>> by. >> what's happening in financial markets. and what. >> is that telling. >> us about. >> where the world is going? >> i want to democratize. >> access to that high. >> level. >> information and help explain to every single person out there watching why what's happening in these complex. markets matters for. >> their lives today. >> and in the future. that's what drives me. i love being part of this. >> it is 5 a.m. here at cnbc global headquarters. >> welcome to worldwide exchange. here is. >> your five at five fresh tariff fears. they put wall street on edge. >> stocks riding a. three session losing. streak this morning. >> semiconductor stocks are. >> falling as the white house reportedly. looks to crack down on chips that are heading for china. >> jpmorgan ceo. >> jamie dimon he. >> sounds off. >> backing. >> up the doge. >> agenda, adding he'll quote, wait and. >> see before. >> reacting to tariff threats plus conflict concerns, as elon musk. >> looks to solve one of the agency's. >> problems with his own spacex starlink tech and later. >> consumer crush. >> the discretionary stock.

>> selloff. >> showing no signs of slowing down ahead of a very critical earnings report. it is tuesday, february. >> the. >> 25th, 2025. and you're watching worldwide exchange right here on cnbc. good morning. >> thank you so much for being. >> here with us. i am frank cottle. let's get. >> you. >> ready for. >> the. >> day ahead. >> we begin as we. >> always do. >> with the markets. >> the s&p. >> the nasdaq. >> both on three day losing streaks. >> the nasdaq composite now negative. >> for the year. taking a look at. >> futures this morning. you're seeing more. >> red across the board. >> are the s&p down about 16 points. >> the dow looks like. >> it would open about 70 points lower. the nasdaq the hardest hit on a point. >> basis also down a third of a percent. >> down more than 90 points. right now we want to take a look at the s&p 500 premarket laggards. taking a look at that list right now cboe are here at the top down 6% supermicro facing a deadline for. filing later today. those shares are under some pressure ahead of that. realty income falling after. >> earnings and some. >> weak guidance down more than 3% cincinnati financial and

palantir. >> we're going to talk about. momentum stocks. >> in a bit. rounding out the bottom five here in the pre-market. >> we also want. >> to look at the gainers. the other side of the coin of course. take a look at the gainers pinnacle west right here at the top. those shares up more than 4%. skyworks solutions bucking the. >> trend of other. >> chip stocks actually moving higher. those shares up just about 2.5%. cf industries, cardinal health and agilent tech rounding out your top five on the s&p and the pre-market. so we hit this yesterday. materials and consumer discretionary sector is moving 10% below their 52 week high. taking a look at some other parts of the market. also under quite a bit of pressure right here the igv. this is a very closely watched software etf again down 10% from its 52 week high. we're going to talk a lot more about chips coming up more than 10%, almost 15% below its 52 week high. and right down here retail more than 11% off its 52 week high. we're going to talk a lot more about retail and home depot coming up just a bit later in the show. also, a check of etfs that track countries, an active tariff, negotiations with the trump administration after the president said yesterday that tariffs on canada and mexico, they will move forward a lot more on that coming up in just a

moment. taking a look right here, kind of some mixed action. the canadian and mexican etfs both under pressure. just fair right here though the canadian excuse me the mexican etf basically flat down very fractionally. we're seeing the etf up three quarters of 1%. the indian etf essentially flat but up fractionally. right now. we also want to take a look at the bond market. some interesting action. we're looking at the bond market. take a look at the benchmark right now here at 4.33. it's continuing to decline. right now it's about 40 basis points below its year to date high of about 4.8%. when we're talking about the yield on the benchmark again right now at 4.33% and a quick check of gold and bitcoin. of course, a lot of people call bitcoin digital gold. taking a look at gold actually hitting another high. but pulling back just a bit right now in the pre-market down a third of a percent. bitcoin also pulling back quite a bit. take a look right here. bitcoin now below 90,000 a coin. we're seeing it right now pulling back more than 6%. also look at oil and natural gas. take a look at oil right now. coming off a two day win streak. pulling back just a bit. fractional moves to

the downside for both wti the u.s. benchmark and for brant crude a bit of a bounce back here for natural gas. up three quarters of one or a quarter of a percent i should say, after dropping more than 5% yesterday okay. that is your setup. now we want to turn back to the markets and some of the moves from the president that are impacting the markets. president trump reigniting concerns over a north american trade war. speaking with reporters yesterday saying 25% tariffs against canada and mexico are still on schedule for march 4th. >> we're on time with the tariffs and it seems like that's moving along very rapidly. we've been mistreated very badly by many countries, not just canada and mexico. >> this despite commitments from mexican and canadian leaders to ramp up their fight against the flow of illegal immigration and fentanyl. speaking earlier in the day, the president also backing up elon musk in his effort to thin the government as the doj's chief, demands once again that federal employees explain their recent accomplishments via email or face the risk of being fired.

>> i thought it was great because we have people that don't show up to work, and nobody even knows if they work for the government. so by asking the question, tell us what you did this week. what he's doing is saying, are you actually working? and then if you don't answer like you're sort of semi fired or you're fired because a lot of people are not answering because they don't even exist. >> and elon musk renewing his ultimatum on x last night despite pushback from a number of government agencies saying their employees are exempt or should ignore the doj's request, including the defense department and homeland security. also, there is fresh conflict of interest concerns with elon musk. bloomberg is reporting that musk and his company, spacex, is looking to deploy its starlink satellite internet terminals to help with a system wide upgrade of the faa's national airspace system. according to that report, musk approved a shipment of 4000 starlink terminal terminals to the faa last week and has already installed at least one in a lab in atlantic city, new jersey, and another in alaska, with plans to have the entire

program fully functional within 12 to 18 months. the move raises questions about verizon's existing $2 billion contract, awarded in 2023, to upgrade critical faa infrastructure, an effort musk, in a post on x says is not working and is putting air travelers at serious risk. in a statement to bloomberg, verizon says it supports the faa in maintaining and upgrading its critical infrastructure, adding, quote, protecting americans who rely on a safe and functioning air traffic control system is more important than ever. now i want to turn to the international markets. the white house also reportedly making some big waves, and big tech reports say the trump administration is looking to sketch out tougher versions of u.s. export controls on china, expanding biden white house efforts to limit beijing's access to new cutting new cutting edge ai enabling technologies. u.s. chip stocks. you can see right here reacting quite a bit to that report. taking a look nvidia shares down more than 1%. broadcom down three quarters of 1% asml those shares down more than 3%. our julianna tatelbaum is standing by in london with much more on

this story. julianna good morning. good to see you frank. >> good morning. we're seeing a lot of pressure on european chip makers this morning. before i get to the detail there, i'll give you just a quick overview of how european markets are faring. more broadly. we're seeing a move higher in the stoxx 600 this morning. you can see behind me you've got gains for the ftse 100, the xetra dax and the ftse mid over in italy. a little bit of a pullback for the french market. we're seeing continued strong demand for defense names. here's a look at the sector gainers for you. those leading the way higher in europe. banks performing quite well up 1.3%. health care telcos real estate insurance. and as i said defense names. you've got rank up another 6% ryan mattel up nearly 3%. hensoldt up nearly 4%. so that story continues to hold. now on the downside, let's get to technology right at the bottom of the board here. you got tech down 1.4%. the real outlier in europe. now why is that frank you touched on the story. european chip firms are on the back foot this morning following a report. the white

house is looking ■to impose tougher measures on china's chip industry, building on measures implemented under joe biden. that's according to bloomberg, which says officials have met with their dutch and japanese counterparts about restricting asml and tokyo electron engineers from performing maintenance on equipment in china. bloomberg also reporting this morning that the trump administration is looking to put a tighter leash on what types of chips nvidia can export to china without a license. japanese chip names close lower on the news as well, frank. >> all right, juliana, thank you very much. juliana. tetelbaum live from our london newsroom. all right, turn back to the u.s. markets. chip pressure is not helping this morning as u.s. stocks they struggle to gain. yesterday they were dragged down by tech. the mag seven index now at its lowest level since early december. and of course pushing the s&p 500 lower. the broad pullback in stocks could raise the stakes for nvidia, which reports its earnings tomorrow. investors are going to be looking for more rapid growth in revenue, and they also could question whether the massive spending on ai chips is justified. after deep sea really

rattled the industry with its lower cost model. joining me now is vince larosa, ceo of coal capital. vince, good morning. good to see you. >> nice to. >> see you. >> too, frank. >> thanks for having me. >> so we have what could be a huge inflection point for the markets coming up tomorrow after the bell. that's nvidia earnings. how are you looking at this inflection point. are you positioning ahead of it. are you waiting to kind of see what happens afterwards. how do you see this. >> well all. >> eyes will be on nvidia. >> tomorrow that's. >> for sure. frank. even in days when nvidia doesn't report the headlines seem to affect semiconductor chips and nvidia in particular. you know, i think it's interesting to gauge where the market is on this one because nvidia. frankly the stock is where it was last june. right. so you haven't had this big run up into earnings that we sometimes see. of course there have been a long trend there of nvidia kind of blowing out earnings despite the high expectation and the you know, the move higher in the stock price right here. you're seeing a stock that's down year to date down today flat for you know more than 6 or 7 months. and yet the expectations are there for kind of north of 50% revenue growth. so there's certainly room to disappoint. there's a lot of expectations built into nvidia stock but also that broader chip complex and the ai

build out. so we'll be watching closely in terms of portfolio positioning i think we're a little bit more defensive right here. i mean we want to be in stocks. we're in. capital appreciation mode. >> but we're. >> on you. >> know we're on. >> our heads on a swivel. >> right. you're kind of defensive. we're just hitting on some of the mag seven weakness. that used to be a defensive play. also just want to talk to you about momentum in the market. we've seen a big shift in momentum. we're going to show the one week moves of some momentum stocks including palantir. i'm looking at the chart. i'm shocked by this one. palantir actually down 25% over the last week. walmart down almost 10%. goldman sachs another momentum name down almost 7%. what do you make of this big shift. and we're talking about momentum. >> well the market is clearly. >> paying attention to some of these headlines. i mean, you know in many ways the tariffs may act as a tax. you know, they tend to slow down potentially inflation. but but everyone is trying to assess what. this means for profitability. >> and the consumer is really you know not. >> all in. >> right here. i mean we're seeing some. >> strength still in the. >> labor market. we know that gdp we're not really flirting with recession levels, but you start to take a little bit of air out of. >> the. >> economy and a little bit of a

slowdown in. >> the. >> consumer, the fed, you know, kind of pausing their. >> more. >> accommodative stance, inflation being sticky. >> and those momentum. >> stocks they. >> do pay. >> a price. i mean they benefit the most. >> on the way up. >> and right here the market is kind of recalibrating and saying, look, maybe defensives maybe some kind of small cap value, some international names. you know, a palantir sell off like that is interesting. but you step back for many of these stocks, you can look at, you know, some period of time where they're up 50%, 100%, 200%. so you kind of have to take some of that volatility in both directions when you play these momentum names. and right now the market is saying we want more stable, more cash flow, more value type names. >> coming up later today. we also have an economic report, the second reading of gdp. these economic reports they seem to become sometimes they're important, sometimes they're not. obviously, the consumer sentiment report on friday had a big impact on the market. what do you expect out of that? the estimates for 2.3%. are you expecting us to hit that or are you are you concerned at all about the impact that this could have on the market ahead of, again, what could be another inflection point tomorrow with nvidia? >> so what's really interesting. >> frank, is that the underpinnings of the economy still look strong to us. i mean,

i think we'll still see low. >> but. >> positive gdp growth. the labor market that's still strong inflation, you know, being sticky but not exactly spiking back to anywhere near the levels we were at, you know, a year or two years ago. so we. >> would. >> expect a kind of. >> sound gdp report that does keep us, as i mentioned earlier in. >> this. >> capital appreciation mode. i mean, we still want to own equities. we just need to be really careful about what we own. i think that plays well for active managers. i mean, it's amazing that nvidia's earnings report is probably more interesting right now than the gdp report. but that's kind of the market we're in. >> all right vince, great to see you as always. thank you very much. you have a great day. >> thank you. >> all right. a lot more to come here on worldwide exchange, including what rbc sees as a smart hedge ahead of nvidia's earnings report. but first, much more on trump's tariff threats and doj's federal firing efforts. former chief of staff to vice president mike pence, marc short. he's here with his hot take plus a certain set of stocks in japan getting that berkshire boost. and then later the surge in egg prices getting a whole lot of attention. but it's not the only protein that's hitting fresh highs a very busy

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join me at chime com. >> welcome back to worldwide exchange. shares of apple closing marginally higher yesterday after the company announced plans to invest more than half $1 trillion in the u.s. over the next four years, including a new factory in texas to build servers to support its apple intelligence ai system. this is a note from td callahan flagging a possible slowdown by microsoft in leasing data centers. it really grabbed the attention of investors, lending weight to concerns the ai led

market boom. it could be running out of steam. microsoft saying its plan to invest more than $80 billion in ai and cloud capacity in the fiscal year that is still on track. let's get more insight now on global demand for ai, the impact of china's deep seek on the industry, and the changing cost of doing business in the us under the trump administration. joining me now, abhijit dube, ceo of ntt data, one of the world's largest data center providers. good morning. thank you for joining the show. >> thank you, frank, for. >> having me. >> all right. we have a lot to talk about. you know, we have to start off with one thing. and that seems to be really influence the markets. that's tariffs. how are tariffs potentially going to impact your business. you're a japanese based company. the us and japan have generally a kind of a friendly trade situation. but does it impact your customers. and then by default your business as well? >> no, it doesn't impact our business at all. in fact, in. >> the. >> medium term it might actually be positive. so you know, we're a $30 billion it services and infrastructure company. and

broadly in data center business where we are the world's third largest, excluding the chinese companies, and in technology services where we provide. >> consulting. >> systems integration, implementation and managed services. and if you look. >> at our. data center. >> business, the tariffs really do not impact us. we have mechanical. >> and. >> electrical equipment providers in our supply chain who potentially could be impacted and may need. >> to reconfigure the supply chains, but we have. >> globally standard products. >> we have. >> long term strategic supplier agreements with them, and we have global scale. so we. >> think we can navigate. >> that pretty easily. >> and then. >> on the aluminum and steel side, you know where we do construction of data centers. they're a pretty small percentage. steel is less than 2% of the. >> construction cost. >> of a data center. so we. >> don't think there's a big. >> impact there either. on the technology services side, of course, we serve a variety of different industries in different clients, and there are some industries that may be more impacted in the short. >> term. >> like by. >> the factoring. >> automotive, etc. but but we do think. >> that all of them will. >> be able to navigate that.

there's a bit of a wait and see approach right now. and as a technology company, they're. >> looking for. >> technology solutions from us. >> so we think we can navigate. >> that pretty well. >> all right. by the way, on the manufacturing side, some of your customers are bmw, volkswagen for example. also not quite manufacturing but l'oreal people that make things that get imported to the us. so you're saying there is some potential impact to those type of customers and then potentially an impact to your business? >> it could, but actually they will as soon as there's a new normal. the worst thing actually is uncertainty because that reduces the discretionary spend. but there will be a new normal pretty soon, and i. >> hope. >> the. period of uncertainty gets over pretty quickly. and then all of them will look for technology solutions in terms of reconfiguring the supply chain and their. manufacturing operations. and that for a technology services company like us is a net positive. >> all right. what about deep sea? it happened on january 27th. we've heard a lot of differing views on it. a lot of people throw out this term jevons paradox, the fact that things are getting cheaper, it's going to increase consumption. what's the impact on your business? again, one of the biggest data center providers

globally right now. are you seeing any changes in demand or what your customers are at least looking for? >> we have. >> seen no change, frank. so in fact. >> we think deep sea actually is a very good thing for the industry overall because it's in keeping with our overall philosophy that we need to democratize ai, we need to reduce the unit cost, and we need to move. >> to. >> a lot more inferencing than training, because the real value creation for enterprises happens when you have domain specific medium language, small language models. so all of that is a net positive for the industry. we believe. and we do believe that the jevons paradox, which is that it will unlock more enterprise demand and pull forward demand, both of which are positive for our data center business, where we are really focused on cloud, enterprise workloads and ai workloads that are inference specific in tier one and tier two markets. and even in our technology services business, where there will be a higher demand from enterprise customers for ai consulting and implementation. >> of ai applications.

>> okay, so higher demand for consulting. you see it as a net positive even though there's been some disruption. i want to get a bit granular. i know you are not a stock analyst, and i'm not saying that you are, but of course upcoming tomorrow we have nvidia earnings when you're talking to your customers has the view on nvidia's, you know, specialized ai chips. is that changed? are some of the customers that you're talking to. do they see opportunities just using other chips. your company itself, do you see it as just being kind of a wider picture following deep seat that you can actually use other chips? and nvidia doesn't have quite the moat that we thought it had before. >> well, we are always open to alternative architectures, and i think as the world moves to inferencing, we will likely see other chip architectures, which we are pretty open to. again, it's all about reducing the unit cost. economics of inferencing. that said, we are still in a pretty demand supply constrained environment as of now. the demand far outstrips supply, and for us, what's really important is that eventually we see a lot more private ai clouds and sovereign ai clouds. and i think as the supply situation gets

better, i think that's a net positive for us as well. >> all right. we're almost out of time. big rise in the dollar year to date actually over the last year. how is that impacting business. we haven't heard as many companies talk about it on the back end of earnings season. but does that impact your business and if so, how? >> it absolutely. >> impacts our business. we operate in 70 countries and 70 plus countries. and so the forex impact on our business is pretty material. we do report in japanese yen, which actually historically has been pretty positive for us, but especially the latin american currencies do drag us down. but in fy 25 we expect some positive movement in that direction. >> all right. abhijit dube, great to have you on the show. thank you very much. ceo of ntt data. you have a great day. thank you. here on worldwide exchange. elon musk and the doge agenda hitting software stocks where it hurts. ahead of a critical earnings report in salesforce our she's going to connect all the dots from worldwide exchange returns. stay with us. >> i see hot pro. massaging bom. >> easy to grip. and massage.

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talking about cattle prices jumping to a record high last month. and while they've since retreated a bit, they're still elevated making consumers stakes a little bit more expensive. beef prices are now outpacing overall inflation, with january's cpi report showing a 5.5% rise year over year, compared to 3% for headline inflation. for the time being, consumers aren't pushing back. spending a record $160 billion on beef products last year, even as prices hit $8 per pound. now, this strong consumer demand, coupled with an inability to rapidly increase supply, is underpinning the move in futures. last year, beef cow inventory in the us stood at roughly 28 million, head down from north of 45 million at the peak in the late 70s. ranchers have been reluctant to rebuild herds following years of depressed prices, expensive feed, high rates and unpredictable weather patterns. alton callow from steiner consulting told me while prices have pulled back, the long term

trend remains intact, noting that for a market like this one, there is a very long lag time in terms of when a price signal is sent and when the market is actually able to react to it. or carl setzer from consulting ag marketing added that speculative money has been flowing into the market, and so prices were due for a correction, before noting that cattle futures typically peak between now and april. frank. >> yeah, really interesting stuff there. i mean, we talk a lot about eggs. who doesn't like steak and eggs? so the price of both are going up. is there any impact when we're talking about tariffs when it comes to cattle. >> yeah. so the industry is watching this very closely because canada and mexico are key trading partners for the us cattle industry. canada is actually our second largest importer. we get more than 20% of our beef imports from canada. and of course, frank, with tariffs we often see in commodity markets is that domestic producers then raise their prices to be on par with those of the imports. and so what that ultimately means is that we will probably see prices

continue to at least stay elevated, and if not, head even higher. >> all right. so i think i'm going to go get a steak today before it costs even more. pippa stevens live from the nasdaq. always good to see you. thank you very much. all right. coming up here on worldwide exchange. much more on the overcooked egg prices i was just talking about in the latest national restaurant chain telling its omelet loving customers, you got to pay just a little bit extra. to pay just a little bit extra. we'll be right back is a bitcoin etf the same as owning bitcoin directly? while bitcoin etfs might offer a familiar face, they lack the true ownership and flexibility of directly investing in bitcoin. with itrustcapital you can buy and sell real bitcoin 24/ 7 with the tax advantages of an ira. real bitcoin means no middleman, no restricted stock market hours. choose the path of direct bitcoin investment with itrustcapital because access equals opportunity. invest in bitcoin at itrustcapital.com today.

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>> we're on time with the tariffs, and it seems like that's moving along very rapidly. we've been mistreated very badly by many countries, not just canada and mexico. the tariffs are going forward, on time, on schedule. >> that was president trump yesterday, reigniting the trade war with mexico and canada, saying tariffs on our north and south neighbors are coming soon. this is the president gets support from one of america's top ceos on his efforts to level the playing field on trade. welcome back to worldwide exchange i'm frank holland. coming up this half an hour. former trump administration insider marc short is standing by with whether those duties will take hold or a last minute deal. it can actually be reached. but first, we'll get you ready for the trading day ahead. we begin with the s&p and the nasdaq, both of them on three day losing streaks. and important to note the nasdaq composite composite now negative for the year. take a look at futures right now. you can see they're in the red across the board. so the dow off of its lows of earlier looking like it would open about 20 points

lower. the nasdaq also off of its lows of earlier down about 74 points. the s&p down fractionally just about ten points. we take a look at the nasdaq 100 laggards right now. taking a look at microstrategy right here at the top of the list. the pressure on bitcoin. one of the factors putting pressure on this stock shares down almost 7%. palantir momentum stock that's seen its momentum just about completely reversed. shares down more than 25% over the last week down more than 3% right now. constellation energy applovin and intel rounding out the bottom five. and then the other side of the coin, the nasdaq 100 gainers. taking a look at those stocks right now, we see ppe holdings. shares up over 1.5%, followed by diamondback energy, amgen, astrazeneca and nxp semiconductors actually moving higher. while we're seeing a lot of other chips actually moving lower those shares up three quarters of 1%. a number of other chips actually under pressure on export control news. okay. yesterday we talked to you a lot about materials and consumer discretionary. those sectors moving 10% below their 52 week high. i want to take a look at some other parts of the market under some pressure and quote unquote correction territory. we're talking about software right now. more than

10% off its 52 week high. chips we've been talking a lot about chips this morning. almost 15% below their 52 week high. also the retail sector just more than 11% off its 52 week high. we're going to talk a lot more about retail and home depot coming up just a bit later in the show. we also want to do a check of treasury, excuse me, etfs that track countries and active tariff negotiations with the trump administration, again, after the president said tariffs on canada and mexico will move forward. taking a look, we're seeing the canadian etf pulling back almost a half a percent. the mexican etf essentially flat, the chinese etf up almost 1%, almost flat for the indian etf just fractionally higher right now. now for more on the treasury market. taking a look at bonds. we're seeing bond yields continue to move lower. the benchmark 4.34% yield right now, just about 40 basis points lower than its year to date high of about 4.8%. and a check of. gold and bitcoin a lot of people call that digital gold. taking a look at bitcoin now below $90,000 for the first time since november. you can see right now it's trading at about just 88,000 a coin pulling back about

6.5%. gold pulling back just a bit down about a quarter of a percent, but also hitting new highs this week. and let's take a look at the energy sector as well. oil coming off of a two day win streak. taking a look seeing oil actually moving higher up fractionally for both wti and brant crude. natural gas actually reversing was up just fractionally earlier. now pulling back essentially flat but fractionally lower. also coming off a 5% drop yesterday. all right. that is your setup. now we want to turn our attention to washington. president trump says tariffs on imports from canada and mexico. they will go forward as soon as next week after a 30 day delay. also, bloomberg is reporting the trump administration is looking to roll out a tougher version of binary chip restrictions on china, also pressuring allies to do the same thing. shares of chip makers falling in asia and europe on the news. quick check of us chip makers right now. taking a look at the moves we're seeing there in nvidia. actually moving lower than we saw just about a half an hour ago. now down 1.5%. intel shares down 1.75%. amd shares down almost 1%. meanwhile, president trump

throwing his support behind elon musk and his doge efforts as elon musk once again demands that federal employees explain their recent accomplishments or risk getting fired. speaking exclusively to cnbc yesterday, jpmorgan ceo jamie dimon offering his support to trump and elon musk and their ongoing efforts. >> for more effective government more efficient isn't bad. it's actually a good thing. if they had overdone. tariffs are properly used. you know they're overused. you know if there's retaliation yeah they could be bad for the economy. but you know they're just making up for use for negotiations making up for unfair trade. so i'm more in the wait and see attitude about how this all plays out. >> and later today, the house is slated to vote on its budget plan after the senate passed down its own version last week. president trump supports the house plan. for more on all this, let's bring in marc short, board chair of the conservative policy group advancing american freedom. he's also the former director of legislative affairs during the first trump administration. marc good morning. got a lot to talk to

you about. you got to come back more often. good morning. >> a lot going on, frank. thanks for having me. >> all right. let's start off with the tariffs. the president saying yesterday those tariffs will happen. in your mind do you think that's definitely going to happen. before we had you on before you said a lot of things the president is saying is a combination of trolling a negotiation tactic and, you know, some serious policy. where does this fall? >> well, frank, i did say that. >> but at the same time, i think that one of the biggest, i think, conundrums, i think the market believes that sort of like the first administration. trump is throwing this out largely. >> for. >> negotiation, like he did a. >> few weeks. >> ago. >> on canada and mexico to get more. >> concessions on border security. but i. fundamentally disagree with that. i believe the president is committed to a very protectionist trade policy. throughout the course of this administration. he has surrounded himself with economic advisers who advance very strong tariff policy, as well as national security advisers, who no longer have, i think, a dissent like they did in the first administration that

believed trade was good for national security relationships. >> and so. >> i think the president is committed to this. i can't sit here and tell you exactly when it's going to be if it's next week. but i think some indications from the administration have been it would basically take until roughly the 1st of april to complete their investigations to prove unfair trade practices. and so i think that, again, markets i think often discounted thinking this is more bluster for him to get something negotiated. i think the reality is this is where this administration is going to go. unlike the first trump administration, this one is far more committed to a protectionist trade policy. >> yeah, i mean, clearly the market seems to continue to react to these tariffs. not sure if the market's quite priced in this protectionist policy. coming up later today we have the house voting on its budget plan at 6 p.m. also we have a lot of people call the trump tax cuts. they're going to be coming up in a couple of months. i just want to see how do you see the state of play when it comes to both of those? >> well, i don't see that. the tax cuts coming up a couple of months. i think the frank, this is going to take all year to

work out. i think ultimately the threat of trillions of dollars in tax increases at the end of the year will force some some sort of concession, but is going to be a long, tough year. and i think it's going to be tough sledding ahead today. the reality is that speaker johnson cannot afford to lose only two house republicans. people forget that when we pass tax reform in 2017, we actually had 12 house republicans defect against the bill. and so his challenge is really, really difficult. and as the budget's been proposed, there's a couple of house members who say the cuts are too severe, and there's a few house members who say they're not enough cuts. and that's going to be really hard for him to reconcile. and so i think that the vote today, you may see it postponed. i think it's going to be a very tough sled for him. but i've advocated for the house plan, because the senate looks to divide this into an energy border bill first, and taxes at the end of the year. if you pull off the energy and border, it's going to be a lot harder for mike johnson to get a bill

passed at the end of the year, because he needs those provisions to keep his conference together. and if you separate them, it's going to make it a lot harder for him to just get tax reform passed at the end of the year. >> all right. so a lot at stake when it comes to the house for the rest of this year. last question. and you're a straight talker i want to get a straight answer out of you. mark, what do you make of this whole doge thing? elon musk, being an adviser to the white house, having this power to send emails to people saying, explain your job or risk being fired, and some of the pushback by trump appointees to having their staff members actually do that. >> well, big picture, frank. it's important to remember we're at $36 trillion in debt. we continue to talk about the need to cut spending, and we actually never do. and so i think for conservatives, this is actually the first time you're seeing cuts to government agencies, which i think is incredibly welcomed. at the same time here, the challenges, if the executive branch can do this on their own, then what happens when another democrat administration comes in and says, you know what, i've decided i don't want ice to show

up to work. i don't want customs and border patrol to show up to work. i'm just going to tell them i'm cutting them. if it's not something that's done legislatively, i think it makes it far more temporary. and second, frank, nobody's talking about this. but the government funding shutdown comes on march 14th. republicans typically and always need democrat votes to pass that bill. democrats are going to demand that all this funding get put back in place. how is the trump administration going to do that? and only three weeks when democrats say, look, you need my support to keep government open, i'm requiring this funding be reinstalled. is president trump going to sign that bill or is he going to refuse to? and so i think we have a big challenge coming up. and only just a couple of weeks. it may see all this funding actually restored. >> mark. so we can keep this conversation going for quite a while. thank you for your time and your insight. it is always great to see you. thank you again. >> thanks, frank. >> all right. moving on. going back to the markets right now. the ripple effects of elon musk and doge to slash government spending being felt in a number of sectors. and that includes software. seema mody has more on what leaders in that space are now saying.

>> that's right. >> software investors are increasingly. focused on doge's cost cutting plans, after servicenow. >> recently said its federal. business may be back end loaded in. >> 2025. given the new administration's. evolving policies. another company. one stream. >> hinting at a decline in federal. agency contracts. >> from the fourth quarter to the first. >> quarter, and. >> acknowledged some. >> level of caution. >> around pending regulations out of washington. >> it does come. >> ahead of into its earnings tonight. >> shares falling late. last year. >> on. >> rumors that doge. >> is working on a free. app for americans to file their taxes, a potential. >> headwind for. >> the company's tax and accounting business. >> more clarity to come on. >> the. earnings call yesterday. >> at the economic club. >> of new. >> york, palantir. ceo alex karp said the budget cuts. >> that the. >> government is looking. >> at will. >> only add efficiency. >> to the system and. >> ultimately be good news. >> for the company. >> the single. >> best thing that helps. >> my. >> company is meritocracy. test everything. yeah, i don't know.

we have hundreds of contracts. maybe, i don't know, maybe there's a contract that doesn't deserve to be renewed. great. maybe there's a contract that does deserve to be renewed that gets canceled. pen test everything. >> palantir shares down over 20% in the last week, but analysts at wedbush securities are recommending clients. >> to stick. >> with the software. >> names that are leaning into. artificial intelligence, like palantir. >> while analysts at jp morgan are betting on names like twilio and docusign, and investors will get another read. >> on software spending and the. >> impact of. government budget cuts. when salesforce reports earnings on wednesday. back to you. >> all right. coming up here. world wide exchange getting a buffett bump. the big day for japanese trading houses after some fresh love from berkshire hathaway. taking a look you can see big upside moves. mitsubishi corp those shares up just about eight and three quarters of 1%. mitsu those shares up about 4.5%. stay with us. much more 4.5%. stay with us. much more worldwide exchange a little over a year ago, during a routine mammogram and ultrasound,

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private. chegg has dropped more than 80% over the past year, pushing its market cap now below $100 million. unilever says its ceo, heinz schumacher, is now stepping down after 18 months on the job, being replaced by the company's cfo. the shakeup coming just weeks after unilever reported disappointing full year results and guidance. shares of unilever down more than 1.5%. also this morning we are watching shares of japanese trading houses jumping in asian trading up between four and a half and nearly 9%. the moves follow berkshire hathaway's earnings and plans for the conglomerate to increase its holdings in the space. also this morning, we're watching tesla sales in europe plunging 45% across the region last month from a year ago. but overall ev sales there jumping 37%. shares of tesla up actually about a quarter of a percent. and ev maker li auto shares. they're surging this morning after the automaker released photos of its first fully electric suv model. shares of li auto they're up more than 14%. alright, coming up here on worldwide exchange, a fresh check on the health of the consumer. the key numbers to

watch when home depot reports its earnings at the top of the hour. we'll be right back after this. stay with us. >> this is. >> a landfill. or this is transformed what you think of as landfills into engineering marvels that can generate energy while helping protect the natural environment. and learn more. >> about our. >> modern landfills and how it is always working for a sustainable tomorrow at. >> nothing stands still. >> not technology, not the market, and not. >> franklin templeton. we've been a firm in motion. for over 75 years, always innovating. today we are a. >> leader in public. >> and. >> private markets. >> digital assets. >> and custom. >> tax management, empowering. >> advisors with solutions.

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let's bring in michael lasser, broadline and hardline retail analyst at ubs. michael, good morning. good to see you. >> good morning frank. >> so michael, looking at your price target on home depot. you're at 4.75. the street's at 4.36. you're a bit more optimistic now when it comes to price target. but about their same store sales. what trends are you seeing when you're looking at this company? >> what trends. >> we're seeing. >> when we're looking at this. >> company is a couple fold, frank. >> number one. >> we think. home depot had. >> a good holiday. >> most likely. >> it's going to report a same. >> store sales. >> increase somewhere. >> in the. >> flat to up. >> 0.5%, showing. >> that the consumer. >> is just on the cusp of reengaging in home improvement. number two. >> the other thing that. >> we're seeing is it's taking. >> market share. >> all things considered. >> home depot is in a. >> great spot. >> to do more with. >> more customers. >> and more. >> with and deeper amount. >> with more customers. >> so that should drive very. >> good trends. >> as we get into. >> the heart of the recovery

within. >> home improvement. >> all right. so the words in there name home. i think the housing trade and people buying houses directly impacts this company. i'm just looking at the most recent. we got existing home sales declining month over month. but you say we're actually seeing a recovery in the home market. what are you seeing. that's at least what trends you see. that's going to be a tailwind for home depot. and also what about their pro business? i think most people associate home depot more with the pro business as opposed to its competitor lowe's. >> yeah. >> so home. >> improvement is. >> just one part of. >> the broader. >> housing ecosystem. >> and you. >> are. >> absolutely right that there. >> has been stubbornly. >> slow existing home sales. in the united states, as many homeowners. >> are locked into low mortgage. >> rates that are, well. >> well below the prevailing. rate in the market. >> right now. and that. >> has meant. >> that that has been an obstacle. >> for home improvement demand. that being said, the longer that someone. >> is. >> in the home. and the longer that they expect to be in the home, the. >> more. >> likely they are to. engage in some home improvements. the

other thing to keep in mind is that we have a very old housing stock in the united states, with the average home. being 40 years old. >> older homes are going. >> to require. >> more spend. >> and that. >> should be. >> good news. >> for home improvement. demand over time. >> as far as. >> what we're seeing in the pro, that's going to be. >> outperforming the. >> broader home improvement category. >> and home. >> depot is. >> a. >> very large. >> player in that. >> and it's probably benefiting from decent trends. in the pro category. >> pro segment. >> of the category. >> so michael wall street journal out with a report just recently i believe it was this morning or yesterday that today right now as we speak, 50% of all consumer spending is coming from households making more than 250,000. 30 years ago, that was only 36%. so a big jump in the i guess, the weight that these higher income households really have on the market. i want to ask you, what does this mean for some of the retail earnings we have coming up later this week? we have amer sports. i believe that's actually later today. kontoor brands. home depot is a competitor of lowe's tjx, ebay. what's the read through when we're seeing that it's higher

end consumers that are more and more of what's the of the spending that's going on? >> there's no. >> doubt trends. >> have. been bifurcated. >> by socioeconomic income. >> demographic. >> with those at the lowest end of. >> the of that spectrum. >> feeling more. >> pressure from. >> the collective impact. >> of. >> inflation and other. >> factors. >> for home depot. >> it tends to serve. >> more higher. income consumers, because. >> those. >> are also going to be those. >> who are more likely to own a home. >> so that should. >> be good. >> news for. >> for home depot. >> but the answer to the question. >> is simply. >> that there's. >> going to be. >> there has been bifurcated trends and there's going to continue to be bifurcated. >> trends depending on what happens with the various income demographics. >> michael astor, great to see you. thank you very much. thanks, frank. all right. as we head to break new this morning, wells fargo out with a report on the impact of inflation on consumers. now, according to this report, 76% of americans say they're cutting back on

spending in 2025 compared to 67% at this time back in 2024. and 90% of those surveyed say they get sticker shock when they're making many common purchases. those surveys say takeout or food delivery is 74% higher than they expect to gas, more than 50% higher, and sports or concert tickets are more than double what they expected to pay. interesting data right pay. interesting data right here. we're back ♪ empower ♪ i got her a little something. a little something, dad? hold up. walt rolled his 401k accounts into an empower ira, and it's grown nicely. i'm for team splurge. (♪♪) thanks, grandpa! get good at money. so you can be a little bad. empower. when you finally decide to take (♪♪) (♪♪)

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comfortable than jeans, more stylish than sweats. today, goldman sachs global institute co-head jared cohen. his insight into the ai economy, plus home depot breaking earnings from this important dow component. stay ahead of the market. squawk box today, 6 a.m. eastern on cnbc. i'm the luckiest guy in the world. when i die, i want to come back as me. >> mark. mark. >> let's go. don't miss a cnbc premiere episode of shark tank tonight, 9:00 eastern. >> over time, it's about understanding what just happened in the markets that day and preparing for tomorrow. i'm looking to talk to all investors, sophisticated investors, beginning investors.

i'm always learning. >> closing bell overtime for eastern cnbc. >> welcome back to worldwide exchange. one more check on us stock futures with the s&p and the nasdaq both riding three session losing streaks. taking a look you see right across the board. the nasdaq down just almost a half a percent down more than 100 points hitting its lows of the morning. the dow down about 50 points just fractionally lower. the s&p down about a quarter of a percent or just about 16 points. chip stocks a big theme this morning with reports of new us export controls and a big report in nvidia coming up tomorrow. with that, let's bring in amy silverman, head of derivatives strategy at rbc capital markets. amy, good morning. let's start off with your word of the day. >> good morning frank. my word of the day is disconnect. and i think. >> you. >> know. >> even up until. >> last friday. >> there had been this relatively large disconnect between the sentiment that i think. we're all feeling, the kind of angst in the market and what the market is. actually doing a little bit of that has shaken out. but i think that disconnect still exists.

>> also, i want to get to your pick. i know you don't give us an exact stock pick, but you give us a play. when it comes to the options market. this was related to nvidia, which, by the way, ever since deep sea those shares are down about 8%. so what is that play. >> so the play. >> is looking at hedging in nvidia. and you can look at march. nvidia puts or puts spreads. these are both structures that protect your downside. and the way we think about this is when you look back to positioning. and frankly when you look back. >> to. >> the last few years. it's all about the chase and upside the right tail in nvidia. and we have gotten to a point where the positioning is relatively full. you have a relatively large earnings print coming up, and we know that the stock has been quite reactive. so we like that hedge. and the options on the downside tail are taking advantage of that. with that structure that i mentioned. >> speaking of hedging, what are we looking at. investors looking for some downside protection in the market. a lot of volatility in recent days. what are you seeing when it comes to the price of that protection. and just the sentiment in general, when you look at the options

market, at least when it comes to investors? >> yeah, it's been interesting, frank, because we're definitely if you just think about the year on year up in terms of hedging, up in. >> terms of. >> volatility, but at the same time, on a historical. >> basis. >> i wouldn't say it's that high. >> when you think back. >> even using five year. >> percentiles, we're. >> still below average levels. >> you know. and i think that's. >> just speaks to. >> again, that disconnect that there is in the market. and right now i'd say a lot of investors just are on the sidelines. they see all this news flow, all these headlines. >> they're not. >> sure what's going to. >> come next. >> and of course, with the trump administration, there can be a lot of waffling. >> or changes. >> last minute. and the way people have positioned for that right now isn't necessarily to. >> hedge more. >> it's actually just not to deploy more. >> you know, we're almost out of time. but i do want to ask you, when you look at the first trump administration, compared to this one, how do you see investors reaction reacting when it comes to downside protection, in their view, on some of the volatility? >> yeah, it's a great question. and i would say investors are really, really taking much more seriously what he says in terms

of tariff implementation. i think there is this thought. >> six months ago. >> that trump would manage the stock market, that the stock market was a gauge of his success. i'm not saying that's not true, but i'm also saying that they're taking much more seriously. the downside tales. >> all right. amy wu silverman, great to see you as always. thank you very much. that does it for us. squawk box starts right now. >> good morning. >> elon musk. >> doubling down on his ultimatum for federal workers. >> he said they'll have. >> a second chance. >> to respond with. >> a list of. >> their accomplishments. or be terminated. that release. from work, i don't think. >> terminated is the right word. >> president trump says tariffs on. >> canada and. >> mexico will go. >> forward as. >> planned. >> a delay. >> on their. >> implementation expires next week. >> plus, home. >> depot set to. >> report. we'll bring you the numbers and the. >> reaction on wall street. >> it's tuesday. >> february 25th. it's a leap year 2025. squawk box begins. >> right now.

>> last year. >> last year was at. >> least last year was. >> last year was. >> it goes with the election year. i didn't. >> figure it out until recently. >> right. that it. >> tees up with election years too, right. >> sorry. >> good morning everybody. welcome to squawk box right here on cnbc. we're live. >> from the nasdaq market site in times square. >> i'm becky quick. >> along with joe. >> kernan and. andrew ross sorkin. we are. >> all here. >> we're ready to go. >> us equity futures maybe not so much. >> you're looking at a little. >> bit of a pullback this morning. >> dow futures. >> off by about 32 points 31 points right now. s&p futures down by 20. the nasdaq off by about 111. this comes after down days for both the s&p 500 and the nasdaq. in fact three day. losing streaks for the s&p 500 and the nasdaq. the dow was up just slightly yesterday. we're going to continue. >> to keep an eye on that. >> it eked out a gain of. >> just about. >> 33 points in yesterday's

session. the