it is 5:00 a.m. at cnbc global headquarters and your "five@5. the dow with the longest losing streak since last september. futures are pointing to a gain at the open. is the tech red hot run set to cool this summer? how the mega cap tech is raising questions of whether the rally can roll on. and treasury secretary y yellen going to china.

and lordstown motors pulling the plug and taking legal action over foxconn troubles. and later on, teams up and coming together on the partnership focused on what else a.i. it's tuesday, june 27th, 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 check on the u.s. stock futures after a negative start to the trading week. right now, we're in the green with futures all three indices higher right now fractionally the dow coming off the sixth negative session in a row. we get a check of the bond market with the benchmark 10-year treasury 3.73

it has been range bound since the end of may between 3.7 and 3.8. we see an elevated yield with the 2-year treasury. 4.69 we are looking at energy we continue to watch the political innstability in russi and oil right now looking at wti below $70 a barrel it is up .30%. brent crude at $74.40 natural gas with a move to the down side. down 1%. we are looking at crypto 30 $30,370 for bitcoin. ethereum is below $2,000 up over 1% talking more about the broader markets. morgan stanley expects the fed to hike at the next meeting after poujay powell signalled t

are not done yet the bar for the july hike is significantly lower than usuausuall -- initially expected powell made it clear he was on the fmoc who felt the rates should be higher and a long way to go to get inflation down to 2% let's bring in josh wein at hennessey funds. >> good morning. >> we are talking about jay powell and we had ecb president christine lagarde saying similar comments with inflation too high hawkish central bank in europe and hawkish view in the united states how does this move us forward? >> it is true. in the uk, food price inflation is 14% or 15%. their issues are beyond ours the market or the fed has told

the market that we are serious the market is saying we get that, but we still think you will be done soon. there has been a reversal. the fed funds implied 70% chance of a hike in july. the market takes it in stride. it is realized volatility at low levels i think we talk about volatility all the time like it is always present. we are not seeing that right now. i think that it might be implied, but not realized. everything is priced in to a large degree we talk about the fed a lot and for good reason. i don't think it is having an impact >> we are talking about the fed a bit and central banks in general. i know you are looking at the bond market for insight into equity a lot of people are looking at the inverted yield curve you are looking at the 10-year and it has been range bound sitting close to 3.7 popping up to 3.8 and coming

back down. mixed signals there. what is each one of those telling you about the markets and economy in general >> sure. it is interesting because growth expectations have come in a bit for gdp. we have one and change on gdp growth less than 1% next year some people would call that hitting stall speed, i suppose it doesn't mean we fall out of the air. it is an unusual situation where the economy is absolutely slowing. maybe not a recession, but slowing and we're talking about rate hikes i think that is a little bit different than what we have seen in recent memory the 2/10 inversion doesn't have to mean there is recession coming, but the 10-year stuck where it has been around 3.76 does not imply any pickup in economic activity or even inflation so much.

i think the inversion implies a different regime here. >> it is muddled right now the signals on the bond market flashes one thing. you know, mixed signals with the bond market. i want to get to something that is more clear. a.i. trade it is powerer ing the market do you believe in the trade? we call it the magnificent seven. i look at snowflake shares up 1% and nvidia up on an a.i. partnership. the market continues to react to them do you believe this a.i. trade is sustainable in the second half of the year >> no, i don't it is not that i don't believe in a.i it is really exciting in the use cases which are compelling some of them are mundane and some are exciting. looking at the nasdaq at 36

times forward earnings that doesn't mean it is over valued, but it has come a long way looking at midcaps at hennessey and trading at 14 times forward earnings there is a disconnect there. with a.i. like so many other things, it is the users of it than the providers that make me excited. i think picking the winners is going to be tough. nvidia is clearly a winner in retr retrospect it is the industrial users and business series users and end users and consumers that are the beneficiar beneficiaries. i don't know if it resides so much going forward in the top seven. >> josh wein, thank you for your time coming up in a bit, we will dive deeper into the tech drop yesterday and if it is a sign o things to come and let's check on the

action in london with arabile gumede >> good morning, frank it has been a while. you hit the right tones as you started off that conversation with josh wei,n. the market is looking to the statement from christine lagarde who noted that inflation still too high the fight against it is not over still a lot more work needs to be done. the market pricing in another interest rate hike in july and perhaps another one in september. for now, the market is pretty much mixed we see a positive tilt which may lead to a breaking of the negative stance we have seen across europe for the last six days over in asia, another mixed trading day. a speech from china saw the premier of china speak around how they will boost that economy and hoping to bring demand back into the market.

generally positive with the bank of japan weaker. it is a mixed trading day. we see negative trade in europe. frank. >> arabile gumede, thank you time for the check on the top corporate stories with silvana henao here is here in our newsroom here in the united states with our headlines. >> frank, good morning lordstown motors filed for bankruptcy and put it up for sale it happened after the pause of production of the pickup truck this year. it resumed rebuilding in april, but at a lower rate. they will also file a lawsuit againstfoxconn it is accusing of failed promises in the ability to invest up to $170 billion in the ev maker. and nvidia and snowflake

partnership on a.i under the deal, the snowflake customers will build custom a.i. models with a tool kit from nvidia and infrastructure. the partnership may provide an alternative to companies concerned about chatgpt and proprietary information. and robinhood is cutting 7% of full-time employees as it has falling customer engagement. the latest job cuts would total 150 workers and follows 1,000 job cuts from last year. >> and looking at shares up 1% in pre-market. companies are rewarding with reduction cuts. and a lot more on "worldwide exchange," and the one word investors have to know today

and secretary yellen heading to china to have talks with our counter point there. eunice yoon has the latest there. and the biden administration is kicking off the next leg of the infrastructure package we dig into the government spending. innguprtlucid is fdi spo as those shares are up 77% more still ahead when "worldwide exchange" returns.

do you feel like you are missing out and letting china win in a way in terms of the green revolution and not jumping on the b bandwagon? >> china has a heavy role for the government in their economy. they directed resources into some of the technologies as a high privority. do the same with the inflation reduction act which will bring incentives to invest in the technologies and bring to the u.s. some of the supply chains which i talked about earlier on some of the metals and rare earths which are essential for this which are now mostly processed in china we will found a way to bring these into the u.s. sits at the core of the i.r.a. >> that was mike wirth on stage with andrew ross sorkin at the

aspen ideas festival on how to use the inflation reduction act. and revealing a new round of funding from the $1.2 trillion infrastructure package $42 billion earmarked to expand internet access nationwide the biden administration allocated $260 billion for infrastructure projects ranging from broadband and public transit to roads and bridges infrastructure related stocks fared well since biden signed that bill into law in november of 2021. the i.r.a. is positive versus the declines for the s&p and nasdaq that is with the big a.i. rally. let's talk about companies benefitting with timna tanners >> good morning. thank you for having me. >> we saw a funny announcement from the biden admin years ago and months ago, why is

this not priced into market? why do we see the pop from the ifra etf yesterday up more than 1% >> i think there is an inflation skepticism that the dollars would be spent and some wait and see when it shows up government dollars allocated back in november of 2021 are barely materializing the other issue is last year with diesel costs exploded the companies were not able to pass through prices as quickly as customers or barely were keeping up those are the two biggest things that kept stocks from performing well >> a lot of this money is spent on roads and bridges what companies benefit from this and how big of a tailwind is it? >> it is a big tailwind. we cover materials in the space and steel names that benefit

it is a positive i think what the market is in wait-and-see mode is how it impacts the residential. now residential hasn't collapsed, then it is more evident there is upside. >> one pick is martin marietta those are two names which have been talked about which is the primary beneficiary of the funding. give us a sense. it is revenue, but is it high quality revenue? working with the government can be difficult and challenging we see companies say it is lumpy. >> i think lumpy is a fair characterization the highway administration dollars are coming highway awards are up 35% year

over year. that is a sign in the next six-to-nine months those dollars will flow through. it will be deflated a bit by inflation. the costs of labor is the biggest component there. on the other hand, you see relief on fuel costs it is flowing through to the bottom line better than we feared going forward. >> i want to talk about the stocks and top pick in the space. i'm looking at martin marietta up 31% year to date. you have a price target of 431 of t431. how much more upside can the stock which has nothing to do with a.i. which is up 31% year to date and how much higher can it go? >> i can only speak to what i know and where things will go. it has been evidence the last

couple weeks and months that the upside to volume will be there residential is less feared we are all fearing higher interest rates i'm still convinced that will have an impact it always has. the market is holding upper than expected on the construction side -- holding up better than expected on the construction side i think there is upside to volumes from what we expected and upside to pricing. the first quarter, the companies posted massive price increases of double digits there is a bit more down the road. >> i know it is a rising tide and may lift all the boats, but do you have one that is the biggest beneficiary? >> they are all big beneficiaries. if i have to pick one is martin. the texas budget is big. all of them are large in business

>> thank you so much, timna. >> thank you. coming up on "worldwide exchange," the health of housing. we talk to the head of the largest privately held real estate company in the u.s. about the trends they are seeing in the sector more on "worldwide exchange" when we back in a moment (woman '? or what if i can do diabetes differently? (avo) now you can with once-weekly mounjaro. mounjaro helps your body regulate blood sugar, and mounjaro can help decrease how much food you eat. 3 out of 4 people reached an a1c of less than 7%. plus people taking mounjaro lost up to 25 pounds. mounjaro is not for people with type 1 diabetes or children. don't take mounjaro, if you're allergic to it, you or your family have medullary thyroid cancer, or multiple endocrine neoplasia syndrome type 2. stop mounjaro, and call your doctor right away, if you have

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welcome back we are watching a developing story related to china janet yellen is traveling to china in the coming weeks.

this would be the first meeting with yellen and her counterpart. eunice yoon is joining us from beijing. eunice, good morning what do we know about the possible agenda for the meeting? >> reporter: frank, based on previous state media reports about a possible yellen visit, we know that trade and closer economic cooperation would dominate the discussions from the chinese perspective. the foreign ministry today declined to comment and confirm any yellen trip. there are reports emerging she could be here as early as next week if that comes to fruition, secretary yellen would likely meet her new chinese counterpart. he is a close confidant of xi jinping and vice premier in charge of economic affairs in terms of what she has

expressed before, she, like secretary of state blinken, said she would be interested in improving communication with chinese officials and therefor ctherefore, coming to china. the chinese would welcome her. the comments made to congress which has gotten a lot of play in china when she said that the decoupling with china would be disastrous that is a sentiment repeated here by beijing leadership in fact, today, the premier, at the speech at summer davos reiterated the u.s. and european policy to derisk or wean off china within the supply chains is a false proposition, he said. he said that it could lead to confrontation. >> eunice, you mentioned the comments and will president biden's comments about president xi being a dictator, does that

have a chance of undermining th trip >> reporter: nobody is talking about the word dictator here in the chinese state media. what we see is the chinese are reaching out to the american business community as well as former u.s. officials. the former u.s. treasury secretary jack liu was here meeting with the top diplomat. what might undermine the u.s. efforts is the fact that we're hearing more reports that president biden is close to issues an executive order to potentially restrict further u.s. innvestment in chinese technology that would be seen from the chinese another way that the u.s. is insincere. >> a lot to watch. more important to note, you are watching the bloomberg report. eunice yoon live in beijing. great to see you

great reporting. still on deck here on "worldwide exchange," can mega cap tech continue the run for 2023 we dig into the potential catalyst and hurdles that could drive the next six months. as we head to break, here is the check on the shares of ford. it will layoff jobs in the u.s. and canada it will not say how many jobs would be cut, but impact the gas engine and ev. the shares are flat to fractionally higher. more when we return on "worldwide exchange.

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it is 5:30 a.m. in the new york city area we are just getting start the on "worldwide exchange. stocks looking to get back on track. the dow notching the longest losing streak in ten minutes. tech with the pull back as investors turn attention to what's ahead for the red hot sector and back half of 2023 shares of lucid are revved-up as it finds fresh support from the biggest shareholder. it is tuesday, june 27th, 2023 you are watching "worldwide exchange" here on cnbc well w-- welcome back. i'm frank holland.

we are seeing a potential turn around futures in the green nasdaq doing the best up .30%. the bond market here with the 10-year treasury at 3.74 it has been range bound over the last couple months since the end of may stuck between 3.7 and 3.8. elevated on the 2-year treasury. now we want to talk tech nothing tech with a stellar start to the year up 27% in 2023 boosted higher by the a.i. trade. investors looking to the second half of the year and growing focus on the potential risk with the massive concentration of the market on the big cap tech stocks with bob pisani >> many say 5% to 10% pull back is overdue many have been warning about

increased concentration risks among the mega cap tech stocks with very little effect. three worries here first, lighter volumes are coming in the months ahead second, renewed concern that interest rates may be inching higher which hurts tech stocks finally, worries about sky high prices and valuations. the value of the largest tech companies reaching levels no one has seen before. it is one thing to say apple's market cap is nearly $3 trillion, which is true, but would you believe me that is as big as the total gdp of france which is almost $3 trillion. some refuse to believe it a month ago, but it is true. many like wells fargo has started to take note as a way of conveying the size of the companies. harvey just released a note on friday stating microsoft market cap is bigger than the entire

gdp of mexico. frank, back to you. >> bob, a lot to think about let's dive deeper into tech. joining me is alex kantrowitz. >> good morning, frank >> one thing bob talked about was valuation. snowflake and nvidia with the partnership. 50 times forward earnings. with valuations this high, is that something to be concerned about the techni rally >> you have to look at valuations which have been running up in the condition with the rising interest rates. nothing has stopped them if this was a concern, you would ask why has it not stopped up until this point

on the other side, we see significant multiple expansion you see apple with the forward looking pe going from 20 to 30 that is very big and you would say there is a pull back it makes you nervous you also say what has the market done until now it kept buying >> the trade will continue to boost eps going forward. this fed paper came out yesterday. lower interest expenses and corporate tax rates explain 40% of the corporate profits from 1989 to 2019 saying declining tax rates are indicating significantly lower profit growth and stock returns in the future. this is the broader market, but seems relevant for mega cap tech and a.i. stocks. are you worried about two more interest rate hikes that this story could come to an abrupt

end? >> for sure. the ckconsensus is we get to the end of interest rate hikes right about now. that is priced in. you have the multiples with the markets saying what is the valuation maybe not now, but 12-to-18 months down the line with the rises coming through? if the fed says what we have done is not enough and we have to go further faster, then you have the rebound that has been predicated on the end to the rate hikes you have to go back to scratch and say what does it look like if the fed is more aggressive and that can threaten the rebound in big tech. the other thing is we had historic run up in interest rates and still you are seeing the multiple expansion interesting moment for big tech. it will be interesting to see the momentum trade and it will be interesting to see if it keeps up. >> a lot of talk if this is a

bubble or 1995 moment or 1999 moment 1999 is when the tech bubble burst. one thing is the tech spending on a.i this year, despite the hype, what are you expecting for next year >> a great question. we have seen run-up in tech stocks and based on the a.i. narrative. we start talking to computers and they talk back the narrative it will change the world. it very well might what happened since introduction of chatgpt a lot of consumer prototypes as we seen the world changing applications that made everything you do different the same way the iphone did? that is what the market is betting. we haven't seen it that is a danger for tech. if the narrative changes, it is a cool technology with potential future use and we are not sure the scale, the entire rally has been fueled effectively based

off this story if that story changes, it is bad p news for textch and market. >> this year, according to research, 1% of i.t. budgets are focused on a.i does it double to 2% next year >> it could. a.i. has been baked into technology for years at this point. the big thing we had is a change of generative a.i. a.i. to read and write and talk to you it is not like that will change the implementation of a.i. and i.t. spending across the world we are looking for the way it makes its way into every company. is this going to open the eyes of cios or ctos and make them ask where do we use a.i. that we haven't before maybe you can see an increase. a double may be hard to achieve.

>> alex, thank you time for the check on the top corporate stories with silvana henao who is back with those. silvana. >> frank, good morning shares of lucid rising after the saudi public investment fund scooped up 265 million shares of the ev maker adding to a $1 billion purchase representing 15% of the total stock outstanding. the innvestment fund was the largest shareholder and now owns 65% of total shares. that is up from 60% before the purchase last week ftx chief john wray alleging that an unnamed laura sifted sbf in the customer deposits the wall street journal reports the unnamed lawyer in the document appears to be ftx's former chief regulatory officer

daniel freedberg who has been cooperating with the investigation. and eli lilly's drug helped patients up to 24% of weight in a year that is the biggest to date. the researchers say average weight loss did not appear to plateau after 48 weeks suggesting a longer study could show more according to clinical trial results released yesterday. frank. >> shares of lilly up 1%. coming up, the head of the largest privately held real attate lays out the sector and wh it could mean for the year. we are back with more "worldwide exchange" in a moment.

welcome back to "worldwide exchange." a look at the early trade in europe and conversations on trading desks around the world we havehave julianna tatelbaum h the global briefing. comments from the ecb president earlier. how is that impacting the markets? >> the euro is in focus. we got comments from christine lagarde from sintra. she said it is unlikely the ecb will call a peak in rates. she said the ecb should not waiver in the fight against

inflation. that is driving the euro higher over the dollar. one .30% and the first acquisition for the in-house beauty division kering with 100% of business owned by blackrock and the current chairman shares up .70% and the london based company expects income to grow in the coming year with margins improving to 20% over the medium turn the stock is up 17%, frank. >> julianna tatelbaum in the london newsroom. time for the morning call sheet. we check on the biggest upgrades and downgrades by firms you know and stocks you own goldman sachs upgrading on kellogg. moving to a buy as the company stands out as the few who will sustain increasingly scarce

growth with the favorable market exposure shares of kellogg's up 2% in the pre-market and bernstein downgrading alphabet the 40% rise from the november lows means it is time to move to the sidelines on the stock looking at shares down more than 1% and turning now housing. data points on tap this week with the s&p home price index and home sales out today the numbers are offering a fresh look at the housing sector since the fed paused the rate hiking campaign for more than a year. the rates around 7%. the highest since 2007 still with shelter remaining one of the sticky parts of inflation as the housing sector is likely to face more headwinds, we will bring in bess freedman bess, good morning

>> frank, good morning nice to see you. how are you? had. >> great to see you. we are looking ahead to kay shiller and home prices. two big data points. we saw median home prices fall 3% that is very encouraging to buyers what do you expect from the reports coming up? >> i am more positive than analysts have been all of the predictions it would be doom and gloom and a crash. what they didn't realize or think about is that we're in a different time homeowners have equity and there's no forced selling. there has been this constraint on inventory they haven't had to sell which kept prices high buyers are still in even at 6% and 7% of the market is fluid. it is not post-covid where they didn't have mortgages that

didn't make sense. homeowners have equity and we are in for a different time. we are in for a softer landing, i would say. it is relatively steady considering it slowed down post historic lineup after the pan dem demic. sentiment is good. i'm optimistic. >> you said we are heading toward a soft landing. the housing market with people who bought their home with low interest rates and they have equity in it and not pressed to m move >> they are not. that has been part of the challenge of inventory you have the artificial constraint on selling. people don't need to sell. they're not selling. we will see things ease up i know rates are hovering at 6% and close to 7%. i think once we have a healthy intersection, we will see

movement we see price buyers are coming off the sidelines. just last week, we saw 32 contracts signed over $4 million which is a good prediction that the luxury market is moving and things are doing well. that is fifth street straight week in a row. >> that's cash that's high-end people buying with cash. they are not rate sensitive. i want to ask about something else which is rents in many parts of the country that is not the story in new york city. ira around the country, rents are coming down. does that mean people get more comfortable renting or more money to buy i'm not sure which one >> there is a bit of both. people are comfortable renting because rents are coming down.

in new york. it is -- in new york, it is an outlier. people are not getting deals people are seeing options in home buying. rates have gone up, but they are historically low it is a place to park your savings and build into generational wealth. people feel comfortable investing in homes that's a great place to invest it is a place also for consu consumption. not just a place to invest, but raise your families and pass on to your kids it is a great place for people who come from other places to create homes and places. it is something the home buying process is the american dream that people believed in. >> excellent point bess, thank you. hope you come back. >> thank you, frank. coming up on "worldwide exchange," the one word that every investor needs to know

today. stocks looking to put a stop to the skid our next guest suggest improving breadth into the market. and if you miss "worldwide exchange," check us out on spotify and apple. as we head to break, june is pride month. we share stories of corporate leaders with you here is vice chairman marty chavez >> people often tell me, marty, you are a pioneer on wall street i don't see myself that way. i do see myself as somebody who is just myself and i always have been that. when i first came out to my interview in 1993, i came out in that interview just because that's how i did it. i was out in silicon valley. i saw no point going back.

i would say just authenticity -- it is a lot of wasted time to pretend to be something you are not.

looking at live shots from around the world new york, london and hong kong and washington janet yellen is going to china. we have six stories you need to know before the opening bell. bloomberg reporting janet yellen plans to visit beijing next month for the high level talks with her chinese counterpart treasury has not confirmed that yet. lordstown motors is putting itself up for sale and filing a lawsuit against foxconn accusing of fraudulent conduct and failing to abide by agreement to

invest up to $170 million in the ev maker. and nvidia and snowflake announcing a partnership on a.i. under the deal, customers will build custom a.i. models with a tool kit from nvidia. and robinhood is cutting 7% of full-time employees it is making the move as it struggles with falling customer engagement and former fed official is teaming up with the former risk officer from svb and attorneys for ron desantis asked a federal court to dismiss the lawsuit against disney arguing that desantis is immune and disney lacks standing to sue the governor. we are gearing up for the trading day head numbers from walgreens and watching for several pieces of

economic data and including durable goods and home sales figures and latest read on consumer confidence. investors are watching the data as the catalyst to help stocks put a stop to the slide. our next guest says he is seeing signals that performance for stocks outside of tech is starting to improve and gains are broadening out ross may ffield is the strategi. give us a sign that people are pointing to the breadth of the market the russell 2000 is up in june is that a sign you are looking at or isconfidence >> this has been an orderly pause. it makes sense after the rally to take a breather without big selling days gives us confidence

this is a bull market over a bear market. as far as the small caps across the sectors, you are seeing improvement. industrials and discretion ary. you are see signs the rally has legs on the flip side, the weakness from utilities is nanother sign this is a bull market out. >> ross, i want to push back we have seen the market slide the last couple days it coincides with jay powell on capitol hill being hawkish i want to ask about the rally and your wex word of the day >> word of the day is resilience the day, the month, the year, the rally is resilience. propping up the consumer

spending data and resilient housing market bottoming and starting to rally in the face of 6% to 7% rates i hear you the market has pause i do think it was going to happen when with you have a rally that is son narrative driven with a.i. you need to take pause we like what we are seeing and we like the resilience from the corners of the market. >> fair points what about recession a lot of people were looking at the inverted yield curve janet yellen believes the risk is lower jpmorgan chase said it is higher in the second half of the year where do you stand and with those concerns, futures are higher we are in a multi-day skid are there any sectors you would

put money to work in and others you stay away from >> on recession, i think it is hard for me to hesee recession n 2023 you have a strong labor market home builder sentiment is strong new home sales and that data is conspireing to more higher you have to look out for 2024. the fed indicates they want more rate hikes if the market doesn't believe -- >> ross, if you had to move today? >> industrials i think there is a lot of momentum there it is not tech focused it is something outside that narrative which lost a bit of steam. you have a lot of structure factors. you have the aerospace defense sector in the news we like the industrials. it is working globally

>> ross going with the hot hand. industrials up 8%. ross mayfield, thank you that will do it for us on "worldwide exchange. "squawk box" is coming up next thanks for watching. (♪) feel the power of osteo bi-flex®. taken every day, it's clinically shown to improve joint comfort in 7 days, with significant improvement over time. (♪)

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good morning in ev land, lucid shares getting a boost from saudi arabia. meantime, lordstown motors filing for bankruptcy. new developments in weight loss treatments. recap on the clinical trial with the drugs from injectable or pill form. new york city moving ahead with congestion tolls for heavy traffic areas despite the last

minute effort by new jersey officials. new jersey officials are trying to stop it it is tuesday, june 27th all right? it's 2023. it is almost july. "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 with joe kernen. andrew will join us live from the aspen ideas festival later in the show in a couple of hours because it is really early there. we have been watching what is happening with the u.s. equities you are going to see modest advances check it out green arrows slightly. dow futures up 17. the do