sport official nba team valuations revealed today in squawk box. >> get invested. join the club. >> the value. >> you're going to get from. >> making better. investments more than outweighs. whatever the cost of the membership is. >> join the club. new member save with a special offer for a limited time at cnbc.com. join jim. terms and restrictions apply. >> it is 5 a.m. here at cnbc global headquarters. >> welcome to worldwide exchange. >> here is. >> your top. >> five at five. >> wall street. looks to. >> end the week. >> on a high note. as investors they breathe a sigh of relief around trump tariffs. the president outlines his plans for reciprocal tariffs around the world. >> also rejects. >> concerns those moves may. >> drive up. >> prices for americans. >> shares of. >> airbnb they are surging. >> this morning. >> we're going to look at what has investors. >> buying in. >> plus, exclusive. >> details on. republican plans. to ax biden era regulations on two key areas. >> of the markets. >> and we get a fresh look at the health of the consumer following this week's hotter than expected cpi report. it's

friday. >> february the. >> 14th, 2025. happy valentine's day. you're watching worldwide exchange right here on cnbc. good morning. thanks so much for being. >> here with us. >> i am frank holland. happy valentine's day. once again let's get you ready for the trading day ahead. we begin with the markets. >> major indices. >> closing. >> higher after president trump, he. outlined his plans for reciprocal tariffs, saying he would match what other countries impose on u.s. goods. also ordering u.s. agencies to investigate with tariffs coming possibly as soon as april. take a look this morning. a bit of a mixed picture when we're looking at futures right now. s&p fractionally higher. the dow looks like it would open about 65 points lower. the nasdaq also fractionally higher right now. want to take a look at some of the biggest gainers on the s&p 500 right now. taking a look we just talked about airbnb a moment ago. moving higher on earnings. we're going to talk much more about that in a second. but shares up over 13%. intel up almost 4%. moderna moving higher. dexcom and waters

rounding out your top five. when we look at the laggards as well. the bottom five of the s&p in the premarket taking a look. we're also seeing a lot of earnings movers here. davita moving 10% lower on earnings. palo alto networks similar story moving 5% lower on earnings. the guidance that seems to be what's hitting that stock right now, although they did give a lot of insight. on how ai is boosting that business. applied materials, godaddy and amarin rounding out the bottom five right now. all right. we also want to take a look. at some of the. etfs impacted by tariffs, the u.s. and india reaching a new trade agreement yesterday during the indian prime minister's visit. right now we're going look at some of the countries that are currently in active tariff discussions. you see the india moving 1%. >> lower right now. >> the mta, the china etf actually moving about 3.5% higher right now. some other upside moves. we're looking at the canadian etf. the iwc has actually closed. it closed one and a third percent higher. the iww that tracks mexico up just about a quarter of a percent right now. we want to check the bond market as well with the yields moving lower on the tariff news. again, the fact

that we now see tariffs until april, if we do see them right now we're seeing the benchmark, the ten year, 4.52% moving several basis points lower from the levels that we saw yesterday. all right. that is your setup. it's now time for your big money movers. let's go back to air bnb. swinging to a fourth quarter profit as revenue rose 12%, beating estimates. that was driven by growth in nights stayed and a small increase in the average daily rate. again, looking at those shares of airbnb, they're up just about 14%. the company is forecasting slower growth this quarter due to a tough year over year comparison and the stronger dollar. roku reporting a smaller than expected fourth quarter loss and the revenue that beat estimates, fueled by an increase. >> in. >> subscribers and spending per household. the company's projecting annual revenue above estimates, signaling strong ad sales as more customers switch to streaming platforms. shares of roku, up over 13% and roku ceo will have much more. in a cnbc exclusive on squawk box coming up at 8:20 a.m. eastern. looking at coinbase as well this morning. moving lower despite reporting fourth quarter results

that beat estimates. you see shares are down more than 1%. profit was driven higher by trading volumes in bitcoin and other digital tokens following the us election. on the earnings call, ceo brian armstrong says we are entering a golden age for crypto and regulatory overhang is lifting. again, shares of coinbase, they're down more than 1%. let's get more on president trump's latest move around. trade on the back of his reciprocal tariffs announcement. silvana henao has much more on that. silvana good morning. >> hey frank. >> good friday. >> morning to you. >> so president. >> trump and. >> indian prime minister. >> modi agreed. >> to start talks on a trade deal. and the two countries stand off over tariffs during their meeting. >> at the. >> white house. >> now, the. >> agreements came. >> just hours after. >> president trump slammed. >> the. >> business climate. >> for. >> american companies in india. >> and unveiled his reciprocal tariffs. >> listen in. >> as a signal of good faith, prime minister modi recently announced the reductions to india's unfair, very strong

tariffs that limit u.s. access into the indian market very strongly. really, it's a big problem, i must say. we agreed to work together to help build one of the greatest trade routes in all of history. it will run from india to israel to italy, and onward to the united states. connecting our partners by ports, railways and undersea cables. many, many undersea cables. it's a big it's a big development. >> and amid the meeting between trump and modi. >> india promised. to buy u.s. oil. >> gas and military. equipment as well. >> as help fight. >> illegal immigration. frank. >> yeah, certainly a lot of focus on that deal. also, the president announcing that tariff plan, we could see tariffs as soon as april. so a lot of focus from investors. >> on that. >> for sure. silvana, thank you very much. see you a bit later in the show. all right. let's now get more reaction on the global markets to president trump's latest tariff moves. our julianna tatelbaum is live in london with much more on that.

julianna. good morning. good to see you, frank. >> good morning. it's great to see you. happy valentine's day to you guys over stateside. now, in terms of the asian market reaction to the new tariff announcement, those reciprocal tariffs that are due to come through, it's been fairly muted. we have seen mixed trade in asia. you've got the nikkei 225 in japan pulling back by about 8/10 of a percent. the shanghai composite and the kospi slightly higher. the real focus for trade in asia was in hong kong, where we saw hong kong's main benchmark, the hang seng rally, 3.7%. and it was the tech stocks that rallied most. chinese president xi jinping is reportedly set to chair a symposium with some of the country's top business leaders, aimed at boosting private sector investment. this is according to reuters, and this is the kicker. attendees are expected to include tencent ceo pony ma and alibaba founder jack ma. jack ma has fallen out of the spotlight in recent years. so a lot of hype, a lot of speculation around what this symposium may

mean for the tech sector in china moving forward. and here's a look for you at the key movers there. now in europe, we started out in the red, perhaps in reaction to the reciprocal tariff announcements yesterday. but things have turned positive in the last hour or so. we do have a comment from the european commission. it says that the it views the president trump's proposed reciprocal trade policy as a step in the wrong direction direction, and it will react firmly and immediately to the barriers. frank. >> giuliana, thank you very much. by the way, you left out one hermes stock moving higher after better than expected sales. i think a lot of people are hoping for one of those birkin bags today especially. giuliana, great to see you as always. thank you. all right. turning back to the u.s. markets, the markets may be. breathing a bit of a sigh of relief after president trump did not immediately impose reciprocal tariffs, helping to push the s&p 500 to just shy of a record high. but many investors, they still have a glass half empty feeling about u.s. stocks. the latest aa survey finds almost half of retail investors they're bearish

on the outlook for the markets over the next six months, the highest level since november of 2023. just for context, the historical average is 31%. nearly three out of five investors. they believe that tariffs will slow the economy and raise prices. about a fifth think they'll have a temporary impact, while 12% say tariffs will eventually lead to a stronger economy. joining me now is dan brew, senior partner and cio at palisade capital management. dan good morning. thanks for joining us. i've got to ask you your thoughts. we saw kind of a relief rally at the end of the day after the president said that we he's going to study the tariffs. and as soon as we see him, at. >> least from. >> the commerce secretary pick would be april 2nd, i believe, because the study is supposed to conclude on april 1st. so a lot to digest there. also the indian trade deal. what do you think this means for the markets? look. >> i mean, i. >> think the markets have figured out. that discussions. on tariffs are negotiation. >> and they're they're a. >> means to an end. and from the first trump presidency, many. >> of. >> them some. >> of them were implemented. some of. >> them were not implemented.

but they were out there to get specific. they had specific endgame in mind here. and i don't see anything that's different here. and i think that's what the market is really sniffing out here. what isn't talked enough about really, is when you have a strong dollar that is an offset to some of the tariffs that that are contemplated right now and can blunt some of the real effect to companies. but, you know, there isn't a company that we've spoken to that isn't very cognizant. >> of it. >> and is very aware of it, which is why we think companies with more of a domestic focus are more insulated from. but, dan, i know. >> you're not. >> an economist, but i do have to ask you, isn't that a double edged sword? because the tariffs are also potentially going to make the dollar stronger. the dollar strengthens. that's bad for a lot of the big companies that actually drive the market. >> yeah. but they. >> also have offsets too because they manufacture globally as well. so they do have some some offsetting capabilities in terms of where they are jurisdictionally. but certainly you're seeing it in the lower margin companies that have to

import various products. and certainly like the consumer staples types companies, those seem to have be going through a more rough patch. but when you look at the global consumer branded companies, some of them are being are doing okay. you know, it's funny you say that. you know kraft heinz obviously you're talking consumer staples. the stock that was very hit. but we actually are seeing consumer staples surging i'm looking right here. you're kind of leading me to my next question. consumer staples is up about 6.5% year to date. i actually think they were pretty close to hitting an all time high yesterday. what does that mean when we're seeing investors go to what's the defensive sector? if you're saying that tariffs aren't that big of a deal. well, let's put it in context. these stocks did very poorly last year. so there there is a little bit of bouncing off of the bottom here. but but you know i don't think that that's really where the markets are really going to run to relative to the s&p. you know those stocks really aren't you know, significantly outperforming. so to your point, jp morgan on our air yesterday saying they're

maintaining their 6000 506,500 price target on the s&p about a 5% rise from here. so not expecting a big rally. but also and i thought this was interesting saying they see two more cuts this year with the first one coming in june. is that still meaningful for this market? i mean, we have earnings higher 15% year over year. is it earnings or is it the fed. what's the catalyst. it's always about. it's earnings first and then it's clarity. what is the federal reserve going to do whether it's 1 or 2 cuts doesn't matter. but the market really needs to have some certainty of what that's going to be. i want to point out health care, which doesn't get enough talk right now. it's at a 10% weight in the s&p. that's a 25 year low for the index. so you know, the setup is very similar to the way energy was in 2000. in 2020 which had a huge year in 21 with the new president. that was very anti energy. you know, where there were now going through some really difficult budget talks. the stocks have gotten really, really very, very inexpensive. you know i wish we had more time to talk more about

health care by the way up the sector up about 6% year to date. but obviously a new secretary of hhs being confirmed. so a lot to talk about there. i wish we had more time. dan baru, it's great to see you. thank you frank. all right. coming up here on worldwide exchange. we've got a lot more to get to, including the one word that investors have to hear today and the stock pick that every investor needs to know. but first, much more on president trump's latest tariff moves. the silver lining the from the american enterprise institute says he is seeing in this plan. plus, we speak to one of the leading companies in the enterprise ai space on the aftermath of deep creek and the potential impact of tariffs. the ceo of sandbox hq, he's standing by. and then later tracking where the money and the market is moving to. and look at how investors are protecting themselves on the back of that hot cpi report. we have a very busy hour still ahead on worldwide exchange returns. stay with us.

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>> join me. >> in charm.com and get paid when you say. >> welcome back to worldwide exchange. badoo announcing it will make its ai chatbot ernie bot free starting in april. the move by the chinese tech giant comes as the country's ai sector faces growing competition on the back of deep. here in the us, energy providers including ppl, dominion and exelon all revealing plans this week to increase spending around data center demand as fears around deep sea they appear to be easing. well, at least for now. for a closer look at the ai space, let's bring in jack hidary, ceo of sandbox aq, currently valued at more than $5.5 billion. jack good morning. great to see you, frank. >> good to. >> see you. >> here. in munich, germany. how are you? >> your world traveler? >> i think the last time we

tried to get you on, you're in london now. you're in munich. you got a lot going on. so, jack. >> earlier, earlier this week for. >> the ai. >> summit. >> i'm sure i know you guys reported on the ai action summit in paris. >> it was exciting to see 80. >> countries come. >> together to talk about ai and its impact on the economy. >> all right, jack, listen, you're a global traveler, but i know you're not a global trade expert. but i do have to ask you, how are these potential tariffs that could be coming up in april and potentially, you know, a global trade war, if that's what unfolds? how would that impact your business? we're going to show some of your customers. you work with some of the biggest companies in the entire world. it would impact your business. could it impact their business? how do you see this playing out when it comes to the ai space? >> well. >> ai is just starting. >> to get its impact going in the b2b sector. the past two years, frank has really been more of a. >> consumer and prosumer. >> story, with people using chatgpt. a lot of other large language models like google gemini. you just reported on some of the. >> advances there. and so. >> that's really been the last two years. the next 2 or 3 years

is really more going to be about b2b. the impact in business, for example, biopharma. >> in energy. you talked about energy stocks. how are. >> we. >> going to convert. hydrocarbons into new kinds of products. >> for aramco, for other. >> big oil giants. >> so i think there's going to be a lot of value add. and let's remember. frank overall. >> net net in. >> the next 4 or 5 years ai. has a. deflationary impact on the economy. >> in fact, it's probably the biggest deflationary. driver for the entire global gdp over the next 4 or 5 years. >> all right. so you think it's deflationary? i know a lot of companies have said it actually helps them improve their margins. we were showing some of your customers i want to talk about one customer that you've actually expanded a relationship with. that's deloitte you're actually using. and i've never heard of this before, but you're large quantum models with them specifically in the biopharma space. you were just talking about biopharma. what is a large quantum model and what's it going to do for the biopharma space? a lot of focus on the health care industry right now. again, with the new hhs

secretary being confirmed here in the us at least. >> well, i. >> think biopharma is going. >> to be one of the biggest sectors of impact with ai specifically. frank, as you said, not large language models as much in the biopharma sector, but large quantitative models and lcm. what's an lcm versus an lm? lcm is trained on chemistry, on. >> biology, on pharmacology. >> on toxicology, the very areas that you need if you want to make a new medicine for alzheimer's, for parkinson's, for cancer. we're looking at alzheimer's today, 40 years of research, nothing much to show from the biopharma industry. same thing with pancreatic cancer, glioblastoma, brain cancer, lots and lots of indications out there. >> i think that. >> lcms quantitative models trained on biology, trained on chemistry, trained on the kind of interactions you need to make a new drug. you could do that now and cut years off the preclinical time and. hundreds of millions of dollars. this is going to have a big impact positively on the biopharma

sector. >> all right. let's talk impact more broadly here. jack. first i want to talk about the quantum trade. it was hot earlier this year. then when jensen wong said a few things it kind of took a nosedive. i'm looking at the chart on rigetti. i think d-wave down between 22 and 33%. and then the impact of deep sea. can we just kind of put this all in a boat? is there still an impact that's being felt in your industry when it comes to ai? when it comes to ai infrastructure, energy needs? we just talked about energy companies actually boosting demand, but longer term what's going to be that deep sea impact? >> well. >> on the quantum side. they're still. >> way up. >> net net compared to where they were a year ago. so i think it's really interesting to look at the quantum stocks. on china though. that's i think the bigger issue right now, it's not just deep sea. if you look at alibaba's tianwen, which is alibaba's offering, the ai space, you just mentioned, baidu's ernie bot, you actually have a range of 8 or 9 different large language models that have come into the picture. we predicted. >> a number of years ago. >> that the large language model space would be commoditized.

frank, you're looking at all the same data. they use the world wide web, the same models, the transformer model. you're going to get the same results. actually, we believe that over the next few years, there's going to be an increase in demand for the chips from nvidia, from other, from amd and from others, not a decrease. this is known as jevons paradox because although yes, initially you might think well with deep seek out, maybe it's cheaper to train fewer gpus, but over time more people can access the technology, more people want to use it, more inference also. that is when you use the models themselves, not just training the models that leads overall net net to an increase in demand for data centers and for chips. so i think it's actually a very positive impact that deep seek is having. it's broadening out the space. it's bringing prices lower and ultimately will increase access to these kinds of technologies. >> all right, jack, we got to leave it there. we got to have you back though. so i don't know

if you're going to be in antarctica, australia, wherever you're at, you got to come back on. good to see you. >> great to see you, frank. >> jack henry, ceo of sandbox hq. thank you again. all right. still on deck here on worldwide exchange. while the. >> one of. the world's. >> biggest shipping companies says he's not too worried about says he's not too worried about this latest policy play at ameriprise financial we know our clients are so much more than clients. they're conquerors and champions, and what matters most to them matters most to us. it's no wonder we have a 4.9 out of five client satisfaction rating. ameriprise financial. college in america by the princeton review. employers value hpa's real world preparation. students love unprecedented access to global leaders on high points, inspiring campus, and parents appreciate god, family, and country values. choose to be

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>> welcome back to worldwide exchange. we're tracking etf flows this friday morning. etf net inflows this year topping $130 billion. we're also tracking the moves above or below the 30 day moving averages for the popular index funds the spy and the triple qs this week. investors they turned away from those popular etfs with inflows each day monday through thursday below the 30 day moving average. so the s&p and the nasdaq 100 both on pace for a winning week. but if you look at the etf inflows, investors were very focused on the bond market and protection from inflation. the top etf with over $1 billion in net inflows this week, the jp st. it's an etf dominated with investment grade corporate bonds. four out of the top five etfs were bond focused etfs this week. also, you had the etf holding short term inflation protected bonds and investors

looking for some protection from inflation. all right. taking a look at some major transport stocks after president trump outlined his plan on reciprocal tariffs, saying he would match with other countries put on us imports, he also ordered u.s. agencies to investigate those new tariffs that could come as soon as april, possibly april the 2nd. yesterday, we spoke with the us president of shipping giant maersk, who said the trade war in the first trump administration that shift the supply chains away from china. but this time around, he does not see the same impact. if you. >> just look at the underlying. >> dynamics of. >> just the last. two years. >> southeast asia, south asia. >> south asia. >> so india, including. >> also to the. >> southern borders of the us, mexico, have taken on a significant. part of that. shift in sourcing. >> and we. >> believe, again. >> regardless of what will come out of the talks, that that trend, that underlying trend of. >> the. >> last eight years will effectively continue. >> and as we head to break. a quick check of some defense stocks, names like lockheed, northrop and general dynamics,

they all dropped yesterday on the back of some oval office comments by president trump suggesting u.s. could cut defense spending as much as in half at some point. taking a look at the moves this morning, you're still seeing these stocks just fractionally lower. general dynamics down about a half a percent. and just a quick reminder if you haven't already, you should follow our podcast. if you miss world wide exchange, you can check us out on apple, spotify or the podcast apps. much more coming up right after this. >> the number. >> of public. >> companies is shrinking. >> while the. >> number of private companies is increasing. at franklin templeton, we're expanding access to the growing opportunity in private markets, offering the potential for greater diversification and enhanced returns through our world class specialist investment managers. we are empowering advisors with solutions to build the portfolios of the future today. alternatives by franklin templeton, your trusted partner for what's ahead.

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>> or a. >> studies should be. >> all complete by april 1st, so we'll hand the president the opportunity to start on april 2nd if he wants. so i think we'll be ready to go on april 1st. and we'll hand it to the president and he'll make his decisions. but remember, if they drop their tariffs, prices for americans are coming down. our production is going up and our costs are going down. >> that was trump commerce secretary nominee howard lutnick in the oval office yesterday, making the case for the president's new plan for reciprocal tariffs. the move, marking the latest by the administration to try to reshape the global trade landscape. welcome back to worldwide exchange i'm frank collin. coming up, the american enterprise institute's jimmy pethokoukis is standing by and we're going to tell you why he's calling these latest trade moves a more sophisticated strategy from the president. but first, we begin with the market's major

indices closing higher after president trump outlined his plan for reciprocal tariffs, saying again, he would match what other countries impose on us goods and ordering agencies to investigate. with tariffs coming as soon as april. howard just spelling out that could come as soon as april the 2nd. taking a look at the futures right now, seeing a bit of a mixed picture right now the s&p down fractionally. the dow actually moving lower hitting its lows of this morning looking like it would open about 85 points lower. the nasdaq just fractionally higher about seven points. we want to check check some of the biggest gainers on the nasdaq 100 right now. taking a look we see airbnb shares up about 13.5% off earnings. investors seem to like what they heard there. pdt holdings also moving higher. this is one of the names that we know that david tepper has increased his bets on those shares, moving up just about four and three quarters of 1%. intel, dexcom and tesla rounding out the top five. we look at the laggards as well right now on the nasdaq 100. taking a look at other earnings mover to the downside. this time palo alto networks those shares moving about 5.5% lower. investors just not liking the guidance they offered. applied materials globalfoundries on semiconductor and lam research rounding out

the bottom five. also want to look at the us and india reaching a new trade agreement during the indian prime minister's visit. and right now we're going to take a look at some of the countries, the etfs representing the countries that are involved in the active tariff discussions right now, the indian etf, the india moving about 1% lower, the chinese etf, the mci moving over 3% higher upside moves for the canadian and mexican etfs as well. and a quick check of the bond market yields moving lower on that tariff. news. the benchmark right now coming in at 4.52. it actually hit over 4.6 yesterday. moving a few basis points lower on that news again sitting right now at 4.52. all right. that is your setup. now we want to turn to president trump and his announcement of reciprocal tariffs. the president telling his economic team to craft a plan for tariffs on every country that taxes u.s. imports, raising the risk of global of a global trade war with allies and adversaries alike. more details are not expected until after april 1st, after studies are finished on the matter. but the president making the case for the move, speaking in the oval

office yesterday. >> reciprocal tariffs, those two words reciprocal. reciprocal makes tariffs really fair. >> no exemptions right. >> it would be all auto imports. >> any exemptions. no because you don't need to. with reciprocal you don't need to. if somebody wants to come in including the car companies, if they want to come in and build car plants, they'll do it without tariffs and therefore prices won't go up. there could be some short term disturbance, but long term it's going to it's going to make our country a fortune. >> for much more. let's bring in jimmy pethokoukis, economic policy analyst at the american enterprise institute, also a cnbc contributor. jimmy, good morning. good to see you. hey. good morning. all right. so the president calls this reciprocal tariff plan fair. you're calling it sophisticated. what's the sophistication here? >> well, you. >> know. >> i think. >> we can look. >> at sophistication. >> as a bit of a euphemism. for complexity. you know, rather than. >> just a. >> big broad tariff.

>> you know, it's going to include all. >> these non-tariff barriers. >> which is one of the reasons they're talking about studying it for, you know, a couple of months. you know, you know, you know. >> subsidies. >> regulations and also value added taxes. >> i think that's. a tremendously. >> complicating factor. >> because if. >> you're going to add in vat. >> taxes as. >> part of your. >> tariff calculation, i think it is. >> going to. >> be. extraordinarily difficult. especially for. >> you know, rich countries. >> europe, which has a lot of vats to meet. >> the president's requirements. >> and i. >> think i think if. >> it wasn't for the fact. >> that a. >> this isn't happening right away, and b, you have sort of the. >> the example of mexico and. >> canada where things de-escalated. >> i would. >> be shocked. >> that the market. >> wouldn't be having a reaction. you mean the positive reaction that we're seeing? you'd be shocked if we weren't seeing this upside move in the future. i would be thinking, yes. >> if it. >> wasn't for that. >> delay in the. >> canada mexico.

>> example. >> the market would. >> be taking. >> it pretty hard. >> i mean, these are. >> broad deep tariffs. >> all right. this policy, it targets some high tariff countries. india is one that we're very focused on obviously because the prime minister is visiting right now but also brazil and vietnam. now this is interesting because vietnam has become a place where a lot of companies have moved moved production. what does that mean for the production out of vietnam and that shift away from china? if a country like vietnam is going to face the same situation? yeah. i mean, i mean. you had. >> a clip earlier. >> talking about we. >> had a. >> sort of a. >> refashioning of global supply. chains during. >> the. >> pandemic away. >> from china. you know, that sort of that, that way. >> of dealing. >> especially. >> you. >> know. >> dealing with tariffs. >> like that's gone. >> if you're going to have broad tariffs. >> rich countries, developing countries. that go deep into the economies of. >> his countries, there's. >> no. >> way you. >> can sort of really. >> escape the. >> tariffs unless you. >> do what the president said, which. >> is drop those tariffs.

>> but again. >> we're not just talking about tariff levels. we're talking about. >> a real, you know, you know, morass of regulations and subsidies. and again, value added taxes. i mean, this. >> is this. >> is a very complicated. and if you'd like to be. nice sophisticated way. >> of approaching tariffs. >> well you're a nice guy jimmy. you're a nice guy. also very have a big heart. you got a huge one. so earlier we were teasing that you say there's a silver lining around this one. just this policy right now. and also, it sounds like there's a silver lining around the idea that we're going to take the us is going to take a couple of weeks to study it. and then on april 2nd, the president's going to make a decision. you also said it has the potential. and you got to explain this one to reduce global trade uncertainty. isn't this going to be a very uncertain month for global trade? and then longer term, the idea that the president is, if he is in fact using this as a negotiation tool, doesn't that increase the uncertainty, the fact that the president might spring this on countries that he feels are unfair? and again, i think the key word there is feel. >> yeah. >> yeah, i. think i think. >> the fact that. >> we had the president. talking

about, you know. >> a big. >> you know. >> global tariff. >> and. >> now we're now. >> we've now we're. >> talking about. >> targeting it. >> i think there's. >> sort of less. >> certainty of the, of the bad. >> i would not be. >> as certain. >> that any of this stuff is going to happen, especially in the wake. >> of canada. >> and mexico. >> we have time. i think the complexity of adding the value added taxes, i just think it makes the whole thing less viable if they just put. >> a. >> big tax, it was. >> clear you. >> wouldn't have to study it. but i. >> just wonder. >> about the ability. >> to execute. >> on this plan. if other countries. >> do not react as the president. >> would like. >> them to react. >> by getting rid of all. manner of barriers. >> tariff or non tariff. >> all right, jim, before we let you go i want to play a sound bite. our eamon javers was in the oval office yesterday asking the president some questions about the visit from the prime minister of india. i just want to play it and get your reaction. >> they met and i assume he wants to do business in india. but india is a very hard place

to do business in because of the tariffs. they they have the highest tariffs just about in the world. and it's a hard place to do business. no, i would imagine he met possibly because you know he's running a company. >> and i want to clarify that was elon musk and prime minister modi meeting. the president would also say that elon musk met him as the ceo of tesla, not necessarily as a representative of the government. conflict of interest. i mean, just just your take on the idea that an american ceo is being given this place, this front place in line to meet with foreign countries leader. >> yeah. well, obviously. >> the sort. >> of. >> dual role. >> of american. >> businessman and. >> the person leading. >> this sort of reinvention. >> of government. >> effort by the. >> president, there's some inherent. >> conflicts of interest. >> but let's be. >> honest, this. >> is not. >> this is not. >> been a. >> presidency either in the. >> first term. >> and i would assume it would be the same for the second term. >> where they're. >> going to care. >> a lot about. >> sort of those kinds of.

>> perceptions. >> those kinds. >> of norms. >> if, unless. >> they whatever they. >> have. >> to sort of. >> do legally. >> you know. >> they. >> will do because. >> something perhaps. looks bad by. >> you know. >> past norms or past administrations. >> i just don't think team. >> trump is going to care. >> much about that. >> all right. some very complex topics here. jim pethokoukis, great explanations. i appreciate your time and your insight. as always. thank you. >> thank you. >> we're going to stick with washington now. cnbc is getting an exclusive first look at a new push by congressional republicans to scrap biden era rules. emily wilkins joins us now with the story and the details. emily good morning. >> good morning frank. well. >> yeah, senate majority. leader john thune. >> he's going to. >> start the process to cut biden regulations. and at the top of his list are at least two rules. >> impacting the energy sector. >> one would levy an annual. >> fee on oil and gas companies. >> with. >> high methane emissions. >> and the other would require companies seeking to. drill in a seabed. >> to first. >> do an. >> archeological study. of course, these were. >> both passed under or approved under the biden. >> administration. and now republicans are looking to get

rid of. >> them using. >> this process. it's called the congressional review act. and basically what. >> it means. is that republicans only need a simple majority. >> to move this through the house and the senate. >> so it's highly. >> likely that both of these are going to pass. in a statement, thune said that senate republicans are. >> taking action. >> to reverse the harmful regulations of the. biden administration. >> and cut. >> through the red tape. >> that's fueling inflation. >> and burdening. >> american energy. >> the american petroleum institute, the largest. lobbying group for oil and. >> gas. >> has been pushing to reverse the epa. >> rule, saying that. >> while they support reducing. >> methane, there are already. >> rules in place. >> to limit emissions. >> ap chief. >> advocacy officer amanda eversole said in a statement. that the group. >> looks. >> forward to continuing to work together. >> to fully repeal. >> this punitive tax and advance. >> a pro-consumer. regulatory approach. >> that embraces us energy. >> thune also identified two other regulations. >> as top priorities to revoke. >> one is a rule that.

>> would. >> have. >> imposed additional. requirements to complete bank mergers, and. >> another that bans non-condensing natural gas water heaters. >> last time republicans held. >> a trifecta in dc, they were able to eliminate 16 obama era regulations. but the clock is ticking. republicans only have until about late spring or early summer to revoke these biden. >> era regulations. >> frank. >> are the latest developments on capitol hill. our emily wilkins great reporting as always. great to see you. thank you very much. all right. coming up, much more on jamie dimon's fresh tough talk, exclusive details on that story that seems to have just about everybody buzzing about return to office. we're back right after this. stay with us. >> this is a landfill. >> w.m. has transformed what you think of. >> as landfills into. engineering marvels, while helping to protect the natural environment. learn more about. >> our modern. >> landfills at. plastic is

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>> welcome back to worldwide exchange. turn to a story that we brought you yesterday. reuters is reporting that jpmorgan ceo jamie dimon is pushing back on calls by some employees to ease the bank's push to get workers back in the office five days a week. for much more on this story, let's bring in isla binnie, corporate governance correspondent at reuters, who wrote the piece, which also highlights diamond's demands for efficiency from employees. isla, good morning. great to have you join us. >> good morning frank. thank you for having me. >> all right. so we talked about this yesterday, the idea of a return to office. and, you know, i made light of it that jamie dimon said a few other choice words to employees saying he didn't really care if they had a problem with it. but i want to talk to you. it sounds like you talked to some employees. how concerning is this for jpmorgan employees that they're going to have to be in the office five days a week? >> well, part.

>> of this story. >> started in the beginning of the. >> year, around. >> the 10th of. >> january. >> when the policy. >> was formalized. >> and memo was. >> sent to. >> employees explaining that. five day. >> the five day. >> policy would. >> take over from the previous. >> hybrid arrangements. >> in lots of different cases. and as you mentioned this week. jamie dimon participated in a meeting with lots of employees. and perhaps unsurprisingly, this topic was mentioned. and very quickly, almost as soon as the question. was out of the questioner's mouth, diamond told them not to waste. time on it. and as you say, used some language that is not customary for morning television. >> yeah. basically said, you know, don't bother with an f word petition just to spell it out for anybody that might be confused. he also asked for efficiency. and that was interesting. what efficiency is he looking for? was there any clarity when it came to that. >> part of the. >> argument? around the.

>> five day. >> a week policy. >> has come, or has kind of. centered on a bit of a somewhat of a contradiction, because diamond said that he felt that people were not necessarily paying attention during zoom calls. this was one of his complaints during the meeting on wednesday. but employees say that there is. >> already a culture. >> of international working together. and indeed, the petition that we mentioned. spells out that lots of people do have to work with colleagues in other countries. and while the original request from j.p. morgan in the memo that people or i should say probably that the mandate that people on hybrid policies should return to the office five days a week, it mentions that there will be more getting things done and working together. but the workers feel that they are already working internationally, and in many

cases, there is also a sense that the bank has been successful during this. so jp morgan's share price in the past five years, a lot of that time, a lot of people were working remotely has doubled. >> and so the. >> argument is that this is perhaps not such a bad thing for business. >> right. we got to get out of here. two things to put in perspective. you have a great article that people can read online. it was less than 1000 people that signed the petition. jp morgan has more than 315,000 employees around the world. and jp morgan also had record record year in 2024. so two things to consider. i think we're going to have you back. i don't think this whole return to office thing is, is anywhere close to over. so thank you again, isla binnie from reuters. great to have you on today. >> thank you frank. >> all right. coming up on worldwide exchange, the one word that every investor has to hear today and the stock pick that every investor needs to know. plus a fresh look at the health of the consumer on the back of that hotter than expected cpi report. the critical signals to watch for in today's retail sales data. we're going to be right back after this break. stay with us.

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to retail sales? do you agree with the estimates and what does that say about the consumer again, coming off that holiday season? >> well, frank, without a doubt. >> the consumer the data suggests that the retailers had a very. >> jolly holiday season. and we're expected. >> to see a 13%. >> growth in earnings for the fourth quarter. however, what's interesting. >> is that. of the. bulk of retailers that have. >> already reported earnings. >> nearly 60% have mentioned tariffs during their. earnings call, and the concern. >> being that these. >> costs will be passed on to the consumer. as a result, that robust growth of 13%. >> is expected to. >> drop and. remain in the single. >> digits over the next four quarters. >> suggesting that consumers are concerned and will be thinking twice about making those big expenditures this year. >> okay, so if we have a concern consumer, a lot of people may be worried that terrorists may raise inflation and also slow down the economy. what does that mean when we have walmart earnings coming up next week?

we're kind of kicking off retail earnings next week. walmart obviously a bellwether. a great read on the consumer. what are you expecting from walmart both in numbers and in commentary. >> so analysts polled by altsek have been very bullish on. >> the company and the. discounter and as a result, have been raising their earnings estimates upwards. >> and according. >> to our. >> starmine models, it's very. likely that. walmart will. >> beat earnings estimates next week and post a positive surprise. it also has positive stock price momentum in its. >> favor. >> and investors are not betting. >> against the company. >> and this is mainly because in this climate with high stubborn prices, consumers continue to gravitate. >> towards walmart. for on all those. >> everyday savings. and as a result, the company is receiving. a big. >> boost from. >> groceries, especially during the holiday season. and general merchandise was also a hit for gifts this past quarter. >> all right, jerome artis, great to see you as always. thank you very much. you have a great day. >> thank you for having me. >> coming up here on worldwide exchange, the one slice of the market my next guest says could

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>> 687 6099. >> as a fan, when. >> you see this, it's all about the numbers. >> we know he wants to hold on to the nba. the question really is how much more will he have to pay? >> a lot of the revenue streams are guaranteed. >> team values. continuing to soar. >> the countdown is on. cnbc sport. official nba team valuations revealed today in squawk box. the day's top stories, driving wall street. brian sullivan. joins kelly evans power lunch weekdays. >> two eastern, cnbc. >> and welcome back to worldwide exchange. let's turn back to the markets. markets and tee up the trading day ahead. joining me now is lisa thomas deputy head of global research at td cowen. lisa good morning. good to see you.

>> hey there frank. how are you. >> so lisa i'm looking at the futures right now in the red across the board right now. just fractionally lower for the s&p and the nasdaq. with that in mind what's your word of the day? >> digestion. >> digestion is the word of the day. >> i think that i. >> think we as. >> people in the. >> market. >> which is a reflection of, of all of us, really. >> has been. >> taking on a lot. i think that the market. >> has gotten a. >> bit better. >> at figuring out. >> the pace of digestion. >> that's required, with. all of. >> the different inputs coming. us at us. >> as we've had particularly over. >> the last three weeks. >> but listen, there's. >> there's a lot of complexity. >> to digest. and so i think that that is what you're seeing in the. market right now. >> all right. so yesterday the markets were served up with kind of a complex scenario here. the president saying they're going to study these tariffs these reciprocal tariffs. it's going to match whatever every other country has on us. and they could come as soon as april the 2nd. and then the markets move higher. why do you think we're seeing the action that we're seeing right now. important to note the dow is down more than 120 points since its lows in the

morning. >> yeah. >> well. >> listen, as i said i mean. >> i think part of that is digestion. so i. >> think that in part. >> you know, the prior day there. >> had been. >> hot cpi. >> i think. >> there were. >> reasons for that that got unpacked a little bit over. time and were understood and those were absorbed. >> but i think there. >> was a lot that came out of the president's press. conference that the market does. >> need to unpack. >> i think. people want to try to. >> understand the relative. >> stickiness of. >> what we. >> might be. >> talking about and looking at. >> for april. versus what we've seen. more recently. >> so i think. >> you're. going to see some of those differences. >> day to day. >> for sure. >> now you're just talking about what the president was saying in the oval office yesterday. one of the things he talked about was potentially cutting defense spending. i know you're also coming from a defense and aerospace conference. >> i know. >> my. >> timing was impeccable. >> impeccable as always, lisa, as always. you have actually have a stock for us to watch and kind of the space aerospace economy. is it impacted at all this this idea of the company that you want to watch buy with

the president's comments? >> no. >> it's not in fact. >> and i think that really actually. >> goes to the need. >> right. >> now to. >> really listen. >> carefully. >> be. >> attentive, unpack. >> and digest. >> because the president was. >> certainly speaking broadly. >> about defense budgets. >> and over time and under scenarios. >> where. >> you know. >> china and. >> russia would be on board. >> so i don't think. >> that those. >> were things about. >> the here and now. and in fact, when you look at, you know. >> some of. >> the president's. >> key ambitions. >> spacex is very. much chief among them. >> he created the space. >> force in his last administration. he's been very consistent in. saying we need to. >> really push on leading. edge technologies and be looking increasingly at spacex as as a frontier. >> in. >> which we do need to be dominant. >> i think that. >> is. >> part of the doge mission. >> as well efficiency. >> but to. >> create a pathway so that. we can. really be competitive. >> in these new arenas. >> so i. think that spacex in. >> particular. >> and the development of the

space economy for. >> the us. >> is very aligned. >> with the president's mission. >> but you. >> do have. >> to get. >> past a. >> few. >> what kind of reactions. when you're listening. >> to some of. the longer press conferences? >> lisa, before i let you go, i want to ask you. retail sales are coming up. sometimes that's a market mover. some of these economic reports have seemed to take less and less of an important place in the minds of investors. what are your expectations, not only for the report, but also the impact on the market? >> well, listen, i you. >> know, in fact, we're actually going to have our retail analyst. >> oliver tin on on later. >> today to talk about that. i'm not sure that retail sales. >> is going to. >> be the, the mover. >> perhaps that that it was that has been in. >> the past and we've seen that too. you know, as i said, inflation. >> has been big mover on some. >> days of. >> the prints and then not in others. >> so i'm. >> not sure that's what the focus. >> is going. >> to be. i think there's an understanding. that we. >> had. >> a really. >> nice holiday season, that you. >> did probably. >> also have some pull. >> forward of. >> purchasing ahead of tariffs. >> so i think that i.

>> think that that. expectation is a little bit. >> baked in. and i'm. >> not sure. >> that is the. >> chief. >> concern right now. >> i think washington is. >> probably more. >> top of mind. >> lisa thomas, great to have you on as always. thank you very much. >> thanks so much. >> take care. now. >> before we let you go, one more quick look at futures right now. we saw futures turn in the red across the board a short time ago. still there. the dow looks like it would open about 100 points lower. that does it for us. squawk box starts right now. >> good morning. >> president trump announcing his plan to. >> rework global. >> trade relations. >> with what he's. >> calling reciprocal tariffs. >> we're going to take you live to washington for. >> the latest. >> a new report. >> says high profile. >> chip designer arm. >> holdings could soon upend. >> the semiconductor industry by making. >> its own in-house chips. >> and sources. >> telling cnbc that gamestop. >> is considering investing. >> in. crypto and bitcoin in particular. >> it's friday.

>> february 14th. >> happy valentine's day 2025. and squawk box begins right now. >> good morning and welcome to squawk box here on cnbc. we're live in the nasdaq market site in times square. i'm kelly evans along with joe kernen. this morning becky and andrew are off. u.s. equity futures. are they. yeah they're off too. the dow is down 123 points implied at the open. s&p down six. nasdaq down 12. but we've seen this pattern where we're weaker in the morning. and then sometimes we turn around by the afternoon once it's tariff time as i like to call it, that comes after gains. and yes we're talking about gains yesterday. the dow was up 342 points. the s&p was up 1%. the nasdaq was up 1.5%. treasury yields have moved higher this week. but they were a little bit more contained

yesterda