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's 5 a.m. at cnbc global headquarters. and welcome to worldwide exchange. >> here's your. >> five at five. global meltdown markets around the world following wall street's lead lower with the s&p on track. >> for the worst. >> month since april. u.s. futures are slightly higher, though. right now one of the triggers for the sell off. president trump upping the ante in his global trade war, looking to make his tariff threats against canada and mexico a reality, and also raising the stakes with china and a new 10% tariff. beijing responds in force this morning. tech stocks. >> looking to. >> wrap up a rough week on the

back of nvidia's. more than. >> $200 billion wipeout. >> and later. >> the crypto crash continues as bitcoin hits its lowest level in months. this is friday, february 28th, 2025. and you're watching worldwide exchange on cnbc. good morning. thank you for joining us this friday. i'm contessa brewer in for frank holland this morning. let's get right to the final day of february trading and check on u.s. stock futures. >> on the back. >> of president trump's. call for 25% tariffs on canada and. >> mexico. >> where he. >> says that they will start on. >> march 4th, and he's added a. 10% levy to china's. >> imports, on. >> top. >> of the 10% that went. >> into effect earlier. >> this month. >> so futures right now. >> you. >> can see. >> in the green. >> we're looking at the s&p 500 indicated. >> to open higher by 20 points. the dow jones up by. 113 and the

nasdaq up by 59. but it was a wild day of. >> trading that. >> saw the dow swing about 570 points from. >> its. >> session high to its session low yesterday. >> worse for the. >> nasdaq. >> about to. >> wrap up. >> its worst. >> month since. >> september of 2023. >> and then. >> those invidia results. just horrible you can see. it ended. >> the day. >> lower by 2.7. >> or this is a this is the this. >> is the intraday right now. the market's closed right now. >> but it just fell. >> by more than $200 billion in value yesterday. closed down by more than 8% about 8.5% yesterday. and there you can see the futures trading higher by half a percent. that stock losing more than $200 billion in market value yesterday. it's at a five month low right now and a drag for sure on the index. tech. the nasdaq 100 down 5% over the past six trading days, which according to bespoke was the. fastest drop of 5% or more

since september of 2020. now ahead of the open, here's where we stand from all time highs. the dow and the s&p off 4%, the nasdaq off 8% and the small caps down more than 13%. let's get a check of the bond market now. and that wild week for the ten year yield. it sits now just a little higher than 4.24%. and you can see it's moving lower by just just fractionally. oil also under pressure today despite yesterday's pop down 3% this month on track for its worst month since september. wti off by a full percentage point right now. and bitcoin it dropped below 80,000 for the first time since november. it's at 80,125 right now, down 25% from its all time high that it hit on inauguration day. off by more than 3.5% this morning. equity markets around the world following wall street's lead lower. julianna tatelbaum and jp

ong have the latest from london and singapore. julianna, let's begin with you. >> europe. as we started out firmly on the back foot following those dramatic losses on wall street, but things have turned a little bit more positive, and we've bounced off the lows of the morning. you've actually got a little bit of green on the board with the ftse 100. it's trading about 17 basis points higher right now. the xetra dax remains in the red along with the french market and the italian market. so european investors are following that sell off following that sentiment on wall street yesterday. but we are seeing a moderation in the in that negativity. now i think it's also worth taking a look at where things have traveled over the course of the month, because european equities have been incredibly strong versus the us over the last month or so. so we can show you there on your screen. a very strong performance from the xetra dax and the ftse in italy in particular. now a large part of that has been strength in the defense names, which continue to move from strength to strength

on this narrative that europe will be spending more on defense and these will be prime beneficiaries. so double digit gains for by rheinmetall, leonardo and several others so that trade seems to be intact. >> julianna, thank you very much for that. let's get to the action now in asia. the stocks there hitting multi-month lows. and jp ong has that jp. >> yeah good. >> morning contessa. not a great morning out. >> here in asia. and the picture tells a thousand words. you can see from this board that there was a sea of red across major markets from tokyo to taipei to. >> sydney. >> all sold off. and for a. >> number of reasons, not. >> just because president donald. >> trump said that. tariffs are a go. >> next week. >> next week and confirmed that it is. >> such also that inverting us yield curve, raising concerns about a recession in your. >> neck of the woods. >> and. >> the world's largest. >> economy, which will have. >> repercussions for. >> us. to the world. >> it also had an. >> effect on. >> the currency space. >> especially with the stronger. >> dollar and. >> a very volatile. >> day for the japanese yen, which started off the day to

day. >> half a percent stronger against the. >> greenback, but. >> that easily wilted. >> actually by the close. now you see them flirting at 150. of course. >> making things. >> not easy. >> and very, very volatile for japanese. >> markets in today's session. greater chinese. >> markets also in. >> focus. in today's session. >> especially, we got word from. >> the chinese commerce ministry with regards to the planned tariffs next week. they did say that if the us. insists on its own way, china will take all. necessary countermeasures to defend its legitimate rights and interests, meaning they. >> will be willing to meet the us. >> perhaps tit for tat. >> or close to tit. >> for tat. >> and thus you saw that also pull down on stocks. >> even the hang. >> seng tech industries. >> were rallying. >> because of that deep seek revival. >> that seems. >> to have done enough to actually dampen that particular. >> revival in. >> chinese tech stocks. >> and you. >> saw the. >> hang seng. >> and the csi 300. >> and lower. >> but of course. >> we have to. >> talk about the. >> nvidia sell. >> off. >> and the not so magnificent session for the mag seven that also impact a lot of semiconductor stocks in. >> this part of the world. sk hynix. >> samsung. >> taiwan semiconductor. even smic out. >> in shanghai. >> they all fell. >> in today's. >> session also because of. >> the concerns about the nvidia. sell off. >> and. whether or not the tech,

the tech rally we've seen over the better part of the last. >> 2 or 3 years on the. >> ai boom is indeed on. >> its last legs. all overall a very, very forgettable and not not. >> satisfactory end to february. we hope the. >> next month. >> will be better, at least for asian. markets in the side of the world. contestants, back to you and. >> i hope that new york. >> is having a better. morning than asia did earlier today. >> for the report. >> there from singapore. we appreciate that. let's dig further into the markets. welcome in. mark malik, chief investment officer at siebert financial markets. good of you to join us this morning. when you look at especially that steep plummet for nvidia yesterday off 8.5% after its earnings weekend. give me a sense of how you're seeing the markets shaping up not just for today but heading into march. >> yeah. unfortunately. >> there's still a lot of unknowns out there and. >> a lot. >> of that's coming from the. >> trade policy out of dc. >> and i think. >> that's basically. >> overhanging the market. >> no matter. >> how well i mean, we had a. >> very. >> very solid earnings.

>> season from my perspective. >> and the economic numbers are looking. >> rather solid. >> i was. >> like, is. >> that. >> all the uncertainty, this. >> fog of uncertainty. >> that is sort of hanging. >> over everything is kind of. clouding the reality that's out there. >> okay. i think when we're looking at the data that's coming out today about personal expenditures and what consumers are feeling that is driving the american economy. what do you expect to see there? i mean, we know we know that pce is expected to climb by 0.3% month over month, about 2.6% year over year. but what does it say to you about where the consumer economy is heading? >> yeah. well. >> today again, you know. the year. >> over year numbers. >> are. >> going down. >> a little. >> bit, which is kind of positive. but the question is. >> what's going to happen. >> beyond this. right. all of this tariff. >> talk is clearly expected to be inflationary. right. >> so we might. >> be at lows at this. >> point if. >> in fact some of these. >> tariffs. >> you know, go into effect. >> we're talking. >> about different types. >> of tariffs. >> now which can have. direct

impact. >> on on. prices that will definitely impact consumption, which is a big two thirds of. >> of gdp. >> which could be a challenge. >> and on top of that, you have the employment situation weighing on a lot of people, probably top of the list federal workers right now, i just have had recent discussions with people who work ■for agencies with the federal government, and they're very worried about their jobs. the jobless claims last week, highest that we've seen since october and more than expected. you have a judge now telling the trump administration that they have to rescind a memo ordering mass firing of federal workers. what does this say to you about where we're heading in in terms of the job market? >> yeah, it's a. >> real challenge. i mean, i think this. week's this week's weekly employment number was. >> maybe just the tip. >> of. >> the iceberg. i think there were. >> less than 2000. >> government employees. >> in that number. but we expect in the weeks. >> to come, we're going to start to see. those those hit more.

we're going to. >> get, you know, our. >> numbers next. >> week, our week. >> our monthly. >> numbers next week. that probably will not factor in yet any of these mass layoffs. >> and we expect that. >> to continue and be a. >> challenge. >> changing your investment strategy at all because of the uncertainty. >> for sure. >> i'd say over the next six months until. >> this sort of fog that i. referred to lifts. >> i think if you're focusing on the. >> next few. >> months, i think it's going to be a rough ride. >> but beyond. >> that, we're still quite positive. i mean, the numbers are. >> looking good, but of. >> course, all that's up in the air, we have. >> to see what. >> actually ultimately. >> happens with policy. >> mark, thank you for your time this morning. appreciate it. >> thank you. >> let's turn to our weekly look at etf net inflows topping $190 billion year to date. we're also tracking the moves above and below the 30 day moving averages for the popular index funds. the spy and the monday and thursday. investors went to index funds and bought the dip. this week, the s&p and the nasdaq 100 lower on concerns about tariffs and the economy and the consumer. and investors once again look

for safety in the etf market. the gld, the gold etf with $4 billion in net inflows. gold hit an all time high earlier in the week. the s gov etf that tracks short term treasuries second most with three month yield moving higher than the ten year and the j.p holds shorter duration investment grade corporate bonds. all right. so mark you want to weigh in on any of that. does the you're still we're still here. does that make sense to you that those would be a flight to safety. >> absolutely. >> i mean. >> it makes absolute sense. i mean you see yields coming down. >> on the longer. >> end of the of the. >> yield curve. >> those should be positive. >> for some sectors. >> but yeah. >> investors are getting. >> a. >> little nervous. they're starting to see some of. >> the rough seas. >> and you know the weaker. hands are starting to run for the. >> for cover. >> mark malloch with siebert financial. thank you again. thank you. a lot more to come here on worldwide exchange, including why one fund manager says the mach seven strategy of the past few years might be a thing of the past. and the

stocks he's banking on to make up that difference. first, a whipsaw week for shares of universal health. the company finds itself potentially at the center of government spending cuts. a cnbc exclusive with the company's ceo. next. plus, tesla about to wrap up one of its worst months in recent memory, and shareholders are asking where's elon? later. much more on president trump's trade war and china ramping up its rhetoric. a very busy hour ahead rhetoric. a very busy hour ahead when worldwide (grunting) at morgan stanley, old school hard work meets bold new thinking. ( ♪♪ ) partnering to unlock new ideas, to create new legacies, to transform a company, industry, economy, generation. because grit and vision working in lockstep puts you on the path to your full potential. old school grit. new world ideas. morgan stanley. at ameriprise financial we know our clients

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>> 14 minutes past the hour. time for your big money movers. shares of dell, under pressure after the company offered a mixed revenue outlook. current quarter revenue projected to come in below street estimates, while fiscal 2026 revenue outlook range came in line with expectations. fourth quarter results also mixed. you can see those shares off by 2% in the early trade. a similar story for shares of hp. the company's profit outlook for the current quarter fell short of expectations. hp pointed to the impact of rising component costs and tariffs on goods from china. and hp also announced it will cut as many as 2000 jobs. those shares off 3.5%. rocket lab shares plunging on the back of weak guidance that came in well below street forecasts. fourth quarter sales did come in ahead of estimates. but look at this. rockets down by almost 12% in the extended hour trading. a whipsaw week for shares of

universal health. that stock came off one of its best days since late july. on the back of the company's strong fourth quarter and full year results. the stock got caught up in broader health care related selling, though wednesday after the house approved the republican's budget plan, calling for $880 million in cuts to medicaid. for more now, we're joined in a cnbc exclusive by mark miller, president and ceo of universal healthcare services. look, you're going here, mark, into 2025 with more acute care customers coming from medicaid and medicare. so it seems like if there are broadly this push to cut health care costs, that would in fact affect your business. how are you factoring in the proposed cuts from government? >> well, it's good to be with you this morning. we're certainly very aware of what's going on in washington. >> we've been spending a lot of time. talking with members of

congress. >> about just what you're bringing up. >> our perspective is a little bit different. >> demand for our services. >> remains very strong. >> so we're very. >> optimistic. >> as our fourth quarter showed for. >> the. >> year last year we were up over 11% with revenues. >> we're now. >> close to $16. >> billion in revenue. as a company we'll be well over 17 billion. this year. so the demand continues. >> to rise. >> while there has. >> been a lot of the. >> discussion about. >> possible medicaid. >> cuts. >> what we're. >> being told by members of congress weren't 39 states. so we're talking to folks in both. >> the senate. >> and the house. in all. >> of. >> those states. they have no. desire to. >> cut medicaid. >> for those. >> that need it. what they want. >> to do. >> is to get out whatever. >> fraudulent dollars are being spent or. >> dollars that. >> are being spent in the. >> program that really.

>> aren't meant. for traditional. >> true medicaid recipients. >> so speaker mike johnson was actually talking because it looks like medicare has largely been put on a back burner. the president has made it clear that's not his focus. here's speaker mike johnson talking about the proposal to tackle medicaid. >> medicaid is hugely problematic because it has a lot of fraud, waste and abuse. the estimate is it's i think it's $50 billion a year in fraud alone in medicaid. those are precious taxpayer dollars. everybody is committed to preserving medicare benefits for those who desperately need it and deserve it and. qualify for it. >> i know that on your earnings call that you tackled this in some degree, but for investors who want more specifics, if the proposals to cut that much from medicaid happen, what do you think? how do you think that translates in a dollar figure to your bottom line?

>> i'm not sure. >> dollar figure. first of. >> all. >> from what. >> i'm being told. >> and again, it's not just the folks in dc, but the governors have a big a. >> big part. >> a big. >> role in this as well. >> and it's both blue states and red states. nobody thinks they're. >> going to get to that $880. >> billion number. >> and they think that much to what the speaker just. pointed out the fraud what they're talking about. >> and there. >> was an editorial. >> in the wall street. >> journal yesterday touching on this. >> there are a lot. >> of dollars. >> from the medicaid program that are. >> not being spent on health care, and. >> they want to make. >> sure that. every dollar in medicaid that's allocated for medicaid is properly spent on healthcare. >> patients, recipients. >> and we want that, too. so even if there are some cuts to medicaid. >> we don't. >> see that. really hitting us because the folks that are utilizing. medicaid in our hospitals are. >> using it. >> rightly. >> and they should be getting those dollars, and they need those dollars in order to get adequate care. so, you know,

we're taking an optimistic look. >> at about. >> this. >> given what we're. >> being told by the politicians. >> the other thing is there's a lot of pressure right now on insurers denying claims that conflicts with the way that hospitals are trying to make money. and i know that there's regulatory pressure right now on hospitals in terms of those disproportionate share payments that get made to hospitals. so you're facing pressure not only from cuts in government spending, but in broader efforts to, to, to get you to prove that the money that you're receiving is being well spent. >> yeah. i mean, a couple of different things there on the disproportionate share. those are dollars. >> that we are. >> being paid, rightly. >> that we haven't. >> gotten in years. >> past. and they're needed in order to subsidize. the care that we're giving. i mean, medicaid. >> pays on. >> average about 60 to $0.65 on the. dollar for. what we're

spending. and in the last few years, as wages have gone up, inflation. we have not been. >> getting a. >> raise in. >> the medicaid and medicare programs. >> that was close to adequate. so the disproportionate share has started to make up for some of that. and again, i think the politicians understand that. and they're not going to want to cut that. with regards to the health insurers, the. >> government rightly. >> understands hospitals are treating whoever comes. >> to our doors. >> we treat all patients. we need to be paid for the. >> care that we're giving. >> and at times, and it's increasing. unfortunately, in the last few years, the insurance companies are denying more claims. and so the fight has become a little. bit more intense, and they need to pay us appropriately for the care that we're providing to their patients. >> the stock price, up 2% in the early morning trade. mark miller. it's a pleasure to have you this morning. thank you for your time. >> thank you.

>> still on deck with the ceo of howard hughes has to say about bill ackman's takeover talks. and if he can create what ackman is calling a modern day berkshire hathaway without the activist investors. >> help. >> that's a first on cnbc interview coming up later this interview coming up later this hour. we're back right ♪♪ [inner monologue] this is going to sound crazy. but i know these attack vectors. oh, had a little upgrade have we? ♪♪ okay, so that's how you want to play. ♪♪ credit by. >> oh. >> i forgot. >> you. >> were here. >> self gives you credit. >> for the rent you were going

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>> welcome back! we are watching shares of tesla riding a six session losing streak and on track for its worst week in about a year and a half. the shares off a quarter of a percentage point right now. it has been a very ugly month for the stock, down 30% over the past four weeks, down some 40% from its all time high in december. all told, wiping out more than $600 billion in market value over that time. the stock now trades below $300 a share for the first time since early november. ceo elon musk apparently isn't really fazed by the massive wealth wipeout, with his department of government efficiency mission on the top of his mind. joining me now, anthony sasseen, senior investment strategist at kraneshares, custodian of the

ajax and cars etfs that counts tesla as one of its core holdings. it's good to see you today, anthony. how much do you attribute this decline in the share value in the market value of tesla to elon musk's activities elsewhere? >> good morning. >> and thank you for. >> having me. >> yeah, a big part of. >> it. >> now also. >> is. >> definitely activity. >> of elon musk. >> elsewhere. especially in politics. >> but the biggest. >> chunk to i. >> think, is because of elon musk's activity in tesla over. >> the past. >> few years, i think there has been a series of misguided strategic initiatives. one of them is the focus on the cybertruck. and, you know, not focusing enough. >> on a cheaper car with. >> tesla that this hasn't allowed it to be able to be competitive and compete with the new upcoming. >> car companies. >> i think, you know, not not having. >> that cheaper car. >> is definitely weighing down. >> on sales today.

>> and then. >> add to that. >> all the news flow that is coming from elon musk's involvement in politics and. >> and the backlash. >> from investors and buyers in the us and europe. >> what do you make of tesla's 2 million ev target sales target, and whether it's on track to meet that goal? >> i think one of the. >> reasons we're. >> seeing this big decline over. >> the past. >> two weeks. >> it's because the doubts. >> about tesla. meeting the 2. >> million target is growing. >> and. >> you know. >> especially after. >> seeing in. >> europe sales. declining 45. >> to 60%. >> year over year. and also in some. >> of the. >> big states. like california. where tesla sales have been consistently declining. it's going to it's going to be hard for tesla to be able to meet that target in china as well. china tesla is facing big competition from major car companies like byd, nio and li auto. so this is going to make

it harder for tesla. it's going to be key to see the release of the tesla model two, its design and the price to be able to make, you know, more meaningful assumptions about sales for this year. >> the new model y just launched as well. you've got robotaxi that is going to start testing in austin. what other do you think tailwinds could propel tesla to reverse course? >> exactly. so in the long term i think tesla has some mega drivers baking. but you never know. we don't know exactly. when those are going to materialize. the fsd is one we're seeing now tesla apply for the ride hailing license in california. the humanoid robot could be interesting, especially for manufacturing. also renewable energy. with solarcity. >> it's anthony. >> could be a big push. >> do you think that tesla at $281 a share, is this an attractive entry point? >> i think we are getting there.

but in the absence. >> of. >> a short term catalyst and the pressure coming from elon musk, extra, extra activities, this is going to be a little bit hard to justify in the short term. but i think in the long term this this this price could is getting closer to an attractive entry point. >> anthony, good of you to join us this friday morning. appreciate your time. >> thank you. >> straight ahead. sam altman takes a swipe at mark zuckerberg over meta's plans to take on openai with an ai app of its own. and as we head to break a check on the leaders and the laggards on the nasdaq 100 in the pre-market. you've got ross stores and monster beverage near the top of the winners. microstrategy and. temu parent temu. i knew i'm going to mess that up. pdg holdings, they're off. and near the bottom. we'll be back right after this. temu. >> i can see why. >> you're expanding.

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get to talk to them every day. >> it's more. >> entertaining than. >> any other morning show, but. >> you might. >> get some useful information. >> squawk box weekday mornings, 6 a.m. eastern. cnbc. >> when breaking news or market volatility affects your portfolio, we are there for you. >> what i learned. >> from jim is that. >> you know, to. >> stay. >> calm, not. >> react to any single event, but. >> really have our xfinity network is built for streaming all the stuff people love. how can it get any better? -i'm just spitballin' here, but, what if we offer people apple tv+, netflix and peacock? for one low monthly price. -yes. so, people could stream the shows they love. and we could call it... xfinity streamsaver! mmmmm. what about something like: streamsaver? ooooooo. -i love that. add streamsaver with apple tv+, netflix and peacock included for only $15 a month... and stream all your favorite entertainment, all in one place.

amazing and is something that we get to use every day. >> ten plus ten. >> it's a second ten, and i think you'll. >> i think you're going to. >> see eventually you're going to see drugs stopping because the country. >> should not be. >> allowing those drugs. >> to come into. >> the united states of america, and we're not going to allow it. >> to happen. >> so that goes on on the 4th of march. and then on the 2nd of april, we. have reciprocal tariffs.

>> that was president trump yesterday looking to slap more tariffs on china. and he's just not budging on plans for duties on canada and mexico set to take effect next week. welcome back to worldwide exchange. on this friday i'm contessa brewer in for frank holland. coming up this half hour. we're live in washington and beijing with the latest on president plan to ramp up his global trade war. first let's get a check of the market and kick off this half hour and the final trading day of february. us stock futures right now in the green across the board you're seeing the s&p 500 implied to open higher by 20 points. the dow jones by 140 and the nasdaq by 56. but it was a wild day of trading that saw the dow swing about 570 points from session to session, low yesterday. and then look at the nasdaq. it's about to wrap up its worst month since september of 2023. on the back of those nvidia results. the nasdaq also about to snap a three month win

streak. and speaking of nvidia, the stock closing down more than 8% yesterday. it lost more than $200 billion in market value. currently sitting at a five month low right now. but shares are higher in the extended trade by more than half a percent. sticking with tech and the nasdaq 100 down some 5% over the past six trading days, according to bespoke. this is the fastest decline we've seen of 5% or more since september of 2020. so right in the heart of the pandemic. ahead of the open, here is where we stand from all time highs. the dow and the s&p off 4%. the nasdaq off a little more than 8%. and the small caps off by 13%. checking the bond market. and it was just a wild week for the ten year yield down now about 0.04%. and the yield is 4.248%. oil is also under pressure despite yesterday's pop

down 3% this month on track for its worst month since september. right now, wti is off by a little more than a percent. also watching bitcoin, it dropped below 80,000 for the first time since november. and it's down 25% from the all time high that it hit on inauguration day. this morning it's off 4% sitting at 79,755. so we've seen that come down below that 80,000 mark just since worldwide exchange started this morning. let's get to washington. and president trump's growing global trade war. the president has revealed plans to ramp up pressure on beijing with additional tariffs of 10%. now, that's on top of the 10% that already went into effect this month. trump is also refusing to back down on rolling out duties on canada and mexico. those are set to take effect next week. megan cassella has more on those plans to hit north america's neighbors, and eunice yoon is in beijing with more on

china's response. megan, let's get to washington and begin with you. >> hey, contessa. good morning. so just a few days left before that deadline for tariffs to take effect on tuesday. >> monday at midnight. >> and as of late yesterday, trump was citing a lack. >> of. >> progress on blocking. >> fentanyl from. >> coming into. the u.s. >> from all three countries, as he vowed to. >> move. >> forward with all of those tariffs. now this comes, of course, despite a big. >> push from. >> both canada. >> and mexico to. >> try to satisfy trump's concerns. >> in the past few weeks. just since the start of february, canada has appointed a fentanyl czar. they've designated seven criminal organizations as terrorist organizations, and they launched what they're calling operation. blizzard to target fentanyl. >> and other narcotics. >> at the border. they say they've made six fentanyl seizures in february alone. and then meanwhile, in mexico. >> they've sent. >> at least 2500 troops so far to 13 cities. >> on. >> the southern border. this week, they also extradited 29 prisoners. >> with links to drug.

>> trafficking to the us. both countries have also had delegations. >> in. >> washington today. they're meeting yesterday and today with. >> u.s. officials. >> about the tariffs. but there's also this carrot and stick element to all of this, because both canada and mexico are trying. >> to. >> satisfy trump while also. >> preparing to retaliate. >> they say if they have to. canada is threatening immediate tariffs on some $30. >> billion worth. >> of goods. and they're also. >> talking about. >> some non-tariff. >> measures. >> things like cutting off minerals exports to. >> the us. >> and blocking american companies from canadian government contracts. mexico is also looking at tariffs of about 5 to 20% range on agricultural products, maybe some. metals as well. so these. >> negotiations do continue. >> there's a small window left. >> for a deal, but a white house official told. >> me that as of the president's thinking yesterday. >> it was. >> more likely than not. >> this official. >> said that these tariffs. >> would. >> in fact take effect. on monday. contessa. okay. >> so if the white house is trying to characterize this as

action on crackdown on on fentanyl and other drugs, how much pressure is the president under about the economic impact of these tariffs? i mean, we've talked before, megan, about the fact that you've got massive wildfire damage in southern california and hurricane damage in florida and georgia and north carolina. rebuilding in all of these places requires materials and goods that are imported, and a 25% tariff on those on those goods and services significantly increases the cost of rebuilding. that's just one tiny part of the economic impact. is the white house feeling that pinch? >> that's the unknown in all of this is just how much the economic environment. >> and the markets. might be able to rein trump in on this. the market remains one of the main. barometers that he continues to look at. >> he likes the idea of. markets being strong. >> under his. >> administration, and he doesn't want. >> to do anything to send them reeling. >> which these.

>> tariffs likely would. so that's the unknown. we know that he cares. deeply about fentanyl and about the border. so of. course he's going to keep. >> this. >> up and say that he needs to see more action. but it's the one thing that could perhaps keep the president from moving fully forward with all of these tariffs is the economic environment, the consumer. >> uncertainty. >> the lack of business environment. that's what could sort of rein him in a little bit. >> megan, thank you for joining us this morning. appreciate that. let's get to eunice yoon in beijing. eunice, what's the word from chinese leaders on the additional 10% tariffs on china? >> well, contessa. >> the chinese. government is threatening. >> what it described as all necessary measures. >> unlike earlier. >> this. >> month, when china. >> vowed corresponding. >> counter-moves to. >> president trump's february. >> 4th. >> 10% tariff. so at that. >> time, immediately after president trump's. tariffs had. >> kicked in, china took several. actions of its own. >> counter-tariffs export curbs. >> on critical minerals. >> a blacklisting and flagging a

probe into individual u.s. companies. >> now. >> these measures. >> have been seen. >> as relatively mild, but. >> sending a message. >> that beijing. >> could do more. >> a lot of investors have been very concerned today. >> dumping stocks. >> worried about what this. >> means and whether. >> or not we could. >> see escalation. >> anz. the research house. >> said that with. >> the march. >> 4th tariff, it believed that the average. u.s. tariff on chinese goods would reach 33%. so it expects a hit to china's gdp. >> now the tariffs. also come at an. >> interesting time because they're going. >> to kick in on. >> tuesday. >> one day. before president xi. >> jinping is going to head. >> into one of the. >> most important. >> political gatherings of. >> the year. >> the national people's congress. >> at that time. >> the country. >> is expected to. >> unveil its. >> economic blueprint. >> for the year. and no. doubt the investors are going to be looking for any. signs of further stimulus. >> we showed the china indices

right there off by two and 3%. but it's not just that you've got the nikkei off by almost 3%, the kospi off by more than 3%. clearly the regional markets in asia are reacting poorly to this. in the meantime, i've read a report that she is encouraging government officials to respond calmly. is there a sense that this could all just go into more impetus for china to employ stimulus for its own economy? well, that's what everyone. >> is watching for. i think what also. >> people are waiting for to. >> see what xi jinping's. approach is. >> going to be. >> because unlike canada. >> and mexico, china the. >> last time. >> didn't address the. >> very issue. >> that seems. >> to be motivating. >> president trump, and that is. >> the fentanyl trade. >> so there was. >> no call. >> between xi and trump, despite trump's. flagging that that expectation. >> and people are. >> thinking that president. xi

could take a similar. >> approach, not address the singular issue. >> but maybe push. >> for something larger, a broader economic deal. >> eunice, thank you for the report there. appreciate it. coming up, an apparent massive accounting error for citigroup to the tune of are you ready for this? i am not misspeaking when i say this. trillions of i say this. trillions of dollars. we'll have details ♪ empower ♪ so handsome. oh, i can't buy this. hang on there. actually, you can. your empower investment account has performed well. and this whole off-white-ish cantaloupe thingy is really working for you. so... so...? so... (♪♪) hot to trot! nobody says that, what? get good at money. so you can be a little bad. empower.

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cruise lines. after falling more than 5% yesterday, you can see the share price is up about three quarters of a percentage point. trying to bounce back without it was out with results before the open yesterday. that topped quarterly expectations, though its outlook fell just short. even with yesterday's drop, though, the stock is up more than 26% of the past 12 months, rising in the face of a number of consumer spending headwinds, including a surging dollar. and that's something i asked ceo harry sommer about in a first on cnbc interview yesterday. >> on a pure dollar basis, that's something like a 50. >> to. >> $70 million. >> potential impact. >> to our our. >> performance in 25. >> but the good thing is, you know, we believe it's a. >> one time thing. so listen, as long as it's stable. >> we can deliver great financial results. and that's what we look forward to. >> and fully booked for the next 12 months. let's get a check on some of the morning's top stories now. savannah now is

here with us. savannah. good morning. >> hey, contessa. >> good friday morning. well, cnbc has learned that meta plans to release a standalone ai app. now, the app, which will likely come in the second quarter, would be in an effort to compete with the likes of openai's chatgpt, now openai's sam altman firing back on x, writing okay, fine, maybe. we'll do a social app. meanwhile, a federal judge temporarily hitting. >> the pause button. >> on the. >> trump administration's push. >> for mass firings. >> at government. >> agencies. ruling mass firings of probationary employees were likely unlawful. some agencies, however. exempt from the judge's ruling. >> like the. >> defense department and oh my gosh, listen to this. citigroup reportedly finding itself at the center of a high priced accounting error, the financial times reports the bank was supposed to credit a customer's account $280 last april. instead, the account was credited with $81 trillion. now,

the ftc says the transfer was found by an employee after being missed by two others. to no one's surprise, that charge. was reversed. and contessa, just for reference, at the end of last year, city's total assets stood at just over $2.3 trillion. >> so can you imagine the overdraft charges on that one? >> yeah. for the bank, not for the customer. >> yeah, it's a reversal of fortune. >> yeah for sure. >> silvana. thank you. ahead, the one word every investor needs to hear today and the stock pick every investor needs to know. plus a first on cnbc conversation with howard hughes ceo david o'reilly. his push to bring hollywood's magic to las vegas, and what he has to say about bill ackman's desire to take his job. we'll be right back. >> nlds has been hunting for the best entrepreneurs across africa to tackle energy poverty. >> farmers are highly dependent on rainfall. >> but. >> water is scarce. >> with drought. >> our solution is mobile solar containers for off grid farmers,

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>> it could just become the hollywood of las vegas. warner brothers, sony pictures and luxury real estate developer howard hughes joining forces to launch a new film industry in southern nevada. executives from all three companies explained their plan for a $400 million production studio during a state assembly meeting in nevada last night, pressing for tax credits worth $120 million per year over the next 15 years. in exchange, the companies say the studio will mean 19,000 construction jobs and 17,000 permanent jobs at the studio, with an anticipated $3 billion economic

impact. once production is up and running. joining me now in a first on cnbc interview with more is howard hughes ceo, david o'reilly. david, it's good to talk to you. now, first of all, i want to know what the holdup is, because it's been a year and a half since you and i were walking through the nevada desert around this undeveloped land that you said, okay, these 30 acres or so we can make into something big that would transform the las vegas economy. >> well, the nevada state legislature meets every other year. so we had to wait. >> until this biennium. >> to get back in front. >> of the assembly and hopefully. >> back in. >> front of the senate in the next. >> couple of weeks. >> and in that meantime. >> of the 18 months we've been able to craft this unique partnership where i haven't been able. >> to find another example. where there. >> have been two what. >> are. >> historically rivals. >> partner on an. >> equity investment basis. >> to co-invest. >> in building studios within. >> the same campus. >> because they both believe so deeply in the viability. and the las vegas. valley for the film and television business.

>> there were a lot of critics who got up at the assembly hearing last night and pushed back against what you have anticipated as a promising economic impact, saying, look, if you look in other places, they're not getting the return on the investment in in tax incentives. how do you go about ensuring that you actually can provide what you think you can? >> well, i wouldhed be. >> expanding them if they weren't seeing the. full benefit of. these bills. >> but this bill is very specific. it economy before any dollar of tax credits earned. >> the roi that we see for the state is 45 to 1. for every dollar of tax credit, the.

>> state will earn $45. and this is. >> an industry that is hugely. synergistic to. >> what exists in southern nevada with. >> the. >> strip and the. >> trade shows that can be easily. >> trained and work. >> in those studios. immediately. we're going to put local nevadans to work. >> right away. >> we're showing the stock movement right now. howard hughes stock is down about 1% in the premarket to $76. bill ackman has just recently proposed buying 10 million newly issued shares of howard hughes at $90, but then making himself the ceo of howard hughes, which would be your job? how are you thinking about that proposal? because it's out there and he keeps ratcheting up. and secondly, he says he could make it the next berkshire hathaway. could you do that? should you do that? >> i think bill's proposal is between him and the special committee. >> and as. >> the special committee has put out press releases saying that they're. >> evaluating it. >> as thoughtfully as they possibly. >> can, and. >> i would expect that they'll.

>> respond in the near term. i.n bill's. >> offer or. >> you know, whether or not howard hughes. >> should be berkshire hathaway. >> david, i will say from my own reporting about the nevada project. nevada has been looking to diversify its economy. and it's an interesting proposal. and i know that actor mark wahlberg is out there right alongside you pushing for that. thank you for coming in and talking about it as we head to break. monday on worldwide exchange, the ceo of exelon joins to discuss the growing demand his company sees around artificial intelligence and artificial intelligence and plans to boos (vo) sail through the heart of historic cities and unforgettable scenery with viking. unpack once and get closer to iconic landmarks, local life and cultural treasures. because when you experience europe on a viking longship,more .

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my score is up 100 points. join me@charm.com. >> for me. squawk box is. >> breakfast with most interesting. >> people in the world. >> it's a privilege to get to talk to them every day. >> it's more entertaining than any other morning show, but you might get some useful information. >> squawk box weekday mornings, 6 a.m. eastern. cnbc the day's top stories, driving wall street. >> brian sullivan joins kelly. >> evans power lunch, weekdays.

>> two eastern, cnbc. >> a cnbc exclusive. chicago fed president austan goolsbee reaction to the highly anticipated inflation report. plus impact on fed policy. john ford. morgan brennan closing bell overtime today. 4:00 eastern. cnbc. >> wall street. >> set to close. another tough week and a really tough month for stocks. let's bring in chris marangi who's the co-chief investment officer of value at gabelli funds. chris good to talk to you. your word of the day is predictability. is there any. >> there's a lack of it. and tgif could have been the other word of. >> the day. >> listen. >> three issues. obviously, we always start with the economy. last year we had a growth scare. the data in the fall kind of. belied that. we papered over that with some euphoria around the election. that's reversed. >> clearly. >> and this whirlwind of news. >> from washington looks like it's having an impact on consumers having an impact on the boardroom. and that's.

>> the second. >> issue politics. the fed can't really fix that issue. >> with a. >> rate cut. >> they can help. >> and then third. i obviously you know going through. >> the. >> normal maturity cycle in technology. >> and that's important because. >> the mag. seven over the last several years has been a great safe haven, a big liquid. balance sheets, great businesses. and that's. >> maybe not true. >> today, given. >> some of the questions. >> around the spending. >> on that new technology. >> so we've. >> got to look elsewhere. >> for businesses. >> that are less sensitive. >> to. >> some of. >> so that brings us to your stock picks. then if you're looking for predictability. >> that's right. we're always looking. >> for everybody always loves predictable. >> subscription recurring. >> revenue type businesses. and they're willing to pay up for them. i think they're even more valuable today given. >> what's going on. >> and so republic services msg you like the sports with the owner of the knicks and the rangers. >> we have always loved sports investing. >> these are tribal. some people. >> buy gold, some people buy

bitcoin. we buy sports teams and. >> there's. >> a few ways to participate. madison square garden sports, which owns the knicks and the rangers, is one of them. you're paying. >> $5 billion for the. >> two teams that are probably worth 11. >> chris, good to see you on this friday morning. tgif to you. and thank you everyone for joining worldwide exchange. squawk box starts right now. >> good morning. >> the futures are in positive territory so that'll last following yesterday's tech led. >> sell off. invidia got crushed. >> one of the. >> key names responsible. >> for. >> dragging the nasdaq. down despite better than. >> expected fourth quarter. >> earnings and a pretty good outlook. >> earnings on. >> deck inflation. >> data on deck. >> investors about to get a look at the fed's preferred metric. and a federal judge throwing. the trump administration's plans to fire thousands of federal workers into doubt. >> details on that. >> ruling straight ahead.

>> as bitcoin. >> struggles to. get back above 80,000. >> it's below 80. right now. it's friday. >> february 28th, 2025. >> squawk box begins right now. >> 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. >> it's friday. our last. >> guest was saying his word of the day. >> could have been. >> tgif. >> or friday. >> to give. >> to gifts. a word. >> to gif. >> to gif is. >> a word. yeah, because gif. >> well thank god it's friday. it's four words. >> tgif is what he said. >> he said. >> to gif. >> would. >> be his word. >> all right. >> those are letters. and they don't make a word. but okay, tgif. >> but we all know w