one common thing ceos are asking for is lower tariffs elon musk was keen to come to india to set up a factory here a year ago, but declined with the high tariffs transparency is something the companies have been asking for and they will push for during the visit as well. >> cnbc's parikshit luthra, thank you very much. and we have more to come on "worldwide exchange" including the word of the day. we speak with the ceo of avaya and a national shakeup at one utility player and then getting the day in court as microsoft makes the case for the deal with activision

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welcome back to "worldwide exchange." markets may be flashing overbought signals recently, but do not tell that to the average retail investor. some believe the rally will move on the record of $1.5 billion of sip single stocks this week.

and jpmorgan chase says most of the flows went to three stocks tesla, apple and nvidia which account for 40% of the s&p gains so far this year let's talk about this with robert teeter at silvercrest asset management >> good morning, frank >> retail traders may be buying, but the street is selling. we see the markets on the three-day losing streak. s&p having the worst day of june what do you think is causing the shift of momentum? jay powell or something else >> i think some of it is we have come a long way in a short period of time the other is the comments from the fed. we had two messages from the fed. we had a pause, which is great that is dovish and helpful and supportive of risk assets. on the other hand, hawkish comments and dot plot come out and show future rate hikes are priced into the market investors are struggling with

the duality of the message we expect the worst to come on the rate hike cycle. that is the challenge. >> if you look at the cme data, a 70% chance of hike at the next meeting. do you believe some of the things jay powell was saying saying they are not data driven and pointing to another hike do you think that is just talk or do you believe he is going to follow through >> some of that is they are trying to hit two objectives they are looking at current conditions and the other is to maintain the great credibility with the rapid hikes in the last year the guidance is directed at keeping the hikes on the table i lean more in the direction of lower probability of the hike. if you look at conditions, money growth and supply chains and inflation which has come down directly things heading in the right direction.

i expect them to lean more on the current condition and go to the pause. >> you are a contrarian. you say fight the fed to a certain degree i wandt to talking about the magnificent seven we launched yesterday. what do you make of the pull back is this a buying opportunity or a sign with another hike that investors weary of valuation >> i think in the short-term, we are struggling with concern every valuation and a potential hike on the table. if you look out past the next fed meeting and into the second half of the year, i think conditions are clearly improving. inflation is getting better. we expect to that follow through to interest rates and valuation. you have seen earnings expectations tick up a little bit after the past quarter some of the changes the companies are making in response

to the economic conditions an favorable. i look for the back half to be better >> i want to clarify the magnificent seven is nvidia and microsoft which led to the s&p rise this year before we let you go, what do you make of the trading day ahead? we're on the three-day slide s&p coming off the worst day of the year what do you expect after the opening bell today >> i think it could be more of the same we are waiting on the comments from the fed as we often are most of those are in the hawkish direction which is a challenge for markets. all of that short-term struggle message is work through. >> robert teeter, thank you. >> thank you, frank. coming up on "worldwide exchange," potential trouble ahead for boeing a supplier is forced to stop opatns aaderiohe of the worker strike the full story when "worldwide exchange" returns.

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ahhh! icy hot pro starts working instantly. with two max-strength pain relievers, so you can rise from pain like a pro. icy hot pro. welcome back to "worldwide exchange." microsoft getting its day in court arguing the deal with blizzard we have steve kovach with more on the story >> good morning, frank microsoft and ftc will meet for the beginning of the five-day hearing that will determine the fate of the $69 billion deal to

buy activision here in the united states. the ftc is seeking a preliminary injunction in san francisco alleging microsoft intends to close the deal before the july 18th deadline. no matter what regulators say. the ftc won a temperaorary restraining order blocking microsoft from making the purchase until the judge's ruling he welcomes the case to be argued in court. now, if microsoft prevails, the ftc will likely drop the abs lawsuit. expect to hear from players involved in the deealdeal, incl nadella and phil spencer and bobby kotick

buying activision would give microsoft an unfair advantage in the console market, but microsoft says that is impossible as it is behind sony and nintendo in market shares. ftc says microsoft will gain from activision especially "call of duty. microsoft cut deals with other gaming companies like nintendo to prove it. if microsoft wins this one, it is not over. it is still working through the appeals process in the uk whose regulator denied the deal this spring that will take the better part of the summer to play out. frank. >> steve, you mentioned they are having the same battle with the uk regulators. how does what we see in the united states have any impact in the uk >> maybe not the uk argument is saying there would be the console dominance if microsoft resolved to do it they are focusing on cloud

gaming instead the idea that netflix gaming where you stream any game in that xbox offers a product for that in the united states, they are going off the cloud gaming as well as the console. >> a lot to watch. steve, thank you let's get a check on the headlines with frances rivera in new york >> good morning, frank we start with the critical point of the missing sub experts believe the oxygen coul run out in two hours the explorers club said they sent a remotely operated vehicle to the search area it could potentially lift the sub to the surveyface if they cn find it. three people are confirmed

dead in the small town of matador in texas. at least 20 businesses and structures have been destroyed. following a botched attempt last week, the house passes the censure of adam schiff after his role in the trump spaities to russia for a thursday morning, frank, you are up to date with the headlines. >> frances, thank you very much. strayeight ahead on "worldwe exchange," one company is doing big business in india. we speak with the ceo of avaya and if you miss us, check "worldwide exchange" out on spotify or other podcast apps.

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it's 5:30 a.m. in the new york city area we are just getting started on "worldwide exchange. here is what's on deck jay powell heading back to the hill set to kickoff day two of congressional testimony after teeing up more rate hikes. investors are watching the powell comments in the trio of central banks today. corporate leaders set to

meet indian prime minister modi as he works to set on doing business in his country. we talk to the ceo of avaya. it is thursday, june 22nd. you are watching "worldwide exchange" here on cnbc welcome back to "worldwide exchange." i'm frank holland. thanks for starting your day with us. let's pick up the half hour with the check on the stock futures you see futures continue to be in the red the dow falling from where it was a half hour ago. all three indices down at this hour all three are lower for the week nasdaq set to snap the win streak all of this ahead of the bank of england rate decision ahead at 8:30 a.m and norway and switzerland and

philippines raising their key rates by 25 basis points the u.s. bond market and the 10-year treasury has been stable elevated yield on the 2-year treasury we have been talking about that. we want to look at energy and specifically oil wti right now falling a bit. natural gas up 1%. time for a check on the top corporate stories with silvana henao who is back with those silvana. >> frank, elliott management is looking to oust the ceo of nrg energy they are in talks with candidates to re replace gutierz he is looking to push the home services strategy. the hedge fund disclosed a 13%

interest in nrg. the company spokesperson says the board fully sports gutierrez and the management team. shares are slightly higher in the pre-market rivian bought a swedish mapping company to help the electric vehicles plan routes and find charging stations iternio has a better route planner with a strong community of ev drivers in north america and europe terms of the deal haven't been disclosed. earlier this week, rivian struck a deal to let owners use tesla's charger network. and kb homes beating second quarter forecast amid the tight supply of homes. they started to see improvement in february. kb homes expects full-year revenue of $5.8 billion to $6.2 billion. shares rose in initial trading,

but shares have platflattened o since. thank you, silvana jay powell speaking to the senate banking committee and reaffirming to the house services committee yesterday that more increases are likely ahead with inflation above where it should be powell adding the labor market is still tight and the fed continues to observe the dual mandate. >> today's situation is unusual that we are overachieving the maximum employment goal and far from achieving the inflation goal when that is the case, you look at how far you are from the goal you look at the speed with which you move back to the goal. that would tell you today that we should focus on inflation as it becomes closer, as the two things become more aligned, then

they go back into perfect equity under the law. >> for more on this, let's bring in nick timiraos from the wall street journal good morning >> thanks for having me. >> i think a lot of people were listening to the testimony closely. it seemed to me and i want your opinion that jay powell moved away fwrom the idea that the decision in july is data dependent. what does that signal to you >> that's right. it signals to me that although he said last week he shouldn't have called it a skip. that is how they are thinking. they skipped a june interest rate increase. it would have taken them a lot to raise rates in june by the same token, or the other side of the token, it would take them a lot now not to raise rates in july. you did not hear the idea of we will look at the data over the next few weeks to tell us whether to raise rates at the july meeting for not

i think this is a skip he talked about slowing down the pace of increases. he went to a quarterly pace at the beginning of the year. sorry, quarterly increase at every meeting. now a fourquarter point every o meeting. they are at the pace from the previous cycle in 2017 and 2018. >> a lot of interesting points here you wrote about the testimony and tweeted a bit. one thing i want to focus on is the driver pulling off the highway and getting on a local road in the analogy, but still reaching its diseaestination how should you view that >> the take away is the fed doesn't want to overshoot. that wasn't the way they were operating things last year when you raised rates 75 every meeting. that means you are screaming down the highway and if you miss the offramp, so be it.

now they have taken a different tactic here because they have the nominal funds rate above 5% and they are more concerned about doing what they have to do you see the debate playing out bostic yesterday published an essay saying he wants to pause he said we have done a lot of hard work and let's wait and see what it adds up to you have differences of opinion although you had an unanimity and all policy decisions have been unanimous. >> does that run contrary to the dot plot with two more snhikes? >> i think it means they have gone to -- think of it as 25 basis points every meeting this year now they are doing 12.5 basis points every meeting they are spreading it out by

going at every other meeting you can call it 12.5 miles an hour instead of 25 miles per hour it is interesting to see if 5.6 is where they stop with the two more increases i think where data dependence comes in here and if something happens that tells them the terminal rate is too high or too low, the data will influence the terminal rate here and not so much the speed or what you do the next meeting >> i want to talk about the testimony related to banking and especially banking capital this one quote from your story i heard jay powell say it live it sounds more interesting he said i'm committed to learning the right lessons from the exercise in response to the supervisory role over banks. what does that say about banking regulation going forward with the fed? >> it means the status quo will

not continue for the fed michael barr is putting together a package of regulatory proposals and the supervisory y culture will shift at the fed. powell was trying to stay in the middle and not shift to the side over what they screwed up and how much needed to change. that is why he said he will learn the right lessons here and sort of leave it at that i thought it was interesting that the debate focused yesterday on bank capital and not so much what is actually the challenge in the banking system. are there going to be more failures or mergers? bank merger policy is something the fed has a role in. nobody asked powell about it yesterday. i'll be interested to see if senators talk about bank merger policy because it is not clear really where the administration is and how much on the same page they are with encouraging

mergers of troubled banks or allow them to fail and have the fdic come in to clean up. >> you lead up to my next question does jay powell respond to the coverage like you with his testimony and shift the message? >> i'm in thnot sure why they nt shift the message. monetary policy did not come up much yesterday i guess i'll be interested to see if there is more of a discussion of monetary policy and the macro economy. some of the other points separate from bank capital and what is happening with the regional banks and what they seeing and where is the problem and the impact of higher bank funding costs as some of the banks lost deposits. those will all be issues today this is not like the last series of hearings in march where the fed did come you wup and clean h

message. i'm not sure what is left unclear from yesterday it sounded clear to me >> nick, thank you very much for your time and insight this morning. >> thank you coming up here on "worldwide exchange," making the case for doing business in india. ahead of the prime minister sitdown. we speak with the ceo of avaya on why he is already doing business in that country we have much more coming up after the break. rands 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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well back to "worldwide exchange." time for the morning call sheet. we begin with bank of america raising the target for broadcom. moving from $950 to $1,000 a share. emerging requirements mean it say big winner deutsche bank upgradiing anheus anheuser-busch shares of bud right now up 1%. and ab bernstein boosting kellogg. the company has a cheap valuation and investors have ignored improving outlook. looking at shares up more

than .50%. turning to dc and a who's who of corporate america lining up to meet prime minister narendra modi. the guest list at the state dinner includes tim cook, sundar and satya nadella. they are pitching the dream to the executives and issues over regulation and infrastructure. call this an early win for team modi ge announcing it signed agreement to produce jet engines for the indian air force joining me to discuss this is the ceo of the company already doing big business in india. alan masarek, the ceo of avaya

>> good morning. >> i want to ask the first question you have feet on the ground in india. what makes it attractive to do business and have operations there? >> india is important to us. we have 1,200 employees over 6,000 globally it is a center of excellence in areas for us around r&d and customer support and services. we are a big fan of india. as prime minister modi is pushing for a digital transformation of the company consistent with what ayvaya is doing. we are a successful transformational story we have the initiatives that are going on in india. >> i want to bounce one thing off you.

cnbc corporate leaders say there is difficulty doing business in india with regulation and dealing with the governments there. you have to be clear, it is not just the federal government, but state level governments there. what is your experience? what is the biggest challenge? >> i think there is in any developing market, there are always challenges. we have centers throughout the country. particularly in hydrabad and bangalore. the government is pushing th digital transformation and it is -- it is modi's initiative of self reliance in the country there are problems throughout that are in effect a government supported effort to deal with

structural challenges of the developing country for instance, there are smart city initiatives in 100 different cities throughout the country. we're driving 20 of them for instance, the bangalore safe city project -- >> can i interrupt you say avaya is driving it. you are in the cloud computing area -- how does that work with the government >> what we provide is enterprise communications that drive business customers ability to drive customer experience. we are the underlining technology for customers driving experience think about 911 services

we do provide that think about the security system. the technology as indian citizens are calling in or digitally or by voice into the social security system, we drive. we drive the enterprise communications for the largest public healthcare agencies you know, in order for india -- we're a very, very global company. in order to be a successful global company, you have to play in a place like india which is the world's largest population from the talent perspective, the youngest population in terms of talent if you want to be a successful global company, you have to play p o play, otherwise you are left behind this is an enormous market >> do you bring u.s. executives over or do you find executives

in india how do you bridge the gap? >> we are developing local leadership there we have not done any sort of ex-pat related management structure. this is a genuine investment in the country that extends beyond just developing local leadership and creating centers of excellence in multiple cities of the itcountry. we trained 700 youth and 400 have successfully gotten corporate jobs you are taking this raw talent with the biggest population in the world with great technical skills and young population. it is already a top ten market for avaya globally we are supporting modi's

initiatives. >> you are talking about the talent let's go bottom line you are also in china of how does this compare to china with the skill level >> the skill levels in both are very good and both developing huge middle classes. you have the environment obviously being more favorable in india it is easier to do business there. clearly, we innvest in both areas. i was at the global conference this week in orlando we have -- we're in multiple cities in china. my apj region leadership was here a variety of companies that we serve in china are there as well we have 90,000 across

172 countries. >> alan masarek, thank you >> thanks, frank. ahead here on "worldwide exchange," the one word every investor needs to know today and pulling back the curtain on the stocks slides. the next guest says see shes rapidly shifting sentiment. and june is pride month. cnbc is sharing stories with you. as we head to break, here is airbnb global head of operations >> the next generation of lgbtq+ talent is looking to us to provide leadership when i had my very first child, i remember realizing how important it was for me to be a role model for her i never wanted my daughter to ever see not show up as proud and confident because i felt like if i show up that way for her, she will the ultimately

feel that way about herself. so, being that role model to your children and your employees and colleagues, and showing up for them each and every day is essential as a leader.

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welcome back to "worldwide exchange." time for the wex wrap up we start with central bank moves around the world today swiss national bank raising rates .25 points a smaller increase than expected norway raising by .50 basis points and saying the august hike is likely we are awaiting the bank of england which is expected to hike the rate by .25 points.t ic

in court after the government blocked the purchase of activision-blizzard. and boeing will halt production after a strike from employees this week. look at the shares of spirit stock is down. and mark stevens unloaded 20,000 shares of nvidia that adds up to over $51 million. shares of tesla are lower in the pre-market after the worst session since april. this followed the downgrade by barclays saying challenging trends are ahead and elon musk is suggesting that vegas is the location of the cage match with him and mark zuckerberg he shot back to the tesla boss after he confirmed he was up for a fight. if you look on social media, you

know zuckerberg is doing mma training two pieces of data to watch had today. we have jobless claims today at 8:30 and then the may existing home sales we will have central banks in focus with the latest rate decision from the bank of england and at 10:00 a.m., jay powell is back on capitol hill testifying before the senate banking committee. chairman powell's comments are looking ahead today with the s3 partners who said the highest level of interest has sur -- sun

let's bring in amy wu silverman with the latest. what are you seeing with the options market >> it is really interesting. i feel like since the fed meeting, there is a hawkish tilt to the market. when you look at options positioning, frank, it still remains in the a.i. names quite bullish. we see that when we look at the demand and call options compared to the put options you and i have spoken and a normal market is one where folks are looking at stocks that they are hedging. >> that's a really interesting trend. the upside bets are more ex expe expensive. with all that in mind, all of the option activity in mind, what is the wex word of the day? >> my workd of the day is abnormal this is not what we see in

options. this is similar to the meme craze. what you saw in may of 2020 and january of 2021 and if you remember, frank, you see the excitement for that period of time we see that with the names like nvidia and tesla and amd and intel. that is counter to what you see in sdtocks. more and more people are buying calls. >> amy, i want to look at the broader markets. everyone will be watching jay powell's second day of testimony today. here is his comment on the rate hike strategy. >> this is a separate question with which the speed we move speed was very important early in the process it is not important now. we were at 75 for several meetings

then 50. bet then 25. now we are moderating that pace. >> amy, what is your take on the chairman's comments on rates >> it is interesting the fed has been fighting a narrative in the market as well as sticky inflation overall. i have been speaking with clients this week. one fear is just what if this is a long riding process? it is one we think terminal is in the five, but it could be in the six and that re-prices everything this will be a slog. >> following the comments from jay powell three-day slide in the markets which sectors would you avoid today with the volatility on the heels of the comments? >> you know, if you look this past year, it has been a flight

to safety to mega cap tech you know, i think this is a story where folks want to see the overall breadth of the market expand. when you get the hawkish tilt, you look at what hits the most the small caps or values i think today and tomorrow, you know, that is what you watch out for. >> amy wu silverman, thank you that's going to do it for us on "worldwide exchange. "squawk box" is coming up next thanks for watching. ♪ at morgan stanley, old school hard work meets bold new thinking. ♪♪ partnering to unlock new ideas, to create new legacies, to transform a company, industry, economy, generation. because grit and vision working in lockstep puts you on the path to your full potential. old school grit.

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good morning stock futures slightly lower ahead of the opening bell. yesterday, jay powell said the fed still has a long way to go

in the fight against inflation the current thinking of the fed chair. india's prime minister meets with president biden and big tech ceos at the state dinner. and elon musk and mark zuckerberg trading barbs about a cage match fight zuckerberg is an mma fighter i thought it would be two nerds fighting each other. it's june 22nd, 2023. "squawk box" begins right now. good morning

welcome to "squawk box